ckhimagea01a06.jpgPRESS RELEASE

SEACOR HOLDINGS ANNOUNCES RESULTS OF OPERATIONS
FOR ITS THIRD QUARTER ENDED SEPTEMBER 30, 2017

Fort Lauderdale, Florida
November 1, 2017
FOR IMMEDIATE RELEASE - SEACOR Holdings Inc. (NYSE:CKH) (the “Company”) today announced its results for the third quarter ended September 30, 2017.
FINANCIAL HIGHLIGHTS FOR THE THIRD QUARTER ENDED SEPTEMBER 30, 2017
Net income attributable to SEACOR Holdings Inc.: $17.6 million ($1.00 per diluted share) including net income of $10.9 million ($0.62 per diluted share) resulting from the sale of Illinois Corn Processing LLC (“ICP”) on July 3, 2017, a discontinued operation.
Net income from continuing operations attributable to SEACOR Holdings Inc.: $6.6 million ($0.38 per diluted share) including a net “mark-to-market” loss of $8.1 million ($0.46 per diluted share) on 9,177,135 shares of Dorian LPG Ltd. (“Dorian”).
Operating income from the Company’s continuing operating businesses (primarily Inland River Services, Shipping Services and Witt O’Brien’s): $15.1 million.
Operating income before depreciation and amortization (“OIBDA”): $35.6 million (See disclosure related to Non-GAAP measures in the statements of income (loss) and segment information tables herein).
Charles Fabrikant, Executive Chairman and CEO, in elaborating on the Company's charter backlog commented:
“Our tanker chartering group has done an outstanding job navigating the shoals of an over-supplied Jones Act, coastwise market. SEA-Vista, our tanker joint venture, now has only its multi-grade chemical ATB in the spot market. Although there is excess capacity in the American flag tanker fleet, there are indications that some of the older assets will be removed from service. As highlighted in our August release, SEA-Vista has a $450 million revenue backlog. I would also like to add a comment about the impact of the recent storms. Our marine businesses, harbor towing, SEACOR Island Lines, Seabulk Tankers, and Trailer Bridge, our joint venture liner service covering Puerto Rico, were impacted in September by hurricanes Harvey, Irma, and Maria. Post storm activity has recovered in October. Trailer Bridge and SEACOR Island Lines have added capacity to serve Puerto Rico and the U.S. Virgin Islands. Witt O’Brien’s is our crisis and disaster management division. This group has been extremely busy helping hurricane-hit communities across Texas, Florida, Georgia and the Caribbean. Their services include strategic advice on state-wide recovery; monitoring of local debris clean-up; support for housing and critical infrastructure restoration; and administration of long-term recovery programs.
We have also sourced generators, tank trucks, and other relief and recovery cargo for both private sector clients and FEMA. The collaboration between SEACOR, Trailer Bridge, SEACOR Island Lines and CLEANCOR has been critical in sourcing equipment and expediting delivery to the Virgin Islands and Puerto Rico. These activities reflect a coordinated effort by all SEACOR businesses and close collaboration by operating managers.
I would like to add a personal comment but one that reflects the feelings of my colleagues of SEACOR Holdings and Trailer Bridge. Our hearts go out to all those impacted by the recent storms. We are cognizant that residents of Texas, South Florida, the Virgin Islands, and Puerto Rico continue to suffer without their homes, and in Puerto Rico and the Virgin Islands, with limited essential services and medical care. We are in the process of making grants to assist relief efforts, which will, unfortunately have to continue for years into the future. We are also using our resources and assets to assist by delivering containers of supplies gratis to help island residents. Trailer Bridge has also been helping to facilitate access to local Puerto Rican assist groups to distribute aid coming from the U.S. mainland."

1


Financial results for the nine months ended September 30, 2017 are included in the condensed consolidated statements of income (loss) included elsewhere in this release.
A comparison of results for the quarter ended September 30, 2017 with the preceding quarter ended June 30, 2017 is included in the “Continuing Operation Discussion” below.
Continuing Operation Discussion
Inland River Services - Operating income was $4.9 million compared with $0.4 million in the preceding quarter. OIBDA was $11.2 million compared with $6.9 million in the preceding quarter. Operating income and OIBDA for the third quarter and preceding quarter included gains on asset dispositions of $5.1 million and $5.9 million, respectively.
Operating results, excluding gains on asset dispositions, benefited from increased activity levels in the covered barge market and terminal operations, reflecting the commencement of the fall harvest and increased export demand. Operating results also improved as a consequence of placing two new towboats on time charter with the Company’s SCF Bunge Marine joint venture. Compensation costs were lower following the accelerated vesting of share awards in connection with the Spin-off in the preceding quarter. Operating results from the Company’s Colombian barge and towboat operation were impacted by seasonal low water conditions and were $0.8 million lower compared with the preceding quarter.
Foreign currency gains of $1.0 million were primarily due to the strengthening of the Colombian peso in relation to the U.S. dollar underlying certain of the Company’s intercompany lease obligations.
Shipping Services - Operating income was $14.9 million compared with $20.0 million in the preceding quarter. OIBDA was $28.4 million compared with $30.2 million in the preceding quarter. Operating income and OIBDA in the third quarter included $5.0 million and $8.8 million attributable to noncontrolling interests compared with $7.7 million and $11.3 million in the preceding quarter. The fleet acquired in the International Shipholding Corporation (“ISH”) acquisition, excluding the rail-ferries and rail car facility, contributed operating income of $1.8 million.
Operating results included $3.5 million of drydocking costs for one U.S.-flag product tanker and reflected a $2.5 million reduction of revenues for short-sea liner transportation primarily due to fewer voyages as a consequence of Hurricane Irma. General and administrative expenses were higher primarily due to the ISH acquisition and related transition, which was completed in October.
Equity in earnings of 50% or less owned companies included $0.8 million of earnings from Trailer Bridge, the Company’s joint venture operating in the Puerto Rico liner trade, and $0.7 million from ISH’s 50% or less owned companies, RF Vessel Holdings and Golfo de Mexico, that own and operate the two foreign-flag rail ferries and a full service rail car facility.
Debt Extinguishment Losses - During the third quarter, the Company purchased $13.2 million in principal amount of its 2.5% Convertible Senior Notes for $13.3 million resulting in immaterial gains on debt extinguishment.
Capital Commitments - The Company’s capital commitments as of September 30, 2017 were $10.2 million and included two U.S.-flag harbor tugs, one foreign-flag RORO vessel and other equipment. Each of the tugs and the RORO vessel are scheduled to deliver prior to the second quarter of 2018. Subsequent to September 30, 2017, the Company committed to purchase additional equipment for $2.6 million.
Liquidity and Debt - As of September 30, 2017, the Company’s balances of cash, cash equivalents, restricted cash, marketable securities and construction reserve funds totaled $384.0 million and the Company had $5.0 million of borrowing capacity under a subsidiary credit facility. Total outstanding debt was $739.6 million, which includes $265.6 million in principal amount of debt owed by SEA-Vista that is non-recourse to the Company and its subsidiaries other than SEA-Vista. SEA-Vista’s debt was primarily used to fund the construction of four product carriers in the U.S. coastwise tanker and chemical trades. SEA-Vista is a consolidated venture and had $21.0 million of borrowing capacity under its credit facility as of September 30, 2017. Subsequent to September 30, 2017, SEA-Vista borrowed $6.0 million under its credit facility.
As of September 30, 2017, the remaining principal amount outstanding of the Company’s 2.5% Convertible Senior Notes of $95.5 million is included in current liabilities as the holders may require the Company to repurchase these notes on December 19, 2017.
* * * * *

2


SEACOR Holdings Inc. (“SEACOR”) is a diversified holding company with interests in domestic and international transportation and logistics and risk management consultancy. 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. Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or expected by management of the Company. 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 risks relating to 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, increased government legislation and regulation of the Company’s businesses that could increase the 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, 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, 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 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 Inland River Services and Shipping Services on several key 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 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 ability to realize anticipated benefits from acquisitions and other strategic transactions, adequacy of insurance coverage, the ability to recognize the anticipated benefits of the Spin-off, the ability to remediate the material weaknesses the Company has identified in its internal controls over financial reporting, 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 and other reports filed by the Company with the Securities and Exchange Commission (“SEC”). 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. Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. 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 SEC, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any). These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.
For additional information, contact Molly Hottinger at (954) 627-5278 or visit SEACOR’s website at www.seacorholdings.com.

3


SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except share data, unaudited)
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2017
 
2016
 
2017
 
2016
Operating Revenues
$
158,171

 
$
109,570

 
$
392,376

 
$
314,269

Costs and Expenses:
 
 
 
 
 
 
 
Operating
107,258

 
66,573

 
252,156

 
193,636

Administrative and general
20,531

 
20,931

 
68,949

 
64,968

Depreciation and amortization
20,501

 
15,864

 
54,689

 
46,005

 
148,290

 
103,368

 
375,794

 
304,609

Gains (Losses) on Asset Dispositions and Impairments, Net
5,209

 
(593
)
 
10,918

 
2,590

Operating Income
15,090

 
5,609

 
27,500

 
12,250

Other Income (Expense):
 
 
 
 
 
 
 
Interest income
2,367

 
4,492

 
6,651

 
13,100

Interest expense
(9,121
)
 
(9,955
)
 
(31,101
)
 
(29,892
)
Debt extinguishment gains (losses), net
3

 
557

 
(94
)
 
5,395

Marketable security losses, net
(12,478
)
 
(9,484
)
 
(13,316
)
 
(52,454
)
Derivative gains (losses), net

 
(862
)
 
19,727

 
(3,527
)
Foreign currency gains, net
969

 
418

 
898

 
2,812

Other, net
64

 
(5,461
)
 
68

 
(13,110
)
 
(18,196
)
 
(20,295
)
 
(17,167
)
 
(77,676
)
Income (Loss) from Continuing Operations Before Income Tax Benefit and Equity in Earnings (Losses) of 50% or Less Owned Companies
(3,106
)
 
(14,686
)
 
10,333

 
(65,426
)
Income Tax Benefit
(12,795
)
 
(7,164
)
 
(12,563
)
 
(29,921
)
Income (Loss) from Continuing Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies
9,689

 
(7,522
)
 
22,896

 
(35,505
)
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax
488

 
(1,112
)
 
2,929

 
(7,169
)
Net Income (Loss) from Continuing Operations
10,177

 
(8,634
)

25,825


(42,674
)
Income (Loss) from Discontinued Operations, Net of Tax
10,927

 
(25,392
)
 
(23,150
)
 
(62,809
)
Net Income (Loss)
21,104

 
(34,026
)
 
2,675

 
(105,483
)
Net Income attributable to Noncontrolling Interests in Subsidiaries
3,543

 
5,777

 
13,839

 
16,665

Net Income (Loss) attributable to SEACOR Holdings Inc.
$
17,561

 
$
(39,803
)
 
$
(11,164
)
 
$
(122,148
)
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
 
 
 
 
 
 
Continuing operations
$
0.38

 
$
(0.82
)
 
$
0.55

 
$
(3.45
)
Discontinued operations
0.62

 
(1.53
)
 
(1.20
)
 
(3.78
)
 
$
1.00

 
$
(2.35
)
 
$
(0.65
)
 
$
(7.23
)
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
 
 
 
 
 
 
Continuing operations
$
0.38

 
$
(0.82
)
 
$
0.55

 
$
(3.45
)
Discontinued operations
0.62

 
(1.53
)
 
(1.19
)
 
(3.78
)
 
$
1.00

 
$
(2.35
)
 
$
(0.64
)
 
$
(7.23
)
Weighted Average Common Shares Outstanding:
 
 
 
 
 
 
 
Basic
17,508,770

 
16,943,647

 
17,265,140

 
16,896,751

Diluted
17,637,824

 
16,943,647

 
17,510,560

 
16,896,751

 
 
 
 
 
 
 
 
OIBDA(1)
$
35,591

 
$
21,473

 
$
82,189

 
$
58,255

______________________
(1)
Non-GAAP Financial Measure. The Company, from time to time, discloses and discusses OIBDA, a non-GAAP financial measure, in its public releases and other filings with the Securities and Exchange Commission. The Company defines OIBDA as operating income (loss) 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 Company officers and other shore-based employees; and (iii) to compare to the OIBDA of other companies when evaluating potential acquisitions.

4


SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except per share data, unaudited)
 
Three Months Ended
 
Sep. 30, 2017
 
Jun. 30, 2017
 
Mar. 31, 2017
 
Dec. 31, 2016
 
Sep. 30, 2016
Operating Revenues
$
158,171

 
$
115,791

 
$
118,414

 
$
126,196

 
$
109,570

Costs and Expenses:
 
 
 
 
 
 
 
 
 
Operating
107,258

 
69,686

 
75,212

 
81,619

 
66,573

Administrative and general
20,531

 
25,540

 
22,878

 
21,394

 
20,931

Depreciation and amortization
20,501

 
17,469

 
16,719

 
16,560

 
15,864

 
148,290

 
112,695

 
114,809

 
119,573

 
103,368

Gains (Losses) on Asset Dispositions and Impairments, Net
5,209

 
5,897

 
(188
)
 
(28,573
)
 
(593
)
Operating Income (Loss)
15,090

 
8,993

 
3,417

 
(21,950
)
 
5,609

Other Income (Expense):
 
 
 
 
 
 
 
 
 
Interest income
2,367

 
2,150

 
2,134

 
2,541

 
4,492

Interest expense
(9,121
)
 
(11,676
)
 
(10,304
)
 
(9,912
)
 
(9,955
)
Debt extinguishment gains (losses), net
3

 
(97
)
 

 
(211
)
 
557

Marketable security gains (losses), net
(12,478
)
 
(21,674
)
 
20,836

 
20,300

 
(9,484
)
Derivative gains (losses), net

 
16,897

 
2,830

 
(10,604
)
 
(862
)
Foreign currency gains (losses), net
969

 
(1,470
)
 
1,399

 
(1,368
)
 
418

Other, net
64

 
424

 
(420
)
 
(5,606
)
 
(5,461
)
 
(18,196
)
 
(15,446
)
 
16,475

 
(4,860
)
 
(20,295
)
Income (Loss) from Continuing Operations Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies
(3,106
)
 
(6,453
)
 
19,892

 
(26,810
)
 
(14,686
)
Income Tax Expense (Benefit)
(12,795
)
 
(3,664
)
 
3,896

 
(6,804
)
 
(7,164
)
Income (Loss) from Continuing Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies
9,689

 
(2,789
)
 
15,996

 
(20,006
)
 
(7,522
)
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax
488

 
2,333

 
108

 
(13,871
)
 
(1,112
)
Net Income (Loss) from Continuing Operations
10,177

 
(456
)
 
16,104

 
(33,877
)
 
(8,634
)
Income (Loss) from Discontinued Operations, Net of Tax
10,927

 
(28,629
)
 
(5,448
)
 
(56,412
)
 
(25,392
)
Net Income (Loss)
21,104

 
(29,085
)
 
10,656

 
(90,289
)
 
(34,026
)
Net Income attributable to Noncontrolling Interests in Subsidiaries
3,543

 
3,723

 
6,573

 
3,460

 
5,777

Net Income (Loss) attributable to SEACOR Holdings Inc.
$
17,561

 
$
(32,808
)
 
$
4,083

 
$
(93,749
)
 
$
(39,803
)
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
 
 
 
 
 
 
 
 
 
Continuing operations
$
0.38

 
$
(0.39
)
 
$
0.57

 
$
(2.11
)
 
$
(0.82
)
Discontinued operations
0.62

 
(1.52
)
 
(0.33
)
 
(3.41
)
 
(1.53
)
 
$
1.00

 
$
(1.91
)
 
$
0.24

 
$
(5.52
)
 
$
(2.35
)
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
 
 
 
 
 
 
 
 
 
Continuing operations
$
0.38

 
$
(0.39
)
 
$
0.56

 
$
(2.11
)
 
$
(0.82
)
Discontinued operations
0.62

 
(1.52
)
 
(0.32
)
 
(3.41
)
 
(1.53
)
 
$
1.00

 
$
(1.91
)
 
$
0.24

 
$
(5.52
)
 
$
(2.35
)
Weighted Average Common Shares of Outstanding:
 
 
 
 
 
 
 
 
 
Basic
17,509

 
17,208

 
17,074

 
16,969

 
16,944

Diluted
17,638

 
17,208

 
17,364

 
16,969

 
16,944

Common Shares Outstanding at Period End
17,859

 
17,587

 
17,406

 
17,401

 
17,336

 
 
 
 
 
 
 
 
 
 
OIBDA(1)
$
35,591

 
$
26,462

 
$
20,136

 
$
(5,390
)
 
$
21,473

______________________
(1)
Non-GAAP Financial Measure. The Company, from time to time, discloses and discusses OIBDA, a non-GAAP financial measure, in its public releases and other filings with the Securities and Exchange Commission. The Company defines OIBDA as operating income (loss) 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 Company officers and other shore-based employees; and (iii) to compare to the OIBDA of other companies when evaluating potential acquisitions.

5


SEACOR HOLDINGS INC.
SEGMENT INFORMATION
(in thousands, unaudited)
 
Three Months Ended
 
Sep. 30, 2017
 
Jun. 30, 2017
 
Mar. 31, 2017
 
Dec. 31, 2016
 
Sep. 30, 2016
Inland River Services
 
 
 
 
 
 
 
 
 
Operating Revenues
$
44,608

 
$
37,644

 
$
42,669

 
$
53,021

 
$
41,094

Costs and Expenses:
 
 
 
 
 
 
 
 
 
Operating
35,388

 
31,902

 
32,569

 
35,400

 
31,496

Administrative and general
3,141

 
4,725

 
3,792

 
2,945

 
3,982

Depreciation and amortization
6,329

 
6,483

 
6,592

 
6,628

 
6,308

 
44,858

 
43,110

 
42,953

 
44,973

 
41,786

Gains (Losses) on Asset Dispositions and Impairments, Net
5,136

 
5,891

 
233

 
605

 
(597
)
Operating Income (Loss)
4,886

 
425

 
(51
)
 
8,653

 
(1,289
)
Other Income (Expense):
 
 
 
 
 
 
 
 
 
Foreign currency gains (losses), net
992

 
(1,630
)
 
1,368

 
(1,143
)
 
410

Other, net

 

 

 
1

 
(1
)
Equity in Losses of 50% or Less Owned Companies, Net of Tax
(1,235
)
 
(1,264
)
 
(2,378
)
 
(11,318
)
 
(171
)
Segment Profit (Loss)(1)
$
4,643

 
$
(2,469
)
 
$
(1,061
)
 
$
(3,807
)
 
$
(1,051
)
 
 
 
 
 
 
 
 
 
 
OIBDA(2)
$
11,215

 
$
6,908

 
$
6,541

 
$
15,281

 
$
5,019

 
 
 
 
 
 
 
 
 
 
Shipping Services
 
 
 
 
 
 
 
 
 
Operating Revenues
$
103,780

 
$
72,023

 
$
67,639

 
$
59,618

 
$
57,350

Costs and Expenses:
 
 
 
 
 
 
 
 
 
Operating
65,866

 
33,850

 
37,354

 
36,586

 
28,542

Administrative and general
9,612

 
8,028

 
7,088

 
6,895

 
6,675

Depreciation and amortization
13,516

 
10,115

 
9,161

 
8,969

 
8,216

 
88,994

 
51,993

 
53,603

 
52,450

 
43,433

Gains (Losses) on Asset Dispositions and Impairments, Net
73

 
6

 
(421
)
 
408

 
3

Operating Income
14,859

 
20,036

 
13,615

 
7,576

 
13,920

Other Income (Expense):
 
 
 
 
 
 
 
 
 
Foreign currency gains (losses), net
5

 
8

 
(5
)
 
(6
)
 
(3
)
Other, net
59

 
421

 
(362
)
 
237

 
(5,534
)
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax
1,493

 
5,621

 
1,036

 
(2,581
)
 
(551
)
Segment Profit(1)
$
16,416

 
$
26,086

 
$
14,284

 
$
5,226

 
$
7,832

 
 
 
 
 
 
 
 
 
 
OIBDA(2)
$
28,375

 
$
30,151

 
$
22,776

 
$
16,545

 
$
22,136

Drydocking expenditures for U.S.-flag product tankers
(included in operating costs and expenses)
$
3,548

 
$

 
$
94

 
$
4,506

 
$
95

Out-of-service days for drydockings of U.S.-flag product tankers
40

 

 

 
45

 



6


SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
 
Three Months Ended
 
Sep. 30, 2017
 
Jun. 30, 2017
 
Mar. 31, 2017
 
Dec. 31, 2016
 
Sep. 30, 2016
Witt O’Brien’s and Other
 
 
 
 
 
 
 
 
 
Operating Revenues
$
9,797

 
$
6,177

 
$
8,124

 
$
13,572

 
$
11,146

Costs and Expenses:
 
 
 
 
 
 
 
 
 
Operating
6,068

 
4,043

 
5,372

 
9,711

 
6,618

Administrative and general
3,140

 
2,687

 
3,373

 
5,510

 
3,833

Depreciation and amortization
206

 
205

 
202

 
204

 
432

 
9,414

 
6,935

 
8,947

 
15,425

 
10,883

Gains (Losses) on Asset Dispositions and Impairments, Net

 

 

 
(29,586
)
 
1

Operating Income (Loss)
383

 
(758
)
 
(823
)
 
(31,439
)
 
264

Other Income (Expense):
 
 
 
 
 
 
 
 
 
Foreign currency gains (losses), net
17

 
23

 
10

 
(57
)
 
(25
)
Other, net

 

 
(300
)
 
(5,885
)
 

Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax
230

 
(2,024
)
 
1,450

 
28

 
(390
)
Segment Profit (Loss)(1)
$
630

 
$
(2,759
)
 
$
337

 
$
(37,353
)
 
$
(151
)
 
 
 
 
 
 
 
 
 
 
Corporate and Eliminations
 
 
 
 
 
 
 
 
 
Operating Revenues
$
(14
)
 
$
(53
)
 
$
(18
)
 
$
(15
)
 
$
(20
)
Costs and Expenses:
 
 
 
 
 
 
 
 
 
Operating
(64
)
 
(109
)
 
(83
)
 
(78
)
 
(83
)
Administrative and general
4,638

 
10,100

 
8,625

 
6,044

 
6,441

Depreciation and amortization
450

 
666

 
764

 
759

 
908

 
5,024

 
10,657

 
9,306

 
6,725

 
7,266

Operating Loss
$
(5,038
)
 
$
(10,710
)
 
$
(9,324
)
 
$
(6,740
)
 
$
(7,286
)
Other Income (Expense):
 
 
 
 
 
 
 
 
 
Derivative gains (losses), net
$

 
$
16,897

 
$
2,830

 
$
(10,604
)
 
$
(862
)
Foreign currency gains (losses), net
(45
)
 
129

 
26

 
(162
)
 
36

Other, net
5

 
3

 
242

 
41

 
74

______________________
(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 Company officers and other shore-based employees; and (iii) to compare to the OIBDA of other companies when evaluating potential acquisitions.


7


SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
 
Sep. 30, 2017
 
Jun. 30, 2017
 
Mar. 31, 2017
 
Dec. 31, 2016
 
Sep. 30, 2016
ASSETS
 
 
 
 
 
 
 
 
 
Current Assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
267,156

 
$
223,154

 
$
207,545

 
$
256,638

 
$
315,960

Restricted cash
2,436

 
2,260

 
2,254

 
2,249

 
2,244

Marketable securities
62,606

 
75,071

 
97,404

 
76,137

 
55,823

Receivables:
 
 
 
 
 
 
 
 
 
Trade, net of allowance for doubtful accounts
83,287

 
59,772

 
77,358

 
105,494

 
75,540

Other
38,176

 
35,704

 
54,918

 
38,629

 
12,508

Inventories
3,952

 
2,444

 
3,051

 
2,582

 
3,222

Prepaid expenses and other
6,741

 
4,814

 
4,614

 
3,707

 
6,663

Discontinued operations

 
23,105

 
298,915

 
277,365

 
287,658

Total current assets
464,354

 
426,324

 
746,059

 
762,801

 
759,618

Property and Equipment:
 
 
 
 
 
 
 
 
 
Historical cost
1,483,434

 
1,340,400

 
1,336,719

 
1,178,556

 
1,018,370

Accumulated depreciation
(487,049
)
 
(467,925
)
 
(460,623
)
 
(444,559
)
 
(434,049
)
 
996,385

 
872,475

 
876,096

 
733,997

 
584,321

Construction in progress
22,769

 
133,537

 
139,782

 
246,010

 
337,449

Net property and equipment
1,019,154

 
1,006,012

 
1,015,878

 
980,007

 
921,770

Investments, at Equity, and Advances to 50% or Less Owned Companies
175,387

 
174,106

 
182,395

 
175,461

 
198,052

Construction Reserve Funds
51,846

 
65,429

 
64,478

 
75,753

 
99,966

Goodwill
32,773

 
32,749

 
32,787

 
32,758

 
52,403

Intangible Assets, Net
30,655

 
18,931

 
19,519

 
20,078

 
23,496

Other Assets
8,796

 
17,739

 
17,869

 
17,189

 
21,599

Discontinued Operations

 
32,595

 
875,993

 
798,274

 
877,229

 
$
1,782,965

 
$
1,773,885

 
$
2,954,978

 
$
2,862,321

 
$
2,954,133

 
 
 
 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
Current Liabilities:
 
 
 
 
 
 
 
 
 
Current portion of long-term debt
$
119,840

 
$
125,655

 
$
168,267

 
$
163,202

 
$
7,877

Accounts payable and accrued expenses
31,518

 
32,437

 
36,524

 
59,563

 
37,397

Other current liabilities
70,762

 
49,602

 
58,833

 
62,164

 
55,195

Discontinued operations

 
6,324

 
270,796

 
85,020

 
94,115

Total current liabilities
222,120

 
214,018

 
534,420

 
369,949

 
194,584

Long-Term Debt
619,712

 
615,532

 
628,622

 
631,084

 
804,109

Exchange Option Liability on Subsidiary Convertible Senior Notes

 

 
16,809

 
19,436

 
8,938

Deferred Income Taxes
165,093

 
161,185

 
183,972

 
157,441

 
168,266

Deferred Gains and Other Liabilities
81,238

 
97,245

 
92,897

 
98,098

 
103,711

Discontinued Operations

 
7,681

 
271,389

 
390,045

 
393,043

Total liabilities
1,088,163

 
1,095,661

 
1,728,109

 
1,666,053

 
1,672,651

Equity:
 
 
 
 
 
 
 
 
 
SEACOR Holdings Inc. stockholders’ equity:
 
 
 
 
 
 
 
 
 
Preferred stock

 

 

 

 

Common stock
385

 
382

 
380

 
379

 
379

Additional paid-in capital
1,557,086

 
1,547,936

 
1,527,460

 
1,518,635

 
1,512,209

Retained earnings
377,700

 
360,139

 
914,806

 
910,723

 
1,004,472

Shares held in treasury, at cost
(1,363,558
)
 
(1,364,273
)
 
(1,364,172
)
 
(1,357,331
)
 
(1,357,331
)
Accumulated other comprehensive loss, net of tax
(266
)
 
(545
)
 
(11,024
)
 
(11,514
)
 
(10,471
)
 
571,347

 
543,639

 
1,067,450

 
1,060,892

 
1,149,258

Noncontrolling interests in subsidiaries
123,455

 
134,585

 
159,419

 
135,376

 
132,224

Total equity
694,802

 
678,224

 
1,226,869

 
1,196,268

 
1,281,482

 
$
1,782,965

 
$
1,773,885

 
$
2,954,978

 
$
2,862,321

 
$
2,954,133


8


SEACOR HOLDINGS INC.
FLEET COUNTS
(unaudited)
 
Sep. 30, 2017
 
Jun. 30, 2017
 
Mar. 31, 2017
 
Dec. 31, 2016
 
Sep. 30, 2016
Inland River Services
 
 
 
 
 
 
 
 
 
Dry-cargo barges
1,443

 
1,443

 
1,443

 
1,443

 
1,405

Liquid tank barges:
 
 
 
 
 
 
 
 
 
10,000 barrel
18

 
18

 
18

 
18

 
18

30,000 barrel
2

 
1

 

 

 

Specialty barges(1)
10

 
10

 
10

 
11

 
11

Towboats:
 
 
 
 
 
 
 
 
 
4,000 hp - 6,600 hp
18

 
17

 
18

 
17

 
17

3,300 hp - 3,900 hp
1

 
1

 
1

 
1

 
1

Less than 3,200 hp
4

 
4

 
4

 
4

 
4

Harbor boats:
 
 
 
 
 
 
 
 
 
1,100 hp - 2,000 hp
15

 
15

 
15

 
15

 
13

Less than 1,100 hp
9

 
9

 
9

 
9

 
6

 
1,520

 
1,518

 
1,518

 
1,518

 
1,475

 
 
 
 
 
 
 
 
 
 
Shipping Services
 
 
 
 
 
 
 
 
 
Petroleum Transportation:
 
 
 
 
 
 
 
 
 
Product tankers - U.S.-flag
10

 
10

 
10

 
9

 
8

Articulated tug-barge - U.S.-flag
1

 

 

 

 

Harbor Towing and Bunkering:
 
 
 
 
 
 
 
 
 
Harbor tugs - U.S.-flag
23

 
23

 
23

 
23

 
24

Harbor tugs - Foreign-flag
8

 
8

 
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

Ocean liquid tank barges - Foreign-flag
1

 
1

 

 

 

Liner and Short-sea Transportation:
 
 
 
 
 
 
 
 
 
RORO(2)/deck barges - U.S.-flag
7

 
7

 
7

 
7

 
7

Short-sea container/RORO - Foreign-flag
7

 
7

 
7

 
7

 
7

Other:
 
 
 
 
 
 
 
 
 
PCTC(3) - U.S.-flag
4

 

 

 

 

Dry-bulk carrier - U.S.-flag(4)
2

 

 

 

 

Dry bulk articulated tug-barge - U.S.-flag

 

 
1

 
1

 
1

Rail ferry - Foreign-flag
2

 

 

 

 

 
71

 
62

 
58

 
57

 
57

______________________
(1)
Includes non-certificated 10,000 and 30,000 barrel inland river liquid tank barges.
(2)
Roll On/Roll Off
(3)
Pure Car/Truck Carrier.
(4)
Excludes one U.S.-flag dry-bulk carrier removed from service.

9