Seacor Holdings Announces Results of Operations for Its Third Quarter Ended September 30, 2017

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| Source: SEACOR HOLDINGS INC.

FORT LAUDERDALE, Fla., Nov. 01, 2017 (GLOBE NEWSWIRE) -- SEACOR Holdings Inc. (NYSE:CKH) (the “Company”) today announced its results for the third quarter ended September 30, 2017.

FINANCIAL HIGHLIGHTS FOR THE THIRD QUARTER ENDED SEPTEMBER 30, 2017

  • Net income attributable to SEACOR Holdings Inc.:  $17.6 million ($1.00 per diluted share) including net income of $10.9 million ($0.62 per diluted share) resulting from the sale of Illinois Corn Processing LLC (“ICP”) on July 3, 2017, a discontinued operation.

  • Net income from continuing operations attributable to SEACOR Holdings Inc.:  $6.6 million ($0.38 per diluted share) including a net “mark-to-market” loss of $8.1 million ($0.46 per diluted share) on 9,177,135 shares of Dorian LPG Ltd. (“Dorian”).

  • Operating income from the Company’s continuing operating businesses (primarily Inland River Services, Shipping Services and Witt O’Brien’s):  $15.1 million.

  • Operating income before depreciation and amortization (“OIBDA”):  $35.6 million (See disclosure related to Non-GAAP measures in the statements of income (loss) and segment information tables herein).

Charles Fabrikant, Executive Chairman and CEO, in elaborating on the Company's charter backlog commented:

“Our tanker chartering group has done an outstanding job navigating the shoals of an over-supplied Jones Act, coastwise market.  SEA-Vista, our tanker joint venture, now has only its multi-grade chemical ATB in the spot market.  Although there is excess capacity in the American flag tanker fleet, there are indications that some of the older assets will be removed from service.  As highlighted in our August release, SEA-Vista has a $450 million revenue backlog.  I would also like to add a comment about the impact of the recent storms.  Our marine businesses, harbor towing, SEACOR Island Lines, Seabulk Tankers, and Trailer Bridge, our joint venture liner service covering Puerto Rico, were impacted in September by hurricanes Harvey, Irma, and Maria.  Post storm activity has recovered in October.  Trailer Bridge and SEACOR Island Lines have added capacity to serve Puerto Rico and the U.S. Virgin Islands.  Witt O’Brien’s is our crisis and disaster management division.  This group has been extremely busy helping hurricane-hit communities across Texas, Florida, Georgia and the Caribbean.  Their services include strategic advice on state-wide recovery; monitoring of local debris clean-up; support for housing and critical infrastructure restoration; and administration of long-term recovery programs.

We have also sourced generators, tank trucks, and other relief and recovery cargo for both private sector clients and FEMA.  The collaboration between SEACOR, Trailer Bridge, SEACOR Island Lines and CLEANCOR has been critical in sourcing equipment and expediting delivery to the Virgin Islands and Puerto Rico.  These activities reflect a coordinated effort by all SEACOR businesses and close collaboration by operating managers.

I would like to add a personal comment but one that reflects the feelings of my colleagues of SEACOR Holdings and Trailer Bridge.  Our hearts go out to all those impacted by the recent storms.  We are cognizant that residents of Texas, South Florida, the Virgin Islands, and Puerto Rico continue to suffer without their homes, and in Puerto Rico and the Virgin Islands, with limited essential services and medical care.  We are in the process of making grants to assist relief efforts, which will, unfortunately have to continue for years into the future.  We are also using our resources and assets to assist by delivering containers of supplies gratis to help island residents.  Trailer Bridge has also been helping to facilitate access to local Puerto Rican assist groups to distribute aid coming from the U.S. mainland."

Financial results for the nine months ended September 30, 2017 are included in the condensed consolidated statements of income (loss) included elsewhere in this release.

A comparison of results for the quarter ended September 30, 2017 with the preceding quarter ended June 30, 2017 is included in the “Continuing Operation Discussion” below.

Continuing Operation Discussion

Inland River Services - Operating income was $4.9 million compared with $0.4 million in the preceding quarter.  OIBDA was $11.2 million compared with $6.9 million in the preceding quarter.  Operating income and OIBDA for the third quarter and preceding quarter included gains on asset dispositions of $5.1 million and $5.9 million, respectively.

Operating results, excluding gains on asset dispositions, benefited from increased activity levels in the covered barge market and terminal operations, reflecting the commencement of the fall harvest and increased export demand.  Operating results also improved as a consequence of placing two new towboats on time charter with the Company’s SCF Bunge Marine joint venture.  Compensation costs were lower following the accelerated vesting of share awards in connection with the Spin-off in the preceding quarter.  Operating results from the Company’s Colombian barge and towboat operation were impacted by seasonal low water conditions and were $0.8 million lower compared with the preceding quarter.

Foreign currency gains of $1.0 million were primarily due to the strengthening of the Colombian peso in relation to the U.S. dollar underlying certain of the Company’s intercompany lease obligations.

Shipping Services - Operating income was $14.9 million compared with $20.0 million in the preceding quarter.  OIBDA was $28.4 million compared with $30.2 million in the preceding quarter.  Operating income and OIBDA in the third quarter included $5.0 million and $8.8 million attributable to noncontrolling interests compared with $7.7 million and $11.3 million in the preceding quarter.  The fleet acquired in the International Shipholding Corporation (“ISH”) acquisition, excluding the rail-ferries and rail car facility, contributed operating income of $1.8 million.

Operating results included $3.5 million of drydocking costs for one U.S.-flag product tanker and reflected a $2.5 million reduction of revenues for short-sea liner transportation primarily due to fewer voyages as a consequence of Hurricane Irma.  General and administrative expenses were higher primarily due to the ISH acquisition and related transition, which was completed in October.

Equity in earnings of 50% or less owned companies included $0.8 million of earnings from Trailer Bridge, the Company’s joint venture operating in the Puerto Rico liner trade, and $0.7 million from ISH’s 50% or less owned companies, RF Vessel Holdings and Golfo de Mexico, that own and operate the two foreign-flag rail ferries and a full service rail car facility.

Debt Extinguishment Losses - During the third quarter, the Company purchased $13.2 million in principal amount of its 2.5% Convertible Senior Notes for $13.3 million resulting in immaterial gains on debt extinguishment.

Capital Commitments - The Company’s capital commitments as of September 30, 2017 were $10.2 million and included two U.S.-flag harbor tugs, one foreign-flag RORO vessel and other equipment.  Each of the tugs and the RORO vessel are scheduled to deliver prior to the second quarter of 2018.  Subsequent to September 30, 2017, the Company committed to purchase additional equipment for $2.6 million.

Liquidity and Debt - As of September 30, 2017, the Company’s balances of cash, cash equivalents, restricted cash, marketable securities and construction reserve funds totaled $384.0 million and the Company had $5.0 million of borrowing capacity under a subsidiary credit facility.  Total outstanding debt was $739.6 million, which includes $265.6 million in principal amount of debt owed by SEA-Vista that is non-recourse to the Company and its subsidiaries other than SEA-Vista.  SEA-Vista’s debt was primarily used to fund the construction of four product carriers in the U.S. coastwise tanker and chemical trades.  SEA-Vista is a consolidated venture and had $21.0 million of borrowing capacity under its credit facility as of September 30, 2017.  Subsequent to September 30, 2017, SEA-Vista borrowed $6.0 million under its credit facility.

As of September 30, 2017, the remaining principal amount outstanding of the Company’s 2.5% Convertible Senior Notes of $95.5 million is included in current liabilities as the holders may require the Company to repurchase these notes on December 19, 2017.

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 Shipping Services, decreased demand for Shipping 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 River Services and Shipping 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 River Services and Shipping 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 River 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 the 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 Nine Months Ended
 September 30, September 30,
 2017 2016 2017 2016
Operating Revenues$158,171  $109,570  $392,376  $314,269 
Costs and Expenses:       
Operating107,258  66,573  252,156  193,636 
Administrative and general20,531  20,931  68,949  64,968 
Depreciation and amortization20,501  15,864  54,689  46,005 
 148,290  103,368  375,794  304,609 
Gains (Losses) on Asset Dispositions and Impairments, Net5,209  (593) 10,918  2,590 
Operating Income15,090  5,609  27,500  12,250 
Other Income (Expense):       
Interest income2,367  4,492  6,651  13,100 
Interest expense(9,121) (9,955) (31,101) (29,892)
Debt extinguishment gains (losses), net3  557  (94) 5,395 
Marketable security losses, net(12,478) (9,484) (13,316) (52,454)
Derivative gains (losses), net  (862) 19,727  (3,527)
Foreign currency gains, net969  418  898  2,812 
Other, net64  (5,461) 68  (13,110)
 (18,196) (20,295) (17,167) (77,676)
Income (Loss) from Continuing Operations Before Income Tax Benefit and Equity in Earnings (Losses) of 50% or Less Owned Companies(3,106) (14,686) 10,333  (65,426)
Income Tax Benefit(12,795) (7,164) (12,563) (29,921)
Income (Loss) from Continuing Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies9,689  (7,522) 22,896  (35,505)
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax488  (1,112) 2,929  (7,169)
Net Income (Loss) from Continuing Operations10,177  (8,634) 25,825  (42,674)
Income (Loss) from Discontinued Operations, Net of Tax10,927  (25,392) (23,150) (62,809)
Net Income (Loss)21,104  (34,026) 2,675  (105,483)
Net Income attributable to Noncontrolling Interests in Subsidiaries3,543  5,777  13,839  16,665 
Net Income (Loss) attributable to SEACOR Holdings Inc.$17,561  $(39,803) $(11,164) $(122,148)
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:      
Continuing operations$0.38  $(0.82) $0.55  $(3.45)
Discontinued operations0.62  (1.53) (1.20) (3.78)
 $1.00  $(2.35) $(0.65) $(7.23)
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:      
Continuing operations$0.38  $(0.82) $0.55  $(3.45)
Discontinued operations0.62  (1.53) (1.19) (3.78)
 $1.00  $(2.35) $(0.64) $(7.23)
Weighted Average Common Shares Outstanding:       
Basic17,508,770  16,943,647  17,265,140  16,896,751 
Diluted17,637,824  16,943,647  17,510,560  16,896,751 
        
OIBDA(1)$35,591  $21,473  $82,189  $58,255 

______________________
(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
 Sep. 30,
2017
 Jun. 30,
2017
 Mar. 31,
2017
 Dec. 31,
2016
 Sep. 30,
2016
Operating Revenues$158,171  $115,791  $118,414  $126,196  $109,570 
Costs and Expenses:         
Operating107,258  69,686  75,212  81,619  66,573 
Administrative and general20,531  25,540  22,878  21,394  20,931 
Depreciation and amortization20,501  17,469  16,719  16,560  15,864 
 148,290  112,695  114,809  119,573  103,368 
Gains (Losses) on Asset Dispositions and Impairments, Net5,209  5,897  (188) (28,573) (593)
Operating Income (Loss)15,090  8,993  3,417  (21,950) 5,609 
Other Income (Expense):         
Interest income2,367  2,150  2,134  2,541  4,492 
Interest expense(9,121) (11,676) (10,304) (9,912) (9,955)
Debt extinguishment gains (losses), net3  (97)   (211) 557 
Marketable security gains (losses), net(12,478) (21,674) 20,836  20,300  (9,484)
Derivative gains (losses), net  16,897  2,830  (10,604) (862)
Foreign currency gains (losses), net969  (1,470) 1,399  (1,368) 418 
Other, net64  424  (420) (5,606) (5,461)
 (18,196) (15,446) 16,475  (4,860) (20,295)
Income (Loss) from Continuing Operations Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies(3,106) (6,453) 19,892  (26,810) (14,686)
Income Tax Expense (Benefit)(12,795) (3,664) 3,896  (6,804) (7,164)
Income (Loss) from Continuing Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies9,689  (2,789) 15,996  (20,006) (7,522)
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax488  2,333  108  (13,871) (1,112)
Net Income (Loss) from Continuing Operations10,177  (456) 16,104  (33,877) (8,634)
Income (Loss) from Discontinued Operations, Net of Tax10,927  (28,629) (5,448) (56,412) (25,392)
Net Income (Loss)21,104  (29,085) 10,656  (90,289) (34,026)
Net Income attributable to Noncontrolling Interests in Subsidiaries3,543  3,723  6,573  3,460  5,777 
Net Income (Loss) attributable to SEACOR Holdings Inc.$17,561  $(32,808) $4,083  $(93,749) $(39,803)
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:         
Continuing operations$0.38  $(0.39) $0.57  $(2.11) $(0.82)
Discontinued operations0.62  (1.52) (0.33) (3.41) (1.53)
 $1.00  $(1.91) $0.24  $(5.52) $(2.35)
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:         
Continuing operations$0.38  $(0.39) $0.56  $(2.11) $(0.82)
Discontinued operations0.62  (1.52) (0.32) (3.41) (1.53)
 $1.00  $(1.91) $0.24  $(5.52) $(2.35)
Weighted Average Common Shares of Outstanding:         
Basic17,509  17,208  17,074  16,969  16,944 
Diluted17,638  17,208  17,364  16,969  16,944 
Common Shares Outstanding at Period End17,859  17,587  17,406  17,401  17,336 
          
OIBDA(1)$35,591  $26,462  $20,136  $(5,390) $21,473 

______________________
(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,
2017
 Jun. 30,
2017
 Mar. 31,
2017
 Dec. 31,
2016
 Sep. 30,
2016
Inland River Services         
Operating Revenues$44,608  $37,644  $42,669  $53,021  $41,094 
Costs and Expenses:         
Operating35,388  31,902  32,569  35,400  31,496 
Administrative and general3,141  4,725  3,792  2,945  3,982 
Depreciation and amortization6,329  6,483  6,592  6,628  6,308 
 44,858  43,110  42,953  44,973  41,786 
Gains (Losses) on Asset Dispositions and Impairments, Net5,136  5,891  233  605  (597)
Operating Income (Loss)4,886  425  (51) 8,653  (1,289)
Other Income (Expense):         
Foreign currency gains (losses), net992  (1,630) 1,368  (1,143) 410 
Other, net      1  (1)
Equity in Losses of 50% or Less Owned Companies, Net of Tax(1,235) (1,264) (2,378) (11,318) (171)
Segment Profit (Loss)(1)$4,643  $(2,469) $(1,061) $(3,807) $(1,051)
          
OIBDA(2)$11,215  $6,908  $6,541  $15,281  $5,019 
          
Shipping Services         
Operating Revenues$103,780  $72,023  $67,639  $59,618  $57,350 
Costs and Expenses:         
Operating65,866  33,850  37,354  36,586  28,542 
Administrative and general9,612  8,028  7,088  6,895  6,675 
Depreciation and amortization13,516  10,115  9,161  8,969  8,216 
 88,994  51,993  53,603  52,450  43,433 
Gains (Losses) on Asset Dispositions and Impairments, Net73  6  (421) 408  3 
Operating Income14,859  20,036  13,615  7,576  13,920 
Other Income (Expense):         
Foreign currency gains (losses), net5  8  (5) (6) (3)
Other, net59  421  (362) 237  (5,534)
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax1,493  5,621  1,036  (2,581) (551)
Segment Profit(1)$16,416  $26,086  $14,284  $5,226  $7,832 
          
OIBDA(2)$28,375  $30,151  $22,776  $16,545  $22,136 
Drydocking expenditures for U.S.-flag product tankers
(included in operating costs and expenses)
$3,548  $  $94  $4,506  $95 
Out-of-service days for drydockings of U.S.-flag product tankers40      45   


SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
 Three Months Ended
 Sep. 30,
2017
 Jun. 30,
2017
 Mar. 31,
2017
 Dec. 31,
2016
 Sep. 30,
2016
Witt O’Brien’s and Other         
Operating Revenues$9,797  $6,177  $8,124  $13,572  $11,146 
Costs and Expenses:         
Operating6,068  4,043  5,372  9,711  6,618 
Administrative and general3,140  2,687  3,373  5,510  3,833 
Depreciation and amortization206  205  202  204  432 
 9,414  6,935  8,947  15,425  10,883 
Gains (Losses) on Asset Dispositions and Impairments, Net      (29,586) 1 
Operating Income (Loss)383  (758) (823) (31,439) 264 
Other Income (Expense):         
Foreign currency gains (losses), net17  23  10  (57) (25)
Other, net    (300) (5,885)  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax230  (2,024) 1,450  28  (390)
Segment Profit (Loss)(1)$630  $(2,759) $337  $(37,353) $(151)
          
Corporate and Eliminations         
Operating Revenues$(14) $(53) $(18) $(15) $(20)
Costs and Expenses:         
Operating(64) (109) (83) (78) (83)
Administrative and general4,638  10,100  8,625  6,044  6,441 
Depreciation and amortization450  666  764  759  908 
 5,024  10,657  9,306  6,725  7,266 
Operating Loss$(5,038) $(10,710) $(9,324) $(6,740) $(7,286)
Other Income (Expense):         
Derivative gains (losses), net$  $16,897  $2,830  $(10,604) $(862)
Foreign currency gains (losses), net(45) 129  26  (162) 36 
Other, net5  3  242  41  74 

______________________
(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,
2017
 Jun. 30,
2017
 Mar. 31,
2017
 Dec. 31,
2016
 Sep. 30,
2016
ASSETS         
Current Assets:         
Cash and cash equivalents$267,156  $223,154  $207,545  $256,638  $315,960 
Restricted cash2,436  2,260  2,254  2,249  2,244 
Marketable securities62,606  75,071  97,404  76,137  55,823 
Receivables:         
Trade, net of allowance for doubtful accounts83,287  59,772  77,358  105,494  75,540 
Other38,176  35,704  54,918  38,629  12,508 
Inventories3,952  2,444  3,051  2,582  3,222 
Prepaid expenses and other6,741  4,814  4,614  3,707  6,663 
Discontinued operations  23,105  298,915  277,365  287,658 
Total current assets464,354  426,324  746,059  762,801  759,618 
Property and Equipment:         
Historical cost1,483,434  1,340,400  1,336,719  1,178,556  1,018,370 
Accumulated depreciation(487,049) (467,925) (460,623) (444,559) (434,049)
 996,385  872,475  876,096  733,997  584,321 
Construction in progress22,769  133,537  139,782  246,010  337,449 
Net property and equipment1,019,154  1,006,012  1,015,878  980,007  921,770 
Investments, at Equity, and Advances to 50% or Less Owned Companies175,387  174,106  182,395  175,461  198,052 
Construction Reserve Funds51,846  65,429  64,478  75,753  99,966 
Goodwill32,773  32,749  32,787  32,758  52,403 
Intangible Assets, Net30,655  18,931  19,519  20,078  23,496 
Other Assets8,796  17,739  17,869  17,189  21,599 
Discontinued Operations  32,595  875,993  798,274  877,229 
 $1,782,965  $1,773,885  $2,954,978  $2,862,321  $2,954,133 
          
LIABILITIES AND EQUITY         
Current Liabilities:         
Current portion of long-term debt$119,840  $125,655  $168,267  $163,202  $7,877 
Accounts payable and accrued expenses31,518  32,437  36,524  59,563  37,397 
Other current liabilities70,762  49,602  58,833  62,164  55,195 
Discontinued operations  6,324  270,796  85,020  94,115 
Total current liabilities222,120  214,018  534,420  369,949  194,584 
Long-Term Debt619,712  615,532  628,622  631,084  804,109 
Exchange Option Liability on Subsidiary Convertible Senior Notes    16,809  19,436  8,938 
Deferred Income Taxes165,093  161,185  183,972  157,441  168,266 
Deferred Gains and Other Liabilities81,238  97,245  92,897  98,098  103,711 
Discontinued Operations  7,681  271,389  390,045  393,043 
Total liabilities1,088,163  1,095,661  1,728,109  1,666,053  1,672,651 
Equity:         
SEACOR Holdings Inc. stockholders’ equity:         
Preferred stock         
Common stock385  382  380  379  379 
Additional paid-in capital1,557,086  1,547,936  1,527,460  1,518,635  1,512,209 
Retained earnings377,700  360,139  914,806  910,723  1,004,472 
Shares held in treasury, at cost(1,363,558) (1,364,273) (1,364,172) (1,357,331) (1,357,331)
Accumulated other comprehensive loss, net of tax(266) (545) (11,024) (11,514) (10,471)
 571,347  543,639  1,067,450  1,060,892  1,149,258 
Noncontrolling interests in subsidiaries123,455  134,585  159,419  135,376  132,224 
Total equity694,802  678,224  1,226,869  1,196,268  1,281,482 
 $1,782,965  $1,773,885  $2,954,978  $2,862,321  $2,954,133 


SEACOR HOLDINGS INC.
FLEET COUNTS
(unaudited)
 Sep. 30,
2017
 Jun. 30,
2017
 Mar. 31,
2017
 Dec. 31,
2016
 Sep. 30,
2016
Inland River Services         
Dry-cargo barges1,443  1,443  1,443  1,443  1,405 
Liquid tank barges:         
10,000 barrel18  18  18  18  18 
30,000 barrel2  1       
Specialty barges(1)10  10  10  11  11 
Towboats:         
4,000 hp - 6,600 hp18  17  18  17  17 
3,300 hp - 3,900 hp1  1  1  1  1 
Less than 3,200 hp4  4  4  4  4 
Harbor boats:         
1,100 hp - 2,000 hp15  15  15  15  13 
Less than 1,100 hp9  9  9  9  6 
 1,520  1,518  1,518  1,518  1,475 
          
Shipping Services         
Petroleum Transportation:         
Product tankers - U.S.-flag10  10  10  9  8 
Articulated tug-barge - U.S.-flag1         
Harbor Towing and Bunkering:         
Harbor tugs - U.S.-flag23  23  23  23  24 
Harbor tugs - Foreign-flag8  8  4  4  4 
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       
Liner and Short-sea Transportation:         
RORO(2)/deck barges - U.S.-flag7  7  7  7  7 
Short-sea container/RORO - Foreign-flag7  7  7  7  7 
Other:         
PCTC(3) - U.S.-flag4         
Dry-bulk carrier - U.S.-flag(4)2         
Dry bulk articulated tug-barge - U.S.-flag    1  1  1 
Rail ferry - Foreign-flag2         
 71  62  58  57  57 

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