July 25, 2018 - 4:30 PM EDT
Print Email Article Font Down Font Up Charts

SEACOR Holdings Announces Second Quarter Results

FORT LAUDERDALE, Fla., July 25, 2018 (GLOBE NEWSWIRE) -- SEACOR Holdings Inc. (NYSE:CKH) (the “Company”) today announced:

  • For the second quarter, net income was $45.1 million ($2.14 per diluted share) including a net gain of $42.6 million ($1.89 per diluted share) related to the sale of the Company’s interest in Hawker Pacific Airservices, net mark-to-market gains of $0.6 million ($0.03 per diluted share) related to the Company’s investment in 5.2 million shares of Dorian LPG Ltd. (“Dorian”) and net debt extinguishment losses of $4.3 million ($0.19 per diluted share) primarily related to the exchange of the Company’s 3.0% Convertible Senior Notes for new 3.25% Convertible Senior Notes.

  • For the preceding quarter, net income was $0.6 million ($0.04 per diluted share) after incurring net mark-to-market losses of $3.0 million ($0.17 per diluted share) related to the Company’s investment in Dorian and taking a $0.9 million ($0.05 per diluted share) reserve against a claim receivable.

  • For the second quarter, operating income before depreciation and amortization (“OIBDA”)1, was $30.9 million including $0.5 million of gains on asset dispositions.  OIBDA1 does not include the gain on the sale of Hawker Pacific Airservices as the gain is included in other, net.  In the preceding quarter, OIBDA1 was $34.3 million, including $7.0 million of gains on asset dispositions.

  • For the six months ended June 30, 2018, net income from continuing operations attributable to SEACOR Holdings Inc. was $45.8 million ($2.32 per diluted share) compared with $2.9 million ($0.17 per diluted share) in the six months ended June 30, 2017.  For the six months ended June 30, 2018, OIBDA1 was $65.2 million compared with $46.6 million in the six months ended June 30, 2017.

Charles Fabrikant, Executive Chairman, commented:

“I am pleased that our commercial team executed new charters for two of SEA-Vista’s U.S.-flag petroleum and chemical carriers increasing its revenue backlog by $96 million to approximately $368 million.  SEA-Vista’s backlog now runs through 2026.  I would also like to call attention to Witt-O’Brien’s results.  For the first half of this year it has contributed just shy of $10 million to operating profit.  This is a significant turn-around for a business that contributed slightly less than $3 million in operating profit for all of 2017 and one that lost money in 2016.”

Continuing Operation Discussion

Ocean Transportation & Logistics Services - Operating income was $8.2 million compared with $15.7 million in the preceding quarter.  OIBDA1 was $19.8 million compared with $28.4 million in the preceding quarter.  OIBDA1 in the second quarter included $10.0 million attributable to noncontrolling interests in SEA-Vista compared with $18.3 million in the preceding quarter.  Operating income and OIBDA1 in the preceding quarter benefited from $1.9 million of gains on asset dispositions.

In the second quarter, SEA-Vista experienced 47 days of planned out-of-service time for one U.S.-flag petroleum and chemical carrier and incurred $5.2 million of regulatory dry-docking costs.  The Company also docked one foreign-flag short-sea container vessel and six U.S.-flag harbor tugs.

Equity earnings of $3.0 million, net of tax, from Trailer Bridge, the Company’s joint venture operating in the Puerto Rico liner trader, were partially offset by $2.1 million of equity losses, net of tax, from the Company’s rail ferry joint ventures (RF Vessel Holdings and Golfo de Mexico) due to out-of-service time and associated dry-docking costs and repair expenses for the rail ferries.

Inland Transportation & Logistics Services - Operating income was $2.1 million compared with $3.4 million in the preceding quarter.  OIBDA1 was $8.3 million compared with $9.6 million in the preceding quarter.  Operating income and OIBDA1 in the preceding quarter benefited from $5.2 million of gains on asset dispositions, whereas the second quarter included only $0.5 million of gains.

Excluding gains on asset dispositions, operating income was $3.4 million higher than the preceding quarter as a result of improved margins for transporting grain and increased activity at the Company’s St. Louis terminals.  Higher export demand for grains and difficult operating conditions pushed up freight rates to boost margins.  The Company’s barge operations in Colombia also improved contributing $1.5 million of operating income.  Better operating conditions on the Magdelana river made it possible to load more volume of paying cargo.

Equity earnings of 50% or less owned companies were $3.0 million higher.  Operating results for SCF Bunge Marine, the Company’s joint venture that operates towboats on the U.S. Inland waterways, improved primarily due to favorable operating conditions resulting in the ability to increase tow sizes.  Operating results for Bunge-SCF Grain, the Company’s joint venture that operates grain elevators in Illinois, improved primarily due to an increase in grain throughput activity as a consequence of higher export demand.  Operating results for SCFCo, the Company’s joint venture operating on the Parana-Paraguay River in South America, improved as a consequence of a full quarter of operations for certain of SCFCo’s contracts that began during the preceding quarter and higher activity levels.

Foreign currency losses of $1.2 million were primarily due to the weakening of the Colombian peso in relation to the U.S. dollar underlying certain of the Company’s intercompany lease obligations.

Witt O’Brien’s - Operating income was $7.3 million compared with $2.5 million in the preceding quarter.  Operating results were $4.8 million higher primarily due to increased activity related to ongoing recovery projects in the United States Virgin Islands and Texas following the hurricanes of 2017.

Other - During the second quarter, the Company acquired a controlling interest in CLEANCOR Energy Solutions LLC, a full service solution provider delivering clean fuel to end users.  In addition, the Company recognized a pre-tax gain of $53.9 million on the sale of Hawker Pacific Airservices.

Corporate and Eliminations - Administrative and general expenses of $5.1 million were $1.3 million lower than the preceding quarter primarily due to lower professional fees.

Capital Commitments - The Company’s capital commitments as of June 30, 2018 were $6.2 million.

Liquidity and Debt - As of June 30, 2018, the Company’s balances of cash, cash equivalents, restricted cash, marketable securities and construction reserve funds totaled $376.3 million.  Total outstanding debt was $539.8 million including $121.2 million of SEA-Vista debt that is non-recourse to the Company.  SEA-Vista is a consolidated venture and had $65.0 million of borrowing capacity under its credit facility as of June 30, 2018.

During the second quarter, the Company exchanged $117.8 million aggregate principal amount of the Company’s outstanding 3.0% Convertible Senior Notes due 2028 for a like principal amount of new 3.25% Convertible Senior Notes due 2030.  In addition, during the second quarter, the Company repurchased $0.3 million in principal amount of its 3.0% Convertible Senior Notes for $0.3 million and repurchased $1.7 million in principal amount of its 7.375% Senior Notes for $1.8 million.  These transactions resulted in debt extinguishment losses of $5.4 million.

Adoption of Revenue Recognition Accounting Standard - On January 1, 2018, the Company adopted Financial Accounting Standard Board Topic 606, Revenue from Contracts with Customers (“Topic 606”).  As a consequence of adopting Topic 606, the Company now recognizes all of the operating revenues and expenses associated with the barge pools it manages along with additional operating expenses reflective of barge pool earnings attributable to third party barge owners and not the Company in its capacity as manager.  Previously, the Company recognized operating revenues and expenses only for its proportionate share of the barge pools in which it participated.  All prior period results have been adjusted to reflect the retrospective adoption of Topic 606.  The adoption of Topic 606 had no impact on previously reported operating income, segment profit, net income or earnings per share.

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

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

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

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

 
 
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except share data, unaudited)
 Three Months Ended Six Months Ended
 June 30, June 30,
 2018 2017 2018 2017
   As Adjusted   As Adjusted
Operating Revenues$216,831  $128,571  $401,655  $264,890 
Costs and Expenses:       
Operating162,168  82,466  293,945  175,583 
Administrative and general24,311  25,540  50,106  48,418 
Depreciation and amortization18,844  17,469  38,453  34,188 
 205,323  125,475  382,504  258,189 
Gains on Asset Dispositions and Impairments, Net506  5,897  7,551  5,709 
Operating Income12,014  8,993  26,702  12,410 
Other Income (Expense):       
Interest income2,179  2,150  4,035  4,284 
Interest expense(8,604) (11,676) (17,167) (21,980)
Debt extinguishment losses, net(5,407) (97) (5,449) (97)
Marketable security gains (losses), net782  (21,674) (3,016) (838)
Derivative gains, net  16,897    19,727 
Foreign currency gains (losses), net(1,346) (1,470) 344  (71)
Other, net54,311  424  54,594  4 
 41,915  (15,446) 33,341  1,029 
Income (Loss) from Continuing Operations Before Income Tax Expense (Benefit) and Equity in Earnings of 50% or Less Owned Companies53,929  (6,453) 60,043  13,439 
Income Tax Expense (Benefit)9,853  (3,664) 9,572  232 
Income (Loss) from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies44,076  (2,789) 50,471  13,207 
Equity in Earnings of 50% or Less Owned Companies, Net of Tax1,931  2,333  1,094  2,441 
Net Income (Loss) from Continuing Operations46,007  (456) 51,565  15,648 
Loss from Discontinued Operations, Net of Tax  (28,629)   (34,077)
Net Income (Loss)46,007  (29,085) 51,565  (18,429)
Net Income attributable to Noncontrolling Interests in Subsidiaries881  3,723  5,798  10,296 
Net Income (Loss) attributable to SEACOR Holdings Inc.$45,126  $(32,808) $45,767  $(28,725)
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:      
Continuing operations$2.50  $(0.39) $2.54  $0.17 
Discontinued operations  (1.52)   (1.85)
 $2.50  $(1.91) $2.54  $(1.68)
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:      
Continuing operations$2.14  $(0.39) $2.32  $0.17 
Discontinued operations  (1.52)   (1.82)
 $2.14  $(1.91) $2.32  $(1.65)
Weighted Average Common Shares Outstanding:       
Basic18,076,944  17,207,831  18,023,752  17,141,306 
Diluted22,587,543  17,207,831  22,462,300  17,440,361 
        
OIBDA(1)$30,858  $26,462  $65,155  $46,598 

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

 
 
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except per share data, unaudited)
 Three Months Ended
 Jun. 30,
2018
 Mar. 31,
2018
 Dec. 31,
2017
 Sep. 30,
2017
 Jun. 30,
2017
     As Adjusted As Adjusted As Adjusted
Operating Revenues$216,831  $184,824  $209,352  $176,605  $128,571 
Costs and Expenses:         
Operating162,168  131,777  132,562  125,692  82,466 
Administrative and general24,311  25,795  34,157  20,531  25,540 
Depreciation and amortization18,844  19,609  20,369  20,501  17,469 
 205,323  177,181  187,088  166,724  125,475 
Gains on Asset Dispositions, Net506  7,045  719  5,209  5,897 
Operating Income12,014  14,688  22,983  15,090  8,993 
Other Income (Expense):         
Interest income2,179  1,856  1,896  2,367  2,150 
Interest expense(8,604) (8,563) (10,429) (9,121) (11,676)
Debt extinguishment gains (losses), net(5,407) (42) (725) 3  (97)
Marketable security gains (losses), net782  (3,798) 11,534  (12,478) (21,674)
Derivative gains, net        16,897 
Foreign currency gains (losses), net(1,346) 1,690  (575) 969  (1,470)
Other, net54,311  283  188  64  424 
 41,915  (8,574) 1,889  (18,196) (15,446)
Income (Loss) from Continuing Operations Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies53,929  6,114  24,872  (3,106) (6,453)
Income Tax Expense (Benefit)9,853  (281) (54,626) (12,795) (3,664)
Income (Loss) from Continuing Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies44,076  6,395  79,498  9,689  (2,789)
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax1,931  (837) 23  488  2,333 
Net Income (Loss) from Continuing Operations46,007  5,558  79,521  10,177  (456)
Income (Loss) from Discontinued Operations, Net of Tax    (487) 10,927  (28,629)
Net Income (Loss)46,007  5,558  79,034  21,104  (29,085)
Net Income attributable to Noncontrolling Interests in Subsidiaries881  4,917  6,227  3,543  3,723 
Net Income (Loss) attributable to SEACOR Holdings Inc.$45,126  $641  $72,807  $17,561  $(32,808)
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:         
Continuing operations$2.50  $0.04  $4.15  $0.38  $(0.39)
Discontinued operations    (0.03) 0.62  (1.52)
 $2.50  $0.04  $4.12  $1.00  $(1.91)
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:         
Continuing operations$2.14  $0.04  $3.37  $0.38  $(0.39)
Discontinued operations    (0.02) 0.62  (1.52)
 $2.14  $0.04  $3.35  $1.00  $(1.91)
Weighted Average Common Shares of Outstanding:         
Basic18,077  17,970  17,674  17,509  17,208 
Diluted22,588  18,179  22,711  17,638  17,208 
Common Shares Outstanding at Period End18,224  18,165  17,940  17,859  17,587 
          
OIBDA(1)$30,858  $34,297  $43,352  $35,591  $26,462 

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

 
 
SEACOR HOLDINGS INC.
SEGMENT INFORMATION
(in thousands, unaudited)
 Three Months Ended
 Jun. 30,
2018
 Mar. 31,
2018
 Dec. 31,
2017
 Sep. 30,
2017
 Jun. 30,
2017
Ocean Transportation & Logistics Services         
Operating Revenues$105,155  $102,384  $109,434  $103,780  $72,023 
Costs and Expenses:         
Operating75,044  65,333  58,215  65,866  33,850 
Administrative and general10,328  10,549  11,820  9,612  8,028 
Depreciation and amortization11,620  12,645  13,281  13,516  10,115 
 96,992  88,527  83,316  88,994  51,993 
Gains on Asset Dispositions, Net3  1,883  19  73  6 
Operating Income8,166  15,740  26,137  14,859  20,036 
Other Income (Expense):         
Foreign currency gains (losses), net(76) (51) (138) 5  8 
Other, net398  283  209  59  421 
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax1,267  315  (486) 1,493  5,621 
Segment Profit(1)$9,755  $16,287  $25,722  $16,416  $26,086 
          
OIBDA(2)$19,786  $28,385  $39,418  $28,375  $30,151 
Dry-docking expenditures for U.S.-flag petroleum and chemical
carriers and dry bulk carriers (included in operating costs and expenses)
$5,291  $1,988  $(34) $3,548  $ 
Out-of-service days for dry-dockings of U.S.-flag petroleum and chemical carriers and dry bulk carriers47  47    40   
          
Inland Transportation & Logistics Services    As Adjusted As Adjusted As Adjusted
Operating Revenues$73,409  $55,921  $74,412  $63,042  $50,424 
Costs and Expenses:         
Operating62,361  48,181  57,858  53,822  44,682 
Administrative and general3,216  3,312  4,900  3,141  4,725 
Depreciation and amortization6,243  6,234  6,448  6,329  6,483 
 71,820  57,727  69,206  63,292  55,890 
Gains on Asset Dispositions, Net503  5,162  700  5,136  5,891 
Operating Income2,092  3,356  5,906  4,886  425 
Other Income (Expense):         
Foreign currency gains (losses), net(1,183) 1,703  (458) 992  (1,630)
Other, net14         
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax584  (2,454) (314) (1,235) (1,264)
Segment Profit (Loss)(1)$1,507  $2,605  $5,134  $4,643  $(2,469)
          
OIBDA(2)$8,335  $9,590  $12,354  $11,215  $6,908 
                    
                    


SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
 Three Months Ended
 Jun. 30,
2018
 Mar. 31,
2018
 Dec. 31,
2017
 Sep. 30,
2017
 Jun. 30,
2017
Witt O’Brien’s         
Operating Revenues$37,308  $26,432  $25,406  $9,681  $6,061 
Costs and Expenses:         
Operating24,399  18,306  16,534  6,068  4,043 
Administrative and general5,140  5,367  4,797  2,960  2,462 
Depreciation and amortization491  301  206  206  205 
 30,030  23,974  21,537  9,234  6,710 
Operating Income (Loss)7,278  2,458  3,869  447  (649)
Other Income (Expense):         
Foreign currency gains (losses), net(17) 2  (12) 29  23 
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax(32) 135  (63) 100  (20)
Segment Profit (Loss)(1)$7,229  $2,595  $3,794  $576  $(646)
          
OIBDA(2)$7,769  $2,759  $4,075  $653  $(444)
          
Other         
Operating Revenues$969  $116  $116  $116  $116 
Costs and Expenses:         
Operating392         
Administrative and general498  186  272  180  225 
Depreciation and amortization62         
 952  186  272  180  225 
Operating Income (Loss)17  (70) (156) (64) (109)
Other Income (Expense):         
Foreign currency gains (losses), net1    18  (12)  
Other, net53,902    (1)    
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax112  1,167  886  130  (2,004)
Segment Profit (Loss)(1)$54,032  $1,097  $747  $54  $(2,113)
                    
                    


SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
 Three Months Ended
 Jun. 30,
2018
 Mar. 31,
2018
 Dec. 31,
2017
 Sep. 30,
2017
 Jun. 30,
2017
Corporate and Eliminations         
Operating Revenues$(10) $(29) $(16) $(14) $(53)
Costs and Expenses:         
Operating(28) (43) (45) (64) (109)
Administrative and general5,129  6,381  12,368  4,638  10,100 
Depreciation and amortization428  429  434  450  666 
 5,529  6,767  12,757  5,024  10,657 
Operating Loss$(5,539) $(6,796) $(12,773) $(5,038) $(10,710)
Other Income (Expense):         
Derivative gains, net$  $  $  $  $16,897 
Foreign currency gains (losses), net(71) 36  15  (45) 129 
Other, net(3)   (20) 5  3 

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

 
 
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
 Jun. 30,
2018
 Mar. 31,
2018
 Dec. 31,
2017
 Sep. 30,
2017
 Jun. 30,
2017
ASSETS         
Current Assets:         
Cash and cash equivalents$317,389  $272,522  $239,246  $267,156  $223,154 
Restricted cash2,989  2,982  2,982  2,436  2,260 
Marketable securities39,745  38,963  42,761  62,606  75,071 
Receivables:         
Trade, net of allowance for doubtful accounts142,474  111,083  110,465  83,287  59,772 
Other41,960  41,061  33,870  38,176  35,704 
Inventories4,690  3,821  4,377  3,952  2,444 
Prepaid expenses and other5,940  4,572  6,594  6,741  4,814 
Discontinued operations        23,105 
Total current assets555,187  475,004  440,295  464,354  426,324 
Property and Equipment:         
Historical cost1,388,468  1,354,989  1,351,741  1,483,434  1,340,400 
Accumulated depreciation(527,814) (510,418) (502,544) (487,049) (467,925)
 860,654  844,571  849,197  996,385  872,475 
Construction in progress5,046  15,528  28,728  22,769  133,537 
Net property and equipment865,700  860,099  877,925  1,019,154  1,006,012 
Investments, at Equity, and Advances to 50% or Less Owned Companies150,158  170,305  173,441  175,387  174,106 
Construction Reserve Funds16,142  36,790  51,339  51,846  65,429 
Goodwill32,774  32,807  32,761  32,773  32,749 
Intangible Assets, Net26,898  28,072  28,106  30,655  18,931 
Other Assets9,065  9,396  9,469  8,796  17,739 
Discontinued Operations        32,595 
 $1,655,924  $1,612,473  $1,613,336  $1,782,965  $1,773,885 
          
LIABILITIES AND EQUITY         
Current Liabilities:         
Current portion of long-term debt$8,925  $77,634  $77,842  $119,840  $125,655 
Accounts payable and accrued expenses61,732  40,844  44,013  31,518  32,437 
Other current liabilities68,102  59,651  57,330  70,762  49,602 
Discontinued operations        6,324 
Total current liabilities138,759  178,129  179,185  222,120  214,018 
Long-Term Debt530,909  495,863  501,505  619,712  615,532 
Deferred Income Taxes97,767  102,084  101,422  165,093  161,185 
Deferred Gains and Other Liabilities70,653  74,923  77,863  81,238  97,245 
Discontinued Operations        7,681 
Total liabilities838,088  850,999  859,975  1,088,163  1,095,661 
Equity:         
SEACOR Holdings Inc. stockholders’ equity:         
Preferred stock         
Common stock389  389  387  385  382 
Additional paid-in capital1,592,375  1,576,657  1,573,013  1,557,086  1,547,936 
Retained earnings462,428  417,302  419,128  377,700  360,139 
Shares held in treasury, at cost(1,367,433) (1,367,433) (1,368,300) (1,363,558) (1,364,273)
Accumulated other comprehensive income (loss), net of tax(385) 96  (545) (266) (545)
 687,374  627,011  623,683  571,347  543,639 
Noncontrolling interests in subsidiaries130,462  134,463  129,678  123,455  134,585 
Total equity817,836  761,474  753,361  694,802  678,224 
 $1,655,924  $1,612,473  $1,613,336  $1,782,965  $1,773,885 
                    
                    


SEACOR HOLDINGS INC.
FLEET COUNTS
(unaudited)
 Jun. 30,
2018
 Mar. 31,
2018
 Dec. 31,
2017
 Sep. 30,
2017
 Jun. 30,
2017
Ocean Transportation & Logistics Services         
Petroleum Transportation:         
Petroleum and chemical carriers - U.S.-flag10  10  11  11  10 
Harbor Towing and Bunkering:         
Harbor tugs - U.S.-flag24  23  23  23  23 
Harbor tugs - Foreign-flag8  8  8  8  8 
Offshore tug - U.S.-flag1  1  1  1  1 
Ocean liquid tank barges - U.S.-flag5  5  5  5  5 
Ocean liquid tank barges - Foreign-flag1  1  1  1  1 
PCTC, Liner and Short-sea Transportation:         
PCTC(1) - U.S.-flag4  4  4  4   
Short-sea container/RORO(2) vessels - Foreign-flag9  9  7  7  7 
RORO(2) & deck barges - U.S.-flag7  7  7  7  7 
Rail ferry - Foreign-flag2  2  2  2   
Dry Bulk Transportation:         
Dry bulk carrier - U.S.-flag2  2  2  2   
 73  72  71  71  62 
          
Inland Transportation & Logistics Services         
Dry-cargo barges1,408  1,408  1,439  1,443  1,443 
Liquid tank barges20  20  20  20  19 
Specialty barges(3)5  5  7  10  10 
Towboats:         
4,000 hp - 6,600 hp18  18  18  18  17 
3,300 hp - 3,900 hp3  3  3  3  3 
Less than 3,200 hp2  2  2  2  2 
Harbor boats:         
1,100 hp - 2,000 hp15  15  15  15  15 
Less than 1,100 hp9  9  9  9  9 
 1,480  1,480  1,513  1,520  1,518 

______________________
(1) Pure Car/Truck Carrier.
(2) Roll On/Roll Off.
(3) Includes non-certificated 10,000 and 30,000 barrel inland river liquid tank barges.

Primary Logo


Source: GlobeNewswire (July 25, 2018 - 4:30 PM EDT)

News by QuoteMedia
www.quotemedia.com

Legal Notice