SEACOR Holdings Announces Results for Its Second Quarter and Six Months Ended June 30, 2016
/EINPresswire.com/ -- FORT LAUDERDALE, FL -- (Marketwired) -- 08/01/16 -- SEACOR Holdings Inc. (NYSE: CKH) (the "Company") today announced its results for its second quarter and six months ended June 30, 2016.
For the quarter ended June 30, 2016, net loss attributable to SEACOR Holdings Inc. was $55.2 million ($3.26 per diluted share). For the six months ended June 30, 2016, net loss attributable to SEACOR Holdings Inc. was $82.3 million ($4.88 per diluted share). Results attributable to SEACOR Holdings Inc. for the six months ended June 30, 2016 included:
- low utilization of equipment as a consequence of continuing difficult market conditions for Offshore Marine Services and, to a lesser extent, Inland River Services;
- a net loss of $28.2 million ($1.67 per diluted share) as a result of a decline in the fair market value of the Company's marketable security position in Dorian LPG Ltd ("Dorian");
- a net loss of $13.9 million ($0.82 per diluted share) as a result of Offshore Marine Services' impairment charges primarily associated with its liftboat fleet;
- a net loss of $4.2 million ($0.25 per diluted share) to reserve for one of the Company's notes receivable from third parties following a decline in the underlying collateral value; and
- a net loss of $3.0 million ($0.18 per diluted share) related to Offshore Marine Services' proportionate share of impairment charges associated with its joint ventured fleet.
For the preceding quarter ended March 31, 2016, net loss attributable to SEACOR Holdings Inc. was $27.2 million ($1.62 per diluted share). A comparison of results for the quarter ended June 30, 2016 with the preceding quarter ended March 31, 2016 is included in the "Highlights for the Quarter" discussion below.
For the quarter ended June 30, 2015, net income attributable to SEACOR Holdings Inc. was $0.7 million ($0.04 per diluted share). For the six months ended June 30, 2015, net loss attributable to SEACOR Holdings Inc. was $18.9 million ($1.06 per diluted share).
Highlights for the Quarter
Offshore Marine Services - Operating loss was $34.5 million compared with $16.6 million in the preceding quarter. As a consequence of continuing difficult market conditions, the Company recognized impairment charges in the second quarter of $20.9 million primarily associated with its liftboat fleet. Operating income (loss) before depreciation and amortization ("OIBDA" - see disclosure related to Non-GAAP measures in the segment information tables herein), excluding impairment charges, was $1.7 million on operating revenues of $57.3 million compared with $(1.3) million on operating revenues of $59.9 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 52% to 50%. Average rates per day worked decreased by 2% from $10,545 to $10,354. Days available for charter during the second quarter were approximately the same as the preceding quarter. This release includes a table presenting time charter operating data by vessel class.
Operating results in the U.S. Gulf of Mexico, excluding losses on asset dispositions and impairments, were $0.6 million higher compared with the preceding quarter. Time charter revenues for the U.S. anchor handling towing supply vessels were $2.4 million lower primarily due to weaker market conditions. Time charter revenues for other vessel classes were approximately the same as the preceding quarter. Operating expenses were $2.1 million lower compared with the preceding quarter, primarily due to savings from cold-stacking vessels. Utilization was unchanged at 17% on a total fleet basis including cold-stacked vessels. Average rates per day worked decreased by 20% from $21,341 to $17,109. As of June 30, 2016, the Company had 25 of 33 owned and leased-in vessels cold-stacked in the U.S. Gulf of Mexico compared with 21 of 32 as of March 31, 2016. Of the 25 vessels cold-stacked, 13 were liftboats.
Operating results from international regions, excluding losses on asset dispositions and impairments, were $1.5 million higher compared with the preceding quarter primarily due to a reduction in drydocking expenses. Utilization declined from 71% to 68% on a total fleet basis excluding wind farm utility vessels but including cold-stacked vessels. Average rates per day worked increased by 3% from $9,109 to $9,413. As of June 30, 2016, the Company had four of 100 owned and leased-in vessels cold-stacked in international regions compared with five of 101 vessels as of March 31, 2016.
Derivative gains of $2.9 million in the first quarter were primarily due to unrealized gains on equity options.
Foreign currency losses of $0.8 million in the second quarter and $1.6 million in the preceding quarter were primarily due to the weakening of the pound sterling in relation to the euro underlying certain of the Company's debt balances.
Equity in losses of 50% or less owned companies of $3.3 million in the second quarter were primarily due to losses of $3.0 million for the Company's proportionate share of impairment charges associated with its joint ventured fleet.
Inland River Services - Operating loss was $1.1 million compared with $0.9 million in the preceding quarter. OIBDA was $5.2 million on operating revenues of $33.8 million compared with $6.2 million on operating revenues of $39.6 million in the preceding quarter.
During the second quarter, the Company sold the owned equipment and the rights to leased-in equipment that comprised its liquid unit tow operation for net proceeds of $90.0 million and gains of $2.0 million, all of which were recognized currently. In addition the Company recognized previously deferred gains of $0.6 million.
Operating results, excluding gains on asset dispositions, were $2.1 million lower compared with the preceding quarter primarily due to lower seasonal activity levels for the dry-cargo barge pools and terminal operations. Lower export demand has reduced operating results in both the second and preceding quarter.
Foreign currency gains of $1.0 million in the second quarter and $1.4 million in the preceding 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 second quarter, the Company recognized $1.8 million of equity losses from its 50% owned company operating on the Parana-Paraguay River Waterway as a consequence of continued weakness in the iron ore and grain markets. In addition, the Company recognized interest income (not a component of segment profit) of $0.8 million and deferred gains of $0.5 million on notes due from and equipment previously sold to this 50% or less owned company.
Shipping Services - Operating income was $10.6 million compared with $16.3 million in the preceding quarter. OIBDA was $18.0 million (of which $5.9 million was attributable to noncontrolling interests) on operating revenues of $55.6 million compared with $22.9 million (of which $8.0 million was attributable to noncontrolling interests) on operating revenues of $57.1 million in the preceding quarter.
Operating results were $5.7 million lower in the second quarter. Operating results were $2.8 million lower as a consequence of 45 out-of-service days for one U.S.-flag product tanker undergoing cargo tank modifications for chemical carriage, $1.6 million lower primarily due to a reduction in average yields for harbor towing resulting from changes in the mix of vessels calling at ports served, and $1.1 million lower as a result of a rate modification upon the Company's election to keep a U.S.-flag product tanker on charter with an existing client.
Illinois Corn Processing - Segment profit was $3.3 million (of which $1.0 million was attributable to noncontrolling interests) on operating revenues of $40.6 million compared with $1.4 million (of which $0.4 million was attributable to noncontrolling interests) on operating revenues of $49.6 million in the preceding quarter. Segment profit was $1.9 million higher primarily due to an improvement in industry-wide fuel ethanol margins.
Debt Extinguishment Gains - During the second quarter, the Company purchased $8.7 million in principal amount of its 7.375% Senior Notes for $8.4 million resulting in gains on debt extinguishment of $0.3 million and purchased $55.8 million in principal amount of its 2.5% Convertible Senior Notes for $54.9 million resulting in gains on debt extinguishment of $1.3 million.
Marketable Security Transactions. - Unrealized marketable security losses on the Company's investment in 9,177,135 shares of Dorian, a publicly traded company listed on the New York Stock Exchange under the symbol "LPG," were $21.6 million in the second quarter and $21.7 million in the preceding quarter. Dorian's closing share price was $11.77, $9.40, $7.05 and $5.83 as of December, 31, 2015, March 31, 2016, June 30, 2016 and August 1, 2016, respectively. The Company's cost basis in Dorian is $13.66 per share.
Other, net. - During the second quarter, other losses include a $6.7 million reserve for one of the Company's notes receivable from third parties following a decline in the underlying collateral value.
Capital Commitments - The Company's capital commitments as of June 30, 2016 by year of expected payment were as follows (in thousands):
2016 2017 2018 2019 Total
--------- -------- -------- -------- ---------
Offshore Marine Services $ 33,033 $ 41,683 $ 41,603 $ 10,124 $ 126,443
Shipping Services 82,825 23,624 -- -- 106,449
Inland River Services 24,723 28,022 -- -- 52,745
Illinois Corn Processing 1,723 -- -- -- 1,723
--------- -------- -------- -------- ---------
$ 142,304 $ 93,329 $ 41,603 $ 10,124 $ 287,360
========= ======== ======== ======== =========
Offshore Marine Services' capital commitments included nine fast support vessels, four supply vessels and one wind farm utility vessel. These commitments included $14.2 million for one supply vessel that may be assumed by a third party at their option. Shipping Services' capital commitments included two U.S.-flag product tankers, one U.S.-flag chemical and petroleum articulated tug barge, two U.S.-flag harbor tugs and other equipment and upgrades. Inland River Services' capital commitments included 50 dry-cargo barges, three inland river towboats and other equipment and improvements.
Liquidity and Debt - As of June 30, 2016, the Company's balances of cash, cash equivalents, restricted cash, marketable securities and construction reserve funds totaled $809.2 million and its total outstanding debt was $1,039.0 million. In addition, the Company had $90.8 million of borrowing capacity under its subsidiary credit facilities. Subsequent to June 30, 2016, the Company's subsidiaries borrowed $27.9 million under these credit facilities to fund their capital commitments.
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, including as a result of the recent vote in the U.K. to leave the European Union, 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 and other reports filed by the Company with the SEC. 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 INCOME (LOSS)
(in thousands, except share data, unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
------------------------ ------------------------
2016 2015 2016 2015
----------- ----------- ----------- -----------
Operating Revenues $ 197,038 $ 281,609 $ 410,966 $ 542,253
----------- ----------- ----------- -----------
Costs and Expenses:
Operating 143,882 207,743 301,350 406,891
Administrative and
general 34,175 38,674 69,879 77,561
Depreciation and
amortization 31,361 32,079 62,350 63,509
----------- ----------- ----------- -----------
209,418 278,496 433,579 547,961
----------- ----------- ----------- -----------
Gains (Losses) on Asset
Dispositions and
Impairments, Net (17,771) 4,386 (17,554) (460)
----------- ----------- ----------- -----------
Operating Income (Loss) (30,151) 7,499 (40,167) (6,168)
----------- ----------- ----------- -----------
Other Income (Expense):
Interest income 5,020 4,474 10,613 9,053
Interest expense (12,834) (10,391) (24,769) (20,903)
Debt extinguishment
gains (losses), net 1,615 (29,536) 4,838 (29,536)
Marketable security
gains (losses), net (23,951) 10,249 (49,047) 1,128
Derivative gains
(losses), net (1,555) 1,426 1,065 (1,570)
Foreign currency gains
(losses), net (22) 2,436 15 443
Other, net (7,652) 4,433 (7,384) 4,389
----------- ----------- ----------- -----------
(39,379) (16,909) (64,669) (36,996)
----------- ----------- ----------- -----------
Loss Before Income Tax
Expense (Benefit) and
Equity in Earnings
(Losses) of 50% or Less
Owned Companies (69,530) (9,410) (104,836) (43,164)
Income Tax Expense
(Benefit) (25,759) 155 (40,590) (11,799)
----------- ----------- ----------- -----------
Loss Before Equity in
Earnings (Losses) of
50% or Less Owned
Companies (43,771) (9,565) (64,246) (31,365)
Equity in Earnings
(Losses) of 50% or Less
Owned Companies, Net of
Tax (7,162) 1,064 (7,211) 4,963
----------- ----------- ----------- -----------
Net Loss (50,933) (8,501) (71,457) (26,402)
Net Income (Loss)
attributable to
Noncontrolling
Interests in
Subsidiaries 4,226 (9,188) 10,888 (7,520)
----------- ----------- ----------- -----------
Net Income (Loss)
attributable to SEACOR
Holdings Inc. $ (55,159) $ 687 $ (82,345) $ (18,882)
=========== =========== =========== ===========
Basic Earnings (Loss)
Per Common Share of
SEACOR Holdings Inc. $ (3.26) $ 0.04 $ (4.88) $ (1.06)
Diluted Earnings (Loss)
Per Common Share of
SEACOR Holdings Inc. $ (3.26) $ 0.04 $ (4.88) $ (1.06)
Weighted Average Common
Shares Outstanding:
Basic 16,928,722 17,780,759 16,873,045 17,779,250
Diluted 16,928,722 18,082,464 16,873,045 17,779,250
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except per share data, unaudited)
Three Months Ended
------------------------------------------------
Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30,
2016 2016 2015 2015 2015
-------- -------- -------- -------- --------
Operating Revenues $197,038 $213,928 $250,631 $261,852 $281,609
-------- -------- -------- -------- --------
Costs and Expenses:
Operating 143,882 157,468 165,729 175,985 207,743
Administrative and
general 34,175 35,704 41,158 37,892 38,674
Depreciation and
amortization 31,361 30,989 31,460 31,018 32,079
-------- -------- -------- -------- --------
209,418 224,161 238,347 244,895 278,496
-------- -------- -------- -------- --------
Gains (Losses) on Asset
Dispositions and
Impairments, Net (17,771) 217 (13,212) 11,264 4,386
-------- -------- -------- -------- --------
Operating Income (Loss) (30,151) (10,016) (928) 28,221 7,499
-------- -------- -------- -------- --------
Other Income (Expense):
Interest income 5,020 5,593 5,902 5,065 4,474
Interest expense (12,834) (11,935) (11,500) (10,894) (10,391)
Debt extinguishment
gains (losses), net 1,615 3,223 1,473 (434) (29,536)
Marketable security
gains (losses), net (23,951) (25,096) 3,402 (4,604) 10,249
Derivative gains
(losses), net (1,555) 2,620 199 (725) 1,426
Foreign currency gains
(losses), net (22) 37 (1,138) (4,057) 2,436
Other, net (7,652) 268 611 1,773 4,433
-------- -------- -------- -------- --------
(39,379) (25,290) (1,051) (13,876) (16,909)
-------- -------- -------- -------- --------
Income (Loss) Before
Income Tax Expense
(Benefit) and Equity in
Earnings (Losses) of 50%
or Less Owned Companies (69,530) (35,306) (1,979) 14,345 (9,410)
Income Tax Expense
(Benefit) (25,759) (14,831) (2,626) 3,063 155
-------- -------- -------- -------- --------
Income (Loss) Before
Equity in Earnings
(Losses) of 50% or Less
Owned Companies (43,771) (20,475) 647 11,282 (9,565)
Equity in Earnings
(Losses) of 50% or Less
Owned Companies, Net of
Tax (7,162) (49) (50,500) 5,123 1,064
-------- -------- -------- -------- --------
Net Income (Loss) (50,933) (20,524) (49,853) 16,405 (8,501)
Net Income (Loss)
attributable to
Noncontrolling Interests
in Subsidiaries 4,226 6,662 7,012 9,440 (9,188)
-------- -------- -------- -------- --------
Net Income (Loss)
attributable to SEACOR
Holdings Inc. $(55,159) $(27,186) $(56,865) $ 6,965 $ 687
======== ======== ======== ======== ========
Basic Earnings (Loss) Per
Common Share of SEACOR
Holdings Inc. $ (3.26) $ (1.62) $ (3.36) $ 0.40 $ 0.04
Diluted Earnings (Loss)
Per Common Share of
SEACOR Holdings Inc. $ (3.26) $ (1.62) $ (3.36) $ 0.40 $ 0.04
Weighted Average Common
Shares of Outstanding:
Basic 16,929 16,817 16,942 17,295 17,781
Diluted 16,929 16,817 16,942 17,561 18,082
Common Shares Outstanding
at Period End 17,321 17,295 17,155 17,354 18,012
SEACOR HOLDINGS INC.
SEGMENT INFORMATION
(in thousands, unaudited)
Three Months Ended
------------------------------------------------
Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30,
2016 2016 2015 2015 2015
-------- -------- -------- -------- --------
Offshore Marine Services
Operating Revenues $ 57,271 $ 59,879 $ 83,166 $ 95,531 $ 96,715
-------- -------- -------- -------- --------
Costs and Expenses:
Operating 44,245 48,850 59,223 70,221 72,173
Administrative and
general 11,929 12,398 14,118 12,753 12,655
Depreciation and
amortization 15,254 14,838 15,419 15,252 15,692
-------- -------- -------- -------- --------
71,428 76,086 88,760 98,226 100,520
-------- -------- -------- -------- --------
Gains (Losses) on Asset
Dispositions and
Impairments, Net (20,357) (380) (13,577) (246) 3,455
-------- -------- -------- -------- --------
Operating Loss (34,514) (16,587) (19,171) (2,941) (350)
-------- -------- -------- -------- --------
Other Income (Expense):
Derivative gains
(losses), net 163 2,898 (2,751) (10) 4
Foreign currency gains
(losses), net (819) (1,560) (350) (1,567) 1,907
Other, net -- 265 373 (9) 43
Equity in Earnings
(Losses) of 50% or Less
Owned Companies, Net of
Tax (3,315) 2,161 1,248 1,708 2,826
-------- -------- -------- -------- --------
Segment Profit (Loss)(1) $(38,485) $(12,823) $(20,651) $ (2,819) $ 4,430
======== ======== ======== ======== ========
OIBDA(2) $(19,260) $ (1,749) $ (3,752) $ 12,311 $ 15,342
======== ======== ======== ======== ========
Drydocking expenditures
(included in operating
costs and expenses) $ 1,964 $ 3,703 $ 3,485 $ 1,483 $ 5,932
======== ======== ======== ======== ========
Out-of-service days for
drydockings 191 131 246 87 315
======== ======== ======== ======== ========
Inland River Services
Operating Revenues $ 33,814 $ 39,614 $ 58,415 $ 54,310 $ 61,150
-------- -------- -------- -------- --------
Costs and Expenses:
Operating 27,446 30,118 38,459 39,487 48,556
Administrative and
general 3,777 3,912 4,011 3,907 3,765
Depreciation and
amortization 6,254 7,137 7,113 7,268 7,362
-------- -------- -------- -------- --------
37,477 41,167 49,583 50,662 59,683
-------- -------- -------- -------- --------
Gains on Asset
Dispositions 2,580 605 389 11,510 1,166
-------- -------- -------- -------- --------
Operating Income (Loss) (1,083) (948) 9,221 15,158 2,633
-------- -------- -------- -------- --------
Other Income (Expense):
Derivative gains
(losses), net -- -- (15) 50 177
Foreign currency gains
(losses), net 1,018 1,437 (640) (2,173) 208
Other, net (4) -- -- -- --
Equity in Losses of 50% or
Less Owned Companies, Net
of Tax (1,677) (2,778) (25,092) (2,117) (3,717)
-------- -------- -------- -------- --------
Segment Profit (Loss)(1) $ (1,746) $ (2,289) $(16,526) $ 10,918 $ (699)
======== ======== ======== ======== ========
OIBDA(2) $ 5,171 $ 6,189 $ 16,334 $ 22,426 $ 9,995
======== ======== ======== ======== ========
SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
Three Months Ended
-------------------------------------------------
Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30,
2016 2016 2015 2015 2015
-------- -------- -------- -------- ---------
Shipping Services
Operating Revenues $ 55,620 $ 57,055 $ 61,388 $ 58,673 $ 55,674
-------- -------- -------- -------- ---------
Costs and Expenses:
Operating 30,269 27,234 28,118 27,666 36,124
Administrative and
general 7,337 6,918 7,014 6,236 6,676
Depreciation and
amortization 7,415 6,562 6,474 6,476 6,611
-------- -------- -------- -------- ---------
45,021 40,714 41,606 40,378 49,411
-------- -------- -------- -------- ---------
Gains (Losses) on Asset
Dispositions 6 (6) -- -- --
-------- -------- -------- -------- ---------
Operating Income 10,605 16,335 19,782 18,295 6,263
-------- -------- -------- -------- ---------
Other Income (Expense):
Foreign currency gains
(losses), net (6) (3) (18) (9) 9
Other, net (928) 1 1 1,836 187
Equity in Earnings
(Losses) of 50% or Less
Owned Companies, Net of
Tax (1,591) 26 (27,578) 5,292 2,363
-------- -------- -------- -------- ---------
Segment Profit (Loss)(1) $ 8,080 $ 16,359 $ (7,813) $ 25,414 $ 8,822
======== ======== ======== ======== =========
OIBDA(2) $ 18,020 $ 22,897 $ 26,256 $ 24,771 $ 12,874
======== ======== ======== ======== =========
Drydocking expenditures
for U.S.-flag product
tankers(included in
operating costs and
expenses) $ 62 $ (73) $ 207 $ 66 $ 7,171
======== ======== ======== ======== =========
Out-of-service days for
drydockings of U.S.-flag
product tankers -- -- -- -- 38
======== ======== ======== ======== =========
Illinois Corn Processing
Operating Revenues $ 40,576 $ 49,609 $ 38,654 $ 40,282 $ 48,371
-------- -------- -------- -------- ---------
Costs and Expenses:
Operating 36,153 46,289 36,747 33,514 40,588
Administrative and
general 912 656 693 543 509
Depreciation and
amortization 1,064 1,053 964 979 979
-------- -------- -------- -------- ---------
38,129 47,998 38,404 35,036 42,076
-------- -------- -------- -------- ---------
Operating Income 2,447 1,611 250 5,246 6,295
-------- -------- -------- -------- ---------
Other Income (Expense):
Derivative gains
(losses), net 856 (187) (137) (336) 50
Other, net -- -- -- -- 4,112
-------- -------- -------- -------- ---------
Segment Profit(1) $ 3,303 $ 1,424 $ 113 $ 4,910 $ 10,457
======== ======== ======== ======== =========
SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
Three Months Ended
------------------------------------------------
Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30,
2016 2016 2015 2015 2015
-------- -------- -------- -------- --------
Other
Operating Revenues $ 10,261 $ 8,419 $ 9,922 $ 13,779 $ 20,337
-------- -------- -------- -------- --------
Costs and Expenses:
Operating 6,427 5,805 4,166 5,854 11,103
Administrative and
general 3,649 4,223 6,231 6,658 6,617
Depreciation and
amortization 448 455 575 152 489
-------- -------- -------- -------- --------
10,524 10,483 10,972 12,664 18,209
-------- -------- -------- -------- --------
Losses on Asset
Dispositions -- (2) (24) -- (235)
-------- -------- -------- -------- --------
Operating Income (Loss) (263) (2,066) (1,074) 1,115 1,893
-------- -------- -------- -------- --------
Other Income (Expense):
Derivative gains, net -- -- -- -- 304
Foreign currency gains
(losses), net (73) (27) 21 (64) 36
Other, net (6,723) -- 5 (1) 40
Equity in Earnings
(Losses) of 50% or Less
Owned Companies, Net of
Tax (579) 542 922 240 (408)
-------- -------- -------- -------- --------
Segment Profit (Loss)(1) $ (7,638) $ (1,551) $ (126) $ 1,290 $ 1,865
======== ======== ======== ======== ========
Corporate and Eliminations
Operating Revenues $ (504) $ (648) $ (914) $ (723) $ (638)
-------- -------- -------- -------- --------
Costs and Expenses:
Operating (658) (828) (984) (757) (801)
Administrative and
general 6,571 7,597 9,091 7,795 8,452
Depreciation and
amortization 926 944 915 891 946
-------- -------- -------- -------- --------
6,839 7,713 9,022 7,929 8,597
-------- -------- -------- -------- --------
Operating Loss $ (7,343) $ (8,361) $ (9,936) $ (8,652) $ (9,235)
======== ======== ======== ======== ========
Other Income (Expense):
Derivative gains
(losses), net $ (2,574) $ (91) $ 3,102 $ (429) $ 891
Foreign currency gains
(losses), net (142) 190 (151) (244) 276
Other, net 3 2 232 (53) 51
(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
------------------------------------------------
Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30,
2016 2016 2015 2015 2015
-------- -------- -------- -------- --------
Rates Per Day Worked:
Anchor handling towing
supply $ 20,828 $ 21,719 $ 30,871 $ 29,978 $ 28,463
Fast support 7,636 7,587 8,014 8,853 9,795
Mini-supply 5,592 5,689 5,345 5,858 5,861
Standby safety 9,632 9,564 10,229 10,487 10,303
Supply 7,151 9,010 14,375 14,459 15,112
Towing supply 4,171 7,200 8,872 7,912 8,579
Specialty 18,642 12,403 23,107 25,517 20,749
Liftboats 11,852 15,150 25,191 17,124 20,675
Overall Average Rates Per
Day Worked(excluding
wind farm utility) 10,354 10,545 13,495 14,029 13,955
Wind farm utility 2,394 2,419 2,506 2,446 2,414
Overall Average Rates Per
Day Worked 7,352 7,915 10,299 10,003 9,993
Utilization:
Anchor handling towing
supply 33% 47% 51% 59% 57%
Fast support 69% 68% 58% 64% 67%
Mini-supply 70% 79% 97% 97% 100%
Standby safety 77% 79% 85% 84% 84%
Supply 6% 11% 43% 41% 44%
Towing supply 9% 45% 97% 68% 99%
Specialty 81% 45% 80% 88% 45%
Liftboats 6% 5% 13% 31% 42%
Overall Fleet Utilization
(excluding wind farm
utility) 50% 52% 59% 63% 65%
Wind farm utility 77% 65% 65% 90% 96%
Overall Fleet Utilization 57% 56% 60% 70% 73%
Available Days:
Anchor handling towing
supply 1,365 1,365 1,380 1,380 1,365
Fast support 2,174 2,093 2,173 2,072 2,086
Mini-supply 364 364 368 368 364
Standby safety 2,104 2,184 2,208 2,208 2,184
Supply 594 633 736 920 953
Towing supply 182 182 184 184 182
Specialty 273 273 276 276 273
Liftboats 1,365 1,365 1,380 1,380 1,365
-------- -------- -------- -------- --------
Overall Fleet Available
Days(excluding wind farm
utility) 8,421 8,459 8,705 8,788 8,772
Wind farm utility 3,276 3,245 3,222 3,262 3,094
-------- -------- -------- -------- --------
Overall Fleet Available
Days 11,697 11,704 11,927 12,050 11,866
======== ======== ======== ======== ========
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30,
2016 2016 2015 2015 2015
----------- ----------- ----------- ----------- -----------
ASSETS
Current Assets:
Cash and cash
equivalents $ 552,840 $ 496,473 $ 530,009 $ 456,805 $ 433,827
Restricted cash 1,742 -- -- -- --
Marketable
securities 87,701 110,894 138,200 31,632 29,411
Receivables:
Trade, net of
allowance for
doubtful
accounts 125,987 130,731 159,076 175,968 181,733
Other 34,319 31,440 27,217 39,696 48,627
Inventories 16,798 18,431 24,768 23,274 19,736
Prepaid
expenses and
other 10,157 9,615 8,627 10,755 11,411
----------- ----------- ----------- ----------- -----------
Total current
assets 829,544 797,584 887,897 738,130 724,745
----------- ----------- ----------- ----------- -----------
Property and
Equipment:
Historical
cost 2,158,826 2,015,205 2,123,201 2,099,483 2,100,309
Accumulated
depreciation (997,214) (986,048) (994,181) (967,721) (954,931)
----------- ----------- ----------- ----------- -----------
1,161,612 1,029,157 1,129,020 1,131,762 1,145,378
Construction
in progress 402,090 484,472 454,605 413,572 399,033
Held for sale
equipment -- 86,332 -- -- --
----------- ----------- ----------- ----------- -----------
Net property
and equipment 1,563,702 1,599,961 1,583,625 1,545,334 1,544,411
----------- ----------- ----------- ----------- -----------
Investments, at
Equity, and
Advances to 50%
or Less Owned
Companies 325,386 334,370 331,103 490,818 482,302
Construction
Reserve Funds 166,888 255,350 255,408 253,470 275,131
Goodwill 52,394 52,376 52,340 65,725 62,686
Intangible
Assets, Net 24,116 25,750 26,392 27,179 30,742
Other Assets 39,287 46,496 48,654 46,371 44,850
----------- ----------- ----------- ----------- -----------
$ 3,001,317 $ 3,111,887 $ 3,185,419 $ 3,167,027 $ 3,164,867
=========== =========== =========== =========== ===========
LIABILITIES AND
EQUITY
Current
Liabilities:
Current portion
of long-term
debt $ 24,409 $ 35,688 $ 35,531 $ 35,452 $ 35,270
Accounts
payable and
accrued
expenses 55,971 50,660 71,952 64,997 68,832
Other current
liabilities 98,706 107,811 92,677 113,271 108,100
----------- ----------- ----------- ----------- -----------
Total current
liabilities 179,086 194,159 200,160 213,720 212,202
----------- ----------- ----------- ----------- -----------
Long-Term Debt 1,014,632 1,018,331 1,034,859 914,220 876,710
Exchange Option
Liability on
Subsidiary
Convertible
Senior Notes 8,171 5,747 5,611 -- --
Deferred Income
Taxes 330,375 374,476 389,988 418,776 430,761
Deferred Gains
and Other
Liabilities 155,859 153,051 163,862 170,850 172,018
----------- ----------- ----------- ----------- -----------
Total
liabilities 1,688,123 1,745,764 1,794,480 1,717,566 1,691,691
----------- ----------- ----------- ----------- -----------
Equity:
SEACOR Holdings
Inc.
stockholders'
equity:
Preferred
stock -- -- -- -- --
Common stock 379 379 377 377 377
Additional
paid-in
capital 1,510,623 1,508,981 1,505,942 1,503,794 1,499,904
Retained
earnings 1,044,275 1,099,434 1,126,620 1,183,485 1,176,520
Shares held in
treasury, at
cost (1,357,876) (1,357,809) (1,356,499) (1,346,371) (1,305,104)
Accumulated
other
comprehensive
loss, net of
tax (10,810) (7,764) (5,620) (5,604) (3,172)
----------- ----------- ----------- ----------- -----------
1,186,591 1,243,221 1,270,820 1,335,681 1,368,525
Noncontrolling
interests in
subsidiaries 126,603 122,902 120,119 113,780 104,651
----------- ----------- ----------- ----------- -----------
Total equity 1,313,194 1,366,123 1,390,939 1,449,461 1,473,176
----------- ----------- ----------- ----------- -----------
$ 3,001,317 $ 3,111,887 $ 3,185,419 $ 3,167,027 $ 3,164,867
=========== =========== =========== =========== ===========
SEACOR HOLDINGS INC.
FLEET COUNTS
(unaudited)
Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30,
2016 2016 2015 2015 2015
-------- -------- -------- -------- --------
Offshore Marine Services
Anchor handling towing supply 27 18 18 18 18
Fast support(1) 39 38 38 38 37
Mini-supply 6 7 7 7 7
Standby safety 23 25 25 25 25
Supply 24 23 24 26 26
Towing supply 3 3 3 3 3
Specialty(1) 7 5 5 5 5
Liftboats 15 15 15 15 15
Wind farm utility 39 39 38 39 37
-------- -------- -------- -------- --------
183 173 173 176 173
======== ======== ======== ======== ========
Inland River Services
Dry-cargo barges 1,393 1,426 1,430 1,431 1,435
Liquid tank barges:
10,000 barrel 18 18 18 18 45
30,000 barrel -- 27 27 27 27
Specialty barges(2) 11 11 11 11 7
Towboats:
4,000 hp - 6,600 hp 17 17 17 17 17
3,300 hp - 3,900 hp 1 -- -- -- --
Less than 3,200 hp 4 17 17 16 16
-------- -------- -------- -------- --------
1,444 1,516 1,520 1,520 1,547
======== ======== ======== ======== ========
Shipping Services
Petroleum Transportation:
Product tankers - U.S.-flag 8 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 57
======== ======== ======== ======== ========
(1) Four joint ventured catamaran vessels primarily used to move cargo and
personnel to and from offshore drilling rigs, platforms and other
installations were reclassified to the fast support vessel class. All
prior periods were restated to reflect the change.
(2) Includes non-certificated 10,000 and 30,000 barrel inland river liquid
tank barges.
SEACOR HOLDINGS INC.
EXPECTED FLEET DELIVERIES
AS OF JUNE 30, 2016
(unaudited)
2016 2017 2018 2019
------- --------------- --------------- -------
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Total
--- --- --- --- --- --- --- --- --- --- --- --- -----
Offshore Marine
Services
Fast support -- 2 1 2 -- 1 -- 1 -- -- 1 1 9
Supply(1) 1 -- -- -- -- -- 1 -- 1 -- 1 -- 4
Wind farm utility 1 -- -- -- -- -- -- -- -- -- -- -- 1
Shipping Services
Product tankers - U.S.-
flag -- 1 1 -- -- -- -- -- -- -- -- -- 2
Articulated tug-barge -
U.S.-flag -- 1 -- -- -- -- -- -- -- -- -- -- 1
Harbor tugs - U.S.-flag -- 1 1 -- -- -- -- -- -- -- -- -- 2
Inland River Services
Dry-cargo barges 25 25 -- -- -- -- -- -- -- -- -- -- 50
Towboats:
4,000 hp - 6,600 hp -- -- 1 -- 1 1 -- -- -- -- -- -- 3
(1) Includes one vessel that may be assumed by a third party at their
option.
For additional information, contact
Molly Hottinger
(954) 627-5278
or visit SEACOR's website at www.seacorholdings.com
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