CST: 27/07/2016 23:40:05   

CORRECTION - SEACOR Holdings Announces Results for Its Fourth Quarter and Year Ended December 31, 2015

148 Days ago

FORT LAUDERDALE, FL--(Marketwired - Mar 1, 2016) - In the news release, "SEACOR Holdings Announces Results for Its Fourth Quarter and Year Ended December 31, 2015" issued on February 29 by SEACOR Holdings Inc. (NYSE: CKH), we are advised by the Company that in the first "SEGMENT INFORMATION" table, the figure in the Dec. 31, 2015 column for Inland River Services' Segment Profit (Loss) should be "(16,526)" rather than "16,526" as originally issued. The figure appeared correctly in the press release filed with the Securities and Exchange Commission on February 29, 2016 as an exhibit to the Company's Current Report on Form 8-K. No other corrections were made to the originally issued news release.

SEACOR Holdings Announces Results for Its Fourth Quarter and Year Ended December 31, 2015

FORT LAUDERDALE, FL -- February 29, 2016 -- SEACOR Holdings Inc. (NYSE: CKH) (the "Company") today announced its results for its fourth quarter and year ended December 31, 2015.

For the quarter ended December 31, 2015, net loss attributable to SEACOR Holdings Inc. was $56.9 million, or $3.36 per diluted share. For the year ended December 31, 2015, net loss attributable to SEACOR Holdings Inc. was $68.8 million, or $3.94 per diluted share. Results attributable to SEACOR Holdings Inc. for the year ended December 31, 2015 included losses of $4.43 per diluted share due to:

  • a loss of $32.3 million, net of tax, or $1.85 per diluted share upon marking its investment, at equity, in Dorian LPG Ltd. ("Dorian") to fair value during the fourth quarter;
  • a loss of $21.5 million or $1.23 per diluted share upon marking its investment, at equity, in SCFCo Holdings LLC ("SCFCo") to fair value during the fourth quarter;
  • a loss of $9.4 million, net of tax, or $0.54 per diluted share as a result of a goodwill impairment charge associated with the Company's Offshore Marine Services business segment during the fourth quarter;
  • a loss of $4.5 million, net of tax, or $0.26 per diluted share for the Company's share of a funding deficit in the Merchant Navy Ratings Pension Fund ("MNRPF") during the third quarter; and
  • a loss of $9.6 million, net of noncontrolling interests and tax, or $0.55 per diluted share related to the extinguishment of the Company's Title XI bonds during the second quarter.

For the preceding quarter ended September 30, 2015, net income attributable to SEACOR Holdings Inc. was $7.0 million, or $0.40 per diluted share. A comparison of results for the quarter ended December 31, 2015 with the preceding quarter ended September 30, 2015 is included in the "Highlights for the Quarter" discussion below.

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.

Highlights for the Quarter

Offshore Marine Services - Operating loss was $19.2 million in the fourth quarter compared with $2.9 million in the preceding quarter. The Company impaired the goodwill associated with its Offshore Marine Services business segment in the fourth quarter as a consequence of continuing difficult market conditions resulting in an impairment charge of $13.4 million. Excluding the goodwill impairment charge, operating income before depreciation and amortization ("OIBDA" -- see disclosure related to Non-GAAP measures in the segment information tables herein) was $9.6 million on operating revenues of $83.2 million in the fourth quarter compared with OIBDA of $12.3 million on operating revenues of $95.5 million in the preceding quarter.

Excluding wind farm utility vessels, but including cold-stacked vessels (those that are not currently available for active service), utilization of the fleet decreased from 63% to 59%, and average rates per day worked decreased by 4% from $14,029 to $13,495. Days available for charter during the fourth quarter were approximately the same as the preceding quarter. This release includes a table presenting time charter operating data by vessel class.

In the U.S., operating results, excluding the goodwill impairment charge of $13.4 million noted above, were $2.8 million lower in the fourth quarter compared with the preceding quarter. Time charter revenues for the U.S. anchor handling towing supply vessels were $2.5 million lower primarily due to a reduction in offshore construction activity in the fourth quarter. Time charter revenues for the liftboat fleet were $2.8 million lower primarily due to weaker market conditions and seasonality. Time charter revenues for all other vessel classes were $1.6 million lower. On a total fleet basis, including cold-stacked vessels, utilization dropped from 38% to 22%. Average rates per day worked increased from $24,137 to $32,054. Operating expenses were $5.9 million lower primarily due to a $5.2 million reduction in daily running costs as a consequence of cold-stacking vessels. As of December 31, 2015, the Company had 22 of 41 vessels cold-stacked in the U.S. Gulf of Mexico compared with 19 of 44 vessels as of September 30, 2015. Of the 22 vessels cold-stacked, eleven were liftboats.

Operating results from international regions were $0.1 million lower in the fourth quarter compared with the preceding quarter. Time charter revenues were $2.3 million lower in Europe primarily due to the seasonality of wind farm utility vessels, $1.2 million lower in Brazil, Mexico, Central and South America primarily due to the conclusion of several term charters, and $1.0 million lower in Asia primarily due to the seasonal conclusion of a term charter in Sakhalin. On a total fleet basis, excluding wind farm utility vessels but including cold-stacked vessels, utilization improved from 77% to 79%, and average day rates per day worked decreased from $11,198 to $10,553. Operating expenses were $5.1 million lower in the fourth quarter compared with the third quarter primarily due to the third quarter charge of $6.9 million for a U.K. subsidiary's share of a funding deficit in the MNRPF for North Sea mariners partially offset by higher drydocking costs in the fourth quarter. As of December 31, 2015, the Company had four of 132 vessels cold-stacked in international regions compared with three of 132 vessels as of September 30, 2015.

Derivative losses, net of $2.8 million in the fourth quarter were primarily due to unrealized losses on equity options.

Inland River Services - Operating income was $9.2 million in the fourth quarter compared with $15.2 million in the preceding quarter. OIBDA was $16.3 million on operating revenues of $58.4 million in the fourth quarter compared with $22.4 million on operating revenues of $54.3 million in the preceding quarter, which included third quarter gains of $10.6 million from the sale of the Company's domestic 10,000 barrel liquid tank barge fleet.

Operating results before gains on asset dispositions were $5.2 million higher in the fourth quarter compared with the preceding quarter. Operating results for the dry-cargo barge pools were $7.6 million higher primarily due to seasonal demand for moving grain associated with the fall harvest and higher freight rates. Operating results from the Company's fleeting operations were $1.0 million lower primarily due to reduced activity levels on the Upper Mississippi River and higher repair and maintenance costs. Operating results from the Company's 10,000 liquid tank barge fleet were $0.7 million lower as a consequence of the sale of the equipment in the preceding quarter. Operating results from the Company's liquid unit tow operations were $0.4 million lower primarily due to two towboats undergoing repairs resulting in higher charter-in expense and higher repair and maintenance costs.

During the fourth quarter, the Company recognized $25.9 million of equity losses in its 50% owned joint venture, SCFCo, operating on the Parana-Paraguay River Waterway, including a $21.5 million impairment charge for an other-than-temporary decline in the fair value of its investment.  In addition, the Company recognized interest income (not a component of segment profit) of $0.8 million during the fourth quarter on notes due from this joint venture.

Shipping Services - Operating income was $19.8 million in the fourth quarter compared with $18.3 million in the preceding quarter. OIBDA was $26.3 million (of which $8.6 million is attributable to noncontrolling interests associated with SEA-Vista, which is a joint venture that owns the Company's Jones Act tankers) on operating revenues of $61.4 million in the fourth quarter compared with $24.8 million (of which $9.2 million is attributable to SEA-Vista noncontrolling interests) on operating revenues of $58.7 million in the preceding quarter.

Operating results were $1.5 million higher in the fourth quarter primarily due to increased harbor towing activities resulting from higher port traffic, higher short-sea cargo shipping demand and lower fuel costs.

Equity in losses of 50% or less owned companies during the fourth quarter were primarily due to the Company's investment, at equity, in Dorian. During the fourth quarter, the Company determined it no longer exercised significant influence and marked its investment, at equity, in Dorian to fair value resulting in a loss of $32.3 million, net of tax. As of December 31, 2015, the Company's investment in Dorian is classified as marketable securities in its consolidated balance sheet and carried at a fair value of $108.0 million.

Illinois Corn Processing - Segment profit was $0.1 million on operating revenues of $38.7 million in the fourth quarter compared with $4.9 million (of which $1.5 million is attributable to noncontrolling interests) on operating revenues of $40.3 million in the preceding quarter. Segment profit was $4.8 million lower primarily due to a reduction in industry-wide fuel ethanol margins and higher operating costs as a result of planned and unplanned maintenance during the fourth quarter.

Debt Extinguishment Gains - During the fourth quarter, the Company purchased $15.1 million in principal amount of its 7.375% Senior Notes for $14.6 million resulting in gains on debt extinguishment of $0.3 million and purchased $65.5 million in principal amount of its 2.5% Convertible Senior Notes for $62.6 million resulting in gains on debt extinguishment of $1.1 million.

Share Repurchases - During the fourth quarter, the Company purchased 200,000 shares of its common stock for an aggregate purchase price of $10.1 million, or $50.64 per share. As of December 31, 2015, the Company had 17,154,900 of common shares outstanding.

Capital Commitments - The Company's capital commitments as of December 31, 2015 by year of expected payment were as follows (in thousands):

                     
    2016   2017   2018   2019   Total
Shipping Services   $ 170,576   $ 22,640   $ -   $ -   $ 193,216
Offshore Marine Services     76,957     34,681     22,545     8,145     142,328
Inland River Services     29,773     27,936     -     -     57,709
Illinois Corn Processing     3,238     -     -     -     3,238
Other     29     -     -     -     29
    $ 280,573   $ 85,257   $ 22,545   $ 8,145   $ 396,520
                               

Shipping Services' capital commitments included three U.S.-flag product tankers, one U.S.-flag articulated tug barge and two U.S.-flag harbor tugs. Offshore Marine Services' capital commitments included seven fast support vessels, four supply vessels, two specialty offshore support vessels and three wind farm utility vessels. Inland River Services' capital commitments included 50 dry-cargo barges, one 30,000 barrel liquid tank barge and five inland river towboats. Approximately $6.8 million of the capital commitments may be terminated without further liability other than the payment of liquidated damages of $0.8 million. Subsequent to December 31, 2015, the Company committed to purchase one offshore support vessel and other equipment for $15.6 million.

Liquidity and Debt - As of December 31, 2015, the Company's balances of cash, cash equivalents, marketable securities and construction reserve funds totaled $923.6 million and its total outstanding debt was $1,070.4 million. In addition, the Company had $106.7 million of borrowing capacity under its subsidiary credit facilities.

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 resulting decrease in capital spending by oil and gas companies, as well as 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 (LOSS)
(in thousands, except share data, unaudited)
 
             
    Three Months Ended     Twelve Months Ended  
    December 31,     December 31,  
    2015     2014     2015     2014  
Operating Revenues   $ 250,631     $ 342,217     $ 1,054,736     $ 1,319,394  
Costs and Expenses:                                
  Operating     165,729       220,814       748,605       909,372  
  Administrative and general     41,158       45,520       156,611       164,938  
  Depreciation and amortization     31,460       31,603       125,987       131,819  
      238,347       297,937       1,031,203       1,206,129  
Gains (Losses) on Asset Dispositions and Impairments, Net     (13,212 )     13,136       (2,408 )     51,978  
Operating Income (Loss)     (928 )     57,416       21,125       165,243  
Other Income (Expense):                                
  Interest income     5,902       5,126       20,020       19,662  
  Interest expense     (11,500 )     (10,647 )     (43,297 )     (43,632 )
  Debt extinguishment gains (losses), net     1,473       -       (28,497 )     -  
  Marketable security gains (losses), net     3,402       13,266       (74 )     28,760  
  Derivative gains (losses), net     199       (1,221 )     (2,096 )     (3,902 )
  Foreign currency losses, net     (1,138 )     (4,797 )     (4,752 )     (6,335 )
  Other, net     611       (3,230 )     6,773       3,439  
      (1,051 )     (1,503 )     (51,923 )     (2,008 )
Income (Loss) Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies     (1,979 )     55,913       (30,798 )     163,235  
Income Tax Expense (Benefit)     (2,626 )     20,212       (11,362 )     55,197  
Income (Loss) Before Equity in Earnings (Losses) of 50% or Less Owned Companies     647       35,701       (19,436 )     108,038  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax     (50,500 )     13,628       (40,414 )     16,309  
Net Income (Loss)     (49,853 )     49,329       (59,850 )     124,347  
Net Income attributable to Noncontrolling Interests in Subsidiaries     7,012       9,236       8,932       24,215  
Net Income (Loss) attributable to SEACOR Holdings Inc.   $ (56,865 )   $ 40,093     $ (68,782 )   $ 100,132  
                                 
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.   $ (3.36 )   $ 2.22     $ (3.94 )   $ 5.18  
                                 
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.   $ (3.36 )   $ 1.85     $ (3.94 )   $ 4.71  
                                 
Weighted Average Common Shares Outstanding:                                
  Basic     16,941,982       18,074,129       17,446,137       19,336,280  
  Diluted     16,941,982       24,502,723       17,446,137       25,765,325  
                                 
                                 
   
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except per share data, unaudited)
 
   
    Three Months Ended  
    Dec. 31, 2015     Sep. 30, 2015     Jun. 30, 2015     Mar. 31, 2015     Dec. 31, 2014  
Operating Revenues   $ 250,631     $ 261,852     $ 281,609     $ 260,644     $ 342,217  
Costs and Expenses:                                        
  Operating     165,729       175,985       207,743       199,148       220,814  
  Administrative and general     41,158       37,892       38,674       38,887       45,520  
  Depreciation and amortization     31,460       31,018       32,079       31,430       31,603  
      238,347       244,895       278,496       269,465       297,937  
Gains (Losses) on Asset Dispositions and Impairments, Net     (13,212 )     11,264       4,386       (4,846 )     13,136  
Operating Income (Loss)     (928 )     28,221       7,499       (13,667 )     57,416  
Other Income (Expense):                                        
  Interest income     5,902       5,065       4,474       4,579       5,126  
  Interest expense     (11,500 )     (10,894 )     (10,391 )     (10,512 )     (10,647 )
  Debt extinguishment gains (losses), net     1,473       (434 )     (29,536 )     -       -  
  Marketable security gains (losses), net     3,402       (4,604 )     10,249       (9,121 )     13,266  
  Derivative gains (losses), net     199       (725 )     1,426       (2,996 )     (1,221 )
  Foreign currency gains (losses), net     (1,138 )     (4,057 )     2,436       (1,993 )     (4,797 )
  Other, net     611       1,773       4,433       (44 )     (3,230 )
      (1,051 )     (13,876 )     (16,909 )     (20,087 )     (1,503 )
Income (Loss) Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies     (1,979 )     14,345       (9,410 )     (33,754 )     55,913  
Income Tax Expense (Benefit)     (2,626 )     3,063       155       (11,954 )     20,212  
Income (Loss) Before Equity in Earnings (Losses) of 50% or Less Owned Companies     647       11,282       (9,565 )     (21,800 )     35,701  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax     (50,500 )     5,123       1,064       3,899       13,628  
Net Income (Loss)     (49,853 )     16,405       (8,501 )     (17,901 )     49,329  
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries     7,012       9,440       (9,188 )     1,668       9,236  
Net Income (Loss) attributable to SEACOR Holdings Inc.   $ (56,865 )   $ 6,965     $ 687     $ (19,569 )   $ 40,093  
                                         
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.   $ (3.36 )   $ 0.40     $ 0.04     $ (1.10 )   $ 2.22  
                                         
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.   $ (3.36 )   $ 0.40     $ 0.04     $ (1.10 )   $ 1.85  
                                         
Weighted Average Common Shares of Outstanding:                                        
  Basic     16,942       17,295       17,781       17,778       18,074  
  Diluted     16,942       17,561       18,082       17,778       24,503  
Common Shares Outstanding at Period End     17,155       17,354       18,012       18,241       18,140  
                                         
                                         
   
SEACOR HOLDINGS INC.
SEGMENT INFORMATION
(in thousands, unaudited)
 
   
    Three Months Ended  
    Dec. 31, 2015     Sep. 30, 2015     Jun. 30, 2015     Mar. 31, 2015     Dec. 31, 2014  
Offshore Marine Services                                        
Operating Revenues   $ 83,166     $ 95,531     $ 96,715     $ 93,456     $ 127,518  
Costs and Expenses:                                        
  Operating     59,223       70,221       72,173       74,355       86,558  
  Administrative and general     14,118       12,753       12,655       13,559       15,253  
  Depreciation and amortization     15,419       15,252       15,692       15,366       15,594  
      88,760       98,226       100,520       103,280       117,405  
Gains (Losses) on Asset Dispositions and Impairments, Net     (13,577 )     (246 )     3,455       (6,649 )     12,062  
Operating Income (Loss)     (19,171 )     (2,941 )     (350 )     (16,473 )     22,175  
Other Income (Expense):                                        
  Derivative gains (losses), net     (2,751 )     (10 )     4       (9 )     (7 )
  Foreign currency gains (losses), net     (350 )     (1,567 )     1,907       (17 )     (934 )
  Other, net     373       (9 )     43       (146 )     (68 )
Equity in Earnings of 50% or Less Owned Companies, Net of Tax     1,248       1,708       2,826       2,975       3,054  
Segment Profit (Loss)(1)   $ (20,651 )   $ (2,819 )   $ 4,430     $ (13,670 )   $ 24,220  
                                         
OIBDA(2)   $ (3,752 )   $ 12,311     $ 15,342     $ (1,107 )   $ 37,769  
Drydocking expenditures (included in operating costs and expenses)   $ 3,485     $ 1,483     $ 5,932     $ 6,881     $ 9,052  
Out-of-service days for drydockings     246       87       315       294       326  
                                         
Inland River Services                                        
Operating Revenues   $ 58,415     $ 54,310     $ 61,150     $ 56,607     $ 79,252  
Costs and Expenses:                                        
  Operating     38,459       39,487       48,556       41,513       46,250  
  Administrative and general     4,011       3,907       3,765       3,884       4,245  
  Depreciation and amortization     7,113       7,268       7,362       6,889       6,660  
      49,583       50,662       59,683       52,286       57,155  
Gains on Asset Dispositions     389       11,510       1,166       1,803       1,565  
Operating Income     9,221       15,158       2,633       6,124       23,662  
Other Income (Expense):                                        
  Derivative gains (losses), net     (15 )     50       177       82       -  
  Foreign currency gains (losses), net     (640 )     (2,173 )     208       (1,121 )     (3,032 )
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax     (25,092 )     (2,117 )     (3,717 )     (274 )     10,515  
Segment Profit (Loss)(1)   $ (16,526   $ 10,918     $ (699 )   $ 4,811     $ 31,145  
                                         
OIBDA(2)   $ 16,334     $ 22,426     $ 9,995     $ 13,013     $ 30,322  
                                         
                                         
   
SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
 
   
    Three Months Ended  
    Dec. 31, 2015     Sep. 30, 2015     Jun. 30, 2015   Mar. 31, 2015     Dec. 31, 2014  
Shipping Services                                      
Operating Revenues   $ 61,388     $ 58,673     $ 55,674   $ 51,407     $ 56,681  
Costs and Expenses:                                      
  Operating     28,118       27,666       36,124     37,131       28,688  
  Administrative and general     7,014       6,236       6,676     6,289       7,318  
  Depreciation and amortization     6,474       6,476       6,611     6,735       6,821  
      41,606       40,378       49,411     50,155       42,827  
Gains on Asset Dispositions     -       -       -     -       202  
Operating Income     19,782       18,295       6,263     1,252       14,056  
Other Income (Expense):                                      
  Foreign currency gains (losses), net     (18 )     (9 )     9     (12 )     (4 )
  Other, net     1       1,836       187     29       22  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax     (27,578 )     5,292       2,363     1,141       (790 )
Segment Profit (Loss)(1)   $ (7,813 )   $ 25,414     $ 8,822   $ 2,410     $ 13,284  
                                       
OIBDA(2)   $ 26,256     $ 24,771     $ 12,874   $ 7,987     $ 20,877  
Drydocking expenditures for U.S.-flag product tankers (included in operating costs and expenses)   $ 207     $ 66     $ 7,171   $ 8,083     $ -  
Out-of-service days for drydockings of U.S.-flag product tankers     -       -       38     71       -  
                                       
Illinois Corn Processing                                      
Operating Revenues   $ 38,654     $ 40,282     $ 48,371   $ 39,598     $ 51,026  
Costs and Expenses:                                      
  Operating     36,747       33,514       40,588     33,118       39,685  
  Administrative and general     693       543       509     562       609  
  Depreciation and amortization     964       979       979     980       1,064  
      38,404       35,036       42,076     34,660       41,358  
Operating Income     250       5,246       6,295     4,938       9,668  
Other Income (Expense):                                      
  Derivative gains (losses), net     (137 )     (336 )     50     (828 )     (302 )
  Other, net     -       -       4,112     -       167  
Segment Profit(1)   $ 113     $ 4,910     $ 10,457   $ 4,110     $ 9,533  
                                       
                                       
                               
SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
 
                               
    Three Months Ended  
    Dec. 31, 2015     Sep. 30, 2015     Jun. 30, 2015     Mar. 31, 2015     Dec. 31, 2014  
Other                                        
Operating Revenues   $ 9,922     $ 13,779     $ 20,337     $ 20,452     $ 29,283  
Costs and Expenses:                                        
  Operating     4,166       5,854       11,103       13,830       21,145  
  Administrative and general     6,231       6,658       6,617       7,136       9,948  
  Depreciation and amortization     575       152       489       500       513  
      10,972       12,664       18,209       21,466       31,606  
Losses on Asset Dispositions and Impairments, Net     (24 )     -       (235 )     -       (668 )
Operating Income (Loss)     (1,074 )     1,115       1,893       (1,014 )     (2,991 )
Other Income (Expense):                                        
  Derivative gains (losses), net     -       -       304       (776 )     (702 )
  Foreign currency gains (losses), net     21       (64 )     36       (40 )     (96 )
  Other, net     5       (1 )     40       8       (3,357 )
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax     922       240       (408 )     57       849  
Segment Profit (Loss)(1)   $ (126 )   $ 1,290     $ 1,865     $ (1,765 )   $ (6,297 )
                                         
Corporate and Eliminations                                        
Operating Revenues   $ (914 )   $ (723 )   $ (638 )   $ (876 )   $ (1,543 )
Costs and Expenses:                                        
  Operating     (984 )     (757 )     (801 )     (799 )     (1,512 )
  Administrative and general     9,091       7,795       8,452       7,457       8,147  
  Depreciation and amortization     915       891       946       960       951  
      9,022       7,929       8,597       7,618       7,586  
Losses on Asset Dispositions     -       -       -       -       (25 )
Operating Loss   $ (9,936 )   $ (8,652 )   $ (9,235 )   $ (8,494 )   $ (9,154 )
Other Income (Expense):                                        
  Derivative gains (losses), net   $ 3,102     $ (429 )   $ 891     $ (1,465 )   $ (210 )
  Foreign currency gains (losses), net     (151 )     (244 )     276       (803 )     (731 )
  Other, net     232       (53 )     51       65       6  
                                         
(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.
OFFSHORE MARINE SERVICES
TIME CHARTER OPERATING DATA
(unaudited)
 
   
    Three Months Ended  
    Dec. 31, 2015     Sep. 30, 2015     Jun. 30, 2015     Mar. 31, 2015     Dec. 31, 2014  
Rates Per Day Worked:                                        
  Anchor handling towing supply   $ 30,871     $ 29,978     $ 28,463     $ 22,792     $ 26,544  
  Fast support     8,014       8,853       9,795       9,426       9,620  
  Mini-supply     5,345       5,858       5,861       5,778       6,355  
  Standby safety     10,229       10,487       10,303       10,147       10,556  
  Supply     14,375       14,459       15,112       17,047       18,712  
  Towing supply     8,872       7,912       8,579       8,728       7,918  
  Specialty     23,107       25,517       20,749       14,537       32,027  
  Liftboats     25,191       17,124       20,675       21,951       23,038  
  Overall Average Rates Per Day Worked (excluding wind farm utility)     13,495       14,029       13,955       13,178       15,520  
  Wind farm utility     2,506       2,446       2,414       2,584       2,732  
  Overall Average Rates Per Day Worked     10,299       10,003       9,993       10,057       11,874  
                                         
Utilization:                                        
  Anchor handling towing supply     51 %     59 %     57 %     68 %     85 %
  Fast support     58 %     64 %     67 %     80 %     73 %
  Mini-supply     97 %     97 %     100 %     85 %     94 %
  Standby safety     85 %     84 %     84 %     83 %     84 %
  Supply     43 %     41 %     44 %     67 %     74 %
  Towing supply     97 %     68 %     99 %     95 %     62 %
  Specialty     80 %     88 %     45 %     27 %     48 %
  Liftboats     13 %     31 %     42 %     28 %     55 %
  Overall Fleet Utilization (excluding wind farm utility)     59 %     63 %     65 %     68 %     75 %
  Wind farm utility     65 %     90 %     96 %     84 %     93 %
  Overall Fleet Utilization     60 %     70 %     73 %     72 %     79 %
                                         
Available Days:                                        
  Anchor handling towing supply     1,380       1,380       1,365       1,350       1,380  
  Fast support     2,173       2,072       2,086       2,129       2,420  
  Mini-supply     368       368       364       360       368  
  Standby safety     2,208       2,208       2,184       2,160       2,208  
  Supply     736       920       953       1,022       1,169  
  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)     8,705       8,788       8,772       8,821       9,385  
  Wind farm utility     3,222       3,262       3,094       2,997       3,022  
  Overall Fleet Available Days     11,927       12,050       11,866       11,818       12,407  
                                         
                                         
 
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
 
    Dec. 31, 2015   Sep. 30, 2015 (1)   Jun. 30, 2015 (1)   Mar. 31, 2015 (1)   Dec. 31, 2014 (1)
ASSETS                    
Current Assets:                              
  Cash and cash equivalents   $ 530,009     $ 456,805     $ 433,827     $ 448,011     $ 434,183  
  Restricted cash     -       -       -       16,896       16,435  
  Marketable securities     138,200       31,632       29,411       39,002       58,004  
  Receivables:                              
    Trade, net of allowance for doubtful accounts     159,076       175,968       181,733       186,583       225,242  
    Other     27,217       39,696       48,627       39,805       67,745  
  Inventories     24,768       23,274       19,736       23,156       22,783  
  Prepaid expenses and other     8,627       10,755       11,411       8,814       9,011  
    Total current assets     887,897       738,130       724,745       762,267       833,403  
Property and Equipment:                              
    Historical cost     2,123,201       2,099,483       2,100,309       2,083,035       2,086,957  
    Accumulated depreciation     (994,181 )     (967,721 )     (954,931 )     (918,769 )     (902,284 )
      1,129,020       1,131,762       1,145,378       1,164,266       1,184,673  
    Construction in progress     454,605       413,572       399,033       339,390       318,000  
    Net property and equipment     1,583,625       1,545,334       1,544,411       1,503,656       1,502,673  
Investments, at Equity, and Advances to 50% or Less Owned Companies     331,103       490,818       482,302       483,748       484,157  
Construction Reserve Funds & Title XI Reserve Funds     255,408       253,470       275,131       288,529       278,022  
Goodwill     52,340       65,725       62,686       62,688       62,759  
Intangible Assets, Net     26,392       27,179       30,742       31,955       32,727  
Other Assets     48,654       46,371       44,850       37,108       40,632  
    $ 3,185,419     $ 3,167,027     $ 3,164,867     $ 3,169,951     $ 3,234,373  
                               
   LIABILITIES AND EQUITY                           
Current Liabilities:                              
  Current portion of long-term debt   $ 35,531     $ 35,452     $ 35,270     $ 44,953     $ 48,499  
  Accounts payable and accrued expenses     71,952       64,997       68,832       72,738       103,760  
  Other current liabilities     92,677       113,271       108,100       128,230       109,464  
    Total current liabilities     200,160       213,720       212,202       245,921       261,723  
Long-Term Debt     1,034,859       914,220       876,710       824,625       823,723  
Exchange Option Liability on Subsidiary Convertible Senior Notes     5,611       -       -       -       -  
Deferred Income Taxes     389,988       418,776       430,761       423,680       442,776  
Deferred Gains and Other Liabilities     163,862       170,850       172,018       178,293       188,664  
    Total liabilities     1,794,480       1,717,566       1,691,691       1,672,519       1,716,886  
Equity:                              
  SEACOR Holdings Inc. stockholders' equity:                              
    Preferred stock     -       -       -       -       -  
    Common stock     377       377       377       377       375  
    Additional paid-in capital     1,505,942       1,503,794       1,499,904       1,495,261       1,490,698  
    Retained earnings     1,126,620       1,183,485       1,176,520       1,175,833       1,195,402  
    Shares held in treasury, at cost     (1,356,499 )     (1,346,371 )     (1,305,104 )     (1,287,460 )     (1,283,476 )
    Accumulated other comprehensive loss, net of tax     (5,620 )     (5,604 )     (3,172 )     (5,837 )     (3,505 )
        1,270,820       1,335,681       1,368,525       1,378,174       1,399,494  
  Noncontrolling interests in subsidiaries     120,119       113,780       104,651       119,258       117,993  
    Total equity     1,390,939       1,449,461       1,473,176       1,497,432       1,517,487  
    $ 3,185,419     $ 3,167,027     $ 3,164,867     $ 3,169,951     $ 3,234,373  
                                         
                                         
     
(1)   Effective December 31, 2015, the Company adopted new accounting standards regarding the presentation of deferred debt issuance costs and deferred tax liabilities and assets. As a result, the Company has reclassified previously reported amounts to conform with its December 31, 2015 presentation.
     
     
 
SEACOR HOLDINGS INC.
FLEET COUNTS
(unaudited)
 
    Dec. 31, 2015   Sep. 30, 2015   Jun. 30, 2015   Mar. 31, 2015   Dec. 31, 2014
Offshore Marine Services                    
Anchor handling towing supply   18   18   18   18   18
Fast support   34   34   33   34   35
Mini-supply   7   7   7   7   7
Standby safety   25   25   25   25   25
Supply   24   26   26   27   25
Towing supply   3   3   3   3   3
Specialty   9   9   9   9   9
Liftboats   15   15   15   15   15
Wind farm utility   38   39   37   37   36
    173   176   173   175   173
                     
Inland River Services                    
Dry-cargo barges   1,430   1,431   1,435   1,439   1,455
Liquid tank barges:                    
  10,000 barrel   18   18   45   45   44
  30,000 barrel   27   27   27   27   27
Specialty barges (1)   11   11   7   7   7
Deck barges   -   -   -   -   20
Towboats:                    
  4,000 hp - 6,250 hp   17   17   17   17   17
  Less than 3,200 hp   17   16   16   15   14
    1,520   1,520   1,547   1,550   1,584
                     
Shipping Services (2)(3)                    
Petroleum Transportation:                    
  Product tankers - U.S.-flag   7   7   7   7   7
  Crude oil tanker - U.S.-flag   1   1   1   1   -
Harbor Towing and Bunkering:                    
  Harbor tugs - U.S.-flag   24   24   24   24   24
  Harbor tugs - Foreign-flag   4   4   4   4   4
  Offshore tug - U.S.-flag   1   1   1   1   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   7   7   7   7
Other:                    
  Dry bulk articulated tug-barge - U.S.-flag   1   1   1   1   1
    57   57   57   57   56
                     
(1)   Includes non-certificated 10,000 and 30,000 barrel liquid tank barges. 
(2)   For the period presented in 2014, the Company provided technical management services for two additional vessels. For each of the periods presented in 2015, the Company provided technical management services for one additional vessel.
(3)   Previously reported equipment operated by Dorian has been removed from all periods presented. As of December 31, 2015, the Company's investment in Dorian is classified as marketable securities.
     
     
 
SEACOR HOLDINGS INC.
EXPECTED FLEET DELIVERIES
AS OF DECEMBER 31, 2015
(unaudited)
 
    2016   2017   2018   2019    
    Q1   Q2   Q3   Q4   Q1   Q2   Q3   Q4   Q1   Q2   Q3   Q4   Q1   Total
Shipping Services                                                        
                                                         
Product tankers - U.S.-flag   -   1   -   1   1   -   -   -   -   -   -   -   -   3
Articulated tug-barge - U.S.-flag   -   -   -   1   -   -   -   -   -   -   -   -   -   1
Harbor tugs - U.S.-flag   -   -   -   1   1   -   -   -   -   -   -   -   -   2
                                                         
Offshore Marine Services                                                        
Fast support   -   1   2   -   1   -   1   -   1   -   -   -   1   7
Supply   -   1   1   -   -   -   -   -   1   -   -   -   1   4
Specialty   -   -   -   -   1   1   -   -   -   -   -   -   -   2
Wind farm utility   2   1   -   -   -   -   -   -   -   -   -   -   -   3
                                                         
Inland River Services                                                        
Dry-cargo barges   -   -   25   25   -   -   -   -   -   -   -   -   -   50
Liquid tank barges - 30,000 barrel   -   1   -   -   -   -   -   -   -   -   -   -   -   1
Towboats:                                                        
  4,000 hp - 6,600 hp   -   -   -   -   1   -   1   1   -   -   -   -   -   3
  3,300 hp - 3,900 hp   1   -   -   -   -   -   -   -   -   -   -   -   -   1
  Less than 3,200 hp   -   1   -   -   -   -   -   -   -   -   -   -   -   1
                                                         

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