02:43:24 EDT Fri 29 Mar 2024
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SEACOR Holdings Announces Third Quarter Results

2018-10-23 17:40 ET - News Release

FORT LAUDERDALE, Fla., Oct. 23, 2018 (GLOBE NEWSWIRE) -- SEACOR Holdings Inc. (NYSE:CKH) (the “Company”) today announced:

  • For the third quarter, net income was $17.1 million ($0.88 per diluted share) including net mark-to-market gains of $1.4 million ($0.06 per diluted share) related to the Company’s investment in 5.2 million shares of Dorian LPG Ltd. (“Dorian”).

  • For the preceding 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 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.

  • Operating income before depreciation and amortization (“OIBDA”)1, was $52.7 million including $6.0 million of gains on asset dispositions.  This compares with $30.9 million, including $0.5 million of gains on asset dispositions, in the preceding quarter.

  • For the nine months ended September 30, 2018, net income was $62.8 million ($3.21 per diluted share) compared with $9.6 million ($0.55 per diluted share) in the nine months ended September 30, 2017.  For the nine months ended September 30, 2018, OIBDA1 was $117.8 million compared with $82.2 million in the nine months ended September 30, 2017.

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

“Operating income improved this quarter due to better results in our inland and ocean transport and logistics businesses.  Our SEA-Vista tanker fleet benefited from not having any dry-docking expenses during the quarter and more available revenue days and our chemical ATB was able to find employment in what was a weak spot market for product movement. As of September 30, 2018, SEA-Vista's revenue backlog was approximately $357 million. Inland rates improved in part due to harvest activity and export demand and also due to continued demand for coal exports and frac sand moving to the Permian from mid and upper Mississippi River origin.  Barge rates are variable and the self-imposed Chinese embargo of American origin soybeans creates uncertainty for next year.

Our Witt O’Brien’s subsidiary had a strong quarter and continued success in expanding its business.  It continues to lead the U.S. Virgin Islands' recovery from last year's storms and has also supported similar recovery efforts across communities in Texas, Florida and now Puerto Rico.  Following hurricanes Florence and Michael, Witt O’Brien’s has been activated in North Carolina, South Carolina and Florida.  Furthermore, its private sector activity continues to grow.

We have also announced our intention to redeem all of our 7.375% notes on October 31, 2018.  The cost to redeem the Notes, based on the “make whole” terms, was roughly equal to what we could earn on the cash required to be held to pay the Notes off in October 2019, when they become due.”

Continuing Operation Discussion

Ocean Transportation & Logistics Services - Operating income was $30.3 million compared with $8.2 million in the preceding quarter.  OIBDA1 was $27.6 million compared with $14.9 million in the preceding quarter, excluding $14.0 million and $4.9 million, respectively, attributable to noncontrolling interests in SEA-Vista.  Operating income and OIBDA1 in the third quarter included the recognition of $5.5 million of previously deferred gains due to a change in the lease duration for one U.S.-flag petroleum and chemical carrier.

Operating results benefited from lower regulatory dry-docking costs and higher revenues due to one U.S.-flag petroleum and chemical carrier returning to service following its dry-docking.

Equity earnings of $2.1 million, net of tax, were primarily from Trailer Bridge, the Company’s joint venture operating in the Puerto Rico liner trade.

Inland Transportation & Logistics Services - Operating income was $4.3 million compared with $2.1 million in the preceding quarter.  OIBDA1 was $10.5 million compared with $8.3 million in the preceding quarter.

Operating results benefited from improved revenues in the dry-cargo barge pools primarily due to the commencement of the fall harvest.  Improved barge pool results were partially offset by lower results in the Company’s terminal and fleeting operations as a consequence of seasonal slowdowns.  Operating results for the Company’s Colombian barge and towboat operation were $0.7 million lower due to seasonal low water conditions.

Equity earnings of 50% or less owned companies were $1.8 million lower.  Operating results for SCF Bunge Marine, the Company’s joint venture that operates towboats on the U.S. Inland waterways, decreased primarily due to out-of-service time for the engine overhaul of one towboat.  Operating results for Bunge-SCF Grain, the Company’s joint venture that operates grain elevators in Illinois, decreased primarily due to reduced throughput of soybeans due to weak prices and tariff concerns.  Operating results for SCFCo, the Company’s joint venture operating on the Parana-Paraguay River in South America, were negatively impacted by low water conditions which extended cycle times of its voyages.

Foreign currency losses of $0.3 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 $6.1 million compared with $7.3 million in the preceding quarter.  Certain of the Company’s recovery projects in Texas and Florida following the hurricanes of 2017 wrapped up or began to wind down in the third quarter.  However, the Company continues to experience strong revenue growth in both its public and private sector services and continues to support the recovery efforts in the U.S. Virgin Islands.

Corporate and Eliminations - Administrative and general expenses of $5.7 million were $0.6 million higher than the preceding quarter primarily due to higher professional fees.

Capital Commitments - The Company’s capital commitments as of September 30, 2018 were $5.3 million.  Subsequent to September 30, 2018, the company committed to purchase additional property and equipment for $14.7 million.

Liquidity and Debt - As of September 30, 2018, the Company’s balances of cash, cash equivalents, restricted cash, restricted cash equivalents, marketable securities and construction reserve funds totaled $374.9 million.  Total outstanding debt was $528.4 million including $112.1 million of SEA-Vista debt that is non-recourse to the Company.  SEA-Vista is a consolidated venture and had $72.0 million of borrowing capacity under its credit facility as of September 30, 2018.

During the third quarter, the Company repurchased $4.0 million in principal amount of its 7.375% Senior Notes for $4.1 million.  These transactions resulted in debt extinguishment losses of $0.2 million.  On October 1, 2018, the Company announced it would redeem its 7.375% Senior Notes on October 31, 2018 at a redemption price equal to 100% of the principal amount of the notes outstanding plus a make-whole premium as set forth in the applicable Notice of Redemption, plus accrued and unpaid interest, if any, to the redemption date.

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 Nine Months Ended
 September 30, September 30,
 2018 2017 2018 2017
   As Adjusted   As Adjusted
Operating Revenues$220,257  $176,605  $621,912  $441,495 
Costs and Expenses:       
Operating147,529  125,692  441,474  301,275 
Administrative and general26,083  20,531  76,189  68,949 
Depreciation and amortization18,616  20,501  57,069  54,689 
 192,228  166,724  574,732  424,913 
Gains on Asset Dispositions and Impairments, Net6,018  5,209  13,569  10,918 
Operating Income34,047  15,090  60,749  27,500 
Other Income (Expense):       
Interest income2,450  2,367  6,485  6,651 
Interest expense(8,335) (9,121) (25,502) (31,101)
Debt extinguishment gains (losses), net(160) 3  (5,609) (94)
Marketable security gains (losses), net1,713  (12,478) (1,303) (13,316)
Derivative gains, net      19,727 
Foreign currency gains (losses), net(328) 969  16  898 
Other, net357  64  54,951  68 
 (4,303) (18,196) 29,038  (17,167)
Income (Loss) from Continuing Operations Before Income Tax Expense (Benefit) and Equity in Earnings of 50% or Less Owned Companies29,744  (3,106) 89,787  10,333 
Income Tax Expense (Benefit)3,362  (12,795) 12,934  (12,563)
Income from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies26,382  9,689  76,853  22,896 
Equity in Earnings of 50% or Less Owned Companies, Net of Tax821  488  1,915  2,929 
Net Income from Continuing Operations27,203  10,177  78,768  25,825 
Income (Loss) from Discontinued Operations, Net of Tax  10,927    (23,150)
Net Income27,203  21,104  78,768  2,675 
Net Income attributable to Noncontrolling Interests in Subsidiaries10,136  3,543  15,934  13,839 
Net Income (Loss) attributable to SEACOR Holdings Inc.$17,067  $17,561  $62,834  $(11,164)
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:      
Continuing operations$0.94  $0.38  $3.48  $0.55 
Discontinued operations  0.62    (1.20)
 $0.94  $1.00  $3.48  $(0.65)
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:      
Continuing operations$0.88  $0.38  $3.21  $0.55 
Discontinued operations  0.62    (1.19)
 $0.88  $1.00  $3.21  $(0.64)
Weighted Average Common Shares Outstanding:       
Basic18,108,388  17,508,770  18,052,274  17,265,140 
Diluted21,192,554  17,637,824  22,508,622  17,510,560 
        
OIBDA(1)$52,663  $35,591  $117,818  $82,189 
                

______________________

  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
(in thousands, except per share data, unaudited)
 Three Months Ended
 Sep. 30, 2018 Jun. 30, 2018 Mar. 31, 2018 Dec. 31, 2017 Sep. 30, 2017
       As Adjusted As Adjusted
Operating Revenues$220,257  $216,831  $184,824  $209,352  $176,605 
Costs and Expenses:         
Operating147,529  162,168  131,777  132,562  125,692 
Administrative and general26,083  24,311  25,795  34,157  20,531 
Depreciation and amortization18,616  18,844  19,609  20,369  20,501 
 192,228  205,323  177,181  187,088  166,724 
Gains on Asset Dispositions, Net6,018  506  7,045  719  5,209 
Operating Income34,047  12,014  14,688  22,983  15,090 
Other Income (Expense):         
Interest income2,450  2,179  1,856  1,896  2,367 
Interest expense(8,335) (8,604) (8,563) (10,429) (9,121)
Debt extinguishment gains (losses), net(160) (5,407) (42) (725) 3 
Marketable security gains (losses), net1,713  782  (3,798) 11,534  (12,478)
Foreign currency gains (losses), net(328) (1,346) 1,690  (575) 969 
Other, net357  54,311  283  188  64 
 (4,303) 41,915  (8,574) 1,889  (18,196)
Income (Loss) from Continuing Operations Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies29,744  53,929  6,114  24,872  (3,106)
Income Tax Expense (Benefit)3,362  9,853  (281) (54,626) (12,795)
Income from Continuing Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies26,382  44,076  6,395  79,498  9,689 
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax821  1,931  (837) 23  488 
Net Income from Continuing Operations27,203  46,007  5,558  79,521  10,177 
Income (Loss) from Discontinued Operations, Net of Tax      (487) 10,927 
Net Income27,203  46,007  5,558  79,034  21,104 
Net Income attributable to Noncontrolling Interests in Subsidiaries10,136  881  4,917  6,227  3,543 
Net Income attributable to SEACOR Holdings Inc.$17,067  $45,126  $641  $72,807  $17,561 
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:         
Continuing operations$0.94  $2.50  $0.04  $4.15  $0.38 
Discontinued operations      (0.03) 0.62 
 $0.94  $2.50  $0.04  $4.12  $1.00 
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:         
Continuing operations$0.88  $2.14  $0.04  $3.37  $0.38 
Discontinued operations      (0.02) 0.62 
 $0.88  $2.14  $0.04  $3.35  $1.00 
Weighted Average Common Shares of Outstanding:         
Basic18,108  18,077  17,970  17,674  17,509 
Diluted21,193  22,588  18,179  22,711  17,638 
Common Shares Outstanding at Period End18,243  18,224  18,165  17,940  17,859 
          
OIBDA(1)$52,663  $30,858  $34,297  $43,352  $35,591 
                    

______________________

  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
 Sep. 30, 2018 Jun. 30, 2018 Mar. 31, 2018 Dec. 31, 2017 Sep. 30, 2017
Ocean Transportation & Logistics Services         
Operating Revenues$109,939  $105,155  $102,384  $109,434  $103,780 
Costs and Expenses:         
Operating64,683  75,044  65,333  58,215  65,866 
Administrative and general9,170  10,328  10,549  11,820  9,612 
Depreciation and amortization11,298  11,620  12,645  13,281  13,516 
 85,151  96,992  88,527  83,316  88,994 
Gains on Asset Dispositions, Net5,505  3  1,883  19  73 
Operating Income30,293  8,166  15,740  26,137  14,859 
Other Income (Expense):         
Foreign currency gains (losses), net(24) (76) (51) (138) 5 
Other, net(96) 398  283  209  59 
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax2,073  1,267  315  (486) 1,493 
Segment Profit(1)$32,246  $9,755  $16,287  $25,722  $16,416 
          
OIBDA(2)$41,591  $19,786  $28,385  $39,418  $28,375 
Dry-docking expenditures for U.S.-flag petroleum and chemical carriers and dry bulk carriers (included in operating costs and expenses)$399  $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 carriers  47  47    40 
          
Inland Transportation & Logistics Services      As Adjusted As Adjusted
Operating Revenues$78,845  $73,409  $55,921  $74,412  $63,042 
Costs and Expenses:         
Operating65,667  62,361  48,181  57,858  53,822 
Administrative and general3,230  3,216  3,312  4,900  3,141 
Depreciation and amortization6,197  6,243  6,234  6,448  6,329 
 75,094  71,820  57,727  69,206  63,292 
Gains on Asset Dispositions, Net513  503  5,162  700  5,136 
Operating Income4,264  2,092  3,356  5,906  4,886 
Other Income (Expense):         
Foreign currency gains (losses), net(282) (1,183) 1,703  (458) 992 
Other, net  14       
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax(1,245) 584  (2,454) (314) (1,235)
Segment Profit(1)$2,737  $1,507  $2,605  $5,134  $4,643 
          
OIBDA(2)$10,461  $8,335  $9,590  $12,354  $11,215 
                    


SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
 Three Months Ended
 Sep. 30, 2018 Jun. 30, 2018 Mar. 31, 2018 Dec. 31, 2017 Sep. 30, 2017
Witt O’Brien’s         
Operating Revenues$30,267  $37,308  $26,432  $25,406  $9,681 
Costs and Expenses:         
Operating16,240  24,399  18,306  16,534  6,068 
Administrative and general7,389  5,140  5,367  4,797  2,960 
Depreciation and amortization492  491  301  206  206 
 24,121  30,030  23,974  21,537  9,234 
Operating Income6,146  7,278  2,458  3,869  447 
Other Income (Expense):         
Foreign currency gains (losses), net(12) (17) 2  (12) 29 
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax(13) (32) 135  (63) 100 
Segment Profit(1)$6,121  $7,229  $2,595  $3,794  $576 
          
OIBDA(2)$6,638  $7,769  $2,759  $4,075  $653 
          
Other         
Operating Revenues$1,214  $969  $116  $116  $116 
Costs and Expenses:         
Operating957  392       
Administrative and general606  498  186  272  180 
Depreciation and amortization202  62       
 1,765  952  186  272  180 
Operating Income (Loss)(551) 17  (70) (156) (64)
Other Income (Expense):         
Foreign currency gains (losses), net  1    18  (12)
Other, net452  53,902    (1)  
Equity in Earnings of 50% or Less Owned Companies, Net of Tax6  112  1,167  886  130 
Segment Profit (Loss)(1)$(93) $54,032  $1,097  $747  $54 
          
Corporate and Eliminations         
Operating Revenues$(8) $(10) $(29) $(16) $(14)
Costs and Expenses:         
Operating(18) (28) (43) (45) (64)
Administrative and general5,688  5,129  6,381  12,368  4,638 
Depreciation and amortization427  428  429  434  450 
 6,097  5,529  6,767  12,757  5,024 
Operating Loss$(6,105) $(5,539) $(6,796) $(12,773) $(5,038)
Other Income (Expense):         
Foreign currency gains (losses), net$(10) $(71) $36  $15  $(45)
Other, net1  (3)   (20) 5 
               

______________________

  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)
 Sep. 30, 2018 Jun. 30, 2018 Mar. 31, 2018 Dec. 31, 2017 Sep. 30, 2017
ASSETS         
Current Assets:         
Cash and cash equivalents$324,564  $317,389  $272,522  $239,246  $267,156 
Restricted cash and restricted cash equivalents2,990  2,989  2,982  2,982  2,436 
Marketable securities41,445  39,745  38,963  42,761  62,606 
Receivables:         
Trade, net of allowance for doubtful accounts151,217  142,474  111,083  110,465  83,287 
Other45,197  41,960  41,061  33,870  38,176 
Inventories5,139  4,690  3,821  4,377  3,952 
Prepaid expenses and other6,087  5,940  4,572  6,594  6,741 
Total current assets576,639  555,187  475,004  440,295  464,354 
Property and Equipment:         
Historical cost1,403,886  1,393,514  1,370,517  1,380,469  1,506,203 
Accumulated depreciation(545,179) (527,814) (510,418) (502,544) (487,049)
Net property and equipment858,707  865,700  860,099  877,925  1,019,154 
Investments, at Equity, and Advances to 50% or Less Owned Companies149,184  150,158  170,305  173,441  175,387 
Construction Reserve Funds5,908  16,142  36,790  51,339  51,846 
Goodwill32,767  32,774  32,807  32,761  32,773 
Intangible Assets, Net25,724  26,898  28,072  28,106  30,655 
Other Assets8,938  9,065  9,396  9,469  8,796 
 $1,657,867  $1,655,924  $1,612,473  $1,613,336  $1,782,965 
          
LIABILITIES AND EQUITY         
Current Liabilities:         
Current portion of long-term debt$155,737  $8,925  $77,634  $77,842  $119,840 
Accounts payable and accrued expenses56,533  61,732  40,844  44,013  31,518 
Other current liabilities66,179  68,102  59,651  57,330  70,762 
Total current liabilities278,449  138,759  178,129  179,185  222,120 
Long-Term Debt372,657  530,909  495,863  501,505  619,712 
Deferred Income Taxes99,565  97,767  102,084  101,422  165,093 
Deferred Gains and Other Liabilities60,502  70,653  74,923  77,863  81,238 
Total liabilities811,173  838,088  850,999  859,975  1,088,163 
Equity:         
SEACOR Holdings Inc. stockholders’ equity:         
Preferred stock         
Common stock389  389  389  387  385 
Additional paid-in capital1,593,430  1,592,375  1,576,657  1,573,013  1,557,086 
Retained earnings479,495  462,428  417,302  419,128  377,700 
Shares held in treasury, at cost(1,366,773) (1,367,433) (1,367,433) (1,368,300) (1,363,558)
Accumulated other comprehensive income (loss), net of tax(444) (385) 96  (545) (266)
 706,097  687,374  627,011  623,683  571,347 
Noncontrolling interests in subsidiaries140,597  130,462  134,463  129,678  123,455 
Total equity846,694  817,836  761,474  753,361  694,802 
 $1,657,867  $1,655,924  $1,612,473  $1,613,336  $1,782,965 
                    


SEACOR HOLDINGS INC.
FLEET COUNTS
(unaudited)
 Sep. 30, 2018 Jun. 30, 2018 Mar. 31, 2018 Dec. 31, 2017 Sep. 30, 2017
Ocean Transportation & Logistics Services         
Petroleum Transportation:         
Petroleum and chemical carriers - U.S.-flag10  10  10  11  11 
Harbor Towing and Bunkering:         
Harbor tugs - U.S.-flag24  24  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  4 
Short-sea container/RORO(2) vessels - Foreign-flag9  9  9  7  7 
RORO(2) & deck barges - U.S.-flag7  7  7  7  7 
Rail ferry - Foreign-flag2  2  2  2  2 
Dry Bulk Transportation:         
Dry bulk carrier - U.S.-flag2  2  2  2  2 
 73  73  72  71  71 
          
Inland Transportation & Logistics Services         
Dry-cargo barges1,407  1,408  1,408  1,439  1,443 
Liquid tank barges20  20  20  20  20 
Specialty barges(3)5  5  5  7  10 
Towboats:         
4,000 hp - 6,600 hp18  18  18  18  18 
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 
 1,479  1,480  1,480  1,513  1,520 
               

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  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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