FORT LAUDERDALE, FL
-- (Marketwired)
-- 04/29/13
SEACOR Holdings Inc. (NYSE: CKH) today announced its results for its first quarter ended March 31, 2013. For the quarter ended March 31, 2013, net loss attributable to SEACOR Holdings Inc. was $10.9 million, or $0.55 per diluted share.
Executive Chairman of the Board, Charles Fabrikant, commented: "We are very unhappy with our results for both this quarter and the fourth quarter of 2012. As noted in the discussion of highlights that follow, these disappointing results resulted primarily because of four factors: (i) a large seasonal swing in revenues and expenses that negatively impacted our lift boat business; (ii) reduced barge activity levels for our inland group's dry cargo fleet; (iii) an impairment charge for two harbor tugs; and (iv) poor results from our ethanol investment. We believe the outlook for offshore activity in the U.S. Gulf of Mexico is positive, however, and we are also evaluating various paths to return our ethanol operation to profitability."
For the preceding quarter ended December 31, 2012, the Company reported a net loss attributable to SEACOR Holdings Inc. of $2.6 million, or $0.13 per diluted share, including a loss from continuing operations of $12.2 million, or $0.61 per diluted share.
A comparison of results for the quarter ended March 31, 2013 with the preceding quarter ended December 31, 2012 is included in "Highlights for the Quarter" discussion below.
For the quarter ended March 31, 2012, net income attributable to SEACOR Holdings Inc. was $36.5 million, or $1.75 per diluted share, including income from continuing operations of $21.3 million, or $1.02 per diluted share.
Highlights for the Quarter
Offshore Marine Services - Operating income was $5.2 million on operating revenues of $124.0 million compared with operating income of $19.3 million on operating revenues of $141.1 million in the preceding quarter.
In the U.S. Gulf of Mexico, operating revenues were $2.5 million lower in the first quarter. Time charter revenues for the Company's liftboat fleet were $8.2 million lower primarily due to the seasonal downturn for that fleet. The decrease was partially offset by increased time charter revenues of $5.5 million for the Company's anchor handling towing supply vessels primarily due to increased utilization in support of platform supply activities. The number of out of service days attributable to drydockings increased by 292, or 230%, during the first quarter. Utilization was 73.7% compared with 77.1% in the preceding quarter and average day rates increased from $14,404 to $15,119 per day. As of March 31, 2013, the Company had one vessel cold-stacked in the U.S. Gulf of Mexico.
In International regions, excluding the contribution of the wind farm utility vessels, operating revenues were $13.2 million lower in the first quarter. In Mexico, Central and South America, time charter revenues were $5.6 million lower, primarily due to an increase in out-of-service days attributable to drydocking activity and weak spot market conditions in Brazil. In Asia, time charter revenues were $5.1 million lower, primarily due to the sale of a vessel to one of the Company's joint ventures and lower utilization following the conclusion of a term charter for a vessel operating in Sakhalin. Time charter revenues were lower in other geographical regions primarily due to weaker market conditions and the weakening of the pound sterling against the U.S. dollar. Utilization was 83.2% compared with 88.9% in the preceding quarter and average day rates decreased from $12,372 per day to $10,942 per day.
Operating expenses were $1.4 million lower in the first quarter. Personnel expenses and the cost of fuel, lubes and supplies were lower consistent with reduced utilization levels and fewer days in the quarter. These reductions were partially offset by higher drydocking expenses primarily due to an extensive drydocking program during the seasonal downturn of the liftboat fleet. During the first quarter, drydocking costs were $11.2 million compared with $7.3 million in the preceding quarter. The number of out-of-service days attributable to drydockings was 645 days compared with 323 days in the preceding quarter.
Administration and general expenses were $4.6 million lower in the first quarter primarily due to additional compensation expenses incurred during the preceding quarter arising from the acceleration of restricted stock awards originally scheduled to vest in 2013 and 2014.
In the first quarter, the total number of days available for charter for the Company's fleet, excluding wind farm utility vessels, decreased by 408 days, or 4% primarily due to fewer days in the quarter. Overall utilization, excluding wind farm utility vessels, decreased from 83.0% to 79.0% and overall average day rates, excluding wind farm utility vessels, decreased by 3% from $13,306 per day to $12,878 per day. Time charter operating data by vessel class is presented in the table included herein.
Inland River Services - Operating income was $3.3 million on operating revenues of $50.1 million compared with operating income of $8.9 million on operating revenues of $66.5 million in the preceding quarter. First quarter results included $0.7 million of gains on asset dispositions compared with $1.4 million in gains in the preceding quarter. Operating results for the pooled hopper barge fleet were lower in the first quarter primarily due to weak demand for barge freight as a consequence of lower grain exports resulting in idling a portion of the fleet. United States grain exports are not currently competitive in the global market.
Shipping Services - Operating income was $3.8 million on operating revenues of $46.5 million compared with operating income of $5.7 million on operating revenues of $46.3 million in the preceding quarter. Operating results for petroleum transportation were $3.1 million higher in the first quarter primarily due to less out-of-service time and lower drydocking expenses. Operating results for harbor towing and bunkering were $5.4 million lower in the first quarter primarily due to higher repairs and maintenance and drydocking expenses, and an impairment charge of $3.0 million for two harbor tugs. Operating results for short-sea and liner transportation were $0.4 million higher primarily due to improved operational efficiencies and lower repairs and maintenance expenses. Equity in losses in both quarters were primarily attributable to losses in the Company's Jones Act liner transportation joint venture.
Ethanol and Industrial Alcohol - Ethanol and Industrial Alcohol reported a segment loss of $3.3 million on operating revenues of $32.8 million compared with a segment loss of $2.2 million on operating revenues of $42.3 million in the preceding quarter. Operating results in both quarters were negatively impacted by higher corn prices.
Other - Other reported a segment profit of $2.4 million during the first quarter primarily due to a gain on the sale of real property. In the preceding quarter, segment loss included equity in losses of $9.2 million primarily due to the one-time recognition of deferred tax liabilities on the deconsolidation of non-deductible goodwill upon the contribution of O'Brien's Response Management Inc. in exchange for an equity interest in Witt O'Brien's LLC.
Corporate and Eliminations - Administrative and general expenses were $9.3 million compared with $18.2 million in the preceding quarter. The decrease was primarily due to $6.8 million of expense recorded in the preceding quarter associated with the acceleration of restricted stock awards originally scheduled to vest in 2013 and 2014 and lower accruals for bonuses.
Interest Expense - Interest expense was $12.8 million compared with $7.8 million in the preceding quarter primarily due to higher borrowing costs following the issuance of the Company's 2.5% Senior Convertible Notes, partially offset by the repayment of borrowings on the SEACOR revolving credit facility in the preceding quarter.
Foreign Currency - Foreign currency losses, net of $4.0 million during the first quarter were primarily due to the weakening of the pound sterling against the euro and U.S. dollar.
Discontinued Operations - On January 31, 2013, the Company completed the spin-off Era Group Inc. ("Era Group"), the entity that operated the Company's Aviation Services business segment, by means of a dividend to SEACOR's stockholders of all the issued and outstanding common stock of Era Group, which is now a stand-alone public company. Discontinued operations includes the results of Era Group as well as the operations previously reported as discontinued in SEACOR's most recent Annual Report on Form 10-K filed with the SEC on February 27, 2013.
Capital Commitments - As of March 31, 2013, the Company's unfunded capital commitments were $151.8 million and included: 14 offshore support vessels for $106.1 million; seven inland river tank barges for $15.0 million; five inland river towboats for $12.7 million; four harbor tugs for $7.4 million; and other equipment and improvements for $8.0 million. In addition, the Company notified a lessor of its intent to purchase two harbor tugs currently operating under capital leases for $2.6 million. Of these commitments, $97.8 million is payable during 2013 with the balance payable through 2015. Subsequent to March 31, 2013, the Company committed to purchase additional equipment for $49.7 million.
As of March 31, 2013, the Company held balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and Title XI reserve funds totaling $557.2 million.
SEACOR is a global provider of equipment and services primarily supporting the offshore oil and gas and marine transportation industries. SEACOR offers customers a diversified suite of services including offshore marine, inland river and shipping. SEACOR is focused on providing highly responsive local service combined with the highest safety standards, innovative technology, modern, efficient equipment 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 U.S. government implemented moratoriums directing operators to cease certain drilling activities 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 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, the dependence of Offshore Marine Services and Shipping Services 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 in Inland River Services' operations, sudden and unexpected changes in commodity prices, futures and options, global weather conditions, political instability, changes in currency exchanges rates, and product availability in agriculture commodity trading and logistics activities, adequacy of insurance coverage, 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 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
March 31,
------------------------
2013 2012
----------- -----------
Operating Revenues $ 267,064 $ 297,849
----------- -----------
Costs and Expenses:
Operating 200,913 208,419
Administrative and general 35,645 34,991
Depreciation and amortization 33,548 29,702
----------- -----------
270,106 273,112
----------- -----------
Gains on Asset Dispositions and Impairments, Net 2,015 3,777
----------- -----------
Operating Income (Loss) (1,027) 28,514
----------- -----------
Other Income (Expense):
Interest income 3,167 2,643
Interest expense (12,840) (9,987)
Debt extinguishment losses, net -- (160)
Marketable security gains, net 3,995 3,358
Derivative losses, net (2,107) (2,958)
Foreign currency gains (losses), net (4,011) 1,661
Other, net 3 (84)
----------- -----------
(11,793) (5,527)
----------- -----------
Income (Loss) from Continuing Operations Before
Income Tax Expense (Benefit) and Equity In
Earnings (Losses) of 50% or Less Owned Companies (12,820) 22,987
Income Tax Expense (Benefit) (2,653) 9,460
----------- -----------
Income (Loss) from Continuing Operations Before
Equity in Earnings (Losses) of 50% or Less Owned
Companies (10,167) 13,527
Equity in Earnings (Losses) of 50% or Less Owned
Companies, Net of Tax (869) 7,661
----------- -----------
Income (Loss) from Continuing Operations (11,036) 21,188
Income (Loss) from Discontinued Operations, Net of
Tax (211) 15,185
----------- -----------
Net Income (Loss) (11,247) 36,373
Net Loss attributable to Noncontrolling Interests
in Subsidiaries (373) (115)
----------- -----------
Net Income (Loss) attributable to SEACOR Holdings
Inc. $ (10,874) $ 36,488
=========== ===========
Net Income (Loss) attributable to SEACOR Holdings
Inc.:
Continuing operations $ (10,763) $ 21,303
Discontinued operations (111) 15,185
----------- -----------
$ (10,874) $ 36,488
=========== ===========
Basic Earnings (Loss) Per Common Share of SEACOR
Holdings Inc.:
Continuing operations $ (0.55) $ 1.04
Discontinued operations -- 0.74
----------- -----------
$ (0.55) $ 1.78
=========== ===========
Diluted Earnings (Loss) Per Common Share of SEACOR
Holdings Inc.:
Continuing operations $ (0.55) $ 1.02
Discontinued operations -- 0.73
----------- -----------
$ (0.55) $ 1.75
=========== ===========
Weighted Average Common Shares Outstanding:
Basic 19,738,930 20,519,660
Diluted 19,738,930 20,893,210
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,
2013 2012 2012 2012 2012
-------- -------- -------- -------- --------
Operating Revenues $267,064 $362,368 $338,855 $309,225 $297,849
-------- -------- -------- -------- --------
Costs and Expenses:
Operating 200,913 270,500 254,005 244,545 208,419
Administrative and
general 35,645 55,942 39,509 36,301 34,991
Depreciation and
amortization 33,548 34,398 34,347 33,220 29,702
-------- -------- -------- -------- --------
270,106 360,840 327,861 314,066 273,112
-------- -------- -------- -------- --------
Gains on Asset
Dispositions and
Impairments, Net 2,015 7,804 9,064 3,342 3,777
-------- -------- -------- -------- --------
Operating Income (Loss) (1,027) 9,332 20,058 (1,499) 28,514
-------- -------- -------- -------- --------
Other Income (Expense):
Interest income 3,167 3,435 3,890 7,392 2,643
Interest expense (12,840) (7,816) (10,076) (10,012) (9,987)
Debt extinguishment
losses, net -- -- -- -- (160)
Marketable security
gains (losses), net 3,995 (333) (1,730) 11,596 3,358
Derivative gains
(losses), net (2,107) (378) (2,030) 2,554 (2,958)
Foreign currency gains
(losses), net (4,011) (34) 1,028 (1,024) 1,661
Other, net 3 (309) 7,098 443 (84)
-------- -------- -------- -------- --------
(11,793) (5,435) (1,820) 10,949 (5,527)
-------- -------- -------- -------- --------
Income (Loss) from
Continuing Operations
Before Income Tax Expense
(Benefit) and Equity In
Earnings (Losses) of 50%
or Less Owned Companies (12,820) 3,897 18,238 9,450 22,987
Income Tax Expense
(Benefit) (2,653) 3,769 7,702 3,250 9,460
-------- -------- -------- -------- --------
Income (Loss) from
Continuing Operations
Before Equity in Earnings
(Losses) of 50% or Less
Owned Companies (10,167) 128 10,536 6,200 13,527
Equity in Earnings
(Losses) of 50% or Less
Owned Companies, Net of
Tax (869) (12,423) (1,297) 295 7,661
-------- -------- -------- -------- --------
Income (Loss) from
Continuing Operations (11,036) (12,295) 9,239 6,495 21,188
Income (Loss) from
Discontinued Operations,
Net of Tax (211) 9,578 6,265 4,804 15,185
-------- -------- -------- -------- --------
Net Income (Loss) (11,247) (2,717) 15,504 11,299 36,373
Net Income (Loss)
attributable to
Noncontrolling Interests
in Subsidiaries (373) (93) (598) 50 (115)
-------- -------- -------- -------- --------
Net Income (Loss)
attributable to SEACOR
Holdings Inc. $(10,874) $ (2,624) $ 16,102 $ 11,249 $ 36,488
======== ======== ======== ======== ========
Net Income (Loss)
attributable to SEACOR
Holdings Inc.:
Continuing operations $(10,763) $(12,242) $ 9,837 $ 6,445 $ 21,303
Discontinued operations (111) 9,618 6,265 4,804 15,185
-------- -------- -------- -------- --------
$(10,874) $ (2,624) $ 16,102 $ 11,249 $ 36,488
======== ======== ======== ======== ========
Basic Earnings (Loss) Per
Common Share of SEACOR
Holdings Inc.:
Continuing operations $ (0.55) $ (0.61) $ 0.48 $ 0.31 $ 1.04
Discontinued operations -- 0.48 0.31 0.24 0.74
-------- -------- -------- -------- --------
$ (0.55) $ (0.13) $ 0.79 $ 0.55 $ 1.78
======== ======== ======== ======== ========
Diluted Earnings (Loss)
Per Common Share of
SEACOR Holdings Inc.:
Continuing operations $ (0.55) $ (0.61) $ 0.47 $ 0.31 $ 1.02
Discontinued operations -- 0.48 0.31 0.23 0.73
-------- -------- -------- -------- --------
$ (0.55) $ (0.13) $ 0.78 $ 0.54 $ 1.75
======== ======== ======== ======== ========
Weighted Average Common
Shares of Outstanding:
Basic 19,739 20,173 20,433 20,585 20,520
Diluted 19,739 20,173 20,740 20,871 20,893
Common Shares Outstanding
at Period End 20,106 19,888 20,851 20,948 21,114
Special Cash Dividend
Declared and Paid Per
Common Share of SEACOR
Holdings Inc. $ -- $ 5.00 $ -- $ -- $ --
SEACOR HOLDINGS INC.
SEGMENT INFORMATION
(in thousands, unaudited)
Three Months Ended
------------------------------------------------
Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
2013 2012 2012 2012 2012
-------- -------- -------- -------- --------
Offshore Marine Services
Operating Revenues $124,016 $141,133 $134,322 $123,276 $121,086
-------- -------- -------- -------- --------
Costs and Expenses:
Operating 90,031 91,414 88,842 94,084 75,340
Administrative and
general 14,827 19,456 14,795 13,146 11,856
Depreciation and
amortization 16,287 16,750 16,051 15,859 12,882
-------- -------- -------- -------- --------
121,145 127,620 119,688 123,089 100,078
-------- -------- -------- -------- --------
Gains on Asset
Dispositions 2,339 5,822 6,585 624 1,845
-------- -------- -------- -------- --------
Operating Income 5,210 19,335 21,219 811 22,853
-------- -------- -------- -------- --------
Other Income (Expense):
Derivative gains
(losses), net 150 (243) -- -- --
Foreign currency gains
(losses), net (3,264) (409) 717 (354) 1,123
Other, net -- (9) -- 11 --
Equity in Earnings of 50%
or Less Owned Companies,
Net of Tax 1,313 1,146 1,238 1,001 1,829
-------- -------- -------- -------- --------
Segment Profit $ 3,409 $ 19,820 $ 23,174 $ 1,469 $ 25,805
======== ======== ======== ======== ========
OIBDA(1) $ 21,497 $ 36,085 $ 37,270 $ 16,670 $ 35,735
======== ======== ======== ======== ========
Drydocking expenditures
(included in operating
costs and expenses) $ 11,225 $ 7,261 $ 4,343 $ 10,810 $ 5,329
======== ======== ======== ======== ========
Out-of-service days for
drydockings 645 323 315 795 378
======== ======== ======== ======== ========
Inland River Services
Operating Revenues $ 50,077 $ 66,476 $ 53,293 $ 53,302 $ 53,490
-------- -------- -------- -------- --------
Costs and Expenses:
Operating 36,389 47,630 38,320 37,463 35,183
Administrative and
general 4,024 4,689 3,480 3,773 3,982
Depreciation and
amortization 7,084 6,684 7,335 7,244 7,007
-------- -------- -------- -------- --------
47,497 59,003 49,135 48,480 46,172
-------- -------- -------- -------- --------
Gains on Asset
Dispositions 697 1,378 3,503 858 1,927
-------- -------- -------- -------- --------
Operating Income 3,277 8,851 7,661 5,680 9,245
-------- -------- -------- -------- --------
Other Income (Expense):
Foreign currency gains
(losses), net (137) 144 33 (71) (22)
Other, net -- (1) -- -- --
Equity in Earnings
(Losses) of 50% or Less
Owned Companies, Net of
Tax (2,387) (1,772) (2,227) 439 250
-------- -------- -------- -------- --------
Segment Profit $ 753 $ 7,222 $ 5,467 $ 6,048 $ 9,473
======== ======== ======== ======== ========
OIBDA(1) $ 10,361 $ 15,535 $ 14,996 $ 12,924 $ 16,252
======== ======== ======== ======== ========
SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
Three Months Ended
------------------------------------------------
Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
2013 2012 2012 2012 2012
-------- -------- -------- -------- --------
Shipping Services
Operating Revenues $ 46,476 $ 46,322 $ 45,157 $ 42,824 $ 45,733
-------- -------- -------- -------- --------
Costs and Expenses:
Operating 26,614 28,250 28,089 28,214 27,572
Administrative and
general 5,177 5,614 6,567 5,505 4,867
Depreciation and
amortization 7,797 7,880 7,776 7,362 7,617
-------- -------- -------- -------- --------
39,588 41,744 42,432 41,081 40,056
-------- -------- -------- -------- --------
Gains (Losses) on Asset
Dispositions and
Impairments, Net (3,069) 1,123 145 1,860 --
-------- -------- -------- -------- --------
Operating Income 3,819 5,701 2,870 3,603 5,677
-------- -------- -------- -------- --------
Other Income (Expense):
Foreign currency gains
(losses), net (7) (11) 8 (4) 13
Other, net 14 20 7,145 257 30
Equity in Losses of 50% or
Less Owned Companies, Net
of Tax (1,505) (2,606) (551) (774) (217)
-------- -------- -------- -------- --------
Segment Profit $ 2,321 $ 3,104 $ 9,472 $ 3,082 $ 5,503
======== ======== ======== ======== ========
OIBDA(1) $ 11,616 $ 13,581 $ 10,646 $ 10,965 $ 13,294
======== ======== ======== ======== ========
Drydocking expenditures
for U.S.-flag product
tankers (included in
operating costs and
expenses) $ 74 $ 2,137 $ -- $ -- $ --
======== ======== ======== ======== ========
Out-of-service days for
drydockings of U.S.-flag
product tankers 1 27 -- -- --
======== ======== ======== ======== ========
Ethanol and Industrial
Alcohol
Operating Revenues $ 32,849 $ 42,280 $ 47,813 $ 58,938 $ 39,619
-------- -------- -------- -------- --------
Costs and Expenses:
Operating 34,045 43,364 45,472 57,201 37,405
Administrative and
general 661 516 545 434 425
Depreciation and
amortization 1,489 1,549 1,578 1,578 1,052
-------- -------- -------- -------- --------
36,195 45,429 47,595 59,213 38,882
-------- -------- -------- -------- --------
Operating Income (Loss) (3,346) (3,149) 218 (275) 737
-------- -------- -------- -------- --------
Other Income (Expense):
Derivative gains
(losses), net 39 900 (1,035) (236) (485)
Equity in Earnings of 50%
or Less Owned Companies,
Net of Tax -- -- -- -- 6,154
-------- -------- -------- -------- --------
Segment Profit (Loss) $ (3,307) $ (2,249) $ (817) $ (511) $ 6,406
======== ======== ======== ======== ========
OIBDA(1) $ (1,857) $ (1,600) $ 1,796 $ 1,303 $ 1,789
======== ======== ======== ======== ========
SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
Three Months Ended
------------------------------------------------
Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
2013 2012 2012 2012 2012
-------- -------- -------- -------- --------
Other
Operating Revenues $ 14,324 $ 68,394 $ 58,336 $ 30,893 $ 38,108
-------- -------- -------- -------- --------
Costs and Expenses:
Operating 14,488 62,027 53,287 27,566 33,077
Administrative and
general 1,656 7,492 5,635 5,899 4,798
Depreciation and
amortization 99 721 753 711 689
-------- -------- -------- -------- --------
16,243 70,240 59,675 34,176 38,564
-------- -------- -------- -------- --------
Gains (Losses) on Asset
Dispositions and
Impairments, Net 1,907 (363) (1,169) -- 5
-------- -------- -------- -------- --------
Operating Loss (12) (2,209) (2,508) (3,283) (451)
-------- -------- -------- -------- --------
Other Income (Expense):
Derivative gains
(losses), net 842 649 (838) 2,516 (1,417)
Foreign currency gains
(losses), net (167) 12 (25) (84) 99
Other, net 54 -- -- -- --
Equity in Earnings
(Losses) of 50% or Less
Owned Companies, Net of
Tax 1,710 (9,191) 243 (371) (355)
-------- -------- -------- -------- --------
Segment Profit (Loss) $ 2,427 $(10,739) $ (3,128) $ (1,222) $ (2,124)
======== ======== ======== ======== ========
OIBDA(1) $ 87 $ (1,488) $ (1,755) $ (2,572) $ 238
======== ======== ======== ======== ========
Corporate and Eliminations
Operating Revenues $ (678) $ (2,237) $ (66) $ (8) $ (187)
-------- -------- -------- -------- --------
Costs and Expenses:
Operating (654) (2,185) (5) 17 (158)
Administrative and
general 9,300 18,175 8,487 7,544 9,063
Depreciation and
amortization 792 814 854 466 455
-------- -------- -------- -------- --------
9,438 16,804 9,336 8,027 9,360
-------- -------- -------- -------- --------
Gains (Losses) on Asset
Dispositions and
Impairments, Net 141 (156) -- -- --
-------- -------- -------- -------- --------
Operating Loss $ (9,975) $(19,197) $ (9,402) $ (8,035) $ (9,547)
======== ======== ======== ======== ========
Other Income (Expense):
Derivative gains
(losses), net $ (3,138) $ (1,684) $ (157) $ 274 $ (1,056)
Foreign currency gains
(losses), net (436) 230 295 (511) 448
Other, net (65) (319) (47) 175 (114)
(1) Non-GAAP Financial Measure.The Company, from time to time, discloses and
discusses OIBDA, a non-GAAP financial measure, in its public releases
and other filings with the Securities and Exchange Commission. The
Company defines OIBDA as operating income (loss) 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. 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's executive officers and other shore-based
employees; (iii) to compare to the OIBDA of other companies when
evaluating potential acquisitions; and (iv) to assess the Company's
ability to service existing fixed charges and incur additional
indebtedness.
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
2013 2012 2012 2012 2012
----------- ----------- ---------- ---------- ----------
ASSETS
Current Assets:
Cash and cash
equivalents $ 312,977 $ 248,204 $ 198,068 $ 289,851 $ 250,937
Restricted cash 27,129 28,285 191,782 18,347 25,958
Marketable
securities 22,568 21,668 22,134 32,821 68,586
Receivables:
Trade, net of
allowance for
doubtful
accounts 172,889 224,944 216,861 199,049 213,254
Other 41,139 45,334 61,486 55,701 31,353
Inventories 31,966 25,787 22,356 27,248 31,965
Deferred income
taxes 3,530 3,530 9,007 9,007 9,007
Prepaid expenses
and other 8,834 12,719 14,256 10,883 8,596
Discontinued
operations 384 108,153 175,836 156,461 198,903
----------- ----------- ---------- ---------- ----------
Total current
assets 621,416 718,624 911,786 799,368 838,559
----------- ----------- ---------- ---------- ----------
Property and
Equipment:
Historical
cost 2,186,892 2,238,383 2,220,488 2,168,106 2,212,159
Accumulated
depreciation (785,765) (763,803) (745,503) (714,730) (694,115)
----------- ----------- ---------- ---------- ----------
1,401,127 1,474,580 1,474,985 1,453,376 1,518,044
Construction
in progress 113,381 110,296 150,520 143,100 138,678
----------- ----------- ---------- ---------- ----------
Net property
and equipment 1,514,508 1,584,876 1,625,505 1,596,476 1,656,722
----------- ----------- ---------- ---------- ----------
Investments, at
Equity, and
Advances to 50%
or Less Owned
Companies 299,778 272,535 230,834 281,992 179,931
Construction
Reserve Funds &
Title XI Reserve
Funds 194,477 195,629 179,932 192,420 259,926
Goodwill 17,978 17,978 56,702 56,702 56,702
Intangible Assets,
Net 15,754 15,305 19,931 21,116 22,132
Other Assets 51,576 55,123 63,235 66,861 83,255
Discontinued
Operations -- 840,724 829,311 830,882 809,726
$ 2,715,487 $ 3,700,794 $3,917,236 $3,845,817 $3,906,953
=========== =========== ========== ========== ==========
LIABILITIES AND
EQUITY
Current
Liabilities:
Current portion
of long-term
debt $ 15,435 $ 21,920 $ 193,539 $ 21,759 $ 19,291
Current portion
of capital
lease
obligations 2,711 2,900 4,442 4,719 2,289
Accounts payable
and accrued
expenses 69,008 107,892 101,455 96,929 97,717
Other current
liabilities 109,300 93,093 120,500 137,415 160,041
Discontinued
operations 300 39,836 76,726 59,756 64,647
----------- ----------- ---------- ---------- ----------
Total current
liabilities 196,754 265,641 496,662 320,578 343,985
----------- ----------- ---------- ---------- ----------
Long-Term Debt 655,384 655,309 592,314 649,206 654,471
Capital Lease
Obligations 36 59 87 117 2,848
Deferred Income
Taxes 422,719 426,027 452,482 436,589 432,526
Deferred Gains and
Other Liabilities 116,572 120,342 112,661 124,273 128,131
Discontinued
Operations 2,599 490,741 379,546 445,870 473,634
----------- ----------- ---------- ---------- ----------
Total
liabilities 1,394,064 1,958,119 2,033,752 1,976,633 2,035,595
----------- ----------- ---------- ---------- ----------
Equity:
SEACOR Holdings
Inc.
stockholders'
equity:
Preferred
stock -- -- -- -- --
Common stock 369 367 366 366 366
Additional
paid-in
capital 1,340,875 1,330,324 1,277,751 1,271,617 1,265,708
Retained
earnings 1,047,426 1,473,509 1,576,518 1,560,416 1,549,167
Shares held in
treasury, at
cost (1,089,064) (1,088,560) (997,541) (987,485) (970,023)
Accumulated
other
comprehensive
loss, net of
tax (4,321) (1,986) (3,604) (5,831) (5,369)
----------- ----------- ---------- ---------- ----------
1,295,285 1,713,654 1,853,490 1,839,083 1,839,849
Noncontrolling
interests in
subsidiaries 26,138 29,021 29,994 30,101 31,509
----------- ----------- ---------- ---------- ----------
Total equity 1,321,423 1,742,675 1,883,484 1,869,184 1,871,358
----------- ----------- ---------- ---------- ----------
$ 2,715,487 $ 3,700,794 $3,917,236 $3,845,817 $3,906,953
=========== =========== ========== ========== ==========
SEACOR HOLDINGS INC.
FLEET COUNTS
(unaudited)
Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
2013 2012 2012 2012 2012
-------- -------- -------- -------- --------
Offshore Marine Services
Anchor handling towing supply 19 19 19 19 19
Crew 47 47 48 48 48
Mini-supply 9 9 9 9 9
Standby safety 25 25 25 25 26
Supply 26 26 25 28 28
Towing supply 3 3 3 3 5
Liftboats 20 20 20 20 20
Specialty 11 10 9 9 9
Wind farm utility 31 30 30 30 30
-------- -------- -------- -------- --------
191 189 188 191 194
======== ======== ======== ======== ========
Inland River Services
Inland river dry-cargo barges 1,434 1,444 1,444 1,453 1,479
Inland river liquid tank barges 80 81 80 78 77
Inland river deck barges 20 20 20 20 20
Inland river towboats 31 31 31 31 30
Dry-cargo vessel 1 1 1 1 1
-------- -------- -------- -------- --------
1,566 1,577 1,576 1,583 1,607
======== ======== ======== ======== ========
Shipping Services
U.S.-flag product tankers 8 8 8 8 8
U.S.-flag container vessel 1 1 1 1 1
U.S.-flag articulated tug-barge 1 1 1 1 --
U.S.-flag deck barges 5 5 5 5 --
U.S.-flag RORO barges 2 2 2 2 --
Azimuth drive harbor tugs 15 15 15 15 16
Conventional drive harbor tugs 11 11 12 12 13
Ocean liquid tank barges 5 5 5 5 5
Foreign-flag RORO vessels 7 7 7 8 8
-------- -------- -------- -------- --------
55 55 56 57 51
======== ======== ======== ======== ========
SEACOR HOLDINGS INC.
OFFSHORE MARINE SERVICES
TIME CHARTER OPERATING DATA
(unaudited)
Three Months Ended
------------------------------------------------
Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
2013 2012 2012 2012 2012
-------- -------- -------- -------- --------
Rates Per Day Worked:
Anchor handling towing
supply $ 26,683 $ 25,059 $ 22,794 $ 24,541 $ 30,928
Crew 7,664 7,231 7,267 7,134 7,803
Mini-supply 7,666 7,664 7,735 7,424 7,409
Standby safety 9,642 10,001 9,806 9,679 9,230
Supply 14,915 16,599 16,567 14,354 16,662
Towing supply 9,349 9,573 8,265 9,269 9,301
Specialty 12,950 20,635 26,195 14,557 12,964
Liftboats 18,573 20,673 19,830 17,454 --
Overall Average Rates
Per Day Worked
(excluding wind farm
utility) 12,878 13,306 12,718 12,068 13,174
Wind farm utility 2,142 2,653 2,882 2,802 2,431
Overall Average Rates
Per Day Worked 10,657 11,160 10,552 10,019 10,839
Utilization:
Anchor handling towing
supply 74% 63% 57% 63% 77%
Crew 91% 91% 94% 84% 79%
Mini-supply 74% 85% 88% 98% 98%
Standby safety 88% 87% 89% 87% 86%
Supply 72% 87% 77% 75% 84%
Towing supply 100% 94% 54% 51% 48%
Specialty 25% 57% 59% 45% 62%
Liftboats 64% 80% 82% 70% --%
Overall Fleet
Utilization (excluding
wind farm utility) 79% 83% 82% 77% 81%
Wind farm utility 82% 88% 96% 93% 86%
Overall Fleet
Utilization 79% 84% 85% 80% 82%
Available Days:
Anchor handling towing
supply 1,530 1,632 1,564 1,547 1,547
Crew 3,060 3,220 3,233 3,276 3,363
Mini-supply 630 644 644 637 637
Standby safety 2,160 2,208 2,208 2,195 2,275
Supply 1,581 1,656 1,631 1,649 1,705
Towing supply 180 184 184 360 364
Specialty 360 329 276 273 273
Liftboats 1,620 1,656 1,656 1,656 --
-------- -------- -------- -------- --------
Overall Fleet Available
Days (excluding wind
farm utility) 11,121 11,529 11,396 11,593 10,164
Wind farm utility 2,790 2,760 2,760 2,730 2,647
-------- -------- -------- -------- --------
Overall Fleet Available
Days 13,911 14,289 14,156 14,323 12,811
======== ======== ======== ======== ========
For additional information, contact
Molly Hottinger
(954) 627-5278
or visit SEACOR's website at www.seacorholdings.com
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