CKH - SEACOR Holdings Announces Results for the Year and fourth Quarter Ended December 31 2018

February, 27 2019 06:00 AM SEACOR Holdings Inc.

FORT LAUDERDALE, Fla., Feb. 27, 2019 (GLOBE NEWSWIRE) -- SEACOR Holdings Inc. (NYSE:CKH) (the “Company”) today announced:

For the year ended December 31, 2018, net income from continuing operations was $58.1 million ($3.04 per diluted share) including a net gain of $42.6 million ($2.18 per diluted share) related to the sale of the Company’s interest in Hawker Pacific Airservices. This compares with $82.8 million ($4.24 per diluted share) for the year ended December 31, 2017.
For the year ended December 31, 2018, operating income before depreciation and amortization (“OIBDA”)¹ was $160.6 million, compared with $125.5 million for the year ended December 31, 2017.
For the year ended December 31, 2018, OIBDA¹ excluding the share attributable to noncontrolling interests was $119.8 million compared with $83.7 million for the year ended December 31, 2017.
For the fourth quarter, net loss from continuing operations was $4.7 million ($0.26 per diluted share) compared with net income of $17.1 million ($0.88 per diluted share) in the preceding quarter and $73.3 million ($3.37 per diluted share) in the fourth quarter of 2017.
For the fourth quarter, OIBDA¹ was $42.8 million compared with $52.7 million in the preceding quarter and $43.4 million in the fourth quarter of 2017.
For the fourth quarter, OIBDA¹ excluding the share attributable to noncontrolling interests was $29.8 million compared with $38.6 million in the preceding quarter and $31.8 million in the fourth quarter of 2017.

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

“I am very pleased with our results for the year 2018. Even putting aside the benefit of a one off event such as the sale of Hawker Pacific, results were considerably better this year than 2017, although that is not apparent from headline GAAP numbers. Our Inland Services and Witt O’Brien’s businesses performed notably better in 2018. In the case of Inland Services, it enjoyed improved results in the current quarter compared with the preceding quarter and the fourth quarter of 2017. Witt O’Brien’s results in the current year quarter were more than 50% higher than the fourth quarter of 2017 and essentially comparable with results in the preceding quarter. Unfortunately our Ocean Transportation and Logistics Group’s results were hobbled in the current quarter by extensive out of service days and significant costs associated with two major regulatory dockings.

There are a host of factors that have impacted our results in 2017 and 2018, which are of a non-recurring nature. These factors are outliers, unlike gains on the sale of equipment, regulatory docking of assets, or movement in exchange rates, which are routine operating variables. We have included two tables; the first provides a summary of impacts for all of 2018 and 2017 and the second a summary of impacts showing sequential quarters and also the fourth quarter in 2017. In judging our operating performance I believe these items should be noted in order to have meaningful comparisons of period results. In the aggregate, for 2018, these outliers contributed losses per basic share of $0.44 compared with their positive contribution to earnings of $4.51 per basic share in 2017.”

The following table lists the impacts to net income for the periods indicated (in thousands):


Years Ended December 31,

2018

2017
Impacts to Net Income (net of tax, except tax benefit):



Acceleration of non-cash deferred gains⁽¹⁾
$
11,040


$
–

Debt extinguishment losses⁽²⁾
(9,185
)

(532
)
Marketable security losses on Dorian LPG Ltd.
(9,818
)

(794
)
Derivative gains on SMHI Spin-off
–


12,634

Benefit from changes in the U.S. income tax code
–


66,946

____________________

(1)

Acceleration of non-cash deferred gains following a change in the lease term for one U.S.-flag petroleum carrier (included in gains on asset dispositions and impairments, net and operating costs and expenses). The pre-tax and OIBDA impact of this acceleration was $14.0 million.

(2)

Primarily relates to the early redemption of the Company’s 7.375% Senior Notes.

The following table lists the impacts to net income for the periods indicated (in thousands):


For the three months ended

December 31, 2018

September 30, 2018

December 31, 2017
Impacts to Net Income (net of tax, except tax benefit)





Acceleration of non-cash deferred gains⁽¹⁾
$
5,520


$
5,520


$
–

Debt extinguishment losses⁽²⁾
(4,753
)

(126
)

(471
)
Marketable security gains (losses) on Dorian LPG Ltd.
(8,791
)

1,356


7,498

Benefit from changes in the U.S. income tax code
–


–


66,946

____________________

(1)

(2)

For the current quarter, primarily relates to the early redemption of the Company’s 7.375% Senior Notes.

Continuing Operation Discussion

Ocean Transportation & Logistics Services - Operating income was $17.8 million ($10.8 million excluding the impact of the acceleration of deferred gains) in the current year quarter compared with $30.3 million ($23.3 million excluding the impact of the acceleration of deferred gains) in the preceding quarter and $26.1 million in the fourth quarter of 2017. OIBDA¹ excluding the share attributable to noncontrolling interests in SEA-Vista was $15.6 million in the current year quarter compared with $27.6 million in the preceding quarter and $27.8 million in the fourth quarter of 2017.

Operating results in the current year quarter were impacted by $6.7 million of regulatory dry-docking costs and 147 days of out-of-service time for one U.S.-flag bulk carrier and one PCTC (Pure Car/Truck Carrier). This compares with $1.9 million and $0.4 million of regulatory dry-docking costs in the preceding quarter and fourth quarter of 2017, respectively. There was no out-of-service time in either of those periods.

Revenues for the Company’s Jones Act tanker business joint venture (SEA-Vista) have generally been stable, anchored by long term charters. During the third and fourth quarters of 2018 and the latter part of 2017, SEA-Vista only had one vessel in the spot market.

Equity in earnings of 50% or less owned companies were break even in the current quarter compared with equity earnings of $2.1 million in the preceding quarter and equity losses of $0.5 million in the fourth quarter of 2017.

Inland Transportation & Logistics Services - Operating income was $8.3 million in the current year quarter compared with $4.3 million in the preceding quarter and $5.9 million in the fourth quarter of 2017. OIBDA¹ was $13.8 million in the current year quarter compared with $10.5 million in the preceding quarter and $12.4 million in the fourth quarter of 2017.

Operating results are typically dominated by barge pool earnings. The fourth quarter and first calendar quarter of each year usually reflect a surge in demand to move grain that follows the fall grain harvest. Notwithstanding the reduced export of soybeans in 2018 - due to the trade dispute with China - pool results in the current year quarter and the fourth quarter of 2017 were similar.

Results from 50% or less owned companies were $2.6 million of losses in the current year quarter compared with $1.2 million of losses in the preceding quarter and $0.3 million of losses in the fourth quarter of 2017. The primary contributor to equity losses in each period was SCFCo,which operates barges in the Parana-Paraguay River in South America.

Foreign currency losses of $2.2 million in the current year quarter are primarily due to unfavorable movements in the exchange rates of the Colombian peso in relation to the U.S. dollar.

Witt O’Brien’s - Operating income was $5.9 million in the current year quarter compared with $6.1 million in the preceding quarter and $3.9 million in the fourth quarter of 2017. The Company continues to support the recovery efforts in the U.S. Virgin Islands.

Corporate - Corporate administrative and general expenses were $5.8 million in the current year quarter compared with $5.7 million in the preceding quarter and $12.4 million in the fourth quarter of 2017. The fourth quarter of 2017 was impacted by the acceleration of share award vesting in advance of changes in the U.S. federal income tax code.

Capital Commitments - The Company’s capital commitments as of December 31, 2018 were $30.2 million.

Liquidity and Debt - As of December 31, 2018, 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 $354.6 million including $88.0 million of SEA-Vista debt that is non-recourse to the Company. SEA-Vista is a consolidated venture and had $94.0 million of borrowing capacity under its credit facility as of December 31, 2018.

During the fourth quarter, the Company repurchased $4.6 million in principal amount of its 3.0% Convertible Senior Notes for $4.4 million and redeemed the remaining principal balance of $147.4 million of its 7.375% Senior Notes for $153.0 million including a make whole payment of $5.6 million. These transactions resulted in debt extinguishment losses of $6.0 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.

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

Twelve Months Ended

December 31,

December 31,

2018

2017

2018

2017



As Adjusted



As Adjusted
Operating Revenues
$
213,838


$
209,352


$
835,750


$
650,847

Costs and Expenses:







Operating
150,374


132,562


591,848


433,837

Administrative and general
26,718


34,157


102,907


103,106

Depreciation and amortization
17,510


20,369


74,579


75,058


194,602


187,088


769,334


612,001

Gains on Asset Dispositions and Impairments, Net
6,014


719


19,583


11,637

Operating Income
25,250


22,983


85,999


50,483

Other Income (Expense):







Interest income
2,245


1,896


8,730


8,547

Interest expense
(6,181
)

(10,429
)

(31,683
)

(41,530
)
Debt extinguishment losses, net
(6,017
)

(725
)

(11,626
)

(819
)
Marketable security gains (losses), net
(11,128
)

11,534


(12,431
)

(1,782
)
Derivative gains, net
–


–


–


19,727

Foreign currency gains (losses), net
(2,280
)

(575
)

(2,264
)

323

Other, net
13


188


54,964


256


(23,348
)

1,889


5,690


(15,278
)
Income from Continuing Operations Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies
1,902


24,872


91,689


35,205

Income Tax Expense (Benefit)
(4,519
)

(54,626
)

8,415


(67,189
)
Income from Continuing Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies
6,421


79,498


83,274


102,394

Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax
(1,987
)

23


(72
)

2,952

Net Income from Continuing Operations
4,434


79,521


83,202


105,346

Loss from Discontinued Operations, Net of Tax
–


(487
)

–


(23,637
)
Net Income
4,434


79,034


83,202


81,709

Net Income attributable to Noncontrolling Interests in Subsidiaries
9,120


6,227


25,054


20,066

Net Income (Loss) attributable to SEACOR Holdings Inc.
$
(4,686
)

$
72,807


$
58,148


$
61,643

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






Continuing operations
$
(0.26
)

$
4.15


$
3.22


$
4.77

Discontinued operations
–


(0.03
)

–


(1.22
)

$
(0.26
)

$
4.12


$
3.22


$
3.55

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






Continuing operations
$
(0.26
)

$
3.37


$
3.04


$
4.24

Discontinued operations
–


(0.02
)

–


(0.93
)

$
(0.26
)

$
3.35


$
3.04


$
3.31

Weighted Average Common Shares Outstanding:







Basic
18,165,361


17,673,547


18,080,778


17,368,081

Diluted
18,165,361


22,711,085


19,575,689


22,934,158









OIBDA⁽¹⁾
$
42,760


$
43,352


$
160,578


$
125,541

OIBDA attributable to noncontrolling interests⁽¹⁾
$
12,938


$
11,589


$
40,825


$
41,797

______________________

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

Dec. 31, 2018

Sep. 30, 2018

Jun. 30, 2018

Mar. 31, 2018

Dec. 31, 2017









As Adjusted
Operating Revenues
$
213,838


$
220,257


$
216,831


$
184,824


$
209,352

Costs and Expenses:









Operating
150,374


147,529


162,168


131,777


132,562

Administrative and general
26,718


26,083


24,311


25,795


34,157

Depreciation and amortization
17,510


18,616


18,844


19,609


20,369


194,602


192,228


205,323


177,181


187,088

Gains on Asset Dispositions
6,014


6,018


506


7,045


719

Operating Income
25,250


34,047


12,014


14,688


22,983

Other Income (Expense):









Interest income
2,245


2,450


2,179


1,856


1,896

Interest expense
(6,181
)

(8,335
)

(8,604
)

(8,563
)

(10,429
)
Debt extinguishment losses, net
(6,017
)

(160
)

(5,407
)

(42
)

(725
)
Marketable security gains (losses), net
(11,128
)

1,713


782


(3,798
)

11,534

Foreign currency gains (losses), net
(2,280
)

(328
)

(1,346
)

1,690


(575
)
Other, net
13


357


54,311


283


188


(23,348
)

(4,303
)

41,915


(8,574
)

1,889

Income from Continuing Operations Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies
1,902


29,744


53,929


6,114


24,872

Income Tax Expense (Benefit)
(4,519
)

3,362


9,853


(281
)

(54,626
)
Income from Continuing Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies
6,421


26,382


44,076


6,395


79,498

Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax
(1,987
)

821


1,931


(837
)

23

Net Income from Continuing Operations
4,434


27,203


46,007


5,558


79,521

Loss from Discontinued Operations, Net of Tax
–


–


–


–


(487
)
Net Income
4,434


27,203


46,007


5,558


79,034

Net Income attributable to Noncontrolling Interests in Subsidiaries
9,120


10,136


881


4,917


6,227

Net Income (Loss) attributable to SEACOR Holdings Inc.
$
(4,686
)

$
17,067


$
45,126


$
641


$
72,807

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









Continuing operations
$
(0.26
)

$
0.94


$
2.50


$
0.04


$
4.15

Discontinued operations
–


–


–


–


(0.03
)

$
(0.26
)

$
0.94


$
2.50


$
0.04


$
4.12

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









Continuing operations
$
(0.26
)

$
0.88


$
2.14


$
0.04


$
3.37

Discontinued operations
–


–


–


–


(0.02
)

$
(0.26
)

$
0.88


$
2.14


$
0.04


$
3.35

Weighted Average Common Shares of Outstanding:









Basic
18,165


18,108


18,077


17,970


17,674

Diluted
18,165


21,193


22,588


18,179


22,711

Common Shares Outstanding at Period End
18,330


18,243


18,224


18,165


17,940











OIBDA⁽¹⁾
$
42,760


$
52,663


$
30,858


$
34,297


$
43,352

OIBDA attributable to noncontrolling interests⁽¹⁾
$
12,938


$
14,033


$
4,880


$
8,973


$
11,589

______________________

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

Dec. 31, 2018

Sep. 30, 2018

Jun. 30, 2018

Mar. 31, 2018

Dec. 31, 2017
Ocean Transportation & Logistics Services









Operating Revenues
$
97,366


$
109,939


$
105,155


$
102,384


$
109,434

Costs and Expenses:









Operating
64,234


64,683


75,044


65,333


58,215

Administrative and general
10,132


9,170


10,328


10,549


11,820

Depreciation and amortization
10,707


11,298


11,620


12,645


13,281


85,073


85,151


96,992


88,527


83,316

Gains on Asset Dispositions
5,496


5,505


3


1,883


19

Operating Income
17,789


30,293


8,166


15,740


26,137

Other Income (Expense):









Foreign currency losses, net
(17
)

(24
)

(76
)

(51
)

(138
)
Other, net
(15
)

(96
)

398


283


209

Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax
(23
)

2,073


1,267


315


(486
)
Segment Profit⁽¹⁾
$
17,734


$
32,246


$
9,755


$
16,287


$
25,722











OIBDA⁽²⁾
$
28,496


$
41,591


$
19,786


$
28,385


$
39,418

Dry-docking expenditures for U.S.-flag petroleum and chemical carriers, dry bulk carriers and PCTC’s (included in operating costs and expenses)
$
6,430


$
399


$
5,291


$
1,988


$
(34
)
Out-of-service days for dry-dockings of U.S.-flag petroleum and chemical carriers, dry bulk carriers and PCTC’s
147


–


47


47


–

Dry-docking expenditures for all other equipment
$
269


$
1,489


$
2,139


$
178


$
466











Inland Transportation & Logistics Services








As Adjusted
Operating Revenues
$
77,513


$
78,845


$
73,409


$
55,921


$
74,412

Costs and Expenses:









Operating
60,801


65,667


62,361


48,181


57,858

Administrative and general
3,381


3,230


3,216


3,312


4,900

Depreciation and amortization
5,490


6,197


6,243


6,234


6,448


69,672


75,094


71,820


57,727


69,206

Gains on Asset Dispositions
481


513


503


5,162


700

Operating Income
8,322


4,264


2,092


3,356


5,906

Other Income (Expense):









Foreign currency gains (losses), net
(2,240
)

(282
)

(1,183
)

1,703


(458
)
Other, net
37


–


14


–


–

Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax
(2,571
)

(1,245
)

584


(2,454
)

(314
)
Segment Profit⁽¹⁾
$
3,548


$
2,737


$
1,507


$
2,605


$
5,134











OIBDA⁽²⁾
$
13,812


$
10,461


$
8,335


$
9,590


$
12,354


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

Three Months Ended

Dec. 31, 2018

Sep. 30, 2018

Jun. 30, 2018

Mar. 31, 2018

Dec. 31, 2017
Witt O’Brien’s









Operating Revenues
$
37,702


$
30,267


$
37,308


$
26,432


$
25,406

Costs and Expenses:









Operating
24,258


16,240


24,399


18,306


16,534

Administrative and general
6,876


7,389


5,140


5,367


4,797

Depreciation and amortization
660


492


491


301


206


31,794


24,121


30,030


23,974


21,537

Operating Income
5,908


6,146


7,278


2,458


3,869

Other Income (Expense):









Foreign currency gains (losses), net
(1
)

(12
)

(17
)

2


(12
)
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax
113


(13
)

(32
)

135


(63
)
Segment Profit⁽¹⁾
$
6,020


$
6,121


$
7,229


$
2,595


$
3,794











OIBDA⁽²⁾
$
6,568


$
6,638


$
7,769


$
2,759


$
4,075











Other









Operating Revenues
$
1,290


$
1,214


$
969


$
116


$
116

Costs and Expenses:









Operating
1,106


957


392


–


–

Administrative and general
551


606


498


186


272

Depreciation and amortization
237


202


62


–


–


1,894


1,765


952


186


272

Gains on Asset Dispositions
37


–


–


–


–

Operating Income (Loss)
(567
)

(551
)

17


(70
)

(156
)
Other Income (Expense):









Foreign currency gains (losses), net
(4
)

–


1


–


18

Other, net
(105
)

452


53,902


–


(1
)
Equity in Earnings of 50% or Less Owned Companies, Net of Tax
494


6


112


1,167


886

Segment Profit (Loss)⁽¹⁾
$
(182
)

$
(93
)

$
54,032


$
1,097


$
747











Corporate and Eliminations









Operating Revenues
$
(33
)

$
(8
)

$
(10
)

$
(29
)

$
(16
)
Costs and Expenses:









Operating
(25
)

(18
)

(28
)

(43
)

(45
)
Administrative and general
5,778


5,688


5,129


6,381


12,368

Depreciation and amortization
416


427


428


429


434


6,169


6,097


5,529


6,767


12,757

Operating Loss
$
(6,202
)

$
(6,105
)

$
(5,539
)

$
(6,796
)

$
(12,773
)
Other Income (Expense):









Foreign currency gains (losses), net
$
(18
)

$
(10
)

$
(71
)

$
36


$
15

Other, net
96


1


(3
)

–


(20
)

______________________

Includes amounts attributable to both SEACOR and noncontrolling interests.
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)

Dec. 31, 2018

Sep. 30, 2018

Jun. 30, 2018

Mar. 31, 2018

Dec. 31, 2017
ASSETS









Current Assets:









Cash and cash equivalents
$
144,221


$
324,564


$
317,389


$
272,522


$
239,246

Restricted cash and restricted cash equivalents
2,991


2,990


2,989


2,982


2,982

Marketable securities
30,316


41,445


39,745


38,963


42,761

Receivables:









Trade, net of allowance for doubtful accounts
171,828


151,217


142,474


111,083


110,465

Other
38,881


45,197


41,960


41,061


33,870

Inventories
4,530


5,139


4,690


3,821


4,377

Prepaid expenses and other
5,382


6,087


5,940


4,572


6,594

Total current assets
398,149


576,639


555,187


475,004


440,295

Property and Equipment:









Historical cost
1,407,329


1,403,886


1,393,514


1,370,517


1,380,469

Accumulated depreciation
(560,819
)

(545,179
)

(527,814
)

(510,418
)

(502,544
)
Net property and equipment
846,510


858,707


865,700


860,099


877,925

Investments, at Equity, and Advances to 50% or Less Owned Companies
156,886


149,184


150,158


170,305


173,441

Construction Reserve Funds
3,908


5,908


16,142


36,790


51,339

Goodwill
32,708


32,767


32,774


32,807


32,761

Intangible Assets, Net
24,551


25,724


26,898


28,072


28,106

Other Assets
8,312


8,938


9,065


9,396


9,469


$
1,471,024


$
1,657,867


$
1,655,924


$
1,612,473


$
1,613,336











LIABILITIES AND EQUITY









Current Liabilities:









Current portion of long-term debt
$
8,497


$
155,737


$
8,925


$
77,634


$
77,842

Accounts payable and accrued expenses
59,607


56,533


61,732


40,844


44,013

Other current liabilities
55,659


66,179


68,102


59,651


57,330

Total current liabilities
123,763


278,449


138,759


178,129


179,185

Long-Term Debt
346,128


372,657


530,909


495,863


501,505

Deferred Income Taxes
94,420


99,565


97,767


102,084


101,422

Deferred Gains and Other Liabilities
52,871


60,502


70,653


74,923


77,863

Total liabilities
617,182


811,173


838,088


850,999


859,975

Equity:









SEACOR Holdings Inc. stockholders’ equity:









Preferred stock
–


–


–


–


–

Common stock
390


389


389


389


387

Additional paid-in capital
1,596,642


1,593,430


1,592,375


1,576,657


1,573,013

Retained earnings
474,809


479,495


462,428


417,302


419,128

Shares held in treasury, at cost
(1,366,773
)

(1,366,773
)

(1,367,433
)

(1,367,433
)

(1,368,300
)
Accumulated other comprehensive income (loss), net of tax
(914
)

(444
)

(385
)

96


(545
)

704,154


706,097


687,374


627,011


623,683

Noncontrolling interests in subsidiaries
149,688


140,597


130,462


134,463


129,678

Total equity
853,842


846,694


817,836


761,474


753,361


$
1,471,024


$
1,657,867


$
1,655,924


$
1,612,473


$
1,613,336


SEACOR HOLDINGS INC. FLEET COUNTS (unaudited)

Dec. 31, 2018

Sep. 30, 2018

Jun. 30, 2018

Mar. 31, 2018

Dec. 31, 2017
Ocean Transportation & Logistics Services









Bulk Transportation Services:









Petroleum and chemical carriers - U.S.-flag
10

10

10

10

11
Bulk carriers - U.S.-flag
2

2

2

2

2
Port & Infrastructure Services:









Harbor tugs - U.S.-flag
24

24

24

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
Logistics Services:









PCTC⁽¹⁾ - U.S.-flag
4

4

4

4

4
Short-sea container/RORO⁽²⁾ vessels - Foreign-flag
9

9

9

9

7
RORO⁽²⁾ & deck barges - U.S.-flag
7

7

7

7

7
Rail ferries - Foreign-flag
2

2

2

2

2

73

73

73

72

71










Inland Transportation & Logistics Services









Bulk Transportation Services:









Dry-cargo barges
1,372

1,372

1,378

1,378

1,413
Liquid tank barges
20

20

20

20

20
Specialty barges⁽³⁾
5

5

5

5

7
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

17

15
Less than 1,100 hp
6

6

6

7

9
Logistics Services:









Dry-cargo barges
35

35

30

30

26

1,479

1,479

1,480

1,480

1,513

______________________

Pure Car/Truck Carrier.
Roll On/Roll Off.
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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