SEACOR Holdings Announces Results for Its Second Quarter Ended June 30, 2015
(firmenpresse) - FORT LAUDERDALE, FL -- (Marketwired) -- 07/23/15 -- SEACOR Holdings Inc. (NYSE: CKH) (the "Company") today announced its results for its second quarter ended June 30, 2015.
For the quarter ended June 30, 2015, net income attributable to SEACOR Holdings Inc. was $0.7 million, or $0.04 per diluted share. For the six months ended June 30, 2015, net loss attributable to SEACOR Holdings Inc. was $18.9 million, or $1.06 per diluted share. Results attributable to SEACOR Holdings Inc. for the quarter ended June 30, 2015 included a loss on the extinguishment of the Company''s Title XI bonds of $9.6 million, net of noncontrolling interests and tax, or $0.53 per diluted share. See "Debt Extinguishment Losses" below.
For the preceding quarter ended March 31, 2015, net loss attributable to SEACOR Holdings Inc. was $19.6 million, or $1.10 per diluted share. A comparison of results for the quarter ended June 30, 2015 with the preceding quarter ended March 31, 2015 is included in the "Highlights for the Quarter" discussion below.
For the quarter ended June 30, 2014, net income attributable to SEACOR Holdings Inc. was $21.1 million, or $0.98 per diluted share. For the six months ended June 30, 2014, net income attributable to SEACOR Holdings Inc. was $32.6 million, or $1.58 per diluted share.
- Operating income before depreciation and amortization ("OIBDA" -- see definition included in the segment information tables herein) was $15.3 million on operating revenues of $96.7 million in the second quarter compared with a loss of $1.1 million on operating revenues of $93.5 million in the preceding quarter, an improvement of $9.8 million when excluding the $6.6 million impairment charge related to the suspended construction of two offshore support vessels in the preceding quarter. Operating loss after depreciation and amortization was $0.4 million in the second quarter compared with $16.5 million in the preceding quarter.
During the second quarter, the Company sold two offshore support vessels, including one vessel to a joint venture in which the Company has a 30.4% interest, and other equipment for net proceeds of $15.5 million and gains of $1.0 million, all of which were recognized currently. In addition, the Company recognized previously deferred gains of $2.5 million in the second quarter.
On a total fleet basis, the total number of days available for charter for the Company''s fleet, excluding wind farm utility vessels, decreased by 49 days, or 1%. Overall utilization, including cold-stacked vessels but excluding wind farm utility vessels, decreased from 68% to 65% and overall average day rates, including cold-stacked vessels but excluding wind farm utility vessels, increased by 6% from $13,178 to $13,955 per day. This release includes a table presenting time charter operating data by vessel class.
In the U.S., operating results excluding the impact of gains (losses) on asset dispositions and impairments were $6.7 million higher in the second quarter. Time charter revenues for the anchor handling towing supply vessels were $5.2 million higher primarily due to an improvement in average day rates attributable to several charters which commenced during the second quarter. Time charter revenues for the Company''s liftboat fleet increased by $3.7 million primarily due to seasonally improved market conditions. Time charter revenues for all other vessel classes were $3.6 million lower primarily due to continued weak market conditions. On a total fleet basis, utilization including cold-stacked vessels was unchanged at 49% and average day rates including cold-stacked vessels increased from $18,097 to $21,898 per day. Operating expenses were $1.4 million lower primarily due to an increase in the number of cold-stacked vessels, partially offset by higher drydocking expenses. As of June 30, 2015, the Company had ten vessels cold-stacked in the U.S. Gulf of Mexico compared with seven vessels as of March 31, 2015.
In international regions, operating results excluding the impact of gains (losses) on asset dispositions and impairments was $0.7 million lower in the second quarter. Operating revenues were $2.0 million lower primarily due to the conclusion of several charters and overall weaker market conditions. Including cold-stacked vessels but excluding wind farm utility vessels, overall utilization was 73% compared with 78% in the preceding quarter, and overall average day rates decreased from $11,510 to $11,111 per day. Operating expenses were $0.8 million lower primarily due a reduction drydocking costs, partially offset by an increase in routine repair and maintenance expenses. The Company had two vessels cold-stacked in international regions as of June 30, 2015 and March 31, 2015.
Foreign currency gains, net of $1.9 million in the second quarter were primarily due to the weakening of the U.S. dollar versus the pound sterling and euro currencies underlying certain of the Company''s intercompany notes payable and debt balances.
- OIBDA was $10.0 million on operating revenues of $61.2 million in the second quarter compared with $13.0 million on operating revenues of $56.6 million in the preceding quarter. Operating income after depreciation and amortization was $2.6 million in the second quarter compared with $6.1 million in the preceding quarter.
Operating income excluding the impact of gains on asset dispositions was $2.9 million lower in the second quarter. Operating results for the dry-cargo barge pools were $1.7 million lower primarily due to operating restrictions caused by high water levels and lower rates. Operating results for the 10,000 barrel liquid tank barge operations were $1.5 million lower primarily due to higher costs associated with U.S. Coast Guard inspections and related repairs.
During the second quarter, the Company recognized $3.7 million of equity losses in 50% or less owned companies primarily due to reduced activity in the Company''s joint venture operating on the Parana-Paraguay River Waterway as a result of continued weakness in the iron ore and grain markets. In addition, the Company recognized interest income (not a component of segment profit) of $1.1 million during the second quarter on notes due from this joint venture.
- OIBDA was $12.9 million on operating revenues of $55.7 million in the second quarter compared with $8.0 million on operating revenues of $51.4 million in the preceding quarter. Operating income after depreciation and amortization was $6.3 million in the second quarter compared with $1.3 million in the preceding quarter.
Operating income was $5.0 million higher in the second quarter. Operating revenues were $4.3 million higher in the second quarter primarily due to less out-of-service time for drydocking U.S.-flag product tankers, an increase in the time charter rate for one U.S.-flag product tanker and increased harbor towing activities resulting from higher port traffic. Operating expenses were $1.0 million lower in the second quarter primarily due to lower drydocking costs for U.S.-flag product tankers and harbor tugs.
Equity in earnings from 50% or less owned companies increased by $1.2 million primarily due to improved operating results from the Company''s joint venture operating in the Puerto Rico liner trade.
- Segment profit was $10.5 million on operating revenues of $48.4 million in the second quarter compared with $4.1 million on operating revenues of $39.6 million in the preceding quarter. Segment profit was $6.3 million higher in the second quarter primarily due to the recognition of a $4.1 million gain from a business interruption insurance claim and higher sales volumes of alcohol and DDGS. The preceding quarter''s sales volumes were lower as a result of reduced production resulting from unplanned plant maintenance.
- Segment profit was $1.9 million in the second quarter compared with a segment loss of $1.8 million in the preceding quarter. The segment profit in the second quarter was primarily due to higher activity levels for emergency and crisis services.
- Administrative and general expenses were $1.0 million higher in the second quarter primarily due to higher legal and professional fees.
- Certain subsidiaries of the Company that operate its fleet of U.S.-flag product tankers (collectively "SEA-Vista," in which the Company has a 51% controlling interest) redeemed their Title XI bonds in the second quarter for $99.9 million and recorded a $29.0 million loss on extinguishment of debt for the then unamortized debt discount, the make whole premium paid and certain other redemption costs. As a consequence of redeeming the bonds prior to their scheduled maturity, SEA-Vista was required to pay a make whole premium in the amount of $20.5 million. The redemption of the bonds released the liens on vessels supporting the Title XI financing and facilitated the issuance of SEA-Vista''s $300 million secured credit facility with a syndicate of lenders at a lower effective borrowing rate to fund its working capital needs, meet its capital commitments for the three U.S.-flag product tankers (referred to below under "Capital Commitments"), and fund future growth opportunities. The redemption of the Title XI bonds was funded with advances from SEA-Vista''s $300.0 million secured credit facility, its restricted cash and its Title XI reserve funds.
In addition, the Company purchased $14.0 million in principal amount of its 7.375% Senior Notes for $14.4 million in the second quarter resulting in a loss on debt extinguishment of $0.5 million. As of June 30, 2015, the aggregate outstanding principal amount of the Company''s 7.375% Senior Notes due 2019 was $219.5 million.
- Marketable security gains, net of $10.2 million in the second quarter were primarily due to gains on long marketable security positions.
- The Company''s effective tax rate of negative 1.6% for the second quarter was primarily due to tax benefits not recognized on losses attributable to noncontrolling interests.
- During the quarter ended June 30, 2015, the Company purchased 250,873 shares of its common stock for an aggregate purchase price of $17.6 million, or $70.30 per share. Subsequent to June 30, 2015, the Company purchased 107,018 shares of it common stock for an aggregate purchase price of $6.9 million, or $64.45 per share.
- As of June 30, 2015, the Company''s unfunded capital commitments were $432.8 million and included: $142.3 million for 17 offshore support vessels; $1.7 million for two 30,000 barrel inland river liquid tank barges; $6.9 million for eight 10,000 barrel inland river liquid tank barges; $6.8 million for three inland river towboats; $190.3 million for three U.S.-flag product tankers; $41.9 million for one U.S.-flag articulated tug-barge; $20.5 million for two U.S.-flag harbor tugs; and $22.4 million for other equipment and improvements. These commitments are payable as follows: $135.9 million is payable during the remainder of 2015 (including $64.8 million for the construction of SEA-Vista''s three U.S.-flag product tankers and one U.S.-flag articulated tug-barge); $233.2 million is payable during 2016 (including $146.9 million for the construction of SEA-Vista''s three U.S.-flag product tankers and one U.S.-flag articulated tug-barge); $38.8 million is payable during 2017 (including $20.5 million for the construction of SEA-Vista''s three U.S.-flag product tankers); $19.0 million is payable during 2018; and $5.9 million is payable during 2019. Of these committments, approximately $6.8 million may be terminated without further liability other than the payment of liquidated damages of $0.7 million. This release includes a table detailing expected delivery by vessel class.
As of June 30, 2015, the Company''s balances of cash, cash equivalents, marketable securities and construction reserve funds totaled $738.4 million and its total outstanding long-term debt was $924.6 million. In addition, the Company had $165.0 million of borrowing capacity under Sea-Vista''s $300 million secured credit facility.
SEACOR and its subsidiaries are in the business of owning, operating, investing in and marketing equipment, primarily in the offshore oil and gas, shipping and logistics industries. SEACOR offers customers a diversified suite of services and equipment, including offshore marine, inland river storage and handling, distribution of petroleum, chemical and agricultural commodities, and shipping. SEACOR is dedicated to building innovative, modern, "next generation," efficient marine equipment while providing highly responsive service with the highest safety standards and dedicated professional employees. SEACOR is publicly traded on the New York Stock Exchange (NYSE) under the symbol CKH.
Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as "anticipate," "estimate," "expect," "project," "intend," "believe," "plan," "target," "forecast" and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management''s expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. These statements are not guarantees of future performance and actual events or results may differ significantly from these statements. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, including decreased demand and loss of revenues as a result of a decline in the price of oil and an oversupply of newly built offshore support vessels, additional safety and certification requirements for drilling activities in the U.S. Gulf of Mexico and delayed approval of applications for such activities, the possibility of U.S. government implemented moratoriums directing operators to cease certain drilling activities in the U.S. Gulf of Mexico and any extension of such moratoriums (the "Moratoriums"), weakening demand for the Company''s services as a result of unplanned customer suspensions, cancellations, rate reductions or non-renewals of vessel charters or failures to finalize commitments to charter vessels in response to a decline in the price of oil, an oversupply of newly built offshore support vessels and Moratoriums, increased government legislation and regulation of the Company''s businesses could increase cost of operations, increased competition if the Jones Act is repealed, liability, legal fees and costs in connection with the provision of emergency response services, including the Company''s involvement in response to the oil spill as a result of the sinking of the Deepwater Horizon in April 2010, decreased demand for the Company''s services as a result of declines in the global economy, declines in valuations in the global financial markets and a lack of liquidity in the credit sectors, including, interest rate fluctuations, availability of credit, inflation rates, change in laws, trade barriers, commodity prices and currency exchange fluctuations, the cyclical nature of the oil and gas industry, activity in foreign countries and changes in foreign political, military and economic conditions, changes in foreign and domestic oil and gas exploration and production activity, safety record requirements related to Offshore Marine Services and Shipping Services, decreased demand for Shipping Services due to construction of additional refined petroleum product, natural gas or crude oil pipelines or due to decreased demand for refined petroleum products, crude oil or chemical products or a change in existing methods of delivery, compliance with U.S. and foreign government laws and regulations, including environmental laws and regulations and economic sanctions, the dependence of Offshore Marine Services, Inland River Services, Shipping Services and Illinois Corn Processing on several customers, consolidation of the Company''s customer base, the ongoing need to replace aging vessels, industry fleet capacity, restrictions imposed by the Shipping Acts on the amount of foreign ownership of the Company''s Common Stock, operational risks of Offshore Marine Services, Inland River Services and Shipping Services, effects of adverse weather conditions and seasonality, the level of grain export volume, the effect of fuel prices on barge towing costs, variability in freight rates for inland river barges, the effect of international economic and political factors on Inland River Services'' operations, the effect of the spread between the input costs of corn and natural gas compared with the price of alcohol and distillers grains on Illinois Corn Processing''s operations, adequacy of insurance coverage, the potential for a material weakness in the Company''s internal controls over financial reporting and the Company''s ability to remediate such potential material weakness, the attraction and retention of qualified personnel by the Company, and various other matters and factors, many of which are beyond the Company''s control as well as those discussed in Item 1A (Risk Factors) of the Company''s Annual report on Form 10-K. In addition, these statements constitute the Company''s cautionary statements under the Private Securities Litigation Reform Act of 1995. It should be understood that it is not possible to predict or identify all such factors. Consequently, the preceding should not be considered to be a complete discussion of all potential risks or uncertainties. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company''s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any).
For additional information, contact
Molly Hottinger
(954) 627-5278
or visit SEACOR''s website at
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Datum: 23.07.2015 - 16:17 Uhr
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