SEACOR Holdings Announces Results for Its Fourth Quarter and Year Ended December 31, 2015
(firmenpresse) - FORT LAUDERDALE, FL -- (Marketwired) -- 02/29/16 -- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- The Company's capital commitments as of December 31, 2015 by year of expected payment were as follows (in thousands):
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.
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).
For additional information, contact
Molly Hottinger
(954) 627-5278
or visit SEACOR's website at
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Datum: 29.02.2016 - 21:23 Uhr
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