StockSelector.com
  Research, Select, & Monitor Thursday, October 19, 2017 1:38:16 AM ET  
Trade Ideas The Market Industries Stocks Portfolio

 
Ticker Lookup
SEACOR Holdings Inc.$44.61$.33.75%

  Quote | Ranking | Chart | Valuations | Sentiment | Industry | News | Earnings | Analysts | More...

Your Target?

 SEACOR Holdings Announces Results for Its First Quarter Ended March 31, 2017
   Tuesday, May 09, 2017 6:45:07 AM ET

FORT LAUDERDALE, FL--(Marketwired - May 9, 2017) - SEACOR Holdings Inc. (CKH ) (the "Company") today announced its results for its first quarter ended March 31, 2017.

For the quarter ended March 31, 2017, net income attributable to SEACOR Holdings Inc. was $4.1 million ($0.24 per diluted share) compared with a net loss of $93.7 million ($5.52 per diluted share) for the quarter ended December 31, 2016. A comparison of results for the quarter ended March 31, 2017 with the preceding quarter ended December 31, 2016 is included in the "Highlights for the Quarter" discussion below.

Operating income before depreciation and amortization ("OIBDA" - see disclosure related to Non-GAAP measures in the statements of income (loss) and segment information tables herein) was $16.1 million in the first quarter compared with $30.8 million in the preceding quarter, excluding impairment charges of $0.4 million and $98.8 million, respectively.

For the quarter ended March 31, 2016, net loss attributable to SEACOR Holdings Inc. was $27.2 million ($1.62 per diluted share).

Highlights for the Quarter

Offshore Marine Services ("OMS") - Operating loss was $18.6 million compared with $82.7 million in the preceding quarter. As a consequence of continuing difficult market conditions, OMS recognized impairment charges of $69.1 million in the preceding quarter primarily associated with its anchor handling towing supply fleet. OIBDA, excluding impairment charges, was $(6.1) million on operating revenues of $34.3 million compared with $0.2 million on operating revenues of $44.4 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 39% to 38% and average rates per day worked decreased by 9% from $9,093 to $8,272. Days available for charter were 8% lower in the first quarter primarily due to vessels retired and removed from service, net fleet dispositions and fewer operating days during the quarter. This release includes a table presenting time charter operating data by vessel class.

Operating results from international regions, excluding losses on asset dispositions and impairments, were $7.7 million lower compared with the preceding quarter. Time charter revenues were $7.6 million lower primarily due to the conclusion of several term charters, the deferral of revenues for which collection was not reasonably assured and additional out-of-service days associated with drydockings. On a total fleet basis, excluding wind farm utility vessels but including cold-stacked vessels, utilization increased from 64% to 65%, and average rates per day worked decreased from $9,073 to $8,082. Other operating revenues were $2.6 million lower primarily due to a reduction in mobilization and other marine services. General and administrative expenses included a $1.6 million provision for doubtful accounts compared with a $3.1 million provision in the preceding quarter. As of March 31, 2017, the Company had four of 92 owned and leased-in vessels cold-stacked in international regions compared with nine of 89 as of December 31, 2016. As of March 31, 2017, the cold-stacked vessels in the international roster consisted of one fast support vessel, one supply vessel, one specialty vessel and one wind farm utility vessel. As of March 31, 2017, the Company had five vessels retired and removed from service in international regions including two fast support vessels and three supply vessels. Effective March 31, 2017, the Company has consolidated the net assets of its Falcon Global joint venture, which owns two-foreign-flag liftboats, after its partner declined to participate in a capital call and the Company obtained 100% voting control. Falcon Global’s net assets include property and equipment of $96.0 million and debt of $58.3 million.

Operating results in the U.S. Gulf of Mexico, excluding losses on asset dispositions and impairments, were $0.8 million higher compared with the preceding quarter. Time charter revenues were $0.3 million higher for the U.S. anchor handling towing supply vessels and unchanged for other vessel classes. On a total fleet basis, including cold-stacked vessels, utilization was unchanged at 7%, and average rates per day worked increased from $9,316 to $10,133. Operating expenses were $1.2 million higher primarily due to reactivation costs for certain offshore support vessels in anticipation of improved market conditions. General and administrative expenses were lower primarily due to recording a $1.1 million provision for doubtful accounts in the preceding quarter. Depreciation expense was $0.9 million lower compared with the preceding quarter. As of March 31, 2017, the Company had 35 of 44 owned and leased-in vessels cold-stacked in the U.S. Gulf of Mexico compared with 40 of 44 as of December 31, 2016. As of March 31, 2017, the cold-stacked vessels consisted of ten anchor handling towing supply vessels, 16 fast support vessels, one supply vessel, one specialty vessel and seven liftboats. As of the March 31, 2017, the Company had one anchor handling towing supply vessel retired and removed from service in the U.S. Gulf of Mexico.

Other, net losses of $1.8 million in the preceding quarter primarily related to a reserve for a note receivable from a third party following a decline in the underlying collateral value.

Equity in losses of 50% or less owned companies of $6.0 million in the preceding quarter were primarily due to impairment charges of $6.4 million associated with the joint ventured foreign-flag liftboat fleet.

On April 28, 2017, the Company acquired a 100% controlling interest in its Sea-Cat Crewzer and Sea-Cat Crewzer II joint ventures through the acquisition of its partner’s 50% ownership interest for $15.7 million in cash. Sea-Cat Crewzer and Sea-Cat Crewzer II each own and operate two foreign-flag catamaran fast support vessels.

Inland River Services - Operating loss was $0.1 million compared with operating income of $8.7 million in the preceding quarter. OIBDA was $6.5 million on operating revenues of $42.7 million compared with $15.3 million on operating revenues of $53.0 million in the preceding quarter.

Operating results, excluding gains (losses) on asset dispositions and impairments, were $8.3 million lower compared with the preceding quarter primarily due to lower activity levels for the dry-cargo barge pools following the conclusion of the fall harvest, partially offset by higher activity levels for terminal and fleeting operations.

Foreign currency gains of $1.4 million 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.

Equity in losses of 50% or less owned companies of $2.4 million was primarily due to the operating results of SCFCo, the Company’s joint venture operating on the Parana-Paraguay River Waterway, as a consequence of continued weakness in the iron ore and grain markets and seasonal low water conditions.

Shipping Services - Operating income was $13.6 million compared with $7.6 million in the preceding quarter. OIBDA was $22.8 million (of which $10.1 million was attributable to noncontrolling interests) on operating revenues of $67.6 million compared with $16.5 million (of which $5.3 million was attributable to noncontrolling interests) on operating revenues of $59.6 million in the preceding quarter.

Operating results were $6.0 million higher primarily due to lower regulatory drydocking costs and related out-of-service time for one U.S.-flag product tanker, partially offset by higher drydocking and maintenance and repair costs for harbor towing and short-sea transportation.

Equity in earnings of 50% or less owned companies of $1.0 million was primarily due to the operating results of Trailer Bridge, the Company’s joint venture operating in the Puerto Rico liner trade.

Illinois Corn Processing - Segment profit was $1.3 million (of which $0.4 million was attributable to noncontrolling interests) on operating revenues of $38.4 million compared with $5.8 million (of which $1.7 million was attributable to noncontrolling interests) on operating revenues of $43.2 million in the preceding quarter. Segment profit was $4.5 million lower primarily due to lower volumes and prices for fuel ethanol.

Marketable Security Gains (Losses) - Marketable security results during the first quarter were primarily attributable to 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." The Company recognized unrealized gains related to Dorian of $21.3 million compared with $20.3 million in the preceding quarter. The closing share price of Dorian was $10.53 and $8.21 as of March 31, 2017 and December 31, 2016, respectively. The Company’s cost basis in Dorian is $13.66 per share. The closing share price of Dorian was $8.90 as of May 8, 2017.

Capital Commitments - The Company’s capital commitments as of March 31, 2017 by year of expected payment were as follows (in thousands):

                                                                 
                    2017            2018            2019            2020            Total
Offshore Marine Services $      13,817   $      53,050   $      13,183   $      1,800    $      81,850
Shipping Services          13,893     --         --         --         13,893
Inland River Services      20,465     --         --         --         20,465
Illinois Corn Processing   1,762      375        --         --         2,137
                    $      49,937   $      53,425   $      13,183   $      1,800    $      118,345
                                               

Offshore Marine Services’ capital commitments included six fast support vessels, three supply vessels and one wind farm utility vessel. These commitments included $15.4 million for one supply vessel that may be assumed by a third party at their option. Shipping Services’ capital commitments included one U.S.-flag chemical and petroleum articulated tug-barge, two U.S.-flag harbor tugs and two foreign-flag harbor tugs. Inland River Services’ capital commitments included one 30,000 barrel inland river liquid tank barge, two inland river towboats and other equipment and improvements. Subsequent to March 31, 2017, the Company committed to purchase additional equipment for $9.7 million.

Liquidity and Debt - As of March 31, 2017, the Company’s balances of cash, cash equivalents, restricted cash, marketable securities and construction reserve funds totaled $669.1 million and its total outstanding debt was $1,097.8 million. In addition, the Company had $35.9 million of borrowing capacity under its subsidiary credit facilities. Subsequent to March 31, 2017, the Company’s subsidiaries borrowed $13.9 million under these credit facilities to fund their capital commitments.

As of March 31, 2017, the remaining principal amount outstanding of the Company’s 2.5% Convertible Senior Notes of $157.1 million and the principal amount of the Company’s 3.75% Subsidiary Convertible Senior Notes of $175.0 million are included in current liabilities as the holders may require the Company to repurchase these notes on December 19, 2017 and January 11, 2018, respectively.

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, 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, 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, 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 key 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 ability to remediate the material weaknesses the Company has identified in its internal controls over financial reporting, 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.

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

                                                                                                                                                                  
SEACOR HOLDINGS INC.                                                                                                                                                   
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except share data, unaudited)
                                                                                                                                                                  
                                                                                                               Three Months Ended                                 
                                                                                                               March 31,                                          
                                                                                                               2017                  2016               
Operating Revenues                                                                                                  $      190,447        $      213,928     
Costs and Expenses:                                                                                                                      
                                                                  Operating                                 143,964          157,468     
                                                                  Administrative and general                35,427           35,704      
                                                                  Depreciation and amortization             30,397           30,989      
                                                                                                                 209,788          224,161     
Gains on Asset Dispositions and Impairments, Net                                                                      4,631            217         
Operating Loss                                                                                                        (14,710    )          (10,016    )
Other Income (Expense):                                                                                                                  
                                                                  Interest income                           2,813            5,593       
                                                                  Interest expense                          (13,474    )          (11,935    )
                                                                  Debt extinguishment gains, net            --               3,223       
                                                                  Marketable security gains (losses), net   32,574           (25,096    )
                                                                  Derivative gains, net                     3,075            2,620       
                                                                  Foreign currency gains, net               1,210            37          
                                                                  Other, net                                194              268         
                                                                                                                 26,392           (25,290    )
Income (Loss) Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies      11,682           (35,306    )
                                 Income Tax Expense (Benefit)                                                    1,572            (14,831    )
Income (Loss) Before Equity in Earnings (Losses) of 50% or Less Owned Companies                                       10,110           (20,475    )
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax                                                546              (49        )
                                 Net Income (Loss)                                                               10,656           (20,524    )
                                 Net Income attributable to Noncontrolling Interests in Subsidiaries             6,573            6,662       
Net Income (Loss) attributable to SEACOR Holdings Inc.                                                              $      4,083          $      (27,186    )
                                                                                                                                    
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.                                                      $      0.24           $      (1.62      )
                                                                                                                                    
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.                                                    $      0.24           $      (1.62      )
                                                                                                                                    
Weighted Average Common Shares Outstanding:                                                                                              
                                 Basic                                                                           17,074,043       16,817,368  
                                 Diluted                                                                         17,363,839       16,817,368  
                                                                                                                                    
OIBDA(1)                                                                                                            $      15,687         $      20,973      

______________________

(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. In addition, this measurement does not necessarily represent funds available for discretionary use and is not a measure of the Company’s 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.                                                                                                                                                                                                                                   
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,        
                                                                                                                  2017                         2016                          2016                         2016                         2016
Operating Revenues                                                                                                $      190,447     $      213,036      $      206,983     $      197,038     $      213,928  
Costs and Expenses:                                                                                                                                          
                                                    Operating                                                  143,964       149,667        146,796       143,882       157,468  
                                                    Administrative and general                                 35,427        36,457         32,245        34,175        35,704   
                                                    Depreciation and amortization                              30,397        31,451         31,132        31,361        30,989   
                                                                                                               209,788       217,575        210,173       209,418       224,161  
Gains (Losses) on Asset Dispositions and Impairments, Net                                                           4,631         (94,825  )          (29,826 )          (17,771 )          217      
Operating Loss                                                                                                      (14,710 )          (99,364  )          (33,016 )          (30,151 )          (10,016 )
Other Income (Expense):                                                                                                                                      
                                                    Interest income                                            2,813         3,449          5,277         5,020         5,593    
                                                    Interest expense                                           (13,474 )          (12,453  )          (12,504 )          (12,834 )          (11,935 )
                                                    Debt extinguishment gains (losses), net                    --            (211     )          557           1,615         3,223    
                                                    Marketable security gains (losses), net                    32,574        24,713         (7,865  )          (23,951 )          (25,096 )
                                                    Derivative gains (losses), net                             3,075         (10,116  )          (1,174  )          (1,555  )          2,620    
                                                    Foreign currency gains (losses), net                       1,210         (1,217   )          (666    )          (22     )          37       
                                                    Other, net                                                 194           (7,362   )          (5,460  )          (7,652  )          268      
                                                                                                               26,392        (3,197   )          (21,835 )          (39,379 )          (25,290 )
Income (Loss) Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies    11,682        (102,561 )          (54,851 )          (69,530 )          (35,306 )
Income Tax Expense (Benefit)                                                                                        1,572         (32,093  )          (21,147 )          (25,759 )          (14,831 )
Income (Loss) Before Equity in Earnings (Losses) of 50% or Less Owned Companies                                     10,110        (70,468  )          (33,704 )          (43,771 )          (20,475 )
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax                                              546           (19,821  )          (322    )          (7,162  )          (49     )
Net Income (Loss)                                                                                                   10,656        (90,289  )          (34,026 )          (50,933 )          (20,524 )
Net Income attributable to Noncontrolling Interests in Subsidiaries                                                 6,573         3,460          5,777         4,226         6,662    
Net Income (Loss) attributable to SEACOR Holdings Inc.                                                            $      4,083       $      (93,749  )        $      (39,803 )        $      (55,159 )        $      (27,186 )
                                                                                                                                                        
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.                                                    $      0.24        $      (5.52    )        $      (2.35   )        $      (3.26   )        $      (1.62   )
                                                                                                                                                        
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.                                                  $      0.24        $      (5.52    )        $      (2.35   )        $      (3.26   )        $      (1.62   )
                                                                                                                                                        
Weighted Average Common Shares of Outstanding:                                                                                                               
                                                    Basic                                                      17,074        16,969         16,944        16,929        16,817   
                                                    Diluted                                                    17,364        16,969         16,944        16,929        16,817   
Common Shares Outstanding at Period End                                                                             17,406        17,401         17,336        17,321        17,295   
                                                                                                                                                        
OIBDA(1)                                                                                                          $      15,687      $      (67,913  )        $      (1,884  )        $      1,210       $      20,973   

______________________

(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. In addition, this measurement does not necessarily represent funds available for discretionary use and is not a measure of the Company’s 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.                                                                                                                                                                                              
SEGMENT INFORMATION
(in thousands, unaudited)
                                                                                                                                                                                                             
                                                                         Three Months Ended                                                                                                                  
                                                                         Mar. 31,           Dec. 31,           Sep. 30,           Jun. 30,           Mar. 31,        
                                                                              2017                         2016                         2016                         2016                         2016
Offshore Marine Services                                                                                                
Operating Revenues                                                            $      34,304      $      44,361      $      54,125      $      57,271      $      59,879   
Costs and Expenses:                                                                                                     
                                      Operating                       33,379        32,671        41,159        44,245        48,850   
                                      Administrative and general      11,826        14,393        10,588        11,929        12,398   
                                      Depreciation and amortization   12,503        13,764        14,213        15,254        14,838   
                                                                           57,708        60,828        65,960        71,428        76,086   
Gains (Losses) on Asset Dispositions and Impairments, Net                       4,819         (66,252 )          (29,233 )          (20,357 )          (380    )
Operating Loss                                                                  (18,585 )          (82,719 )          (41,068 )          (34,514 )          (16,587 )
Other Income (Expense):                                                                                                 
                   Derivative gains (losses), net                          (89     )          (82     )          16            163           2,898    
                   Foreign currency gains (losses), net                    (189    )          151           (1,084  )          (819    )          (1,560  )
                   Other, net                                              (1      )          (1,756  )          1             --            265      
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax          438           (5,950  )          790           (3,315  )          2,161    
Segment Loss(1)                                                               $      (18,426 )        $      (90,356 )        $      (41,345 )        $      (38,485 )        $      (12,823 )
                                                                                                                   
OIBDA(2)                                                                      $      (6,082  )        $      (68,955 )        $      (26,855 )        $      (19,260 )        $      (1,749  )
Drydocking expenditures (included in operating costs and expenses)            $      3,067       $      131         $      2,024       $      1,964       $      3,703    
Out-of-service days for drydockings                                             248           20            62            191           131      
                                                                                                                   
Inland River Services                                                                                                   
Operating Revenues                                                            $      42,669      $      53,021      $      41,094      $      33,814      $      39,614   
Costs and Expenses:                                                                                                     
                                      Operating                       32,569        35,400        31,496        27,446        30,118   
                                      Administrative and general      3,792         2,945         3,982         3,777         3,912    
                                      Depreciation and amortization   6,592         6,628         6,308         6,254         7,137    
                                                                           42,953        44,973        41,786        37,477        41,167   
Gains (Losses) on Asset Dispositions and Impairments, Net                       233           605           (597    )          2,580         605      
Operating Income (Loss)                                                         (51     )          8,653         (1,289  )          (1,083  )          (948    )
Other Income (Expense):                                                                                                 
                   Foreign currency gains (losses), net                    1,368         (1,143  )          410           1,018         1,437    
                   Other, net                                              --            1             (1      )          (4      )          --       
Equity in Losses of 50% or Less Owned Companies, Net of Tax                     (2,378  )          (11,318 )          (171    )          (1,677  )          (2,778  )
Segment Loss(1)                                                               $      (1,061  )        $      (3,807  )        $      (1,051  )        $      (1,746  )        $      (2,289  )
                                                                                                                   
OIBDA(2)                                                                      $      6,541       $      15,281      $      5,019       $      5,171       $      6,189    
                                                                                                                   
                                                                                                                   
                                                                                                                   
SEACOR HOLDINGS INC.                                                                                                                                                                                                           
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
                                                                                                                                                                                                                          
                                                                                           Three Months Ended                                                                                                             
                                                                                           Mar. 31,          Dec. 31,          Sep. 30,          Jun. 30,          Mar. 31,       
                                                                                                2017                        2016                        2016                        2016                        2016
Shipping Services                                                                                                                    
Operating Revenues                                                                              $      67,639     $      59,618     $      57,350     $      55,620     $      57,055  
Costs and Expenses:                                                                                                                  
                                                      Operating                         37,354       36,586       28,542       30,269       27,234  
                                                      Administrative and general        7,088        6,895        6,675        7,337        6,918   
                                                      Depreciation and amortization     9,161        8,969        8,216        7,415        6,562   
                                                                                             53,603       52,450       43,433       45,021       40,714  
Gains (Losses) on Asset Dispositions                                                              (421   )          408          3            6            (6     )
Operating Income                                                                                  13,615       7,576        13,920       10,605       16,335  
Other Income (Expense):                                                                                                              
                           Foreign currency losses, net                                      (5     )          (6     )          (3     )          (6     )          (3     )
                           Other, net                                                        (362   )          237          (5,534 )          (928   )          1       
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax                            1,036        (2,581 )          (551   )          (1,591 )          26      
Segment Profit(1)                                                                               $      14,284     $      5,226      $      7,832      $      8,080      $      16,359  
                                                                                                                                
OIBDA(2)                                                                                        $      22,776     $      16,545     $      22,136     $      18,020     $      22,897  
Drydocking expenditures for U.S.-flag product tankers(included in operating costs and expenses) $      94         $      4,506      $      95         $      62         $      (73    )
Out-of-service days for drydockings of U.S.-flag product tankers                                  --           45           --           --           --      
                                                                                                                                
Illinois Corn Processing                                                                                                             
Operating Revenues                                                                              $      38,385     $      43,197     $      44,019     $      40,576     $      49,609  
Costs and Expenses:                                                                                                                  
                                                      Operating                         36,101       36,174       39,879       36,153       46,289  
                                                      Administrative and general        746          693          750          912          656     
                                                      Depreciation and amortization     1,175        1,127        1,055        1,064        1,053   
                                                                                             38,022       37,994       41,684       38,129       47,998  
Operating Income                                                                                  363          5,203        2,335        2,447        1,611   
Other Income (Expense):                                                                                                              
                           Derivative gains (losses), net                                    334          570          (328   )          856          (187   )
                           Other, net                                                        615          --           --           --           --      
Segment Profit(1)                                                                               $      1,312      $      5,773      $      2,007      $      3,303      $      1,424   
                                                                                                                                
                                                                                                                                
                                                                                                                                
SEACOR HOLDINGS INC.                                                                                                                                                                                          
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
                                                                                                                                                                                                         
                                                                         Three Months Ended                                                                                                              
                                                                         Mar. 31,          Dec. 31,           Sep. 30,          Jun. 30,          Mar. 31,       
                                                                              2017                        2016                         2016                        2016                        2016
Witt O’Brien’s and Other                                                                                            
Operating Revenues                                                            $      8,124      $      13,572      $      11,146     $      10,261     $      8,419   
Costs and Expenses:                                                                                                 
                                      Operating                       5,372        9,711         6,618        6,427        5,805   
                                      Administrative and general      3,373        5,510         3,833        3,649        4,223   
                                      Depreciation and amortization   202          204           432          448          455     
                                                                           8,947        15,425        10,883       10,524       10,483  
Gains (Losses) on Asset Dispositions and Impairments, Net                       --           (29,586 )          1            --           (2     )
Operating Income (Loss)                                                         (823   )          (31,439 )          264          (263   )          (2,066 )
Other Income (Expense):                                                                                             
                   Foreign currency gains (losses), net                    10           (57     )          (25    )          (73    )          (27    )
                   Other, net                                              (300   )          (5,885  )          --           (6,723 )          --      
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax          1,450        28            (390   )          (579   )          542     
Segment Profit (Loss)(1)                                                      $      337        $      (37,353 )        $      (151   )        $      (7,638 )        $      (1,551 )
                                                                                                               
Corporate and Eliminations                                                                                          
Operating Revenues                                                            $      (674   )        $      (733    )        $      (751   )        $      (504   )        $      (648   )
Costs and Expenses:                                                                                                 
                                      Operating                       (811   )          (875    )          (898   )          (658   )          (828   )
                                      Administrative and general      8,602        6,021         6,417        6,571        7,597   
                                      Depreciation and amortization   764          759           908          926          944     
                                                                           8,555        5,905         6,427        6,839        7,713   
Operating Loss                                                                $      (9,229 )        $      (6,638  )        $      (7,178 )        $      (7,343 )        $      (8,361 )
Other Income (Expense):                                                                                             
                   Derivative gains (losses), net                        $      2,830      $      (10,604 )        $      (862   )        $      (2,574 )        $      (91    )
                   Foreign currency gains (losses), net                    26           (162    )          36           (142   )          190     
                   Other, net                                              242          41            74           3            2       

______________________

(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 the Company’s ability to fund its cash needs. OIBDA is a financial metric used by management (i) as a supplemental internal measure for planning and forecasting overall expectations and for evaluating actual results against such expectations; (ii) as a criteria for annual incentive bonuses paid to the Company officers and other shore-based employees; and (iii) to compare to the OIBDA of other companies when evaluating potential acquisitions.
   
   
   
SEACOR HOLDINGS INC.                                                                                                                                                                                        
OFFSHORE MARINE SERVICES
TIME CHARTER OPERATING DATA
(unaudited)
                                                                                                                                                                                                       
                                                                        Three Months Ended                                                                                                             
                                                                        Mar. 31,          Dec. 31,          Sep. 30,          Jun. 30,          Mar. 31,       
                                                                             2017                        2016                        2016                        2016                        2016
Rates Per Day Worked:                                                                                             
      Anchor handling towing supply                                     $      13,341     $      13,686     $      16,469     $      20,828     $      21,719  
      Fast support                                                        7,417        7,875        7,848        7,636        7,587   
      Supply                                                              11,707       6,298        5,935        5,709        6,484   
      Standby safety                                                      8,131        8,284        8,904        9,632        9,564   
      Specialty                                                           --           37,024       30,593       18,642       12,403  
      Liftboats                                                           9,782        13,486       16,822       11,852       15,150  
      Overall Average Rates Per Day Worked(excluding wind farm utility)   8,272        9,093        10,089       10,354       10,545  
      Wind farm utility                                                   2,005        2,104        2,260        2,394        2,419   
      Overall Average Rates Per Day Worked                                5,726        6,308        6,834        7,352        7,915   
                                                                                                             
Utilization:                                                                                                      
      Anchor handling towing supply                                       15     %          20     %          27     %          33     %          47     %
      Fast support                                                        44     %          47     %          62     %          69     %          68     %
      Supply                                                              20     %          19     %          31     %          27     %          37     %
      Standby safety                                                      80     %          81     %          78     %          77     %          79     %
      Specialty                                                           --     %          23     %          58     %          81     %          45     %
      Liftboats                                                           1      %          1      %          8      %          6      %          5      %
      Overall Fleet Utilization (excluding wind farm utility)             38     %          39     %          47     %          50     %          52     %
      Wind farm utility                                                   65     %          71     %          86     %          77     %          65     %
      Overall Fleet Utilization                                           46     %          47     %          58     %          57     %          56     %
                                                                                                             
Available Days:                                                                                                   
      Anchor handling towing supply                                       1,260        1,564        1,483        1,365        1,365   
      Fast support                                                        3,212        3,312        2,389        2,174        2,093   
      Supply                                                              630          953          1,109        1,140        1,179   
      Standby safety                                                      1,800        1,840        1,989        2,104        2,184   
      Specialty                                                           270          337          276          273          273     
      Liftboats                                                           1,265        1,380        1,380        1,365        1,365   
      Overall Fleet Available Days(excluding wind farm utility)           8,437        9,386        8,626        8,421        8,459   
      Wind farm utility                                                   3,330        3,404        3,345        3,276        3,245   
      Overall Fleet Available Days                                        11,767       12,790       11,971       11,697       11,704  
                                                                                                        
                                                                                                        
                                                                                                        
SEACOR HOLDINGS INC.                                                                                                                                                                                                  
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
                                                                                                                                                                                                                 
                                                                                          Mar. 31,            Dec. 31,            Sep. 30,            Jun. 30,            Mar. 31,           
                                                                                               2017                     2016                     2016                     2016                     2016
ASSETS                                                                                                                                          
Current Assets:                                                                                                                                 
                  Cash and cash equivalents                                               $      418,903      $      399,644      $      471,180      $      552,840      $      496,473     
                  Restricted cash                                                           4,065          3,711          3,364          1,742          --          
                  Marketable securities                                                     98,189         116,276        78,717         87,701         110,894     
                  Receivables:                                                                                                             
                                    Trade, net of allowance for doubtful accounts      131,292        162,880        148,358        125,987        130,731     
                                    Other                                              65,227         56,287         32,452         34,319         31,440      
                  Inventories                                                               19,385         16,773         16,047         16,798         18,431      
                  Prepaid expenses and other                                                8,998          7,230          9,500          10,157         9,615       
                                    Total current assets                               746,059        762,801        759,618        829,544        797,584     
                  Property and Equipment:                                                                                                  
                                    Historical cost                                    2,482,651      2,194,023      2,128,010      2,158,826      2,015,205   
                                    Accumulated depreciation                           (1,020,009 )        (1,008,867 )        (1,008,629 )        (997,214   )        (986,048   )
                                                                                            1,462,642      1,185,156      1,119,381      1,161,612      1,029,157   
                                    Construction in progress                           224,809        370,512        464,660        402,090        484,472     
                                    Held for sale equipment                            --             --             --             --             86,332      
                                    Net property and equipment                         1,687,451      1,555,668      1,584,041      1,563,702      1,599,961   
Investments, at Equity, and Advances to 50% or Less Owned Companies                              297,162        313,772        331,063        325,386        334,370     
Construction Reserve Funds                                                                       147,955        153,962        161,865        166,888        255,350     
Goodwill                                                                                         32,787         32,758         52,403         52,394         52,376      
Intangible Assets, Net                                                                           19,519         20,078         23,496         24,116         25,750      
Other Assets                                                                                     24,045         23,282         41,647         39,287         46,496      
                                                                                          $      2,954,978    $      2,862,321    $      2,954,133    $      3,001,317    $      3,111,887   
                                                                                                                                           
LIABILITIES AND EQUITY                                                                                                                          
Current Liabilities:                                                                                                                            
                  Current portion of long-term debt                                       $      364,583      $      183,602      $      28,228       $      24,409       $      35,688      
                  Accounts payable and accrued expenses                                     66,749         90,702         70,032         55,971         50,660      
                  Other current liabilities                                                 103,088        95,645         96,324         98,706         107,811     
                                    Total current liabilities                          534,420        369,949        194,584        179,086        194,159     
Long-Term Debt                                                                                   733,214        848,771        1,013,691      1,014,632      1,018,331   
Exchange Option Liability on Subsidiary Convertible Senior Notes                                 16,809         19,436         8,938          8,171          5,747       
Deferred Income Taxes                                                                            311,949        288,601        307,353        330,375        374,476     
Deferred Gains and Other Liabilities                                                             131,717        139,296        148,085        155,859        153,051     
                                    Total liabilities                                  1,728,109      1,666,053      1,672,651      1,688,123      1,745,764   
Equity:                                                                                                                                         
                  SEACOR Holdings Inc. stockholders’ equity:                                                                               
                                    Preferred stock                                    --             --             --             --             --          
                                    Common stock                                       380            379            379            379            379         
                                    Additional paid-in capital                         1,527,460      1,518,635      1,512,209      1,510,623      1,508,981   
                                    Retained earnings                                  914,806        910,723        1,004,472      1,044,275      1,099,434   
                                    Shares held in treasury, at cost                   (1,364,172 )        (1,357,331 )        (1,357,331 )        (1,357,876 )        (1,357,809 )
                                    Accumulated other comprehensive loss, net of tax   (11,024    )        (11,514    )        (10,471    )        (10,810    )        (7,764     )
                                                                                            1,067,450      1,060,892      1,149,258      1,186,591      1,243,221   
Noncontrolling interests in subsidiaries                                                         159,419        135,376        132,224        126,603        122,902     
                                    Total equity                                       1,226,869      1,196,268      1,281,482      1,313,194      1,366,123   
                                                                                          $      2,954,978    $      2,862,321    $      2,954,133    $      3,001,317    $      3,111,887   
                                                                                                                                           
                                                                                                                                           
                                                                                                                                           
SEACOR HOLDINGS INC.
FLEET COUNTS
(unaudited)
 
                                                        Mar. 31,   Dec. 31,   Sep. 30,   Jun. 30,   Mar. 31,
                                                             2017            2016            2016            2016            2016
Offshore Marine Services(1)                                                           
Anchor handling towing supply                                25         25         27         27         18
Fast support                                                 51         48         50         39         38
Supply                                                       28         28         31         33         33
Standby safety                                               21         21         21         23         25
Specialty                                                    6          6          7          7          5
Liftboats                                                    15         15         15         15         15
Wind farm utility                                            40         40         40         39         39
                                                        186        183        191        183        173
                                                                                 
Inland River Services                                                                 
Dry-cargo barges                                             1,443      1,443      1,405      1,393      1,426
Liquid tank barges:                                                                   
             10,000 barrel                              18         18         18         18         18
             30,000 barrel                              --         --         --         --         27
Specialty barges(2)                                          10         11         11         11         11
Towboats:                                                                             
             4,000 hp - 6,600 hp                        18         17         17         17         17
             3,300 hp - 3,900 hp                        1          1          1          1          --
             Less than 3,200 hp                         4          4          4          4          17
Harbor boats:                                                                         
             1,100 hp - 2,000 hp                        15         15         13         13         13
             Less than 1,100 hp                         9          9          6          6          6
                                                        1,518      1,518      1,475      1,463      1,535
                                                                                 
Shipping Services                                                                     
Petroleum Transportation:                                                             
             Product tankers - U.S.-flag                10         9          8          8          7
             Crude oil tanker - U.S.-flag               --         --         --         --         1
Harbor Towing and Bunkering:                                                          
             Harbor tugs - U.S.-flag                    23         23         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
                                                        58         57         57         57         57

______________________

(1)    Excludes six and eight offshore support vessels as of March 31, 2017 and December 31, 2016, respectively, that had been retired and removed from service.
(2)    Includes non-certificated 10,000 and 30,000 barrel inland river liquid tank barges.
   
   
   
SEACOR HOLDINGS INC.
EXPECTED FLEET DELIVERIES
AS OF MARCH 31, 2017
(unaudited)
 
                                2017                                 2018                                               2019                                               2020                    
                                Q2       Q3       Q4       Q1       Q2       Q3       Q4       Q1       Q2       Q3       Q4       Q1       Q2       Total
Offshore Marine Services                                                                  
Fast support                         1        1        --       --       --       --       1        --       1        --       1        --       1        6
Supply(1)                            --       --       --       1        --       1        --       1        --       --       --       --       --       3
Wind farm utility                    --       1        --       --       --       --       --       --       --       --       --       --       --       1
                                                                                     
Shipping Services                                                                         
Articulated tug-barge - U.S.-flag    --       1        --       --       --       --       --       --       --       --       --       --       --       1
Harbor tugs - U.S.-flag              1        --       1        --       --       --       --       --       --       --       --       --       --       2
Harbor tugs - Foreign-flag           2        --       --       --       --       --       --       --       --       --       --       --       --       2
                                                                                     
Inland River Services                                                                     
30,000 barrel liquid tank barge      1        --       --       --       --       --       --       --       --       --       --       --       --       1
Towboats:                                                                                 
            4,000 hp - 6,600 hp --       1        1        --       --       --       --       --       --       --       --       --       --       2

______________________

(1)    Includes one vessel that may be assumed by a third party at their option.
   

Contact: Molly Hottinger (954) 627-5278



Register |  Password |  Feedback |  Copyright |  Usage Agreement |  Privacy Policy |  Advertising |  About Us |  Contact Us |  FAQ 

Past performance is not indicative of future results

StockSelector.com, the StockSelector.com logo, and News Selects are trademarks of StockSelector.com.
Copyright © 1998 - 2017 StockSelector.com. All rights reserved.