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CST: 16/12/2019 01:50:56   

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

291 Days ago

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) 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 $7.0 million in both periods.
(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.

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

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

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of the Company’s businesses that could increase the cost of operations, increased competition if the Jones Act is repealed, liability, legal fees and costs in connection with the provision of emergency response services, decreased demand for the Company’s services as a result of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

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

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

______________________

  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
  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  

______________________

  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
  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 )

______________________

  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)
  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

______________________

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

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