Exhibit 99.1

 

FOR IMMEDIATE RELEASE

 

SEACOR HOLDINGS ANNOUNCES THIRD QUARTER RESULTS

 

Fort Lauderdale, FL, October 23, 2018. SEACOR Holdings Inc. (NYSE:CKH) (the “Company”) today announced:

 

 

For the third quarter, net income was $17.1 million ($0.88 per diluted share) including net mark-to-market gains of $1.4 million ($0.06 per diluted share) related to the Company’s investment in 5.2 million shares of Dorian LPG Ltd. (“Dorian”).

 

 

For the preceding 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 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.

 

 

Operating income before depreciation and amortization (“OIBDA”)1, was $52.7 million including $6.0 million of gains on asset dispositions. This compares with $30.9 million, including $0.5 million of gains on asset dispositions, in the preceding quarter.

 

 

For the nine months ended September 30, 2018, net income was $62.8 million ($3.21 per diluted share) compared with $9.6 million ($0.55 per diluted share) in the nine months ended September 30, 2017. For the nine months ended September 30, 2018, OIBDA1 was $117.8 million compared with $82.2 million in the nine months ended September 30, 2017.

 

Charles Fabrikant, Executive Chairman and Chief Executive Officer, commented:

 

“Operating income improved this quarter due to better results in our inland and ocean transport and logistics businesses. Our SEA-Vista tanker fleet benefited from not having any dry-docking expenses during the quarter and more available revenue days and our chemical ATB was able to find employment in what was a weak spot market for product movement. As of September 30, 2018, SEA-Vista's revenue backlog was approximately $357 million. Inland rates improved in part due to harvest activity and export demand and also due to continued demand for coal exports and frac sand moving to the Permian from mid and upper Mississippi River origin. Barge rates are variable and the self-imposed Chinese embargo of American origin soybeans creates uncertainty for next year.

 

Our Witt O’Brien’s subsidiary had a strong quarter and continued success in expanding its business. It continues to lead the U.S. Virgin Islands' recovery from last year's storms and has also supported similar recovery efforts across communities in Texas, Florida and now Puerto Rico. Following hurricanes Florence and Michael, Witt O’Brien’s has been activated in North Carolina, South Carolina and Florida. Furthermore, its private sector activity continues to grow.

 

We have also announced our intention to redeem all of our 7.375% notes on October 31, 2018. The cost to redeem the Notes, based on the “make whole” terms, was roughly equal to what we could earn on the cash required to be held to pay the Notes off in October 2019, when they become due.”

 

Continuing Operation Discussion

 

Ocean Transportation & Logistics Services - Operating income was $30.3 million compared with $8.2 million in the preceding quarter. OIBDA1 was $27.6 million compared with $14.9 million in the preceding quarter, excluding $14.0 million and $4.9 million, respectively, attributable to noncontrolling interests in SEA-Vista. Operating income and OIBDA1 in the third quarter included the recognition of $5.5 million of previously deferred gains due to a change in the lease duration for one U.S.-flag petroleum and chemical carrier.

 

Operating results benefited from lower regulatory dry-docking costs and higher revenues due to one U.S.-flag petroleum and chemical carrier returning to service following its dry-docking.

 

Equity earnings of $2.1 million, net of tax, were primarily from Trailer Bridge, the Company’s joint venture operating in the Puerto Rico liner trade.

 

1

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

 

1

 

 

Inland Transportation & Logistics Services - Operating income was $4.3 million compared with $2.1 million in the preceding quarter. OIBDA1 was $10.5 million compared with $8.3 million in the preceding quarter.

 

Operating results benefited from improved revenues in the dry-cargo barge pools primarily due to the commencement of the fall harvest. Improved barge pool results were partially offset by lower results in the Company’s terminal and fleeting operations as a consequence of seasonal slowdowns. Operating results for the Company’s Colombian barge and towboat operation were $0.7 million lower due to seasonal low water conditions.

 

Equity earnings of 50% or less owned companies were $1.8 million lower. Operating results for SCF Bunge Marine, the Company’s joint venture that operates towboats on the U.S. Inland waterways, decreased primarily due to out-of-service time for the engine overhaul of one towboat. Operating results for Bunge-SCF Grain, the Company’s joint venture that operates grain elevators in Illinois, decreased primarily due to reduced throughput of soybeans due to weak prices and tariff concerns. Operating results for SCFCo, the Company’s joint venture operating on the Parana-Paraguay River in South America, were negatively impacted by low water conditions which extended cycle times of its voyages.

 

Foreign currency losses of $0.3 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 $6.1 million compared with $7.3 million in the preceding quarter. Certain of the Company’s recovery projects in Texas and Florida following the hurricanes of 2017 wrapped up or began to wind down in the third quarter. However, the Company continues to experience strong revenue growth in both its public and private sector services and continues to support the recovery efforts in the U.S. Virgin Islands.

 

Corporate and Eliminations - Administrative and general expenses of $5.7 million were $0.6 million higher than the preceding quarter primarily due to higher professional fees.

 

Capital Commitments - The Company’s capital commitments as of September 30, 2018 were $5.3 million. Subsequent to September 30, 2018, the company committed to purchase additional property and equipment for $14.7 million.

 

Liquidity and Debt - As of September 30, 2018, the Company’s balances of cash, cash equivalents, restricted cash, restricted cash equivalents, marketable securities and construction reserve funds totaled $374.9 million. Total outstanding debt was $528.4 million including $112.1 million of SEA-Vista debt that is non-recourse to the Company. SEA-Vista is a consolidated venture and had $72.0 million of borrowing capacity under its credit facility as of September 30, 2018.

 

During the third quarter, the Company repurchased $4.0 million in principal amount of its 7.375% Senior Notes for $4.1 million. These transactions resulted in debt extinguishment losses of $0.2 million. On October 1, 2018, the Company announced it would redeem its 7.375% Senior Notes on October 31, 2018 at a redemption price equal to 100% of the principal amount of the notes outstanding plus a make-whole premium as set forth in the applicable Notice of Redemption, plus accrued and unpaid interest, if any, to the redemption date.

 

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.

 

1

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

 

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

   

Nine Months Ended

 
   

September 30,

   

September 30,

 
   

2018

   

2017

   

2018

   

2017

 
           

As Adjusted

           

As Adjusted

 

Operating Revenues

  $ 220,257     $ 176,605     $ 621,912     $ 441,495  

Costs and Expenses:

                               

Operating

    147,529       125,692       441,474       301,275  

Administrative and general

    26,083       20,531       76,189       68,949  

Depreciation and amortization

    18,616       20,501       57,069       54,689  
      192,228       166,724       574,732       424,913  

Gains on Asset Dispositions and Impairments, Net

    6,018       5,209       13,569       10,918  

Operating Income

    34,047       15,090       60,749       27,500  

Other Income (Expense):

                               

Interest income

    2,450       2,367       6,485       6,651  

Interest expense

    (8,335

)

    (9,121

)

    (25,502

)

    (31,101

)

Debt extinguishment gains (losses), net

    (160

)

    3       (5,609

)

    (94

)

Marketable security gains (losses), net

    1,713       (12,478

)

    (1,303

)

    (13,316

)

Derivative gains, net

                      19,727  

Foreign currency gains (losses), net

    (328

)

    969       16       898  

Other, net

    357       64       54,951       68  
      (4,303

)

    (18,196

)

    29,038       (17,167

)

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

    29,744       (3,106

)

    89,787       10,333  

Income Tax Expense (Benefit)

    3,362       (12,795

)

    12,934       (12,563

)

Income from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies

    26,382       9,689       76,853       22,896  

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

    821       488       1,915       2,929  

Net Income from Continuing Operations

    27,203       10,177       78,768       25,825  

Income (Loss) from Discontinued Operations, Net of Tax

          10,927             (23,150

)

Net Income

    27,203       21,104       78,768       2,675  

Net Income attributable to Noncontrolling Interests in Subsidiaries

    10,136       3,543       15,934       13,839  

Net Income (Loss) attributable to SEACOR Holdings Inc.

  $ 17,067     $ 17,561     $ 62,834     $ (11,164

)

Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:

                         

Continuing operations

  $ 0.94     $ 0.38     $ 3.48     $ 0.55  

Discontinued operations

          0.62             (1.20

)

    $ 0.94     $ 1.00     $ 3.48     $ (0.65

)

Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:

                         

Continuing operations

  $ 0.88     $ 0.38     $ 3.21     $ 0.55  

Discontinued operations

          0.62             (1.19

)

    $ 0.88     $ 1.00     $ 3.21     $ (0.64

)

Weighted Average Common Shares Outstanding:

                               

Basic

    18,108,388       17,508,770       18,052,274       17,265,140  

Diluted

    21,192,554       17,637,824       22,508,622       17,510,560  
                                 

OIBDA(1)

  $ 52,663     $ 35,591     $ 117,818     $ 82,189  

______________________

(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

(in thousands, except per share data, unaudited)

 

   

Three Months Ended

 
   

Sep. 30, 2018

   

Jun. 30, 2018

   

Mar. 31, 2018

   

Dec. 31, 2017

   

Sep. 30, 2017

 
                           

As Adjusted

   

As Adjusted

 

Operating Revenues

  $ 220,257     $ 216,831     $ 184,824     $ 209,352     $ 176,605  

Costs and Expenses:

                                       

Operating

    147,529       162,168       131,777       132,562       125,692  

Administrative and general

    26,083       24,311       25,795       34,157       20,531  

Depreciation and amortization

    18,616       18,844       19,609       20,369       20,501  
      192,228       205,323       177,181       187,088       166,724  

Gains on Asset Dispositions, Net

    6,018       506       7,045       719       5,209  

Operating Income

    34,047       12,014       14,688       22,983       15,090  

Other Income (Expense):

                                       

Interest income

    2,450       2,179       1,856       1,896       2,367  

Interest expense

    (8,335

)

    (8,604

)

    (8,563

)

    (10,429

)

    (9,121

)

Debt extinguishment gains (losses), net

    (160

)

    (5,407

)

    (42

)

    (725

)

    3  

Marketable security gains (losses), net

    1,713       782       (3,798

)

    11,534       (12,478

)

Foreign currency gains (losses), net

    (328

)

    (1,346

)

    1,690       (575

)

    969  

Other, net

    357       54,311       283       188       64  
      (4,303

)

    41,915       (8,574

)

    1,889       (18,196

)

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

    29,744       53,929       6,114       24,872       (3,106

)

Income Tax Expense (Benefit)

    3,362       9,853       (281

)

    (54,626

)

    (12,795

)

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

    26,382       44,076       6,395       79,498       9,689  

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

    821       1,931       (837

)

    23       488  

Net Income from Continuing Operations

    27,203       46,007       5,558       79,521       10,177  

Income (Loss) from Discontinued Operations, Net of Tax

                      (487

)

    10,927  

Net Income

    27,203       46,007       5,558       79,034       21,104  

Net Income attributable to Noncontrolling Interests in Subsidiaries

    10,136       881       4,917       6,227       3,543  

Net Income attributable to SEACOR Holdings Inc.

  $ 17,067     $ 45,126     $ 641     $ 72,807     $ 17,561  

Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:

                                       

Continuing operations

  $ 0.94     $ 2.50     $ 0.04     $ 4.15     $ 0.38  

Discontinued operations

                      (0.03

)

    0.62  
    $ 0.94     $ 2.50     $ 0.04     $ 4.12     $ 1.00  

Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:

                                       

Continuing operations

  $ 0.88     $ 2.14     $ 0.04     $ 3.37     $ 0.38  

Discontinued operations

                      (0.02

)

    0.62  
    $ 0.88     $ 2.14     $ 0.04     $ 3.35     $ 1.00  

Weighted Average Common Shares of Outstanding:

                                       

Basic

    18,108       18,077       17,970       17,674       17,509  

Diluted

    21,193       22,588       18,179       22,711       17,638  

Common Shares Outstanding at Period End

    18,243       18,224       18,165       17,940       17,859  
                                         

OIBDA(1)

  $ 52,663     $ 30,858     $ 34,297     $ 43,352     $ 35,591  

______________________

(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, 2018

   

Jun. 30, 2018

   

Mar. 31, 2018

   

Dec. 31, 2017

   

Sep. 30, 2017

 

Ocean Transportation & Logistics Services

                                       

Operating Revenues

  $ 109,939     $ 105,155     $ 102,384     $ 109,434     $ 103,780  

Costs and Expenses:

                                       

Operating

    64,683       75,044       65,333       58,215       65,866  

Administrative and general

    9,170       10,328       10,549       11,820       9,612  

Depreciation and amortization

    11,298       11,620       12,645       13,281       13,516  
      85,151       96,992       88,527       83,316       88,994  

Gains on Asset Dispositions, Net

    5,505       3       1,883       19       73  

Operating Income

    30,293       8,166       15,740       26,137       14,859  

Other Income (Expense):

                                       

Foreign currency gains (losses), net

    (24

)

    (76

)

    (51

)

    (138

)

    5  

Other, net

    (96

)

    398       283       209       59  

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

    2,073       1,267       315       (486

)

    1,493  

Segment Profit(1)

  $ 32,246     $ 9,755     $ 16,287     $ 25,722     $ 16,416  
                                         

OIBDA(2)

  $ 41,591     $ 19,786     $ 28,385     $ 39,418     $ 28,375  

Dry-docking expenditures for U.S.-flag petroleum and chemical

carriers and dry bulk carriers (included in operating costs and expenses)

  $ 399     $ 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

 

Operating Revenues

  $ 78,845     $ 73,409     $ 55,921     $ 74,412     $ 63,042  

Costs and Expenses:

                                       

Operating

    65,667       62,361       48,181       57,858       53,822  

Administrative and general

    3,230       3,216       3,312       4,900       3,141  

Depreciation and amortization

    6,197       6,243       6,234       6,448       6,329  
      75,094       71,820       57,727       69,206       63,292  

Gains on Asset Dispositions, Net

    513       503       5,162       700       5,136  

Operating Income

    4,264       2,092       3,356       5,906       4,886  

Other Income (Expense):

                                       

Foreign currency gains (losses), net

    (282

)

    (1,183

)

    1,703       (458

)

    992  

Other, net

          14                    

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

    (1,245

)

    584       (2,454

)

    (314

)

    (1,235

)

Segment Profit(1)

  $ 2,737     $ 1,507     $ 2,605     $ 5,134     $ 4,643  
                                         

OIBDA(2)

  $ 10,461     $ 8,335     $ 9,590     $ 12,354     $ 11,215  

 

6

 

 

SEACOR HOLDINGS INC.

SEGMENT INFORMATION (continued)

(in thousands, unaudited)

 

   

Three Months Ended

 
   

Sep. 30, 2018

   

Jun. 30, 2018

   

Mar. 31, 2018

   

Dec. 31, 2017

   

Sep. 30, 2017

 

Witt O’Brien’s

                                       

Operating Revenues

  $ 30,267     $ 37,308     $ 26,432     $ 25,406     $ 9,681  

Costs and Expenses:

                                       

Operating

    16,240       24,399       18,306       16,534       6,068  

Administrative and general

    7,389       5,140       5,367       4,797       2,960  

Depreciation and amortization

    492       491       301       206       206  
      24,121       30,030       23,974       21,537       9,234  

Operating Income

    6,146       7,278       2,458       3,869       447  

Other Income (Expense):

                                       

Foreign currency gains (losses), net

    (12

)

    (17

)

    2       (12

)

    29  

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

    (13

)

    (32

)

    135       (63

)

    100  

Segment Profit(1)

  $ 6,121     $ 7,229     $ 2,595     $ 3,794     $ 576  
                                         

OIBDA(2)

  $ 6,638     $ 7,769     $ 2,759     $ 4,075     $ 653  
                                         

Other

                                       

Operating Revenues

  $ 1,214     $ 969     $ 116     $ 116     $ 116  

Costs and Expenses:

                                       

Operating

    957       392                    

Administrative and general

    606       498       186       272       180  

Depreciation and amortization

    202       62                    
      1,765       952       186       272       180  

Operating Income (Loss)

    (551

)

    17       (70

)

    (156

)

    (64

)

Other Income (Expense):

                                       

Foreign currency gains (losses), net

          1             18       (12

)

Other, net

    452       53,902             (1

)

     

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

    6       112       1,167       886       130  

Segment Profit (Loss)(1)

  $ (93

)

  $ 54,032     $ 1,097     $ 747     $ 54  
                                         

Corporate and Eliminations

                                       

Operating Revenues

  $ (8

)

  $ (10

)

  $ (29

)

  $ (16

)

  $ (14

)

Costs and Expenses:

                                       

Operating

    (18

)

    (28

)

    (43

)

    (45

)

    (64

)

Administrative and general

    5,688       5,129       6,381       12,368       4,638  

Depreciation and amortization

    427       428       429       434       450  
      6,097       5,529       6,767       12,757       5,024  

Operating Loss

  $ (6,105

)

  $ (5,539

)

  $ (6,796

)

  $ (12,773

)

  $ (5,038

)

Other Income (Expense):

                                       

Foreign currency gains (losses), net

  $ (10

)

  $ (71

)

  $ 36     $ 15     $ (45

)

Other, net

    1       (3

)

          (20

)

    5  

______________________

(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, 2018

   

Jun. 30, 2018

   

Mar. 31, 2018

   

Dec. 31, 2017

   

Sep. 30, 2017

 

ASSETS

                                       

Current Assets:

                                       

Cash and cash equivalents

  $ 324,564     $ 317,389     $ 272,522     $ 239,246     $ 267,156  

Restricted cash and restricted cash equivalents

    2,990       2,989       2,982       2,982       2,436  

Marketable securities

    41,445       39,745       38,963       42,761       62,606  

Receivables:

                                       

Trade, net of allowance for doubtful accounts

    151,217       142,474       111,083       110,465       83,287  

Other

    45,197       41,960       41,061       33,870       38,176  

Inventories

    5,139       4,690       3,821       4,377       3,952  

Prepaid expenses and other

    6,087       5,940       4,572       6,594       6,741  

Total current assets

    576,639       555,187       475,004       440,295       464,354  

Property and Equipment:

                                       

Historical cost

    1,403,886       1,393,514       1,370,517       1,380,469       1,506,203  

Accumulated depreciation

    (545,179

)

    (527,814

)

    (510,418

)

    (502,544

)

    (487,049

)

Net property and equipment

    858,707       865,700       860,099       877,925       1,019,154  

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

    149,184       150,158       170,305       173,441       175,387  

Construction Reserve Funds

    5,908       16,142       36,790       51,339       51,846  

Goodwill

    32,767       32,774       32,807       32,761       32,773  

Intangible Assets, Net

    25,724       26,898       28,072       28,106       30,655  

Other Assets

    8,938       9,065       9,396       9,469       8,796  
    $ 1,657,867     $ 1,655,924     $ 1,612,473     $ 1,613,336     $ 1,782,965  
                                         

LIABILITIES AND EQUITY

                                       

Current Liabilities:

                                       

Current portion of long-term debt

  $ 155,737     $ 8,925     $ 77,634     $ 77,842     $ 119,840  

Accounts payable and accrued expenses

    56,533       61,732       40,844       44,013       31,518  

Other current liabilities

    66,179       68,102       59,651       57,330       70,762  

Total current liabilities

    278,449       138,759       178,129       179,185       222,120  

Long-Term Debt

    372,657       530,909       495,863       501,505       619,712  

Deferred Income Taxes

    99,565       97,767       102,084       101,422       165,093  

Deferred Gains and Other Liabilities

    60,502       70,653       74,923       77,863       81,238  

Total liabilities

    811,173       838,088       850,999       859,975       1,088,163  

Equity:

                                       

SEACOR Holdings Inc. stockholders’ equity:

                                       

Preferred stock

                             

Common stock

    389       389       389       387       385  

Additional paid-in capital

    1,593,430       1,592,375       1,576,657       1,573,013       1,557,086  

Retained earnings

    479,495       462,428       417,302       419,128       377,700  

Shares held in treasury, at cost

    (1,366,773

)

    (1,367,433

)

    (1,367,433

)

    (1,368,300

)

    (1,363,558

)

Accumulated other comprehensive income (loss), net of tax

    (444

)

    (385

)

    96       (545

)

    (266

)

      706,097       687,374       627,011       623,683       571,347  

Noncontrolling interests in subsidiaries

    140,597       130,462       134,463       129,678       123,455  

Total equity

    846,694       817,836       761,474       753,361       694,802  
    $ 1,657,867     $ 1,655,924     $ 1,612,473     $ 1,613,336     $ 1,782,965  

 

8

 

 

SEACOR HOLDINGS INC.

FLEET COUNTS

(unaudited)

 

   

Sep. 30, 2018

   

Jun. 30, 2018

   

Mar. 31, 2018

   

Dec. 31, 2017

   

Sep. 30, 2017

 

Ocean Transportation & Logistics Services

                                       

Petroleum Transportation:

                                       

Petroleum and chemical carriers - U.S.-flag

    10       10       10       11       11  

Harbor Towing and Bunkering:

                                       

Harbor tugs - U.S.-flag

    24       24       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       4  

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

    9       9       9       7       7  

RORO(2) & deck barges - U.S.-flag

    7       7       7       7       7  

Rail ferry - Foreign-flag

    2       2       2       2       2  

Dry Bulk Transportation:

                                       

Dry bulk carrier - U.S.-flag

    2       2       2       2       2  
      73       73       72       71       71  
                                         

Inland Transportation & Logistics Services

                                       

Dry-cargo barges

    1,407       1,408       1,408       1,439       1,443  

Liquid tank barges

    20       20       20       20       20  

Specialty barges(3)

    5       5       5       7       10  

Towboats:

                                       

4,000 hp - 6,600 hp

    18       18       18       18       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  
      1,479       1,480       1,480       1,513       1,520  

______________________

(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