SEACOR HOLDINGS ANNOUNCES RESULTS OF OPERATIONS FOR ITS FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2017

FORT LAUDERDALE, Fla., Feb. 27, 2018 (GLOBE NEWSWIRE) -- SEACOR Holdings Inc. (NYSE:CKH) (the "Company") today announced its results for the fourth quarter and year ended December 31, 2017.

FINANCIAL HIGHLIGHTS

For the year ended December 31, 2017, net income from continuing operations attributable to SEACOR Holdings Inc. was $82.8 million ($4.24 per diluted share) including a one-time income tax benefit of $66.9 million resulting from changes in the U.S. federal income tax code.

For the year ended December 31, 2017, operating income before depreciation and amortization ("OIBDA") was $125.5 million including $16.6 million of share award expense associated with the spin-off of SEACOR Marine Holdings Inc. on June 1, 2017 and the accelerated vesting of incentive share awards in advance of changes in the U.S. federal income tax code.  (See disclosure related to Non-GAAP measures in the statements of income (loss) and segment information tables herein).

For the year ended December 31, 2016, the net loss from continuing operations attributable to SEACOR Holdings Inc. was $94.1 million ($5.56 per diluted share) and OIBDA was $52.9 million including a $29.5 million impairment related to intangible assets and goodwill associated with the restructuring of the Company's emergency and crisis services business.

For the quarter ending December 31, 2017, net income from continuing operations attributable to SEACOR Holdings Inc. was $73.3 million ($3.37 per diluted share) including a one-time income tax benefit of $66.9 million resulting from changes in the U.S. federal income tax code.

For the quarter ending December 31, 2017, OIBDA from continuing operations was $43.4 million including $8.36 million of share award expense associated with the accelerated vesting of incentive share awards in advance of changes in the U.S. federal income tax code.  (See disclosure related to Non-GAAP measures in the statements of income (loss) and segment information tables herein).

A comparison of operating results for the quarter ended December 31, 2017 with that of the preceding quarter is included in the "Continuing Operation Discussion" below.

Continuing Operation Discussion

Ocean Transportation & Logistics Services - Operating income was $26.1 million compared with $14.9 million in the preceding quarter.  OIBDA was $39.4 million compared with $28.4 million in the preceding quarter.  Operating income and OIBDA in the fourth quarter included $7.8 million and $11.6 million, respectively, attributable to noncontrolling interests compared with $5.0 million and $8.8 million, respectively, in the preceding quarter.  In addition, operating income and OIBDA included $1.2 million of share award expense associated with the accelerated vesting of incentive share awards in advance of changes in the U.S. federal income tax code.

Operating results were $11.3 million higher primarily due to the impact of a full quarter of operations for one newly built U.S.-flag petroleum and chemical carrier placed into service during August 2017, improved demand for liner and short-sea transportation as a consequence of the impact of hurricanes in the Turks & Caicos, the U.S. Virgin Islands and Puerto Rico and lower dry-docking costs compared with the preceding quarter.

The International Shipholding Corporation acquisition, excluding the rail-ferries and rail car facility that are operated in a joint venture, contributed operating income and OIBDA of $4.8 million and $7.5 million, respectively, during the fourth quarter compared with $1.8 million and $4.5 million, respectively, in the preceding quarter.

Equity losses of 50% or less owned companies primarily relate to the Company's Golfo de Mexico joint venture that operates the two foreign-flag rail ferries.

Subsequent to December 31, 2017, the Company entered into an agreement to scrap the Seabulk Trader, which was built in 1981.  The limitations on marketing over-age tankers did not justify the expense of a regulatory dry-docking, even though the vessel is in excellent condition for its age.

Inland Transportation & Logistics Services - Operating income was $5.9 million compared with $4.9 million in the preceding quarter.  OIBDA was $12.4 million compared with $11.2 million in the preceding quarter.  In addition, operating income and OIBDA included $1.2 million of share award expense associated with the accelerated vesting of incentive share awards in advance of changes in the U.S. federal income tax code.  Operating income and OIBDA for the fourth quarter and preceding quarter included gains on asset dispositions of $0.7 million and $5.1 million, respectively.

Excluding gains on asset dispositions, operating results were $5.5 million higher primarily due to improved performance from the dry-cargo barge pools.  The improved pool results were due mainly to increased activity associated with the fall harvest and demurrage revenues generated by barge delays at origin and destination as a result of customers' grain quality issues.  Terminal and fleeting operating results were lower primarily due to a seasonal reduction in activity levels, low water, and icy conditions that negatively impacted terminal and fleeting operations.

Equity losses of 50% or less owned companies were lower as a consequence of improved operating results from operations of grain elevators in Illinois.  The improvement was primarily due to increased throughput volume.

Foreign currency losses of $0.5 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 $3.9 million compared with $0.4 million in the preceding quarter.  Operating results were $3.4 million higher primarily due to response and recovery projects in Texas, Florida, and the U.S. Virgin Islands following the impact of hurricanes Harvey, Irma and Maria.

Corporate and Eliminations - Administrative and general expenses were $7.7 million higher primarily due to compensation costs associated with the acceleration of vesting certain incentive share awards in advance of changes in the U.S. federal income tax code.

Debt Extinguishment Losses - During the fourth quarter, SEA-Vista entered into a sale-leaseback transaction for one of its newly built U.S.-flag petroleum and chemical carriers.  The proceeds were used to repay a portion of its debt resulting in debt extinguishment losses of $0.7 million.

Capital Commitments - The Company's capital commitments as of December 31, 2017 were $8.5 million and primarily relate to the construction of two U.S.-flag harbor tugs scheduled to be delivered during the first quarter of 2018.

Liquidity and Debt - As of December 31, 2017, the Company's balances of cash, cash equivalents, restricted cash, marketable securities and construction reserve funds totaled $336.3 million.  In addition, the Company had $5.0 million of borrowing capacity under a subsidiary credit facility.  Total outstanding debt was $579.3 million, which includes $135.7 million of debt owed by SEA-Vista and which is non-recourse to the Company and its subsidiaries other than SEA-Vista.  SEA-Vista is a consolidated venture and had $55.0 million of borrowing capacity under its credit facility as of December 31, 2017.

The holders of the Company's 2.5% Convertible Senior Notes had the ability to require the Company to repurchase their notes on December 19, 2017.  On December 12, 2017, the Company provided the holders an additional put right for the notes on May 31, 2018 and waived the Company's right to redeem the notes until May 31, 2018.  On December 19, 2017, the Company repurchased $31.0 million of the 2.5% Convertible Senior Notes that were validly surrendered under the offer to repurchase.  As of December 31, 2017, the remaining principal amount outstanding of the Company's 2.5% Convertible Senior Notes of $64.5 million is included in current liabilities as the holders may require the Company to repurchase these notes on May 31, 2018.

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 Inland Transportation & Logistics Services and Ocean 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 Inland Transportation & Logistics Services and Ocean 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 ability to recognize the anticipated benefits of the Spin-off, the ability to remediate any material weaknesses the Company has identified in its internal controls over financial reporting, 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 Molly Hottinger 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,
  2017   2016   2017   2016
Operating Revenues $ 185,515     $ 126,196     $ 577,891     $ 440,465  
Costs and Expenses:              
  Operating 108,725     81,619     360,881     275,255  
  Administrative and general 34,157     21,394     103,106     86,362  
  Depreciation and amortization 20,369     16,560     75,058     62,565  
  163,251     119,573     539,045     424,182  
Gains (Losses) on Asset Dispositions and Impairments, Net 719     (28,573 )   11,637     (25,983 )
Operating Income (Loss) 22,983     (21,950 )   50,483     (9,700 )
Other Income (Expense):              
Interest income 1,896     2,541     8,547     15,641  
Interest expense (10,429 )   (9,912 )   (41,530 )   (39,804 )
Debt extinguishment gains (losses), net (725 )   (211 )   (819 )   5,184  
Marketable security gains (losses), net 11,534     20,300     (1,782 )   (32,154 )
Derivative gains (losses), net     (10,604 )   19,727     (14,131 )
Foreign currency gains (losses), net (575 )   (1,368 )   323     1,444  
Other, net 188     (5,606 )   256     (18,716 )
  1,889     (4,860 )   (15,278 )   (82,536 )
Income (Loss) from Continuing Operations Before Income Tax Benefit and Equity in Earnings (Losses) of 50% or Less Owned Companies 24,872     (26,810 )   35,205     (92,236 )
Income Tax Benefit (54,626 )   (6,804 )   (67,189 )   (36,725 )
Income (Loss) from Continuing Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies 79,498     (20,006 )   102,394     (55,511 )
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 23     (13,871 )   2,952     (21,040 )
Net Income (Loss) from Continuing Operations 79,521     (33,877 )   105,346     (76,551 )
Loss from Discontinued Operations, Net of Tax (487 )   (56,412 )   (23,637 )   (119,221 )
Net Income (Loss) 79,034     (90,289 )   81,709     (195,772 )
Net Income attributable to Noncontrolling Interests in Subsidiaries 6,227     3,460     20,066     20,125  
Net Income (Loss) attributable to SEACOR Holdings Inc. $ 72,807     $ (93,749 )   $ 61,643     $ (215,897 )
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:            
     Continuing operations $ 4.15     $ (2.11 )   $ 4.77     $ (5.56 )
     Discontinued operations (0.03 )   (3.41 )   (1.22 )   (7.20 )
  $ 4.12     $ (5.52 )   $ 3.55     $ (12.76 )
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:            
     Continuing operations $ 3.37     $ (2.11 )   $ 4.24     $ (5.56 )
     Discontinued operations (0.02 )   (3.41 )   (0.93 )   (7.20 )
  $ 3.35     $ (5.52 )   $ 3.31     $ (12.76 )
Weighted Average Common Shares Outstanding:              
Basic 17,673,547     16,969,062     17,368,081     16,914,928  
Diluted 22,711,085     16,969,062     22,934,158     16,914,928  
               
OIBDA (1) $ 43,352     $ (5,390 )   $ 125,541     $ 52,865  
                               

______________________

(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, 2017   Sep. 30, 2017   Jun. 30, 2017   Mar. 31, 2017   Dec. 31, 2016
Operating Revenues $ 185,515     $ 158,171     $ 115,791     $ 118,414     $ 126,196  
Costs and Expenses:                  
  Operating 108,725     107,258     69,686     75,212     81,619  
  Administrative and general 34,157     20,531     25,540     22,878     21,394  
  Depreciation and amortization 20,369     20,501     17,469     16,719     16,560  
  163,251     148,290     112,695     114,809     119,573  
Gains (Losses) on Asset Dispositions and Impairments, Net 719     5,209     5,897     (188 )   (28,573 )
Operating Income (Loss) 22,983     15,090     8,993     3,417     (21,950 )
Other Income (Expense):                  
Interest income 1,896     2,367     2,150     2,134     2,541  
Interest expense (10,429 )   (9,121 )   (11,676 )   (10,304 )   (9,912 )
Debt extinguishment gains (losses), net (725 )   3     (97 )       (211 )
Marketable security gains (losses), net 11,534     (12,478 )   (21,674 )   20,836     20,300  
Derivative gains (losses), net         16,897     2,830     (10,604 )
Foreign currency gains (losses), net (575 )   969     (1,470 )   1,399     (1,368 )
Other, net 188     64     424     (420 )   (5,606 )
  1,889     (18,196 )   (15,446 )   16,475     (4,860 )
Income (Loss) from Continuing Operations Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies 24,872     (3,106 )   (6,453 )   19,892     (26,810 )
Income Tax Expense (Benefit) (54,626 )   (12,795 )   (3,664 )   3,896     (6,804 )
Income (Loss) from Continuing Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies 79,498     9,689     (2,789 )   15,996     (20,006 )
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 23     488     2,333     108     (13,871 )
Net Income (Loss) from Continuing Operations 79,521     10,177     (456 )   16,104     (33,877 )
Income (Loss) from Discontinued Operations, Net of Tax (487 )   10,927     (28,629 )   (5,448 )   (56,412 )
Net Income (Loss) 79,034     21,104     (29,085 )   10,656     (90,289 )
Net Income attributable to Noncontrolling Interests in Subsidiaries 6,227     3,543     3,723     6,573     3,460  
Net Income (Loss) attributable to SEACOR Holdings Inc. $ 72,807     $ 17,561     $ (32,808 )   $ 4,083     $ (93,749 )
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:                  
  Continuing operations $ 4.15     $ 0.38     $ (0.39 )   $ 0.57     $ (2.11 )
  Discontinued operations (0.03 )   0.62     (1.52 )   (0.33 )   (3.41 )
  $ 4.12     $ 1.00     $ (1.91 )   $ 0.24     $ (5.52 )
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:                  
  Continuing operations $ 3.37     $ 0.38     $ (0.39 )   $ 0.56     $ (2.11 )
  Discontinued operations (0.02 )   0.62     (1.52 )   (0.32 )   (3.41 )
  $ 3.35     $ 1.00     $ (1.91 )   $ 0.24     $ (5.52 )
Weighted Average Common Shares of Outstanding:                  
Basic 17,674     17,509     17,208     17,074     16,969  
Diluted 22,711     17,638     17,208     17,364     16,969  
Common Shares Outstanding at Period End 17,940     17,859     17,587     17,406     17,401  
                   
OIBDA (1) $ 43,352     $ 35,591     $ 26,462     $ 20,136     $ (5,390 )
                                       

______________________

(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, 2017   Sep. 30, 2017   Jun. 30, 2017   Mar. 31, 2017   Dec. 31, 2016
Ocean Transportation & Logistics Services                  
Operating Revenues $ 109,434     $ 103,780     $ 72,023     $ 67,639     $ 59,618  
Costs and Expenses:                  
Operating 58,215     65,866     33,850     37,354     36,586  
Administrative and general 11,820     9,612     8,028     7,088     6,895  
Depreciation and amortization 13,281     13,516     10,115     9,161     8,969  
  83,316     88,994     51,993     53,603     52,450  
Gains (Losses) on Asset Dispositions and Impairments, Net 19     73     6     (421 )   408  
Operating Income 26,137     14,859     20,036     13,615     7,576  
Other Income (Expense):                  
Foreign currency gains (losses), net (138 )   5     8     (5 )   (6 )
Other, net 209     59     421     (362 )   237  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax (486 )   1,493     5,621     1,036     (2,581 )
Segment Profit (1) $ 25,722     $ 16,416     $ 26,086     $ 14,284     $ 5,226  
                   
OIBDA (2) $ 39,418     $ 28,375     $ 30,151     $ 22,776     $ 16,545  
Dry-docking expenditures for U.S.-flag petroleum and chemicalcarriers (included in operating costs and expenses) $ (34 )   $ 3,548     $     $ 94     $ 4,506  
Out-of-service days for dry-dockings of U.S.-flag petroleum and chemical carriers     40             45  
                   
Inland Transportation & Logistics Services                  
Operating Revenues $ 50,575     $ 44,608     $ 37,644     $ 42,669     $ 53,021  
Costs and Expenses:                  
Operating 34,021     35,388     31,902     32,569     35,400  
Administrative and general 4,900     3,141     4,725     3,792     2,945  
Depreciation and amortization 6,448     6,329     6,483     6,592     6,628  
  45,369     44,858     43,110     42,953     44,973  
Gains on Asset Dispositions, Net 700     5,136     5,891     233     605  
Operating Income (Loss) 5,906     4,886     425     (51 )   8,653  
Other Income (Expense):                  
Foreign currency gains (losses), net (458 )   992     (1,630 )   1,368     (1,143 )
Other, net                 1  
Equity in Losses of 50% or Less Owned Companies, Net of Tax (314 )   (1,235 )   (1,264 )   (2,378 )   (11,318 )
Segment Profit (Loss) (1) $ 5,134     $ 4,643     $ (2,469 )   $ (1,061 )   $ (3,807 )
                   
OIBDA (2) $ 12,354     $ 11,215     $ 6,908     $ 6,541     $ 15,281  
                                       

SEACOR HOLDINGS INC. SEGMENT INFORMATION (continued) (in thousands, unaudited)
 
  Three Months Ended
  Dec. 31, 2017   Sep. 30, 2017   Jun. 30, 2017   Mar. 31, 2017   Dec. 31, 2016
Witt O'Brien's                  
Operating Revenues $ 25,406     $ 9,681     $ 6,061     $ 8,008     $ 13,456  
Costs and Expenses:                  
Operating 16,534     6,068     4,043     5,372     9,711  
Administrative and general 4,797     2,960     2,462     3,219     5,343  
Depreciation and amortization 206     206     205     202     204  
  21,537     9,234     6,710     8,793     15,258  
Losses on Asset Dispositions and Impairments, Net                 (29,586 )
Operating Income (Loss) 3,869     447     (649 )   (785 )   (31,388 )
Other Income (Expense):                  
Foreign currency gains (losses), net (12 )   29     23     10     (57 )
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax (63 )   100     (20 )   157     28  
Segment Profit (Loss) (1) $ 3,794     $ 576     $ (646 )   $ (618 )   $ (31,417 )
                   
Other                  
Operating Revenues $ 116     $ 116     $ 116     $ 116     $ 116  
Costs and Expenses:                  
Administrative and general 272     180     225     154     167  
  272     180     225     154     167  
Operating Loss (156 )   (64 )   (109 )   (38 )   (51 )
Other Income (Expense):                  
Foreign currency gains (losses), net 18     (12 )            
Other, net (1 )           (300 )   (5,885 )
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 886     130     (2,004 )   1,293      
Segment Profit (Loss) (1) $ 747     $ 54     $ (2,113 )   $ 955     $ (5,936 )
                   
Corporate and Eliminations                  
Operating Revenues $ (16 )   $ (14 )   $ (53 )   $ (18 )   $ (15 )
Costs and Expenses:                  
Operating (45 )   (64 )   (109 )   (83 )   (78 )
Administrative and general 12,368     4,638     10,100     8,625     6,044  
Depreciation and amortization 434     450     666     764     759  
  12,757     5,024     10,657     9,306     6,725  
Operating Loss $ (12,773 )   $ (5,038 )   $ (10,710 )   $ (9,324 )   $ (6,740 )
Other Income (Expense):                  
Derivative gains (losses), net $     $     $ 16,897     $ 2,830     $ (10,604 )
Foreign currency gains (losses), net 15     (45 )   129     26     (162 )
Other, net (20 )   5     3     242     41  

______________________

(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, 2017   Sep. 30, 2017   Jun. 30, 2017   Mar. 31, 2017   Dec. 31, 2016
ASSETS                  
Current Assets:                  
Cash and cash equivalents $ 239,246     $ 267,156     $ 223,154     $ 207,545     $ 256,638  
Restricted cash 2,982     2,436     2,260     2,254     2,249  
Marketable securities 42,761     62,606     75,071     97,404     76,137  
Receivables:                  
Trade, net of allowance for doubtful accounts 110,465     83,287     59,772     77,358     105,494  
Other 33,870     38,176     35,704     54,918     38,629  
Inventories 4,377     3,952     2,444     3,051     2,582  
Prepaid expenses and other 6,594     6,741     4,814     4,614     3,707  
Discontinued operations         23,105     298,915     277,365  
Total current assets 440,295     464,354     426,324     746,059     762,801  
Property and Equipment:                  
Historical cost 1,351,741     1,483,434     1,340,400     1,336,719     1,178,556  
Accumulated depreciation (502,544 )   (487,049 )   (467,925 )   (460,623 )   (444,559 )
  849,197     996,385     872,475     876,096     733,997  
Construction in progress 28,728     22,769     133,537     139,782     246,010  
Net property and equipment 877,925     1,019,154     1,006,012     1,015,878     980,007  
Investments, at Equity, and Advances to 50% or Less Owned Companies 173,441     175,387     174,106     182,395     175,461  
Construction Reserve Funds 51,339     51,846     65,429     64,478     75,753  
Goodwill 32,761     32,773     32,749     32,787     32,758  
Intangible Assets, Net 28,106     30,655     18,931     19,519     20,078  
Other Assets 9,469     8,796     17,739     17,869     17,189  
Discontinued Operations         32,595     875,993     798,274  
  $ 1,613,336     $ 1,782,965     $ 1,773,885     $ 2,954,978     $ 2,862,321  
                   
LIABILITIES AND EQUITY                  
Current Liabilities:                  
Current portion of long-term debt $ 77,842     $ 119,840     $ 125,655     $ 168,267     $ 163,202  
Accounts payable and accrued expenses 44,013     31,518     32,437     36,524     59,563  
Other current liabilities 57,330     70,762     49,602     58,833     62,164  
Discontinued operations         6,324     270,796     85,020  
Total current liabilities 179,185     222,120     214,018     534,420     369,949  
Long-Term Debt 501,505     619,712     615,532     628,622     631,084  
Exchange Option Liability on Subsidiary Convertible Senior Notes             16,809     19,436  
Deferred Income Taxes 101,422     165,093     161,185     183,972     157,441  
Deferred Gains and Other Liabilities 77,863     81,238     97,245     92,897     98,098  
Discontinued Operations         7,681     271,389     390,045  
Total liabilities 859,975     1,088,163     1,095,661     1,728,109     1,666,053  
Equity:                  
SEACOR Holdings Inc. stockholders' equity:                  
Preferred stock                  
Common stock 387     385     382     380     379  
Additional paid-in capital 1,573,013     1,557,086     1,547,936     1,527,460     1,518,635  
Retained earnings 419,128     377,700     360,139     914,806     910,723  
Shares held in treasury, at cost (1,368,300 )   (1,363,558 )   (1,364,273 )   (1,364,172 )   (1,357,331 )
Accumulated other comprehensive loss, net of tax (545 )   (266 )   (545 )   (11,024 )   (11,514 )
  623,683     571,347     543,639     1,067,450     1,060,892  
Noncontrolling interests in subsidiaries 129,678     123,455     134,585     159,419     135,376  
Total equity 753,361     694,802     678,224     1,226,869     1,196,268  
  $ 1,613,336     $ 1,782,965     $ 1,773,885     $ 2,954,978     $ 2,862,321  
                                       

SEACOR HOLDINGS INC. FLEET COUNTS (unaudited)
 
  Dec. 31, 2017   Sep. 30, 2017   Jun. 30, 2017   Mar. 31, 2017   Dec. 31, 2016
Ocean Transportation & Logistics Services                  
Petroleum Transportation:                  
Petroleum and chemical carriers - U.S.-flag 11     11     10     10     9  
Harbor Towing and Bunkering:                  
Harbor tugs - U.S.-flag 23     23     23     23     23  
Harbor tugs - Foreign-flag 8     8     8     4     4  
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          
PCTC, Liner and Short-sea Transportation:                  
PCTC (2) - U.S.-flag 4     4              
Short-sea container/RORO vessels - Foreign-flag 7     7     7     7     7  
RORO (3) & deck barges - U.S.-flag 7     7     7     7     7  
Rail ferry - Foreign-flag 2     2              
Dry Bulk Transportation:                  
Dry bulk carrier - U.S.-flag (4) 2     2              
Dry bulk articulated tug-barge - U.S.-flag             1     1  
  71     71     62     58     57  
                   
Inland Transportation & Logistics Services                  
Dry-cargo barges 1,439     1,443     1,443     1,443     1,443  
Liquid tank barges 20     20     19     18     18  
Specialty barges (1) 7     10     10     10     11  
Towboats:                  
4,000 hp - 6,600 hp 18     18     17     18     17  
3,300 hp - 3,900 hp 3     3     3     3     3  
Less than 3,200 hp 2     2     2     2     2  
Harbor boats:                  
1,100 hp - 2,000 hp 15     15     15     15     15  
Less than 1,100 hp 9     9     9     9     9  
  1,513     1,520     1,518     1,518     1,518  
                             

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(1) Includes non-certificated 10,000 and 30,000 barrel inland river liquid tank barges.(2) Pure Car/Truck Carrier.(3) Roll On/Roll Off.(4) Excludes one U.S.-flag dry bulk carrier removed from service.

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