SEACOR Holdings Announces Results for Its Third Quarter Ended September 30, 2013

FORT LAUDERDALE, FL -- (Marketwired) -- 10/25/13 -- SEACOR Holdings Inc. (NYSE: CKH) today announced its results for its third quarter ended September 30, 2013. For the quarter ended September 30, 2013, net income attributable to SEACOR Holdings Inc. was $30.3 million, or $1.36 per diluted share. For the nine months ended September 30, 2013, net income attributable to SEACOR Holdings Inc. was $38.7 million, or $1.92 per diluted share.

For the preceding quarter ended June 30, 2013, the Company reported net income attributable to SEACOR Holdings Inc. of $19.3 million, or $0.91 per diluted share. A comparison of results for the quarter ended September 30, 2013 with the preceding quarter ended June 30, 2013 is included in "Highlights for the Quarter" discussion below.

For the quarter ended September 30, 2012, net income attributable to SEACOR Holdings Inc. from continuing operations was $9.8 million, or $0.47 per diluted share. For the nine months ended September 30, 2012, net income attributable to SEACOR Holdings Inc. from continuing operations was $37.6 million, or $1.80 per diluted share. For the quarter and nine months ended September 30, 2012, net income attributable to SEACOR Holdings Inc. from continuing and discontinued operations was $16.1 million, or $0.78 per diluted share, and $63.8 million, or $3.06 per diluted share, respectively.

Highlights for the Quarter

Offshore Marine Services - Operating income was $45.8 million on operating revenues of $156.2 million compared with operating income of $18.3 million on operating revenues of $138.7 million in the preceding quarter.

In the U.S. Gulf of Mexico, operating revenues were $9.0 million higher in the third quarter. Time charter revenues for the Company's liftboat fleet were $7.1 million higher primarily due to the seasonal upturn in activity levels. Time charter revenues for the Company's anchor handling towing supply vessels were $2.8 million higher primarily due to improved average day rates attributable to a modest increase in rig moving activity, partially offset by a decrease in utilization. Time charter revenues were $1.3 million lower for other vessel classes primarily due to an increase in drydocking activity and vessel dispositions. Utilization was 75.9% compared with 78.6% in the preceding quarter and average day rates increased from $15,267 per day to $19,060 per day. As of September 30, 2013, the Company had no vessels cold-stacked in the U.S. Gulf of Mexico.

In international regions, operating revenues were $8.5 million higher in the third quarter. In Asia, time charter revenues were $4.0 million higher primarily due to the incremental contribution of a term contract in Sakhalin which commenced in June 2013. In West Africa, time charter revenues were $2.4 million higher primarily due to a decrease in out-of-service time for drydocking. Excluding windfarm utility vessels, utilization was 88.7% compared with 85.0% in the preceding quarter and average day rates increased from $12,177 per day to $13,211 per day.

Operating expenses were $2.5 million lower in the third quarter. During the third quarter, drydocking costs were $9.0 million compared with $14.8 million in the preceding quarter. The number of out-of-service days attributable to drydockings was 635 days compared with 994 days in the preceding quarter. During the third quarter, personnel costs were $5.2 million higher primarily due to the recognition of a $2.7 million charge for the Company's share of a funding deficit arising from the March 2012 actuarial valuation of the United Kingdom Merchant Navy Officers' Pension Fund and an increase in compensation primarily related to operational requirements in other geographic regions.

In the third quarter, the total number of days available for charter for the Company's fleet, excluding wind farm utility vessels, decreased by 265 days, or 2% primarily due to net fleet dispositions. Overall utilization, excluding wind farm utility vessels, increased from 82.0% to 83.0% and overall average day rates, excluding wind farm utility vessels, increased by 15% from $13,588 per day to $15,677 per day. Time charter operating data by vessel class is presented in the table included herein.

During the third quarter, the Company sold six offshore support vessels and other equipment for net proceeds of $42.2 and gains of $15.3 million. During the preceding quarter, the Company sold six offshore support vessels and other equipment for net proceeds of $14.7 and gains of $7.9 million.

During the preceding 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 $4.8 million on operating revenues of $52.7 million compared with operating income of $5.5 million on operating revenues of $47.4 million in the preceding quarter. Third quarter results included $0.8 million of gains on asset dispositions compared with $4.3 million in gains in the preceding quarter. Excluding gains on asset dispositions, operating results were $2.4 million higher primarily due to improved utilization in the dry cargo barge pool upon commencement of the harvest season. Operating results in the liquid unit tow operations improved by $0.6 million primarily due to lower repair and maintenance costs associated with regulatory inspections.

Shipping Services - Operating income was $10.1 million on operating revenues of $48.2 million compared with operating income of $4.6 million on operating revenues of $48.1 million in the preceding quarter. Operating results for petroleum transportation were $5.2 million higher in the third quarter primarily due to fewer days out-of-service for drydocking and lower drydocking expenses. Operating results for harbor towing and bunkering were $1.5 million higher in the third quarter primarily due to $3.2 million of gains on asset dispositions and lower administrative and general expenses, partially offset by an increase in out-of-service time for drydocking and higher drydocking expenses. Operating results for short-sea and liner transportation were $1.5 million lower primarily due to a seasonal reduction in cargo shipping demand and higher repair and maintenance and drydocking expenses. Equity in losses of 50% or less owned companies in the third quarter included $0.6 million of losses, net of tax, in the Company's very large gas carrier joint venture primarily due to out-of-service time for drydocking and drydocking expenses and $1.0 million of losses, net of tax, in the Company's Jones Act liner transportation joint venture. Equity in losses of 50% or less owned companies in the second quarter was primarily attributable to $0.5 million of losses, net of tax, in the Company's Jones Act liner transportation joint venture.

Ethanol and Industrial Alcohol - Ethanol and Industrial Alcohol reported a segment loss of $0.6 million on operating revenues of $52.6 million compared with a segment profit of $0.5 million on operating revenues of $61.4 million in the preceding quarter. The reduction in segment profit was primarily due to a plant shutdown for planned maintenance during the quarter.

Capital Commitments - As of September 30, 2013, the Company's unfunded capital commitments were $366.5 million and included: 15 offshore support vessels for $100.6 million; two inland river tank barges for $1.7 million; five inland river towboats for $6.3 million; two U.S.-flag product tankers for $250.5 million; and other equipment and improvements for $7.4 million. Of these commitments, $25.0 million is payable during the remainder of 2013, $300.5 million is payable during 2014-2015, and $41.0 million is payable during 2016-2017. Subsequent to September 30, 2013, the Company committed to purchase two offshore support vessels and one inland river towboat for a total of $39.2 million.

As of September 30, 2013, the Company held balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and Title XI reserve funds totaling $608.3 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 Nine Months Ended
September 30, September 30,
2013 2012 2013 2012
Operating Revenues $ 336,784 $ 338,855 $ 919,411 $ 945,929
Costs and Expenses:
Operating 239,540 254,005 680,566 706,969
Administrative and general 31,463 39,509 101,826 110,801
Depreciation and amortization 33,503 34,347 100,834 97,269
304,506 327,861 883,226 915,039
Gains on Asset Dispositions and Impairments, Net 19,230 9,064 33,550 16,183
Operating Income 51,508 20,058 69,735 47,073
Other Income (Expense):
Interest income 4,280 3,890 10,665 13,925
Interest expense (10,520 ) (10,076 ) (31,282 ) (30,075 )
Debt extinguishment losses, net -- -- -- (160 )
Marketable security gains (losses), net (1,149 ) (1,730 ) 9,403 13,224
Derivative losses, net (303 ) (2,030 ) (3,235 ) (2,434 )
Foreign currency gains (losses), net 2,230 1,028 (2,697 ) 1,665
Other, net 477 7,098 675 7,457
(4,985 ) (1,820 ) (16,471 ) 3,602
Income from Continuing Operations Before Income Tax Expense and Equity in Earnings (Losses) of 50% or Less Owned Companies 46,523 18,238 53,264 50,675
Income Tax Expense 15,984 7,702 21,306 20,412
Income from Continuing Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies 30,539 10,536 31,958 30,263
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 230 (1,297 ) 7,071 6,659
Income from Continuing Operations 30,769 9,239 39,029 36,922
Income (Loss) from Discontinued Operations, Net of Tax -- 6,265 (211 ) 26,254
Net Income 30,769 15,504 38,818 63,176
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries 478 (598 ) 130 (663 )
Net Income attributable to SEACOR Holdings Inc. $ 30,291 $ 16,102 $ 38,688 $ 63,839
Net Income (Loss) attributable to SEACOR Holdings Inc.:
Continuing operations $ 30,291 $ 9,837 $ 38,799 $ 37,585
Discontinued operations -- 6,265 (111 ) 26,254
$ 30,291 $ 16,102 $ 38,688 $ 63,839
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
Continuing operations $ 1.52 $ 0.48 $ 1.96 $ 1.83
Discontinued operations -- 0.31 (0.01 ) 1.28
$ 1.52 $ 0.79 $ 1.95 $ 3.11
Diluted Earnings Per Common Share of SEACOR Holdings Inc.:
Continuing operations $ 1.36 $ 0.47 $ 1.92 $ 1.80
Discontinued operations -- 0.31 -- 1.26
$ 1.36 $ 0.78 $ 1.92 $ 3.06
Weighted Average Common Shares Outstanding:
Basic 19,964,695 20,432,997 19,843,778 20,512,118
Diluted 24,601,584 20,740,456 20,198,449 20,838,468
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except per share data, unaudited)
Three Months Ended
Sep. 30, 2013 Jun. 30, 2013 Mar. 31, 2013 Dec. 31, 2012 Sep. 30, 2012
Operating Revenues $ 336,784 $ 315,563 $ 267,064 $ 362,368 $ 338,855
Costs and Expenses:
Operating 239,540 240,113 200,913 270,500 254,005
Administrative and general 31,463 34,718 35,645 55,942 39,509
Depreciation and amortization 33,503 33,783 33,548 34,398 34,347
304,506 308,614 270,106 360,840 327,861
Gains on Asset Dispositions and Impairments, Net 19,230 12,305 2,015 7,804 9,064
Operating Income (Loss) 51,508 19,254 (1,027 ) 9,332 20,058
Other Income (Expense):
Interest income 4,280 3,218 3,167 3,435 3,890
Interest expense (10,520 ) (7,922 ) (12,840 ) (7,816 ) (10,076 )
Marketable security gains (losses), net (1,149 ) 6,557 3,995 (333 ) (1,730 )
Derivative losses, net (303 ) (825 ) (2,107 ) (378 ) (2,030 )
Foreign currency gains (losses), net 2,230 (916 ) (4,011 ) (34 ) 1,028
Other, net 477 195 3 (309 ) 7,098
(4,985 ) 307 (11,793 ) (5,435 ) (1,820 )
Income (Loss) from Continuing Operations Before Income Tax Expense (Benefit) and Equity In Earnings (Losses) of 50% or Less Owned Companies 46,523 19,561 (12,820 ) 3,897 18,238
Income Tax Expense (Benefit) 15,984 7,975 (2,653 ) 3,769 7,702
Income (Loss) from Continuing Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies 30,539 11,586 (10,167 ) 128 10,536
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 230 7,710 (869 ) (12,423 ) (1,297 )
Income (Loss) from Continuing Operations 30,769 19,296 (11,036 ) (12,295 ) 9,239
Income (Loss) from Discontinued Operations, Net of Tax -- -- (211 ) 9,578 6,265
Net Income (Loss) 30,769 19,296 (11,247 ) (2,717 ) 15,504
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries 478 25 (373 ) (93 ) (598 )
Net Income (Loss) attributable to SEACOR Holdings Inc. $ 30,291 $ 19,271 $ (10,874 ) $ (2,624 ) $ 16,102
Net Income (Loss) attributable to SEACOR Holdings Inc.:
Continuing operations $ 30,291 $ 19,271 $ (10,763 ) $ (12,242 ) $ 9,837
Discontinued operations -- -- (111 ) 9,618 6,265
$ 30,291 $ 19,271 $ (10,874 ) $ (2,624 ) $ 16,102
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
Continuing operations $ 1.52 $ 0.97 $ (0.55 ) $ (0.61 ) $ 0.48
Discontinued operations -- -- -- 0.48 0.31
$ 1.52 $ 0.97 $ (0.55 ) $ (0.13 ) $ 0.79
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
Continuing operations $ 1.36 $ 0.91 $ (0.55 ) $ (0.61 ) $ 0.47
Discontinued operations -- -- -- 0.48 0.31
$ 1.36 $ 0.91 $ (0.55 ) $ (0.13 ) $ 0.78
Weighted Average Common Shares of Outstanding:
Basic 19,965 19,825 19,739 20,173 20,433
Diluted 24,602 24,392 19,739 20,173 20,740
Common Shares Outstanding at Period End 20,332 20,184 20,106 19,888 20,851
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
Sep. 30, 2013 Jun. 30, 2013 Mar. 31, 2013 Dec. 31, 2012 Sep. 30, 2012
Offshore Marine Services
Operating Revenues $ 156,198 $ 138,678 $ 124,016 $ 141,133 $ 134,322
Costs and Expenses:
Operating 95,113 97,581 90,031 91,414 88,842
Administrative and general 14,132 14,235 14,827 19,456 14,795
Depreciation and amortization 16,470 16,460 16,287 16,750 16,051
125,715 128,276 121,145 127,620 119,688
Gains on Asset Dispositions 15,343 7,895 2,339 5,822 6,585
Operating Income 45,826 18,297 5,210 19,335 21,219
Other Income (Expense):
Derivative gains (losses), net 32 175 150 (243 ) --
Foreign currency gains (losses), net 1,937 (833 ) (3,264 ) (409 ) 717
Other, net -- 11 -- (9 ) --
Equity in Earnings of 50% or Less Owned Companies, Net of Tax 1,527 7,694 1,313 1,146 1,238
Segment Profit $ 49,322 $ 25,344 $ 3,409 $ 19,820 $ 23,174
OIBDA(1) $ 62,296 $ 34,757 $ 21,497 $ 36,085 $ 37,270
Drydocking expenditures (included in operating costs and expenses) $ 9,017 $ 14,804 $ 11,225 $ 7,261 $ 4,343
Out-of-service days for drydockings 635 994 645 323 315
Inland River Services
Operating Revenues $ 52,742 $ 47,357 $ 50,077 $ 66,476 $ 53,293
Costs and Expenses:
Operating 38,473 35,193 36,389 47,630 38,320
Administrative and general 3,431 3,921 4,024 4,689 3,480
Depreciation and amortization 6,869 7,078 7,084 6,684 7,335
48,773 46,192 47,497 59,003 49,135
Gains on Asset Dispositions 783 4,296 697 1,378 3,503
Operating Income 4,752 5,461 3,277 8,851 7,661
Other Income (Expense):
Foreign currency gains (losses), net (89 ) 219 (137 ) 144 33
Other, net -- -- -- (1 ) --
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 80 1 (2,387 ) (1,772 ) (2,227 )
Segment Profit $ 4,743 $ 5,681 $ 753 $ 7,222 $ 5,467
OIBDA(1) $ 11,621 $ 12,539 $ 10,361 $ 15,535 $ 14,996
SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
Three Months Ended
Sep. 30, 2013 Jun. 30, 2013 Mar. 31, 2013 Dec. 31, 2012 Sep. 30, 2012
Shipping Services
Operating Revenues $ 48,200 $ 48,103 $ 46,476 $ 46,322 $ 45,157
Costs and Expenses:
Operating 28,215 29,554 26,614 28,250 28,089
Administrative and general 5,133 6,124 5,177 5,614 6,567
Depreciation and amortization 7,841 7,907 7,797 7,880 7,776
41,189 43,585 39,588 41,744 42,432
Gains (Losses) on Asset Dispositions and Impairments, Net 3,104 114 (3,069 ) 1,123 145
Operating Income 10,115 4,632 3,819 5,701 2,870
Other Income (Expense):
Foreign currency gains (losses), net 6 (8 ) (7 ) (11 ) 8
Other, net 540 188 14 20 7,145
Equity in Losses of 50% or Less Owned Companies, Net of Tax (1,413 ) (403 ) (1,505 ) (2,606 ) (551 )
Segment Profit $ 9,248 $ 4,409 $ 2,321 $ 3,104 $ 9,472
OIBDA(1) $ 17,956 $ 12,539 $ 11,616 $ 13,581 $ 10,646
Drydocking expenditures for U.S.-flag product tankers (included in operating costs and expenses) $ 664 $ 2,884 $ 74 $ 2,137 $ --
Out-of-service days for drydockings of U.S.-flag product tankers 5 34 1 27 --
Ethanol and Industrial Alcohol
Operating Revenues $ 52,580 $ 61,378 $ 32,849 $ 42,280 $ 47,813
Costs and Expenses:
Operating 52,390 59,402 34,045 43,364 45,472
Administrative and general 428 477 661 516 545
Depreciation and amortization 1,489 1,489 1,489 1,549 1,578
54,307 61,368 36,195 45,429 47,595
Operating Income (Loss) (1,727 ) 10 (3,346 ) (3,149 ) 218
Other Income (Expense):
Derivative gains (losses), net 1,129 473 39 900 (1,035 )
Segment Profit (Loss) $ (598 ) $ 483 $ (3,307 ) $ (2,249 ) $ (817 )
OIBDA(1) $ (238 ) $ 1,499 $ (1,857 ) $ (1,600 ) $ 1,796
SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
Three Months Ended
Sep. 30, 2013 Jun. 30, 2013 Mar. 31, 2013 Dec. 31, 2012 Sep. 30, 2012
Other
Operating Revenues $ 27,881 $ 20,652 $ 14,324 $ 68,394 $ 58,336
Costs and Expenses:
Operating 26,141 18,960 14,488 62,027 53,287
Administrative and general 1,429 1,323 1,656 7,492 5,635
Depreciation and amortization 92 96 99 721 753
27,662 20,379 16,243 70,240 59,675
Gains (Losses) on Asset Dispositions and Impairments, Net -- -- 1,907 (363 ) (1,169 )
Operating Income (Loss) 219 273 (12 ) (2,209 ) (2,508 )
Other Income (Expense):
Derivative gains (losses), net (380 ) (450 ) 842 649 (838 )
Foreign currency gains (losses), net 15 (169 ) (167 ) 12 (25 )
Other, net (3 ) -- 54 -- --
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 36 418 1,710 (9,191 ) 243
Segment Profit (Loss) $ (113 ) $ 72 $ 2,427 $ (10,739 ) $ (3,128 )
OIBDA(1) $ 311 $ 369 $ 87 $ (1,488 ) $ (1,755 )
Corporate and Eliminations
Operating Revenues $ (817 ) $ (605 ) $ (678 ) $ (2,237 ) $ (66 )
Costs and Expenses:
Operating (792 ) (577 ) (654 ) (2,185 ) (5 )
Administrative and general 6,910 8,638 9,300 18,175 8,487
Depreciation and amortization 742 753 792 814 854
6,860 8,814 9,438 16,804 9,336
Gains (Losses) on Asset Dispositions -- -- 141 (156 ) --
Operating Loss $ (7,677 ) $ (9,419 ) $ (9,975 ) $ (19,197 ) $ (9,402 )
Other Income (Expense):
Derivative losses, net $ (1,084 ) $ (1,023 ) $ (3,138 ) $ (1,684 ) $ (157 )
Foreign currency gains (losses), net 361 (125 ) (436 ) 230 295
Other, net (60 ) (4 ) (65 ) (319 ) (47 )
(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)
Sep. 30, 2013 Jun. 30, 2013 Mar. 31, 2013 Dec. 31, 2012 Sep. 30, 2012
ASSETS
Current Assets:
Cash and cash equivalents $ 332,767 $ 394,783 $ 312,977 $ 248,204 $ 198,068
Restricted cash 20,893 16,776 27,129 28,285 191,782
Marketable securities 25,660 27,264 22,568 21,668 22,134
Receivables:
Trade, net of allowance for doubtful accounts 211,853 188,128 172,889 224,944 216,861
Other 39,774 37,204 41,139 45,334 61,486
Inventories 25,442 22,955 31,966 25,787 22,356
Deferred income taxes 3,530 3,530 3,530 3,530 9,007
Prepaid expenses and other 10,746 11,715 8,834 12,719 14,256
Discontinued operations -- -- 384 108,153 175,836
Total current assets 670,665 702,355 621,416 718,624 911,786
Property and Equipment:
Historical cost 2,208,315 2,212,929 2,186,892 2,238,383 2,220,488
Accumulated depreciation (835,604 ) (806,672 ) (785,765 ) (763,803 ) (745,503 )
1,372,711 1,406,257 1,401,127 1,474,580 1,474,985
Construction in progress 129,481 133,985 113,381 110,296 150,520
Net property and equipment 1,502,192 1,540,242 1,514,508 1,584,876 1,625,505
Investments, at Equity, and Advances to 50% or Less Owned Companies 365,891 293,793 299,778 272,535 230,834
Construction Reserve Funds & Title XI Reserve Funds 229,021 150,375 194,477 195,629 179,932
Goodwill 17,978 17,978 17,978 17,978 56,702
Intangible Assets, Net 13,583 14,594 15,754 15,305 19,931
Other Assets 52,394 48,996 51,576 55,123 63,235
Discontinued Operations -- -- -- 840,724 829,311
$ 2,851,724 $ 2,768,333 $ 2,715,487 $ 3,700,794 $ 3,917,236
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of long-term debt $ 26,973 $ 25,109 $ 15,435 $ 21,920 $ 193,539
Current portion of capital lease obligations 11 10 2,711 2,900 4,442
Accounts payable and accrued expenses 73,063 73,185 69,008 107,892 101,455
Other current liabilities 114,663 112,310 109,300 93,093 120,500
Discontinued operations -- -- 300 39,836 76,726
Total current liabilities 214,710 210,614 196,754 265,641 496,662
Long-Term Debt 675,206 674,444 655,384 655,309 592,314
Capital Lease Obligations 22 24 36 59 87
Deferred Income Taxes 437,436 421,623 422,719 426,027 452,482
Deferred Gains and Other Liabilities 133,503 115,078 116,572 120,342 112,661
Discontinued Operations -- -- 2,599 490,741 379,546
Total liabilities 1,460,877 1,421,783 1,394,064 1,958,119 2,033,752
Equity:
SEACOR Holdings Inc. stockholders' equity:
Preferred stock -- -- -- -- --
Common stock 372 370 369 367 366
Additional paid-in capital 1,358,273 1,347,909 1,340,875 1,330,324 1,277,751
Retained earnings 1,096,988 1,066,697 1,047,426 1,473,509 1,576,518
Shares held in treasury, at cost (1,088,219 ) (1,089,061 ) (1,089,064 ) (1,088,560 ) (997,541 )
Accumulated other comprehensive loss, net of tax (1,809 ) (4,243 ) (4,321 ) (1,986 ) (3,604 )
1,365,605 1,321,672 1,295,285 1,713,654 1,853,490
Noncontrolling interests in subsidiaries 25,242 24,878 26,138 29,021 29,994
Total equity 1,390,847 1,346,550 1,321,423 1,742,675 1,883,484
$ 2,851,724 $ 2,768,333 $ 2,715,487 $ 3,700,794 $ 3,917,236
SEACOR HOLDINGS INC.
FLEET COUNTS
(unaudited)
Sep. 30, 2013 Jun. 30, 2013 Mar. 31, 2013 Dec. 31, 2012 Sep. 30, 2012
Offshore Marine Services
Anchor handling towing supply 18 18 19 19 19
Crew 43 45 47 47 48
Mini-supply 8 8 9 9 9
Standby safety 25 25 25 25 25
Supply 26 26 26 26 25
Towing supply 3 3 3 3 3
Liftboats 15 17 20 20 20
Specialty 12 12 11 10 9
Wind farm utility 33 32 31 30 30
183 186 191 189 188
Inland River Services
Inland river dry-cargo barges 1,409 1,413 1,434 1,444 1,444
Inland river liquid tank barges 75 75 80 81 80
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
1,536 1,540 1,566 1,577 1,576
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 22 22 23
Ocean liquid tank barges 5 5 5 5 5
Foreign-flag:
Harbor tugs 4 4 4 4 4
Very large gas carriers 3 -- -- -- --
Short Sea Container/RORO 7 8 7 7 7
58 56 53 53 54
(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
Sep. 30, 2013 Jun. 30, 2013 Mar. 31, 2013 Dec. 31, 2012 Sep. 30, 2012
Rates Per Day Worked:
Anchor handling towing supply $ 29,008 $ 23,635 $ 26,683 $ 25,059 $ 22,794
Crew 8,553 7,719 7,664 7,231 7,267
Mini-supply 8,048 7,721 7,666 7,664 7,735
Standby safety 9,922 9,621 9,642 10,001 9,806
Supply 17,541 16,864 14,915 16,599 16,567
Towing supply 10,970 9,156 9,349 9,573 8,265
Specialty 37,121 24,822 12,950 20,635 26,195
Liftboats 25,001 22,062 18,573 20,673 19,830
Overall Average Rates Per Day Worked(excluding wind farm utility) 15,677 13,588 12,878 13,306 12,718
Wind farm utility 2,315 2,302 2,142 2,653 2,882
Overall Average Rates Per Day Worked 12,454 11,010 10,657 11,160 10,552
Utilization:
Anchor handling towing supply 75 % 74 % 74 % 63 % 57 %
Crew 88 % 90 % 91 % 91 % 94 %
Mini-supply 96 % 97 % 74 % 85 % 88 %
Standby safety 88 % 86 % 88 % 87 % 89 %
Supply 75 % 83 % 72 % 87 % 77 %
Towing supply 83 % 79 % 100 % 94 % 54 %
Specialty 58 % 54 % 25 % 57 % 59 %
Liftboats 82 % 69 % 64 % 80 % 82 %
Overall Fleet Utilization (excluding wind farm utility) 83 % 82 % 79 % 83 % 82 %
Wind farm utility 95 % 93 % 82 % 88 % 96 %
Overall Fleet Utilization 86 % 84 % 79 % 84 % 85 %
Available Days:
Anchor handling towing supply 1,564 1,547 1,530 1,632 1,564
Crew 2,844 3,057 3,060 3,220 3,233
Mini-supply 552 565 630 644 644
Standby safety 2,208 2,184 2,160 2,208 2,208
Supply 1,564 1,538 1,581 1,656 1,631
Towing supply 184 182 180 184 184
Specialty 327 364 360 329 276
Liftboats 1,543 1,614 1,620 1,656 1,656
Overall Fleet Available Days(excluding wind farm utility) 10,786 11,051 11,121 11,529 11,396
Wind farm utility 2,978 2,889 2,790 2,760 2,760
Overall Fleet Available Days 13,764 13,940 13,911 14,289 14,156

For additional information, contact:
Molly Hottinger
(954) 627-5278
www.seacorholdings.com

Source: SEACOR Holdings Inc.