SEACOR Holdings Announces Results for Its Third Quarter Ended September 30, 2014
(firmenpresse) - FORT LAUDERDALE, FL -- (Marketwired) -- 10/27/14 -- SEACOR Holdings Inc. (NYSE: CKH) (the "Company") today announced its results for its third quarter ended September 30, 2014.
For the quarter ended September 30, 2014, net income attributable to SEACOR Holdings Inc. was $27.5 million, or $1.28 per diluted share. For the nine months ended September 30, 2014, net income attributable to SEACOR Holdings Inc. was $60.0 million, or $2.85 per diluted share.
For the preceding quarter ended June 30, 2014, net income attributable to SEACOR Holdings Inc. was $21.1 million, or $0.98 per diluted share. A comparison of results for the quarter ended September 30, 2014 with the preceding quarter ended June 30, 2014 is included in the "Highlights for the Quarter" discussion below.
For the quarter ended September 30, 2013, net income attributable to SEACOR Holdings Inc. was $30.3 million, or $1.36 per diluted share. For the nine months ended September 30, 2013, income from continuing operations attributable to SEACOR Holdings Inc. was $38.8 million, or $1.92 per diluted share.
- Operating income was $16.9 million on operating revenues of $135.2 million in the third quarter compared with operating income of $18.1 million on operating revenues of $138.2 million in the preceding quarter. This release includes a table presenting time charter operating data by vessel class.
In the U.S. Gulf of Mexico, operating income excluding gains on asset dispositions was $5.3 million lower in the third quarter primarily due to a reduction in time charter revenues for all vessel classes as a result of weak market conditions. The reduction in time charter revenues was partially offset by lower drydocking expenditures. During the third quarter, the Company repositioned four vessels to other geographic regions and returned one leased-in vessel to its owner. On a total fleet basis, fleet utilization was 68.9% compared with 77.4% in the preceding quarter, and average day rates increased from $19,736 per day to $20,192 per day. As of September 30, 2014, the Company had two vessels cold-stacked in the U.S. Gulf of Mexico.
In international regions, operating income excluding gains on asset dispositions was $4.4 million higher in the third quarter. The improvement was primarily due to incremental time charter revenues attributable to vessels repositioned from the U.S. Gulf of Mexico, improved returns from spot market activity in Brazil, Mexico, Central and South America, reduced drydocking activity in Europe and the contribution of a full quarter''s activity on a term charter in Asia. Excluding windfarm utility vessels, fleet utilization was 81.8% compared with 82.4% in the preceding quarter, and average day rates increased from $12,455 per day to $13,463 per day.
During the third 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. During the preceding quarter, the Company sold four offshore support vessels and other equipment for net proceeds of $50.5 million and gains of $14.5 million, of which $2.5 million was recognized currently and $12.0 million was deferred. In addition, the Company recognized previously deferred gains of $1.0 million in the preceding quarter.
In the preceding quarter, the Company received net litigation settlement proceeds of $14.7 million from an equipment supplier relating to the May 2008 mechanical malfunction and fire onboard the SEACOR Sherman, an anchor handling towing supply vessel then under construction. Upon settlement of the litigation, the Company recognized a gain of $14.7 million included in other income (expense).
- Operating income was $31.1 million on operating revenues of $59.9 million in the third quarter compared with operating income of $0.4 million on operating revenues of $56.0 million in the preceding quarter. Operating income in the third quarter included gains on asset dispositions of $26.4 million compared with gains of $0.8 million in the preceding quarter.
During the third quarter, the Company sold 60 barges and three inland river towboats for net proceeds of $44.5 million and gains of $25.6 million, all of which were recognized currently. In addition, the Company recognized previously deferred gains of $0.8 million.
Operating results from dry-cargo barge pools were $4.6 million higher primarily due to improved utilization and higher rates resulting from the commencement of the harvest season and strong freight demand for imports of fertilizer, salt and steel.
Equity in losses of 50% or less owned companies were lower primarily due to improved operating results from the terminal facility at the Port of Ibicuy, Argentina.
- Operating income was $10.0 million on operating revenues of $51.7 million in the third quarter compared with operating income of $13.0 million on operating revenues of $53.6 million in the preceding quarter.
The decrease in operating income was primarily due to lower port traffic and higher drydocking expenditures for harbor tug activities, partially offset by higher charter rates for the Company''s U.S.-flag product tankers.
In the preceding quarter, equity in earnings of 50% or less owned companies were primarily due to gains on the accretion of the Company''s investment in Dorian LPG Ltd. following the completion of equity offerings in which the Company did not participate.
- Segment profit was $5.2 million on operating revenues of $53.8 million in the third quarter compared with $13.5 million on operating revenues of $72.8 million in the preceding quarter. The reduction of segment profit in the third quarter was primarily due to lower operating margins as U.S. fuel ethanol stocks returned to more normalized levels and lower sales volumes as a consequence of a temporary unplanned plant shutdown.
- Segment profit was $0.5 million in the third quarter compared with a segment loss of $9.0 million in the preceding quarter. During the third quarter, the Company acquired its partner''s equity interest in Witt O''Brien''s LLC ("Witt O''Brien''s"), a global leader in preparedness, crisis management, and disaster response and recovery, for $35.4 million. Beginning July 1, 2014, the Company has consolidated the financial position, results of operations and cash flows of Witt O''Brien''s. In the preceding quarter, segment loss included $6.7 million in legal costs and provisions for certain litigation matters related to the Deepwater Horizon oil spill.
- Administrative and general expenses were $5.7 million higher in the third quarter compared with the preceding quarter primarily due to separation payments and the acceleration of share awards following the retirement of certain executives.
- Marketable security gains, net in the third quarter are primarily due to unrealized gains on long marketable security positions.
- During the quarter ended September 30, 2014, the Company purchased 1,116,464 shares of its common stock for an aggregate purchase price of $87.9 million. Subsequent to September 30, 2014 and through October 24, 2014, the Company purchased 472,200 shares of its common stock for an aggregate purchase price of $35.7 million.
- As of September 30, 2014, the Company''s unfunded capital commitments were $520.5 million and included: $201.6 million for 18 offshore support vessels; $1.3 million for two inland river tank barges; $3.3 million for four inland river towboats; $230.2 million for three U.S.-flag product tankers; $71.3 million for one U.S.-flag articulated tug-barge; and $12.8 million for other equipment and improvements. These commitments are payable as follows: $48.0 million is payable during the remainder of 2014; $426.0 million is payable during 2015-2016; and $46.5 million is payable during 2017-2018. This release includes a table detailing expected delivery by vessel class.
As of September 30, 2014, the Company''s balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and Title XI reserve funds totaled $827.9 million and its total outstanding long-term debt was $881.9 million.
SEACOR and its subsidiaries are in the business of owning, operating, investing in and marketing equipment, primarily in the offshore oil and gas, shipping and logistics industries. SEACOR offers customers a diversified suite of services and equipment, including offshore marine, inland river storage and handling, distribution of petroleum, chemical and agricultural commodities, and shipping. SEACOR is dedicated to building innovative, modern, "next generation," efficient marine equipment while providing highly responsive service with the highest safety standards and dedicated professional employees. SEACOR is publicly traded on the New York Stock Exchange (NYSE) under the symbol CKH.
Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as "anticipate," "estimate," "expect," "project," "intend," "believe," "plan," "target," "forecast" and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management''s expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. These statements are not guarantees of future performance and actual events or results may differ significantly from these statements. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, including decreased demand and loss of revenues as a result of additional safety and certification requirements for drilling activities in the U.S. Gulf of Mexico and delayed approval of applications for such activities, the possibility of U.S. government implemented moratoriums directing operators to cease certain drilling activities in the U.S. Gulf of Mexico and any extension of such moratoriums (the "Moratoriums"), weakening demand for the Company''s services as a result of unplanned customer suspensions, cancellations, rate reductions or non-renewals of vessel charters or failures to finalize commitments to charter vessels in response to Moratoriums, increased government legislation and regulation of the Company''s businesses could increase cost of operations, increased competition if the Jones Act is repealed, liability, legal fees and costs in connection with the provision of emergency response services, including the Company''s involvement in response to the oil spill as a result of the sinking of the Deepwater Horizon in April 2010, decreased demand for the Company''s services as a result of declines in the global economy, declines in valuations in the global financial markets and a lack of liquidity in the credit sectors, including, interest rate fluctuations, availability of credit, inflation rates, change in laws, trade barriers, commodity prices and currency exchange fluctuations, the cyclical nature of the oil and gas industry, activity in foreign countries and changes in foreign political, military and economic conditions, changes in foreign and domestic oil and gas exploration and production activity, safety record requirements related to Offshore Marine Services and Shipping Services, decreased demand for Shipping Services due to construction of additional refined petroleum product, natural gas or crude oil pipelines or due to decreased demand for refined petroleum products, crude oil or chemical products or a change in existing methods of delivery, compliance with U.S. and foreign government laws and regulations, including environmental laws and regulations and economic sanctions, the dependence of Offshore Marine Services and Shipping Services on several customers, consolidation of the Company''s customer base, the ongoing need to replace aging vessels, industry fleet capacity, restrictions imposed by the Shipping Acts on the amount of foreign ownership of the Company''s Common Stock, operational risks of Offshore Marine Services, Inland River Services and Shipping Services, effects of adverse weather conditions and seasonality, the level of grain export volume, the effect of fuel prices on barge towing costs, variability in freight rates for inland river barges, the effect of international economic and political factors on Inland River Services'' operations, sudden and unexpected changes in commodity prices, futures and options, global weather conditions, political instability, changes in currency exchanges rates, and product availability in agriculture commodity trading and logistics activities, adequacy of insurance coverage, the potential for a material weakness in the Company''s internal controls over financial reporting and the Company''s ability to remediate such potential material weakness, the attraction and retention of qualified personnel by the Company, and various other matters and factors, many of which are beyond the Company''s control as well as those discussed in Item 1A (Risk Factors) of the Company''s Annual report on Form 10-K. In addition, these statements constitute the Company''s cautionary statements under the Private Securities Litigation Reform Act of 1995. It should be understood that it is not possible to predict or identify all such factors. Consequently, the preceding should not be considered to be a complete discussion of all potential risks or uncertainties. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company''s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any).
For additional information, contact
Molly Hottinger
(954) 627-5278
or visit SEACOR''s website at
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Datum: 27.10.2014 - 15:59 Uhr
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