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SEACOR Holdings Announces Third Quarter Results

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FORT LAUDERDALE, Fla., Oct. 23, 2018 (GLOBE NEWSWIRE) -- 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.

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.

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   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.
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.
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  
                                       

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  
                             

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  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, 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  
                                       

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  
                             

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  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.

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Source: SEACOR Holdings Inc.