SEACOR Holdings Announces Results for Its Year and Fourth Quarter Ended December 31, 2014

FORT LAUDERDALE, FL -- (Marketwired) -- 02/26/15 -- SEACOR Holdings Inc. (NYSE: CKH) (the "Company") today announced its results for its fourth quarter ended December 31, 2014.

For the quarter ended December 31, 2014, net income attributable to SEACOR Holdings Inc. was $40.1 million, or $1.85 per diluted share. For the year ended December 31, 2014, net income attributable to SEACOR Holdings Inc. was $100.1 million, or $4.71 per diluted share.

For the preceding quarter ended September 30, 2014, net income attributable to SEACOR Holdings Inc. was $27.5 million, or $1.28 per diluted share. A comparison of results for the quarter ended December 31, 2014 with the preceding quarter ended September 30, 2014 is included in the "Highlights for the Quarter" discussion below.

For the quarter ended December 31, 2013, net income attributable to SEACOR Holdings Inc. was $8.4 million, or $0.41 per diluted share. For the year ended December 31, 2013, income from continuing operations attributable to SEACOR Holdings Inc. was $47.2 million, or $2.32 per diluted share.

Highlights for the Quarter

Offshore Marine Services - Operating income was $22.2 million on operating revenues of $127.5 million in the fourth quarter compared with operating income of $16.9 million on operating revenues of $135.2 million in the preceding quarter. This release includes a table presenting time charter operating data by vessel class.

During the fourth quarter, the Company sold and leased back two offshore support vessels and sold other equipment for net proceeds of $63.2 million and gains of $9.5 million, of which $0.1 million was recognized currently and $9.4 million was deferred. In addition, the Company recognized previously deferred gains of $12.0 million. During the preceding quarter, the Company sold three offshore support vessels and other equipment for net proceeds of $53.4 million and gains of $16.6 million, of which $3.2 million was recognized currently and $13.4 million was deferred.

Offshore market conditions deteriorated during the fourth quarter and have continued to deteriorate through the date hereof. Day rates and utilization of the Company's offshore support vessel fleet have been subjected to downward pressure as offshore drilling and associated activity has declined in response to lower oil prices and as newly built offshore support vessels have been delivered to the industry-wide fleet. In response, the Company has returned seven leased vessels to their owners during the third and fourth quarters.

In the U.S. Gulf of Mexico, operating income excluding gains on asset dispositions was $3.0 million lower in the fourth quarter. Time charter revenues were $9.6 million lower for all vessel classes primarily due to weak market conditions, the repositioning of four vessels to other geographic regions during the preceding quarter, the return of five leased vessels to their owners during the fourth quarter and the seasonal downturn for the liftboat fleet. Costs and expenses were $6.7 million lower primarily due to the reduced fleet size in the region and lower drydocking costs. Fleet utilization was 62.3% compared with 68.9% in the preceding quarter, and average day rates increased from $20,192 per day to $20,313 per day. As of December 31, 2014, the Company had one vessel cold-stacked in the U.S Gulf of Mexico compared with two vessels as of September 30, 2014.

In international regions, operating income excluding gains on asset dispositions was $0.5 million lower in the fourth quarter. Higher drydocking costs were partially offset by an increase in operating results for two vessels repositioned from the U.S. Gulf of Mexico during the preceding quarter. Operating results in the fourth quarter were supported by positive contract coverage offsetting weak market conditions. Excluding windfarm utility vessels, fleet utilization was 82.2% compared with 81.8% in the preceding quarter, and average day rates decreased from $13,463 per day to $13,350 per day.

Inland River Services - Operating income was $23.7 million on operating revenues of $79.3 million in the fourth quarter compared with operating income of $31.1 million on operating revenues of $59.9 million in the preceding quarter.

During the preceding quarter, the Company sold 60 barges and three inland river towboats for net proceeds of $44.5 million and gains of $25.6 million. In addition, the Company recognized previously deferred gains of $0.8 million.

Operating income excluding gains on asset dispositions was $17.6 million higher in the fourth quarter for the dry-cargo barge pools primarily due to higher activity levels as a result of the seasonal harvest, high rates and ideal river operating conditions that allowed for high utilization and was $1.2 million higher in the fourth quarter for the 10,000 barrel liquid tank barge operations primarily due to U.S. Coast Guard inspections and the related repair expenditures in the preceding quarter.

Foreign currency losses, net of $3.0 million in the fourth quarter were primarily due to the strengthening of the U.S. dollar versus the Colombian peso.

Equity in earnings of 50% or less owned companies during the fourth quarter was primarily due to the receipt of a termination payment following a customer's cancellation of four long-term time charter contracts in the Company's joint venture operating on the Parana-Paraguay River Waterway.

Shipping Services - Operating income was $14.1 million on operating revenues of $56.7 million in the fourth quarter compared with operating income of $10.0 million on operating revenues of $51.7 million in the preceding quarter.

Operating revenues were $5.0 million higher in the fourth quarter primarily due to higher charter rates for two of the Company's U.S.-flag product tankers, higher port traffic, the placement of an additional tug on bareboat charter and higher short-sea cargo shipping demand.

Illinois Corn Processing - Segment profit was $9.5 million on operating revenues of $51.0 million in the fourth quarter compared with $5.2 million on operating revenues of $53.8 million in the preceding quarter. During the preceding quarter, operating expenses were higher as a result of a temporary unplanned plant shutdown.

Other - Segment loss was $6.3 million in the fourth quarter compared with segment profit of $0.5 million in the preceding quarter. The segment loss in the fourth quarter was primarily due to the impairment of one of the Company's 50% or less owned companies, restructuring costs and reduced activity levels for emergency and crisis services, and costs incurred to develop new service products.

Corporate and Eliminations - Administrative and general expenses were $5.5 million lower in the fourth quarter primarily due to separation payments and the acceleration of share awards following the retirement of certain executives in the preceding quarter.

Marketable Securities - Marketable security gains, net of $13.3 million in the fourth quarter are primarily due to unrealized gains on long marketable security positions.

Share Repurchases - During the quarter ended December 31, 2014, the Company purchased 948,620 shares of its common stock for an aggregate purchase price of $70.2 million.

Capital Commitments - As of December 31, 2014, the Company's unfunded capital commitments were $490.7 million and included: $184.4 million for 18 offshore support vessels; $1.6 million for two inland river 30,000 barrel liquid tank barges; $3.2 million for four inland river towboats; $230.1 million for three U.S.-flag product tankers; $56.3 million for one U.S.-flag articulated tug-barge; and $15.1 million for other equipment and improvements. These commitments are payable as follows: $247.3 million is payable during 2015; $204.0 million is payable during 2016; $34.0 million is payable during 2017; and $5.4 million is payable during 2018. This release includes a table detailing expected delivery by vessel class. Subsequent to December 31, 2014, the Company committed to purchase eight inland river 10,000 barrel liquid tank barges and other equipment for $15.1 million.

Liquidity and Debt - As of December 31, 2014, the Company's balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and Title XI reserve funds totaled $786.6 million and its total outstanding long-term debt was $882.9 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 a decline in the price of oil and an oversupply of newly built offshore support vessels, additional safety and certification requirements for drilling activities in the U.S. Gulf of Mexico and delayed approval of applications for such activities, the possibility of U.S. government implemented moratoriums directing operators to cease certain drilling activities in the U.S. Gulf of Mexico and any extension of such moratoriums (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 a decline in the price of oil, an oversupply of newly built offshore support vessels and 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 and economic sanctions, the dependence of Offshore Marine Services, Inland River Services, Shipping Services and Illinois Corn Processing 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, the effect of the spread between the input costs of corn and natural gas compared with the price of alcohol and distillers grains on Illinois Corn Processing's operations, adequacy of insurance coverage, the 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
(in thousands, except share data, unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
2014 2013 2014 2013
Operating Revenues $ 342,217 $ 327,861 $ 1,319,394 $ 1,247,272
Costs and Expenses:
Operating 220,814 228,305 909,372 908,871
Administrative and general 45,520 39,522 164,938 141,348
Depreciation and amortization 31,603 33,684 131,819 134,518
297,937 301,511 1,206,129 1,184,737
Gains on Asset Dispositions and Impairments, Net 13,136 3,957 51,978 37,507
Operating Income 57,416 30,307 165,243 100,042
Other Income (Expense):
Interest income 5,126 4,802 19,662 15,467
Interest expense (10,647 ) (11,310 ) (43,632 ) (42,592 )
Marketable security gains (losses), net 13,266 (3,600 ) 28,760 5,803
Derivative losses, net (1,221 ) (5,088 ) (3,902 ) (8,323 )
Foreign currency losses, net (4,797 ) (654 ) (6,335 ) (3,351 )
Other, net (3,230 ) (89 ) 3,439 586
(1,503 ) (15,939 ) (2,008 ) (32,410 )
Income from Continuing Operations Before Income Tax Expense and Equity in Earnings of 50% or Less Owned Companies 55,913 14,368 163,235 67,632
Income Tax Expense 20,212 5,441 55,197 26,747
Income from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies 35,701 8,927 108,038 40,885
Equity in Earnings of 50% or Less Owned Companies, Net of Tax 13,628 193 16,309 7,264
Income from Continuing Operations 49,329 9,120 124,347 48,149
Loss from Discontinued Operations, Net of Tax -- -- -- (10,325 )
Net Income 49,329 9,120 124,347 37,824
Net Income attributable to Noncontrolling Interests in Subsidiaries 9,236 724 24,215 854
Net Income attributable to SEACOR Holdings Inc. $ 40,093 $ 8,396 $ 100,132 $ 36,970
Net Income (Loss) attributable to SEACOR Holdings Inc.:
Continuing operations $ 40,093 $ 8,396 $ 100,132 $ 47,195
Discontinued operations -- -- -- (10,225 )
$ 40,093 $ 8,396 $ 100,132 $ 36,970
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
Continuing operations $ 2.22 $ 0.42 $ 5.18 $ 2.37
Discontinued operations -- -- -- (0.51 )
$ 2.22 $ 0.42 $ 5.18 $ 1.86
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
Continuing operations $ 1.85 $ 0.41 $ 4.71 $ 2.32
Discontinued operations -- -- -- (0.50 )
$ 1.85 $ 0.41 $ 4.71 $ 1.82
Weighted Average Common Shares Outstanding:
Basic 18,074,129 20,042,846 19,336,280 19,893,954
Diluted 24,502,723 20,530,165 25,765,325 20,293,287
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data, unaudited)
Three Months Ended
Dec. 31, 2014 Sep. 30, 2014 Jun. 30, 2014 Mar. 31, 2014 Dec. 31, 2013
Operating Revenues $ 342,217 $ 338,936 $ 328,224 $ 310,017 $ 327,861
Costs and Expenses:
Operating 220,814 237,676 231,906 218,976 228,305
Administrative and general 45,520 46,655 34,686 38,077 39,522
Depreciation and amortization 31,603 33,604 33,220 33,392 33,684
297,937 317,935 299,812 290,445 301,511
Gains on Asset Dispositions and Impairments, Net 13,136 29,869 4,295 4,678 3,957
Operating Income 57,416 50,870 32,707 24,250 30,307
Other Income (Expense):
Interest income 5,126 4,463 6,030 4,043 4,802
Interest expense (10,647 ) (11,124 ) (10,458 ) (11,403 ) (11,310 )
Marketable security gains (losses), net 13,266 9,693 731 5,070 (3,600 )
Derivative gains (losses), net (1,221 ) (2,538 ) 94 (237 ) (5,088 )
Foreign currency gains (losses), net (4,797 ) (3,059 ) 1,720 (199 ) (654 )
Other, net (3,230 ) 111 10,213 (3,655 ) (89 )
(1,503 ) (2,454 ) 8,330 (6,381 ) (15,939 )
Income Before Income Tax Expense and Equity In Earnings (Losses) of 50% or Less Owned Companies 55,913 48,416 41,037 17,869 14,368
Income Tax Expense 20,212 15,610 13,000 6,375 5,441
Income Before Equity in Earnings (Losses) of 50% or Less Owned Companies 35,701 32,806 28,037 11,494 8,927
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 13,628 972 (512 ) 2,221 193
Net Income 49,329 33,778 27,525 13,715 9,120
Net Income attributable to Noncontrolling Interests in Subsidiaries 9,236 6,315 6,458 2,206 724
Net Income attributable to SEACOR Holdings Inc. $ 40,093 $ 27,463 $ 21,067 $ 11,509 $ 8,396
Basic Earnings Per Common Share of SEACOR Holdings Inc. $ 2.22 $ 1.43 $ 1.05 $ 0.57 $ 0.42
Diluted Earnings Per Common Share of SEACOR Holdings Inc. $ 1.85 $ 1.28 $ 0.98 $ 0.56 $ 0.41
Weighted Average Common Shares of Outstanding:
Basic 18,074 19,196 19,989 20,109 20,043
Diluted 24,503 25,628 24,584 20,546 20,530
Common Shares Outstanding at Period End 18,140 19,044 20,144 20,597 20,382
SEACOR HOLDINGS INC.
SEGMENT INFORMATION
(in thousands, unaudited)
Three Months Ended
Dec. 31, 2014 Sep. 30, 2014 Jun. 30, 2014 Mar. 31, 2014 Dec. 31, 2013
Offshore Marine Services
Operating Revenues $ 127,518 $ 135,178 $ 138,247 $ 129,001 $ 148,371
Costs and Expenses:
Operating 86,558 90,736 93,755 94,043 99,320
Administrative and general 15,253 14,514 13,426 15,160 17,085
Depreciation and amortization 15,594 16,269 16,448 16,304 16,207
117,405 121,519 123,629 125,507 132,612
Gains on Asset Dispositions 12,062 3,219 3,526 7,738 3,087
Operating Income 22,175 16,878 18,144 11,232 18,846
Other Income (Expense):
Derivative losses, net (7 ) (33 ) (70 ) (61 ) (274 )
Foreign currency gains (losses), net (934 ) (1,870 ) 1,322 107 (49 )
Other, net (68 ) - 14,739 - (8 )
Equity in Earnings of 50% or Less Owned Companies, Net of Tax 3,054 2,529 2,244 2,641 2,988
Segment Profit(1) $ 24,220 $ 17,504 $ 36,379 $ 13,919 $ 21,503
OIBDA(2) $ 37,769 $ 33,147 $ 34,592 $ 27,536 $ 35,053
Drydocking expenditures (included in operating costs and expenses) $ 9,052 $ 7,606 $ 10,887 $ 11,080 $ 11,899
Out-of-service days for drydockings 326 357 575 635 668
Inland River Services
Operating Revenues $ 79,252 $ 59,932 $ 56,007 $ 57,959 $ 65,437
Costs and Expenses:
Operating 46,250 43,947 45,047 39,674 42,472
Administrative and general 4,245 3,520 3,835 4,337 4,034
Depreciation and amortization 6,660 7,841 7,564 7,370 7,430
57,155 55,308 56,446 51,381 53,936
Gains on Asset Dispositions 1,565 26,429 810 853 779
Operating Income 23,662 31,053 371 7,431 12,280
Other Income (Expense):
Foreign currency gains (losses), net (3,032 ) (450 ) 474 (327 ) (160 )
Other, net - - - (38 ) -
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 10,515 (95 ) (3,335 ) (412 ) (5,320 )
Segment Profit (Loss)(1) $ 31,145 $ 30,508 $ (2,490 ) $ 6,654 $ 6,800
OIBDA(2) $ 30,322 $ 38,894 $ 7,935 $ 14,801 $ 19,710
SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
Three Months Ended
Dec. 31, 2014 Sep. 30, 2014 Jun. 30, 2014 Mar. 31, 2014 Dec. 31, 2013
Shipping Services
Operating Revenues $ 56,681 $ 51,659 $ 53,575 $ 52,401 $ 51,405
Costs and Expenses:
Operating 28,688 29,068 28,018 26,997 32,900
Administrative and general 7,318 5,883 5,421 5,896 5,639
Depreciation and amortization 6,821 6,730 7,115 7,754 7,754
42,827 41,681 40,554 40,647 46,293
Gains (Losses) on Asset Dispositions 202 (2 ) (41 ) - 91
Operating Income 14,056 9,976 12,980 11,754 5,203
Other Income (Expense):
Foreign currency gains (losses), net (4 ) (27 ) 1 (10 ) (5 )
Other, net 22 123 158 (3,933 ) 18
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax (790 ) (2,188 ) 1,564 753 376
Segment Profit(1) $ 13,284 $ 7,884 $ 14,703 $ 8,564 $ 5,592
OIBDA(2) $ 20,877 $ 16,706 $ 20,095 $ 19,508 $ 12,957
Drydocking expenditures for U.S.-flag product tankers (included in operating costs and expenses) $ - $ - $ - $ 42 $ 5,504
Out-of-service days for drydockings of U.S.-flag product tankers - - - - 26
Illinois Corn Processing
Operating Revenues $ 51,026 $ 53,813 $ 72,798 $ 58,656 $ 46,875
Costs and Expenses:
Operating 39,685 44,461 56,429 47,274 38,812
Administrative and general 609 463 594 511 465
Depreciation and amortization 1,064 1,055 1,010 990 1,330
41,358 45,979 58,033 48,775 40,607
Operating Income 9,668 7,834 14,765 9,881 6,268
Other Income (Expense):
Derivative gains (losses), net (302 ) (2,674 ) (1,519 ) 718 (3,719 )
Other, net 167 - 300 193 -
Segment Profit(1) $ 9,533 $ 5,160 $ 13,546 $ 10,792 $ 2,549
SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
Three Months Ended
Dec. 31, 2014 Sep. 30, 2014 Jun. 30, 2014 Mar. 31, 2014 Dec. 31, 2013
Other
Operating Revenues $ 29,283 $ 39,024 $ 8,437 $ 12,992 $ 16,675
Costs and Expenses:
Operating 21,145 30,099 9,464 11,936 15,665
Administrative and general 9,948 8,629 3,449 3,111 1,888
Depreciation and amortization 513 649 82 85 91
31,606 39,377 12,995 15,132 17,644
Losses on Asset Dispositions and Impairments, Net (668 ) - - (409 ) -
Operating Loss (2,991 ) (353 ) (4,558 ) (2,549 ) (969 )
Other Income (Expense):
Derivative gains (losses), net (702 ) 205 1,500 (733 ) 198
Foreign currency gains (losses), net (96 ) (121 ) 53 9 (21 )
Other, net (3,357 ) 42 (5,013 ) 175 (39 )
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 849 726 (985 ) (761 ) 2,149
Segment Profit (Loss)(1) $ (6,297 ) $ 499 $ (9,003 ) $ (3,859 ) $ 1,318
Corporate and Eliminations
Operating Revenues $ (1,543 ) $ (670 ) $ (840 ) $ (992 ) $ (902 )
Costs and Expenses:
Operating (1,512 ) (635 ) (807 ) (948 ) (864 )
Administrative and general 8,147 13,646 7,961 9,062 10,411
Depreciation and amortization 951 1,060 1,001 889 872
7,586 14,071 8,155 9,003 10,419
Gains (Losses) on Asset Dispositions and Impairments, Net (25 ) 223 - (3,504 ) -
Operating Loss $ (9,154 ) $ (14,518 ) $ (8,995 ) $ (13,499 ) $ (11,321 )
Other Income (Expense):
Derivative gains (losses), net $ (210 ) $ (36 ) $ 183 $ (161 ) $ (1,293 )
Foreign currency gains (losses), net (731 ) (591 ) (130 ) 22 (419 )
Other, net 6 (54 ) 29 (52 ) (60 )
(1) Includes amounts attributable to both SEACOR and noncontrolling interests.
(2) Non-GAAP Financial Measure.The Company, from time to time, discloses and discusses OIBDA, a non-GAAP financial measure, for certain of its operating segments in its public releases and other filings with the Securities and Exchange Commission. The Company defines OIBDA as operating income (loss) for the applicable segment plus depreciation and amortization. The Company's measure of OIBDA may not be comparable to similarly titled measures presented by other companies. Other companies may calculate OIBDA differently than the Company, which may limit its usefulness as a comparative measure. In addition, this measurement does not necessarily represent funds available for discretionary use and is not a measure of 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)
Dec. 31, 2014 Sep. 30, 2014 Jun. 30, 2014 Mar. 31, 2014 Dec. 31, 2013
ASSETS
Current Assets:
Cash and cash equivalents $ 434,183 $ 449,632 $ 453,415 $ 374,790 $ 527,435
Restricted cash 16,435 13,656 14,346 14,490 12,175
Marketable securities 58,004 43,286 33,275 29,522 24,292
Receivables:
Trade, net of allowance for doubtful accounts 225,242 215,191 198,768 203,785 215,768
Other 67,745 57,621 50,571 41,292 48,181
Inventories 22,783 20,896 20,207 24,962 27,615
Deferred income taxes - 116 116 116 116
Prepaid expenses and other 9,011 11,431 12,837 8,292 6,701
Total current assets 833,403 811,829 783,535 697,249 862,283
Property and Equipment:
Historical cost 2,086,957 2,166,509 2,216,627 2,224,212 2,199,183
Accumulated depreciation (902,284 ) (889,993 ) (888,442 ) (894,511 ) (866,330 )
1,184,673 1,276,516 1,328,185 1,329,701 1,332,853
Construction in progress 318,000 284,362 297,523 325,529 143,482
Net property and equipment 1,502,673 1,560,878 1,625,708 1,655,230 1,476,335
Investments, at Equity, and Advances to 50% or Less Owned Companies 484,157 444,826 484,164 456,446 440,853
Construction Reserve Funds & Title XI Reserve Funds 278,022 321,278 324,856 264,339 261,739
Goodwill 62,759 62,904 18,012 17,963 17,985
Intangible Assets, Net 32,727 34,306 10,754 11,567 12,423
Other Assets 51,292 55,049 48,964 42,241 44,615
$ 3,245,033 $ 3,291,070 $ 3,295,993 $ 3,145,035 $ 3,116,233
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of long-term debt $ 48,499 $ 50,785 $ 43,557 $ 49,171 $ 45,323
Accounts payable and accrued expenses 103,760 90,704 87,235 83,296 85,477
Other current liabilities 119,694 139,999 119,501 132,190 123,619
Total current liabilities 271,953 281,488 250,293 264,657 254,419
Long-Term Debt 834,383 831,163 830,303 830,887 834,118
Deferred Income Taxes 432,546 459,039 456,403 456,883 457,827
Deferred Gains and Other Liabilities 188,664 185,950 175,229 145,483 144,441
Total liabilities 1,727,546 1,757,640 1,712,228 1,697,910 1,690,805
Equity:
SEACOR Holdings Inc. stockholders' equity:
Preferred stock - - - - -
Common stock 375 375 375 374 372
Additional paid-in capital 1,490,698 1,485,342 1,479,942 1,401,294 1,394,621
Retained earnings 1,195,402 1,155,309 1,127,846 1,106,779 1,095,270
Shares held in treasury, at cost (1,283,476 ) (1,213,267 ) (1,126,322 ) (1,087,101 ) (1,088,219 )
Accumulated other comprehensive income (loss), net of tax (3,505 ) (1,891 ) 225 (929 ) (1,192 )
1,399,494 1,425,868 1,482,066 1,420,417 1,400,852
Noncontrolling interests in subsidiaries 117,993 107,562 101,699 26,708 24,576
Total equity 1,517,487 1,533,430 1,583,765 1,447,125 1,425,428
$ 3,245,033 $ 3,291,070 $ 3,295,993 $ 3,145,035 $ 3,116,233
SEACOR HOLDINGS INC.
FLEET COUNTS
(unaudited)
Dec. 31, 2014 Sep. 30, 2014 Jun. 30, 2014 Mar. 31, 2014 Dec. 31, 2013
Offshore Marine Services
Anchor handling towing supply 18 18 18 18 18
Fast support 35 38 38 39 42
Mini-supply 7 7 7 8 8
Standby safety 25 25 25 25 25
Supply 25 27 27 26 27
Towing supply 3 3 3 3 3
Specialty 9 9 9 9 12
Liftboats 15 15 15 15 15
Wind farm utility 36 35 35 34 34
173 177 177 177 184
Inland River Services
Dry-cargo barges 1,455 1,456 1,463 1,415 1,405
Liquid tank barges:
10,000 barrel 49 45 45 45 45
30,000 barrel 29 29 29 29 29
Deck barges 20 20 20 20 20
Towboats:
4,000 hp - 6,250 hp 17 16 16 17 17
3,300 hp - 3,900 hp - 1 1 1 1
Less than 3,200 hp 14 15 15 14 14
Dry-cargo vessel - - - - 1
1,584 1,582 1,589 1,541 1,532
Shipping Services(1)
Petroleum and Gas Transportation:
Product tankers - U.S.-flag 7 7 7 7 7
Very large gas carriers - foreign-flag 5 5 3 3 3
Harbor Towing and Bunkering:
Harbor tugs - U.S.-flag 24 24 24 24 24
Harbor tugs - Foreign-flag 4 4 4 4 4
Offshore tugs - Foreign-flag 1 - - - -
Ocean liquid tank barges - U.S.-flag 5 5 5 5 5
Liner and Short-sea Transportation:
RORO/deck barges - U.S.-flag 7 7 7 7 7
Short-sea container/RORO - Foreign-flag 7 8 7 8 8
Other:
Dry-bulk articulated tug-barge - U.S.-flag 1 1 1 1 1
61 61 58 59 59
(1) For each of the periods presented, the Company provided technical management services for two additional vessels.
SEACOR HOLDINGS INC.
EXPECTED FLEET DELIVERIES
(unaudited)
2015 2016 2017 2018
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Total
Offshore Marine Services
Fast support 1 1 - 1 2 - 1 2 - - - - - 8
Supply(1) 1 - - 1 - 1 - - 1 - - - 1 5
Liftboats(2) - - - - - 2 - - - - - - - 2
Wind farm utility 1 2 - - - - - - - - - - - 3
Inland River Services
Liquid tank barges - 30,000 barrel 1 1 - - - - - - - - - - - 2
Towboats 2 2 - - - - - - - - - - - 4
Shipping Services
Product tankers - U.S.-flag - - - - - 1 - 1 1 - - - - 3
Articulated tug-barge - U.S.-flag - - - - 1 - - - - - - - - 1
(1) The vessel scheduled to be delivered in the first quarter of 2015 is to be sold to SEACOR OSV Partners I LP, a 50% or less owned company, upon delivery.
(2) To be delivered to a 50% or less owned company.

SEACOR HOLDINGS INC.
OFFSHORE MARINE SERVICES
TIME CHARTER OPERATING DATA
(unaudited)
Three Months Ended
Dec. 31, 2014 Sep. 30, 2014 Jun. 30, 2014 Mar. 31, 2014 Dec. 31, 2013
Rates Per Day Worked:
Anchor handling towing supply $ 26,544 $ 26,175 $ 25,796 $ 24,841 $ 26,773
Fast support 9,620 9,542 9,222 8,664 8,627
Mini-supply 6,355 6,550 6,627 7,148 7,805
Standby safety 10,556 11,091 10,932 10,679 10,584
Supply 18,712 18,355 16,948 17,156 16,906
Towing supply 7,918 9,223 9,339 10,128 8,744
Specialty 32,027 38,716 26,860 19,200 31,856
Liftboats 23,038 23,933 23,017 22,219 26,072
Overall Average Rates Per Day Worked(excluding wind farm utility) 15,520 15,863 15,470 14,324 15,355
Wind farm utility 2,732 2,688 2,553 2,423 2,427
Overall Average Rates Per Day Worked 11,874 12,239 12,259 11,659 12,279
Utilization:
Anchor handling towing supply 85 % 76 % 83 % 77 % 74 %
Fast support 73 % 71 % 75 % 81 % 84 %
Mini-supply 94 % 100 % 81 % 92 % 94 %
Standby safety 84 % 89 % 88 % 88 % 88 %
Supply 74 % 75 % 82 % 86 % 82 %
Towing supply 62 % 70 % 74 % 92 % 84 %
Specialty 48 % 54 % 52 % 47 % 81 %
Liftboats 55 % 66 % 80 % 60 % 73 %
Overall Fleet Utilization (excluding wind farm utility) 75 % 77 % 80 % 80 % 82 %
Wind farm utility 93 % 97 % 91 % 81 % 90 %
Overall Fleet Utilization 79 % 81 % 83 % 80 % 84 %
Available Days:
Anchor handling towing supply 1,380 1,541 1,547 1,530 1,564
Fast support 2,420 2,488 2,533 2,605 2,740
Mini-supply 368 413 479 540 552
Standby safety 2,208 2,208 2,184 2,160 2,208
Supply 1,169 1,298 1,407 1,530 1,564
Towing supply 184 184 182 180 184
Specialty 276 276 273 270 276
Liftboats 1,380 1,380 1,365 1,350 1,380
Overall Fleet Available Days(excluding wind farm utility) 9,385 9,788 9,970 10,165 10,468
Wind farm utility 3,022 2,944 2,912 2,863 2,959
Overall Fleet Available Days 12,407 12,732 12,882 13,028 13,427

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

Source: SEACOR Holdings Inc.