CKH - SEACOR Holdings Announces Results for the First Quarter Ended March 31 2019

April, 24 2019 05:42 PM SEACOR Holdings Inc.

FORT LAUDERDALE, Fla., April 24, 2019 (GLOBE NEWSWIRE) -- SEACOR Holdings Inc. (NYSE:CKH) (the “Company”) today announced its results for the quarter ended March 31, 2019:

Net income attributable to stockholders was $7.7 million ($0.41 per diluted share) compared with $0.6 million ($0.04 per diluted share) for the quarter ended March 31, 2018.
Operating income was $19.0 million, a $10.9 million increase compared with the quarter ended March 31, 2018, excluding gains on asset dispositions.
“Cash Earnings” were $26.7 million compared with $14.5 million for the quarter ended March 31, 2018. “Cash Earnings” is a non-GAAP financial measure; see the table elsewhere in this release for a reconciliation to its closest U.S. GAAP measure.

Operating Discussion

Ocean Transportation & Logistics Services - Operating income and OIBDA attributable to SEACOR (excluding our partner’s noncontrolling interests in SEA-Vista) were $12.9 million and $20.1 million in the current year quarter compared with $10.1 million and $19.4 million in the prior year quarter, respectively. Operating income and OIBDA included $1.9 million of gains on asset dispositions in the prior year quarter. OIBDA is a non-GAAP financial measure; see the table elsewhere in this release for a reconciliation to its closest U.S. GAAP measure.

Operating income from bulk transportation services was higher despite one fewer vessel in operation in the current year quarter primarily due to higher rates for two U.S.-flag petroleum and chemical carriers. Operating income from logistics services was also higher as the Company’s PCTCs (Pure-Car-Truck-Carriers) benefited from moving U.S. military, commercial and U.S. government-impelled cargo partially offset by higher regulatory dry-docking costs.

Inland Transportation & Logistics Services - Operating income and OIBDA were $2.7 million and $8.4 million in the current year quarter compared with $3.4 million and $9.6 million in the prior year quarter, respectively. Operating income and OIBDA included gains on asset dispositions of $0.4 million and $5.2 million in the current year quarter and prior year quarter, respectively.

Bulk transportation revenues benefited from adverse weather and difficult operating conditions on the U.S. Inland Waterways, which resulted in higher freight rates and increased utilization (due to demurrage and storage days) for the barge pools. The barge pools also benefited from strong charter rates for a fleet of barges supporting frac sand movements. The increase in revenues outpaced the higher operating expenses as a result of the difficult operating conditions.

Foreign currency gains in the current year quarter and prior year quarter were primarily due to favorable movements in the exchange rates of the Colombian peso in relation to the U.S. dollar.

Witt O’Brien’s - Operating income and OIBDA were $4.6 million and $4.8 million in the current year quarter compared with $2.5 million and $2.8 million in the prior year quarter, respectively. The Company continues to support the recovery efforts in the U.S. Virgin Islands and other U.S. locations as a well as its private sector client base.

Capital Commitments - The Company’s capital commitments as of March 31, 2019 were $28.9 million including an interest in two foreign-flag rail ferries, two inland river towboats, other equipment and vessel and terminal improvements.

Liquidity and Debt - During the current year quarter, the Company repurchased $24.0 million in principal amount of its 3.0% Convertible Senior Notes for $23.2 million resulting in debt extinguishment losses of $0.8 million.

As of March 31, 2019, the Company’s balances of cash, cash equivalents, restricted cash, restricted cash equivalents, marketable securities and construction reserve funds totaled $181.4 million. Total outstanding debt was $323.6 million including $79.9 million of SEA-Vista debt that is non-recourse to the Company. SEA-Vista is a consolidated joint venture and had $100.0 million of borrowing capacity under its credit facility as of March 31, 2019.

During the quarter ended March 31, 2019, the Company entered into a new $125.0 million revolving credit facility. As of March 31, 2019, the Company had no borrowings outstanding under this facility.

Adoption of New Accounting Standards. On January 1, 2019, the Company adopted Financial Accounting Standards Board (“FASB”) Topic 842, Leases (“Topic 842”). Upon adoption, the Company recorded operating lease right-of-use assets and lease liabilities of $174.6 million for certain of its equipment, office and land leases. In addition, the Company recognized a cumulative-effect adjustment of $25.4 million, net of tax, to the opening balance of retained earnings primarily for previously deferred gains related to sale leaseback transactions.

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, changes in U.S. and international trade policies 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
(in thousands, except share data, unaudited)

Three Months Ended

March 31,

2019

2018
Operating Revenues
$
209,524


$
184,824

Costs and Expenses:



Operating
147,111


131,777

Administrative and general
26,746


25,795

Depreciation and amortization
17,136


19,609


190,993


177,181

Gains on Asset Dispositions
437


7,045

Operating Income
18,968


14,688

Other Income (Expense):



Interest income
1,900


1,856

Interest expense
(5,113
)

(8,563
)
Debt extinguishment losses, net
(793
)

(42
)
Marketable security gains (losses), net
3,068


(3,798
)
Foreign currency gains, net
405


1,690

Other, net
(644
)

283


(1,177
)

(8,574
)
Income Before Income Tax Expense (Benefit) and Equity in Losses of 50% or Less Owned Companies
17,791


6,114

Income Tax Expense (Benefit)
2,205


(281
)
Income Before Equity in Losses of 50% or Less Owned Companies
15,586


6,395

Equity in Losses of 50% or Less Owned Companies, Net of Tax
(2,518
)

(837
)
Net Income
13,068


5,558

Net Income attributable to Noncontrolling Interests in Subsidiaries
5,335


4,917

Net Income attributable to SEACOR Holdings Inc.
$
7,733


$
641





Basic Earnings Per Common Share of SEACOR Holdings Inc.:
$
0.42


$
0.04





Diluted Earnings Per Common Share of SEACOR Holdings Inc.:
$
0.41


$
0.04





Weighted Average Common Shares Outstanding:



Basic
18,232,562


17,969,970

Diluted
19,571,339


18,178,518





OIBDA⁽¹⁾
$
36,104


$
34,297

OIBDA attributable to SEACOR Holdings Inc.⁽¹⁾
$
26,996


$
25,324

(1)

Non-GAAP Financial Measure. See explanation of use of non-GAAP financial measures included elsewhere in this release.


SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except per share data, unaudited)

Three Months Ended

Mar. 31,

Dec. 31,

Sep. 30,

Jun. 30,

Mar. 31,

2019

2018

2018

2018

2018
Operating Revenues
$
209,524


$
213,838


$
220,257


$
216,831


$
184,824

Costs and Expenses:









Operating
147,111


150,374


147,529


162,168


131,777

Administrative and general
26,746


26,718


26,083


24,311


25,795

Depreciation and amortization
17,136


17,510


18,616


18,844


19,609


190,993


194,602


192,228


205,323


177,181

Gains on Asset Dispositions
437


6,014


6,018


506


7,045

Operating Income
18,968


25,250


34,047


12,014


14,688

Other Income (Expense):









Interest income
1,900


2,245


2,450


2,179


1,856

Interest expense
(5,113
)

(6,181
)

(8,335
)

(8,604
)

(8,563
)
Debt extinguishment losses, net
(793
)

(6,017
)

(160
)

(5,407
)

(42
)
Marketable security gains (losses), net
3,068


(11,128
)

1,713


782


(3,798
)
Foreign currency gains (losses), net
405


(2,280
)

(328
)

(1,346
)

1,690

Other, net
(644
)

13


357


54,311


283


(1,177
)

(23,348
)

(4,303
)

41,915


(8,574
)
Income Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies
17,791


1,902


29,744


53,929


6,114

Income Tax Expense (Benefit)
2,205


(4,519
)

3,362


9,853


(281
)
Income Before Equity in Earnings (Losses) of 50% or Less Owned Companies
15,586


6,421


26,382


44,076


6,395

Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax
(2,518
)

(1,987
)

821


1,931


(837
)
Net Income
13,068


4,434


27,203


46,007


5,558

Net Income attributable to Noncontrolling Interests in Subsidiaries
5,335


9,120


10,136


881


4,917

Net Income (Loss) attributable to SEACOR Holdings Inc.
$
7,733


$
(4,686
)

$
17,067


$
45,126


$
641











Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
$
0.42


$
(0.26
)

$
0.94


$
2.50


$
0.04











Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
$
0.41


$
(0.26
)

$
0.88


$
2.14


$
0.04











Weighted Average Common Shares of Outstanding:









Basic
18,233


18,165


18,108


18,077


17,970

Diluted
19,571


18,165


21,193


22,588


18,179

Common Shares Outstanding at Period End
18,528


18,330


18,243


18,224


18,165











OIBDA⁽¹⁾
$
36,104


$
42,760


$
52,663


$
30,858


$
34,297

OIBDA attributable to SEACOR Holdings Inc.⁽¹⁾
$
26,996


$
29,822


$
38,630


$
25,978


$
25,324

(1)

Non-GAAP Financial Measure. See explanation of use of non-GAAP financial measures included elsewhere in this release.


SEACOR HOLDINGS INC.
SEGMENT INFORMATION
(in thousands, unaudited)

Three Months Ended

Mar. 31,

Dec. 31,

Sep. 30,

Jun. 30,

Mar. 31,

2019

2018

2018

2018

2018
Ocean Transportation & Logistics Services









Operating Revenues
$
109,272


$
97,366


$
109,939


$
105,155


$
102,384

Costs and Expenses:









Operating
69,932


64,234


64,683


75,044


65,333

Administrative and general
10,198


10,132


9,170


10,328


10,549

Depreciation and amortization
10,337


10,707


11,298


11,620


12,645


90,467


85,073


85,151


96,992


88,527

Gains on Asset Dispositions
17


5,496


5,505


3


1,883

Operating Income
18,822


17,789


30,293


8,166


15,740

Other Income (Expense):









Foreign currency losses, net
(47
)

(17
)

(24
)

(76
)

(51
)
Other, net
(651
)

(15
)

(96
)

398


283

Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax
111


(23
)

2,073


1,267


315

Segment Profit⁽¹⁾
$
18,235


$
17,734


$
32,246


$
9,755


$
16,287











OIBDA⁽²⁾
$
29,159


$
28,496


$
41,591


$
19,786


$
28,385

OIBDA⁽²⁾ attributable to stockholders
$
20,051


$
15,558


$
27,558


$
14,906


$
19,412

Dry-docking expenditures for U.S.-flag petroleum and chemical carriers, dry bulk carriers and PCTC’s (included in operating costs and expenses)
$
1,581


$
6,430


$
399


$
5,291


$
1,988

Out-of-service days for dry-dockings of U.S.-flag petroleum and chemical carriers, dry bulk carriers and PCTC’s
15


147


—


47


47

Dry-docking expenditures for all other equipment
$
1,250


$
269


$
1,489


$
2,139


$
178











Inland Transportation & Logistics Services









Operating Revenues
$
65,602


$
77,513


$
78,845


$
73,409


$
55,921

Costs and Expenses:









Operating
54,245


60,801


65,667


62,361


48,181

Administrative and general
3,356


3,381


3,230


3,216


3,312

Depreciation and amortization
5,725


5,490


6,197


6,243


6,234


63,326


69,672


75,094


71,820


57,727

Gains on Asset Dispositions
420


481


513


503


5,162

Operating Income
2,696


8,322


4,264


2,092


3,356

Other Income (Expense):









Foreign currency gains (losses), net
459


(2,240
)

(282
)

(1,183
)

1,703

Other, net
—


37


—


14


—

Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax
(2,472
)

(2,571
)

(1,245
)

584


(2,454
)
Segment Profit⁽¹⁾
$
683


$
3,548


$
2,737


$
1,507


$
2,605











OIBDA⁽²⁾
$
8,421


$
13,812


$
10,461


$
8,335


$
9,590


Three Months Ended

Mar. 31,

Dec. 31,

Sep. 30,

Jun. 30,

Mar. 31,

2019

2018

2018

2018

2018
Witt O’Brien’s









Operating Revenues
$
32,943


$
37,702


$
30,267


$
37,308


$
26,432

Costs and Expenses:









Operating
21,772


24,258


16,240


24,399


18,306

Administrative and general
6,402


6,876


7,389


5,140


5,367

Depreciation and amortization
206


660


492


491


301


28,380


31,794


24,121


30,030


23,974

Operating Income
4,563


5,908


6,146


7,278


2,458

Other Income (Expense):









Foreign currency gains (losses), net
—


(1
)

(12
)

(17
)

2

Other, net
(3
)

—


—


—


—

Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax
(67
)

113


(13
)

(32
)

135

Segment Profit⁽¹⁾
$
4,493


$
6,020


$
6,121


$
7,229


$
2,595











OIBDA⁽²⁾
$
4,769


$
6,568


$
6,638


$
7,769


$
2,759











Other









Operating Revenues
$
1,805


$
1,290


$
1,214


$
969


$
116

Costs and Expenses:









Operating
1,253


1,106


957


392


—

Administrative and general
839


551


606


498


186

Depreciation and amortization
489


237


202


62


—


2,581


1,894


1,765


952


186

Gains on Asset Dispositions
—


37


—


—


—

Operating Income (Loss)
(776
)

(567
)

(551
)

17


(70
)
Other Income (Expense):









Foreign currency gains (losses), net
—


(4
)

—


1


—

Other, net
—


(105
)

452


53,902


—

Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax
(90
)

494


6


112


1,167

Segment Profit (Loss)⁽¹⁾
$
(866
)

$
(182
)

$
(93
)

$
54,032


$
1,097











Corporate and Eliminations









Operating Revenues
$
(98
)

$
(33
)

$
(8
)

$
(10
)

$
(29
)
Costs and Expenses:









Operating
(91
)

(25
)

(18
)

(28
)

(43
)
Administrative and general
5,951


5,778


5,688


5,129


6,381

Depreciation and amortization
379


416


427


428


429


6,239


6,169


6,097


5,529


6,767

Operating Loss
$
(6,337
)

$
(6,202
)

$
(6,105
)

$
(5,539
)

$
(6,796
)
Other Income (Expense):









Foreign currency gains (losses), net
$
(7
)

$
(18
)

$
(10
)

$
(71
)

$
36

Other, net
10


96


1


(3
)

—

















































(1)





Includes amounts attributable to both SEACOR and noncontrolling interests.
(2)





*Non-GAAP Financial Measure.* See explanation of use of non-GAAP financial measures included elsewhere in this release.


SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)

Mar. 31,

Dec. 31,

Sep. 30,

Jun. 30,

Mar. 31,

2019

2018

2018

2018

2018
ASSETS









Current Assets:









Cash and cash equivalents
$
141,152


$
144,221


$
324,564


$
317,389


$
272,522

Restricted cash and restricted cash equivalents
2,992


2,991


2,990


2,989


2,982

Marketable securities
33,384


30,316


41,445


39,745


38,963

Receivables:









Trade, net of allowance for doubtful accounts
174,278


171,828


151,217


142,474


111,083

Other
32,635


38,881


45,197


41,960


41,061

Inventories
4,914


4,530


5,139


4,690


3,821

Prepaid expenses and other
5,809


5,382


6,087


5,940


4,572

Total current assets
395,164


398,149


576,639


555,187


475,004

Property and Equipment:









Historical cost
1,413,488


1,407,329


1,403,886


1,393,514


1,370,517

Accumulated depreciation
(577,136
)

(560,819
)

(545,179
)

(527,814
)

(510,418
)
Net property and equipment
836,352


846,510


858,707


865,700


860,099

Operating Lease Right-of-Use Assets
167,325


—


—


—


—

Investments, at Equity, and Advances to 50% or Less Owned Companies
155,290


156,886


149,184


150,158


170,305

Construction Reserve Funds
3,908


3,908


5,908


16,142


36,790

Goodwill
32,720


32,708


32,767


32,774


32,807

Intangible Assets, Net
23,662


24,551


25,724


26,898


28,072

Other Assets
7,385


8,312


8,938


9,065


9,396


$
1,621,806


$
1,471,024


$
1,657,867


$
1,655,924


$
1,612,473











LIABILITIES AND EQUITY









Current Liabilities:









Current portion of long-term debt
$
8,308


$
8,497


$
155,737


$
8,925


$
77,634

Current portion of long-term operating lease liabilities
35,540


—


—


—


—

Accounts payable and accrued expenses
50,097


59,607


56,533


61,732


40,844

Other current liabilities
67,456


55,659


66,179


68,102


59,651

Total current liabilities
161,401


123,763


278,449


138,759


178,129

Long-Term Debt
315,303


346,128


372,657


530,909


495,863

Long-Term Operating Lease Liabilities
131,862


—


—


—


—

Deferred Income Taxes
97,758


94,420


99,565


97,767


102,084

Deferred Gains and Other Liabilities
20,688


52,871


60,502


70,653


74,923

Total liabilities
727,012


617,182


811,173


838,088


850,999

Equity:









SEACOR Holdings Inc. stockholders’ equity:









Preferred stock
—


—


—


—


—

Common stock
392


390


389


389


389

Additional paid-in capital
1,598,804


1,596,642


1,593,430


1,592,375


1,576,657

Retained earnings
498,065


474,809


479,495


462,428


417,302

Shares held in treasury, at cost
(1,366,267
)

(1,366,773
)

(1,366,773
)

(1,367,433
)

(1,367,433
)
Accumulated other comprehensive income (loss), net of tax
(903
)

(914
)

(444
)

(385
)

96


730,091


704,154


706,097


687,374


627,011

Noncontrolling interests in subsidiaries
164,703


149,688


140,597


130,462


134,463

Total equity
894,794


853,842


846,694


817,836


761,474


$
1,621,806


$
1,471,024


$
1,657,867


$
1,655,924


$
1,612,473

Use of non-GAAP Financial Measures

The information furnished in this release includes non-GAAP financial measures that differ from measures calculated in accordance with U.S. GAAP, including OIBDA and Cash Earnings.

The Company defines OIBDA as operating income (loss) plus depreciation and amortization. The Company includes maintenance and repair costs, including major overhauls and regulatory dry-dockings, and gains or losses (or impairments) on asset dispositions in OIBDA. The Company defines Cash Earnings as OIBDA further adjusted to exclude the amortization of non-cash deferred gains and the dollars attributed to its minority partner in SEA-Vista and include the gain or loss associated with marking-to-market securities held for investment, the accrued net cash expense associated with interest on debt obligations, and the Company’s estimate of cash taxes. Other companies may calculate OIBDA and Cash Earnings differently than the Company, which may limit their usefulness as comparative measures. In addition, each of these measures does not necessarily represent funds available for discretionary use and are not measures of the Company’s ability to fund its cash needs. OIBDA and Cash Earnings are each financial metrics 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 and Cash Earnings of other companies when evaluating potential acquisitions. The Company views OIBDA and Cash Earnings as measures of operating performance not liquidity. In addition, the Company believes Cash Earnings is meaningful to investors because it assists in evaluating the Company’s results of operations and net cash generated by business activities across previous and subsequent accounting periods and to better understand the long-term performance of the Company.

The presentation of these non-GAAP financial measures is not intended to be considered in isolation from or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP.

The following tables reconcile these non-GAAP measures to their most closely comparable GAAP measures (amounts in thousands, except per share data).




Three Months Ended March 31,

2019

2018
U.S. GAAP Measures



Net Income attributable to stockholders
$
7,733


$
641

Diluted Earnings Per Common Share⁽¹⁾
$
0.41


$
0.04





Reconciliation of non-GAAP Financial Measures



Operating Income (U.S. GAAP)
$
18,968


$
14,688

(+) Depreciation and amortization
17,136


19,609

OIBDA⁽²⁾
36,104


34,297

(–) Amortization of deferred gains⁽³⁾
(331
)

(3,075
)
(–) OIBDA less amortization of deferred gains attributable to noncontrolling interests
(9,108
)

(8,053
)
(–) Cash interest expense, net⁽⁴⁾
(912
)

(4,021
)
(–) Income tax obligation
(2,080
)

(830
)
(+/–) Marketable security gains (losses), net
3,068


(3,798
)
Cash Earnings⁽⁵⁾
$
26,741


$
14,520

















































(1)





Includes diluted earnings per common share of $0.12 and diluted loss per common share of $0.17 for the quarter ended March 31, 2019 and 2018, respectively, related to marking-to-market the Company’s investment in 5.2 million shares of Dorian LPG Ltd.
(2)





All references to OIBDA in this release are calculated in the same manner.
(3)





For the quarter ended March 31, 2019, amortization of deferred gains is included in gains on asset dispositions. For the quarter ended March 31, 2018, amortization of deferred gains may be included in operating expenses as a reduction to rental expense and/or included in gains on asset dispositions.
(4)





Amount is net of interest income, excludes an immaterial amount and $0.2 million of capitalized interest, and is net of our partner’s portion of SEA-Vista interest expense of $0.5 million and $0.7 million, in each case for the three months ended March 31, 2019 and 2018 respectively.
(5)





See the Company’s 2018 letter to stockholders for a further discussion related to this non-GAAP financial measure.


SEACOR HOLDINGS INC.
FLEET COUNTS
(unaudited)

Mar. 31,

Dec. 31,

Sep. 30,

Jun. 30,

Mar. 31,

2019

2018

2018

2018

2018
Ocean Transportation & Logistics Services









Bulk Transportation Services:









Petroleum and chemical carriers - U.S.-flag
9


10


10


10


10

Bulk carriers - U.S.-flag
2


2


2


2


2

Port & Infrastructure Services:









Harbor tugs - U.S.-flag
24


24


24


24


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

Specialty vessel - Foreign-flag⁽¹⁾
1


—


—


—


—

Logistics Services:









PCTC⁽²⁾ - U.S.-flag
4


4


4


4


4

Short-sea container/RORO⁽³⁾ vessels - Foreign-flag
9


9


9


9


9

RORO⁽³⁾ & deck barges - U.S.-flag
7


7


7


7


7

Rail ferries - Foreign-flag
2


2


2


2


2


73


73


73


73


72











Inland Transportation & Logistics Services









Bulk Transportation Services:









Dry-cargo barges
1,374


1,372


1,372


1,378


1,378

Liquid tank barges
20


20


20


20


20

Specialty barges⁽⁴⁾
5


5


5


5


5

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

Port & Infrastructure Services:









Harbor boats:









1,100 hp - 2,000 hp
18


18


18


18


17

Less than 1,100 hp
6


6


6


6


7

Logistics Services:









Dry-cargo barges
33


35


35


30


30


1,479


1,479


1,479


1,480


1,480

















































(1)





Line handling vessel.
(2)





Pure Car/Truck Carrier.
(3)





Roll On/Roll Off.
(4)





Includes non-certificated 10,000 and 30,000 barrel inland river liquid tank barges.

Company Name:	SEACOR Holdings Inc.
Stock Symbol:	CKH
Market:	NYSE
Website:	seacorholdings.com

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