SEACOR Holdings Announces Results for Its Second Quarter Ended June 30, 2014

FORT LAUDERDALE, FL -- (Marketwired) -- 07/31/14 -- SEACOR Holdings Inc. (NYSE: CKH) (the "Company") today announced its results for its second quarter ended June 30, 2014.

For the quarter ended June 30, 2014, net income attributable to SEACOR Holdings Inc. was $21.1 million, or $0.98 per diluted share. For the six months ended June 30, 2014, net income attributable to SEACOR Holdings Inc. was $32.6 million, or $1.58 per diluted share.

For the preceding quarter ended March 31, 2014, the Company reported net income attributable to SEACOR Holdings Inc. of $11.5 million, or $0.56 per diluted share. A comparison of results for the quarter ended June 30, 2014 with the preceding quarter ended March 31, 2014 is included in the "Highlights for the Quarter" discussion below.

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 loss attributable to SEACOR Holdings Inc. was $1.7 million, or $0.09 per diluted share, including income from continuing operations of $8.5 million, or $0.42 per diluted share.

Highlights for the Quarter

Offshore Marine Services - Operating revenues for the second quarter were $138.2 million compared with $129.0 million in the preceding quarter. Operating income in the second quarter was $18.1 million compared with $11.2 million in the preceding quarter, including gains on asset dispositions of $3.5 million in the second quarter and $7.7 million in the preceding quarter. This release includes a table presenting time charter operating data by vessel class.

In the U.S. Gulf of Mexico, operating revenues were $11.5 million higher in the second quarter. Time charter revenues for the Company's liftboat fleet were $7.1 million higher, primarily due to the seasonal improvement in utilization. During the second quarter, the number of out-of-service days attributable to the drydocking of liftboats was 101 compared with 349 in the preceding quarter, overall utilization was 80.2% compared with 60.2% in the preceding quarter, and average day rates increased from $22,219 per day to $23,017 per day. Time charter revenues for anchor handling towing supply vessels increased by $7.2 million, primarily due to increased utilization in support of platform supply activities and reduced drydocking activity. Time charter revenues for all other vessel classes were $3.5 million lower, primarily due to vessel dispositions and increased drydocking activity. On a total fleet basis, fleet utilization was 77.4% compared with 70.6% in the preceding quarter and average day rates increased from $17,010 per day to $19,736 per day. As of June 30, 2014, the Company had two vessels cold-stacked in the U.S. Gulf of Mexico.

In international regions, operating revenues were $2.3 million lower in the second quarter. Time charter revenues were $1.8 million lower, primarily due to the repositioning of three vessels into the U.S. Gulf of Mexico and increased drydocking activity partially offset by seasonally stronger market conditions for the Company's windfarm utility vessels and the commencement of a term charter in Asia. Excluding windfarm utility vessels, fleet utilization was 82.4% compared with 86.8% in the preceding quarter and average day rates decreased from $12,561 per day to $12,455 per day.

Administrative and general expenses were $1.7 million lower in the second quarter primarily due to a reduction in the provision for doubtful debts.

During the second quarter, the Company sold four offshore support vessels and other equipment for net proceeds of $50.5 million and gains of $14.5 million, of which $2.5 million was recognized currently and $12.0 million was deferred. In addition, the Company recognized previously deferred gains of $1.0 million. During the preceding quarter, the Company sold five offshore support vessels and other equipment for net proceeds of $10.2 million and gains of $7.7 million.

In the second quarter, the Company received net litigation settlement proceeds of $14.7 million from an equipment supplier relating to the May 2008 mechanical malfunction and fire onboard the SEACOR Sherman, an anchor handling towing supply vessel then under construction. Upon settlement of the litigation, the Company recognized a gain of $14.7 million included in other income (expense).

Inland River Services - Operating income was $0.4 million on operating revenues of $56.0 million in the second quarter compared with operating income of $7.4 million on operating revenues of $58.0 million in the preceding quarter.

Operating results from the dry-cargo barge pool were $5.4 million lower primarily due to lower rates, a seasonal reduction in activity levels and poor barge fleet logistics as a consequence of difficult operating conditions. Operating results for the 10,000 barrel liquid tank barge fleet were $0.6 million lower primarily due to the cost of U.S. Coast Guard inspections and related repair expenditures. Operating results for the liquid unit tow operation were $0.5 million lower primarily due to costs associated with placing two towboats into operation during the second quarter. Operating results for fleeting operations were $0.9 million lower primarily due to reduced activity as a result of flooding on the upper Mississippi.

During the second quarter, equity losses from 50% or less owned companies of $3.3 million were primarily due to continued intermediary operations following a structural failure of a terminal facility at the Port of Ibicuy, Argentina.

Shipping Services - Operating income was $13.0 million on operating revenues of $53.6 million in the second quarter compared with operating income of $11.8 million on operating revenues of $52.4 million in the preceding quarter.

The increase in operating income was primarily due to an increase in higher yield harbor traffic and lower leased-in equipment costs for harbor towing and bunkering and an improvement in cargo shipping demand for short-sea transportation.

Illinois Corn Processing - Segment profit was $13.5 million on operating revenues of $72.8 million in the second quarter compared with $10.8 million on operating revenues of $58.7 million in the preceding quarter. Operating results in both periods benefited from improved margins as corn prices declined and ethanol prices held firm due to increased export demand and rail delays.

Other - Segment loss was $9.0 million in the second quarter compared with a $3.9 million loss in the preceding quarter. The increase was primarily due to a $5.0 million provision for certain litigation matters related to the Deepwater Horizon oil spill.

Net Income attributable to Noncontrolling Interests in Subsidiaries - During the second quarter, the Company issued a 49% noncontrolling ownership interest in certain Company subsidiaries ("SEA-Vista") operating its fleet of seven U.S.-flag product tankers used for the U.S. coastwise trade of crude oil, petroleum and specialty chemical products as well as contracts for the construction of three U.S.-flag product tankers for $145.7 million, net of issuance costs. During the second quarter, the Company's net income attributable to noncontrolling interests in subsidiaries was primarily due to the noncontrolling interests' proportionate share in the consolidated earnings of Illinois Corn Processing and SEA-Vista.

Share Repurchases - During the quarter ended June 30, 2014, the Company purchased 493,032 shares of its common stock for an aggregate purchase price of $39.2 million. Subsequent to June 30, 2014 and through July 29, 2014, the Company purchased 321,377 shares of its common stock for an aggregate purchase price of $25.4 million. Effective at the close of business on July 31, 2014, the Board of Directors of the Company increased its authorization for repurchases of SEACOR's common stock for a total authorized expenditure of up to $150.0 million. The repurchase of securities may be conducted from time to time through open market purchases, privately negotiated transactions or otherwise depending on market conditions.

Capital Commitments - As of June 30, 2014, the Company's unfunded capital commitments were $412.8 million and included: $86.5 million for 13 offshore support vessels; $1.1 million for two inland river tank barges; $4.6 million for four inland river towboats; $230.2 million for three U.S.-flag product tankers; $78.4 million for one U.S.-flag articulated tug-barge; and $12.0 million for other equipment and improvements. These commitments are payable as follows: $99.7 million is payable during the remainder of 2014; $303.8 million is payable during 2015-2016; and $9.3 million is payable during 2017. This release includes a table detailing expected delivery by vessel class.

Liquidity and Debt - As of June 30, 2014, the Company's balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and Title XI reserve funds totaled $825.9 million and its total outstanding long-term debt was $873.9 million.

SEACOR and its subsidiaries are in the business of owning, operating, investing in and marketing equipment, primarily in the offshore oil and gas, shipping and logistics industries. SEACOR offers customers a diversified suite of services and equipment, including offshore marine, inland river storage and handling, distribution of petroleum, chemical and agricultural commodities, and shipping. SEACOR is dedicated to building innovative, modern, "next generation," efficient marine equipment while providing highly responsive service with the highest safety standards, and dedicated professional employees. SEACOR is publicly traded on the New York Stock Exchange (NYSE) under the symbol CKH.

Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as "anticipate," "estimate," "expect," "project," "intend," "believe," "plan," "target," "forecast" and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management's expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. These statements are not guarantees of future performance and actual events or results may differ significantly from these statements. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, including decreased demand and loss of revenues as a result of additional safety and certification requirements for drilling activities in the U.S. Gulf of Mexico and delayed approval of applications for such activities, the possibility of U.S. government implemented moratoriums directing operators to cease certain drilling activities in the U.S. Gulf of Mexico and any extension of such moratoriums (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 past 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 and economic sanctions, 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 on 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 potential for a material weakness in the Company's internal controls over financial reporting and the Company's ability to remediate such potential material weakness, 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 Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any).

SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except share data, unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2014 2013 2014 2013
Operating Revenues $ 328,224 $ 315,563 $ 638,241 $ 582,627
Costs and Expenses:
Operating 231,906 240,113 450,882 441,026
Administrative and general 34,686 34,718 72,763 70,363
Depreciation and amortization 33,220 33,783 66,612 67,331
299,812 308,614 590,257 578,720
Gains on Asset Dispositions and Impairments, Net 4,295 12,305 8,973 14,320
Operating Income 32,707 19,254 56,957 18,227
Other Income (Expense):
Interest income 6,030 3,218 10,073 6,385
Interest expense (10,458 ) (7,922 ) (21,861 ) (20,762 )
Marketable security gains, net 731 6,557 5,801 10,552
Derivative gains (losses), net 94 (825 ) (143 ) (2,932 )
Foreign currency gains (losses), net 1,720 (916 ) 1,521 (4,927 )
Other, net 10,213 195 6,558 198
8,330 307 1,949 (11,486 )
Income from Continuing Operations Before Income Tax Expense and Equity in Earnings (Losses) of 50% or Less Owned Companies 41,037 19,561 58,906 6,741
Income Tax Expense 13,000 7,975 19,375 5,322
Income from Continuing Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies 28,037 11,586 39,531 1,419
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax (512 ) 7,710 1,709 6,841
Income from Continuing Operations 27,525 19,296 41,240 8,260
Loss from Discontinued Operations, Net of Tax -- -- -- (10,325 )
Net Income (Loss) 27,525 19,296 41,240 (2,065 )
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries 6,458 25 8,664 (348 )
Net Income (Loss) attributable to SEACOR Holdings Inc. $ 21,067 $ 19,271 $ 32,576 $ (1,717 )
Net Income (Loss) attributable to SEACOR Holdings Inc.:
Continuing operations $ 21,067 $ 19,271 $ 32,576 $ 8,508
Discontinued operations -- -- -- (10,225 )
$ 21,067 $ 19,271 $ 32,576 $ (1,717 )
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
Continuing operations $ 1.05 $ 0.97 $ 1.62 $ 0.43
Discontinued operations -- -- -- (0.52 )
$ 1.05 $ 0.97 $ 1.62 $ (0.09 )
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
Continuing operations $ 0.98 $ 0.91 $ 1.58 $ 0.42
Discontinued operations -- -- -- (0.51 )
$ 0.98 $ 0.91 $ 1.58 $ (0.09 )
Weighted Average Common Shares Outstanding:
Basic 19,989,402 19,825,229 20,049,056 19,782,318
Diluted 24,584,494 24,392,312 24,665,869 20,114,904
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data, unaudited)
Three Months Ended
Jun. 30, 2014 Mar. 31, 2014 Dec. 31, 2013 Sep. 30, 2013 Jun. 30, 2013
Operating Revenues $ 328,224 $ 310,017 $ 327,861 $ 336,784 $ 315,563
Costs and Expenses:
Operating 231,906 218,976 228,305 239,540 240,113
Administrative and general 34,686 38,077 39,522 31,463 34,718
Depreciation and amortization 33,220 33,392 33,684 33,503 33,783
299,812 290,445 301,511 304,506 308,614
Gains on Asset Dispositions and Impairments, Net 4,295 4,678 3,957 19,230 12,305
Operating Income 32,707 24,250 30,307 51,508 19,254
Other Income (Expense):
Interest income 6,030 4,043 4,802 4,280 3,218
Interest expense (10,458 ) (11,403 ) (11,310 ) (10,520 ) (7,922 )
Marketable security gains (losses), net 731 5,070 (3,600 ) (1,149 ) 6,557
Derivative gains (losses), net 94 (237 ) (5,088 ) (303 ) (825 )
Foreign currency gains (losses), net 1,720 (199 ) (654 ) 2,230 (916 )
Other, net 10,213 (3,655 ) (89 ) 477 195
8,330 (6,381 ) (15,939 ) (4,985 ) 307
Income Before Income Tax Expense and Equity In Earnings (Losses) of 50% or Less Owned Companies 41,037 17,869 14,368 46,523 19,561
Income Tax Expense 13,000 6,375 5,441 15,984 7,975
Income Before Equity in Earnings (Losses) of 50% or Less Owned Companies 28,037 11,494 8,927 30,539 11,586
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax (512 ) 2,221 193 230 7,710
Net Income 27,525 13,715 9,120 30,769 19,296
Net Income attributable to Noncontrolling Interests in Subsidiaries 6,458 2,206 724 478 25
Net Income attributable to SEACOR Holdings Inc. $ 21,067 $ 11,509 $ 8,396 $ 30,291 $ 19,271
Basic Earnings Per Common Share of SEACOR Holdings Inc. $ 1.05 $ 0.57 $ 0.42 $ 1.52 $ 0.97
Diluted Earnings Per Common Share of SEACOR Holdings Inc. $ 0.98 $ 0.56 $ 0.41 $ 1.36 $ 0.91
Weighted Average Common Shares of Outstanding:
Basic 19,989 20,109 20,043 19,965 19,825
Diluted 24,584 20,546 20,530 24,602 24,392
Common Shares Outstanding at Period End 20,144 20,597 20,382 20,332 20,184
SEACOR HOLDINGS INC.
SEGMENT INFORMATION
(in thousands, unaudited)
Three Months Ended
Jun. 30, 2014 Mar. 31, 2014 Dec. 31, 2013 Sep. 30, 2013 Jun. 30, 2013
Offshore Marine Services
Operating Revenues $ 138,247 $ 129,001 $ 148,371 $ 156,198 $ 138,678
Costs and Expenses:
Operating 93,755 94,043 99,320 95,113 97,581
Administrative and general 13,426 15,160 17,085 14,132 14,235
Depreciation and amortization 16,448 16,304 16,207 16,470 16,460
123,629 125,507 132,612 125,715 128,276
Gains on Asset Dispositions 3,526 7,738 3,087 15,343 7,895
Operating Income 18,144 11,232 18,846 45,826 18,297
Other Income (Expense):
Derivative gains (losses), net (70 ) (61 ) (274 ) 32 175
Foreign currency gains (losses), net 1,322 107 (49 ) 1,937 (833 )
Other, net 14,739 -- (8 ) -- 11
Equity in Earnings of 50% or Less Owned Companies, Net of Tax 2,244 2,641 2,988 1,527 7,694
Segment Profit(1) $ 36,379 $ 13,919 $ 21,503 $ 49,322 $ 25,344
OIBDA(2) $ 34,592 $ 27,536 $ 35,053 $ 62,296 $ 34,757
Drydocking expenditures (included in operating costs and expenses) $ 10,887 $ 11,080 $ 11,899 $ 9,017 $ 14,804
Out-of-service days for drydockings 575 635 668 635 994
Inland River Services
Operating Revenues $ 56,007 $ 57,959 $ 65,437 $ 52,742 $ 47,357
Costs and Expenses:
Operating 45,047 39,674 42,472 38,473 35,193
Administrative and general 3,835 4,337 4,034 3,431 3,921
Depreciation and amortization 7,564 7,370 7,430 6,869 7,078
56,446 51,381 53,936 48,773 46,192
Gains on Asset Dispositions 810 853 779 783 4,296
Operating Income 371 7,431 12,280 4,752 5,461
Other Income (Expense):
Foreign currency gains (losses), net 474 (327 ) (160 ) (89 ) 219
Other, net -- (38 ) -- -- --
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax (3,335 ) (412 ) (5,320 ) 80 1
Segment Profit (Loss)(1) $ (2,490 ) $ 6,654 $ 6,800 $ 4,743 $ 5,681
OIBDA(2) $ 7,935 $ 14,801 $ 19,710 $ 11,621 $ 12,539
SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
Three Months Ended
Jun. 30, 2014 Mar. 31, 2014 Dec. 31, 2013 Sep. 30, 2013 Jun. 30, 2013
Shipping Services
Operating Revenues $ 53,575 $ 52,401 $ 51,405 $ 48,200 $ 48,103
Costs and Expenses:
Operating 28,018 26,997 32,900 28,215 29,554
Administrative and general 5,421 5,896 5,639 5,133 6,124
Depreciation and amortization 7,115 7,754 7,754 7,841 7,907
40,554 40,647 46,293 41,189 43,585
Gains (Losses) on Asset Dispositions (41 ) -- 91 3,104 114
Operating Income 12,980 11,754 5,203 10,115 4,632
Other Income (Expense):
Foreign currency gains (losses), net 1 (10 ) (5 ) 6 (8 )
Other, net 158 (3,933 ) 18 540 188
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 1,564 753 376 (1,413 ) (403 )
Segment Profit(1) $ 14,703 $ 8,564 $ 5,592 $ 9,248 $ 4,409
OIBDA(2) $ 20,095 $ 19,508 $ 12,957 $ 17,956 $ 12,539
Drydocking expenditures for U.S.-flag product tankers (included in operating costs and expenses) $ -- $ 42 $ 5,504 $ 664 $ 2,884
Out-of-service days for drydockings of U.S.-flag product tankers -- -- 26 5 34
Illinois Corn Processing
Operating Revenues $ 72,798 $ 58,656 $ 46,875 $ 52,580 $ 61,378
Costs and Expenses:
Operating 56,429 47,274 38,812 52,390 59,402
Administrative and general 594 511 465 428 477
Depreciation and amortization 1,010 990 1,330 1,489 1,489
58,033 48,775 40,607 54,307 61,368
Operating Income (Loss) 14,765 9,881 6,268 (1,727 ) 10
Other Income (Expense):
Derivative gains (losses), net (1,519 ) 718 (3,719 ) 1,129 473
Other, net 300 193 -- -- --
Segment Profit (Loss)(1) $ 13,546 $ 10,792 $ 2,549 $ (598 ) $ 483
SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
Three Months Ended
Jun. 30, 2014 Mar. 31, 2014 Dec. 31, 2013 Sep. 30, 2013 Jun. 30, 2013
Other
Operating Revenues $ 8,437 $ 12,992 $ 16,675 $ 27,881 $ 20,652
Costs and Expenses:
Operating 9,464 11,936 15,665 26,141 18,960
Administrative and general 3,449 3,111 1,888 1,429 1,323
Depreciation and amortization 82 85 91 92 96
12,995 15,132 17,644 27,662 20,379
Losses on Asset Dispositions and Impairments, Net -- (409 ) -- -- --
Operating Income (Loss) (4,558 ) (2,549 ) (969 ) 219 273
Other Income (Expense):
Derivative gains (losses), net 1,500 (733 ) 198 (380 ) (450 )
Foreign currency gains (losses), net 53 9 (21 ) 15 (169 )
Other, net (5,013 ) 175 (39 ) (3 ) --
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax (985 ) (761 ) 2,149 36 418
Segment Profit (Loss)(1) $ (9,003 ) $ (3,859 ) $ 1,318 $ (113 ) $ 72
Corporate and Eliminations
Operating Revenues $ (840 ) $ (992 ) $ (902 ) $ (817 ) $ (605 )
Costs and Expenses:
Operating (807 ) (948 ) (864 ) (792 ) (577 )
Administrative and general 7,961 9,062 10,411 6,910 8,638
Depreciation and amortization 1,001 889 872 742 753
8,155 9,003 10,419 6,860 8,814
Losses on Asset Dispositions and Impairments, Net -- (3,504 ) -- -- --
Operating Loss $ (8,995 ) $ (13,499 ) $ (11,321 ) $ (7,677 ) $ (9,419 )
Other Income (Expense):
Derivative gains (losses), net $ 183 $ (161 ) $ (1,293 ) $ (1,084 ) $ (1,023 )
Foreign currency gains (losses), net (130 ) 22 (419 ) 361 (125 )
Other, net 29 (52 ) (60 ) (60 ) (4 )

______________________

(1) Includes amounts attributable to both SEACOR and noncontrolling interests.
(2) Non-GAAP Financial Measure. The Company, from time to time, discloses and discusses OIBDA, a non-GAAP financial measure, for certain of its operating segments in its public releases and other filings with the Securities and Exchange Commission. The Company defines OIBDA as operating income (loss) plus depreciation and amortization. The Company's measure of OIBDA may not be comparable to similarly titled measures presented by other companies. Other companies may calculate OIBDA differently than the Company, which may limit its usefulness as a comparative measure. In addition, this measurement does not necessarily represent funds available for discretionary use and is not a measure of its ability to fund its cash needs. OIBDA is a financial metric used by management (i) as a supplemental internal measure for planning and forecasting overall expectations and for evaluating actual results against such expectations; (ii) as a criteria for annual incentive bonuses paid to the Company officers and other shore-based employees; and (iii) to compare to the OIBDA of other companies when evaluating potential acquisitions.
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
Jun. 30, 2014 Mar. 31, 2014 Dec. 31, 2013 Sep. 30, 2013 Jun. 30, 2013
ASSETS
Current Assets:
Cash and cash equivalents $ 453,415 $ 374,790 $ 527,435 $ 332,767 $ 394,783
Restricted cash 14,346 14,490 12,175 20,893 16,776
Marketable securities 33,275 29,522 24,292 25,660 27,264
Receivables:
Trade, net of allowance for doubtful accounts 198,768 203,785 215,768 211,853 188,128
Other 50,571 41,292 48,181 39,774 37,204
Inventories 20,207 24,962 27,615 25,442 22,955
Deferred income taxes 116 116 116 3,530 3,530
Prepaid expenses and other 12,837 8,292 6,701 10,746 11,715
Total current assets 783,535 697,249 862,283 670,665 702,355
Property and Equipment:
Historical cost 2,216,627 2,224,212 2,199,183 2,208,315 2,212,929
Accumulated depreciation (888,442 ) (894,511 ) (866,330 ) (835,604 ) (806,672 )
1,328,185 1,329,701 1,332,853 1,372,711 1,406,257
Construction in progress 297,523 325,529 143,482 129,481 133,985
Net property and equipment 1,625,708 1,655,230 1,476,335 1,502,192 1,540,242
Investments, at Equity, and Advances to 50% or Less Owned Companies 484,164 456,446 440,853 365,891 293,793
Construction Reserve Funds & Title XI Reserve Funds 324,856 264,339 261,739 229,021 150,375
Goodwill 18,012 17,963 17,985 17,978 17,978
Intangible Assets, Net 10,754 11,567 12,423 13,583 14,594
Other Assets 48,964 42,241 44,615 52,394 48,996
$ 3,295,993 $ 3,145,035 $ 3,116,233 $ 2,851,724 $ 2,768,333
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of long-term debt $ 43,557 $ 49,171 $ 45,323 $ 26,973 $ 25,109
Accounts payable and accrued expenses 87,235 83,296 85,477 73,063 73,185
Other current liabilities 119,501 132,190 123,619 124,788 122,434
Total current liabilities 250,293 264,657 254,419 224,824 220,728
Long-Term Debt 830,303 830,887 834,118 675,206 674,444
Deferred Income Taxes 456,403 456,883 457,827 437,436 421,623
Deferred Gains and Other Liabilities 175,229 145,483 144,441 133,525 115,102
Total liabilities 1,712,228 1,697,910 1,690,805 1,470,991 1,431,897
Equity:
SEACOR Holdings Inc. stockholders' equity:
Preferred stock -- -- -- -- --
Common stock 375 374 372 372 370
Additional paid-in capital 1,479,942 1,401,294 1,394,621 1,358,273 1,347,909
Retained earnings 1,127,846 1,106,779 1,095,270 1,086,874 1,056,583
Shares held in treasury, at cost (1,126,322 ) (1,087,101 ) (1,088,219 ) (1,088,219 ) (1,089,061 )
Accumulated other comprehensive income (loss), net of tax 225 (929 ) (1,192 ) (1,809 ) (4,243 )
1,482,066 1,420,417 1,400,852 1,355,491 1,311,558
Noncontrolling interests in subsidiaries 101,699 26,708 24,576 25,242 24,878
Total equity 1,583,765 1,447,125 1,425,428 1,380,733 1,336,436
$ 3,295,993 $ 3,145,035 $ 3,116,233 $ 2,851,724 $ 2,768,333
SEACOR HOLDINGS INC.
FLEET COUNTS
(unaudited)
Jun. 30, 2014 Mar. 31, 2014 Dec. 31, 2013 Sep. 30, 2013 Jun. 30, 2013
Offshore Marine Services
Anchor handling towing supply 18 18 18 18 18
Crew 38 39 42 43 45
Mini-supply 7 8 8 8 8
Standby safety 25 25 25 25 25
Supply 27 26 27 26 26
Towing supply 3 3 3 3 3
Specialty 9 9 12 12 12
Liftboats 15 15 15 15 17
Wind farm utility 35 34 34 33 32
177 177 184 183 186
Inland River Services
Dry-cargo barges 1,463 1,415 1,405 1,409 1,413
Liquid tank barges 74 74 74 75 75
Deck barges 20 20 20 20 20
Towboats 32 32 32 31 31
Dry-cargo vessel -- -- 1 1 1
1,589 1,541 1,532 1,536 1,540
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 24 24
Ocean liquid tank barges 5 5 5 5 5
Foreign-flag:
Harbor tugs 4 4 4 4 4
Very large gas carriers 3 3 3 3 --
Short-sea container/RORO 7 8 8 7 8
58 59 59 58 56

______________________

(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
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Total
Offshore Marine Services
Crew 1 2 -- 1 2 2 1 -- -- -- -- -- 9
Supply(1) 1 -- -- 1 -- -- -- -- -- -- -- -- 2
Wind farm utility -- 1 -- 1 -- -- -- -- -- -- -- -- 2
Inland River Services
Liquid tank barges -- 1 1 -- -- -- -- -- -- -- -- -- 2
Towboats -- 2 1 1 -- -- -- -- -- -- -- -- 4
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
Jun. 30, 2014 Mar. 31, 2014 Dec. 31, 2013 Sep. 30, 2013 Jun. 30, 2013
Rates Per Day Worked:
Anchor handling towing supply $ 25,796 $ 24,841 $ 26,773 $ 29,008 $ 23,635
Crew 9,222 8,664 8,627 8,553 7,719
Mini-supply 6,627 7,148 7,805 8,048 7,721
Standby safety 10,932 10,679 10,584 9,922 9,621
Supply 16,948 17,156 16,906 17,541 16,864
Towing supply 9,339 10,128 8,744 10,970 9,156
Specialty 26,860 19,200 31,856 37,121 24,822
Liftboats 23,017 22,219 26,072 25,001 22,062
Overall Average Rates Per Day Worked(excluding wind farm utility) 15,470 14,324 15,355 15,677 13,588
Wind farm utility 2,553 2,423 2,427 2,315 2,302
Overall Average Rates Per Day Worked 12,259 11,659 12,279 12,454 11,010
Utilization:
Anchor handling towing supply 83 % 77 % 74 % 75 % 74 %
Crew 75 % 81 % 84 % 88 % 90 %
Mini-supply 81 % 92 % 94 % 96 % 97 %
Standby safety 88 % 88 % 88 % 88 % 86 %
Supply 82 % 86 % 82 % 75 % 83 %
Towing supply 74 % 92 % 84 % 83 % 79 %
Specialty 52 % 47 % 81 % 58 % 54 %
Liftboats 80 % 60 % 73 % 82 % 69 %
Overall Fleet Utilization (excluding wind farm utility) 80 % 80 % 82 % 83 % 82 %
Wind farm utility 91 % 81 % 90 % 95 % 93 %
Overall Fleet Utilization 83 % 80 % 84 % 86 % 84 %
Available Days:
Anchor handling towing supply 1,547 1,530 1,564 1,564 1,547
Crew 2,533 2,605 2,740 2,844 3,057
Mini-supply 479 540 552 552 565
Standby safety 2,184 2,160 2,208 2,208 2,184
Supply 1,407 1,530 1,564 1,564 1,538
Towing supply 182 180 184 184 182
Specialty 273 270 276 327 364
Liftboats 1,365 1,350 1,380 1,543 1,614
Overall Fleet Available Days(excluding wind farm utility) 9,970 10,165 10,468 10,786 11,051
Wind farm utility 2,912 2,863 2,959 2,978 2,889
Overall Fleet Available Days 12,882 13,028 13,427 13,764 13,940

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

Source: SEACOR Holdings Inc.