Date of Report (Date of Earliest Event Reported): | March 3, 2014 |
Delaware | 1-12289 | 13-3542736 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
2200 Eller Drive, Fort Lauderdale, Florida | 33316 | |
(Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: | (954) 523-2200 |
Item 9.01 | Financial Statements and Exhibits |
Exhibit No. | Description |
99.1 | Press Release of SEACOR Holdings Inc., dated March 3, 2014. |
SEACOR Holdings Inc. | ||||
March 3, 2014 | By: | /s/ Richard Ryan | ||
Name: Richard Ryan | ||||
Title: Senior Vice President and Chief Financial Officer |
Exhibit No. | Description |
99.1 | Press Release of SEACOR Holdings Inc., dated March 3, 2014. |
• | For the year ended December 31, 2013, net income attributable to SEACOR Holdings Inc. from continuing operations was $47.2 million, or $2.32 per diluted share, compared with $25.3 million, or $1.22 per diluted share, from continuing operations in the preceding year. |
• | For the quarter ended December 31, 2013, net income attributable to SEACOR Holdings Inc. from continuing operations was $8.4 million, or $0.41 per diluted share, compared with $30.3 million, or $1.36 per diluted share, from continuing operations in the preceding quarter ended September 30, 2013. Fourth quarter results included a reduction in gains on equipment sales, costs and lost revenues associated with the drydocking of one of the Company's tankers, a seasonal reduction in liftboat fleet activities and equity losses relating to the structural failure of an Argentinian terminal facility. These reductions were partially offset by higher barge pool activity levels arising from the seasonal harvest. A detailed discussion of results by business segment is included below. |
• | The Company made a determination to provide for income taxes relating to the spin-off of Era Group Inc. effective as of January 31, 2013, the date of the spin-off. This provision resulted in an increase in the net loss from discontinued operations for the first quarter of 2013 of $10.1 million and will result in the restatement of the Company’s Quarterly Reports on Form 10-Q for the first three fiscal quarters of 2013 to reflect the impact of the tax accrual on its quarterly and year-to-date earnings and balance sheet. |
• | During the fourth quarter, the Company issued $230.0 million of its 3.0% Convertible Senior Notes due November 15, 2028. |
• | As of December 31, 2013, the Company's unfunded capital commitments were $547.0 million. Subsequent to December 31, 2013, the Company committed to purchase additional equipment for a total of $94.1 million. |
• | As of December 31, 2013, the Company’s total outstanding long-term debt was $879.4 million. |
• | As of December 31, 2013, the Company held balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and Title XI reserve funds totaling $825.6 million. |
SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands, except share data, unaudited) | ||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Operating Revenues | $ | 327,861 | $ | 362,368 | $ | 1,247,272 | $ | 1,308,297 | ||||||||
Costs and Expenses: | ||||||||||||||||
Operating | 228,305 | 270,500 | 908,871 | 977,469 | ||||||||||||
Administrative and general | 39,522 | 55,942 | 141,348 | 166,743 | ||||||||||||
Depreciation and amortization | 33,684 | 34,398 | 134,518 | 131,667 | ||||||||||||
301,511 | 360,840 | 1,184,737 | 1,275,879 | |||||||||||||
Gains on Asset Dispositions and Impairments, Net | 3,957 | 7,804 | 37,507 | 23,987 | ||||||||||||
Operating Income | 30,307 | 9,332 | 100,042 | 56,405 | ||||||||||||
Other Income (Expense): | ||||||||||||||||
Interest income | 4,802 | 3,435 | 15,467 | 17,360 | ||||||||||||
Interest expense | (11,310 | ) | (7,816 | ) | (42,592 | ) | (37,891 | ) | ||||||||
Debt extinguishment losses, net | — | — | — | (160 | ) | |||||||||||
Marketable security gains (losses), net | (3,600 | ) | (333 | ) | 5,803 | 12,891 | ||||||||||
Derivative losses, net | (5,088 | ) | (378 | ) | (8,323 | ) | (2,812 | ) | ||||||||
Foreign currency gains (losses), net | (654 | ) | (34 | ) | (3,351 | ) | 1,631 | |||||||||
Other, net | (89 | ) | (309 | ) | 586 | 7,148 | ||||||||||
(15,939 | ) | (5,435 | ) | (32,410 | ) | (1,833 | ) | |||||||||
Income from Continuing Operations Before Income Tax Expense and Equity in Earnings (Losses) of 50% or Less Owned Companies | 14,368 | 3,897 | 67,632 | 54,572 | ||||||||||||
Income Tax Expense | 5,441 | 3,769 | 26,747 | 24,181 | ||||||||||||
Income from Continuing Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies | 8,927 | 128 | 40,885 | 30,391 | ||||||||||||
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | 193 | (12,423 | ) | 7,264 | (5,764 | ) | ||||||||||
Income (Loss) from Continuing Operations | 9,120 | (12,295 | ) | 48,149 | 24,627 | |||||||||||
Income (Loss) from Discontinued Operations, Net of Tax | — | 9,578 | (10,325 | ) | 35,832 | |||||||||||
Net Income (Loss) | 9,120 | (2,717 | ) | 37,824 | 60,459 | |||||||||||
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries | 724 | (93 | ) | 854 | (756 | ) | ||||||||||
Net Income (Loss) attributable to SEACOR Holdings Inc. | $ | 8,396 | $ | (2,624 | ) | $ | 36,970 | $ | 61,215 | |||||||
Net Income (Loss) attributable to SEACOR Holdings Inc.: | ||||||||||||||||
Continuing operations | $ | 8,396 | $ | (12,242 | ) | $ | 47,195 | $ | 25,343 | |||||||
Discontinued operations | — | 9,618 | (10,225 | ) | 35,872 | |||||||||||
$ | 8,396 | $ | (2,624 | ) | $ | 36,970 | $ | 61,215 | ||||||||
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.: | ||||||||||||||||
Continuing operations | $ | 0.42 | $ | (0.61 | ) | $ | 2.37 | $ | 1.24 | |||||||
Discontinued operations | — | 0.48 | (0.51 | ) | 1.76 | |||||||||||
$ | 0.42 | $ | (0.13 | ) | $ | 1.86 | $ | 3.00 | ||||||||
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.: | ||||||||||||||||
Continuing operations | $ | 0.41 | $ | (0.61 | ) | $ | 2.32 | $ | 1.22 | |||||||
Discontinued operations | — | 0.48 | (0.50 | ) | 1.73 | |||||||||||
$ | 0.41 | $ | (0.13 | ) | $ | 1.82 | $ | 2.95 | ||||||||
Weighted Average Common Shares Outstanding: | ||||||||||||||||
Basic | 20,042,846 | 20,172,582 | 19,893,954 | 20,426,770 | ||||||||||||
Diluted | 20,530,165 | 20,172,582 | 20,293,287 | 20,775,896 |
SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands, except per share data, unaudited) | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | ||||||||||||||||
Operating Revenues | $ | 327,861 | $ | 336,784 | $ | 315,563 | $ | 267,064 | $ | 362,368 | ||||||||||
Costs and Expenses: | ||||||||||||||||||||
Operating | 228,305 | 239,540 | 240,113 | 200,913 | 270,500 | |||||||||||||||
Administrative and general | 39,522 | 31,463 | 34,718 | 35,645 | 55,942 | |||||||||||||||
Depreciation and amortization | 33,684 | 33,503 | 33,783 | 33,548 | 34,398 | |||||||||||||||
301,511 | 304,506 | 308,614 | 270,106 | 360,840 | ||||||||||||||||
Gains on Asset Dispositions and Impairments, Net | 3,957 | 19,230 | 12,305 | 2,015 | 7,804 | |||||||||||||||
Operating Income (Loss) | 30,307 | 51,508 | 19,254 | (1,027 | ) | 9,332 | ||||||||||||||
Other Income (Expense): | ||||||||||||||||||||
Interest income | 4,802 | 4,280 | 3,218 | 3,167 | 3,435 | |||||||||||||||
Interest expense | (11,310 | ) | (10,520 | ) | (7,922 | ) | (12,840 | ) | (7,816 | ) | ||||||||||
Marketable security gains (losses), net | (3,600 | ) | (1,149 | ) | 6,557 | 3,995 | (333 | ) | ||||||||||||
Derivative losses, net | (5,088 | ) | (303 | ) | (825 | ) | (2,107 | ) | (378 | ) | ||||||||||
Foreign currency gains (losses), net | (654 | ) | 2,230 | (916 | ) | (4,011 | ) | (34 | ) | |||||||||||
Other, net | (89 | ) | 477 | 195 | 3 | (309 | ) | |||||||||||||
(15,939 | ) | (4,985 | ) | 307 | (11,793 | ) | (5,435 | ) | ||||||||||||
Income (Loss) from Continuing Operations Before Income Tax Expense (Benefit) and Equity In Earnings (Losses) of 50% or Less Owned Companies | 14,368 | 46,523 | 19,561 | (12,820 | ) | 3,897 | ||||||||||||||
Income Tax Expense (Benefit) | 5,441 | 15,984 | 7,975 | (2,653 | ) | 3,769 | ||||||||||||||
Income (Loss) from Continuing Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies | 8,927 | 30,539 | 11,586 | (10,167 | ) | 128 | ||||||||||||||
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | 193 | 230 | 7,710 | (869 | ) | (12,423 | ) | |||||||||||||
Income (Loss) from Continuing Operations | 9,120 | 30,769 | 19,296 | (11,036 | ) | (12,295 | ) | |||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax | — | — | — | (10,325 | ) | 9,578 | ||||||||||||||
Net Income (Loss) | 9,120 | 30,769 | 19,296 | (21,361 | ) | (2,717 | ) | |||||||||||||
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries | 724 | 478 | 25 | (373 | ) | (93 | ) | |||||||||||||
Net Income (Loss) attributable to SEACOR Holdings Inc. | $ | 8,396 | $ | 30,291 | $ | 19,271 | $ | (20,988 | ) | $ | (2,624 | ) | ||||||||
Net Income (Loss) attributable to SEACOR Holdings Inc.: | ||||||||||||||||||||
Continuing operations | $ | 8,396 | $ | 30,291 | $ | 19,271 | $ | (10,763 | ) | $ | (12,242 | ) | ||||||||
Discontinued operations | — | — | — | (10,225 | ) | 9,618 | ||||||||||||||
$ | 8,396 | $ | 30,291 | $ | 19,271 | $ | (20,988 | ) | $ | (2,624 | ) | |||||||||
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.: | ||||||||||||||||||||
Continuing operations | $ | 0.42 | $ | 1.52 | $ | 0.97 | $ | (0.55 | ) | $ | (0.61 | ) | ||||||||
Discontinued operations | — | — | — | (0.51 | ) | 0.48 | ||||||||||||||
$ | 0.42 | $ | 1.52 | $ | 0.97 | $ | (1.06 | ) | $ | (0.13 | ) | |||||||||
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.: | ||||||||||||||||||||
Continuing operations | $ | 0.41 | $ | 1.36 | $ | 0.91 | $ | (0.55 | ) | $ | (0.61 | ) | ||||||||
Discontinued operations | — | — | — | (0.51 | ) | 0.48 | ||||||||||||||
$ | 0.41 | $ | 1.36 | $ | 0.91 | $ | (1.06 | ) | $ | (0.13 | ) | |||||||||
Weighted Average Common Shares of Outstanding: | ||||||||||||||||||||
Basic | 20,043 | 19,965 | 19,825 | 19,739 | 20,173 | |||||||||||||||
Diluted | 20,530 | 24,602 | 24,392 | 19,739 | 20,173 | |||||||||||||||
Common Shares Outstanding at Period End | 20,382 | 20,332 | 20,184 | 20,106 | 19,888 | |||||||||||||||
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 | ||||||||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | ||||||||||||||||
Offshore Marine Services | ||||||||||||||||||||
Operating Revenues | $ | 148,371 | $ | 156,198 | $ | 138,678 | $ | 124,016 | $ | 141,133 | ||||||||||
Costs and Expenses: | ||||||||||||||||||||
Operating | 99,320 | 95,113 | 97,581 | 90,031 | 91,414 | |||||||||||||||
Administrative and general | 17,085 | 14,132 | 14,235 | 14,827 | 19,456 | |||||||||||||||
Depreciation and amortization | 16,207 | 16,470 | 16,460 | 16,287 | 16,750 | |||||||||||||||
132,612 | 125,715 | 128,276 | 121,145 | 127,620 | ||||||||||||||||
Gains on Asset Dispositions | 3,087 | 15,343 | 7,895 | 2,339 | 5,822 | |||||||||||||||
Operating Income | 18,846 | 45,826 | 18,297 | 5,210 | 19,335 | |||||||||||||||
Other Income (Expense): | ||||||||||||||||||||
Derivative gains (losses), net | (274 | ) | 32 | 175 | 150 | (243 | ) | |||||||||||||
Foreign currency gains (losses), net | (49 | ) | 1,937 | (833 | ) | (3,264 | ) | (409 | ) | |||||||||||
Other, net | (8 | ) | — | 11 | — | (9 | ) | |||||||||||||
Equity in Earnings of 50% or Less Owned Companies, Net of Tax | 2,988 | 1,527 | 7,694 | 1,313 | 1,146 | |||||||||||||||
Segment Profit | $ | 21,503 | $ | 49,322 | $ | 25,344 | $ | 3,409 | $ | 19,820 | ||||||||||
OIBDA(1) | $ | 35,053 | $ | 62,296 | $ | 34,757 | $ | 21,497 | $ | 36,085 | ||||||||||
Drydocking expenditures (included in operating costs and expenses) | $ | 11,899 | $ | 9,017 | $ | 14,804 | $ | 11,225 | $ | 7,261 | ||||||||||
Out-of-service days for drydockings | 668 | 635 | 994 | 645 | 323 | |||||||||||||||
Inland River Services | ||||||||||||||||||||
Operating Revenues | $ | 65,437 | $ | 52,742 | $ | 47,357 | $ | 50,077 | $ | 66,476 | ||||||||||
Costs and Expenses: | ||||||||||||||||||||
Operating | 42,472 | 38,473 | 35,193 | 36,389 | 47,630 | |||||||||||||||
Administrative and general | 4,034 | 3,431 | 3,921 | 4,024 | 4,689 | |||||||||||||||
Depreciation and amortization | 7,430 | 6,869 | 7,078 | 7,084 | 6,684 | |||||||||||||||
53,936 | 48,773 | 46,192 | 47,497 | 59,003 | ||||||||||||||||
Gains on Asset Dispositions | 779 | 783 | 4,296 | 697 | 1,378 | |||||||||||||||
Operating Income | 12,280 | 4,752 | 5,461 | 3,277 | 8,851 | |||||||||||||||
Other Income (Expense): | ||||||||||||||||||||
Foreign currency gains (losses), net | (160 | ) | (89 | ) | 219 | (137 | ) | 144 | ||||||||||||
Other, net | — | — | — | — | (1 | ) | ||||||||||||||
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | (5,320 | ) | 80 | 1 | (2,387 | ) | (1,772 | ) | ||||||||||||
Segment Profit | $ | 6,800 | $ | 4,743 | $ | 5,681 | $ | 753 | $ | 7,222 | ||||||||||
OIBDA(1) | $ | 19,710 | $ | 11,621 | $ | 12,539 | $ | 10,361 | $ | 15,535 |
SEACOR HOLDINGS INC. SEGMENT INFORMATION (continued) (in thousands, unaudited) | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | ||||||||||||||||
Shipping Services | ||||||||||||||||||||
Operating Revenues | $ | 51,405 | $ | 48,200 | $ | 48,103 | $ | 46,476 | $ | 46,322 | ||||||||||
Costs and Expenses: | ||||||||||||||||||||
Operating | 32,900 | 28,215 | 29,554 | 26,614 | 28,250 | |||||||||||||||
Administrative and general | 5,639 | 5,133 | 6,124 | 5,177 | 5,614 | |||||||||||||||
Depreciation and amortization | 7,754 | 7,841 | 7,907 | 7,797 | 7,880 | |||||||||||||||
46,293 | 41,189 | 43,585 | 39,588 | 41,744 | ||||||||||||||||
Gains (Losses) on Asset Dispositions and Impairments, Net | 91 | 3,104 | 114 | (3,069 | ) | 1,123 | ||||||||||||||
Operating Income | 5,203 | 10,115 | 4,632 | 3,819 | 5,701 | |||||||||||||||
Other Income (Expense): | ||||||||||||||||||||
Foreign currency gains (losses), net | (5 | ) | 6 | (8 | ) | (7 | ) | (11 | ) | |||||||||||
Other, net | 18 | 540 | 188 | 14 | 20 | |||||||||||||||
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | 376 | (1,413 | ) | (403 | ) | (1,505 | ) | (2,606 | ) | |||||||||||
Segment Profit | $ | 5,592 | $ | 9,248 | $ | 4,409 | $ | 2,321 | $ | 3,104 | ||||||||||
OIBDA(1) | $ | 12,957 | $ | 17,956 | $ | 12,539 | $ | 11,616 | $ | 13,581 | ||||||||||
Drydocking expenditures for U.S.-flag product tankers (included in operating costs and expenses) | $ | 5,504 | $ | 664 | $ | 2,884 | $ | 74 | $ | 2,137 | ||||||||||
Out-of-service days for drydockings of U.S.-flag product tankers | 26 | 5 | 34 | 1 | 27 | |||||||||||||||
Illinois Corn Processing | ||||||||||||||||||||
Operating Revenues | $ | 46,875 | $ | 52,580 | $ | 61,378 | $ | 32,849 | $ | 42,280 | ||||||||||
Costs and Expenses: | ||||||||||||||||||||
Operating | 38,812 | 52,390 | 59,402 | 34,045 | 43,364 | |||||||||||||||
Administrative and general | 465 | 428 | 477 | 661 | 516 | |||||||||||||||
Depreciation and amortization | 1,330 | 1,489 | 1,489 | 1,489 | 1,549 | |||||||||||||||
40,607 | 54,307 | 61,368 | 36,195 | 45,429 | ||||||||||||||||
Operating Income (Loss) | 6,268 | (1,727 | ) | 10 | (3,346 | ) | (3,149 | ) | ||||||||||||
Other Income (Expense): | ||||||||||||||||||||
Derivative gains (losses), net | (3,719 | ) | 1,129 | 473 | 39 | 900 | ||||||||||||||
Segment Profit (Loss) | $ | 2,549 | $ | (598 | ) | $ | 483 | $ | (3,307 | ) | $ | (2,249 | ) | |||||||
OIBDA(1) | $ | 7,598 | $ | (238 | ) | $ | 1,499 | $ | (1,857 | ) | $ | (1,600 | ) |
SEACOR HOLDINGS INC. SEGMENT INFORMATION (continued) (in thousands, unaudited) | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | ||||||||||||||||
Other | ||||||||||||||||||||
Operating Revenues | $ | 16,675 | $ | 27,881 | $ | 20,652 | $ | 14,324 | $ | 68,394 | ||||||||||
Costs and Expenses: | ||||||||||||||||||||
Operating | 15,665 | 26,141 | 18,960 | 14,488 | 62,027 | |||||||||||||||
Administrative and general | 1,888 | 1,429 | 1,323 | 1,656 | 7,492 | |||||||||||||||
Depreciation and amortization | 91 | 92 | 96 | 99 | 721 | |||||||||||||||
17,644 | 27,662 | 20,379 | 16,243 | 70,240 | ||||||||||||||||
Gains (Losses) on Asset Dispositions and Impairments, Net | — | — | — | 1,907 | (363 | ) | ||||||||||||||
Operating Income (Loss) | (969 | ) | 219 | 273 | (12 | ) | (2,209 | ) | ||||||||||||
Other Income (Expense): | ||||||||||||||||||||
Derivative gains (losses), net | 198 | (380 | ) | (450 | ) | 842 | 649 | |||||||||||||
Foreign currency gains (losses), net | (21 | ) | 15 | (169 | ) | (167 | ) | 12 | ||||||||||||
Other, net | (39 | ) | (3 | ) | — | 54 | — | |||||||||||||
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | 2,149 | 36 | 418 | 1,710 | (9,191 | ) | ||||||||||||||
Segment Profit (Loss) | $ | 1,318 | $ | (113 | ) | $ | 72 | $ | 2,427 | $ | (10,739 | ) | ||||||||
OIBDA(1) | $ | (878 | ) | $ | 311 | $ | 369 | $ | 87 | $ | (1,488 | ) | ||||||||
Corporate and Eliminations | ||||||||||||||||||||
Operating Revenues | $ | (902 | ) | $ | (817 | ) | $ | (605 | ) | $ | (678 | ) | $ | (2,237 | ) | |||||
Costs and Expenses: | ||||||||||||||||||||
Operating | (864 | ) | (792 | ) | (577 | ) | (654 | ) | (2,185 | ) | ||||||||||
Administrative and general | 10,411 | 6,910 | 8,638 | 9,300 | 18,175 | |||||||||||||||
Depreciation and amortization | 872 | 742 | 753 | 792 | 814 | |||||||||||||||
10,419 | 6,860 | 8,814 | 9,438 | 16,804 | ||||||||||||||||
Gains (Losses) on Asset Dispositions | — | — | — | 141 | (156 | ) | ||||||||||||||
Operating Loss | $ | (11,321 | ) | $ | (7,677 | ) | $ | (9,419 | ) | $ | (9,975 | ) | $ | (19,197 | ) | |||||
Other Income (Expense): | ||||||||||||||||||||
Derivative losses, net | $ | (1,293 | ) | $ | (1,084 | ) | $ | (1,023 | ) | $ | (3,138 | ) | $ | (1,684 | ) | |||||
Foreign currency gains (losses), net | (419 | ) | 361 | (125 | ) | (436 | ) | 230 | ||||||||||||
Other, net | (60 | ) | (60 | ) | (4 | ) | (65 | ) | (319 | ) |
(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) | ||||||||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 527,435 | $ | 332,767 | $ | 394,783 | $ | 312,977 | $ | 248,204 | ||||||||||
Restricted cash | 12,175 | 20,893 | 16,776 | 27,129 | 28,285 | |||||||||||||||
Marketable securities | 24,292 | 25,660 | 27,264 | 22,568 | 21,668 | |||||||||||||||
Receivables: | ||||||||||||||||||||
Trade, net of allowance for doubtful accounts | 215,768 | 211,853 | 188,128 | 172,889 | 224,944 | |||||||||||||||
Other | 48,181 | 39,774 | 37,204 | 41,139 | 45,334 | |||||||||||||||
Inventories | 27,615 | 25,442 | 22,955 | 31,966 | 25,787 | |||||||||||||||
Deferred income taxes | 116 | 3,530 | 3,530 | 3,530 | 3,530 | |||||||||||||||
Prepaid expenses and other | 6,701 | 10,746 | 11,715 | 8,834 | 12,719 | |||||||||||||||
Discontinued operations | — | — | — | 384 | 108,153 | |||||||||||||||
Total current assets | 862,283 | 670,665 | 702,355 | 621,416 | 718,624 | |||||||||||||||
Property and Equipment: | ||||||||||||||||||||
Historical cost | 2,199,183 | 2,208,315 | 2,212,929 | 2,186,892 | 2,238,383 | |||||||||||||||
Accumulated depreciation | (866,330 | ) | (835,604 | ) | (806,672 | ) | (785,765 | ) | (763,803 | ) | ||||||||||
1,332,853 | 1,372,711 | 1,406,257 | 1,401,127 | 1,474,580 | ||||||||||||||||
Construction in progress | 143,482 | 129,481 | 133,985 | 113,381 | 110,296 | |||||||||||||||
Net property and equipment | 1,476,335 | 1,502,192 | 1,540,242 | 1,514,508 | 1,584,876 | |||||||||||||||
Investments, at Equity, and Advances to 50% or Less Owned Companies | 440,853 | 365,891 | 293,793 | 299,778 | 272,535 | |||||||||||||||
Construction Reserve Funds & Title XI Reserve Funds | 261,739 | 229,021 | 150,375 | 194,477 | 195,629 | |||||||||||||||
Goodwill | 17,985 | 17,978 | 17,978 | 17,978 | 17,978 | |||||||||||||||
Intangible Assets, Net | 12,423 | 13,583 | 14,594 | 15,754 | 15,305 | |||||||||||||||
Other Assets | 44,615 | 52,394 | 48,996 | 51,576 | 55,123 | |||||||||||||||
Discontinued Operations | — | — | — | — | 840,724 | |||||||||||||||
$ | 3,116,233 | $ | 2,851,724 | $ | 2,768,333 | $ | 2,715,487 | $ | 3,700,794 | |||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||
Current portion of long-term debt | $ | 45,323 | $ | 26,973 | $ | 25,109 | $ | 15,435 | $ | 21,920 | ||||||||||
Accounts payable and accrued expenses | 85,477 | 73,063 | 73,185 | 69,008 | 107,892 | |||||||||||||||
Other current liabilities | 123,619 | 124,788 | 122,434 | 122,125 | 95,993 | |||||||||||||||
Discontinued operations | — | — | — | 300 | 39,836 | |||||||||||||||
Total current liabilities | 254,419 | 224,824 | 220,728 | 206,868 | 265,641 | |||||||||||||||
Long-Term Debt | 834,118 | 675,206 | 674,444 | 655,384 | 655,309 | |||||||||||||||
Deferred Income Taxes | 457,827 | 437,436 | 421,623 | 422,719 | 426,027 | |||||||||||||||
Deferred Gains and Other Liabilities | 144,441 | 133,525 | 115,102 | 116,608 | 120,401 | |||||||||||||||
Discontinued Operations | — | — | — | 2,599 | 490,741 | |||||||||||||||
Total liabilities | 1,690,805 | 1,470,991 | 1,431,897 | 1,404,178 | 1,958,119 | |||||||||||||||
Equity: | ||||||||||||||||||||
SEACOR Holdings Inc. stockholders’ equity: | ||||||||||||||||||||
Preferred stock | — | — | — | — | — | |||||||||||||||
Common stock | 372 | 372 | 370 | 369 | 367 | |||||||||||||||
Additional paid-in capital | 1,394,621 | 1,358,273 | 1,347,909 | 1,340,875 | 1,330,324 | |||||||||||||||
Retained earnings | 1,095,270 | 1,086,874 | 1,056,583 | 1,037,312 | 1,473,509 | |||||||||||||||
Shares held in treasury, at cost | (1,088,219 | ) | (1,088,219 | ) | (1,089,061 | ) | (1,089,064 | ) | (1,088,560 | ) | ||||||||||
Accumulated other comprehensive loss, net of tax | (1,192 | ) | (1,809 | ) | (4,243 | ) | (4,321 | ) | (1,986 | ) | ||||||||||
1,400,852 | 1,355,491 | 1,311,558 | 1,285,171 | 1,713,654 | ||||||||||||||||
Noncontrolling interests in subsidiaries | 24,576 | 25,242 | 24,878 | 26,138 | 29,021 | |||||||||||||||
Total equity | 1,425,428 | 1,380,733 | 1,336,436 | 1,311,309 | 1,742,675 | |||||||||||||||
$ | 3,116,233 | $ | 2,851,724 | $ | 2,768,333 | $ | 2,715,487 | $ | 3,700,794 |
SEACOR HOLDINGS INC. FLEET COUNTS (unaudited) | |||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | |||||||||||
Offshore Marine Services | |||||||||||||||
Anchor handling towing supply | 18 | 18 | 18 | 19 | 19 | ||||||||||
Crew | 42 | 43 | 45 | 47 | 47 | ||||||||||
Mini-supply | 8 | 8 | 8 | 9 | 9 | ||||||||||
Standby safety | 25 | 25 | 25 | 25 | 25 | ||||||||||
Supply | 27 | 26 | 26 | 26 | 26 | ||||||||||
Towing supply | 3 | 3 | 3 | 3 | 3 | ||||||||||
Specialty | 12 | 12 | 12 | 11 | 10 | ||||||||||
Liftboats | 15 | 15 | 17 | 20 | 20 | ||||||||||
Wind farm utility | 34 | 33 | 32 | 31 | 30 | ||||||||||
184 | 183 | 186 | 191 | 189 | |||||||||||
Inland River Services | |||||||||||||||
Inland river dry-cargo barges | 1,405 | 1,409 | 1,413 | 1,434 | 1,444 | ||||||||||
Inland river liquid tank barges | 74 | 75 | 75 | 80 | 81 | ||||||||||
Inland river deck barges | 20 | 20 | 20 | 20 | 20 | ||||||||||
Inland river towboats | 32 | 31 | 31 | 31 | 31 | ||||||||||
Dry-cargo vessel | 1 | 1 | 1 | 1 | 1 | ||||||||||
1,532 | 1,536 | 1,540 | 1,566 | 1,577 | |||||||||||
Shipping Services (1) | |||||||||||||||
U.S.-flag: | |||||||||||||||
Product tankers | 7 | 7 | 7 | 7 | 7 | ||||||||||
RORO/deck barges | 7 | 7 | 7 | 7 | 7 | ||||||||||
Dry bulk articulated tug-barge | 1 | 1 | 1 | 1 | 1 | ||||||||||
Harbor tugs | 24 | 24 | 24 | 22 | 22 | ||||||||||
Ocean liquid tank barges | 5 | 5 | 5 | 5 | 5 | ||||||||||
Foreign-flag: | |||||||||||||||
Harbor tugs | 4 | 4 | 4 | 4 | 4 | ||||||||||
Very large gas carriers | 3 | 3 | — | — | — | ||||||||||
Short Sea Container/RORO | 8 | 7 | 8 | 7 | 7 | ||||||||||
59 | 58 | 56 | 53 | 53 |
(1) | For each of the periods presented, the Company provided technical management services for two additional vessels. |
SEACOR HOLDINGS INC. EXPECTED FLEET DELIVERIES (unaudited) | |||||||||||||||||||||||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | ||||||||||||||||||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Total | |||||||||||||||||||||||||||||||
Offshore Marine Services | |||||||||||||||||||||||||||||||||||||||||||||
Crew | 2 | 2 | 1 | — | 1 | 1 | 2 | 1 | 1 | — | — | — | — | — | 11 | ||||||||||||||||||||||||||||||
Supply(1) | — | 1 | 1 | — | — | 1 | — | — | — | — | — | — | — | — | 3 | ||||||||||||||||||||||||||||||
Wind farm utility | 1 | 1 | — | — | — | — | — | — | — | — | — | — | — | — | 2 | ||||||||||||||||||||||||||||||
Inland River Services | |||||||||||||||||||||||||||||||||||||||||||||
Inland river dry-cargo barges | — | 66 | 14 | — | — | — | — | — | — | — | — | — | — | — | 80 | ||||||||||||||||||||||||||||||
Inland river liquid tank barges | 4 | 1 | — | 1 | — | — | — | — | — | — | — | — | — | — | 6 | ||||||||||||||||||||||||||||||
Inland river towboats | 1 | 1 | 1 | 1 | 1 | — | — | — | — | — | — | — | — | — | 5 | ||||||||||||||||||||||||||||||
Shipping Services | |||||||||||||||||||||||||||||||||||||||||||||
U.S.-flag product tankers | — | — | — | — | — | — | — | — | 1 | — | — | 1 | 1 | — | 3 | ||||||||||||||||||||||||||||||
U.S.-flag articulated tug-barge | — | — | — | — | — | — | — | — | — | 1 | — | — | — | — | 1 |
(1) | To be sold to SEACOR OSV Partners I LP, a 50% or less owned company, upon delivery. |
SEACOR HOLDINGS INC. OFFSHORE MARINE SERVICES TIME CHARTER OPERATING DATA (unaudited) | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | ||||||||||||||||
Rates Per Day Worked: | ||||||||||||||||||||
Anchor handling towing supply | $ | 26,773 | $ | 29,008 | $ | 23,635 | $ | 26,683 | $ | 25,059 | ||||||||||
Crew | 8,627 | 8,553 | 7,719 | 7,664 | 7,231 | |||||||||||||||
Mini-supply | 7,805 | 8,048 | 7,721 | 7,666 | 7,664 | |||||||||||||||
Standby safety | 10,584 | 9,922 | 9,621 | 9,642 | 10,001 | |||||||||||||||
Supply | 16,906 | 17,541 | 16,864 | 14,915 | 16,599 | |||||||||||||||
Towing supply | 8,744 | 10,970 | 9,156 | 9,349 | 9,573 | |||||||||||||||
Specialty | 31,856 | 37,121 | 24,822 | 12,950 | 20,635 | |||||||||||||||
Liftboats | 26,072 | 25,001 | 22,062 | 18,573 | 20,673 | |||||||||||||||
Overall Average Rates Per Day Worked (excluding wind farm utility) | 15,355 | 15,677 | 13,588 | 12,878 | 13,306 | |||||||||||||||
Wind farm utility | 2,427 | 2,315 | 2,302 | 2,142 | 2,653 | |||||||||||||||
Overall Average Rates Per Day Worked | 12,279 | 12,454 | 11,010 | 10,657 | 11,160 | |||||||||||||||
Utilization: | ||||||||||||||||||||
Anchor handling towing supply | 74 | % | 75 | % | 74 | % | 74 | % | 63 | % | ||||||||||
Crew | 84 | % | 88 | % | 90 | % | 91 | % | 91 | % | ||||||||||
Mini-supply | 94 | % | 96 | % | 97 | % | 74 | % | 85 | % | ||||||||||
Standby safety | 88 | % | 88 | % | 86 | % | 88 | % | 87 | % | ||||||||||
Supply | 82 | % | 75 | % | 83 | % | 72 | % | 87 | % | ||||||||||
Towing supply | 84 | % | 83 | % | 79 | % | 100 | % | 94 | % | ||||||||||
Specialty | 81 | % | 58 | % | 54 | % | 25 | % | 57 | % | ||||||||||
Liftboats | 73 | % | 82 | % | 69 | % | 64 | % | 80 | % | ||||||||||
Overall Fleet Utilization (excluding wind farm utility) | 82 | % | 83 | % | 82 | % | 79 | % | 83 | % | ||||||||||
Wind farm utility | 90 | % | 95 | % | 93 | % | 82 | % | 88 | % | ||||||||||
Overall Fleet Utilization | 84 | % | 86 | % | 84 | % | 79 | % | 84 | % | ||||||||||
Available Days: | ||||||||||||||||||||
Anchor handling towing supply | 1,564 | 1,564 | 1,547 | 1,530 | 1,632 | |||||||||||||||
Crew | 2,740 | 2,844 | 3,057 | 3,060 | 3,220 | |||||||||||||||
Mini-supply | 552 | 552 | 565 | 630 | 644 | |||||||||||||||
Standby safety | 2,208 | 2,208 | 2,184 | 2,160 | 2,208 | |||||||||||||||
Supply | 1,564 | 1,564 | 1,538 | 1,581 | 1,656 | |||||||||||||||
Towing supply | 184 | 184 | 182 | 180 | 184 | |||||||||||||||
Specialty | 276 | 327 | 364 | 360 | 329 | |||||||||||||||
Liftboats | 1,380 | 1,543 | 1,614 | 1,620 | 1,656 | |||||||||||||||
Overall Fleet Available Days (excluding wind farm utility) | 10,468 | 10,786 | 11,051 | 11,121 | 11,529 | |||||||||||||||
Wind farm utility | 2,959 | 2,978 | 2,889 | 2,790 | 2,760 | |||||||||||||||
Overall Fleet Available Days | 13,427 | 13,764 | 13,940 | 13,911 | 14,289 |