ckhimagea01a07.jpgFOR IMMEDIATE RELEASE

SEACOR HOLDINGS ANNOUNCES SECOND QUARTER RESULTS

Fort Lauderdale, FL, July 25, 2018. SEACOR Holdings Inc. (NYSE:CKH) (the “Company”) today announced:
For the second quarter, net income was $45.1 million ($2.14 per diluted share) including a net gain of $42.6 million ($1.89 per diluted share) related to the sale of the Company’s interest in Hawker Pacific Airservices, net mark-to-market gains of $0.6 million ($0.03 per diluted share) related to the Company’s investment in 5.2 million shares of Dorian LPG Ltd. (“Dorian”) and net debt extinguishment losses of $4.3 million ($0.19 per diluted share) primarily related to the exchange of the Company’s 3.0% Convertible Senior Notes for new 3.25% Convertible Senior Notes.
For the preceding quarter, net income 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 Dorian and taking a $0.9 million ($0.05 per diluted share) reserve against a claim receivable.
For the second quarter, operating income before depreciation and amortization (“OIBDA”)1, was $30.9 million including $0.5 million of gains on asset dispositions. OIBDA1 does not include the gain on the sale of Hawker Pacific Airservices as the gain is included in other, net. In the preceding quarter, OIBDA1 was $34.3 million, including $7.0 million of gains on asset dispositions.
For the six months ended June 30, 2018, net income from continuing operations attributable to SEACOR Holdings Inc. was $45.8 million ($2.32 per diluted share) compared with $2.9 million ($0.17 per diluted share) in the six months ended June 30, 2017. For the six months ended June 30, 2018, OIBDA1 was $65.2 million compared with $46.6 million in the six months ended June 30, 2017.
Charles Fabrikant, Executive Chairman, commented:
“I am pleased that our commercial team executed new charters for two of SEA-Vista’s U.S.-flag petroleum and chemical carriers increasing its revenue backlog by $96 million to approximately $368 million. SEA-Vista’s backlog now runs through 2026. I would also like to call attention to Witt-O’Brien’s results. For the first half of this year it has contributed just shy of $10 million to operating profit. This is a significant turn-around for a business that contributed slightly less than $3 million in operating profit for all of 2017 and one that lost money in 2016.”
Continuing Operation Discussion
Ocean Transportation & Logistics Services - Operating income was $8.2 million compared with $15.7 million in the preceding quarter. OIBDA1 was $19.8 million compared with $28.4 million in the preceding quarter. OIBDA1 in the second quarter included $10.0 million attributable to noncontrolling interests in SEA-Vista compared with $18.3 million in the preceding quarter. Operating income and OIBDA1 in the preceding quarter benefited from $1.9 million of gains on asset dispositions.
In the second quarter, SEA-Vista experienced 47 days of planned out-of-service time for one U.S.-flag petroleum and chemical carrier and incurred $5.2 million of regulatory dry-docking costs. The Company also docked one foreign-flag short-sea container vessel and six U.S.-flag harbor tugs.
Equity earnings of $3.0 million, net of tax, from Trailer Bridge, the Company’s joint venture operating in the Puerto Rico liner trader, were partially offset by $2.1 million of equity losses, net of tax, 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 and repair expenses for the rail ferries.
Inland Transportation & Logistics Services - Operating income was $2.1 million compared with $3.4 million in the preceding quarter. OIBDA1 was $8.3 million compared with $9.6 million in the preceding quarter. Operating income and OIBDA1 in the preceding quarter benefited from $5.2 million of gains on asset dispositions, whereas the second quarter included only $0.5 million of gains.
1
See disclosure related to Non-GAAP measures in the statements of income (loss) and segment information tables herein.

1


Excluding gains on asset dispositions, operating income was $3.4 million higher than the preceding quarter as a result of improved margins for transporting grain and increased activity at the Company’s St. Louis terminals. Higher export demand for grains and difficult operating conditions pushed up freight rates to boost margins. The Company’s barge operations in Colombia also improved contributing $1.5 million of operating income. Better operating conditions on the Magdelana river made it possible to load more volume of paying cargo.
Equity earnings of 50% or less owned companies were $3.0 million higher. Operating results for SCF Bunge Marine, the Company’s joint venture that operates towboats on the U.S. Inland waterways, improved primarily due to favorable operating conditions resulting in the ability to increase tow sizes. Operating results for Bunge-SCF Grain, the Company’s joint venture that operates grain elevators in Illinois, improved primarily due to an increase in grain throughput activity as a consequence of higher export demand. Operating results for SCFCo, the Company’s joint venture operating on the Parana-Paraguay River in South America, improved as a consequence of a full quarter of operations for certain of SCFCo’s contracts that began during the preceding quarter and higher activity levels.
Foreign currency losses of $1.2 million were primarily due to the weakening 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 $7.3 million compared with $2.5 million in the preceding quarter. Operating results were $4.8 million higher primarily due to increased activity related to ongoing recovery projects in the United States Virgin Islands and Texas following the hurricanes of 2017.
Other - During the second quarter, the Company acquired a controlling interest in CLEANCOR Energy Solutions LLC, a full service solution provider delivering clean fuel to end users. In addition, the Company recognized a pre-tax gain of $53.9 million on the sale of Hawker Pacific Airservices.
Corporate and Eliminations - Administrative and general expenses of $5.1 million were $1.3 million lower than the preceding quarter primarily due to lower professional fees.
Capital Commitments - The Company’s capital commitments as of June 30, 2018 were $6.2 million.
Liquidity and Debt - As of June 30, 2018, the Company’s balances of cash, cash equivalents, restricted cash, marketable securities and construction reserve funds totaled $376.3 million. Total outstanding debt was $539.8 million including $121.2 million of SEA-Vista debt that is non-recourse to the Company. SEA-Vista is a consolidated venture and had $65.0 million of borrowing capacity under its credit facility as of June 30, 2018.
During the second quarter, the Company exchanged $117.8 million aggregate principal amount of the Company’s outstanding 3.0% Convertible Senior Notes due 2028 for a like principal amount of new 3.25% Convertible Senior Notes due 2030. In addition, during the second quarter, the Company repurchased $0.3 million in principal amount of its 3.0% Convertible Senior Notes for $0.3 million and repurchased $1.7 million in principal amount of its 7.375% Senior Notes for $1.8 million. These transactions resulted in debt extinguishment losses of $5.4 million.
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 Investor Relations 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
 
Six Months Ended
 
June 30,
 
June 30,
 
2018
 
2017
 
2018
 
2017
 
 
 
As Adjusted
 
 
 
As Adjusted
Operating Revenues
$
216,831

 
$
128,571

 
$
401,655

 
$
264,890

Costs and Expenses:
 
 
 
 
 
 
 
Operating
162,168

 
82,466

 
293,945

 
175,583

Administrative and general
24,311

 
25,540

 
50,106

 
48,418

Depreciation and amortization
18,844

 
17,469

 
38,453

 
34,188

 
205,323

 
125,475

 
382,504

 
258,189

Gains on Asset Dispositions and Impairments, Net
506

 
5,897

 
7,551

 
5,709

Operating Income
12,014

 
8,993

 
26,702

 
12,410

Other Income (Expense):
 
 
 
 
 
 
 
Interest income
2,179

 
2,150

 
4,035

 
4,284

Interest expense
(8,604
)
 
(11,676
)
 
(17,167
)
 
(21,980
)
Debt extinguishment losses, net
(5,407
)
 
(97
)
 
(5,449
)
 
(97
)
Marketable security gains (losses), net
782

 
(21,674
)
 
(3,016
)
 
(838
)
Derivative gains, net

 
16,897

 

 
19,727

Foreign currency gains (losses), net
(1,346
)
 
(1,470
)
 
344

 
(71
)
Other, net
54,311

 
424

 
54,594

 
4

 
41,915

 
(15,446
)
 
33,341

 
1,029

Income (Loss) from Continuing Operations Before Income Tax Expense (Benefit) and Equity in Earnings of 50% or Less Owned Companies
53,929

 
(6,453
)
 
60,043

 
13,439

Income Tax Expense (Benefit)
9,853

 
(3,664
)
 
9,572

 
232

Income (Loss) from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies
44,076

 
(2,789
)
 
50,471

 
13,207

Equity in Earnings of 50% or Less Owned Companies, Net of Tax
1,931

 
2,333

 
1,094

 
2,441

Net Income (Loss) from Continuing Operations
46,007

 
(456
)

51,565


15,648

Loss from Discontinued Operations, Net of Tax

 
(28,629
)
 

 
(34,077
)
Net Income (Loss)
46,007

 
(29,085
)
 
51,565

 
(18,429
)
Net Income attributable to Noncontrolling Interests in Subsidiaries
881

 
3,723

 
5,798

 
10,296

Net Income (Loss) attributable to SEACOR Holdings Inc.
$
45,126

 
$
(32,808
)
 
$
45,767

 
$
(28,725
)
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
 
 
 
 
 
 
Continuing operations
$
2.50

 
$
(0.39
)
 
$
2.54

 
$
0.17

Discontinued operations

 
(1.52
)
 

 
(1.85
)
 
$
2.50

 
$
(1.91
)
 
$
2.54

 
$
(1.68
)
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
 
 
 
 
 
 
Continuing operations
$
2.14

 
$
(0.39
)
 
$
2.32

 
$
0.17

Discontinued operations

 
(1.52
)
 

 
(1.82
)
 
$
2.14

 
$
(1.91
)
 
$
2.32

 
$
(1.65
)
Weighted Average Common Shares Outstanding:
 
 
 
 
 
 
 
Basic
18,076,944

 
17,207,831

 
18,023,752

 
17,141,306

Diluted
22,587,543

 
17,207,831

 
22,462,300

 
17,440,361

 
 
 
 
 
 
 
 
OIBDA(1)
$
30,858

 
$
26,462

 
$
65,155

 
$
46,598

______________________
(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
 
Jun. 30, 2018
 
Mar. 31, 2018
 
Dec. 31, 2017
 
Sep. 30, 2017
 
Jun. 30, 2017
 
 
 
 
 
As Adjusted
 
As Adjusted
 
As Adjusted
Operating Revenues
$
216,831

 
$
184,824

 
$
209,352

 
$
176,605

 
$
128,571

Costs and Expenses:
 
 
 
 
 
 
 
 
 
Operating
162,168

 
131,777

 
132,562

 
125,692

 
82,466

Administrative and general
24,311

 
25,795

 
34,157

 
20,531

 
25,540

Depreciation and amortization
18,844

 
19,609

 
20,369

 
20,501

 
17,469

 
205,323

 
177,181

 
187,088

 
166,724

 
125,475

Gains on Asset Dispositions, Net
506

 
7,045

 
719

 
5,209

 
5,897

Operating Income
12,014

 
14,688

 
22,983

 
15,090

 
8,993

Other Income (Expense):
 
 
 
 
 
 
 
 
 
Interest income
2,179

 
1,856

 
1,896

 
2,367

 
2,150

Interest expense
(8,604
)
 
(8,563
)
 
(10,429
)
 
(9,121
)
 
(11,676
)
Debt extinguishment gains (losses), net
(5,407
)
 
(42
)
 
(725
)
 
3

 
(97
)
Marketable security gains (losses), net
782

 
(3,798
)
 
11,534

 
(12,478
)
 
(21,674
)
Derivative gains, net

 

 

 

 
16,897

Foreign currency gains (losses), net
(1,346
)
 
1,690

 
(575
)
 
969

 
(1,470
)
Other, net
54,311

 
283

 
188

 
64

 
424

 
41,915

 
(8,574
)
 
1,889

 
(18,196
)
 
(15,446
)
Income (Loss) from Continuing Operations Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies
53,929

 
6,114

 
24,872

 
(3,106
)
 
(6,453
)
Income Tax Expense (Benefit)
9,853

 
(281
)
 
(54,626
)
 
(12,795
)
 
(3,664
)
Income (Loss) from Continuing Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies
44,076

 
6,395

 
79,498

 
9,689

 
(2,789
)
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax
1,931

 
(837
)
 
23

 
488

 
2,333

Net Income (Loss) from Continuing Operations
46,007

 
5,558

 
79,521

 
10,177

 
(456
)
Income (Loss) from Discontinued Operations, Net of Tax

 

 
(487
)
 
10,927

 
(28,629
)
Net Income (Loss)
46,007

 
5,558

 
79,034

 
21,104

 
(29,085
)
Net Income attributable to Noncontrolling Interests in Subsidiaries
881

 
4,917

 
6,227

 
3,543

 
3,723

Net Income (Loss) attributable to SEACOR Holdings Inc.
$
45,126

 
$
641

 
$
72,807

 
$
17,561

 
$
(32,808
)
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
 
 
 
 
 
 
 
 
 
Continuing operations
$
2.50

 
$
0.04

 
$
4.15

 
$
0.38

 
$
(0.39
)
Discontinued operations

 

 
(0.03
)
 
0.62

 
(1.52
)
 
$
2.50

 
$
0.04

 
$
4.12

 
$
1.00

 
$
(1.91
)
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
 
 
 
 
 
 
 
 
 
Continuing operations
$
2.14

 
$
0.04

 
$
3.37

 
$
0.38

 
$
(0.39
)
Discontinued operations

 

 
(0.02
)
 
0.62

 
(1.52
)
 
$
2.14

 
$
0.04

 
$
3.35

 
$
1.00

 
$
(1.91
)
Weighted Average Common Shares of Outstanding:
 
 
 
 
 
 
 
 
 
Basic
18,077

 
17,970

 
17,674

 
17,509

 
17,208

Diluted
22,588

 
18,179

 
22,711

 
17,638

 
17,208

Common Shares Outstanding at Period End
18,224

 
18,165

 
17,940

 
17,859

 
17,587

 
 
 
 
 
 
 
 
 
 
OIBDA(1)
$
30,858

 
$
34,297

 
$
43,352

 
$
35,591

 
$
26,462

______________________
(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
 
Jun. 30, 2018
 
Mar. 31, 2018
 
Dec. 31, 2017
 
Sep. 30, 2017
 
Jun. 30, 2017
Ocean Transportation & Logistics Services
 
 
 
 
 
 
 
 
 
Operating Revenues
$
105,155

 
$
102,384

 
$
109,434

 
$
103,780

 
$
72,023

Costs and Expenses:
 
 
 
 
 
 
 
 
 
Operating
75,044

 
65,333

 
58,215

 
65,866

 
33,850

Administrative and general
10,328

 
10,549

 
11,820

 
9,612

 
8,028

Depreciation and amortization
11,620

 
12,645

 
13,281

 
13,516

 
10,115

 
96,992

 
88,527

 
83,316

 
88,994

 
51,993

Gains on Asset Dispositions, Net
3

 
1,883

 
19

 
73

 
6

Operating Income
8,166

 
15,740

 
26,137

 
14,859

 
20,036

Other Income (Expense):
 
 
 
 
 
 
 
 
 
Foreign currency gains (losses), net
(76
)
 
(51
)
 
(138
)
 
5

 
8

Other, net
398

 
283

 
209

 
59

 
421

Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax
1,267

 
315

 
(486
)
 
1,493

 
5,621

Segment Profit(1)
$
9,755

 
$
16,287

 
$
25,722

 
$
16,416

 
$
26,086

 
 
 
 
 
 
 
 
 
 
OIBDA(2)
$
19,786

 
$
28,385

 
$
39,418

 
$
28,375

 
$
30,151

Dry-docking expenditures for U.S.-flag petroleum and chemical
carriers and dry bulk carriers (included in operating costs and expenses)
$
5,291

 
$
1,988

 
$
(34
)
 
$
3,548

 
$

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

 
47

 

 
40

 

 
 
 
 
 
 
 
 
 
 
Inland Transportation & Logistics Services
 
 
 
 
As Adjusted
 
As Adjusted
 
As Adjusted
Operating Revenues
$
73,409

 
$
55,921

 
$
74,412

 
$
63,042

 
$
50,424

Costs and Expenses:
 
 
 
 
 
 
 
 
 
Operating
62,361

 
48,181

 
57,858

 
53,822

 
44,682

Administrative and general
3,216

 
3,312

 
4,900

 
3,141

 
4,725

Depreciation and amortization
6,243

 
6,234

 
6,448

 
6,329

 
6,483

 
71,820

 
57,727

 
69,206

 
63,292

 
55,890

Gains on Asset Dispositions, Net
503

 
5,162

 
700

 
5,136

 
5,891

Operating Income
2,092

 
3,356

 
5,906

 
4,886

 
425

Other Income (Expense):
 
 
 
 
 
 
 
 
 
Foreign currency gains (losses), net
(1,183
)
 
1,703

 
(458
)
 
992

 
(1,630
)
Other, net
14

 

 

 

 

Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax
584

 
(2,454
)
 
(314
)
 
(1,235
)
 
(1,264
)
Segment Profit (Loss)(1)
$
1,507

 
$
2,605

 
$
5,134

 
$
4,643

 
$
(2,469
)
 
 
 
 
 
 
 
 
 
 
OIBDA(2)
$
8,335

 
$
9,590

 
$
12,354

 
$
11,215

 
$
6,908


6


SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
 
Three Months Ended
 
Jun. 30, 2018
 
Mar. 31, 2018
 
Dec. 31, 2017
 
Sep. 30, 2017
 
Jun. 30, 2017
Witt O’Brien’s
 
 
 
 
 
 
 
 
 
Operating Revenues
$
37,308

 
$
26,432

 
$
25,406

 
$
9,681

 
$
6,061

Costs and Expenses:
 
 
 
 
 
 
 
 
 
Operating
24,399

 
18,306

 
16,534

 
6,068

 
4,043

Administrative and general
5,140

 
5,367

 
4,797

 
2,960

 
2,462

Depreciation and amortization
491

 
301

 
206

 
206

 
205

 
30,030

 
23,974

 
21,537

 
9,234

 
6,710

Operating Income (Loss)
7,278

 
2,458

 
3,869

 
447

 
(649
)
Other Income (Expense):
 
 
 
 
 
 
 
 
 
Foreign currency gains (losses), net
(17
)
 
2

 
(12
)
 
29

 
23

Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax
(32
)
 
135

 
(63
)
 
100

 
(20
)
Segment Profit (Loss)(1)
$
7,229

 
$
2,595

 
$
3,794

 
$
576

 
$
(646
)
 
 
 
 
 
 
 
 
 
 
OIBDA(2)
$
7,769

 
$
2,759

 
$
4,075

 
$
653

 
$
(444
)
 
 
 
 
 
 
 
 
 
 
Other
 
 
 
 
 
 
 
 
 
Operating Revenues
$
969

 
$
116

 
$
116

 
$
116

 
$
116

Costs and Expenses:
 
 
 
 
 
 
 
 
 
Operating
392

 

 

 

 

Administrative and general
498

 
186

 
272

 
180

 
225

Depreciation and amortization
62

 

 

 

 

 
952

 
186

 
272

 
180

 
225

Operating Income (Loss)
17

 
(70
)
 
(156
)
 
(64
)
 
(109
)
Other Income (Expense):
 
 
 
 
 
 
 
 
 
Foreign currency gains (losses), net
1

 

 
18

 
(12
)
 

Other, net
53,902

 

 
(1
)
 

 

Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax
112

 
1,167

 
886

 
130

 
(2,004
)
Segment Profit (Loss)(1)
$
54,032

 
$
1,097

 
$
747

 
$
54

 
$
(2,113
)

7


SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
 
Three Months Ended
 
Jun. 30, 2018
 
Mar. 31, 2018
 
Dec. 31, 2017
 
Sep. 30, 2017
 
Jun. 30, 2017
Corporate and Eliminations
 
 
 
 
 
 
 
 
 
Operating Revenues
$
(10
)
 
$
(29
)
 
$
(16
)
 
$
(14
)
 
$
(53
)
Costs and Expenses:
 
 
 
 
 
 
 
 
 
Operating
(28
)
 
(43
)
 
(45
)
 
(64
)
 
(109
)
Administrative and general
5,129

 
6,381

 
12,368

 
4,638

 
10,100

Depreciation and amortization
428

 
429

 
434

 
450

 
666

 
5,529

 
6,767

 
12,757

 
5,024

 
10,657

Operating Loss
$
(5,539
)
 
$
(6,796
)
 
$
(12,773
)
 
$
(5,038
)
 
$
(10,710
)
Other Income (Expense):
 
 
 
 
 
 
 
 
 
Derivative gains, net
$

 
$

 
$

 
$

 
$
16,897

Foreign currency gains (losses), net
(71
)
 
36

 
15

 
(45
)
 
129

Other, net
(3
)
 

 
(20
)
 
5

 
3

______________________
(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.

8


SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
 
Jun. 30, 2018
 
Mar. 31, 2018
 
Dec. 31, 2017
 
Sep. 30, 2017
 
Jun. 30, 2017
ASSETS
 
 
 
 
 
 
 
 
 
Current Assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
317,389

 
$
272,522

 
$
239,246

 
$
267,156

 
$
223,154

Restricted cash
2,989

 
2,982

 
2,982

 
2,436

 
2,260

Marketable securities
39,745

 
38,963

 
42,761

 
62,606

 
75,071

Receivables:
 
 
 
 
 
 
 
 
 
Trade, net of allowance for doubtful accounts
142,474

 
111,083

 
110,465

 
83,287

 
59,772

Other
41,960

 
41,061

 
33,870

 
38,176

 
35,704

Inventories
4,690

 
3,821

 
4,377

 
3,952

 
2,444

Prepaid expenses and other
5,940

 
4,572

 
6,594

 
6,741

 
4,814

Discontinued operations

 

 

 

 
23,105

Total current assets
555,187

 
475,004

 
440,295

 
464,354

 
426,324

Property and Equipment:
 
 
 
 
 
 
 
 
 
Historical cost
1,388,468

 
1,354,989

 
1,351,741

 
1,483,434

 
1,340,400

Accumulated depreciation
(527,814
)
 
(510,418
)
 
(502,544
)
 
(487,049
)
 
(467,925
)
 
860,654

 
844,571

 
849,197

 
996,385

 
872,475

Construction in progress
5,046

 
15,528

 
28,728

 
22,769

 
133,537

Net property and equipment
865,700

 
860,099

 
877,925

 
1,019,154

 
1,006,012

Investments, at Equity, and Advances to 50% or Less Owned Companies
150,158

 
170,305

 
173,441

 
175,387

 
174,106

Construction Reserve Funds
16,142

 
36,790

 
51,339

 
51,846

 
65,429

Goodwill
32,774

 
32,807

 
32,761

 
32,773

 
32,749

Intangible Assets, Net
26,898

 
28,072

 
28,106

 
30,655

 
18,931

Other Assets
9,065

 
9,396

 
9,469

 
8,796

 
17,739

Discontinued Operations

 

 

 

 
32,595

 
$
1,655,924

 
$
1,612,473

 
$
1,613,336

 
$
1,782,965

 
$
1,773,885

 
 
 
 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
Current Liabilities:
 
 
 
 
 
 
 
 
 
Current portion of long-term debt
$
8,925

 
$
77,634

 
$
77,842

 
$
119,840

 
$
125,655

Accounts payable and accrued expenses
61,732

 
40,844

 
44,013

 
31,518

 
32,437

Other current liabilities
68,102

 
59,651

 
57,330

 
70,762

 
49,602

Discontinued operations

 

 

 

 
6,324

Total current liabilities
138,759

 
178,129

 
179,185

 
222,120

 
214,018

Long-Term Debt
530,909

 
495,863

 
501,505

 
619,712

 
615,532

Deferred Income Taxes
97,767

 
102,084

 
101,422

 
165,093

 
161,185

Deferred Gains and Other Liabilities
70,653

 
74,923

 
77,863

 
81,238

 
97,245

Discontinued Operations

 

 

 

 
7,681

Total liabilities
838,088

 
850,999

 
859,975

 
1,088,163

 
1,095,661

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

 

 

 

 

Common stock
389

 
389

 
387

 
385

 
382

Additional paid-in capital
1,592,375

 
1,576,657

 
1,573,013

 
1,557,086

 
1,547,936

Retained earnings
462,428

 
417,302

 
419,128

 
377,700

 
360,139

Shares held in treasury, at cost
(1,367,433
)
 
(1,367,433
)
 
(1,368,300
)
 
(1,363,558
)
 
(1,364,273
)
Accumulated other comprehensive income (loss), net of tax
(385
)
 
96

 
(545
)
 
(266
)
 
(545
)
 
687,374

 
627,011

 
623,683

 
571,347

 
543,639

Noncontrolling interests in subsidiaries
130,462

 
134,463

 
129,678

 
123,455

 
134,585

Total equity
817,836

 
761,474

 
753,361

 
694,802

 
678,224

 
$
1,655,924

 
$
1,612,473

 
$
1,613,336

 
$
1,782,965

 
$
1,773,885


9


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

 
10

 
11

 
11

 
10

Harbor Towing and Bunkering:
 
 
 
 
 
 
 
 
 
Harbor tugs - U.S.-flag
24

 
23

 
23

 
23

 
23

Harbor tugs - Foreign-flag
8

 
8

 
8

 
8

 
8

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

 
1

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

 
4

 
4

 
4

 

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

 
9

 
7

 
7

 
7

RORO(2) & deck barges - U.S.-flag
7

 
7

 
7

 
7

 
7

Rail ferry - Foreign-flag
2

 
2

 
2

 
2

 

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

 
2

 
2

 
2

 

 
73

 
72

 
71

 
71

 
62

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

 
1,408

 
1,439

 
1,443

 
1,443

Liquid tank barges
20

 
20

 
20

 
20

 
19

Specialty barges(3)
5

 
5

 
7

 
10

 
10

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

 
18

 
18

 
18

 
17

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

 
1,480

 
1,513

 
1,520

 
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.

10