ckhimagea01a06.jpgFOR IMMEDIATE RELEASE

SEACOR HOLDINGS ANNOUNCES FIRST QUARTER RESULTS

Fort Lauderdale, FL, April 25, 2018. SEACOR Holdings Inc. (NYSE:CKH) (the “Company”) today announced:
For the quarter ended March 31, 2018, net income from continuing operations attributable to SEACOR Holdings Inc. was $0.6 million ($0.04 per diluted share) after incurring net mark-to-market losses of $3.0 million ($0.17 per diluted share) related to the Company’s investment in 5.2 million shares of Dorian LPG Ltd. (“Dorian”) and taking a $0.9 million ($0.05 per diluted share) reserve against a claim receivable.
For the quarter ended March 31, 2017, net income from continuing operations attributable to SEACOR Holdings Inc. was $9.7 million ($0.56 per diluted share) after recording net mark-to-market gains of $13.8 million ($0.80 per diluted share) related to the Company’s investment in Dorian.
For the preceding quarter ended December 31, 2017, net income from continuing operations was $73.3 million ($3.37 per diluted share) and included a one-time income tax benefit of $66.9 million resulting from changes in the U.S. federal income tax code.
For the quarter ended March 31, 2018, operating income before depreciation and amortization (“OIBDA”)1 from continuing operations was $34.3 million including $7.0 million of gains on asset dispositions.
For the quarter ended March 31, 2017, OIBDA1 was $20.1 million.
For the preceding quarter ended December 31, 2017, OIBDA1 was $43.4 million, including $8.4 million of expense associated with the accelerated vesting of incentive share awards.
The Chairman’s annual letter was published and is available on the Company’s website.
Continuing Operation Discussion
Ocean Transportation & Logistics Services - Operating income was $15.7 million compared with $26.1 million in the preceding quarter. OIBDA1 was $28.4 million compared with $39.4 million in the preceding quarter. OIBDA1 in the first quarter included $9.0 million attributable to noncontrolling interests compared with $11.6 million in the preceding quarter. OIBDA1 in the first quarter included $1.9 million in gains on asset dispositions while OIBDA1 in the preceding quarter included $1.2 million of expense associated with the accelerated vesting of incentive share awards.
OIBDA1 was $11.0 million less than the preceding quarter primarily due to two less operating days in the quarter, a reduction in the fleet as a result of scrapping one U.S.-flag petroleum and chemical carrier, 20 days of unplanned off-hire for one of the Company’s U.S.-flag petroleum and chemical carriers operating in the spot market, and 47 days of planned out-of-service time and $2.0 million of dry-docking costs for one U.S.-flag dry bulk carrier.
Equity earnings of $1.4 million, net of tax, from Trailer Bridge, the Company’s joint venture operating in the Puerto Rico liner trader, were partially offset by losses from the Company’s rail ferry joint ventures (RF Vessel Holdings and Golfo de Mexico) due to out-of-service time and associated dry-docking costs for one rail ferry.
Inland Transportation & Logistics Services - Operating income was $3.4 million compared with $5.9 million in the preceding quarter. OIBDA1 was $9.6 million compared with $12.4 million in the preceding quarter. OIBDA1 for the first quarter and preceding quarter included gains on asset dispositions of $5.2 million and $0.7 million, respectively. In addition, OIBDA1 in the preceding quarter included $1.2 million of expense associated with the accelerated vesting of incentive share awards.
Excluding gains on asset dispositions, operating results were $7.0 million lower, primarily due to extremely poor operating conditions caused by ice and high water, which contributed to voyage delays and increased rates for towing and fleeting services for the dry-cargo barge pools.

1
See disclosure related to Non-GAAP measures in the statements of income (loss) and segment information tables herein.

1


Equity losses of 50% or less owned companies were higher, primarily due to losses from the Company’s Bunge-SCF Grain joint venture that operates grain elevators in Illinois. Higher barge freight rates and reduced rail car supply were the primary cause for the losses. Improved operating results from SCFCo, the Company’s joint venture operating on the Parana-Paraguay River in South America, partially offset the results of Bunge-SCF Grain.
Foreign currency gains of $1.7 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.
Witt O’Brien’s - Operating income was $2.5 million compared with $3.9 million in the preceding quarter. Operating results were $1.4 million lower primarily due to completing certain response projects in Texas and Florida.
Corporate and Eliminations - Administrative and general expenses of $6.4 million were $6.0 million lower than the preceding quarter primarily due to costs associated with the acceleration of vesting certain incentive share awards in advance of changes in the U.S. federal income tax code.
Capital Commitments - The Company’s capital commitments as of March 31, 2018 were $3.8 million. Subsequent to March 31, 2018, the Company committed to purchase one previously leased-in harbor tug and additional equipment for $13.3 million.
Liquidity and Debt - As of March 31, 2018, the Company’s balances of cash, cash equivalents, restricted cash, marketable securities and construction reserve funds totaled $351.3 million. In addition, the Company had $5.0 million of borrowing capacity under a subsidiary credit facility. Total outstanding debt was $573.5 million, which includes $133.4 million of debt owed by SEA-Vista that is non-recourse to the Company. SEA-Vista is a consolidated venture and had $55.0 million of borrowing capacity under its credit facility as of March 31, 2018.
Subsequent to the end of the quarter the Company disclosed that a subsidiary entered into a contract to sell its interest in Hawker Pacific Airservices Limited. The Company expects to receive approximately $70.0 million in cash at closing after estimated transaction costs.
Additionally, pursuant to requirements under the Company’s indenture, the Company announced a tender offer to purchase its 2.5% Convertible Senior Notes on May 31, 2018. As of March 31, 2018, the remaining principal amount outstanding of the Company’s 2.5% Convertible Senior Notes was $64.5 million and is included in current liabilities.
Adoption of Revenue Recognition Accounting Standard - On January 1, 2018, the Company adopted Financial Accounting Standard Board Topic 606, Revenue from Contracts with Customers (“Topic 606”). As a consequence of adopting Topic 606, the Company now recognizes all of the operating revenues and expenses associated with the barge pools it manages along with additional operating expenses reflective of barge pool earnings attributable to third party barge owners and not the Company in its capacity as manager. Previously, the Company recognized operating revenues and expenses only for its proportionate share of the barge pools in which it participated. All prior period results have been adjusted to reflect the retrospective adoption of Topic 606. The adoption of Topic 606 had no impact on previously reported operating income, segment profit, net income or earnings per share.
* * * * *
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.

2


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 Ocean Transportation & Logistics Services, decreased demand for Ocean Transportation & Logistics 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 Ocean Transportation & Logistics Services and Inland Transportation & Logistics 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 Ocean Transportation & Logistics Services and Inland Transportation & Logistics 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 Transportation & Logistics Services’ operations, the ability to realize anticipated benefits from acquisitions and other strategic transactions, adequacy of insurance coverage, 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
(in thousands, except share data, unaudited)
 
Three Months Ended
 
March 31,
 
2018
 
2017
 
 
 
As Adjusted
Operating Revenues
$
184,824

 
$
136,319

Costs and Expenses:
 
 
 
Operating
131,777

 
93,117

Administrative and general
25,795

 
22,878

Depreciation and amortization
19,609

 
16,719

 
177,181

 
132,714

Gains (Losses) on Asset Dispositions and Impairments, Net
7,045

 
(188
)
Operating Income
14,688

 
3,417

Other Income (Expense):
 
 
 
Interest income
1,856

 
2,134

Interest expense
(8,563
)
 
(10,304
)
Debt extinguishment losses, net
(42
)
 

Marketable security gains (losses), net
(3,798
)
 
20,836

Derivative gains, net

 
2,830

Foreign currency gains, net
1,690

 
1,399

Other, net
283

 
(420
)
 
(8,574
)
 
16,475

Income from Continuing Operations Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies
6,114

 
19,892

Income Tax Expense (Benefit)
(281
)
 
3,896

Income from Continuing Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies
6,395

 
15,996

Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax
(837
)
 
108

Net Income from Continuing Operations
5,558


16,104

Loss from Discontinued Operations, Net of Tax

 
(5,448
)
Net Income
5,558

 
10,656

Net Income attributable to Noncontrolling Interests in Subsidiaries
4,917

 
6,573

Net Income attributable to SEACOR Holdings Inc.
$
641

 
$
4,083

Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
 
 
 
Continuing operations
$
0.04

 
$
0.57

Discontinued operations

 
(0.33
)
 
$
0.04

 
$
0.24

Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
 
 
 
Continuing operations
$
0.04

 
$
0.56

Discontinued operations

 
(0.32
)
 
$
0.04

 
$
0.24

Weighted Average Common Shares Outstanding:
 
 
 
Basic
17,969,970

 
17,074,043

Diluted
18,178,518

 
17,363,839

 
 
 
 
OIBDA(1)
$
34,297

 
$
20,136

______________________
(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
 
Mar. 31, 2018
 
Dec. 31, 2017
 
Sep. 30, 2017
 
Jun. 30, 2017
 
Mar. 31, 2017
 
 
 
As Adjusted
 
As Adjusted
 
As Adjusted
 
As Adjusted
Operating Revenues
$
184,824

 
$
209,352

 
$
176,605

 
$
128,571

 
$
136,319

Costs and Expenses:
 
 
 
 
 
 
 
 
 
Operating
131,777

 
132,562

 
125,692

 
82,466

 
93,117

Administrative and general
25,795

 
34,157

 
20,531

 
25,540

 
22,878

Depreciation and amortization
19,609

 
20,369

 
20,501

 
17,469

 
16,719

 
177,181

 
187,088

 
166,724

 
125,475

 
132,714

Gains (Losses) on Asset Dispositions and Impairments, Net
7,045

 
719

 
5,209

 
5,897

 
(188
)
Operating Income
14,688

 
22,983

 
15,090

 
8,993

 
3,417

Other Income (Expense):
 
 
 
 
 
 
 
 
 
Interest income
1,856

 
1,896

 
2,367

 
2,150

 
2,134

Interest expense
(8,563
)
 
(10,429
)
 
(9,121
)
 
(11,676
)
 
(10,304
)
Debt extinguishment gains (losses), net
(42
)
 
(725
)
 
3

 
(97
)
 

Marketable security gains (losses), net
(3,798
)
 
11,534

 
(12,478
)
 
(21,674
)
 
20,836

Derivative gains, net

 

 

 
16,897

 
2,830

Foreign currency gains (losses), net
1,690

 
(575
)
 
969

 
(1,470
)
 
1,399

Other, net
283

 
188

 
64

 
424

 
(420
)
 
(8,574
)
 
1,889

 
(18,196
)
 
(15,446
)
 
16,475

Income (Loss) from Continuing Operations Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies
6,114

 
24,872

 
(3,106
)
 
(6,453
)
 
19,892

Income Tax Expense (Benefit)
(281
)
 
(54,626
)
 
(12,795
)
 
(3,664
)
 
3,896

Income (Loss) from Continuing Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies
6,395

 
79,498

 
9,689

 
(2,789
)
 
15,996

Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax
(837
)
 
23

 
488

 
2,333

 
108

Net Income (Loss) from Continuing Operations
5,558

 
79,521

 
10,177

 
(456
)
 
16,104

Income (Loss) from Discontinued Operations, Net of Tax

 
(487
)
 
10,927

 
(28,629
)
 
(5,448
)
Net Income (Loss)
5,558

 
79,034

 
21,104

 
(29,085
)
 
10,656

Net Income attributable to Noncontrolling Interests in Subsidiaries
4,917

 
6,227

 
3,543

 
3,723

 
6,573

Net Income (Loss) attributable to SEACOR Holdings Inc.
$
641

 
$
72,807

 
$
17,561

 
$
(32,808
)
 
$
4,083

Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
 
 
 
 
 
 
 
 
 
Continuing operations
$
0.04

 
$
4.15

 
$
0.38

 
$
(0.39
)
 
$
0.57

Discontinued operations

 
(0.03
)
 
0.62

 
(1.52
)
 
(0.33
)
 
$
0.04

 
$
4.12

 
$
1.00

 
$
(1.91
)
 
$
0.24

Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
 
 
 
 
 
 
 
 
 
Continuing operations
$
0.04

 
$
3.37

 
$
0.38

 
$
(0.39
)
 
$
0.56

Discontinued operations

 
(0.02
)
 
0.62

 
(1.52
)
 
(0.32
)
 
$
0.04

 
$
3.35

 
$
1.00

 
$
(1.91
)
 
$
0.24

Weighted Average Common Shares of Outstanding:
 
 
 
 
 
 
 
 
 
Basic
17,970

 
17,674

 
17,509

 
17,208

 
17,074

Diluted
18,179

 
22,711

 
17,638

 
17,208

 
17,364

Common Shares Outstanding at Period End
18,165

 
17,940

 
17,859

 
17,587

 
17,406

 
 
 
 
 
 
 
 
 
 
OIBDA(1)
$
34,297

 
$
43,352

 
$
35,591

 
$
26,462

 
$
20,136

______________________
(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
 
Mar. 31, 2018
 
Dec. 31, 2017
 
Sep. 30, 2017
 
Jun. 30, 2017
 
Mar. 31, 2017
Ocean Transportation & Logistics Services
 
 
 
 
 
 
 
 
 
Operating Revenues
$
102,384

 
$
109,434

 
$
103,780

 
$
72,023

 
$
67,639

Costs and Expenses:
 
 
 
 
 
 
 
 
 
Operating
65,333

 
58,215

 
65,866

 
33,850

 
37,354

Administrative and general
10,549

 
11,820

 
9,612

 
8,028

 
7,088

Depreciation and amortization
12,645

 
13,281

 
13,516

 
10,115

 
9,161

 
88,527

 
83,316

 
88,994

 
51,993

 
53,603

Gains (Losses) on Asset Dispositions and Impairments, Net
1,883

 
19

 
73

 
6

 
(421
)
Operating Income
15,740

 
26,137

 
14,859

 
20,036

 
13,615

Other Income (Expense):
 
 
 
 
 
 
 
 
 
Foreign currency gains (losses), net
(51
)
 
(138
)
 
5

 
8

 
(5
)
Other, net
283

 
209

 
59

 
421

 
(362
)
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax
315

 
(486
)
 
1,493

 
5,621

 
1,036

Segment Profit(1)
$
16,287

 
$
25,722

 
$
16,416

 
$
26,086

 
$
14,284

 
 
 
 
 
 
 
 
 
 
OIBDA(2)
$
28,385

 
$
39,418

 
$
28,375

 
$
30,151

 
$
22,776

Dry-docking expenditures for U.S.-flag petroleum and chemical
carriers and dry bulk carriers (included in operating costs and expenses)
$
1,988

 
$
(34
)
 
$
3,548

 
$

 
$
94

Out-of-service days for dry-dockings of U.S.-flag petroleum and chemical carriers and dry bulk carriers
47

 

 
40

 

 

 
 
 
 
 
 
 
 
 
 
Inland Transportation & Logistics Services
 
 
As Adjusted
 
As Adjusted
 
As Adjusted
 
As Adjusted
Operating Revenues
$
55,921

 
$
74,412

 
$
63,042

 
$
50,424

 
$
60,574

Costs and Expenses:
 
 
 
 
 
 
 
 
 
Operating
48,181

 
57,858

 
53,822

 
44,682

 
50,474

Administrative and general
3,312

 
4,900

 
3,141

 
4,725

 
3,792

Depreciation and amortization
6,234

 
6,448

 
6,329

 
6,483

 
6,592

 
57,727

 
69,206

 
63,292

 
55,890

 
60,858

Gains on Asset Dispositions, Net
5,162

 
700

 
5,136

 
5,891

 
233

Operating Income (Loss)
3,356

 
5,906

 
4,886

 
425

 
(51
)
Other Income (Expense):
 
 
 
 
 
 
 
 
 
Foreign currency gains (losses), net
1,703

 
(458
)
 
992

 
(1,630
)
 
1,368

Equity in Losses of 50% or Less Owned Companies, Net of Tax
(2,454
)
 
(314
)
 
(1,235
)
 
(1,264
)
 
(2,378
)
Segment Profit (Loss)(1)
$
2,605

 
$
5,134

 
$
4,643

 
$
(2,469
)
 
$
(1,061
)
 
 
 
 
 
 
 
 
 
 
OIBDA(2)
$
9,590

 
$
12,354

 
$
11,215

 
$
6,908

 
$
6,541


6


SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
 
Three Months Ended
 
Mar. 31, 2018
 
Dec. 31, 2017
 
Sep. 30, 2017
 
Jun. 30, 2017
 
Mar. 31, 2017
Witt O’Brien’s
 
 
 
 
 
 
 
 
 
Operating Revenues
$
26,432

 
$
25,406

 
$
9,681

 
$
6,061

 
$
8,008

Costs and Expenses:
 
 
 
 
 
 
 
 
 
Operating
18,306

 
16,534

 
6,068

 
4,043

 
5,372

Administrative and general
5,367

 
4,797

 
2,960

 
2,462

 
3,219

Depreciation and amortization
301

 
206

 
206

 
205

 
202

 
23,974

 
21,537

 
9,234

 
6,710

 
8,793

Operating Income (Loss)
2,458

 
3,869

 
447

 
(649
)
 
(785
)
Other Income (Expense):
 
 
 
 
 
 
 
 
 
Foreign currency gains (losses), net
2

 
(12
)
 
29

 
23

 
10

Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax
135

 
(63
)
 
100

 
(20
)
 
157

Segment Profit (Loss)(1)
$
2,595

 
$
3,794

 
$
576

 
$
(646
)
 
$
(618
)
 
 
 
 
 
 
 
 
 
 
Other
 
 
 
 
 
 
 
 
 
Operating Revenues
$
116

 
$
116

 
$
116

 
$
116

 
$
116

Costs and Expenses:
 
 
 
 
 
 
 
 
 
Administrative and general
186

 
272

 
180

 
225

 
154

 
186

 
272

 
180

 
225

 
154

Operating Loss
(70
)
 
(156
)
 
(64
)
 
(109
)
 
(38
)
Other Income (Expense):
 
 
 
 
 
 
 
 
 
Foreign currency gains (losses), net

 
18

 
(12
)
 

 

Other, net

 
(1
)
 

 

 
(300
)
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax
1,167

 
886

 
130

 
(2,004
)
 
1,293

Segment Profit (Loss)(1)
$
1,097

 
$
747

 
$
54

 
$
(2,113
)
 
$
955

 
 
 
 
 
 
 
 
 
 
Corporate and Eliminations
 
 
 
 
 
 
 
 
 
Operating Revenues
$
(29
)
 
$
(16
)
 
$
(14
)
 
$
(53
)
 
$
(18
)
Costs and Expenses:
 
 
 
 
 
 
 
 
 
Operating
(43
)
 
(45
)
 
(64
)
 
(109
)
 
(83
)
Administrative and general
6,381

 
12,368

 
4,638

 
10,100

 
8,625

Depreciation and amortization
429

 
434

 
450

 
666

 
764

 
6,767

 
12,757

 
5,024

 
10,657

 
9,306

Operating Loss
$
(6,796
)
 
$
(12,773
)
 
$
(5,038
)
 
$
(10,710
)
 
$
(9,324
)
Other Income (Expense):
 
 
 
 
 
 
 
 
 
Derivative gains, net
$

 
$

 
$

 
$
16,897

 
$
2,830

Foreign currency gains (losses), net
36

 
15

 
(45
)
 
129

 
26

Other, net

 
(20
)
 
5

 
3

 
242

______________________
(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)
 
Mar. 31, 2018
 
Dec. 31, 2017
 
Sep. 30, 2017
 
Jun. 30, 2017
 
Mar. 31, 2017
ASSETS
 
 
 
 
 
 
 
 
 
Current Assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
272,522

 
$
239,246

 
$
267,156

 
$
223,154

 
$
207,545

Restricted cash
2,982

 
2,982

 
2,436

 
2,260

 
2,254

Marketable securities
38,963

 
42,761

 
62,606

 
75,071

 
97,404

Receivables:
 
 
 
 
 
 
 
 
 
Trade, net of allowance for doubtful accounts
111,083

 
110,465

 
83,287

 
59,772

 
77,358

Other
41,061

 
33,870

 
38,176

 
35,704

 
54,918

Inventories
3,821

 
4,377

 
3,952

 
2,444

 
3,051

Prepaid expenses and other
4,572

 
6,594

 
6,741

 
4,814

 
4,614

Discontinued operations

 

 

 
23,105

 
298,915

Total current assets
475,004

 
440,295

 
464,354

 
426,324

 
746,059

Property and Equipment:
 
 
 
 
 
 
 
 
 
Historical cost
1,354,989

 
1,351,741

 
1,483,434

 
1,340,400

 
1,336,719

Accumulated depreciation
(510,418
)
 
(502,544
)
 
(487,049
)
 
(467,925
)
 
(460,623
)
 
844,571

 
849,197

 
996,385

 
872,475

 
876,096

Construction in progress
15,528

 
28,728

 
22,769

 
133,537

 
139,782

Net property and equipment
860,099

 
877,925

 
1,019,154

 
1,006,012

 
1,015,878

Investments, at Equity, and Advances to 50% or Less Owned Companies
170,305

 
173,441

 
175,387

 
174,106

 
182,395

Construction Reserve Funds
36,790

 
51,339

 
51,846

 
65,429

 
64,478

Goodwill
32,807

 
32,761

 
32,773

 
32,749

 
32,787

Intangible Assets, Net
28,072

 
28,106

 
30,655

 
18,931

 
19,519

Other Assets
9,396

 
9,469

 
8,796

 
17,739

 
17,869

Discontinued Operations

 

 

 
32,595

 
875,993

 
$
1,612,473

 
$
1,613,336

 
$
1,782,965

 
$
1,773,885

 
$
2,954,978

 
 
 
 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
Current Liabilities:
 
 
 
 
 
 
 
 
 
Current portion of long-term debt
$
77,634

 
$
77,842

 
$
119,840

 
$
125,655

 
$
168,267

Accounts payable and accrued expenses
40,844

 
44,013

 
31,518

 
32,437

 
36,524

Other current liabilities
59,651

 
57,330

 
70,762

 
49,602

 
58,833

Discontinued operations

 

 

 
6,324

 
270,796

Total current liabilities
178,129

 
179,185

 
222,120

 
214,018

 
534,420

Long-Term Debt
495,863

 
501,505

 
619,712

 
615,532

 
628,622

Exchange Option Liability on Subsidiary Convertible Senior Notes

 

 

 

 
16,809

Deferred Income Taxes
102,084

 
101,422

 
165,093

 
161,185

 
183,972

Deferred Gains and Other Liabilities
74,923

 
77,863

 
81,238

 
97,245

 
92,897

Discontinued Operations

 

 

 
7,681

 
271,389

Total liabilities
850,999

 
859,975

 
1,088,163

 
1,095,661

 
1,728,109

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

 

 

 

 

Common stock
389

 
387

 
385

 
382

 
380

Additional paid-in capital
1,576,657

 
1,573,013

 
1,557,086

 
1,547,936

 
1,527,460

Retained earnings
417,302

 
419,128

 
377,700

 
360,139

 
914,806

Shares held in treasury, at cost
(1,367,433
)
 
(1,368,300
)
 
(1,363,558
)
 
(1,364,273
)
 
(1,364,172
)
Accumulated other comprehensive loss, net of tax
96

 
(545
)
 
(266
)
 
(545
)
 
(11,024
)
 
627,011

 
623,683

 
571,347

 
543,639

 
1,067,450

Noncontrolling interests in subsidiaries
134,463

 
129,678

 
123,455

 
134,585

 
159,419

Total equity
761,474

 
753,361

 
694,802

 
678,224

 
1,226,869

 
$
1,612,473

 
$
1,613,336

 
$
1,782,965

 
$
1,773,885

 
$
2,954,978


8


SEACOR HOLDINGS INC.
FLEET COUNTS
(unaudited)
 
Mar. 31, 2018
 
Dec. 31, 2017
 
Sep. 30, 2017
 
Jun. 30, 2017
 
Mar. 31, 2017
Ocean Transportation & Logistics Services
 
 
 
 
 
 
 
 
 
Petroleum Transportation:
 
 
 
 
 
 
 
 
 
Petroleum and chemical carriers - U.S.-flag
10

 
11

 
11

 
10

 
10

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

 
23

 
23

 
23

 
23

Harbor tugs - Foreign-flag
8

 
8

 
8

 
8

 
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

 
1

 
1

 

PCTC, Liner and Short-sea Transportation:
 
 
 
 
 
 
 
 
 
PCTC(1) - U.S.-flag
4

 
4

 
4

 

 

Short-sea container/RORO(2) vessels - Foreign-flag
9

 
7

 
7

 
7

 
7

RORO(2) & deck barges - U.S.-flag
7

 
7

 
7

 
7

 
7

Rail ferry - Foreign-flag
2

 
2

 
2

 

 

Dry Bulk Transportation:
 
 
 
 
 
 
 
 
 
Dry bulk carrier - U.S.-flag
2

 
2

 
2

 

 

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

 

 

 

 
1

 
72

 
71

 
71

 
62

 
58

 
 
 
 
 
 
 
 
 
 
Inland Transportation & Logistics Services
 
 
 
 
 
 
 
 
 
Dry-cargo barges
1,408

 
1,439

 
1,443

 
1,443

 
1,443

Liquid tank barges
20

 
20

 
20

 
19

 
18

Specialty barges(3)
5

 
7

 
10

 
10

 
10

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

 
18

 
18

 
17

 
18

3,300 hp - 3,900 hp
3

 
3

 
3

 
3

 
3

Less than 3,200 hp
2

 
2

 
2

 
2

 
2

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

 
15

 
15

 
15

 
15

Less than 1,100 hp
9

 
9

 
9

 
9

 
9

 
1,480

 
1,513

 
1,520

 
1,518

 
1,518

______________________
(1)
Pure Car/Truck Carrier.
(2)
Roll On/Roll Off.
(3)
Includes non-certificated 10,000 and 30,000 barrel inland river liquid tank barges.

9