CORRECTION - SEACOR Holdings Announces Results for Its Fourth Quarter and Year Ended December 31, 2015
/EINPresswire.com/ -- FORT LAUDERDALE, FL -- (Marketwired) -- 03/01/16 -- In the news release, "SEACOR Holdings Announces Results for Its Fourth Quarter and Year Ended December 31, 2015" issued on February 29 by SEACOR Holdings Inc. (NYSE: CKH), we are advised by the Company that in the first "SEGMENT INFORMATION" table, the figure in the Dec. 31, 2015 column for Inland River Services' Segment Profit (Loss) should be "(16,526)" rather than "16,526" as originally issued. The figure appeared correctly in the press release filed with the Securities and Exchange Commission on February 29, 2016 as an exhibit to the Company's Current Report on Form 8-K. No other corrections were made to the originally issued news release.
SEACOR Holdings Announces Results for Its Fourth Quarter and Year Ended December 31, 2015
FORT LAUDERDALE, FL -- February 29, 2016 -- SEACOR Holdings Inc. (NYSE: CKH) (the "Company") today announced its results for its fourth quarter and year ended December 31, 2015.
For the quarter ended December 31, 2015, net loss attributable to SEACOR Holdings Inc. was $56.9 million, or $3.36 per diluted share. For the year ended December 31, 2015, net loss attributable to SEACOR Holdings Inc. was $68.8 million, or $3.94 per diluted share. Results attributable to SEACOR Holdings Inc. for the year ended December 31, 2015 included losses of $4.43 per diluted share due to:
- a loss of $32.3 million, net of tax, or $1.85 per diluted share upon marking its investment, at equity, in Dorian LPG Ltd. ("Dorian") to fair value during the fourth quarter;
- a loss of $21.5 million or $1.23 per diluted share upon marking its investment, at equity, in SCFCo Holdings LLC ("SCFCo") to fair value during the fourth quarter;
- a loss of $9.4 million, net of tax, or $0.54 per diluted share as a result of a goodwill impairment charge associated with the Company's Offshore Marine Services business segment during the fourth quarter;
- a loss of $4.5 million, net of tax, or $0.26 per diluted share for the Company's share of a funding deficit in the Merchant Navy Ratings Pension Fund ("MNRPF") during the third quarter; and
- a loss of $9.6 million, net of noncontrolling interests and tax, or $0.55 per diluted share related to the extinguishment of the Company's Title XI bonds during the second quarter.
For the preceding quarter ended September 30, 2015, net income attributable to SEACOR Holdings Inc. was $7.0 million, or $0.40 per diluted share. A comparison of results for the quarter ended December 31, 2015 with the preceding quarter ended September 30, 2015 is included in the "Highlights for the Quarter" discussion below.
For the quarter ended December 31, 2014, net income attributable to SEACOR Holdings Inc. was $40.1 million, or $1.85 per diluted share. For the year ended December 31, 2014, net income attributable to SEACOR Holdings Inc. was $100.1 million, or $4.71 per diluted share.
Highlights for the Quarter
Offshore Marine Services - Operating loss was $19.2 million in the fourth quarter compared with $2.9 million in the preceding quarter. The Company impaired the goodwill associated with its Offshore Marine Services business segment in the fourth quarter as a consequence of continuing difficult market conditions resulting in an impairment charge of $13.4 million. Excluding the goodwill impairment charge, operating income before depreciation and amortization ("OIBDA" -- see disclosure related to Non-GAAP measures in the segment information tables herein) was $9.6 million on operating revenues of $83.2 million in the fourth quarter compared with OIBDA of $12.3 million on operating revenues of $95.5 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 63% to 59%, and average rates per day worked decreased by 4% from $14,029 to $13,495. Days available for charter during the fourth 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, excluding the goodwill impairment charge of $13.4 million noted above, were $2.8 million lower in the fourth quarter compared with the preceding quarter. Time charter revenues for the U.S. anchor handling towing supply vessels were $2.5 million lower primarily due to a reduction in offshore construction activity in the fourth quarter. Time charter revenues for the liftboat fleet were $2.8 million lower primarily due to weaker market conditions and seasonality. Time charter revenues for all other vessel classes were $1.6 million lower. On a total fleet basis, including cold-stacked vessels, utilization dropped from 38% to 22%. Average rates per day worked increased from $24,137 to $32,054. Operating expenses were $5.9 million lower primarily due to a $5.2 million reduction in daily running costs as a consequence of cold-stacking vessels. As of December 31, 2015, the Company had 22 of 41 vessels cold-stacked in the U.S. Gulf of Mexico compared with 19 of 44 vessels as of September 30, 2015. Of the 22 vessels cold-stacked, eleven were liftboats.
Operating results from international regions were $0.1 million lower in the fourth quarter compared with the preceding quarter. Time charter revenues were $2.3 million lower in Europe primarily due to the seasonality of wind farm utility vessels, $1.2 million lower in Brazil, Mexico, Central and South America primarily due to the conclusion of several term charters, and $1.0 million lower in Asia 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 improved from 77% to 79%, and average day rates per day worked decreased from $11,198 to $10,553. Operating expenses were $5.1 million lower in the fourth quarter compared with the third quarter primarily due to the third quarter charge of $6.9 million for a U.K. subsidiary's share of a funding deficit in the MNRPF for North Sea mariners partially offset by higher drydocking costs in the fourth quarter. As of December 31, 2015, the Company had four of 132 vessels cold-stacked in international regions compared with three of 132 vessels as of September 30, 2015.
Derivative losses, net of $2.8 million in the fourth quarter were primarily due to unrealized losses on equity options.
Inland River Services - Operating income was $9.2 million in the fourth quarter compared with $15.2 million in the preceding quarter. OIBDA was $16.3 million on operating revenues of $58.4 million in the fourth quarter compared with $22.4 million on operating revenues of $54.3 million in the preceding quarter, which included third quarter gains of $10.6 million from the sale of the Company's domestic 10,000 barrel liquid tank barge fleet.
Operating results before gains on asset dispositions were $5.2 million higher in the fourth quarter compared with the preceding quarter. Operating results for the dry-cargo barge pools were $7.6 million higher primarily due to seasonal demand for moving grain associated with the fall harvest and higher freight rates. Operating results from the Company's fleeting operations were $1.0 million lower primarily due to reduced activity levels on the Upper Mississippi River and higher repair and maintenance costs. Operating results from the Company's 10,000 liquid tank barge fleet were $0.7 million lower as a consequence of the sale of the equipment in the preceding quarter. Operating results from the Company's liquid unit tow operations were $0.4 million lower primarily due to two towboats undergoing repairs resulting in higher charter-in expense and higher repair and maintenance costs.
During the fourth quarter, the Company recognized $25.9 million of equity losses in its 50% owned joint venture, SCFCo, operating on the Parana-Paraguay River Waterway, including a $21.5 million impairment charge for an other-than-temporary decline in the fair value of its investment. In addition, the Company recognized interest income (not a component of segment profit) of $0.8 million during the fourth quarter on notes due from this joint venture.
Shipping Services - Operating income was $19.8 million in the fourth quarter compared with $18.3 million in the preceding quarter. OIBDA was $26.3 million (of which $8.6 million is attributable to noncontrolling interests associated with SEA-Vista, which is a joint venture that owns the Company's Jones Act tankers) on operating revenues of $61.4 million in the fourth quarter compared with $24.8 million (of which $9.2 million is attributable to SEA-Vista noncontrolling interests) on operating revenues of $58.7 million in the preceding quarter.
Operating results were $1.5 million higher in the fourth quarter primarily due to increased harbor towing activities resulting from higher port traffic, higher short-sea cargo shipping demand and lower fuel costs.
Equity in losses of 50% or less owned companies during the fourth quarter were primarily due to the Company's investment, at equity, in Dorian. During the fourth quarter, the Company determined it no longer exercised significant influence and marked its investment, at equity, in Dorian to fair value resulting in a loss of $32.3 million, net of tax. As of December 31, 2015, the Company's investment in Dorian is classified as marketable securities in its consolidated balance sheet and carried at a fair value of $108.0 million.
Illinois Corn Processing - Segment profit was $0.1 million on operating revenues of $38.7 million in the fourth quarter compared with $4.9 million (of which $1.5 million is attributable to noncontrolling interests) on operating revenues of $40.3 million in the preceding quarter. Segment profit was $4.8 million lower primarily due to a reduction in industry-wide fuel ethanol margins and higher operating costs as a result of planned and unplanned maintenance during the fourth quarter.
Debt Extinguishment Gains - During the fourth quarter, the Company purchased $15.1 million in principal amount of its 7.375% Senior Notes for $14.6 million resulting in gains on debt extinguishment of $0.3 million and purchased $65.5 million in principal amount of its 2.5% Convertible Senior Notes for $62.6 million resulting in gains on debt extinguishment of $1.1 million.
Share Repurchases - During the fourth quarter, the Company purchased 200,000 shares of its common stock for an aggregate purchase price of $10.1 million, or $50.64 per share. As of December 31, 2015, the Company had 17,154,900 of common shares outstanding.
Capital Commitments - The Company's capital commitments as of December 31, 2015 by year of expected payment were as follows (in thousands):
2016 2017 2018 2019 Total
--------- --------- --------- --------- ---------
Shipping Services $ 170,576 $ 22,640 $ - $ - $ 193,216
Offshore Marine Services 76,957 34,681 22,545 8,145 142,328
Inland River Services 29,773 27,936 - - 57,709
Illinois Corn Processing 3,238 - - - 3,238
Other 29 - - - 29
--------- --------- --------- --------- ---------
$ 280,573 $ 85,257 $ 22,545 $ 8,145 $ 396,520
========= ========= ========= ========= =========
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 seven fast support vessels, four supply vessels, two specialty offshore support vessels and three wind farm utility vessels. Inland River Services' capital commitments included 50 dry-cargo barges, one 30,000 barrel liquid tank barge and five inland river towboats. Approximately $6.8 million of the capital commitments may be terminated without further liability other than the payment of liquidated damages of $0.8 million. Subsequent to December 31, 2015, the Company committed to purchase one offshore support vessel and other equipment for $15.6 million.
Liquidity and Debt - As of December 31, 2015, the Company's balances of cash, cash equivalents, marketable securities and construction reserve funds totaled $923.6 million and its total outstanding debt was $1,070.4 million. In addition, the Company had $106.7 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. 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 Twelve Months Ended
December 31, December 31,
------------------------ ------------------------
2015 2014 2015 2014
----------- ----------- ----------- -----------
Operating Revenues $ 250,631 $ 342,217 $ 1,054,736 $ 1,319,394
----------- ----------- ----------- -----------
Costs and Expenses:
Operating 165,729 220,814 748,605 909,372
Administrative and
general 41,158 45,520 156,611 164,938
Depreciation and
amortization 31,460 31,603 125,987 131,819
----------- ----------- ----------- -----------
238,347 297,937 1,031,203 1,206,129
----------- ----------- ----------- -----------
Gains (Losses) on Asset
Dispositions and
Impairments, Net (13,212) 13,136 (2,408) 51,978
----------- ----------- ----------- -----------
Operating Income (Loss) (928) 57,416 21,125 165,243
----------- ----------- ----------- -----------
Other Income (Expense):
Interest income 5,902 5,126 20,020 19,662
Interest expense (11,500) (10,647) (43,297) (43,632)
Debt extinguishment
gains (losses), net 1,473 - (28,497) -
Marketable security
gains (losses), net 3,402 13,266 (74) 28,760
Derivative gains
(losses), net 199 (1,221) (2,096) (3,902)
Foreign currency
losses, net (1,138) (4,797) (4,752) (6,335)
Other, net 611 (3,230) 6,773 3,439
----------- ----------- ----------- -----------
(1,051) (1,503) (51,923) (2,008)
----------- ----------- ----------- -----------
Income (Loss) Before
Income Tax Expense
(Benefit) and Equity in
Earnings (Losses) of
50% or Less Owned
Companies (1,979) 55,913 (30,798) 163,235
Income Tax Expense
(Benefit) (2,626) 20,212 (11,362) 55,197
----------- ----------- ----------- -----------
Income (Loss) Before
Equity in Earnings
(Losses) of 50% or Less
Owned Companies 647 35,701 (19,436) 108,038
Equity in Earnings
(Losses) of 50% or Less
Owned Companies, Net of
Tax (50,500) 13,628 (40,414) 16,309
----------- ----------- ----------- -----------
Net Income (Loss) (49,853) 49,329 (59,850) 124,347
Net Income attributable
to Noncontrolling
Interests in
Subsidiaries 7,012 9,236 8,932 24,215
----------- ----------- ----------- -----------
Net Income (Loss)
attributable to SEACOR
Holdings Inc. $ (56,865) $ 40,093 $ (68,782) $ 100,132
=========== =========== =========== ===========
Basic Earnings (Loss)
Per Common Share of
SEACOR Holdings Inc. $ (3.36) $ 2.22 $ (3.94) $ 5.18
Diluted Earnings (Loss)
Per Common Share of
SEACOR Holdings Inc. $ (3.36) $ 1.85 $ (3.94) $ 4.71
Weighted Average Common
Shares Outstanding:
Basic 16,941,982 18,074,129 17,446,137 19,336,280
Diluted 16,941,982 24,502,723 17,446,137 25,765,325
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except per share data, unaudited)
Three Months Ended
------------------------------------------------
Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31,
2015 2015 2015 2015 2014
-------- -------- -------- -------- --------
Operating Revenues $250,631 $261,852 $281,609 $260,644 $342,217
-------- -------- -------- -------- --------
Costs and Expenses:
Operating 165,729 175,985 207,743 199,148 220,814
Administrative and
general 41,158 37,892 38,674 38,887 45,520
Depreciation and
amortization 31,460 31,018 32,079 31,430 31,603
-------- -------- -------- -------- --------
238,347 244,895 278,496 269,465 297,937
-------- -------- -------- -------- --------
Gains (Losses) on Asset
Dispositions and
Impairments, Net (13,212) 11,264 4,386 (4,846) 13,136
-------- -------- -------- -------- --------
Operating Income (Loss) (928) 28,221 7,499 (13,667) 57,416
-------- -------- -------- -------- --------
Other Income (Expense):
Interest income 5,902 5,065 4,474 4,579 5,126
Interest expense (11,500) (10,894) (10,391) (10,512) (10,647)
Debt extinguishment
gains (losses), net 1,473 (434) (29,536) - -
Marketable security
gains (losses), net 3,402 (4,604) 10,249 (9,121) 13,266
Derivative gains
(losses), net 199 (725) 1,426 (2,996) (1,221)
Foreign currency gains
(losses), net (1,138) (4,057) 2,436 (1,993) (4,797)
Other, net 611 1,773 4,433 (44) (3,230)
-------- -------- -------- -------- --------
(1,051) (13,876) (16,909) (20,087) (1,503)
-------- -------- -------- -------- --------
Income (Loss) Before
Income Tax Expense
(Benefit) and Equity in
Earnings (Losses) of 50%
or Less Owned Companies (1,979) 14,345 (9,410) (33,754) 55,913
Income Tax Expense
(Benefit) (2,626) 3,063 155 (11,954) 20,212
-------- -------- -------- -------- --------
Income (Loss) Before
Equity in Earnings
(Losses) of 50% or Less
Owned Companies 647 11,282 (9,565) (21,800) 35,701
Equity in Earnings
(Losses) of 50% or Less
Owned Companies, Net of
Tax (50,500) 5,123 1,064 3,899 13,628
-------- -------- -------- -------- --------
Net Income (Loss) (49,853) 16,405 (8,501) (17,901) 49,329
Net Income (Loss)
attributable to
Noncontrolling Interests
in Subsidiaries 7,012 9,440 (9,188) 1,668 9,236
-------- -------- -------- -------- --------
Net Income (Loss)
attributable to SEACOR
Holdings Inc. $(56,865) $ 6,965 $ 687 $(19,569) $ 40,093
======== ======== ======== ======== ========
Basic Earnings (Loss) Per
Common Share of SEACOR
Holdings Inc. $ (3.36) $ 0.40 $ 0.04 $ (1.10) $ 2.22
Diluted Earnings (Loss)
Per Common Share of
SEACOR Holdings Inc. $ (3.36) $ 0.40 $ 0.04 $ (1.10) $ 1.85
Weighted Average Common
Shares of Outstanding:
Basic 16,942 17,295 17,781 17,778 18,074
Diluted 16,942 17,561 18,082 17,778 24,503
Common Shares Outstanding
at Period End 17,155 17,354 18,012 18,241 18,140
SEACOR HOLDINGS INC.
SEGMENT INFORMATION
(in thousands, unaudited)
Three Months Ended
------------------------------------------------
Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31,
2015 2015 2015 2015 2014
-------- -------- -------- -------- --------
Offshore Marine Services
Operating Revenues $ 83,166 $ 95,531 $ 96,715 $ 93,456 $127,518
-------- -------- -------- -------- --------
Costs and Expenses:
Operating 59,223 70,221 72,173 74,355 86,558
Administrative and
general 14,118 12,753 12,655 13,559 15,253
Depreciation and
amortization 15,419 15,252 15,692 15,366 15,594
-------- -------- -------- -------- --------
88,760 98,226 100,520 103,280 117,405
-------- -------- -------- -------- --------
Gains (Losses) on Asset
Dispositions and
Impairments, Net (13,577) (246) 3,455 (6,649) 12,062
-------- -------- -------- -------- --------
Operating Income (Loss) (19,171) (2,941) (350) (16,473) 22,175
-------- -------- -------- -------- --------
Other Income (Expense):
Derivative gains
(losses), net (2,751) (10) 4 (9) (7)
Foreign currency gains
(losses), net (350) (1,567) 1,907 (17) (934)
Other, net 373 (9) 43 (146) (68)
Equity in Earnings of 50%
or Less Owned Companies,
Net of Tax 1,248 1,708 2,826 2,975 3,054
-------- -------- -------- -------- --------
Segment Profit (Loss)(1) $(20,651) $ (2,819) $ 4,430 $(13,670) $ 24,220
======== ======== ======== ======== ========
OIBDA(2) $ (3,752) $ 12,311 $ 15,342 $ (1,107) $ 37,769
======== ======== ======== ======== ========
Drydocking expenditures
(included in operating
costs and expenses) $ 3,485 $ 1,483 $ 5,932 $ 6,881 $ 9,052
======== ======== ======== ======== ========
Out-of-service days for
drydockings 246 87 315 294 326
======== ======== ======== ======== ========
Inland River Services
Operating Revenues $ 58,415 $ 54,310 $ 61,150 $ 56,607 $ 79,252
-------- -------- -------- -------- --------
Costs and Expenses:
Operating 38,459 39,487 48,556 41,513 46,250
Administrative and
general 4,011 3,907 3,765 3,884 4,245
Depreciation and
amortization 7,113 7,268 7,362 6,889 6,660
-------- -------- -------- -------- --------
49,583 50,662 59,683 52,286 57,155
-------- -------- -------- -------- --------
Gains on Asset
Dispositions 389 11,510 1,166 1,803 1,565
-------- -------- -------- -------- --------
Operating Income 9,221 15,158 2,633 6,124 23,662
-------- -------- -------- -------- --------
Other Income (Expense):
Derivative gains
(losses), net (15) 50 177 82 -
Foreign currency gains
(losses), net (640) (2,173) 208 (1,121) (3,032)
Equity in Earnings
(Losses) of 50% or Less
Owned Companies, Net of
Tax (25,092) (2,117) (3,717) (274) 10,515
-------- -------- -------- -------- --------
Segment Profit (Loss)(1) $(16,526) $ 10,918 $ (699) $ 4,811 $ 31,145
======== ======== ======== ======== ========
OIBDA(2) $ 16,334 $ 22,426 $ 9,995 $ 13,013 $ 30,322
======== ======== ======== ======== ========
SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
Three Months Ended
-----------------------------------------------
Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31,
2015 2015 2015 2015 2014
-------- -------- -------- -------- --------
Shipping Services
Operating Revenues $ 61,388 $ 58,673 $ 55,674 $ 51,407 $ 56,681
-------- -------- -------- -------- --------
Costs and Expenses:
Operating 28,118 27,666 36,124 37,131 28,688
Administrative and
general 7,014 6,236 6,676 6,289 7,318
Depreciation and
amortization 6,474 6,476 6,611 6,735 6,821
-------- -------- -------- -------- --------
41,606 40,378 49,411 50,155 42,827
-------- -------- -------- -------- --------
Gains on Asset Dispositions - - - - 202
-------- -------- -------- -------- --------
Operating Income 19,782 18,295 6,263 1,252 14,056
-------- -------- -------- -------- --------
Other Income (Expense):
Foreign currency gains
(losses), net (18) (9) 9 (12) (4)
Other, net 1 1,836 187 29 22
Equity in Earnings (Losses)
of 50% or Less Owned
Companies, Net of Tax (27,578) 5,292 2,363 1,141 (790)
-------- -------- -------- -------- --------
Segment Profit (Loss)(1) $ (7,813) $ 25,414 $ 8,822 $ 2,410 $ 13,284
======== ======== ======== ======== ========
OIBDA(2) $ 26,256 $ 24,771 $ 12,874 $ 7,987 $ 20,877
======== ======== ======== ======== ========
Drydocking expenditures for
U.S.-flag product tankers
(included in operating
costs and expenses) $ 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 $ 38,654 $ 40,282 $ 48,371 $ 39,598 $ 51,026
-------- -------- -------- -------- --------
Costs and Expenses:
Operating 36,747 33,514 40,588 33,118 39,685
Administrative and
general 693 543 509 562 609
Depreciation and
amortization 964 979 979 980 1,064
-------- -------- -------- -------- --------
38,404 35,036 42,076 34,660 41,358
-------- -------- -------- -------- --------
Operating Income 250 5,246 6,295 4,938 9,668
-------- -------- -------- -------- --------
Other Income (Expense):
Derivative gains
(losses), net (137) (336) 50 (828) (302)
Other, net - - 4,112 - 167
-------- -------- -------- -------- --------
Segment Profit(1) $ 113 $ 4,910 $ 10,457 $ 4,110 $ 9,533
======== ======== ======== ======== ========
SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
Three Months Ended
------------------------------------------------
Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31,
2015 2015 2015 2015 2014
-------- -------- -------- -------- --------
Other
Operating Revenues $ 9,922 $ 13,779 $ 20,337 $ 20,452 $ 29,283
-------- -------- -------- -------- --------
Costs and Expenses:
Operating 4,166 5,854 11,103 13,830 21,145
Administrative and
general 6,231 6,658 6,617 7,136 9,948
Depreciation and
amortization 575 152 489 500 513
-------- -------- -------- -------- --------
10,972 12,664 18,209 21,466 31,606
-------- -------- -------- -------- --------
Losses on Asset
Dispositions and
Impairments, Net (24) - (235) - (668)
-------- -------- -------- -------- --------
Operating Income (Loss) (1,074) 1,115 1,893 (1,014) (2,991)
-------- -------- -------- -------- --------
Other Income (Expense):
Derivative gains
(losses), net - - 304 (776) (702)
Foreign currency gains
(losses), net 21 (64) 36 (40) (96)
Other, net 5 (1) 40 8 (3,357)
Equity in Earnings
(Losses) of 50% or Less
Owned Companies, Net of
Tax 922 240 (408) 57 849
-------- -------- -------- -------- --------
Segment Profit (Loss)(1) $ (126) $ 1,290 $ 1,865 $ (1,765) $ (6,297)
======== ======== ======== ======== ========
Corporate and Eliminations
Operating Revenues $ (914) $ (723) $ (638) $ (876) $ (1,543)
-------- -------- -------- -------- --------
Costs and Expenses:
Operating (984) (757) (801) (799) (1,512)
Administrative and
general 9,091 7,795 8,452 7,457 8,147
Depreciation and
amortization 915 891 946 960 951
-------- -------- -------- -------- --------
9,022 7,929 8,597 7,618 7,586
-------- -------- -------- -------- --------
Losses on Asset
Dispositions - - - - (25)
-------- -------- -------- -------- --------
Operating Loss $ (9,936) $ (8,652) $ (9,235) $ (8,494) $ (9,154)
======== ======== ======== ======== ========
Other Income (Expense):
Derivative gains
(losses), net $ 3,102 $ (429) $ 891 $ (1,465) $ (210)
Foreign currency gains
(losses), net (151) (244) 276 (803) (731)
Other, net 232 (53) 51 65 6
(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
------------------------------------------------
Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31,
2015 2015 2015 2015 2014
-------- -------- -------- -------- --------
Rates Per Day Worked:
Anchor handling towing
supply $ 30,871 $ 29,978 $ 28,463 $ 22,792 $ 26,544
Fast support 8,014 8,853 9,795 9,426 9,620
Mini-supply 5,345 5,858 5,861 5,778 6,355
Standby safety 10,229 10,487 10,303 10,147 10,556
Supply 14,375 14,459 15,112 17,047 18,712
Towing supply 8,872 7,912 8,579 8,728 7,918
Specialty 23,107 25,517 20,749 14,537 32,027
Liftboats 25,191 17,124 20,675 21,951 23,038
Overall Average Rates
Per Day Worked
(excluding wind farm
utility) 13,495 14,029 13,955 13,178 15,520
Wind farm utility 2,506 2,446 2,414 2,584 2,732
Overall Average Rates
Per Day Worked 10,299 10,003 9,993 10,057 11,874
Utilization:
Anchor handling towing
supply 51% 59% 57% 68% 85%
Fast support 58% 64% 67% 80% 73%
Mini-supply 97% 97% 100% 85% 94%
Standby safety 85% 84% 84% 83% 84%
Supply 43% 41% 44% 67% 74%
Towing supply 97% 68% 99% 95% 62%
Specialty 80% 88% 45% 27% 48%
Liftboats 13% 31% 42% 28% 55%
Overall Fleet
Utilization (excluding
wind farm utility) 59% 63% 65% 68% 75%
Wind farm utility 65% 90% 96% 84% 93%
Overall Fleet
Utilization 60% 70% 73% 72% 79%
Available Days:
Anchor handling towing
supply 1,380 1,380 1,365 1,350 1,380
Fast support 2,173 2,072 2,086 2,129 2,420
Mini-supply 368 368 364 360 368
Standby safety 2,208 2,208 2,184 2,160 2,208
Supply 736 920 953 1,022 1,169
Towing supply 184 184 182 180 184
Specialty 276 276 273 270 276
Liftboats 1,380 1,380 1,365 1,350 1,380
-------- -------- -------- -------- --------
Overall Fleet Available
Days (excluding wind
farm utility) 8,705 8,788 8,772 8,821 9,385
Wind farm utility 3,222 3,262 3,094 2,997 3,022
-------- -------- -------- -------- --------
Overall Fleet Available
Days 11,927 12,050 11,866 11,818 12,407
======== ======== ======== ======== ========
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31,
2015 2015(1) 2015(1) 2015(1) 2014(1)
----------- ----------- ----------- ----------- -----------
ASSETS
Current Assets:
Cash and cash
equivalents $ 530,009 $ 456,805 $ 433,827 $ 448,011 $ 434,183
Restricted cash - - - 16,896 16,435
Marketable
securities 138,200 31,632 29,411 39,002 58,004
Receivables:
Trade, net of
allowance for
doubtful
accounts 159,076 175,968 181,733 186,583 225,242
Other 27,217 39,696 48,627 39,805 67,745
Inventories 24,768 23,274 19,736 23,156 22,783
Prepaid
expenses and
other 8,627 10,755 11,411 8,814 9,011
---------- ---------- ---------- ---------- ----------
Total current
assets 887,897 738,130 724,745 762,267 833,403
---------- ---------- ---------- ---------- ----------
Property and
Equipment:
Historical
cost 2,123,201 2,099,483 2,100,309 2,083,035 2,086,957
Accumulated
depreciation (994,181) (967,721) (954,931) (918,769) (902,284)
---------- ---------- ---------- ---------- ----------
1,129,020 1,131,762 1,145,378 1,164,266 1,184,673
Construction
in progress 454,605 413,572 399,033 339,390 318,000
---------- ---------- ---------- ---------- ----------
Net property
and equipment 1,583,625 1,545,334 1,544,411 1,503,656 1,502,673
---------- ---------- ---------- ---------- ----------
Investments, at
Equity, and
Advances to 50%
or Less Owned
Companies 331,103 490,818 482,302 483,748 484,157
Construction
Reserve Funds &
Title XI
Reserve Funds 255,408 253,470 275,131 288,529 278,022
Goodwill 52,340 65,725 62,686 62,688 62,759
Intangible
Assets, Net 26,392 27,179 30,742 31,955 32,727
Other Assets 48,654 46,371 44,850 37,108 40,632
---------- ---------- ---------- ---------- ----------
$3,185,419 $3,167,027 $3,164,867 $3,169,951 $3,234,373
========== ========== ========== ========== ==========
LIABILITIES AND EQUITY
Current
Liabilities:
Current portion
of long-term
debt $ 35,531 $ 35,452 $ 35,270 $ 44,953 $ 48,499
Accounts
payable and
accrued
expenses 71,952 64,997 68,832 72,738 103,760
Other current
liabilities 92,677 113,271 108,100 128,230 109,464
---------- ---------- ---------- ---------- ----------
Total current
liabilities 200,160 213,720 212,202 245,921 261,723
---------- ---------- ---------- ---------- ----------
Long-Term Debt 1,034,859 914,220 876,710 824,625 823,723
Exchange Option
Liability on
Subsidiary
Convertible
Senior Notes 5,611 - - - -
Deferred Income
Taxes 389,988 418,776 430,761 423,680 442,776
Deferred Gains
and Other
Liabilities 163,862 170,850 172,018 178,293 188,664
---------- ---------- ---------- ---------- ----------
Total
liabilities 1,794,480 1,717,566 1,691,691 1,672,519 1,716,886
---------- ---------- ---------- ---------- ----------
Equity:
SEACOR Holdings
Inc.
stockholders'
equity:
Preferred
stock - - - - -
Common stock 377 377 377 377 375
Additional
paid-in
capital 1,505,942 1,503,794 1,499,904 1,495,261 1,490,698
Retained
earnings 1,126,620 1,183,485 1,176,520 1,175,833 1,195,402
Shares held in
treasury, at (1,356,49 (1,346,37 (1,305,10 (1,287,46 (1,283,47
cost 9) 1) 4) 0) 6)
Accumulated
other
comprehensive
loss, net of
tax (5,620) (5,604) (3,172) (5,837) (3,505)
---------- ---------- ---------- ---------- ----------
1,270,820 1,335,681 1,368,525 1,378,174 1,399,494
Noncontrolling
interests in
subsidiaries 120,119 113,780 104,651 119,258 117,993
---------- ---------- ---------- ---------- ----------
Total equity 1,390,939 1,449,461 1,473,176 1,497,432 1,517,487
---------- ---------- ---------- ---------- ----------
$3,185,419 $3,167,027 $3,164,867 $3,169,951 $3,234,373
========== ========== ========== ========== ==========
(1) Effective December 31, 2015, the Company adopted new accounting
standards regarding the presentation of deferred debt issuance costs
and deferred tax liabilities and assets. As a result, the Company has
reclassified previously reported amounts to conform with its December
31, 2015 presentation.
SEACOR HOLDINGS INC.
FLEET COUNTS
(unaudited)
Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31,
2015 2015 2015 2015 2014
-------- -------- -------- -------- --------
Offshore Marine Services
Anchor handling towing supply 18 18 18 18 18
Fast support 34 34 33 34 35
Mini-supply 7 7 7 7 7
Standby safety 25 25 25 25 25
Supply 24 26 26 27 25
Towing supply 3 3 3 3 3
Specialty 9 9 9 9 9
Liftboats 15 15 15 15 15
Wind farm utility 38 39 37 37 36
-------- -------- -------- -------- --------
173 176 173 175 173
======== ======== ======== ======== ========
Inland River Services
Dry-cargo barges 1,430 1,431 1,435 1,439 1,455
Liquid tank barges:
10,000 barrel 18 18 45 45 44
30,000 barrel 27 27 27 27 27
Specialty barges (1) 11 11 7 7 7
Deck barges - - - - 20
Towboats:
4,000 hp - 6,250 hp 17 17 17 17 17
Less than 3,200 hp 17 16 16 15 14
-------- -------- -------- -------- --------
1,520 1,520 1,547 1,550 1,584
======== ======== ======== ======== ========
Shipping Services(2)(3)
Petroleum Transportation:
Product tankers - U.S.-flag 7 7 7 7 7
Crude oil tanker - U.S.-flag 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 56
======== ======== ======== ======== ========
(1) Includes non-certificated 10,000 and 30,000 barrel liquid tank barges.
(2) For the period presented 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.
(3) Previously reported equipment operated by Dorian has been removed from
all periods presented. As of December 31, 2015, the Company's
investment in Dorian is classified as marketable securities.
SEACOR HOLDINGS INC.
EXPECTED FLEET DELIVERIES
AS OF DECEMBER 31, 2015
(unaudited)
2016 2017 2018 2019
----------- ----------- ----------- ----
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 2 - 1 - 1 - 1 - - - 1 7
Supply - 1 1 - - - - - 1 - - - 1 4
Specialty - - - - 1 1 - - - - - - - 2
Wind farm utility 2 1 - - - - - - - - - - - 3
Inland River Services
Dry-cargo barges - - 25 25 - - - - - - - - - 50
Liquid tank barges - 30,000
barrel - 1 - - - - - - - - - - - 1
Towboats:
4,000 hp - 6,600 hp - - - - 1 - 1 1 - - - - - 3
3,300 hp - 3,900 hp 1 - - - - - - - - - - - - 1
Less than 3,200 hp - 1 - - - - - - - - - - - 1
For additional information, contact
Molly Hottinger
(954) 627-5278
or visit SEACOR's website at www.seacorholdings.com
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