Date of Report (Date of Earliest Event Reported): | March 28, 2017 |
Delaware | 1-12289 | 13-3542736 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
2200 Eller Drive, Fort Lauderdale, Florida | 33316 | |
(Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: | (954) 523-2200 |
Item 9.01 | Financial Statements and Exhibits |
Exhibit No. | Description |
99.1 | Press Release of SEACOR Holdings Inc., dated March 28, 2016. |
SEACOR Holdings Inc. | ||||
March 28, 2017 | By: | /s/ Matthew Cenac | ||
Name: Matthew Cenac | ||||
Title: Executive Vice President and Chief Financial Officer |
Exhibit No. | Description |
99.1 | Press Release of SEACOR Holdings Inc., dated March 28, 2016. |
2017 | 2018 | 2019 | 2020 | Total | |||||||||||||||
Offshore Marine Services | $ | 29,272 | $ | 50,555 | $ | 13,223 | $ | 1,800 | $ | 94,850 | |||||||||
Shipping Services | 55,430 | — | — | — | 55,430 | ||||||||||||||
Inland River Services | 30,102 | — | — | — | 30,102 | ||||||||||||||
Illinois Corn Processing | 1,678 | 375 | — | — | 2,053 | ||||||||||||||
$ | 116,482 | $ | 50,930 | $ | 13,223 | $ | 1,800 | $ | 182,435 |
• | a net loss of $77.8 million ($4.60 per diluted share) as a result of impairment charges associated with Offshore Marine Services vessels, primarily its anchor handling towing supply fleet, liftboat fleet and one specialty vessel; |
• | a net loss of $21.2 million ($1.26 per diluted share) as a result of a decline in the fair market value of the Company’s marketable security position in Dorian; |
• | a net loss of $19.2 million ($1.14 per diluted share) as a result of intangible asset and goodwill impairment charges associated with the restructuring of the Company’s emergency and crisis services business; |
• | a net loss of $14.7 million ($0.87 per diluted share) as a result of other-than-temporary declines in the fair value of certain of the Company’s Offshore Marine Services’ and Inland River Services’ 50% or less owned companies; |
• | a net loss of $9.0 million ($0.53 per diluted share) as a result of a change in the fair value of the exchange option liability on subsidiary convertible senior notes; |
• | a net loss of $7.5 million ($0.45 per diluted share) as a result of impairment charges related to the Company’s cost method investments in a foreign container shipping company and a foreign industrial aircraft company; |
• | a net loss of $5.6 million ($0.33 per diluted share) as a result of impairment charges associated with Offshore Marine Services and Shipping Services joint ventured fleet; and |
• | a net loss of $5.3 million ($0.31 per diluted share) to reserve for two of the Company’s notes receivable from third parties following a decline in the underlying collateral values. |
SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF LOSS (in thousands, except share data, unaudited) | |||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Operating Revenues | $ | 213,036 | $ | 250,631 | $ | 830,985 | $ | 1,054,736 | |||||||
Costs and Expenses: | |||||||||||||||
Operating | 149,667 | 165,729 | 597,813 | 748,605 | |||||||||||
Administrative and general | 36,457 | 41,158 | 138,581 | 156,611 | |||||||||||
Depreciation and amortization | 31,451 | 31,460 | 124,933 | 125,987 | |||||||||||
217,575 | 238,347 | 861,327 | 1,031,203 | ||||||||||||
Losses on Asset Dispositions and Impairments, Net | (94,825 | ) | (13,212 | ) | (142,205 | ) | (2,408 | ) | |||||||
Operating Income (Loss) | (99,364 | ) | (928 | ) | (172,547 | ) | 21,125 | ||||||||
Other Income (Expense): | |||||||||||||||
Interest income | 3,449 | 5,902 | 19,339 | 20,020 | |||||||||||
Interest expense | (12,453 | ) | (11,500 | ) | (49,726 | ) | (43,297 | ) | |||||||
Debt extinguishment gains (losses), net | (211 | ) | 1,473 | 5,184 | (28,497 | ) | |||||||||
Marketable security gains (losses), net | 24,713 | 3,402 | (32,199 | ) | (74 | ) | |||||||||
Derivative gains (losses), net | (10,116 | ) | 199 | (10,225 | ) | (2,096 | ) | ||||||||
Foreign currency losses, net | (1,217 | ) | (1,138 | ) | (1,868 | ) | (4,752 | ) | |||||||
Other, net | (7,362 | ) | 611 | (20,206 | ) | 6,773 | |||||||||
(3,197 | ) | (1,051 | ) | (89,701 | ) | (51,923 | ) | ||||||||
Loss Before Income Tax Benefit and Equity in Losses of 50% or Less Owned Companies | (102,561 | ) | (1,979 | ) | (262,248 | ) | (30,798 | ) | |||||||
Income Tax Benefit | (32,093 | ) | (2,626 | ) | (93,830 | ) | (11,362 | ) | |||||||
Income (Loss) Before Equity in Losses of 50% or Less Owned Companies | (70,468 | ) | 647 | (168,418 | ) | (19,436 | ) | ||||||||
Equity in Losses of 50% or Less Owned Companies, Net of Tax | (19,821 | ) | (50,500 | ) | (27,354 | ) | (40,414 | ) | |||||||
Net Loss | (90,289 | ) | (49,853 | ) | (195,772 | ) | (59,850 | ) | |||||||
Net Income attributable to Noncontrolling Interests in Subsidiaries | 3,460 | 7,012 | 20,125 | 8,932 | |||||||||||
Net Loss attributable to SEACOR Holdings Inc. | $ | (93,749 | ) | $ | (56,865 | ) | $ | (215,897 | ) | $ | (68,782 | ) | |||
Basic Loss Per Common Share of SEACOR Holdings Inc. | $ | (5.52 | ) | $ | (3.36 | ) | $ | (12.76 | ) | $ | (3.94 | ) | |||
Diluted Loss Per Common Share of SEACOR Holdings Inc. | $ | (5.52 | ) | $ | (3.36 | ) | $ | (12.76 | ) | $ | (3.94 | ) | |||
Weighted Average Common Shares Outstanding: | |||||||||||||||
Basic | 16,969,062 | 16,941,982 | 16,914,928 | 17,446,137 | |||||||||||
Diluted | 16,969,062 | 16,941,982 | 16,914,928 | 17,446,137 | |||||||||||
OIBDA(1) | $ | (67,913 | ) | $ | 30,532 | $ | (47,614 | ) | $ | 147,112 |
(1) | 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 the Company’s 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 STATEMENTS OF LOSS (in thousands, except per share data, unaudited) | |||||||||||||||||||
Three Months Ended | |||||||||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | |||||||||||||||
Operating Revenues | $ | 213,036 | $ | 206,983 | $ | 197,038 | $ | 213,928 | $ | 250,631 | |||||||||
Costs and Expenses: | |||||||||||||||||||
Operating | 149,667 | 146,796 | 143,882 | 157,468 | 165,729 | ||||||||||||||
Administrative and general | 36,457 | 32,245 | 34,175 | 35,704 | 41,158 | ||||||||||||||
Depreciation and amortization | 31,451 | 31,132 | 31,361 | 30,989 | 31,460 | ||||||||||||||
217,575 | 210,173 | 209,418 | 224,161 | 238,347 | |||||||||||||||
Gains (Losses) on Asset Dispositions and Impairments, Net | (94,825 | ) | (29,826 | ) | (17,771 | ) | 217 | (13,212 | ) | ||||||||||
Operating Loss | (99,364 | ) | (33,016 | ) | (30,151 | ) | (10,016 | ) | (928 | ) | |||||||||
Other Income (Expense): | |||||||||||||||||||
Interest income | 3,449 | 5,277 | 5,020 | 5,593 | 5,902 | ||||||||||||||
Interest expense | (12,453 | ) | (12,504 | ) | (12,834 | ) | (11,935 | ) | (11,500 | ) | |||||||||
Debt extinguishment gains (losses), net | (211 | ) | 557 | 1,615 | 3,223 | 1,473 | |||||||||||||
Marketable security gains (losses), net | 24,713 | (7,865 | ) | (23,951 | ) | (25,096 | ) | 3,402 | |||||||||||
Derivative gains (losses), net | (10,116 | ) | (1,174 | ) | (1,555 | ) | 2,620 | 199 | |||||||||||
Foreign currency gains (losses), net | (1,217 | ) | (666 | ) | (22 | ) | 37 | (1,138 | ) | ||||||||||
Other, net | (7,362 | ) | (5,460 | ) | (7,652 | ) | 268 | 611 | |||||||||||
(3,197 | ) | (21,835 | ) | (39,379 | ) | (25,290 | ) | (1,051 | ) | ||||||||||
Loss Before Income Tax Benefit and Equity in Losses of 50% or Less Owned Companies | (102,561 | ) | (54,851 | ) | (69,530 | ) | (35,306 | ) | (1,979 | ) | |||||||||
Income Tax Benefit | (32,093 | ) | (21,147 | ) | (25,759 | ) | (14,831 | ) | (2,626 | ) | |||||||||
Income (Loss) Before Equity in Losses of 50% or Less Owned Companies | (70,468 | ) | (33,704 | ) | (43,771 | ) | (20,475 | ) | 647 | ||||||||||
Equity in Losses of 50% or Less Owned Companies, Net of Tax | (19,821 | ) | (322 | ) | (7,162 | ) | (49 | ) | (50,500 | ) | |||||||||
Net Loss | (90,289 | ) | (34,026 | ) | (50,933 | ) | (20,524 | ) | (49,853 | ) | |||||||||
Net Income attributable to Noncontrolling Interests in Subsidiaries | 3,460 | 5,777 | 4,226 | 6,662 | 7,012 | ||||||||||||||
Net Loss attributable to SEACOR Holdings Inc. | $ | (93,749 | ) | $ | (39,803 | ) | $ | (55,159 | ) | $ | (27,186 | ) | $ | (56,865 | ) | ||||
Basic Loss Per Common Share of SEACOR Holdings Inc. | $ | (5.52 | ) | $ | (2.35 | ) | $ | (3.26 | ) | $ | (1.62 | ) | $ | (3.36 | ) | ||||
Diluted Loss Per Common Share of SEACOR Holdings Inc. | $ | (5.52 | ) | $ | (2.35 | ) | $ | (3.26 | ) | $ | (1.62 | ) | $ | (3.36 | ) | ||||
Weighted Average Common Shares of Outstanding: | |||||||||||||||||||
Basic | 16,969 | 16,944 | 16,929 | 16,817 | 16,942 | ||||||||||||||
Diluted | 16,969 | 16,944 | 16,929 | 16,817 | 16,942 | ||||||||||||||
Common Shares Outstanding at Period End | 17,401 | 17,336 | 17,321 | 17,295 | 17,155 | ||||||||||||||
OIBDA(1) | $ | (67,913 | ) | $ | (1,884 | ) | $ | 1,210 | $ | 20,973 | $ | 30,532 |
(1) | 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 the Company’s 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. SEGMENT INFORMATION (in thousands, unaudited) | |||||||||||||||||||
Three Months Ended | |||||||||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | |||||||||||||||
Offshore Marine Services | |||||||||||||||||||
Operating Revenues | $ | 44,361 | $ | 54,125 | $ | 57,271 | $ | 59,879 | $ | 83,166 | |||||||||
Costs and Expenses: | |||||||||||||||||||
Operating | 32,671 | 41,159 | 44,245 | 48,850 | 59,223 | ||||||||||||||
Administrative and general | 14,393 | 10,588 | 11,929 | 12,398 | 14,118 | ||||||||||||||
Depreciation and amortization | 13,764 | 14,213 | 15,254 | 14,838 | 15,419 | ||||||||||||||
60,828 | 65,960 | 71,428 | 76,086 | 88,760 | |||||||||||||||
Losses on Asset Dispositions and Impairments, Net | (66,252 | ) | (29,233 | ) | (20,357 | ) | (380 | ) | (13,577 | ) | |||||||||
Operating Loss | (82,719 | ) | (41,068 | ) | (34,514 | ) | (16,587 | ) | (19,171 | ) | |||||||||
Other Income (Expense): | |||||||||||||||||||
Derivative gains (losses), net | (82 | ) | 16 | 163 | 2,898 | (2,751 | ) | ||||||||||||
Foreign currency gains (losses), net | 151 | (1,084 | ) | (819 | ) | (1,560 | ) | (350 | ) | ||||||||||
Other, net | (1,756 | ) | 1 | — | 265 | 373 | |||||||||||||
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | (5,950 | ) | 790 | (3,315 | ) | 2,161 | 1,248 | ||||||||||||
Segment Loss(1) | $ | (90,356 | ) | $ | (41,345 | ) | $ | (38,485 | ) | $ | (12,823 | ) | $ | (20,651 | ) | ||||
OIBDA(2) | $ | (68,955 | ) | $ | (26,855 | ) | $ | (19,260 | ) | $ | (1,749 | ) | $ | (3,752 | ) | ||||
Drydocking expenditures (included in operating costs and expenses) | $ | 131 | $ | 2,024 | $ | 1,964 | $ | 3,703 | $ | 3,485 | |||||||||
Out-of-service days for drydockings | 20 | 62 | 191 | 131 | 246 | ||||||||||||||
Inland River Services | |||||||||||||||||||
Operating Revenues | $ | 53,021 | $ | 41,094 | $ | 33,814 | $ | 39,614 | $ | 58,415 | |||||||||
Costs and Expenses: | |||||||||||||||||||
Operating | 35,400 | 31,496 | 27,446 | 30,118 | 38,459 | ||||||||||||||
Administrative and general | 2,945 | 3,982 | 3,777 | 3,912 | 4,011 | ||||||||||||||
Depreciation and amortization | 6,628 | 6,308 | 6,254 | 7,137 | 7,113 | ||||||||||||||
44,973 | 41,786 | 37,477 | 41,167 | 49,583 | |||||||||||||||
Gains (Losses) on Asset Dispositions and Impairments, Net | 605 | (597 | ) | 2,580 | 605 | 389 | |||||||||||||
Operating Income (Loss) | 8,653 | (1,289 | ) | (1,083 | ) | (948 | ) | 9,221 | |||||||||||
Other Income (Expense): | |||||||||||||||||||
Derivative losses, net | — | — | — | — | (15 | ) | |||||||||||||
Foreign currency gains (losses), net | (1,143 | ) | 410 | 1,018 | 1,437 | (640 | ) | ||||||||||||
Other, net | 1 | (1 | ) | (4 | ) | — | — | ||||||||||||
Equity in Losses of 50% or Less Owned Companies, Net of Tax | (11,318 | ) | (171 | ) | (1,677 | ) | (2,778 | ) | (25,092 | ) | |||||||||
Segment Profit (Loss)(1) | $ | (3,807 | ) | $ | (1,051 | ) | $ | (1,746 | ) | $ | (2,289 | ) | $ | (16,526 | ) | ||||
OIBDA(2) | $ | 15,281 | $ | 5,019 | $ | 5,171 | $ | 6,189 | $ | 16,334 |
SEACOR HOLDINGS INC. SEGMENT INFORMATION (continued) (in thousands, unaudited) | |||||||||||||||||||
Three Months Ended | |||||||||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | |||||||||||||||
Shipping Services | |||||||||||||||||||
Operating Revenues | $ | 59,618 | $ | 57,350 | $ | 55,620 | $ | 57,055 | $ | 61,388 | |||||||||
Costs and Expenses: | |||||||||||||||||||
Operating | 36,586 | 28,542 | 30,269 | 27,234 | 28,118 | ||||||||||||||
Administrative and general | 6,895 | 6,675 | 7,337 | 6,918 | 7,014 | ||||||||||||||
Depreciation and amortization | 8,969 | 8,216 | 7,415 | 6,562 | 6,474 | ||||||||||||||
52,450 | 43,433 | 45,021 | 40,714 | 41,606 | |||||||||||||||
Gains (Losses) on Asset Dispositions | 408 | 3 | 6 | (6 | ) | — | |||||||||||||
Operating Income | 7,576 | 13,920 | 10,605 | 16,335 | 19,782 | ||||||||||||||
Other Income (Expense): | |||||||||||||||||||
Foreign currency losses, net | (6 | ) | (3 | ) | (6 | ) | (3 | ) | (18 | ) | |||||||||
Other, net | 237 | (5,534 | ) | (928 | ) | 1 | 1 | ||||||||||||
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | (2,581 | ) | (551 | ) | (1,591 | ) | 26 | (27,578 | ) | ||||||||||
Segment Profit (Loss)(1) | $ | 5,226 | $ | 7,832 | $ | 8,080 | $ | 16,359 | $ | (7,813 | ) | ||||||||
OIBDA(2) | $ | 16,545 | $ | 22,136 | $ | 18,020 | $ | 22,897 | $ | 26,256 | |||||||||
Drydocking expenditures for U.S.-flag product tankers (included in operating costs and expenses) | $ | 4,506 | $ | 95 | $ | 62 | $ | (73 | ) | $ | 207 | ||||||||
Out-of-service days for drydockings of U.S.-flag product tankers | 45 | — | — | — | — | ||||||||||||||
Illinois Corn Processing | |||||||||||||||||||
Operating Revenues | $ | 43,197 | $ | 44,019 | $ | 40,576 | $ | 49,609 | $ | 38,654 | |||||||||
Costs and Expenses: | |||||||||||||||||||
Operating | 36,174 | 39,879 | 36,153 | 46,289 | 36,747 | ||||||||||||||
Administrative and general | 693 | 750 | 912 | 656 | 693 | ||||||||||||||
Depreciation and amortization | 1,127 | 1,055 | 1,064 | 1,053 | 964 | ||||||||||||||
37,994 | 41,684 | 38,129 | 47,998 | 38,404 | |||||||||||||||
Operating Income | 5,203 | 2,335 | 2,447 | 1,611 | 250 | ||||||||||||||
Other Income (Expense): | |||||||||||||||||||
Derivative gains (losses), net | 570 | (328 | ) | 856 | (187 | ) | (137 | ) | |||||||||||
Segment Profit(1) | $ | 5,773 | $ | 2,007 | $ | 3,303 | $ | 1,424 | $ | 113 |
SEACOR HOLDINGS INC. SEGMENT INFORMATION (continued) (in thousands, unaudited) | |||||||||||||||||||
Three Months Ended | |||||||||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | |||||||||||||||
Witt O’Brien’s and Other | |||||||||||||||||||
Operating Revenues | $ | 13,572 | $ | 11,146 | $ | 10,261 | $ | 8,419 | $ | 9,922 | |||||||||
Costs and Expenses: | |||||||||||||||||||
Operating | 9,711 | 6,618 | 6,427 | 5,805 | 4,166 | ||||||||||||||
Administrative and general | 5,510 | 3,833 | 3,649 | 4,223 | 6,231 | ||||||||||||||
Depreciation and amortization | 204 | 432 | 448 | 455 | 575 | ||||||||||||||
15,425 | 10,883 | 10,524 | 10,483 | 10,972 | |||||||||||||||
Gains (Losses) on Asset Dispositions and Impairments, Net | (29,586 | ) | 1 | — | (2 | ) | (24 | ) | |||||||||||
Operating Income (Loss) | (31,439 | ) | 264 | (263 | ) | (2,066 | ) | (1,074 | ) | ||||||||||
Other Income (Expense): | |||||||||||||||||||
Foreign currency gains (losses), net | (57 | ) | (25 | ) | (73 | ) | (27 | ) | 21 | ||||||||||
Other, net | (5,885 | ) | — | (6,723 | ) | — | 5 | ||||||||||||
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | 28 | (390 | ) | (579 | ) | 542 | 922 | ||||||||||||
Segment Loss(1) | $ | (37,353 | ) | $ | (151 | ) | $ | (7,638 | ) | $ | (1,551 | ) | $ | (126 | ) | ||||
Corporate and Eliminations | |||||||||||||||||||
Operating Revenues | $ | (733 | ) | $ | (751 | ) | $ | (504 | ) | $ | (648 | ) | $ | (914 | ) | ||||
Costs and Expenses: | |||||||||||||||||||
Operating | (875 | ) | (898 | ) | (658 | ) | (828 | ) | (984 | ) | |||||||||
Administrative and general | 6,021 | 6,417 | 6,571 | 7,597 | 9,091 | ||||||||||||||
Depreciation and amortization | 759 | 908 | 926 | 944 | 915 | ||||||||||||||
5,905 | 6,427 | 6,839 | 7,713 | 9,022 | |||||||||||||||
Operating Loss | $ | (6,638 | ) | $ | (7,178 | ) | $ | (7,343 | ) | $ | (8,361 | ) | $ | (9,936 | ) | ||||
Other Income (Expense): | |||||||||||||||||||
Derivative gains (losses), net | $ | (10,604 | ) | $ | (862 | ) | $ | (2,574 | ) | $ | (91 | ) | $ | 3,102 | |||||
Foreign currency gains (losses), net | (162 | ) | 36 | (142 | ) | 190 | (151 | ) | |||||||||||
Other, net | 41 | 74 | 3 | 2 | 232 |
(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 the Company’s 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, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | |||||||||||||||
Rates Per Day Worked: | |||||||||||||||||||
Anchor handling towing supply | $ | 13,686 | $ | 16,469 | $ | 20,828 | $ | 21,719 | $ | 30,871 | |||||||||
Fast support | 7,875 | 7,848 | 7,636 | 7,587 | 8,014 | ||||||||||||||
Supply | 6,298 | 5,935 | 5,709 | 6,484 | 9,453 | ||||||||||||||
Standby safety | 8,284 | 8,904 | 9,632 | 9,564 | 10,229 | ||||||||||||||
Specialty | 37,024 | 30,593 | 18,642 | 12,403 | 23,107 | ||||||||||||||
Liftboats | 13,486 | 16,822 | 11,852 | 15,150 | 25,191 | ||||||||||||||
Overall Average Rates Per Day Worked (excluding wind farm utility) | 9,093 | 10,089 | 10,354 | 10,545 | 13,495 | ||||||||||||||
Wind farm utility | 2,104 | 2,260 | 2,394 | 2,419 | 2,506 | ||||||||||||||
Overall Average Rates Per Day Worked | 6,308 | 6,834 | 7,352 | 7,915 | 10,299 | ||||||||||||||
Utilization: | |||||||||||||||||||
Anchor handling towing supply | 20 | % | 27 | % | 33 | % | 47 | % | 51 | % | |||||||||
Fast support | 47 | % | 62 | % | 69 | % | 68 | % | 58 | % | |||||||||
Supply | 19 | % | 31 | % | 27 | % | 37 | % | 66 | % | |||||||||
Standby safety | 81 | % | 78 | % | 77 | % | 79 | % | 85 | % | |||||||||
Specialty | 23 | % | 58 | % | 81 | % | 45 | % | 80 | % | |||||||||
Liftboats | 1 | % | 8 | % | 6 | % | 5 | % | 13 | % | |||||||||
Overall Fleet Utilization (excluding wind farm utility) | 39 | % | 47 | % | 50 | % | 52 | % | 59 | % | |||||||||
Wind farm utility | 71 | % | 86 | % | 77 | % | 65 | % | 65 | % | |||||||||
Overall Fleet Utilization | 47 | % | 58 | % | 57 | % | 56 | % | 60 | % | |||||||||
Available Days: | |||||||||||||||||||
Anchor handling towing supply | 1,564 | 1,483 | 1,365 | 1,365 | 1,380 | ||||||||||||||
Fast support | 3,312 | 2,389 | 2,174 | 2,093 | 2,173 | ||||||||||||||
Supply | 953 | 1,109 | 1,140 | 1,179 | 1,288 | ||||||||||||||
Standby safety | 1,840 | 1,989 | 2,104 | 2,184 | 2,208 | ||||||||||||||
Specialty | 337 | 276 | 273 | 273 | 276 | ||||||||||||||
Liftboats | 1,380 | 1,380 | 1,365 | 1,365 | 1,380 | ||||||||||||||
Overall Fleet Available Days (excluding wind farm utility) | 9,386 | 8,626 | 8,421 | 8,459 | 8,705 | ||||||||||||||
Wind farm utility | 3,404 | 3,345 | 3,276 | 3,245 | 3,222 | ||||||||||||||
Overall Fleet Available Days | 12,790 | 11,971 | 11,697 | 11,704 | 11,927 |
SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, unaudited) | |||||||||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | |||||||||||||||
ASSETS | |||||||||||||||||||
Current Assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 399,644 | $ | 471,180 | $ | 552,840 | $ | 496,473 | $ | 530,009 | |||||||||
Restricted cash | 3,711 | 3,364 | 1,742 | — | — | ||||||||||||||
Marketable securities | 116,276 | 78,717 | 87,701 | 110,894 | 138,200 | ||||||||||||||
Receivables: | |||||||||||||||||||
Trade, net of allowance for doubtful accounts | 162,880 | 148,358 | 125,987 | 130,731 | 159,076 | ||||||||||||||
Other | 56,287 | 32,452 | 34,319 | 31,440 | 27,217 | ||||||||||||||
Inventories | 16,773 | 16,047 | 16,798 | 18,431 | 24,768 | ||||||||||||||
Prepaid expenses and other | 7,230 | 9,500 | 10,157 | 9,615 | 8,627 | ||||||||||||||
Total current assets | 762,801 | 759,618 | 829,544 | 797,584 | 887,897 | ||||||||||||||
Property and Equipment: | |||||||||||||||||||
Historical cost | 2,194,023 | 2,128,010 | 2,158,826 | 2,015,205 | 2,123,201 | ||||||||||||||
Accumulated depreciation | (1,008,867 | ) | (1,008,629 | ) | (997,214 | ) | (986,048 | ) | (994,181 | ) | |||||||||
1,185,156 | 1,119,381 | 1,161,612 | 1,029,157 | 1,129,020 | |||||||||||||||
Construction in progress | 370,512 | 464,660 | 402,090 | 484,472 | 454,605 | ||||||||||||||
Held for sale equipment | — | — | — | 86,332 | — | ||||||||||||||
Net property and equipment | 1,555,668 | 1,584,041 | 1,563,702 | 1,599,961 | 1,583,625 | ||||||||||||||
Investments, at Equity, and Advances to 50% or Less Owned Companies | 313,772 | 331,063 | 325,386 | 334,370 | 331,103 | ||||||||||||||
Construction Reserve Funds | 153,962 | 161,865 | 166,888 | 255,350 | 255,408 | ||||||||||||||
Goodwill | 32,758 | 52,403 | 52,394 | 52,376 | 52,340 | ||||||||||||||
Intangible Assets, Net | 20,078 | 23,496 | 24,116 | 25,750 | 26,392 | ||||||||||||||
Other Assets | 23,282 | 41,647 | 39,287 | 46,496 | 48,654 | ||||||||||||||
$ | 2,862,321 | $ | 2,954,133 | $ | 3,001,317 | $ | 3,111,887 | $ | 3,185,419 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||
Current Liabilities: | |||||||||||||||||||
Current portion of long-term debt | $ | 183,602 | $ | 28,228 | $ | 24,409 | $ | 35,688 | $ | 35,531 | |||||||||
Accounts payable and accrued expenses | 90,702 | 70,032 | 55,971 | 50,660 | 71,952 | ||||||||||||||
Other current liabilities | 95,645 | 96,324 | 98,706 | 107,811 | 92,677 | ||||||||||||||
Total current liabilities | 369,949 | 194,584 | 179,086 | 194,159 | 200,160 | ||||||||||||||
Long-Term Debt | 848,771 | 1,013,691 | 1,014,632 | 1,018,331 | 1,034,859 | ||||||||||||||
Exchange Option Liability on Subsidiary Convertible Senior Notes | 19,436 | 8,938 | 8,171 | 5,747 | 5,611 | ||||||||||||||
Deferred Income Taxes | 288,601 | 307,353 | 330,375 | 374,476 | 389,988 | ||||||||||||||
Deferred Gains and Other Liabilities | 139,296 | 148,085 | 155,859 | 153,051 | 163,862 | ||||||||||||||
Total liabilities | 1,666,053 | 1,672,651 | 1,688,123 | 1,745,764 | 1,794,480 | ||||||||||||||
Equity: | |||||||||||||||||||
SEACOR Holdings Inc. stockholders’ equity: | |||||||||||||||||||
Preferred stock | — | — | — | — | — | ||||||||||||||
Common stock | 379 | 379 | 379 | 379 | 377 | ||||||||||||||
Additional paid-in capital | 1,518,635 | 1,512,209 | 1,510,623 | 1,508,981 | 1,505,942 | ||||||||||||||
Retained earnings | 910,723 | 1,004,472 | 1,044,275 | 1,099,434 | 1,126,620 | ||||||||||||||
Shares held in treasury, at cost | (1,357,331 | ) | (1,357,331 | ) | (1,357,876 | ) | (1,357,809 | ) | (1,356,499 | ) | |||||||||
Accumulated other comprehensive loss, net of tax | (11,514 | ) | (10,471 | ) | (10,810 | ) | (7,764 | ) | (5,620 | ) | |||||||||
1,060,892 | 1,149,258 | 1,186,591 | 1,243,221 | 1,270,820 | |||||||||||||||
Noncontrolling interests in subsidiaries | 135,376 | 132,224 | 126,603 | 122,902 | 120,119 | ||||||||||||||
Total equity | 1,196,268 | 1,281,482 | 1,313,194 | 1,366,123 | 1,390,939 | ||||||||||||||
$ | 2,862,321 | $ | 2,954,133 | $ | 3,001,317 | $ | 3,111,887 | $ | 3,185,419 |
SEACOR HOLDINGS INC. FLEET COUNTS (unaudited) | ||||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | ||||||||||
Offshore Marine Services(1) | ||||||||||||||
Anchor handling towing supply | 25 | 27 | 27 | 18 | 18 | |||||||||
Fast support | 48 | 50 | 39 | 38 | 38 | |||||||||
Supply | 28 | 31 | 33 | 33 | 34 | |||||||||
Standby safety | 21 | 21 | 23 | 25 | 25 | |||||||||
Specialty | 6 | 7 | 7 | 5 | 5 | |||||||||
Liftboats | 15 | 15 | 15 | 15 | 15 | |||||||||
Wind farm utility | 40 | 40 | 39 | 39 | 38 | |||||||||
183 | 191 | 183 | 173 | 173 | ||||||||||
Inland River Services | ||||||||||||||
Dry-cargo barges | 1,443 | 1,405 | 1,393 | 1,426 | 1,430 | |||||||||
Liquid tank barges: | ||||||||||||||
10,000 barrel | 18 | 18 | 18 | 18 | 18 | |||||||||
30,000 barrel | — | — | — | 27 | 27 | |||||||||
Specialty barges(2) | 11 | 11 | 11 | 11 | 11 | |||||||||
Towboats: | ||||||||||||||
4,000 hp - 6,600 hp | 17 | 17 | 17 | 17 | 17 | |||||||||
3,300 hp - 3,900 hp | 1 | 1 | 1 | — | — | |||||||||
Less than 3,200 hp | 4 | 4 | 4 | 17 | 17 | |||||||||
Harbor boats: | ||||||||||||||
1,100 hp - 2,000 hp | 15 | 13 | 13 | 13 | 13 | |||||||||
Less than 1,100 hp | 9 | 6 | 6 | 6 | 6 | |||||||||
1,518 | 1,475 | 1,463 | 1,535 | 1,539 | ||||||||||
Shipping Services | ||||||||||||||
Petroleum Transportation: | ||||||||||||||
Product tankers - U.S.-flag | 9 | 8 | 8 | 7 | 7 | |||||||||
Crude oil tanker - U.S.-flag | — | — | — | 1 | 1 | |||||||||
Harbor Towing and Bunkering: | ||||||||||||||
Harbor tugs - U.S.-flag | 23 | 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 | 57 |
(1) | Excludes eight offshore support vessels retired and removed from services as of December 31, 2016. |
(2) | Includes non-certificated 10,000 and 30,000 barrel inland river liquid tank barges. |
SEACOR HOLDINGS INC. EXPECTED FLEET DELIVERIES AS OF DECEMBER 31, 2016 (unaudited) | ||||||||||||||||||||||||||||||||||||||||||||
2017 | 2018 | 2019 | 2020 | |||||||||||||||||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Total | ||||||||||||||||||||||||||||||
Offshore Marine Services | ||||||||||||||||||||||||||||||||||||||||||||
Fast support | 3 | 1 | 1 | — | — | — | — | 1 | — | 1 | — | 1 | — | 1 | 9 | |||||||||||||||||||||||||||||
Supply(1) | — | — | — | — | 1 | — | 1 | — | 1 | — | — | — | — | — | 3 | |||||||||||||||||||||||||||||
Wind farm utility | — | 1 | — | — | — | — | — | — | — | — | — | — | — | — | 1 | |||||||||||||||||||||||||||||
Shipping Services | ||||||||||||||||||||||||||||||||||||||||||||
Product tankers - U.S.-flag | 1 | — | — | — | — | — | — | — | — | — | — | — | — | — | 1 | |||||||||||||||||||||||||||||
Articulated tug-barge - U.S.-flag | — | — | 1 | — | — | — | — | — | — | — | — | — | — | — | 1 | |||||||||||||||||||||||||||||
Harbor tugs - U.S.-flag | 1 | 1 | — | 1 | — | — | — | — | — | — | — | — | — | — | 3 | |||||||||||||||||||||||||||||
Harbor tugs - Foreign-flag | 2 | — | — | — | — | — | — | — | — | — | — | — | — | — | 2 | |||||||||||||||||||||||||||||
Inland River Services | ||||||||||||||||||||||||||||||||||||||||||||
30,000 barrel liquid tank barge | — | 1 | — | — | — | — | — | — | — | — | — | — | — | — | 1 | |||||||||||||||||||||||||||||
Towboats: | ||||||||||||||||||||||||||||||||||||||||||||
4,000 hp - 6,600 hp | — | 1 | 1 | 1 | — | — | — | — | — | — | — | — | — | — | 3 |
(1) | Includes one vessel that may be assumed by a third party at their option. |