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CST: 19/10/2019 23:44:57   

SEACOR Holdings Announces Results For The Second Quarter Ended June 30, 2019

87 Days ago

FORT LAUDERDALE, Fla., July 24, 2019 (GLOBE NEWSWIRE) -- SEACOR Holdings Inc. (NYSE:CKH) (the “Company”) today announced its results for the quarter ended June 30, 2019:

  • Net income attributable to stockholders was $14.6 million ($0.76 per diluted share) compared with $45.1 million ($2.14 per diluted share) for the quarter ended June 30, 2018, which benefited from 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.
  • Operating income, excluding gains on asset dispositions, was $10.4 million, a $1.1 million decrease compared with the quarter ended June 30, 2018.
  • “Cash Earnings” were $32.9 million compared with $2.3 million for the quarter ended June 30, 2018.

The Company uses the non-GAAP financial measures "Cash Earnings" and OIBDA in this release; a reconciliation to their closest U.S. GAAP measure is included in "Use of non-GAAP Financial Measures" in this release.

Charles Fabrikant, Executive Chairman, commented:

"The flooding on the U.S. Inland Waterways in the second quarter was historic in both duration and breadth of the river system that was affected.  The lower Mississippi River at Baton Rouge, LA has been above flood stage since January and likely won't fall below flood stage until late August exceeding a record that dates to the 1920's.  The immediate impact from the high water was a 26% reduction of exports through the center Gulf in the second quarter compared with a year ago.  The effects will continue as corn production is expected to decline due to the delay in planting the current year crop.  We have already seen a spike in corn and bean prices, which negatively impacts the export market further.  The flooding also significantly impacted the upper Mississippi, Illinois and Arkansas rivers, as well as the St. Louis harbor, which was closed for 45 days.  Our terminal and fleeting locations in St. Louis lost business and incurred additional costs to prepare and secure our facilities and assets to prevent damage or loss.  At present, certain portions of our operations are beginning to return to "normal," however, I suspect we will be feeling the effects of the flooding for some time to come."

Operating Discussion

Ocean Transportation & Logistics Services - Operating income and OIBDA attributable to SEACOR (excluding our partner’s noncontrolling interests in SEA-Vista) were $16.1 million and $23.2 million in the current year quarter compared with $6.5 million and $14.9 million in the prior year quarter, respectively.

Operating income in the current year quarter benefited from an increase in harbor towing activities, container and project cargo activity between the U.S., the Bahamas and the Caribbean and lower dry-docking costs.

Inland Transportation & Logistics Services - Operating income (loss) and OIBDA were $(1.5) million and $4.2 million in the current year quarter compared with $2.1 million and $8.3 million in the prior year quarter, respectively.  Operating income (loss) and OIBDA included gains on asset dispositions of $0.3 million and $0.5 million in the current year quarter and prior year quarter, respectively.

Operating results in the current year quarter were impacted by prolonged flooding throughout the U.S. Inland Waterways resulting in a severe disruption to bulk transportation activities.  Dry-cargo barge pool revenues declined year over year but were offset by lower operating expenses, primarily towing costs.  Flooding closed the St. Louis harbor for 45 days during the current year quarter and restricted activity at the Company's terminal and fleeting locations; the volumes handled by the Company's terminals in the St. Louis area were approximately 60% lower in the current year quarter compared with the prior year quarter.

Witt O’Brien’s - Operating income and OIBDA were $1.0 million and $1.2 million in the current year quarter compared with $4.6 million and $4.8 million in the preceding quarter, and $7.3 million and $7.8 million in the prior year quarter, respectively.  Operating income in the current year quarter was impacted by lower revenues following the successful completion of certain major task orders related to long-term recovery programs in Texas and the U.S. Virgin Islands, and the conclusion of disaster response work for multiple city and county governments.  Results were also impacted by a bad debt charge.  The quarter also included increased administrative and general expenses necessary to support the significant growth following the 2017 hurricanes and development of a broader range of post-disaster services.

Capital Commitments - The Company’s capital commitments as of June 30, 2019 were $28.9 million, including the Company's 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 $13.3 million in principal amount of its 3.0% Convertible Senior Notes for $13.1 million resulting in debt extinguishment losses of $0.5 million.

As of June 30, 2019, the Company’s balances of cash, cash equivalents, restricted cash, restricted cash equivalents, marketable securities and construction reserve funds totaled $183.3 million.  Total outstanding debt was $312.7 million, including $77.9 million of SEA-Vista debt that is non-recourse to the Company.  SEA-Vista is a consolidated joint venture with $100.0 million of borrowing capacity under its credit facility as of June 30, 2019.

During the preceding quarter ended March 31, 2019, the Company entered into a new $125.0 million revolving credit facility.  As of June 30, 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, real property 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   Six Months Ended
  June 30,   June 30,
  2019     2018     2019     2018  
Operating Revenues $ 197,023     $ 216,831     $ 406,547     $ 401,655  
Costs and Expenses:              
Operating 142,871     162,168     289,982     293,945  
Administrative and general 26,714     24,311     53,460     50,106  
Depreciation and amortization 17,009     18,844     34,145     38,453  
  186,594     205,323     377,587     382,504  
Gains on Asset Dispositions, Net 677     506     1,114     7,551  
Operating Income 11,106     12,014     30,074     26,702  
Other Income (Expense):              
Interest income 1,885     2,179     3,785     4,035  
Interest expense (4,903)     (8,604)     (10,016)     (17,167)  
Debt extinguishment losses, net (503)     (5,407)     (1,296)     (5,449)  
Marketable security gains (losses), net 13,284     782     16,352     (3,016)  
Foreign currency gains (losses), net (191)     (1,346)     214     344  
Other, net 25     54,311     (619)     54,594  
  9,597     41,915     8,420     33,341  
Income Before Income Tax Expense and Equity in Earnings (Losses) of 50% or Less Owned Companies 20,703     53,929     38,494     60,043  
Income Tax Expense 3,390     9,853     5,595     9,572  
Income Before Equity in Earnings (Losses) of 50% or Less Owned Companies 17,313     44,076     32,899     50,471  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax (312)     1,931     (2,830)     1,094  
Net Income 17,001     46,007     30,069     51,565  
Net Income Attributable to Noncontrolling Interests in Subsidiaries 2,448     881     7,783     5,798  
Net Income Attributable to SEACOR Holdings Inc. $ 14,553     $ 45,126     $ 22,286     $ 45,767  
                   
Basic Earnings Per Common Share of SEACOR Holdings Inc. $ 0.80     $ 2.50     $ 1.22     $ 2.54  
             
Diluted Earnings Per Common Share of SEACOR Holdings Inc. $ 0.76     $ 2.14     $ 1.17     $ 2.32  
               
Weighted Average Common Shares Outstanding:              
Basic 18,288,879     18,076,944     18,260,876     18,023,752  
Diluted 19,633,523     22,587,543     19,599,990     22,462,300  
               
OIBDA(1) $ 28,115     $ 30,858     $ 64,219     $ 65,155  
OIBDA Attributable to SEACOR Holdings Inc.(1) $ 21,905     $ 25,978     $ 48,901     $ 53,143  

______________________

  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
  Jun. 30,
2019
  Mar. 31,
2019
  Dec. 31,
2018
  Sep. 30,
2018
  Jun. 30,
2018
Operating Revenues $ 197,023     $ 209,524     $ 213,838     $ 220,257     $ 216,831  
Costs and Expenses:                  
Operating 142,871     147,111     150,374     147,529     162,168  
Administrative and general 26,714     26,746     26,718     26,083     24,311  
Depreciation and amortization 17,009     17,136     17,510     18,616     18,844  
  186,594     190,993     194,602     192,228     205,323  
Gains on Asset Dispositions, Net 677     437     6,014     6,018     506  
Operating Income 11,106     18,968     25,250     34,047     12,014  
Other Income (Expense):                  
Interest income 1,885     1,900     2,245     2,450     2,179  
Interest expense (4,903)     (5,113)     (6,181)     (8,335)     (8,604)  
Debt extinguishment losses, net (503)     (793)     (6,017)     (160)     (5,407)  
Marketable security gains (losses), net 13,284     3,068     (11,128)     1,713     782  
Foreign currency gains (losses), net (191)     405     (2,280)     (328)     (1,346)  
Other, net 25     (644)     13     357     54,311  
  9,597     (1,177)     (23,348)     (4,303)     41,915  
Income Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies 20,703     17,791     1,902     29,744     53,929  
Income Tax Expense (Benefit) 3,390     2,205     (4,519)     3,362     9,853  
Income Before Equity in Earnings (Losses) of 50% or Less Owned Companies 17,313     15,586     6,421     26,382     44,076  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax (312)     (2,518)     (1,987)     821     1,931  
Net Income 17,001     13,068     4,434     27,203     46,007  
Net Income attributable to Noncontrolling Interests in Subsidiaries 2,448     5,335     9,120     10,136     881  
Net Income (Loss) attributable to SEACOR Holdings Inc. $ 14,553     $ 7,733     $ (4,686)     $ 17,067     $ 45,126  
                   
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc. $ 0.80     $ 0.42     $ (0.26)     $ 0.94     $ 2.50  
                   
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc. $ 0.76     $ 0.41     $ (0.26)     $ 0.88     $ 2.14  
                   
Weighted Average Common Shares Outstanding:                  
Basic 18,289     18,233     18,165     18,108     18,077  
Diluted 19,634     19,571     18,165     21,193     22,588  
Common Shares Outstanding at Period End 18,550     18,528     18,330     18,243     18,224  
                   
OIBDA(1) $ 28,115     $ 36,104     $ 42,760     $ 52,663     $ 30,858  
OIBDA attributable to SEACOR Holdings Inc.(1) $ 21,905     $ 26,996     $ 29,822     $ 38,630     $ 25,978  

______________________

  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
  Jun. 30,
2019
  Mar. 31,
2019
  Dec. 31,
2018
  Sep. 30,
2018
  Jun. 30,
2018
Ocean Transportation & Logistics Services                  
Operating Revenues $ 109,681     $ 109,272     $ 97,366     $ 109,939     $ 105,155  
Costs and Expenses:                  
Operating 71,230     69,932     64,234     64,683     75,044  
Administrative and general 9,423     10,198     10,132     9,170     10,328  
Depreciation and amortization 10,230     10,337     10,707     11,298     11,620  
  90,883     90,467     85,073     85,151     96,992  
Gains on Asset Dispositions 349     17     5,496     5,505     3  
Operating Income 19,147     18,822     17,789     30,293     8,166  
Other Income (Expense):                  
Foreign currency gains (losses), net 1     (47 )   (17 )   (24 )   (76 )
Other, net 28     (651 )   (15 )   (96 )   398  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 700     111     (23 )   2,073     1,267  
Segment Profit(1) $ 19,876     $ 18,235     $ 17,734     $ 32,246     $ 9,755  
                   
OIBDA(2) $ 29,377     $ 29,159     $ 28,496     $ 41,591     $ 19,786  
OIBDA(2) attributable to stockholders $ 23,167     $ 20,051     $ 15,558     $ 27,558     $ 14,906  
Dry-docking expenditures for U.S.-flag petroleum and chemical
carriers, dry bulk carriers and PCTC’s (included in operating costs and expenses)
$ 1,925     $ 1,581     $ 6,430     $ 399     $ 5,291  
Out-of-service days for dry-dockings of U.S.-flag petroleum and chemical carriers, dry bulk carriers and PCTC’s 30     15     147         47  
Dry-docking expenditures for all other equipment $ 1,447     $ 1,250     $ 269     $ 1,489     $ 2,139  
                   
Inland Transportation & Logistics Services                  
Operating Revenues $ 61,455     $ 65,602     $ 77,513     $ 78,845     $ 73,409  
Costs and Expenses:                  
Operating 54,486     54,245     60,801     65,667     62,361  
Administrative and general 3,133     3,356     3,381     3,230     3,216  
Depreciation and amortization 5,699     5,725     5,490     6,197     6,243  
  63,318     63,326     69,672     75,094     71,820  
Gains on Asset Dispositions 330     420     481     513     503  
Operating Income (Loss) (1,533 )   2,696     8,322     4,264     2,092  
Other Income (Expense):                  
Foreign currency gains (losses), net (191 )   459     (2,240 )   (282 )   (1,183 )
Other, net         37         14  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax (618 )   (2,472 )   (2,571 )   (1,245 )   584  
Segment Profit (Loss)(1) $ (2,342 )   $ 683     $ 3,548     $ 2,737     $ 1,507  
                   
OIBDA(2) $ 4,166     $ 8,421     $ 13,812     $ 10,461     $ 8,335  

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

  Three Months Ended
  Jun. 30,
2019
  Mar. 31,
2019
  Dec. 31,
2018
  Sep. 30,
2018
  Jun. 30,
2018
Witt O’Brien’s                  
Operating Revenues $ 23,753     $ 32,943     $ 37,702     $ 30,267     $ 37,308  
Costs and Expenses:                      
Operating 15,691     21,772     24,258     16,240     24,399  
Administrative and general 6,831     6,402     6,876     7,389     5,140  
Depreciation and amortization 209     206     660     492     491  
  22,731     28,380     31,794     24,121     30,030  
Operating Income 1,022     4,563     5,908     6,146     7,278  
Other Income (Expense):                      
Foreign currency losses, net         (1 )   (12 )   (17 )
Other, net (2 )   (3 )            
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax (128 )   (67 )   113     (13 )   (32 )
Segment Profit $ 892     $ 4,493     $ 6,020     $ 6,121     $ 7,229  
                   
OIBDA(2) $ 1,231     $ 4,769     $ 6,568     $ 6,638     $ 7,769  
                   
Other                  
Operating Revenues $ 2,142     $ 1,805     $ 1,290     $ 1,214     $ 969  
Costs and Expenses:                  
Operating 1,472     1,253     1,106     957     392  
Administrative and general 837     839     551     606     498  
Depreciation and amortization 493     489     237     202     62  
  2,802     2,581     1,894     1,765     952  
Gains (Losses) on Asset Dispositions (2 )       37          
Operating Income (Loss) (662 )   (776 )   (567 )   (551 )   17  
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 (266 )   (90 )   494     6     112  
Segment Profit (Loss)(1) $ (928 )   $ (866 )   $ (182 )   $ (93 )   $ 54,032  
                   
Corporate and Eliminations                  
Operating Revenues $ (8 )   $ (98 )   $ (33 )   $ (8 )   $ (10 )
Costs and Expenses:                  
Operating (8 )   (91 )   (25 )   (18 )   (28 )
Administrative and general 6,490     5,951     5,778     5,688     5,129  
Depreciation and amortization 378     379     416     427     428  
  6,860     6,239     6,169     6,097     5,529  
Operating Loss $ (6,868 )   $ (6,337 )   $ (6,202 )   $ (6,105 )   $ (5,539 )
Other Income (Expense):                  
Foreign currency losses, net $ (1 )   $ (7 )   $ (18 )   $ (10 )   $ (71 )
Other, net (1 )   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)

  Jun. 30,
2019
  Mar. 31,
2019
  Dec. 31,
2018
  Sep. 30,
2018
  Jun. 30,
2018
ASSETS                  
Current Assets:                  
Cash and cash equivalents $ 138,757     $ 141,152     $ 144,221     $ 324,564     $ 317,389  
Restricted cash and restricted cash equivalents 1,221     2,992     2,991     2,990     2,989  
Marketable securities 39,368     33,384     30,316     41,445     39,745  
Receivables:                  
Trade, net of allowance for doubtful accounts 164,964     174,278     171,828     151,217     142,474  
Other 38,297     32,635     38,881     45,197     41,960  
Inventories 5,293     4,914     4,530     5,139     4,690  
Prepaid expenses and other 5,640     5,809     5,382     6,087     5,940  
Total current assets 393,540     395,164     398,149     576,639     555,187  
Property and Equipment:                  
Historical cost 1,416,084     1,413,488     1,407,329     1,403,886     1,393,514  
Accumulated depreciation (593,168)     (577,136)     (560,819)     (545,179)     (527,814)  
Net property and equipment 822,916     836,352     846,510     858,707     865,700  
Operating Lease Right-of-Use Assets 161,518     167,325              
Investments, at Equity, and Advances to 50% or Less Owned Companies 155,645     155,290     156,886     149,184     150,158  
Construction Reserve Funds 3,908     3,908     3,908     5,908     16,142  
Goodwill 32,714     32,720     32,708     32,767     32,774  
Intangible Assets, Net 22,773     23,662     24,551     25,724     26,898  
Other Assets 10,376     7,385     8,312     8,938     9,065  
  $ 1,603,390     $ 1,621,806     $ 1,471,024     $ 1,657,867     $ 1,655,924  
                   
LIABILITIES AND EQUITY                  
Current Liabilities:                  
Current portion of long-term debt $ 78,301     $ 8,308     $ 8,497     $ 155,737     $ 8,925  
Current portion of long-term operating lease liabilities 36,171     35,540              
Accounts payable and accrued expenses 35,132     50,097     59,607     56,533     61,732  
Other current liabilities 64,796     67,456     55,659     66,179     68,102  
Total current liabilities 214,400     161,401     123,763     278,449     138,759  
Long-Term Debt 234,445     315,303     346,128     372,657     530,909  
Long-Term Operating Lease Liabilities 125,182     131,862              
Deferred Income Taxes 99,938     97,758     94,420     99,565     97,767  
Deferred Gains and Other Liabilities 20,768     20,688     52,871     60,502     70,653  
Total liabilities 694,733     727,012     617,182     811,173     838,088  
Equity:                  
SEACOR Holdings Inc. stockholders’ equity:                  
Preferred stock                  
Common stock 392     392     390     389     389  
Additional paid-in capital 1,600,838     1,598,804     1,596,642     1,593,430     1,592,375  
Retained earnings 512,618     498,065     474,809     479,495     462,428  
Shares held in treasury, at cost (1,366,432)     (1,366,267)     (1,366,773)     (1,366,773)     (1,367,433)  
Accumulated other comprehensive loss, net of tax (995)     (903)     (914)     (444)     (385)  
  746,421     730,091     704,154     706,097     687,374  
Noncontrolling interests in subsidiaries 162,236     164,703     149,688     140,597     130,462  
Total equity 908,657     894,794     853,842     846,694     817,836  
  $ 1,603,390     $ 1,621,806     $ 1,471,024     $ 1,657,867     $ 1,655,924  
                                       

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 amounts attributable to its minority partner in SEA-Vista as well as the gain or loss associated with marking-to-market securities held for investment, 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.  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 Company views OIBDA and Cash Earnings as measures of operating performance not liquidity.

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 U.S. GAAP measures (amounts in thousands, except per share data).

  Three Months Ended June 30,   Six Months Ended June 30,
  2019     2018     2019     2018  
U.S. GAAP Measures              
Net Income Attributable to Stockholders $ 14,553     $ 45,126     $ 22,286     $ 45,767  
Diluted Earnings Per Common Share(1) $ 0.76     $ 2.14     $ 1.17     $ 2.32  
                   
Reconciliation of non-GAAP Financial Measures                  
Operating Income (U.S. GAAP) $ 11,106     $ 12,014     $ 30,074     $ 26,702  
(+) Depreciation and amortization 17,009     18,844     34,145     38,453  
OIBDA(2) 28,115     30,858     64,219     65,155  
(–) Amortization of deferred gains(3) (330 )   (4,663 )   (661 )   (7,738 )
(–) OIBDA less amortization of deferred gains attributable to noncontrolling interests (6,210 )   (3,959 )   (15,318 )   (12,012 )
(–) Cash interest expense, net(4) (864 )   (3,708 )   (1,776 )   (7,729 )
(–) Income tax obligation (1,112 )   (16,965 )   (3,192 )   (17,795 )
(+/–) Marketable security gains (losses), net 13,284     782     16,352     (3,016 )
Cash Earnings $ 32,883     $ 2,345     $ 59,624     $ 16,865  
                               

______________________

  1. Includes diluted earnings per common share of $0.53 and $0.03 for the quarter ended June 30, 2019 and 2018, respectively, related to marking-to-market the Company’s marketable security portfolio.  Includes diluted earnings per common share of $0.66 and diluted loss per common share of $0.11 for the six months ended June 30, 2019 and 2018, respectively, related to marking-to-market the Company’s marketable security portfolio.
  2. All references to OIBDA in this release are calculated in the same manner.
  3. For the three and six months ended June 30, 2019, amortization of deferred gains is included in gains on asset dispositions.  For the three and six months ended June 30, 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 capitalized interest, and is net of our partner’s portion of SEA-Vista interest expense of $0.5 million and $0.7 million for the three months ended June 30, 2019 and 2018, respectively, and $1.1 million and $1.4 million for the six months ended June 30, 2019 and 2018, respectively.


SEACOR HOLDINGS INC.
FLEET COUNTS
(unaudited)

  Jun. 30, 2019   Mar. 31, 2019   Dec. 31, 2018   Sep. 30, 2018   Jun. 30, 2018
Ocean Transportation & Logistics Services                  
Bulk Transportation Services:                  
Petroleum and chemical carriers - U.S.-flag 9   9   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   24
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) 2   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
  74   73   73   73   73
                   
Inland Transportation & Logistics Services                  
Bulk Transportation Services:                  
Dry-cargo barges 1,374   1,374   1,372   1,372   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   18
Less than 1,100 hp 6   6   6   6   6
Logistics Services:                  
Dry-cargo barges 33   33   35   35   30
  1,479   1,479   1,479   1,479   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.

 

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