HomeCorporate InfoBusiness UnitsMediaInvestorsContact Us

alerts Alerts

Investor Relations

Press Releases

SEACOR Holdings Announces Second Quarter Results

Download PDF

FORT LAUDERDALE, Fla., July 25, 2018 (GLOBE NEWSWIRE) -- 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.

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.

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

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 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.

 
 
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.

 
 
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.

 
 
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  
                                       
                                       


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 )
                                       
                                       


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.

 
 
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  
                                       
                                       


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.

Primary Logo

Source: SEACOR Holdings Inc.