Crude Oil ( ) Brent Crude ( ) Natural Gas ( ) S&P 500 ( ) PHLX Oil ( )
 October 27, 2015 - 6:34 PM EDT
Print Email Article Font Down Font Up Charts

SEACOR Holdings Announces Results for Its Third Quarter Ended September 30, 2015

FORT LAUDERDALE, FL--(Marketwired - Oct 27, 2015) - SEACOR Holdings Inc. (NYSE: CKH) (the "Company") today announced its results for its third quarter ended September 30, 2015.

For the quarter ended September 30, 2015, net income attributable to SEACOR Holdings Inc. was $7.0 million, or $0.40 per diluted share. For the nine months ended September 30, 2015, net loss attributable to SEACOR Holdings Inc. was $11.9 million, or $0.68 per diluted share. Results attributable to SEACOR Holdings Inc. for the nine months ended September 30, 2015 included a second quarter loss on the extinguishment of the Company's Title XI bonds of $9.6 million, net of noncontrolling interests and tax, or $0.55 per diluted share.

For the preceding quarter ended June 30, 2015, net income attributable to SEACOR Holdings Inc. was $0.7 million, or $0.04 per diluted share. A comparison of results for the quarter ended September 30, 2015 with the preceding quarter ended June 30, 2015 is included in the "Highlights for the Quarter" discussion below.

For the quarter ended September 30, 2014, net income attributable to SEACOR Holdings Inc. was $27.5 million, or $1.28 per diluted share. For the nine months ended September 30, 2014, net income attributable to SEACOR Holdings Inc. was $60.0 million, or $2.85 per diluted share.

Charles Fabrikant, the Company's Chief Executive Officer, stated: "The quarter and year-to-date results reflect extremely difficult conditions in our offshore marine services business. Notwithstanding the challenges, our offshore business, as well as all of our other businesses, continue to produce positive cash flows from operations. Our offshore group's results have benefited from a fleet and geographical exposure that is diverse with minimal investment in boats that are highly dependent on deep water exploration activity. We adhere to our focus on maintaining a strong liquidity position, which we believe will serve us well in the current market environment and lead to opportunities. We expect market conditions in the offshore marine business to deteriorate further over the next several quarters and plan on taking further measures to reduce costs."

Highlights for the Quarter

Offshore Marine Services - Operating loss was $2.9 million in the third quarter compared with $0.4 million in the preceding quarter. Operating income before depreciation and amortization ("OIBDA" -- see disclosure related to Non-GAAP measures in the segment information tables herein) was $12.3 million on operating revenues of $95.5 million in the third quarter compared with $15.3 million on operating revenues of $96.7 million in the preceding quarter.

Results for the current quarter include a charge of $6.9 million for a U.K. subsidiary's share of a funding deficit in the Merchant Navy Ratings Pension Fund ("MNRPF") for North Sea mariners. This payment to the pension plan will be made in four annual installments beginning in the fourth quarter and reflects the results of a 2014 actuarial valuation of the pension fund, which is normally performed every three years.

Excluding wind farm utility vessels, but including cold-stacked vessels (those that are not currently available for active service), utilization of the fleet decreased from 65% to 63%. Days available for charter and average rates per day worked during the third quarter were approximately the same as the preceding quarter. This release includes a table presenting time charter operating data by vessel class.

In the U.S., operating results were $2.6 million higher in the third quarter compared with the preceding quarter. Time charter revenues for the U.S. anchor handling towing supply vessels were $2.8 million higher due to improved utilization and higher average rates per day worked, reflecting offshore construction activity in the third quarter. Time charter revenues for the liftboat fleet and other vessel classes decreased by $4.6 million and $1.7 million, respectively. Time charter revenues for the liftboat fleet were lower due to less maintenance activity associated with shelf properties and fewer decommissioning jobs. On a total fleet basis, including cold-stacked vessels, utilization dropped from 49% to 38%. Average rates per day worked increased from $21,898 to $24,137 per day. Operating expenses were $6.6 million lower primarily due to a $4.0 million reduction in drydocking expenses and a $0.9 million reduction in daily running costs as a consequence of cold-stacking additional vessels. As of September 30, 2015, the Company had 19 vessels cold-stacked in the U.S. Gulf of Mexico compared with ten vessels as of June 30, 2015.

Operating results from international regions, before gains on asset dispositions, were $1.7 million lower in the third quarter compared with the preceding quarter primarily due to the previously mentioned MNRPF charge of $6.9 million. Time charter revenues were $2.0 million higher primarily due to a term charter in Sakhalin which commenced in June 2015. On a total fleet basis, excluding wind farm utility vessels but including cold-stacked vessels, utilization improved from 73% to 77% and average rates per day worked increased from $11,111 to $11,198 per day. Operating expenses were $4.6 million higher as the MNRPF charge was partially offset by lower drydocking costs, the cessation of rent payments associated with a bareboat chartered-in vessel that had been operating in the international fleet, and a reduction in vessel repositioning expenses. As of September 30, 2015, the Company had three vessels cold-stacked in international regions compared with two vessels as of June 30, 2015.

Foreign currency losses, net of $1.6 million in the third quarter were primarily due to the weakening of the pound sterling in relation to the euro underlying certain of the Company's debt balances.

Inland River Services - Operating income was $15.2 million in the third quarter compared with $2.6 million in the preceding quarter. OIBDA was $22.4 million on operating revenues of $54.3 million in the third quarter compared with $10.0 million on operating revenues of $61.2 million in the preceding quarter. 

Operating results before gains on asset dispositions were $2.2 million higher in the third quarter compared with the preceding quarter. Operating results for the dry-cargo barge pools were $2.7 million higher primarily due to increased demand for moving grain associated with the commencement of the fall harvest and lower costs for moving barges due to reduced towing rates reflecting cheaper diesel fuel.

During the third quarter, the Company sold 34 10,000 barrel liquid tank barges, four inland river towboats and other equipment for net proceeds of $72.4 million and gains of $14.6 million, of which $10.7 million were recognized currently and $3.9 million were deferred. In addition, the Company recognized previously deferred gains of $0.8 million.

Foreign currency losses, net of $2.2 million in the third quarter were primarily due to the weakening of the Colombian peso in relation to the U.S. dollar underlying certain of the Company's intercompany lease obligations.

During the third quarter, the Company recognized $2.2 million of equity losses in its 50% owned joint venture operating on the Parana-Paraguay River Waterway. In addition, the Company recognized interest income (not a component of segment profit) of $1.2 million during the third quarter on notes due from this joint venture.

Shipping Services - Operating income was $18.3 million in the third quarter compared with $6.3 million in the preceding quarter. OIBDA was $24.8 million (of which $9.2 million is attributable to noncontrolling interests) on operating revenues of $58.7 million in the third quarter compared with $12.9 million (of which $2.9 million is attributable to noncontrolling interests) on operating revenues of $55.7 million in the preceding quarter.

Operating results were $12.0 million higher in the third quarter compared with the preceding quarter primarily due to less out-of-service time and costs for drydocking U.S.-flag product tankers, partially offset by a reduction in harbor towing activities resulting from lower port traffic.

During the third quarter and included in other, net, the Company received $1.8 million for the early termination of a contract for two harbor tugs.

During the third quarter, the Company's equity in earnings of 50% or less owned companies increased by $2.9 million primarily due to improved operating results from the Company's VLGC joint venture, Dorian LPG Ltd. As of September 30, 2015, the Company's carrying value in this joint venture was $146.8 million compared with a market value of $98.1 million based on the closing share price as of the date of this release and a market value of $153.1 million based on the closing share price as of June 30, 2015.

Illinois Corn Processing - Segment profit was $4.9 million (of which $1.5 million is attributable to noncontrolling interests) on operating revenues of $40.3 million in the third quarter compared with $10.5 million (of which $3.1 million is attributable to noncontrolling interests) on operating revenues of $48.4 million in the preceding quarter. Segment profit was $5.5 million lower due to the recognition of a $4.1 million gain from a business interruption insurance claim in the preceding quarter and lower alcohol sales volumes in the third quarter.

Debt Extinguishment Losses - During the third quarter, the Company purchased $8.5 million in principal amount of its 7.375% Senior Notes for $8.9 million resulting in a loss on debt extinguishment of $0.4 million. As of September 30, 2015, the aggregate outstanding principal amount of the Company's 7.375% Senior Notes due 2019 was $211.0 million.

Marketable Securities - Marketable security losses, net of $4.6 million in the third quarter related primarily to the Company's long positions in marketable securities.

Income Tax Expense - The Company's effective tax rate of 21.4% for the third quarter was primarily due to taxes not provided on income attributable to noncontrolling interests.

Share Repurchases - During the third quarter, the Company purchased 678,728 shares of its common stock for an aggregate purchase price of $42.3 million, or $62.34 per share. As of September 30, 2015, the Company had 17,353,929 of common shares outstanding.

Capital Commitments - The Company's capital commitments as of September 30, 2015 by year of expected payment were as follows (in thousands):

                         
    2015   2016   2017   2018   2019   Total
Shipping Services   $ 46,543   $ 166,854   $ 22,599   $ --   $ --   $ 235,996
Offshore Marine Services     7,111     43,375     16,227     19,062     5,983     91,758
Inland River Services     4,092     1,468     --     --     --     5,560
Illinois Corn Processing     1,216     2,171     --     --     --     3,387
Other     369     --     --     --     --     369
    $ 59,331   $ 213,868   $ 38,826   $ 19,062   $ 5,983   $ 337,070
                                     

Shipping Services' capital commitments included three U.S.-flag product tankers, one U.S.-flag articulated tug barge and two U.S.-flag harbor tugs. Offshore Marine Services' capital commitments included six fast support vessels, four supply vessels and three wind farm utility vessels. Inland River Services' capital commitments included two 30,000 barrel liquid tank barges and three inland river towboats. Of these commitments, approximately $6.8 million may be terminated without further liability other than the payment of liquidated damages of $0.7 million. Subsequent to September 30, 2015, the Company committed to purchase two offshore support vessels, 50 inland river dry-cargo barges, three inland river towboats and other equipment for $95.7 million.

Liquidity and Debt - As of September 30, 2015, the Company's balances of cash, cash equivalents, marketable securities and construction reserve funds totaled $741.9 million and its total outstanding long-term debt was $961.5 million. In addition, the Company had $141.2 million of borrowing capacity under subsidiary credit facilities. Subsequent to September 30, 2015, the Company borrowed $26.1 million under these subsidiary credit facilities.

SEACOR and its subsidiaries are in the business of owning, operating, investing in and marketing equipment, primarily in the offshore oil and gas, shipping and logistics industries. SEACOR offers customers a diversified suite of services and equipment, including offshore marine, inland river storage and handling, distribution of petroleum, chemical and agricultural commodities, and shipping. SEACOR is dedicated to building innovative, modern, "next generation," efficient marine equipment while providing highly responsive service with the highest safety standards and dedicated professional employees. SEACOR is publicly traded on the New York Stock Exchange (NYSE) under the symbol CKH.

Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as "anticipate," "estimate," "expect," "project," "intend," "believe," "plan," "target," "forecast" and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management's expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. These statements are not guarantees of future performance and actual events or results may differ significantly from these statements. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, including decreased demand and loss of revenues as a result of a decline in the price of oil and an oversupply of newly built offshore support vessels, additional safety and certification requirements for drilling activities in the U.S. Gulf of Mexico and delayed approval of applications for such activities, the possibility of U.S. government implemented moratoriums directing operators to cease certain drilling activities in the U.S. Gulf of Mexico and any extension of such moratoriums (the "Moratoriums"), weakening demand for the Company's services as a result of unplanned customer suspensions, cancellations, rate reductions or non-renewals of vessel charters or failures to finalize commitments to charter vessels in response to a decline in the price of oil, an oversupply of newly built offshore support vessels and Moratoriums, increased government legislation and regulation of the Company's businesses could increase cost of operations, increased competition if the Jones Act is repealed, liability, legal fees and costs in connection with the provision of emergency response services, including the Company's involvement in response to the oil spill as a result of the sinking of the Deepwater Horizon in April 2010, decreased demand for the Company's services as a result of declines in the global economy, declines in valuations in the global financial markets and a lack of liquidity in the credit sectors, including, interest rate fluctuations, availability of credit, inflation rates, change in laws, trade barriers, commodity prices and currency exchange fluctuations, the cyclical nature of the oil and gas industry, activity in foreign countries and changes in foreign political, military and economic conditions, changes in foreign and domestic oil and gas exploration and production activity, safety record requirements related to Offshore Marine Services and Shipping Services, decreased demand for Shipping Services due to construction of additional refined petroleum product, natural gas or crude oil pipelines or due to decreased demand for refined petroleum products, crude oil or chemical products or a change in existing methods of delivery, compliance with U.S. and foreign government laws and regulations, including environmental laws and regulations and economic sanctions, the dependence of Offshore Marine Services, Inland River Services, Shipping Services and Illinois Corn Processing on several customers, consolidation of the Company's customer base, the ongoing need to replace aging vessels, industry fleet capacity, restrictions imposed by the Shipping Acts on the amount of foreign ownership of the Company's Common Stock, operational risks of Offshore Marine Services, Inland River Services and Shipping Services, effects of adverse weather conditions and seasonality, the level of grain export volume, the effect of fuel prices on barge towing costs, variability in freight rates for inland river barges, the effect of international economic and political factors on Inland River Services' operations, the effect of the spread between the input costs of corn and natural gas compared with the price of alcohol and distillers grains on Illinois Corn Processing's operations, adequacy of insurance coverage, the potential for a material weakness in the Company's internal controls over financial reporting and the Company's ability to remediate such potential material weakness, the attraction and retention of qualified personnel by the Company, and various other matters and factors, many of which are beyond the Company's control as well as those discussed in Item 1A (Risk Factors) of the Company's Annual report on Form 10-K. In addition, these statements constitute the Company's cautionary statements under the Private Securities Litigation Reform Act of 1995. It should be understood that it is not possible to predict or identify all such factors. Consequently, the preceding should not be considered to be a complete discussion of all potential risks or uncertainties. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any).

   
   
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except share data, unaudited)
 
   
    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
    2015     2014     2015     2014  
Operating Revenues   $ 261,852     $ 338,936     $ 804,105     $ 977,177  
Costs and Expenses:                                
    Operating     175,985       237,676       582,876       688,558  
    Administrative and general     37,892       46,655       115,453       119,418  
    Depreciation and amortization     31,018       33,604       94,527       100,216  
      244,895       317,935       792,856       908,192  
Gains on Asset Dispositions and Impairments, Net     11,264       29,869       10,804       38,842  
Operating Income     28,221       50,870       22,053       107,827  
Other Income (Expense):                                
  Interest income     5,065       4,463       14,118       14,536  
  Interest expense     (10,894 )     (11,124 )     (31,797 )     (32,985 )
  Debt extinguishment losses     (434 )     --       (29,970 )     --  
  Marketable security gains (losses), net     (4,604 )     9,693       (3,476 )     15,494  
  Derivative losses, net     (725 )     (2,538 )     (2,295 )     (2,681 )
  Foreign currency losses, net     (4,057 )     (3,059 )     (3,614 )     (1,538 )
  Other, net     1,773       111       6,162       6,669  
      (13,876 )     (2,454 )     (50,872 )     (505 )
Income (Loss) Before Income Tax Expense (Benefit) and Equity in Earnings of 50% or Less Owned Companies     14,345       48,416       (28,819 )     107,322  
Income Tax Expense (Benefit)     3,063       15,610       (8,736 )     34,985  
Income (Loss) Before Equity in Earnings of 50% or Less Owned Companies     11,282       32,806       (20,083 )     72,337  
Equity in Earnings of 50% or Less Owned Companies, Net of Tax     5,123       972       10,086       2,681  
Net Income (Loss)     16,405       33,778       (9,997 )     75,018  
Net Income attributable to Noncontrolling Interests in Subsidiaries     9,440       6,315       1,920       14,979  
Net Income (Loss) attributable to SEACOR Holdings Inc.   $ 6,965     $ 27,463     $ (11,917 )   $ 60,039  
                                 
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.   $ 0.40     $ 1.43     $ (0.68 )   $ 3.04  
                                 
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.   $ 0.40     $ 1.28     $ (0.68 )   $ 2.85  
                                 
Weighted Average Common Shares Outstanding:                                
  Basic     17,294,927       19,196,121       17,616,035       19,761,620  
  Diluted     17,561,107       25,627,742       17,616,035       24,374,918  
                                 
   
   
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except per share data, unaudited)
 
   
    Three Months Ended  
    Sep. 30, 2015     Jun. 30, 2015     Mar. 31, 2015     Dec. 31, 2014     Sep. 30, 2014  
Operating Revenues   $ 261,852     $ 281,609     $ 260,644     $ 342,217     $ 338,936  
Costs and Expenses:                                        
  Operating     175,985       207,743       199,148       220,814       237,676  
  Administrative and general     37,892       38,674       38,887       45,520       46,655  
  Depreciation and amortization     31,018       32,079       31,430       31,603       33,604  
      244,895       278,496       269,465       297,937       317,935  
Gains (Losses) on Asset Dispositions and Impairments, Net     11,264       4,386       (4,846 )     13,136       29,869  
Operating Income (Loss)     28,221       7,499       (13,667 )     57,416       50,870  
Other Income (Expense):                                        
  Interest income     5,065       4,474       4,579       5,126       4,463  
  Interest expense     (10,894 )     (10,391 )     (10,512 )     (10,647 )     (11,124 )
  Debt extinguishment losses     (434 )     (29,536 )     --       --       --  
  Marketable security gains (losses), net     (4,604 )     10,249       (9,121 )     13,266       9,693  
  Derivative gains (losses), net     (725 )     1,426       (2,996 )     (1,221 )     (2,538 )
  Foreign currency gains (losses), net     (4,057 )     2,436       (1,993 )     (4,797 )     (3,059 )
  Other, net     1,773       4,433       (44 )     (3,230 )     111  
      (13,876 )     (16,909 )     (20,087 )     (1,503 )     (2,454 )
Income (Loss) Before Income Tax Expense (Benefit) and Equity in Earnings of 50% or Less Owned Companies     14,345       (9,410 )     (33,754 )     55,913       48,416  
Income Tax Expense (Benefit)     3,063       155       (11,954 )     20,212       15,610  
Income (Loss) Before Equity in Earnings of 50% or Less Owned Companies     11,282       (9,565 )     (21,800 )     35,701       32,806  
Equity in Earnings of 50% or Less Owned Companies, Net of Tax     5,123       1,064       3,899       13,628       972  
Net Income (Loss)     16,405       (8,501 )     (17,901 )     49,329       33,778  
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries     9,440       (9,188 )     1,668       9,236       6,315  
Net Income (Loss) attributable to SEACOR Holdings Inc.   $ 6,965     $ 687     $ (19,569 )   $ 40,093     $ 27,463  
                                         
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.   $ 0.40     $ 0.04     $ (1.10 )   $ 2.22     $ 1.43  
                                         
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.   $ 0.40     $ 0.04     $ (1.10 )   $ 1.85     $ 1.28  
                                         
Weighted Average Common Shares of Outstanding:                                        
  Basic     17,295       17,781       17,778       18,074       19,196  
  Diluted     17,561       18,082       17,778       24,503       25,628  
Common Shares Outstanding at Period End     17,354       18,012       18,241       18,140       19,044  
                                         
   
   
SEACOR HOLDINGS INC.
SEGMENT INFORMATION
(in thousands, unaudited)
 
   
    Three Months Ended  
    Sep. 30, 2015     Jun. 30, 2015     Mar. 31, 2015     Dec. 31, 2014     Sep. 30, 2014  
Offshore Marine Services                                        
Operating Revenues   $ 95,531     $ 96,715     $ 93,456     $ 127,518     $ 135,178  
Costs and Expenses:                                        
  Operating     70,221       72,173       74,355       86,558       90,736  
  Administrative and general     12,753       12,655       13,559       15,253       14,514  
  Depreciation and amortization     15,252       15,692       15,366       15,594       16,269  
      98,226       100,520       103,280       117,405       121,519  
Gains (Losses) on Asset Dispositions and Impairments, Net     (246 )     3,455       (6,649 )     12,062       3,219  
Operating Income (Loss)     (2,941 )     (350 )     (16,473 )     22,175       16,878  
Other Income (Expense):                                        
  Derivative gains (losses), net     (10 )     4       (9 )     (7 )     (33 )
  Foreign currency gains (losses), net     (1,567 )     1,907       (17 )     (934 )     (1,870 )
  Other, net     (9 )     43       (146 )     (68 )     --  
Equity in Earnings of 50% or Less Owned Companies, Net of Tax     1,708       2,826       2,975       3,054       2,529  
Segment Profit (Loss)(1)   $ (2,819 )   $ 4,430     $ (13,670 )   $ 24,220     $ 17,504  
                                         
OIBDA(2)   $ 12,311     $ 15,342     $ (1,107 )   $ 37,769     $ 33,147  
Drydocking expenditures (included in operating costs and expenses)   $ 1,483     $ 5,932     $ 6,881     $ 9,052     $ 7,606  
Out-of-service days for drydockings     87       315       294       326       357  
                                         
Inland River Services                                        
Operating Revenues   $ 54,310     $ 61,150     $ 56,607     $ 79,252     $ 59,932  
Costs and Expenses:                                        
  Operating     39,487       48,556       41,513       46,250       43,947  
  Administrative and general     3,907       3,765       3,884       4,245       3,520  
  Depreciation and amortization     7,268       7,362       6,889       6,660       7,841  
      50,662       59,683       52,286       57,155       55,308  
Gains on Asset Dispositions     11,510       1,166       1,803       1,565       26,429  
Operating Income     15,158       2,633       6,124       23,662       31,053  
Other Income (Expense):                                        
  Derivative gains, net     50       177       82       --       --  
  Foreign currency gains (losses), net     (2,173 )     208       (1,121 )     (3,032 )     (450 )
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax     (2,117 )     (3,717 )     (274 )     10,515       (95 )
Segment Profit (Loss)(1)   $ 10,918     $ (699 )   $ 4,811     $ 31,145     $ 30,508  
                                         
OIBDA(2)   $ 22,426     $ 9,995     $ 13,013     $ 30,322     $ 38,894  
                                         
   
   
SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
 
   
    Three Months Ended  
    Sep. 30, 2015     Jun. 30, 2015   Mar. 31, 2015     Dec. 31, 2014     Sep. 30, 2014  
Shipping Services                                      
Operating Revenues   $ 58,673     $ 55,674   $ 51,407     $ 56,681     $ 51,659  
Costs and Expenses:                                      
  Operating     27,666       36,124     37,131       28,688       29,068  
  Administrative and general     6,236       6,676     6,289       7,318       5,883  
  Depreciation and amortization     6,476       6,611     6,735       6,821       6,730  
      40,378       49,411     50,155       42,827       41,681  
Gains (Losses) on Asset Dispositions     --       --     --       202       (2 )
Operating Income     18,295       6,263     1,252       14,056       9,976  
Other Income (Expense):                                      
  Foreign currency gains (losses), net     (9 )     9     (12 )     (4 )     (27 )
  Other, net     1,836       187     29       22       123  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax     5,292       2,363     1,141       (790 )     (2,188 )
Segment Profit(1)   $ 25,414     $ 8,822   $ 2,410     $ 13,284     $ 7,884  
                                       
OIBDA(2)   $ 24,771     $ 12,874   $ 7,987     $ 20,877     $ 16,706  
Drydocking expenditures for U.S.-flag product tankers(included in operating costs and expenses)   $ 66     $ 7,171   $ 8,083     $ --     $ --  
Out-of-service days for drydockings of U.S.-flag product tankers     --       38     71       --       --  
                                       
Illinois Corn Processing                                      
Operating Revenues   $ 40,282     $ 48,371   $ 39,598     $ 51,026     $ 53,813  
Costs and Expenses:                                      
  Operating     33,514       40,588     33,118       39,685       44,461  
  Administrative and general     543       509     562       609       463  
  Depreciation and amortization     979       979     980       1,064       1,055  
      35,036       42,076     34,660       41,358       45,979  
Operating Income     5,246       6,295     4,938       9,668       7,834  
Other Income (Expense):                                      
  Derivative gains (losses), net     (336 )     50     (828 )     (302 )     (2,674 )
  Other, net     --       4,112     --       167       --  
Segment Profit(1)   $ 4,910     $ 10,457   $ 4,110     $ 9,533     $ 5,160  
                                       
                               
   
SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
 
   
    Three Months Ended  
    Sep. 30, 2015     Jun. 30, 2015     Mar. 31, 2015     Dec. 31, 2014     Sep. 30, 2014  
Other                                        
Operating Revenues   $ 13,779     $ 20,337     $ 20,452     $ 29,283     $ 39,024  
Costs and Expenses:                                        
  Operating     5,854       11,103       13,830       21,145       30,099  
  Administrative and general     6,658       6,617       7,136       9,948       8,629  
  Depreciation and amortization     152       489       500       513       649  
      12,664       18,209       21,466       31,606       39,377  
Losses on Asset Dispositions and Impairments, Net     --       (235 )     --       (668 )     --  
Operating Income (Loss)     1,115       1,893       (1,014 )     (2,991 )     (353 )
Other Income (Expense):                                        
  Derivative gains (losses), net     --       304       (776 )     (702 )     205  
  Foreign currency gains (losses), net     (64 )     36       (40 )     (96 )     (121 )
  Other, net     (1 )     40       8       (3,357 )     42  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax     240       (408 )     57       849       726  
Segment Profit (Loss)(1)   $ 1,290     $ 1,865     $ (1,765 )   $ (6,297 )   $ 499  
                                         
Corporate and Eliminations                                        
Operating Revenues   $ (723 )   $ (638 )   $ (876 )   $ (1,543 )   $ (670 )
Costs and Expenses:                                        
  Operating     (757 )     (801 )     (799 )     (1,512 )     (635 )
  Administrative and general     7,795       8,452       7,457       8,147       13,646  
  Depreciation and amortization     891       946       960       951       1,060  
      7,929       8,597       7,618       7,586       14,071  
Gains (Losses) on Asset Dispositions     --       --       --       (25 )     223  
Operating Loss   $ (8,652 )   $ (9,235 )   $ (8,494 )   $ (9,154 )   $ (14,518 )
Other Income (Expense):                                        
  Derivative gains (losses), net   $ (429 )   $ 891     $ (1,465 )   $ (210 )   $ (36 )
  Foreign currency gains (losses), net     (244 )     276       (803 )     (731 )     (591 )
  Other, net     (53 )     51       65       6       (54 )
                                         
(1)   Includes amounts attributable to both SEACOR and noncontrolling interests.
(2)   Non-GAAP Financial Measure. The Company, from time to time, discloses and discusses OIBDA, a non-GAAP financial measure, for certain of its operating segments in its public releases and other filings with the Securities and Exchange Commission. The Company defines OIBDA as operating income (loss) for the applicable segment plus depreciation and amortization. The Company's measure of OIBDA may not be comparable to similarly titled measures presented by other companies. Other companies may calculate OIBDA differently than the Company, which may limit its usefulness as a comparative measure. In addition, this measurement does not necessarily represent funds available for discretionary use and is not a measure of its ability to fund its cash needs. OIBDA is a financial metric used by management (i) as a supplemental internal measure for planning and forecasting overall expectations and for evaluating actual results against such expectations; (ii) as a criteria for annual incentive bonuses paid to the Company officers and other shore-based employees; and (iii) to compare to the OIBDA of other companies when evaluating potential acquisitions.
     
   
   
SEACOR HOLDINGS INC.
OFFSHORE MARINE SERVICES
TIME CHARTER OPERATING DATA
(unaudited)
 
   
    Three Months Ended  
    Sep. 30, 2015     Jun. 30, 2015     Mar. 31, 2015     Dec. 31, 2014     Sep. 30, 2014  
Rates Per Day Worked:                                        
  Anchor handling towing supply   $ 29,978     $ 28,463     $ 22,792     $ 26,544     $ 26,175  
  Fast support     8,853       9,795       9,426       9,620       9,542  
  Mini-supply     5,858       5,861       5,778       6,355       6,550  
  Standby safety     10,487       10,303       10,147       10,556       11,091  
  Supply     14,459       15,112       17,047       18,712       18,355  
  Towing supply     7,912       8,579       8,728       7,918       9,223  
  Specialty     25,517       20,749       14,537       32,027       38,716  
  Liftboats     17,124       20,675       21,951       23,038       23,933  
  Overall Average Rates Per Day Worked (excluding wind farm utility)     14,029       13,955       13,178       15,520       15,863  
  Wind farm utility     2,446       2,414       2,584       2,732       2,688  
  Overall Average Rates Per Day Worked     10,003       9,993       10,057       11,874       12,239  
                                         
Utilization:                                        
  Anchor handling towing supply     59 %     57 %     68 %     85 %     76 %
  Fast support     64 %     67 %     80 %     73 %     71 %
  Mini-supply     97 %     100 %     85 %     94 %     100 %
  Standby safety     84 %     84 %     83 %     84 %     89 %
  Supply     41 %     44 %     67 %     74 %     75 %
  Towing supply     68 %     99 %     95 %     62 %     70 %
  Specialty     88 %     45 %     27 %     48 %     54 %
  Liftboats     31 %     42 %     28 %     55 %     66 %
  Overall Fleet Utilization (excluding wind farm utility)     63 %     65 %     68 %     75 %     77 %
  Wind farm utility     90 %     96 %     84 %     93 %     97 %
  Overall Fleet Utilization     70 %     73 %     72 %     79 %     81 %
                                         
Available Days:                                        
  Anchor handling towing supply     1,380       1,365       1,350       1,380       1,541  
  Fast support     2,072       2,086       2,129       2,420       2,488  
  Mini-supply     368       364       360       368       413  
  Standby safety     2,208       2,184       2,160       2,208       2,208  
  Supply     920       953       1,022       1,169       1,298  
  Towing supply     184       182       180       184       184  
  Specialty     276       273       270       276       276  
  Liftboats     1,380       1,365       1,350       1,380       1,380  
  Overall Fleet Available Days (excluding wind farm utility)     8,788       8,772       8,821       9,385       9,788  
  Wind farm utility     3,262       3,094       2,997       3,022       2,944  
  Overall Fleet Available Days     12,050       11,866       11,818       12,407       12,732  
                                         
   
   
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
 
   
  Sep. 30, 2015   Jun. 30, 2015   Mar. 31, 2015   Dec. 31, 2014   Sep. 30, 2014  
ASSETS                    
Current Assets:                              
  Cash and cash equivalents $ 456,805   $ 433,827   $ 448,011   $ 434,183   $ 449,632  
  Restricted cash   --     --     16,896     16,435     13,656  
  Marketable securities   31,632     29,411     39,002     58,004     43,286  
  Receivables:                              
    Trade, net of allowance for doubtful accounts   175,968     181,733     186,583     225,242     215,191  
    Other   39,696     48,627     39,805     67,745     57,621  
  Inventories   23,274     19,736     23,156     22,783     20,896  
  Deferred income taxes   --     --     --     --     116  
  Prepaid expenses and other   10,755     11,411     8,814     9,011     11,431  
    Total current assets   738,130     724,745     762,267     833,403     811,829  
Property and Equipment:                              
    Historical cost   2,099,483     2,100,309     2,083,035     2,086,957     2,166,509  
    Accumulated depreciation   (967,721 )   (954,931 )   (918,769 )   (902,284 )   (889,993 )
        1,131,762     1,145,378     1,164,266     1,184,673     1,276,516  
    Construction in progress   413,572     399,033     339,390     318,000     284,362  
    Net property and equipment   1,545,334     1,544,411     1,503,656     1,502,673     1,560,878  
Investments, at Equity, and Advances to 50% or Less Owned Companies   490,818     482,302     483,748     484,157     444,826  
Construction Reserve Funds & Title XI Reserve Funds   253,470     275,131     288,529     278,022     321,278  
Goodwill   65,725     62,686     62,688     62,759     62,904  
Intangible Assets, Net   27,179     30,742     31,955     32,727     34,306  
Other Assets   58,152     57,463     47,169     51,292     55,049  
  $ 3,178,808   $ 3,177,480   $ 3,180,012   $ 3,245,033   $ 3,291,070  
                               
LIABILITIES AND EQUITY                              
Current Liabilities:                              
  Current portion of long-term debt $ 35,452   $ 35,270   $ 44,953   $ 48,499   $ 50,785  
  Accounts payable and accrued expenses   64,997     68,832     72,738     103,760     90,704  
  Other current liabilities   123,501     118,330     138,460     119,694     139,999  
    Total current liabilities   223,950     222,432     256,151     271,953     281,488  
Long-Term Debt   926,001     889,323     834,686     834,383     831,163  
Deferred Income Taxes   408,546     420,531     413,450     432,546     459,039  
Deferred Gains and Other Liabilities   170,850     172,018     178,293     188,664     185,950  
    Total liabilities   1,729,347     1,704,304     1,682,580     1,727,546     1,757,640  
Equity:                              
  SEACOR Holdings Inc. stockholders' equity:                              
    Preferred stock   --     --     --     --     --  
    Common stock   377     377     377     375     375  
    Additional paid-in capital   1,503,794     1,499,904     1,495,261     1,490,698     1,485,342  
    Retained earnings   1,183,485     1,176,520     1,175,833     1,195,402     1,155,309  
    Shares held in treasury, at cost   (1,346,371 )   (1,305,104 )   (1,287,460 )   (1,283,476 )   (1,213,267 )
    Accumulated other comprehensive loss, net of tax   (5,604 )   (3,172 )   (5,837 )   (3,505 )   (1,891 )
    1,335,681     1,368,525     1,378,174     1,399,494     1,425,868  
  Noncontrolling interests in subsidiaries   113,780     104,651     119,258     117,993     107,562  
    Total equity   1,449,461     1,473,176     1,497,432     1,517,487     1,533,430  
  $ 3,178,808   $ 3,177,480   $ 3,180,012   $ 3,245,033   $ 3,291,070  
                               
 
 
SEACOR HOLDINGS INC.
FLEET COUNTS
(unaudited)
 
    Sep. 30, 2015   Jun. 30, 2015   Mar. 31, 2015   Dec. 31, 2014   Sep. 30, 2014
Offshore Marine Services                    
Anchor handling towing supply   18   18   18   18   18
Fast support   34   33   34   35   38
Mini-supply   7   7   7   7   7
Standby safety   25   25   25   25   25
Supply   26   26   27   25   27
Towing supply   3   3   3   3   3
Specialty   9   9   9   9   9
Liftboats   15   15   15   15   15
Wind farm utility   39   37   37   36   35
    176   173   175   173   177
                     
Inland River Services                    
Dry-cargo barges   1,431   1,435   1,439   1,455   1,456
Liquid tank barges:                    
  10,000 barrel   18   45   45   44   40
  30,000 barrel   27   27   27   27   27
Specialty barges (1)   11   7   7   7   7
Deck barges   --   --   --   20   20
Towboats:                    
  4,000 hp - 6,250 hp   17   17   17   17   17
  Less than 3,200 hp   16   16   15   14   15
    1,520   1,547   1,550   1,584   1,582
                     
Shipping Services(2)                    
Petroleum and Gas Transportation:                    
  Product tankers - U.S.-flag   7   7   7   7   7
  Crude oil tanker - U.S.-flag   1   1   1   --   --
  Very large gas carriers - Foreign-flag   14   9   6   5   5
Harbor Towing and Bunkering:                    
  Harbor tugs - U.S.-flag   24   24   24   24   24
  Harbor tugs - Foreign-flag   4   4   4   4   4
  Offshore tug - U.S.-flag   1   1   1   1   --
  Ocean liquid tank barges - U.S.-flag   5   5   5   5   5
Liner and Short-sea Transportation:                    
  RORO/deck barges - U.S.-flag   7   7   7   7   7
  Short-sea container/RORO - Foreign-flag   7   7   7   7   8
Other:                    
  Dry bulk articulated tug-barge - U.S.-flag   1   1   1   1   1
    71   66   63   61   61
                     
(1)   Includes non-certificated 10,000 and 30,000 barrel liquid tank barges.
(2)   For each of the periods presented ending in 2014, the Company provided technical management services for two additional vessels. For each of the periods presented in 2015, the Company provided technical management services for one additional vessel.
     
 
 
SEACOR HOLDINGS INC.
EXPECTED FLEET DELIVERIES
AS OF SEPTEMBER 30, 2015
(unaudited)
 
    2015   2016   2017   2018   2019    
    Q4   Q1   Q2   Q3   Q4   Q1   Q2   Q3   Q4   Q1   Q2   Q3   Q4   Q1   Total
Shipping Services                                                            
Product tankers - U.S.-flag   --   --   1   --   1   1   --   --   --   --   --   --   --   --   3
Articulated tug-barge - U.S.-flag   --   --   --   1   --   --   --   --   --   --   --   --   --   --   1
Harbor tugs - U.S.-flag   --   --   --   --   1   1   --   --   --   --   --   --   --   --   2
                                                             
Offshore Marine Services                                                            
Fast support   1   1   --   2   --   1   --   --   --   --   1   --   --   --   6
Supply   --   --   1   1   --   --   --   --   --   1   --   --   --   1   4
Wind farm utility   1   1   1   --   --   --   --   --   --   --   --   --   --   --   3
                                                             
Inland River Services                                                            
Liquid tank barges - 30,000 barrel   1   1   --   --   --   --   --   --   --   --   --   --   --   --   2
Towboats:                                                            
  3,300 hp - 3,900 hp   1   --   --   --   --   --   --   --   --   --   --   --   --   --   1
  Less than 3,200 hp   1   1   --   --   --   --   --   --   --   --   --   --   --   --   2
                                                               

For additional information, contact
Molly Hottinger
(954) 627-5278
or visit SEACOR's website at www.seacorholdings.com


Source: Marketwired (October 27, 2015 - 6:34 PM EDT)

News by QuoteMedia
www.quotemedia.com