SEACOR Holdings Announces Results for Its Second Quarter Ended June 30, 2013

FORT LAUDERDALE, FL -- (Marketwired) -- 07/30/13 -- SEACOR Holdings Inc. (NYSE: CKH) today announced its results for its second quarter ended June 30, 2013. For the quarter ended June 30, 2013, net income attributable to SEACOR Holdings Inc. was $19.3 million, or $0.91 per diluted share. For the six months ended June 30, 2013, net income attributable to SEACOR Holdings Inc. was $8.4 million, or $0.42 per diluted share.

For the preceding quarter ended March 31, 2013, the Company reported a net loss attributable to SEACOR Holdings Inc. of $10.9 million, or $0.55 per diluted share.

A comparison of results for the quarter ended June 30, 2013 with the preceding quarter ended March 31, 2013 is included in "Highlights for the Quarter" discussion below.

For the quarter ended June 30, 2012, net income attributable to SEACOR Holdings Inc. was $11.2 million, or $0.54 per diluted share, including income from continuing operations of $6.4 million, or $0.31 per diluted share. For the six months ended June 30, 2012, net income attributable to SEACOR Holdings Inc. was $47.7 million, or $2.29 per diluted share, including income from continuing operations of $27.7 million, or $1.33 per diluted share.

Highlights for the Quarter

Offshore Marine Services - Operating income was $18.3 million on operating revenues of $138.7 million compared with operating income of $5.2 million on operating revenues of $124.0 million in the preceding quarter.

In the U.S. Gulf of Mexico, operating revenues were $2.3 million higher in the second quarter. Time charter revenues for the Company's liftboat fleet were $5.4 million higher primarily due to the seasonal upturn in activity levels. Time charter revenues for the Company's anchor handling towing supply vessels were $6.4 million lower primarily due to increased out-of-service days for drydockings. Time charter revenues for other vessel classes were $2.9 million higher primarily due to improved utilization and higher day rates for the Company's supply vessels. Utilization in the U.S. Gulf of Mexico was 78.6% compared with 73.7% in the preceding quarter and average day rates increased from $15,119 per day to $15,267 per day. As of June 30, 2013, the Company had no vessels cold-stacked in the U.S. Gulf of Mexico.

In International regions, excluding the contribution of the wind farm utility vessels, operating revenues were $11.0 million higher in the second quarter. In Mexico, Central and South America, time charter revenues were $5.5 million higher primarily due to the commencement of contracts for three vessels mobilized from the U.S. Gulf of Mexico and were $3.3 million higher primarily due to reduced drydocking activity and improved spot market conditions in Brazil. In Asia, time charter revenues were $1.9 million higher due to the commencement of a term charter in Sakhalin. In other international regions, time charter revenues were lower primarily due to increased drydocking activity in West Africa. Utilization was 85.0% compared with 83.2% in the preceding quarter and average day rates increased from $10,942 per day to $12,177 per day.

Operating expenses were $7.6 million higher in the second quarter primarily due to vessels mobilizing between geographic regions, a general increase in activity levels and increased drydocking expenses. During the second quarter, drydocking costs were $14.8 million compared with $11.2 million in the preceding quarter. The number of out-of-service days attributable to drydockings was 994 days compared with 645 days in the preceding quarter.

In the second quarter, the total number of days available for charter for the Company's fleet, excluding wind farm utility vessels, decreased by 70 days, or 1% primarily due to net fleet dispositions. Overall utilization, excluding wind farm utility vessels, increased from 79.0% to 82.0% and overall average day rates, excluding wind farm utility vessels, increased by 6% from $12,878 per day to $13,588 per day. Time charter operating data by vessel class is presented in the table included herein.

During the second quarter, the Company sold six offshore support vessels and other equipment for net proceeds of $14.7 million and gains of $7.9 million. During the preceding quarter, the Company sold two offshore support vessels and other equipment for net proceeds of $60.6 million and gains of $2.3 million.

During the second quarter, the Company acquired a 100% controlling interest in its C-Lift joint venture through the acquisition of its partner's 50% interest and recognized a $4.2 million gain, net of tax, included in equity in earnings of 50% or less owned companies upon marking its investment to fair value.

Inland River Services - Operating income was $5.5 million on operating revenues of $47.4 million compared with operating income of $3.3 million on operating revenues of $50.1 million in the preceding quarter. Second quarter results included $4.3 million of gains on asset dispositions compared with $0.7 million in gains in the preceding quarter. Operating results for the pooled hopper barge fleet were lower in the second quarter primarily due to difficult river operating conditions combined with continuing weak demand for barge freight. Operating results for the Company's fleeting operation improved primarily due to the impact of the opening of the Upper Mississippi and increased traffic through the Port of St. Louis. Operating results for the Company's terminal operations improved primarily due to higher throughput volumes of crude oil at the Company's Gateway terminal in Sauget, Illinois.

Shipping Services - Operating income was $4.6 million on operating revenues of $48.1 million compared with operating income of $3.8 million on operating revenues of $46.5 million in the preceding quarter. Operating results for petroleum transportation were $2.2 million lower in the second quarter primarily due to more days out-of-service for drydocking and higher drydocking expenses partially offset by an increase in time charter rates for two U.S.-flag product tankers. Operating results for harbor towing and bunkering were $2.7 million higher in the second quarter primarily due to an impairment charge of $3.0 million for two harbor tugs in the preceding quarter. Operating results for short-sea and liner transportation were $0.7 million higher primarily due to increased cargo shipping demand. Equity in losses were lower in the second quarter primarily due to improved results from the Company's Jones Act liner transportation joint venture.

Ethanol and Industrial Alcohol - Ethanol and Industrial Alcohol reported segment profit of $0.5 million on operating revenues of $61.4 million compared with a segment loss of $3.3 million on operating revenues of $32.8 million in the preceding quarter. The improvement in segment profit was primarily due to higher fuel ethanol margins.

Other - Other reported a segment profit of $0.1 million during the second quarter. In the preceding quarter, segment profit of $2.4 million was primarily due to a gain on the sale of real property.

Capital Commitments - As of June 30, 2013, the Company's unfunded capital commitments were $150.1 million and included: 17 offshore support vessels for $128.2 million; two inland river tank barges for $2.9 million; five inland river towboats for $10.9 million; one U.S.-flag harbor tug for $1.6 million; and other equipment and improvements for $6.5 million. Of these commitments, $55.6 million is payable during 2013 with the balance payable through 2015. These unfunded capital commitments exclude $139.4 million related to two Liquefied Petroleum Gas tankers (Very Large Gas Carriers, otherwise known as "VLGC's") that the Company's Shipping Services business segment committed to construct during the second quarter. Subsequent to June 30, 2013, the Company contributed $42.1 million in net cash and other consideration valued a $14.9 million that included certain progress payments made toward the construction of the two VLGC's, the construction contracts for the VLGC's and the related options to construct additional VLGC's to Dorian LPG Ltd. in exchange for a noncontrolling ownership interest.

As of June 30, 2013, the Company held balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and Title XI reserve funds totaling $589.2 million.

SEACOR is a global provider of equipment and services primarily supporting the offshore oil and gas and marine transportation industries. SEACOR offers customers a diversified suite of services including offshore marine, inland river and shipping. SEACOR is focused on providing highly responsive local service combined with the highest safety standards, innovative technology, modern, efficient equipment and dedicated professional employees. SEACOR is publicly traded on the New York Stock Exchange (NYSE) under the symbol CKH.

Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as "anticipate," "estimate," "expect," "project," "intend," "believe," "plan," "target," "forecast" and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management's expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. These statements are not guarantees of future performance and actual events or results may differ significantly from these statements. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, including decreased demand and loss of revenues as a result of U.S. government implemented moratoriums directing operators to cease certain drilling activities and any extension of such moratoriums (the "Moratoriums"), weakening demand for the Company's services as a result of unplanned customer suspensions, cancellations, rate reductions or non-renewals of vessel charters or failures to finalize commitments to charter vessels in response to Moratoriums, increased government legislation and regulation of the Company's businesses could increase cost of operations, increased competition if the Jones Act is repealed, liability, legal fees and costs in connection with the provision of emergency response services, including the Company's involvement in response to the oil spill as a result of the sinking of the Deepwater Horizon in April 2010, decreased demand for the Company's services as a result of declines in the global economy, declines in valuations in the global financial markets and a lack of liquidity in the credit sectors, including, interest rate fluctuations, availability of credit, inflation rates, change in laws, trade barriers, commodity prices and currency exchange fluctuations, the cyclical nature of the oil and gas industry, activity in foreign countries and changes in foreign political, military and economic conditions, changes in foreign and domestic oil and gas exploration and production activity, safety record requirements related to Offshore Marine Services and Shipping Services, decreased demand for Shipping Services due to construction of additional refined petroleum product, natural gas or crude oil pipelines or due to decreased demand for refined petroleum products, crude oil or chemical products or a change in existing methods of delivery, compliance with U.S. and foreign government laws and regulations, including environmental laws and regulations, the dependence of Offshore Marine Services and Shipping Services on several customers, consolidation of the Company's customer base, the ongoing need to replace aging vessels, industry fleet capacity, restrictions imposed by the Shipping Acts on the amount of foreign ownership of the Company's Common Stock, operational risks of Offshore Marine Services, Inland River Services and Shipping Services, effects of adverse weather conditions and seasonality, the level of grain export volume, the effect of fuel prices on barge towing costs, variability in freight rates for inland river barges, the effect of international economic and political factors in Inland River Services' operations, sudden and unexpected changes in commodity prices, futures and options, global weather conditions, political instability, changes in currency exchanges rates, and product availability in agriculture commodity trading and logistics activities, adequacy of insurance coverage, the attraction and retention of qualified personnel by the Company, and various other matters and factors, many of which are beyond the Company's control as well as those discussed in Item 1A (Risk Factors) of the Company's Annual report on Form 10-K. In addition, these statements constitute the Company's cautionary statements under the Private Securities Litigation Reform Act of 1995. It should be understood that it is not possible to predict or identify all such factors. Consequently, the preceding should not be considered to be a complete discussion of all potential risks or uncertainties. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the Securities and Exchange Commission, including Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any).

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
(in thousands, except share data, unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2013 2012 2013 2012
Operating Revenues $ 315,563 $ 309,225 $ 582,627 $ 607,074
Costs and Expenses:
Operating 240,113 244,545 441,026 452,964
Administrative and general 34,718 36,301 70,363 71,292
Depreciation and amortization 33,783 33,220 67,331 62,922
308,614 314,066 578,720 587,178
Gains on Asset Dispositions and Impairments, Net 12,305 3,342 14,320 7,119
Operating Income (Loss) 19,254 (1,499 ) 18,227 27,015
Other Income (Expense):
Interest income 3,218 7,392 6,385 10,035
Interest expense (7,922 ) (10,012 ) (20,762 ) (19,999 )
Debt extinguishment losses, net - - - (160 )
Marketable security gains, net 6,557 11,596 10,552 14,954
Derivative gains (losses), net (825 ) 2,554 (2,932 ) (404 )
Foreign currency gains (losses), net (916 ) (1,024 ) (4,927 ) 637
Other, net 195 443 198 359
307 10,949 (11,486 ) 5,422
Income from Continuing Operations Before Income Tax Expense and Equity in Earnings from 50% or Less Owned Companies 19,561 9,450 6,741 32,437
Income Tax Expense 7,975 3,250 5,322 12,710
Income from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies 11,586 6,200 1,419 19,727
Equity in Earnings of 50% or Less Owned Companies, Net of Tax 7,710 295 6,841 7,956
Income from Continuing Operations 19,296 6,495 8,260 27,683
Income (Loss) from Discontinued Operations, Net of Tax - 4,804 (211 ) 19,989
Net Income 19,296 11,299 8,049 47,672
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries 25 50 (348 ) (65 )
Net Income attributable to SEACOR Holdings Inc. $ 19,271 $ 11,249 $ 8,397 $ 47,737
Net Income (Loss) attributable to SEACOR Holdings Inc.:
Continuing operations $ 19,271 $ 6,445 $ 8,508 $ 27,748
Discontinued operations - 4,804 (111 ) 19,989
$ 19,271 $ 11,249 $ 8,397 $ 47,737
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
Continuing operations $ 0.97 $ 0.31 $ 0.43 $ 1.35
Discontinued operations - 0.24 (0.01 ) 0.97
$ 0.97 $ 0.55 $ 0.42 $ 2.32
Diluted Earnings Per Common Share of SEACOR Holdings Inc.:
Continuing operations $ 0.91 $ 0.31 $ 0.42 $ 1.33
Discontinued operations - 0.23 - 0.96
$ 0.91 $ 0.54 $ 0.42 $ 2.29
Weighted Average Common Shares Outstanding:
Basic 19,825,229 20,584,567 19,782,318 20,552,114
Diluted 24,392,312 20,871,380 20,114,904 20,883,570
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except per share data, unaudited)
Three Months Ended
Jun. 30, 2013 Mar. 31, 2013 Dec. 31, 2012 Sep. 30, 2012 Jun. 30, 2012
Operating Revenues $ 315,563 $ 267,064 $ 362,368 $ 338,855 $ 309,225
Costs and Expenses:
Operating 240,113 200,913 270,500 254,005 244,545
Administrative and general 34,718 35,645 55,942 39,509 36,301
Depreciation and amortization 33,783 33,548 34,398 34,347 33,220
308,614 270,106 360,840 327,861 314,066
Gains on Asset Dispositions and Impairments, Net 12,305 2,015 7,804 9,064 3,342
Operating Income (Loss) 19,254 (1,027 ) 9,332 20,058 (1,499 )
Other Income (Expense):
Interest income 3,218 3,167 3,435 3,890 7,392
Interest expense (7,922 ) (12,840 ) (7,816 ) (10,076 ) (10,012 )
Marketable security gains (losses), net 6,557 3,995 (333 ) (1,730 ) 11,596
Derivative gains (losses), net (825 ) (2,107 ) (378 ) (2,030 ) 2,554
Foreign currency gains (losses), net (916 ) (4,011 ) (34 ) 1,028 (1,024 )
Other, net 195 3 (309 ) 7,098 443
307 (11,793 ) (5,435 ) (1,820 ) 10,949
Income (Loss) from Continuing Operations Before Income Tax Expense (Benefit) and Equity In Earnings (Losses) of 50% or Less Owned Companies 19,561 (12,820 ) 3,897 18,238 9,450
Income Tax Expense (Benefit) 7,975 (2,653 ) 3,769 7,702 3,250
Income (Loss) from Continuing Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies 11,586 (10,167 ) 128 10,536 6,200
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 7,710 (869 ) (12,423 ) (1,297 ) 295
Income (Loss) from Continuing Operations 19,296 (11,036 ) (12,295 ) 9,239 6,495
Income (Loss) from Discontinued Operations, Net of Tax - (211 ) 9,578 6,265 4,804
Net Income (Loss) 19,296 (11,247 ) (2,717 ) 15,504 11,299
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries 25 (373 ) (93 ) (598 ) 50
Net Income (Loss) attributable to SEACOR Holdings Inc. $ 19,271 $ (10,874 ) $ (2,624 ) $ 16,102 $ 11,249
Net Income (Loss) attributable to SEACOR Holdings Inc.:
Continuing operations $ 19,271 $ (10,763 ) $ (12,242 ) $ 9,837 $ 6,445
Discontinued operations - (111 ) 9,618 6,265 4,804
$ 19,271 $ (10,874 ) $ (2,624 ) $ 16,102 $ 11,249
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
Continuing operations $ 0.97 $ (0.55 ) $ (0.61 ) $ 0.48 $ 0.31
Discontinued operations - - 0.48 0.31 0.24
$ 0.97 $ (0.55 ) $ (0.13 ) $ 0.79 $ 0.55
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
Continuing operations $ 0.91 $ (0.55 ) $ (0.61 ) $ 0.47 $ 0.31
Discontinued operations - - 0.48 0.31 0.23
$ 0.91 $ (0.55 ) $ (0.13 ) $ 0.78 $ 0.54
Weighted Average Common Shares of Outstanding:
Basic 19,825 19,739 20,173 20,433 20,585
Diluted 24,392 19,739 20,173 20,740 20,871
Common Shares Outstanding at Period End 20,184 20,106 19,888 20,851 20,948
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
Jun. 30, 2013 Mar. 31, 2013 Dec. 31, 2012 Sep. 30, 2012 Jun. 30, 2012
Offshore Marine Services
Operating Revenues $ 138,678 $ 124,016 $ 141,133 $ 134,322 $ 123,276
Costs and Expenses:
Operating 97,581 90,031 91,414 88,842 94,084
Administrative and general 14,235 14,827 19,456 14,795 13,146
Depreciation and amortization 16,460 16,287 16,750 16,051 15,859
128,276 121,145 127,620 119,688 123,089
Gains on Asset Dispositions 7,895 2,339 5,822 6,585 624
Operating Income 18,297 5,210 19,335 21,219 811
Other Income (Expense):
Derivative gains (losses), net 175 150 (243 ) - -
Foreign currency gains (losses), net (833 ) (3,264 ) (409 ) 717 (354 )
Other, net 11 - (9 ) - 11
Equity in Earnings of 50% or Less Owned Companies, Net of Tax 7,694 1,313 1,146 1,238 1,001
Segment Profit $ 25,344 $ 3,409 $ 19,820 $ 23,174 $ 1,469
OIBDA(1) $ 34,757 $ 21,497 $ 36,085 $ 37,270 $ 16,670
Drydocking expenditures (included in operating costs and expenses) $ 14,804 $ 11,225 $ 7,261 $ 4,343 $ 10,810
Out-of-service days for drydockings 994 645 323 315 795
Inland River Services
Operating Revenues $ 47,357 $ 50,077 $ 66,476 $ 53,293 $ 53,302
Costs and Expenses:
Operating 35,193 36,389 47,630 38,320 37,463
Administrative and general 3,921 4,024 4,689 3,480 3,773
Depreciation and amortization 7,078 7,084 6,684 7,335 7,244
46,192 47,497 59,003 49,135 48,480
Gains on Asset Dispositions 4,296 697 1,378 3,503 858
Operating Income 5,461 3,277 8,851 7,661 5,680
Other Income (Expense):
Foreign currency gains (losses), net 219 (137 ) 144 33 (71 )
Other, net - - (1 ) - -
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 1 (2,387 ) (1,772 ) (2,227 ) 439
Segment Profit $ 5,681 $ 753 $ 7,222 $ 5,467 $ 6,048
OIBDA(1) $ 12,539 $ 10,361 $ 15,535 $ 14,996 $ 12,924
SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
Three Months Ended
Jun. 30, 2013 Mar. 31, 2013 Dec. 31, 2012 Sep. 30, 2012 Jun. 30, 2012
Shipping Services
Operating Revenues $ 48,103 $ 46,476 $ 46,322 $ 45,157 $ 42,824
Costs and Expenses:
Operating 29,554 26,614 28,250 28,089 28,214
Administrative and general 6,124 5,177 5,614 6,567 5,505
Depreciation and amortization 7,907 7,797 7,880 7,776 7,362
43,585 39,588 41,744 42,432 41,081
Gains (Losses) on Asset Dispositions and Impairments, Net 114 (3,069 ) 1,123 145 1,860
Operating Income 4,632 3,819 5,701 2,870 3,603
Other Income (Expense):
Foreign currency gains (losses), net (8 ) (7 ) (11 ) 8 (4 )
Other, net 188 14 20 7,145 257
Equity in Losses of 50% or Less Owned Companies, Net of Tax (403 ) (1,505 ) (2,606 ) (551 ) (774 )
Segment Profit $ 4,409 $ 2,321 $ 3,104 $ 9,472 $ 3,082
OIBDA(1) $ 12,539 $ 11,616 $ 13,581 $ 10,646 $ 10,965
Drydocking expenditures for U.S.-flag product tankers (included in operating costs and expenses) $ 2,884 $ 74 $ 2,137 $ - $ -
Out-of-service days for drydockings of U.S.-flag product tankers 34 1 27 - -
Ethanol and Industrial Alcohol
Operating Revenues $ 61,378 $ 32,849 $ 42,280 $ 47,813 $ 58,938
Costs and Expenses:
Operating 59,402 34,045 43,364 45,472 57,201
Administrative and general 477 661 516 545 434
Depreciation and amortization 1,489 1,489 1,549 1,578 1,578
61,368 36,195 45,429 47,595 59,213
Operating Income (Loss) 10 (3,346 ) (3,149 ) 218 (275 )
Other Income (Expense):
Derivative gains (losses), net 473 39 900 (1,035 ) (236 )
Segment Profit (Loss) $ 483 $ (3,307 ) $ (2,249 ) $ (817 ) $ (511 )
OIBDA(1) $ 1,499 $ (1,857 ) $ (1,600 ) $ 1,796 $ 1,303
SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
Three Months Ended
Jun. 30, 2013 Mar. 31, 2013 Dec. 31, 2012 Sep. 30, 2012 Jun. 30, 2012
Other
Operating Revenues $ 20,652 $ 14,324 $ 68,394 $ 58,336 $ 30,893
Costs and Expenses:
Operating 18,960 14,488 62,027 53,287 27,566
Administrative and general 1,323 1,656 7,492 5,635 5,899
Depreciation and amortization 96 99 721 753 711
20,379 16,243 70,240 59,675 34,176
Gains (Losses) on Asset Dispositions and Impairments, Net - 1,907 (363 ) (1,169 ) -
Operating Income (Loss) 273 (12 ) (2,209 ) (2,508 ) (3,283 )
Other Income (Expense):
Derivative gains (losses), net (450 ) 842 649 (838 ) 2,516
Foreign currency gains (losses), net (169 ) (167 ) 12 (25 ) (84 )
Other, net - 54 - - -
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 418 1,710 (9,191 ) 243 (371 )
Segment Profit (Loss) $ 72 $ 2,427 $ (10,739 ) $ (3,128 ) $ (1,222 )
OIBDA(1) $ 369 $ 87 $ (1,488 ) $ (1,755 ) $ (2,572 )
Corporate and Eliminations
Operating Revenues $ (605 ) $ (678 ) $ (2,237 ) $ (66 ) $ (8 )
Costs and Expenses:
Operating (577 ) (654 ) (2,185 ) (5 ) 17
Administrative and general 8,638 9,300 18,175 8,487 7,544
Depreciation and amortization 753 792 814 854 466
8,814 9,438 16,804 9,336 8,027
Gains (Losses) on Asset Dispositions and Impairments, Net - 141 (156 ) - -
Operating Loss $ (9,419 ) $ (9,975 ) $ (19,197 ) $ (9,402 ) $ (8,035 )
Other Income (Expense):
Derivative gains (losses), net $ (1,023 ) $ (3,138 ) $ (1,684 ) $ (157 ) $ 274
Foreign currency gains (losses), net (125 ) (436 ) 230 295 (511 )
Other, net (4 ) (65 ) (319 ) (47 ) 175
(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)
Jun. 30, 2013 Mar. 31, 2013 Dec. 31, 2012 Sep. 30, 2012 Jun. 30, 2012
ASSETS
Current Assets:
Cash and cash equivalents $ 394,783 $ 312,977 $ 248,204 $ 198,068 $ 289,851
Restricted cash 16,776 27,129 28,285 191,782 18,347
Marketable securities 27,264 22,568 21,668 22,134 32,821
Receivables:
Trade, net of allowance for doubtful accounts 188,128 172,889 224,944 216,861 199,049
Other 37,204 41,139 45,334 61,486 55,701
Inventories 22,955 31,966 25,787 22,356 27,248
Deferred income taxes 3,530 3,530 3,530 9,007 9,007
Prepaid expenses and other 11,715 8,834 12,719 14,256 10,883
Discontinued operations - 384 108,153 175,836 156,461
Total current assets 702,355 621,416 718,624 911,786 799,368
Property and Equipment:
Historical cost 2,212,929 2,186,892 2,238,383 2,220,488 2,168,106
Accumulated depreciation (806,672 ) (785,765 ) (763,803 ) (745,503 ) (714,730 )
1,406,257 1,401,127 1,474,580 1,474,985 1,453,376
Construction in progress 133,985 113,381 110,296 150,520 143,100
Net property and equipment 1,540,242 1,514,508 1,584,876 1,625,505 1,596,476
Investments, at Equity, and Advances to 50% or Less Owned Companies 293,793 299,778 272,535 230,834 281,992
Construction Reserve Funds & Title XI Reserve Funds 150,375 194,477 195,629 179,932 192,420
Goodwill 17,978 17,978 17,978 56,702 56,702
Intangible Assets, Net 14,594 15,754 15,305 19,931 21,116
Other Assets 48,996 51,576 55,123 63,235 66,861
Discontinued Operations - - 840,724 829,311 830,882
$ 2,768,333 $ 2,715,487 $ 3,700,794 $ 3,917,236 $ 3,845,817
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of long-term debt $ 25,109 $ 15,435 $ 21,920 $ 193,539 $ 21,759
Current portion of capital lease obligations 10 2,711 2,900 4,442 4,719
Accounts payable and accrued expenses 73,185 69,008 107,892 101,455 96,929
Other current liabilities 112,310 109,300 93,093 120,500 137,415
Discontinued operations - 300 39,836 76,726 59,756
Total current liabilities 210,614 196,754 265,641 496,662 320,578
Long-Term Debt 674,444 655,384 655,309 592,314 649,206
Capital Lease Obligations 24 36 59 87 117
Deferred Income Taxes 421,623 422,719 426,027 452,482 436,589
Deferred Gains and Other Liabilities 115,078 116,572 120,342 112,661 124,273
Discontinued Operations - 2,599 490,741 379,546 445,870
Total liabilities 1,421,783 1,394,064 1,958,119 2,033,752 1,976,633
Equity:
SEACOR Holdings Inc. stockholders' equity:
Preferred stock - - - - -
Common stock 370 369 367 366 366
Additional paid-in capital 1,347,909 1,340,875 1,330,324 1,277,751 1,271,617
Retained earnings 1,066,697 1,047,426 1,473,509 1,576,518 1,560,416
Shares held in treasury, at cost (1,089,061 ) (1,089,064 ) (1,088,560 ) (997,541 ) (987,485 )
Accumulated other comprehensive loss, net of tax (4,243 ) (4,321 ) (1,986 ) (3,604 ) (5,831 )
1,321,672 1,295,285 1,713,654 1,853,490 1,839,083
Noncontrolling interests in subsidiaries 24,878 26,138 29,021 29,994 30,101
Total equity 1,346,550 1,321,423 1,742,675 1,883,484 1,869,184
$ 2,768,333 $ 2,715,487 $ 3,700,794 $ 3,917,236 $ 3,845,817
SEACOR HOLDINGS INC.
FLEET COUNTS
(unaudited)
Jun. 30, 2013 Mar. 31, 2013 Dec. 31, 2012 Sep. 30, 2012 Jun. 30, 2012
Offshore Marine Services
Anchor handling towing supply 18 19 19 19 19
Crew 45 47 47 48 48
Mini-supply 8 9 9 9 9
Standby safety 25 25 25 25 25
Supply 26 26 26 25 28
Towing supply 3 3 3 3 3
Liftboats 17 20 20 20 20
Specialty 12 11 10 9 9
Wind farm utility 32 31 30 30 30
186 191 189 188 191
Inland River Services
Inland river dry-cargo barges 1,413 1,434 1,444 1,444 1,453
Inland river liquid tank barges 75 80 81 80 78
Inland river deck barges 20 20 20 20 20
Inland river towboats 31 31 31 31 31
Dry-cargo vessel 1 1 1 1 1
1,540 1,566 1,577 1,576 1,583
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 22 22 23 23
Ocean liquid tank barges 5 5 5 5 5
Foreign-flag:
Harbor tugs 4 4 4 4 4
Short Sea Container/RORO 8 7 7 7 8
56 53 53 54 55
(1) For each of the periods presented, the Company provided technical management services for two additional vessels.
SEACOR HOLDINGS INC.
OFFSHORE MARINE SERVICES
TIME CHARTER OPERATING DATA
(unaudited)
Three Months Ended
Jun. 30, 2013 Mar. 31, 2013 Dec. 31, 2012 Sep. 30, 2012 Jun. 30, 2012
Rates Per Day Worked:
Anchor handling towing supply $ 23,635 $ 26,683 $ 25,059 $ 22,794 $ 24,541
Crew 7,719 7,664 7,231 7,267 7,134
Mini-supply 7,721 7,666 7,664 7,735 7,424
Standby safety 9,621 9,642 10,001 9,806 9,679
Supply 16,864 14,915 16,599 16,567 14,354
Towing supply 9,156 9,349 9,573 8,265 9,269
Specialty 24,822 12,950 20,635 26,195 14,557
Liftboats 22,062 18,573 20,673 19,830 17,454
Overall Average Rates Per Day Worked(excluding wind farm utility) 13,588 12,878 13,306 12,718 12,068
Wind farm utility 2,302 2,142 2,653 2,882 2,802
Overall Average Rates Per Day Worked 11,010 10,657 11,160 10,552 10,019
Utilization:
Anchor handling towing supply 74 % 74 % 63 % 57 % 63 %
Crew 90 % 91 % 91 % 94 % 84 %
Mini-supply 97 % 74 % 85 % 88 % 98 %
Standby safety 86 % 88 % 87 % 89 % 87 %
Supply 83 % 72 % 87 % 77 % 75 %
Towing supply 79 % 100 % 94 % 54 % 51 %
Specialty 54 % 25 % 57 % 59 % 45 %
Liftboats 69 % 64 % 80 % 82 % 70 %
Overall Fleet Utilization (excluding wind farm utility) 82 % 79 % 83 % 82 % 77 %
Wind farm utility 93 % 82 % 88 % 96 % 93 %
Overall Fleet Utilization 84 % 79 % 84 % 85 % 80 %
Available Days:
Anchor handling towing supply 1,547 1,530 1,632 1,564 1,547
Crew 3,057 3,060 3,220 3,233 3,276
Mini-supply 565 630 644 644 637
Standby safety 2,184 2,160 2,208 2,208 2,195
Supply 1,538 1,581 1,656 1,631 1,649
Towing supply 182 180 184 184 360
Specialty 364 360 329 276 273
Liftboats 1,614 1,620 1,656 1,656 1,656
Overall Fleet Available Days(excluding wind farm utility) 11,051 11,121 11,529 11,396 11,593
Wind farm utility 2,889 2,790 2,760 2,760 2,730
Overall Fleet Available Days 13,940 13,911 14,289 14,156 14,323

Molly Hottinger
(954) 627-5278

Source: SEACOR Holdings Inc.