SEACOR Holdings Announces Results for Its First Quarter Ended March 31, 2016
/EINPresswire.com/ -- FORT LAUDERDALE, FL -- (Marketwired) -- 04/26/16 -- SEACOR Holdings Inc. (NYSE: CKH) (the "Company") today announced its results for its first quarter ended March 31, 2016.
For the quarter ended March 31, 2016, net loss attributable to SEACOR Holdings Inc. was $27.2 million, or $1.62 per diluted share. For the preceding quarter ended December 31, 2015, net loss attributable to SEACOR Holdings Inc. was $56.9 million, or $3.36 per diluted share. A comparison of results for the quarter ended March 31, 2016 with the preceding quarter ended December 31, 2015 is included in the "Highlights for the Quarter" discussion below.
For the quarter ended March 31, 2015, net loss attributable to SEACOR Holdings Inc. was $19.6 million, or $1.10 per diluted share.
Highlights for the Quarter
Offshore Marine Services - Operating loss was $16.6 million in the first quarter compared with $19.2 million in the preceding quarter. During the preceding quarter, the Company recorded an impairment charge of $13.4 million for the goodwill associated with its Offshore Marine Services business segment as a consequence of continuing difficult market conditions. Operating income (loss) before depreciation and amortization ("OIBDA" - see disclosure related to Non-GAAP measures in the segment information tables herein) was $(1.7) million on operating revenues of $59.9 million in the first quarter compared with $9.6 million, excluding the goodwill impairment charge, on operating revenues of $83.2 million in the preceding quarter.
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 59% to 52%, and average rates per day worked decreased by 22% from $13,495 to $10,545. Days available for time charter during the first quarter decreased by 3%. This release includes a table presenting time charter operating data by vessel class.
In the U.S. Gulf of Mexico, operating results, excluding the goodwill impairment charge of $13.4 million noted above, were $6.8 million lower in the first quarter compared with the preceding quarter. Time charter revenues for the U.S. anchor handling towing supply vessels were $7.8 million lower due to a reduction in offshore construction activity. Time charter revenues for the liftboat fleet were $3.4 million lower primarily due to weaker market conditions and seasonality. Operating expenses were $3.6 million lower in the first quarter compared with the preceding quarter primarily as a consequence of cold-stacking vessels. On a total fleet basis, including cold-stacked vessels, utilization dropped from 22% to 17%, and average rates per day worked decreased from $32,054 to $21,341. As of March 31, 2016, the Company had 21 of 32 owned and leased-in vessels cold-stacked in the U.S. Gulf of Mexico compared with 22 of 33 as of December 31, 2015. Of the 21 vessels cold-stacked, eleven were liftboats.
Operating results from international regions were $4.0 million lower in the first quarter compared with the preceding quarter primarily due to the seasonal conclusion of a term charter in Sakhalin. On a total fleet basis, excluding wind farm utility vessels but including cold-stacked vessels, utilization declined from 79% to 71%, and average day rates per day worked decreased from $10,553 to $9,109. As of March 31, 2016, the Company had five of 101 owned and leased-in vessels cold-stacked in international regions compared with four of 100 as of December 31, 2015.
Derivative gains, net of $2.9 million in the first quarter were primarily due to unrealized gains on equity options.
Foreign currency losses, net of $1.6 million in the first 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 loss was $0.9 million in the first quarter compared with operating income of $9.2 million in the preceding quarter. OIBDA was $6.2 million on operating revenues of $39.6 million in the first quarter compared with $16.3 million on operating revenues of $58.4 million in the preceding quarter.
Operating results were $10.2 million lower in the first quarter compared with the preceding quarter primarily due to reduced activity levels for the dry-cargo barge pools following the seasonal harvest and poor operating conditions as a consequence of flooding during most of the first quarter. On April 15, 2016, the Company sold the assets used in its liquid unit tow operation for $90.0 million.
Foreign currency gains, net of $1.4 million in the first quarter were primarily due to the strengthening of the Colombian peso in relation to the U.S. dollar underlying certain of the Company's intercompany lease obligations.
During the first quarter, the Company recognized $2.8 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 $0.8 million during the first quarter on notes due from this joint venture.
Shipping Services - Operating income was $16.3 million in the first quarter compared with $19.8 million in the preceding quarter. OIBDA was $22.9 million (of which $8.0 million is attributable to noncontrolling interests) on operating revenues of $57.1 million in the first quarter compared with $26.3 million (of which $8.6 million is attributable to noncontrolling interests) on operating revenues of $61.4 million in the preceding quarter.
Operating results were $3.4 million lower in the first quarter primarily due to lower charter hire revenue for one U.S. flag product tanker and lower short-sea cargo shipping demand.
Illinois Corn Processing - Segment profit was $1.4 million (of which $0.4 million is attributable to noncontrolling interests) on operating revenues of $49.6 million in the first quarter compared with $0.1 million on operating revenues of $38.7 million in the preceding quarter. Segment profit was $1.3 million higher primarily due to an improvement in industry-wide fuel ethanol margins and lower operating costs as a consequence of increased production rates.
Debt Extinguishment Gains - During the first quarter, the Company purchased $13.9 million in principal amount of its 7.375% Senior Notes for $11.9 million resulting in gains on debt extinguishment of $1.8 million and purchased $20.2 million in principal amount of its 2.5% Convertible Senior Notes for $18.9 million resulting in gains on debt extinguishment of $1.4 million.
Marketable Security Transactions. - Marketable security losses, net included $21.7 million of unrealized losses on the Company's investment in 9,177,135 shares of Dorian LPG Ltd ("Dorian"), a publicly traded company on the New York Stock Exchange trading under the symbol "LPG." Dorian's closing share price was $11.77, $9.40 and $10.51 as of December 31, 2015, March 31, 2016 and April 26, 2016, respectively.
Share Repurchases - During the first quarter, the Company acquired for treasury 47,455 shares of its common stock from its employees to cover their tax withholding obligations upon the lapsing of restrictions on share awards for an aggregate purchase price of $2.4 million. These shares were purchased in accordance with the terms of the Company's Share Incentive Plans and not pursuant to the repurchase authorizations granted by SEACOR's Board of Directors. As of March 31, 2016, the Company had 17,294,810 of common shares outstanding.
Capital Commitments - The Company's capital commitments as of March 31, 2016 by year of expected payment were as follows (in thousands):
2016 2017 2018 2019 Total
--------- -------- -------- -------- ---------
Shipping Services $ 150,476 $ 22,630 $ -- $ -- $ 173,106
Offshore Marine Services 55,545 38,847 29,199 10,123 $ 133,714
Inland River Services 29,060 28,510 -- -- $ 57,570
Illinois Corn Processing 3,399 -- -- -- $ 3,399
Other 3 -- -- -- $ 3
--------- -------- -------- -------- ---------
$ 238,483 $ 89,987 $ 29,199 $ 10,123 $ 367,792
========= ======== ======== ======== =========
Shipping Services' capital commitments included three U.S.-flag product tankers, one U.S.-flag chemical and petroleum articulated tug barge and two U.S.-flag harbor tugs. Offshore Marine Services' capital commitments included eight fast support vessels, four supply vessels, two specialty offshore support vessels and one wind farm utility vessel. Inland River Services' capital commitments included 50 dry-cargo barges, one 30,000 barrel liquid tank barge and five inland river towboats.
Liquidity and Debt - As of March 31, 2016, the Company's balances of cash, cash equivalents, marketable securities and construction reserve funds totaled $862.7 million and its total outstanding debt was $1,054.0 million. In addition, the Company had $97.5 million of borrowing capacity under its 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 resulting decrease in capital spending by oil and gas companies, as well as 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. 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). These statements constitute the Company's cautionary statements under the Private Securities Litigation Reform Act of 1995.
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF LOSS
(in thousands, except share data, unaudited)
Three Months Ended
March 31,
----------------------------
2016 2015
------------- -------------
Operating Revenues $ 213,928 $ 260,644
------------- -------------
Costs and Expenses:
Operating 157,468 199,148
Administrative and general 35,704 38,887
Depreciation and amortization 30,989 31,430
------------- -------------
224,161 269,465
------------- -------------
Gains (Losses) on Asset Dispositions and
Impairments, Net 217 (4,846)
------------- -------------
Operating Loss (10,016) (13,667)
------------- -------------
Other Income (Expense):
Interest income 5,593 4,579
Interest expense (11,935) (10,512)
Debt extinguishment gains, net 3,223 --
Marketable security losses, net (25,096) (9,121)
Derivative gains (losses), net 2,620 (2,996)
Foreign currency gains (losses), net 37 (1,993)
Other, net 268 (44)
------------- -------------
(25,290) (20,087)
------------- -------------
Loss Before Income Tax Benefit and Equity in
Earnings (Losses) of 50% or Less Owned
Companies (35,306) (33,754)
Income Tax Benefit (14,831) (11,954)
------------- -------------
Loss Before Equity in Earnings (Losses) of 50%
or Less Owned Companies (20,475) (21,800)
Equity in Earnings (Losses) of 50% or Less
Owned Companies, Net of Tax (49) 3,899
------------- -------------
Net Loss (20,524) (17,901)
Net Income attributable to Noncontrolling
Interests in Subsidiaries 6,662 1,668
------------- -------------
Net Loss attributable to SEACOR Holdings Inc. $ (27,186) $ (19,569)
============= =============
Basic Loss Per Common Share of SEACOR Holdings
Inc. $ (1.62) $ (1.10)
Diluted Loss Per Common Share of SEACOR
Holdings Inc. $ (1.62) $ (1.10)
Weighted Average Common Shares Outstanding:
Basic 16,817,368 17,777,725
Diluted 16,817,368 17,777,725
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except per share data, unaudited)
Three Months Ended
------------------------------------------------
Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
2016 2015 2015 2015 2015
-------- -------- -------- -------- --------
Operating Revenues $213,928 $250,631 $261,852 $281,609 $260,644
-------- -------- -------- -------- --------
Costs and Expenses:
Operating 157,468 165,729 175,985 207,743 199,148
Administrative and
general 35,704 41,158 37,892 38,674 38,887
Depreciation and
amortization 30,989 31,460 31,018 32,079 31,430
-------- -------- -------- -------- --------
224,161 238,347 244,895 278,496 269,465
-------- -------- -------- -------- --------
Gains (Losses) on Asset
Dispositions and
Impairments, Net 217 (13,212) 11,264 4,386 (4,846)
-------- -------- -------- -------- --------
Operating Income (Loss) (10,016) (928) 28,221 7,499 (13,667)
-------- -------- -------- -------- --------
Other Income (Expense):
Interest income 5,593 5,902 5,065 4,474 4,579
Interest expense (11,935) (11,500) (10,894) (10,391) (10,512)
Debt extinguishment gains
(losses), net 3,223 1,473 (434) (29,536) --
Marketable security gains
(losses), net (25,096) 3,402 (4,604) 10,249 (9,121)
Derivative gains
(losses), net 2,620 199 (725) 1,426 (2,996)
Foreign currency gains
(losses), net 37 (1,138) (4,057) 2,436 (1,993)
Other, net 268 611 1,773 4,433 (44)
-------- -------- -------- -------- --------
(25,290) (1,051) (13,876) (16,909) (20,087)
-------- -------- -------- -------- --------
Income (Loss) Before Income
Tax Expense (Benefit) and
Equity in Earnings
(Losses) of 50% or Less
Owned Companies (35,306) (1,979) 14,345 (9,410) (33,754)
Income Tax Expense
(Benefit) (14,831) (2,626) 3,063 155 (11,954)
-------- -------- -------- -------- --------
Income (Loss) Before Equity
in Earnings (Losses) of
50% or Less Owned
Companies (20,475) 647 11,282 (9,565) (21,800)
Equity in Earnings (Losses)
of 50% or Less Owned
Companies, Net of Tax (49) (50,500) 5,123 1,064 3,899
-------- -------- -------- -------- --------
Net Income (Loss) (20,524) (49,853) 16,405 (8,501) (17,901)
Net Income (Loss)
attributable to
Noncontrolling Interests
in Subsidiaries 6,662 7,012 9,440 (9,188) 1,668
-------- -------- -------- -------- --------
Net Income (Loss)
attributable to SEACOR
Holdings Inc. $(27,186) $(56,865) $ 6,965 $ 687 $(19,569)
======== ======== ======== ======== ========
Basic Earnings (Loss) Per
Common Share of SEACOR
Holdings Inc. $ (1.62) $ (3.36) $ 0.40 $ 0.04 $ (1.10)
Diluted Earnings (Loss) Per
Common Share of SEACOR
Holdings Inc. $ (1.62) $ (3.36) $ 0.40 $ 0.04 $ (1.10)
Weighted Average Common
Shares of Outstanding:
Basic 16,817 16,942 17,295 17,781 17,778
Diluted 16,817 16,942 17,561 18,082 17,778
Common Shares Outstanding
at Period End 17,295 17,155 17,354 18,012 18,241
SEACOR HOLDINGS INC.
SEGMENT INFORMATION
(in thousands, unaudited)
Three Months Ended
------------------------------------------------
Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
2016 2015 2015 2015 2015
-------- -------- -------- -------- --------
Offshore Marine Services
Operating Revenues $ 59,879 $ 83,166 $ 95,531 $ 96,715 $ 93,456
-------- -------- -------- -------- --------
Costs and Expenses:
Operating 48,850 59,223 70,221 72,173 74,355
Administrative and
general 12,398 14,118 12,753 12,655 13,559
Depreciation and
amortization 14,838 15,419 15,252 15,692 15,366
-------- -------- -------- -------- --------
76,086 88,760 98,226 100,520 103,280
-------- -------- -------- -------- --------
Gains (Losses) on Asset
Dispositions and
Impairments, Net (380) (13,577) (246) 3,455 (6,649)
-------- -------- -------- -------- --------
Operating Loss (16,587) (19,171) (2,941) (350) (16,473)
-------- -------- -------- -------- --------
Other Income (Expense):
Derivative gains
(losses), net 2,898 (2,751) (10) 4 (9)
Foreign currency gains
(losses), net (1,560) (350) (1,567) 1,907 (17)
Other, net 265 373 (9) 43 (146)
Equity in Earnings of 50%
or Less Owned Companies,
Net of Tax 2,161 1,248 1,708 2,826 2,975
-------- -------- -------- -------- --------
Segment Profit (Loss)(1) $(12,823) $(20,651) $ (2,819) $ 4,430 $(13,670)
======== ======== ======== ======== ========
OIBDA(2) $ (1,749) $ (3,752) $ 12,311 $ 15,342 $ (1,107)
======== ======== ======== ======== ========
Drydocking expenditures
(included in operating
costs and expenses) $ 3,703 $ 3,485 $ 1,483 $ 5,932 $ 6,881
======== ======== ======== ======== ========
Out-of-service days for
drydockings 131 246 87 315 294
======== ======== ======== ======== ========
Inland River Services
Operating Revenues $ 39,614 $ 58,415 $ 54,310 $ 61,150 $ 56,607
-------- -------- -------- -------- --------
Costs and Expenses:
Operating 30,118 38,459 39,487 48,556 41,513
Administrative and
general 3,912 4,011 3,907 3,765 3,884
Depreciation and
amortization 7,137 7,113 7,268 7,362 6,889
-------- -------- -------- -------- --------
41,167 49,583 50,662 59,683 52,286
-------- -------- -------- -------- --------
Gains on Asset Dispositions 605 389 11,510 1,166 1,803
-------- -------- -------- -------- --------
Operating Income (Loss) (948) 9,221 15,158 2,633 6,124
-------- -------- -------- -------- --------
Other Income (Expense):
Derivative gains
(losses), net -- (15) 50 177 82
Foreign currency gains
(losses), net 1,437 (640) (2,173) 208 (1,121)
Equity in Losses of 50% or
Less Owned Companies, Net
of Tax (2,778) (25,092) (2,117) (3,717) (274)
-------- -------- -------- -------- --------
Segment Profit (Loss)(1) $ (2,289) $(16,526) $ 10,918 $ (699) $ 4,811
======== ======== ======== ======== ========
OIBDA(2) $ 6,189 $ 16,334 $ 22,426 $ 9,995 $ 13,013
======== ======== ======== ======== ========
SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
Three Months Ended
------------------------------------------------
Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
2016 2015 2015 2015 2015
-------- -------- -------- --------- --------
Shipping Services
Operating Revenues $ 57,055 $ 61,388 $ 58,673 $ 55,674 $ 51,407
-------- -------- -------- --------- --------
Costs and Expenses:
Operating 27,234 28,118 27,666 36,124 37,131
Administrative and
general 6,918 7,014 6,236 6,676 6,289
Depreciation and
amortization 6,562 6,474 6,476 6,611 6,735
-------- -------- -------- --------- --------
40,714 41,606 40,378 49,411 50,155
-------- -------- -------- --------- --------
Losses on Asset
Dispositions (6) -- -- -- --
-------- -------- -------- --------- --------
Operating Income 16,335 19,782 18,295 6,263 1,252
-------- -------- -------- --------- --------
Other Income (Expense):
Foreign currency gains
(losses), net (3) (18) (9) 9 (12)
Other, net 1 1 1,836 187 29
Equity in Earnings (Losses)
of 50% or Less Owned
Companies, Net of Tax 26 (27,578) 5,292 2,363 1,141
-------- -------- -------- --------- --------
Segment Profit (Loss)(1) $ 16,359 $ (7,813) $ 25,414 $ 8,822 $ 2,410
======== ======== ======== ========= ========
OIBDA(2) $ 22,897 $ 26,256 $ 24,771 $ 12,874 $ 7,987
======== ======== ======== ========= ========
Drydocking expenditures for
U.S.-flag product
tankers(included in
operating costs and
expenses) $ (73) $ 207 $ 66 $ 7,171 $ 8,083
======== ======== ======== ========= ========
Out-of-service days for
drydockings of U.S.-flag
product tankers -- -- -- 38 71
======== ======== ======== ========= ========
Illinois Corn Processing
Operating Revenues $ 49,609 $ 38,654 $ 40,282 $ 48,371 $ 39,598
-------- -------- -------- --------- --------
Costs and Expenses:
Operating 46,289 36,747 33,514 40,588 33,118
Administrative and
general 656 693 543 509 562
Depreciation and
amortization 1,053 964 979 979 980
-------- -------- -------- --------- --------
47,998 38,404 35,036 42,076 34,660
-------- -------- -------- --------- --------
Operating Income 1,611 250 5,246 6,295 4,938
-------- -------- -------- --------- --------
Other Income (Expense):
Derivative gains
(losses), net (187) (137) (336) 50 (828)
Other, net -- -- -- 4,112 --
-------- -------- -------- --------- --------
Segment Profit(1) $ 1,424 $ 113 $ 4,910 $ 10,457 $ 4,110
======== ======== ======== ========= ========
SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
Three Months Ended
------------------------------------------------
Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
2016 2015 2015 2015 2015
-------- -------- -------- -------- --------
Other
Operating Revenues $ 8,419 $ 9,922 $ 13,779 $ 20,337 $ 20,452
-------- -------- -------- -------- --------
Costs and Expenses:
Operating 5,805 4,166 5,854 11,103 13,830
Administrative and
general 4,223 6,231 6,658 6,617 7,136
Depreciation and
amortization 455 575 152 489 500
-------- -------- -------- -------- --------
10,483 10,972 12,664 18,209 21,466
-------- -------- -------- -------- --------
Losses on Asset
Dispositions (2) (24) -- (235) --
-------- -------- -------- -------- --------
Operating Income (Loss) (2,066) (1,074) 1,115 1,893 (1,014)
-------- -------- -------- -------- --------
Other Income (Expense):
Derivative gains
(losses), net -- -- -- 304 (776)
Foreign currency gains
(losses), net (27) 21 (64) 36 (40)
Other, net -- 5 (1) 40 8
Equity in Earnings (Losses)
of 50% or Less Owned
Companies, Net of Tax 542 922 240 (408) 57
-------- -------- -------- -------- --------
Segment Profit (Loss)(1) $ (1,551) $ (126) $ 1,290 $ 1,865 $ (1,765)
======== ======== ======== ======== ========
Corporate and Eliminations
Operating Revenues $ (648) $ (914) $ (723) $ (638) $ (876)
-------- -------- -------- -------- --------
Costs and Expenses:
Operating (828) (984) (757) (801) (799)
Administrative and
general 7,597 9,091 7,795 8,452 7,457
Depreciation and
amortization 944 915 891 946 960
-------- -------- -------- -------- --------
7,713 9,022 7,929 8,597 7,618
-------- -------- -------- -------- --------
Operating Loss $ (8,361) $ (9,936) $ (8,652) $ (9,235) $ (8,494)
======== ======== ======== ======== ========
Other Income (Expense):
Derivative gains
(losses), net $ (91) $ 3,102 $ (429) $ 891 $ (1,465)
Foreign currency gains
(losses), net 190 (151) (244) 276 (803)
Other, net 2 232 (53) 51 65
(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
------------------------------------------------
Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
2016 2015 2015 2015 2015
-------- -------- -------- -------- --------
Rates Per Day Worked:
Anchor handling towing
supply $ 21,719 $ 30,871 $ 29,978 $ 28,463 $ 22,792
Fast support 7,587 8,014 8,853 9,795 9,426
Mini-supply 5,689 5,345 5,858 5,861 5,778
Standby safety 9,564 10,229 10,487 10,303 10,147
Supply 9,010 14,375 14,459 15,112 17,047
Towing supply 7,200 8,872 7,912 8,579 8,728
Specialty 12,403 23,107 25,517 20,749 14,537
Liftboats 15,150 25,191 17,124 20,675 21,951
Overall Average Rates Per
Day Worked(excluding
wind farm utility) 10,545 13,495 14,029 13,955 13,178
Wind farm utility 2,419 2,506 2,446 2,414 2,584
Overall Average Rates Per
Day Worked 7,915 10,299 10,003 9,993 10,057
Utilization:
Anchor handling towing
supply 47% 51% 59% 57% 68%
Fast support 68% 58% 64% 67% 80%
Mini-supply 79% 97% 97% 100% 85%
Standby safety 79% 85% 84% 84% 83%
Supply 11% 43% 41% 44% 67%
Towing supply 45% 97% 68% 99% 95%
Specialty 45% 80% 88% 45% 27%
Liftboats 5% 13% 31% 42% 28%
Overall Fleet Utilization
(excluding wind farm
utility) 52% 59% 63% 65% 68%
Wind farm utility 65% 65% 90% 96% 84%
Overall Fleet Utilization 56% 60% 70% 73% 72%
Available Days:
Anchor handling towing
supply 1,365 1,380 1,380 1,365 1,350
Fast support 2,093 2,173 2,072 2,086 2,129
Mini-supply 364 368 368 364 360
Standby safety 2,184 2,208 2,208 2,184 2,160
Supply 633 736 920 953 1,022
Towing supply 182 184 184 182 180
Specialty 273 276 276 273 270
Liftboats 1,365 1,380 1,380 1,365 1,350
-------- -------- -------- -------- --------
Overall Fleet Available
Days(excluding wind farm
utility) 8,459 8,705 8,788 8,772 8,821
Wind farm utility 3,245 3,222 3,262 3,094 2,997
-------- -------- -------- -------- --------
Overall Fleet Available
Days 11,704 11,927 12,050 11,866 11,818
======== ======== ======== ======== ========
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
Mar. 31, Dec. 31, Sep. 30,
2016 2015 2015
------------ ------------ ------------
ASSETS
Current Assets:
Cash and cash equivalents $ 496,473 $ 530,009 $ 456,805
Restricted cash -- -- --
Marketable securities 110,894 138,200 31,632
Receivables:
Trade, net of allowance for
doubtful accounts 130,731 159,076 175,968
Other 31,440 27,217 39,696
Inventories 18,431 24,768 23,274
Prepaid expenses and other 9,615 8,627 10,755
------------ ------------ ------------
Total current assets 797,584 887,897 738,130
------------ ------------ ------------
Property and Equipment:
Historical cost 2,015,205 2,123,201 2,099,483
Accumulated depreciation (986,048) (994,181) (967,721)
------------ ------------ ------------
1,029,157 1,129,020 1,131,762
Construction in progress 484,472 454,605 413,572
Held for sale equipment 86,332 -- --
------------ ------------ ------------
Net property and equipment 1,599,961 1,583,625 1,545,334
------------ ------------ ------------
Investments, at Equity, and Advances
to 50% or Less Owned Companies 334,370 331,103 490,818
Construction Reserve Funds & Title XI
Reserve Funds 255,350 255,408 253,470
Goodwill 52,376 52,340 65,725
Intangible Assets, Net 25,750 26,392 27,179
Other Assets 46,496 48,654 46,371
------------ ------------ ------------
$ 3,111,887 $ 3,185,419 $ 3,167,027
============ ============ ============
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of long-term debt $ 35,688 $ 35,531 $ 35,452
Accounts payable and accrued
expenses 50,660 71,952 64,997
Other current liabilities 107,811 92,677 113,271
------------ ------------ ------------
Total current liabilities 194,159 200,160 213,720
------------ ------------ ------------
Long-Term Debt 1,018,331 1,034,859 914,220
Exchange Option Liability on
Subsidiary Convertible Senior Notes 5,747 5,611 --
Deferred Income Taxes 374,476 389,988 418,776
Deferred Gains and Other Liabilities 153,051 163,862 170,850
------------ ------------ ------------
Total liabilities 1,745,764 1,794,480 1,717,566
------------ ------------ ------------
Equity:
SEACOR Holdings Inc. stockholders'
equity:
Preferred stock -- -- --
Common stock 379 377 377
Additional paid-in capital 1,508,981 1,505,942 1,503,794
Retained earnings 1,099,434 1,126,620 1,183,485
Shares held in treasury, at cost (1,357,809) (1,356,499) (1,346,371)
Accumulated other comprehensive
loss, net of tax (7,764) (5,620) (5,604)
------------ ------------ ------------
1,243,221 1,270,820 1,335,681
Noncontrolling interests in
subsidiaries 122,902 120,119 113,780
------------ ------------ ------------
Total equity 1,366,123 1,390,939 1,449,461
------------ ------------ ------------
$ 3,111,887 $ 3,185,419 $ 3,167,027
============ ============ ============
Jun. 30, Mar. 31,
2015 2015
------------ ------------
ASSETS
Current Assets:
Cash and cash equivalents $ 433,827 $ 448,011
Restricted cash -- 16,896
Marketable securities 29,411 39,002
Receivables:
Trade, net of allowance for
doubtful accounts 181,733 186,583
Other 48,627 39,805
Inventories 19,736 23,156
Prepaid expenses and other 11,411 8,814
------------ ------------
Total current assets 724,745 762,267
------------ ------------
Property and Equipment:
Historical cost 2,100,309 2,083,035
Accumulated depreciation (954,931) (918,769)
------------ ------------
1,145,378 1,164,266
Construction in progress 399,033 339,390
Held for sale equipment -- --
------------ ------------
Net property and equipment 1,544,411 1,503,656
------------ ------------
Investments, at Equity, and Advances
to 50% or Less Owned Companies 482,302 483,748
Construction Reserve Funds & Title XI
Reserve Funds 275,131 288,529
Goodwill 62,686 62,688
Intangible Assets, Net 30,742 31,955
Other Assets 44,850 37,108
------------ ------------
$ 3,164,867 $ 3,169,951
============ ============
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of long-term debt $ 35,270 $ 44,953
Accounts payable and accrued
expenses 68,832 72,738
Other current liabilities 108,100 128,230
------------ ------------
Total current liabilities 212,202 245,921
------------ ------------
Long-Term Debt 876,710 824,625
Exchange Option Liability on
Subsidiary Convertible Senior Notes -- --
Deferred Income Taxes 430,761 423,680
Deferred Gains and Other Liabilities 172,018 178,293
------------ ------------
Total liabilities 1,691,691 1,672,519
------------ ------------
Equity:
SEACOR Holdings Inc. stockholders'
equity:
Preferred stock -- --
Common stock 377 377
Additional paid-in capital 1,499,904 1,495,261
Retained earnings 1,176,520 1,175,833
Shares held in treasury, at cost (1,305,104) (1,287,460)
Accumulated other comprehensive
loss, net of tax (3,172) (5,837)
------------ ------------
1,368,525 1,378,174
Noncontrolling interests in
subsidiaries 104,651 119,258
------------ ------------
Total equity 1,473,176 1,497,432
------------ ------------
$ 3,164,867 $ 3,169,951
============ ============
SEACOR HOLDINGS INC.
FLEET COUNTS
(unaudited)
Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
2016 2015 2015 2015 2015
-------- -------- -------- -------- --------
Offshore Marine Services
Anchor handling towing supply 18 18 18 18 18
Fast support 34 34 34 33 34
Mini-supply 7 7 7 7 7
Standby safety 25 25 25 25 25
Supply 23 24 26 26 27
Towing supply 3 3 3 3 3
Specialty 9 9 9 9 9
Liftboats 15 15 15 15 15
Wind farm utility 39 38 39 37 37
-------- -------- -------- -------- --------
173 173 176 173 175
======== ======== ======== ======== ========
Inland River Services
Dry-cargo barges 1,426 1,430 1,431 1,435 1,439
Liquid tank barges:
10,000 barrel 18 18 18 45 45
30,000 barrel(1) 27 27 27 27 27
Specialty barges (2) 11 11 11 7 7
Towboats:
4,000 hp - 6,600 hp 17 17 17 17 17
Less than 3,200 hp(3) 17 17 16 16 15
-------- -------- -------- -------- --------
1,516 1,520 1,520 1,547 1,550
======== ======== ======== ======== ========
Shipping Services(4)
Petroleum Transportation:
Product tankers - U.S.-flag 7 7 7 7 7
Crude oil tanker - U.S.-flag 1 1 1 1 1
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 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 7
Other:
Dry bulk articulated tug-barge
- U.S.-flag 1 1 1 1 1
-------- -------- -------- -------- --------
57 57 57 57 57
======== ======== ======== ======== ========
(1) Included in held for sale equipment.
(2) Includes non-certificated 10,000 and 30,000 barrel liquid tank barges.
(3) Includes 13 in held for sale equipment.
(4) For each of the periods presented, the Company provided technical
management services for one additional vessel.
SEACOR HOLDINGS INC.
EXPECTED FLEET DELIVERIES
AS OF MARCH 31, 2016
(unaudited)
2016 2017
-------------- -------------------
Shipping Services Q2 Q3 Q4 Q1 Q2 Q3 Q4
---- ---- ---- ---- ---- ---- ----
Product tankers - U.S.-flag 1 -- 1 1 -- -- --
Articulated tug-barge - U.S.-flag -- -- 1 -- -- -- --
Harbor tugs - U.S.-flag -- -- 1 1 -- -- --
Offshore Marine Services
Fast support 1 2 -- -- 1 -- 1
Supply 1 1 -- -- -- -- --
Specialty -- -- -- 1 1 -- --
Wind farm utility 1 -- -- -- -- -- --
Inland River Services
Dry-cargo barges -- 25 25 -- -- -- --
Liquid tank barges - 30,000 barrel(1) -- 1 -- -- -- -- --
Towboats:
4,000 hp - 6,600 hp -- -- -- 1 -- 1 1
3,300 hp - 3,900 hp 1 -- -- -- -- -- --
Less than 3,200 hp(1) 1 -- -- -- -- -- --
2018 2019
------------------- ---------
Shipping Services Q1 Q2 Q3 Q4 Q1 Q2 Total
---- ---- ---- ---- ---- ---- ------
Product tankers - U.S.-flag -- -- -- -- -- -- 3
Articulated tug-barge - U.S.-flag -- -- -- -- -- -- 1
Harbor tugs - U.S.-flag -- -- -- -- -- -- 2
Offshore Marine Services
Fast support -- 1 -- -- 1 1 8
Supply 1 -- -- -- 1 -- 4
Specialty -- -- -- -- -- -- 2
Wind farm utility -- -- -- -- -- -- 1
Inland River Services
Dry-cargo barges -- -- -- -- -- -- 50
Liquid tank barges - 30,000 barrel(1) -- -- -- -- -- -- 1
Towboats:
4,000 hp - 6,600 hp -- -- -- -- -- -- 3
3,300 hp - 3,900 hp -- -- -- -- -- -- 1
Less than 3,200 hp(1) -- -- -- -- -- -- 1
(1) Included in held for sale equipment.
For additional information, contact
Molly Hottinger
(954) 627-5278
or visit SEACOR's website at www.seacorholdings.com
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