HomeCorporate InfoBusiness UnitsMediaInvestorsContact Us

alerts Alerts

Investor Relations

Press Releases

Seacor Holdings Announces Results of Operations for Its Third Quarter Ended September 30, 2017

Download PDF

FORT LAUDERDALE, Fla., Nov. 01, 2017 (GLOBE NEWSWIRE) -- SEACOR Holdings Inc. (NYSE:CKH) (the “Company”) today announced its results for the third quarter ended September 30, 2017.

FINANCIAL HIGHLIGHTS FOR THE THIRD QUARTER ENDED SEPTEMBER 30, 2017

  • Net income attributable to SEACOR Holdings Inc.:  $17.6 million ($1.00 per diluted share) including net income of $10.9 million ($0.62 per diluted share) resulting from the sale of Illinois Corn Processing LLC (“ICP”) on July 3, 2017, a discontinued operation.

  • Net income from continuing operations attributable to SEACOR Holdings Inc.:  $6.6 million ($0.38 per diluted share) including a net “mark-to-market” loss of $8.1 million ($0.46 per diluted share) on 9,177,135 shares of Dorian LPG Ltd. (“Dorian”).

  • Operating income from the Company’s continuing operating businesses (primarily Inland River Services, Shipping Services and Witt O’Brien’s):  $15.1 million.

  • Operating income before depreciation and amortization (“OIBDA”):  $35.6 million (See disclosure related to Non-GAAP measures in the statements of income (loss) and segment information tables herein).

Charles Fabrikant, Executive Chairman and CEO, in elaborating on the Company's charter backlog commented:

“Our tanker chartering group has done an outstanding job navigating the shoals of an over-supplied Jones Act, coastwise market.  SEA-Vista, our tanker joint venture, now has only its multi-grade chemical ATB in the spot market.  Although there is excess capacity in the American flag tanker fleet, there are indications that some of the older assets will be removed from service.  As highlighted in our August release, SEA-Vista has a $450 million revenue backlog.  I would also like to add a comment about the impact of the recent storms.  Our marine businesses, harbor towing, SEACOR Island Lines, Seabulk Tankers, and Trailer Bridge, our joint venture liner service covering Puerto Rico, were impacted in September by hurricanes Harvey, Irma, and Maria.  Post storm activity has recovered in October.  Trailer Bridge and SEACOR Island Lines have added capacity to serve Puerto Rico and the U.S. Virgin Islands.  Witt O’Brien’s is our crisis and disaster management division.  This group has been extremely busy helping hurricane-hit communities across Texas, Florida, Georgia and the Caribbean.  Their services include strategic advice on state-wide recovery; monitoring of local debris clean-up; support for housing and critical infrastructure restoration; and administration of long-term recovery programs.

We have also sourced generators, tank trucks, and other relief and recovery cargo for both private sector clients and FEMA.  The collaboration between SEACOR, Trailer Bridge, SEACOR Island Lines and CLEANCOR has been critical in sourcing equipment and expediting delivery to the Virgin Islands and Puerto Rico.  These activities reflect a coordinated effort by all SEACOR businesses and close collaboration by operating managers.

I would like to add a personal comment but one that reflects the feelings of my colleagues of SEACOR Holdings and Trailer Bridge.  Our hearts go out to all those impacted by the recent storms.  We are cognizant that residents of Texas, South Florida, the Virgin Islands, and Puerto Rico continue to suffer without their homes, and in Puerto Rico and the Virgin Islands, with limited essential services and medical care.  We are in the process of making grants to assist relief efforts, which will, unfortunately have to continue for years into the future.  We are also using our resources and assets to assist by delivering containers of supplies gratis to help island residents.  Trailer Bridge has also been helping to facilitate access to local Puerto Rican assist groups to distribute aid coming from the U.S. mainland."

Financial results for the nine months ended September 30, 2017 are included in the condensed consolidated statements of income (loss) included elsewhere in this release.

A comparison of results for the quarter ended September 30, 2017 with the preceding quarter ended June 30, 2017 is included in the “Continuing Operation Discussion” below.

Continuing Operation Discussion

Inland River Services - Operating income was $4.9 million compared with $0.4 million in the preceding quarter.  OIBDA was $11.2 million compared with $6.9 million in the preceding quarter.  Operating income and OIBDA for the third quarter and preceding quarter included gains on asset dispositions of $5.1 million and $5.9 million, respectively.

Operating results, excluding gains on asset dispositions, benefited from increased activity levels in the covered barge market and terminal operations, reflecting the commencement of the fall harvest and increased export demand.  Operating results also improved as a consequence of placing two new towboats on time charter with the Company’s SCF Bunge Marine joint venture.  Compensation costs were lower following the accelerated vesting of share awards in connection with the Spin-off in the preceding quarter.  Operating results from the Company’s Colombian barge and towboat operation were impacted by seasonal low water conditions and were $0.8 million lower compared with the preceding quarter.

Foreign currency gains of $1.0 million were primarily due to the strengthening of the Colombian peso in relation to the U.S. dollar underlying certain of the Company’s intercompany lease obligations.

Shipping Services - Operating income was $14.9 million compared with $20.0 million in the preceding quarter.  OIBDA was $28.4 million compared with $30.2 million in the preceding quarter.  Operating income and OIBDA in the third quarter included $5.0 million and $8.8 million attributable to noncontrolling interests compared with $7.7 million and $11.3 million in the preceding quarter.  The fleet acquired in the International Shipholding Corporation (“ISH”) acquisition, excluding the rail-ferries and rail car facility, contributed operating income of $1.8 million.

Operating results included $3.5 million of drydocking costs for one U.S.-flag product tanker and reflected a $2.5 million reduction of revenues for short-sea liner transportation primarily due to fewer voyages as a consequence of Hurricane Irma.  General and administrative expenses were higher primarily due to the ISH acquisition and related transition, which was completed in October.

Equity in earnings of 50% or less owned companies included $0.8 million of earnings from Trailer Bridge, the Company’s joint venture operating in the Puerto Rico liner trade, and $0.7 million from ISH’s 50% or less owned companies, RF Vessel Holdings and Golfo de Mexico, that own and operate the two foreign-flag rail ferries and a full service rail car facility.

Debt Extinguishment Losses - During the third quarter, the Company purchased $13.2 million in principal amount of its 2.5% Convertible Senior Notes for $13.3 million resulting in immaterial gains on debt extinguishment.

Capital Commitments - The Company’s capital commitments as of September 30, 2017 were $10.2 million and included two U.S.-flag harbor tugs, one foreign-flag RORO vessel and other equipment.  Each of the tugs and the RORO vessel are scheduled to deliver prior to the second quarter of 2018.  Subsequent to September 30, 2017, the Company committed to purchase additional equipment for $2.6 million.

Liquidity and Debt - As of September 30, 2017, the Company’s balances of cash, cash equivalents, restricted cash, marketable securities and construction reserve funds totaled $384.0 million and the Company had $5.0 million of borrowing capacity under a subsidiary credit facility.  Total outstanding debt was $739.6 million, which includes $265.6 million in principal amount of debt owed by SEA-Vista that is non-recourse to the Company and its subsidiaries other than SEA-Vista.  SEA-Vista’s debt was primarily used to fund the construction of four product carriers in the U.S. coastwise tanker and chemical trades.  SEA-Vista is a consolidated venture and had $21.0 million of borrowing capacity under its credit facility as of September 30, 2017.  Subsequent to September 30, 2017, SEA-Vista borrowed $6.0 million under its credit facility.

As of September 30, 2017, the remaining principal amount outstanding of the Company’s 2.5% Convertible Senior Notes of $95.5 million is included in current liabilities as the holders may require the Company to repurchase these notes on December 19, 2017.

SEACOR Holdings Inc. (“SEACOR”) is a diversified holding company with interests in domestic and international transportation and logistics and risk management consultancy.  SEACOR is publicly traded on the New York Stock Exchange (NYSE) under the symbol CKH.

Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,” “plan,” “target,” “forecast” and similar expressions are intended to identify forward-looking statements.  Such forward-looking statements concern management’s expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters.  Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or expected by management of the Company.  These statements are not guarantees of future performance and actual events or results may differ significantly from these statements.  Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, including risks relating to weakening demand for the Company’s services as a result of unplanned customer suspensions, cancellations, rate reductions or non-renewals of vessel charters or failures to finalize commitments to charter vessels, increased government legislation and regulation of the Company’s businesses that could increase the cost of operations, increased competition if the Jones Act is repealed, liability, legal fees and costs in connection with the provision of emergency response services, decreased demand for the Company’s services as a result of declines in the global economy, declines in valuations in the global financial markets and a lack of liquidity in the credit sectors, including, interest rate fluctuations, availability of credit, inflation rates, change in laws, trade barriers, commodity prices and currency exchange fluctuations, activity in foreign countries and changes in foreign political, military and economic conditions, changes in foreign and domestic oil and gas exploration and production activity, safety record requirements related to Shipping Services, decreased demand for Shipping Services due to construction of additional refined petroleum product, natural gas or crude oil pipelines or due to decreased demand for refined petroleum products, crude oil or chemical products or a change in existing methods of delivery, compliance with U.S. and foreign government laws and regulations, including environmental laws and regulations and economic sanctions, the dependence of Inland River Services and Shipping Services on several key customers, consolidation of the Company’s customer base, the ongoing need to replace aging vessels, industry fleet capacity, restrictions imposed by the Shipping Acts on the amount of foreign ownership of the Company’s Common Stock, operational risks of Inland River Services and Shipping Services, effects of adverse weather conditions and seasonality, the level of grain export volume, the effect of fuel prices on barge towing costs, variability in freight rates for inland river barges, the effect of international economic and political factors on Inland River Services’ operations, the ability to realize anticipated benefits from acquisitions and other strategic transactions, adequacy of insurance coverage, the ability to recognize the anticipated benefits of the Spin-off, the ability to remediate the material weaknesses the Company has identified in its internal controls over financial reporting, the attraction and retention of qualified personnel by the Company, and various other matters and factors, many of which are beyond the Company’s control as well as those discussed in Item 1A (Risk Factors) of the Company’s Annual report on Form 10-K and other reports filed by the Company with the Securities and Exchange Commission (“SEC”).  It should be understood that it is not possible to predict or identify all such factors.  Consequently, the preceding should not be considered to be a complete discussion of all potential risks or uncertainties.  Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements.  Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law.  It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the SEC, including  Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any).  These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.

For additional information, contact Molly Hottinger at (954) 627-5278 or visit SEACOR’s website at www.seacorholdings.com.

SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except share data, unaudited)
  Three Months Ended   Nine Months Ended
  September 30,   September 30,
  2017   2016   2017   2016
Operating Revenues $ 158,171     $ 109,570     $ 392,376     $ 314,269  
Costs and Expenses:              
Operating 107,258     66,573     252,156     193,636  
Administrative and general 20,531     20,931     68,949     64,968  
Depreciation and amortization 20,501     15,864     54,689     46,005  
  148,290     103,368     375,794     304,609  
Gains (Losses) on Asset Dispositions and Impairments, Net 5,209     (593 )   10,918     2,590  
Operating Income 15,090     5,609     27,500     12,250  
Other Income (Expense):              
Interest income 2,367     4,492     6,651     13,100  
Interest expense (9,121 )   (9,955 )   (31,101 )   (29,892 )
Debt extinguishment gains (losses), net 3     557     (94 )   5,395  
Marketable security losses, net (12,478 )   (9,484 )   (13,316 )   (52,454 )
Derivative gains (losses), net     (862 )   19,727     (3,527 )
Foreign currency gains, net 969     418     898     2,812  
Other, net 64     (5,461 )   68     (13,110 )
  (18,196 )   (20,295 )   (17,167 )   (77,676 )
Income (Loss) from Continuing Operations Before Income Tax Benefit and Equity in Earnings (Losses) of 50% or Less Owned Companies (3,106 )   (14,686 )   10,333     (65,426 )
Income Tax Benefit (12,795 )   (7,164 )   (12,563 )   (29,921 )
Income (Loss) from Continuing Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies 9,689     (7,522 )   22,896     (35,505 )
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 488     (1,112 )   2,929     (7,169 )
Net Income (Loss) from Continuing Operations 10,177     (8,634 )   25,825     (42,674 )
Income (Loss) from Discontinued Operations, Net of Tax 10,927     (25,392 )   (23,150 )   (62,809 )
Net Income (Loss) 21,104     (34,026 )   2,675     (105,483 )
Net Income attributable to Noncontrolling Interests in Subsidiaries 3,543     5,777     13,839     16,665  
Net Income (Loss) attributable to SEACOR Holdings Inc. $ 17,561     $ (39,803 )   $ (11,164 )   $ (122,148 )
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:            
Continuing operations $ 0.38     $ (0.82 )   $ 0.55     $ (3.45 )
Discontinued operations 0.62     (1.53 )   (1.20 )   (3.78 )
  $ 1.00     $ (2.35 )   $ (0.65 )   $ (7.23 )
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:            
Continuing operations $ 0.38     $ (0.82 )   $ 0.55     $ (3.45 )
Discontinued operations 0.62     (1.53 )   (1.19 )   (3.78 )
  $ 1.00     $ (2.35 )   $ (0.64 )   $ (7.23 )
Weighted Average Common Shares Outstanding:              
Basic 17,508,770     16,943,647     17,265,140     16,896,751  
Diluted 17,637,824     16,943,647     17,510,560     16,896,751  
               
OIBDA(1) $ 35,591     $ 21,473     $ 82,189     $ 58,255  

______________________
(1) Non-GAAP Financial Measure.  The Company, from time to time, discloses and discusses OIBDA, a non-GAAP financial measure, in its public releases and other filings with the Securities and Exchange Commission.  The Company defines OIBDA as operating income (loss) plus depreciation and amortization.  The Company’s measure of OIBDA may not be comparable to similarly titled measures presented by other companies.  Other companies may calculate OIBDA differently than the Company, which may limit its usefulness as a comparative measure.  In addition, this measurement does not necessarily represent funds available for discretionary use and is not a measure of the Company’s ability to fund its cash needs.  OIBDA is a financial metric used by management (i) as a supplemental internal measure for planning and forecasting overall expectations and for evaluating actual results against such expectations; (ii) as a criteria for annual incentive bonuses paid to Company officers and other shore-based employees; and (iii) to compare to the OIBDA of other companies when evaluating potential acquisitions.

SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except per share data, unaudited)
  Three Months Ended
  Sep. 30,
2017
  Jun. 30,
2017
  Mar. 31,
2017
  Dec. 31,
2016
  Sep. 30,
2016
Operating Revenues $ 158,171     $ 115,791     $ 118,414     $ 126,196     $ 109,570  
Costs and Expenses:                  
Operating 107,258     69,686     75,212     81,619     66,573  
Administrative and general 20,531     25,540     22,878     21,394     20,931  
Depreciation and amortization 20,501     17,469     16,719     16,560     15,864  
  148,290     112,695     114,809     119,573     103,368  
Gains (Losses) on Asset Dispositions and Impairments, Net 5,209     5,897     (188 )   (28,573 )   (593 )
Operating Income (Loss) 15,090     8,993     3,417     (21,950 )   5,609  
Other Income (Expense):                  
Interest income 2,367     2,150     2,134     2,541     4,492  
Interest expense (9,121 )   (11,676 )   (10,304 )   (9,912 )   (9,955 )
Debt extinguishment gains (losses), net 3     (97 )       (211 )   557  
Marketable security gains (losses), net (12,478 )   (21,674 )   20,836     20,300     (9,484 )
Derivative gains (losses), net     16,897     2,830     (10,604 )   (862 )
Foreign currency gains (losses), net 969     (1,470 )   1,399     (1,368 )   418  
Other, net 64     424     (420 )   (5,606 )   (5,461 )
  (18,196 )   (15,446 )   16,475     (4,860 )   (20,295 )
Income (Loss) from Continuing Operations Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies (3,106 )   (6,453 )   19,892     (26,810 )   (14,686 )
Income Tax Expense (Benefit) (12,795 )   (3,664 )   3,896     (6,804 )   (7,164 )
Income (Loss) from Continuing Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies 9,689     (2,789 )   15,996     (20,006 )   (7,522 )
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 488     2,333     108     (13,871 )   (1,112 )
Net Income (Loss) from Continuing Operations 10,177     (456 )   16,104     (33,877 )   (8,634 )
Income (Loss) from Discontinued Operations, Net of Tax 10,927     (28,629 )   (5,448 )   (56,412 )   (25,392 )
Net Income (Loss) 21,104     (29,085 )   10,656     (90,289 )   (34,026 )
Net Income attributable to Noncontrolling Interests in Subsidiaries 3,543     3,723     6,573     3,460     5,777  
Net Income (Loss) attributable to SEACOR Holdings Inc. $ 17,561     $ (32,808 )   $ 4,083     $ (93,749 )   $ (39,803 )
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:                  
Continuing operations $ 0.38     $ (0.39 )   $ 0.57     $ (2.11 )   $ (0.82 )
Discontinued operations 0.62     (1.52 )   (0.33 )   (3.41 )   (1.53 )
  $ 1.00     $ (1.91 )   $ 0.24     $ (5.52 )   $ (2.35 )
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:                  
Continuing operations $ 0.38     $ (0.39 )   $ 0.56     $ (2.11 )   $ (0.82 )
Discontinued operations 0.62     (1.52 )   (0.32 )   (3.41 )   (1.53 )
  $ 1.00     $ (1.91 )   $ 0.24     $ (5.52 )   $ (2.35 )
Weighted Average Common Shares of Outstanding:                  
Basic 17,509     17,208     17,074     16,969     16,944  
Diluted 17,638     17,208     17,364     16,969     16,944  
Common Shares Outstanding at Period End 17,859     17,587     17,406     17,401     17,336  
                   
OIBDA(1) $ 35,591     $ 26,462     $ 20,136     $ (5,390 )   $ 21,473  

______________________
(1) Non-GAAP Financial Measure.  The Company, from time to time, discloses and discusses OIBDA, a non-GAAP financial measure, in its public releases and other filings with the Securities and Exchange Commission.  The Company defines OIBDA as operating income (loss) plus depreciation and amortization.  The Company’s measure of OIBDA may not be comparable to similarly titled measures presented by other companies.  Other companies may calculate OIBDA differently than the Company, which may limit its usefulness as a comparative measure.  In addition, this measurement does not necessarily represent funds available for discretionary use and is not a measure of the Company’s ability to fund its cash needs.  OIBDA is a financial metric used by management (i) as a supplemental internal measure for planning and forecasting overall expectations and for evaluating actual results against such expectations; (ii) as a criteria for annual incentive bonuses paid to Company officers and other shore-based employees; and (iii) to compare to the OIBDA of other companies when evaluating potential acquisitions.

SEACOR HOLDINGS INC.
SEGMENT INFORMATION
(in thousands, unaudited)
  Three Months Ended
  Sep. 30,
2017
  Jun. 30,
2017
  Mar. 31,
2017
  Dec. 31,
2016
  Sep. 30,
2016
Inland River Services                  
Operating Revenues $ 44,608     $ 37,644     $ 42,669     $ 53,021     $ 41,094  
Costs and Expenses:                  
Operating 35,388     31,902     32,569     35,400     31,496  
Administrative and general 3,141     4,725     3,792     2,945     3,982  
Depreciation and amortization 6,329     6,483     6,592     6,628     6,308  
  44,858     43,110     42,953     44,973     41,786  
Gains (Losses) on Asset Dispositions and Impairments, Net 5,136     5,891     233     605     (597 )
Operating Income (Loss) 4,886     425     (51 )   8,653     (1,289 )
Other Income (Expense):                  
Foreign currency gains (losses), net 992     (1,630 )   1,368     (1,143 )   410  
Other, net             1     (1 )
Equity in Losses of 50% or Less Owned Companies, Net of Tax (1,235 )   (1,264 )   (2,378 )   (11,318 )   (171 )
Segment Profit (Loss)(1) $ 4,643     $ (2,469 )   $ (1,061 )   $ (3,807 )   $ (1,051 )
                   
OIBDA(2) $ 11,215     $ 6,908     $ 6,541     $ 15,281     $ 5,019  
                   
Shipping Services                  
Operating Revenues $ 103,780     $ 72,023     $ 67,639     $ 59,618     $ 57,350  
Costs and Expenses:                  
Operating 65,866     33,850     37,354     36,586     28,542  
Administrative and general 9,612     8,028     7,088     6,895     6,675  
Depreciation and amortization 13,516     10,115     9,161     8,969     8,216  
  88,994     51,993     53,603     52,450     43,433  
Gains (Losses) on Asset Dispositions and Impairments, Net 73     6     (421 )   408     3  
Operating Income 14,859     20,036     13,615     7,576     13,920  
Other Income (Expense):                  
Foreign currency gains (losses), net 5     8     (5 )   (6 )   (3 )
Other, net 59     421     (362 )   237     (5,534 )
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 1,493     5,621     1,036     (2,581 )   (551 )
Segment Profit(1) $ 16,416     $ 26,086     $ 14,284     $ 5,226     $ 7,832  
                   
OIBDA(2) $ 28,375     $ 30,151     $ 22,776     $ 16,545     $ 22,136  
Drydocking expenditures for U.S.-flag product tankers
(included in operating costs and expenses)
$ 3,548     $     $ 94     $ 4,506     $ 95  
Out-of-service days for drydockings of U.S.-flag product tankers 40             45      

SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
  Three Months Ended
  Sep. 30,
2017
  Jun. 30,
2017
  Mar. 31,
2017
  Dec. 31,
2016
  Sep. 30,
2016
Witt O’Brien’s and Other                  
Operating Revenues $ 9,797     $ 6,177     $ 8,124     $ 13,572     $ 11,146  
Costs and Expenses:                  
Operating 6,068     4,043     5,372     9,711     6,618  
Administrative and general 3,140     2,687     3,373     5,510     3,833  
Depreciation and amortization 206     205     202     204     432  
  9,414     6,935     8,947     15,425     10,883  
Gains (Losses) on Asset Dispositions and Impairments, Net             (29,586 )   1  
Operating Income (Loss) 383     (758 )   (823 )   (31,439 )   264  
Other Income (Expense):                  
Foreign currency gains (losses), net 17     23     10     (57 )   (25 )
Other, net         (300 )   (5,885 )    
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 230     (2,024 )   1,450     28     (390 )
Segment Profit (Loss)(1) $ 630     $ (2,759 )   $ 337     $ (37,353 )   $ (151 )
                   
Corporate and Eliminations                  
Operating Revenues $ (14 )   $ (53 )   $ (18 )   $ (15 )   $ (20 )
Costs and Expenses:                  
Operating (64 )   (109 )   (83 )   (78 )   (83 )
Administrative and general 4,638     10,100     8,625     6,044     6,441  
Depreciation and amortization 450     666     764     759     908  
  5,024     10,657     9,306     6,725     7,266  
Operating Loss $ (5,038 )   $ (10,710 )   $ (9,324 )   $ (6,740 )   $ (7,286 )
Other Income (Expense):                  
Derivative gains (losses), net $     $ 16,897     $ 2,830     $ (10,604 )   $ (862 )
Foreign currency gains (losses), net (45 )   129     26     (162 )   36  
Other, net 5     3     242     41     74  

______________________
(1) Includes amounts attributable to both SEACOR and noncontrolling interests
(2) Non-GAAP Financial Measure.  The Company, from time to time, discloses and discusses OIBDA, a non-GAAP financial measure, for certain of its operating segments in its public releases and other filings with the Securities and Exchange Commission.  The Company defines OIBDA as operating income (loss) for the applicable segment plus depreciation and amortization.  The Company’s measure of OIBDA may not be comparable to similarly titled measures presented by other companies.  Other companies may calculate OIBDA differently than the Company, which may limit its usefulness as a comparative measure.  In addition, this measurement does not necessarily represent funds available for discretionary use and is not a measure of the Company’s ability to fund its cash needs.  OIBDA is a financial metric used by management (i) as a supplemental internal measure for planning and forecasting overall expectations and for evaluating actual results against such expectations; (ii) as a criteria for annual incentive bonuses paid to Company officers and other shore-based employees; and (iii) to compare to the OIBDA of other companies when evaluating potential acquisitions.

SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
  Sep. 30,
2017
  Jun. 30,
2017
  Mar. 31,
2017
  Dec. 31,
2016
  Sep. 30,
2016
ASSETS                  
Current Assets:                  
Cash and cash equivalents $ 267,156     $ 223,154     $ 207,545     $ 256,638     $ 315,960  
Restricted cash 2,436     2,260     2,254     2,249     2,244  
Marketable securities 62,606     75,071     97,404     76,137     55,823  
Receivables:                  
Trade, net of allowance for doubtful accounts 83,287     59,772     77,358     105,494     75,540  
Other 38,176     35,704     54,918     38,629     12,508  
Inventories 3,952     2,444     3,051     2,582     3,222  
Prepaid expenses and other 6,741     4,814     4,614     3,707     6,663  
Discontinued operations     23,105     298,915     277,365     287,658  
Total current assets 464,354     426,324     746,059     762,801     759,618  
Property and Equipment:                  
Historical cost 1,483,434     1,340,400     1,336,719     1,178,556     1,018,370  
Accumulated depreciation (487,049 )   (467,925 )   (460,623 )   (444,559 )   (434,049 )
  996,385     872,475     876,096     733,997     584,321  
Construction in progress 22,769     133,537     139,782     246,010     337,449  
Net property and equipment 1,019,154     1,006,012     1,015,878     980,007     921,770  
Investments, at Equity, and Advances to 50% or Less Owned Companies 175,387     174,106     182,395     175,461     198,052  
Construction Reserve Funds 51,846     65,429     64,478     75,753     99,966  
Goodwill 32,773     32,749     32,787     32,758     52,403  
Intangible Assets, Net 30,655     18,931     19,519     20,078     23,496  
Other Assets 8,796     17,739     17,869     17,189     21,599  
Discontinued Operations     32,595     875,993     798,274     877,229  
  $ 1,782,965     $ 1,773,885     $ 2,954,978     $ 2,862,321     $ 2,954,133  
                   
LIABILITIES AND EQUITY                  
Current Liabilities:                  
Current portion of long-term debt $ 119,840     $ 125,655     $ 168,267     $ 163,202     $ 7,877  
Accounts payable and accrued expenses 31,518     32,437     36,524     59,563     37,397  
Other current liabilities 70,762     49,602     58,833     62,164     55,195  
Discontinued operations     6,324     270,796     85,020     94,115  
Total current liabilities 222,120     214,018     534,420     369,949     194,584  
Long-Term Debt 619,712     615,532     628,622     631,084     804,109  
Exchange Option Liability on Subsidiary Convertible Senior Notes         16,809     19,436     8,938  
Deferred Income Taxes 165,093     161,185     183,972     157,441     168,266  
Deferred Gains and Other Liabilities 81,238     97,245     92,897     98,098     103,711  
Discontinued Operations     7,681     271,389     390,045     393,043  
Total liabilities 1,088,163     1,095,661     1,728,109     1,666,053     1,672,651  
Equity:                  
SEACOR Holdings Inc. stockholders’ equity:                  
Preferred stock                  
Common stock 385     382     380     379     379  
Additional paid-in capital 1,557,086     1,547,936     1,527,460     1,518,635     1,512,209  
Retained earnings 377,700     360,139     914,806     910,723     1,004,472  
Shares held in treasury, at cost (1,363,558 )   (1,364,273 )   (1,364,172 )   (1,357,331 )   (1,357,331 )
Accumulated other comprehensive loss, net of tax (266 )   (545 )   (11,024 )   (11,514 )   (10,471 )
  571,347     543,639     1,067,450     1,060,892     1,149,258  
Noncontrolling interests in subsidiaries 123,455     134,585     159,419     135,376     132,224  
Total equity 694,802     678,224     1,226,869     1,196,268     1,281,482  
  $ 1,782,965     $ 1,773,885     $ 2,954,978     $ 2,862,321     $ 2,954,133  

SEACOR HOLDINGS INC.
FLEET COUNTS
(unaudited)
  Sep. 30,
2017
  Jun. 30,
2017
  Mar. 31,
2017
  Dec. 31,
2016
  Sep. 30,
2016
Inland River Services                  
Dry-cargo barges 1,443     1,443     1,443     1,443     1,405  
Liquid tank barges:                  
10,000 barrel 18     18     18     18     18  
30,000 barrel 2     1              
Specialty barges(1) 10     10     10     11     11  
Towboats:                  
4,000 hp - 6,600 hp 18     17     18     17     17  
3,300 hp - 3,900 hp 1     1     1     1     1  
Less than 3,200 hp 4     4     4     4     4  
Harbor boats:                  
1,100 hp - 2,000 hp 15     15     15     15     13  
Less than 1,100 hp 9     9     9     9     6  
  1,520     1,518     1,518     1,518     1,475  
                   
Shipping Services                  
Petroleum Transportation:                  
Product tankers - U.S.-flag 10     10     10     9     8  
Articulated tug-barge - U.S.-flag 1                  
Harbor Towing and Bunkering:                  
Harbor tugs - U.S.-flag 23     23     23     23     24  
Harbor tugs - Foreign-flag 8     8     4     4     4  
Offshore tug - U.S.-flag 1     1     1     1     1  
Ocean liquid tank barges - U.S.-flag 5     5     5     5     5  
Ocean liquid tank barges - Foreign-flag 1     1              
Liner and Short-sea Transportation:                  
RORO(2)/deck barges - U.S.-flag 7     7     7     7     7  
Short-sea container/RORO - Foreign-flag 7     7     7     7     7  
Other:                  
PCTC(3) - U.S.-flag 4                  
Dry-bulk carrier - U.S.-flag(4) 2                  
Dry bulk articulated tug-barge - U.S.-flag         1     1     1  
Rail ferry - Foreign-flag 2                  
  71     62     58     57     57  

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

 

Source: SEACOR HOLDINGS INC.