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SEACOR Holdings Announces Results for the Third Quarter Ended September 30, 2020

/EIN News/ -- FORT LAUDERDALE, Fla., Oct. 29, 2020 (GLOBE NEWSWIRE) -- SEACOR Holdings Inc. (NYSE:CKH) (the “Company”) today announced its results for the third quarter ended September 30, 2020:

  • Net income attributable to stockholders for the quarter ended September 30, 2020 was $3.2 million ($0.16 per diluted share) compared with $6.4 million ($0.32 per diluted share) for the quarter ended September 30, 2019.
  • Operating income for the quarter ended September 30, 2020 was $5.6 million compared with $12.5 million for the quarter ended September 30, 2019.
  • “Cash Earnings” for the quarter ended September 30, 2020 were $18.0 million compared with $27.7 million for the quarter ended September 30, 2019.

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

Charles Fabrikant, Executive Chairman and Chief Executive Officer, commented on the quarter's results as follows:

"All of our businesses have continued to operate during these challenging times.  We recently, and very carefully, reopened several of our office locations.  Fulfilling our commitment to, and success in providing our customers uninterrupted, quality service, is only possible due to the dedication and hard work - and flexibility - of our more than 2,000 employees.  It is their safety and well-being which remains our top priority.

Several of our businesses started to recover in July from the severe falloff of activity in the second quarter.  Harbor towing enjoyed better results early in the third quarter but major storm activity in August and September caused short term reductions in activity.  Activity in October, thus far, has been trending positive again.

Demand for freight services into the Bahamas and Turks & Caicos started to pick up in July.  SEACOR Island Lines is positioned to perform even better in the fourth quarter as the Bahamian government is expected to reopen its borders on November 1st in time for the seasonal spike in tourist activity.

Additional good news is China increased imports of U.S. agricultural products late in the third quarter pushing barge rates higher.  I hope the better margins will be sustained as exports to China and other destinations pick up with the seasonal harvest.

By way of an update, there are several post quarter events to report.  SEA-Vista was able to secure a new multiyear time charter for a chemical-suited tanker, adding approximately $45 million of revenue backlog to the almost $200 million we had as of September 30.

Our inland business, SCF, was also successful in finalizing terms to acquire a strategic center gulf fleeting location.  This adds approximately 220 fleeting spaces strategically positioned near grain export elevators allowing us to expedite cycle times of our equipment while improving service to our customers.  The acquisition is expected to close in early November.  Additionally, SCF, supported by three Port Authorities in the St. Louis region, was awarded a $21 million grant for rail expansion, efficiency upgrades, and safety projects at several of our SCF Lewis & Clark terminal locations.

I am pleased that we have been able to make forward progress but mindful that the pandemic is not yet over."

The "Operating Discussion" below is a comparison of results for the quarter ended September 30, 2020 with the prior year quarter ended September 30, 2019.

Operating Discussion

Ocean Transportation & Logistics Services - Operating income and OIBDA were $8.4 million and $18.5 million, respectively, in the current year quarter compared with $17.0 million and $26.5 million, respectively. 

SEA-Vista's operating results were $4.2 million higher.  The improvement was due to lower dry-docking expenses and related out-of-service time, partially offset by lower operating results for one vessel due to the change in contract status from a multiyear time charter to a long-term multiyear bareboat charter.

Operating results for SEACOR Island Lines and Seabulk Towing continue to be negatively impacted by the COVID-19 pandemic.  Early in the quarter, demand for freight into the Bahamas and the Turks & Caicos rebounded from the lows in the preceding quarter, although activity remained below pre-pandemic levels.  Ship calls into harbor towing's port network were also beginning to recover but were negatively impacted by port closures along the U.S. Gulf Coast as a consequence of hurricane and major storm activity.

Waterman Logistics' operating results were impacted by softer revenues from government cargo voyages and the timing, and non-recurring nature, of certain expenses.

Inland Transportation & Logistics Services - Operating income and OIBDA were $0.8 million and $6.8 million, respectively, in the current year quarter compared with $0.6 million and $6.2 million, respectively.

Barge pool operating results continued to be impacted by idle equipment, as the supply and demand balance was exacerbated by the delayed start to the harvest in the lower Mississippi River region.  Fleeting operations suffered from lock maintenance and closures on the Illinois River and less activity in the St. Louis region.  Results from the terminal operation improved due to increased activity levels; the prior year quarter was negatively impacted by the lingering effects of flooding in and around the St. Louis harbor.

Witt O’Brien’s - Operating income and OIBDA were $2.5 million and $2.8 million in the current year quarter compared with $2.1 million and $2.3 million, respectively.  The improvement was primarily due to reduced administrative and general expenses reflecting a cost reduction plan implemented earlier in the year.

Capital Commitments - The Company’s capital commitments as of September 30, 2020 were $55.3 million and included four U.S.-flag harbor tugs, the Company's interest in two foreign-flag rail ferries, six inland river dry-cargo barges, one inland river towboat, other equipment, and vessel and terminal improvements.

Liquidity and Debt - During the current year quarter, the Company redeemed its outstanding 3.0% Convertible Senior Notes for $34.5 million.

As of September 30, 2020, the Company’s balances of cash, cash equivalents, restricted cash, restricted cash equivalents, and marketable securities totaled $106.7 million.  As of September 30, 2020, total outstanding debt was $248.9 million, and the Company had $225.0 million of borrowing capacity under its credit facilities.

Equity - As of September 30, 2020, the total shares outstanding were 20,372,510.

SEACOR Holdings Inc. (“SEACOR”) is a diversified holding company with interests in domestic and international transportation and logistics, crisis and emergency management, and clean fuel and power solutions.  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 the COVID-19 pandemic, volatility the pandemic has caused in the capital markets and the effects it has had and could continue to have on the global economy, the potential impact of governmental responses to the pandemic on the Company's business, operations and personnel, financial condition, results of operations, cash flows and liquidity, 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 or the COVID-19 pandemic, declines in valuations in the global financial markets and a lack of liquidity in the credit sectors, interest rate fluctuations, availability of credit, inflation rates, changes in laws, trade barriers, commodity prices and currency exchange fluctuations, activity in foreign countries and changes in foreign political, military and economic conditions, changes in foreign and domestic oil and gas exploration and production activity, safety record requirements related to Ocean Transportation & Logistics Services, decreased demand for Ocean Transportation & Logistics Services due to construction of additional refined petroleum product, natural gas or crude oil pipelines or due to decreased demand for refined petroleum products, crude oil or chemical products or a change in existing methods of delivery, compliance with U.S. and foreign government laws and regulations, including environmental laws and regulations and economic sanctions, the dependence of Ocean Transportation & Logistics Services and Inland Transportation & Logistics Services on several key customers, consolidation of the Company’s customer base, the ongoing need to replace aging vessels, industry fleet capacity, restrictions imposed by the Shipping Acts on the amount of foreign ownership of the Company’s Common Stock, operational risks of Ocean Transportation & Logistics Services and Inland Transportation & Logistics Services, effects of adverse weather conditions and seasonality, the level of grain export volume, the effect of fuel prices on barge towing costs, variability in freight rates for inland river barges, the effect of international economic and political factors on Inland Transportation & Logistics Services’ operations, the ability to realize anticipated benefits from acquisitions and other strategic transactions, adequacy of insurance coverage, the attraction and retention of qualified personnel by the Company, changes in U.S. and international trade policies and various other matters and factors, many of which are beyond the Company’s control as well as those discussed in Item 1A. (Risk Factors) of the Company’s Annual report on Form 10-K and other reports filed by the Company with the Securities and Exchange Commission (“SEC”).  It should be understood that it is not possible to predict or identify all such factors.  Consequently, the preceding should not be considered to be a complete discussion of all potential risks or uncertainties.  Given these 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 SEACOR at (954) 523-2200, e-mail SEACOR at communications@seacorholdings.com or visit SEACOR’s website at www.seacorholdings.com.

 
 
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share data, unaudited)
         
    Three Months Ended   Nine Months Ended
    September 30,   September 30,
    2020   2019   2020   2019
Operating Revenues   $ 175,414     $ 200,658     $ 540,295     $ 607,205  
Costs and Expenses:                
Operating   128,546     147,386     400,752     437,368  
Administrative and general   24,560     24,923     76,785     78,383  
Depreciation and amortization   17,306     16,975     52,620     51,120  
    170,412     189,284     530,157     566,871  
Gains on Asset Dispositions, Net   618     1,145     9,200     2,259  
Operating Income   5,620     12,519     19,338     42,593  
Other Income (Expense):                
Interest income   1,425     2,198     4,544     5,983  
Interest expense   (3,938 )   (4,816 )   (12,587 )   (14,832 )
Debt extinguishment gains (losses), net   (254 )   (777 )   1,348     (2,073 )
Marketable security gains (losses), net   951     144     (567 )   16,496  
Foreign currency losses, net   (203 )   (1,877 )   (3,042 )   (1,663 )
Other, net   2,242     505     2,992     (114 )
    223     (4,623 )   (7,312 )   3,797  
Income Before Income Tax Expense (Benefit) and Equity in Losses of 50% or Less Owned Companies   5,843     7,896     12,026     46,390  
Income Tax Expense (Benefit)   1,552     1,417     (9,384 )   7,012  
Income Before Equity in Losses of 50% or Less Owned Companies   4,291     6,479     21,410     39,378  
Equity in Losses of 50% or Less Owned Companies, Net of Tax   (1,102 )   (618 )   (8,877 )   (3,448 )
Net Income   3,189     5,861     12,533     35,930  
Net Income (Loss) Attributable to Noncontrolling Interests in Subsidiaries   (1 )   (544 )   (8 )   7,239  
Net Income Attributable to SEACOR Holdings Inc.   $ 3,190     $ 6,405     $ 12,541     $ 28,691  
             
Basic Earnings Per Common Share of SEACOR Holdings Inc.   $ 0.16     $ 0.33     $ 0.63     $ 1.54  
             
Diluted Earnings Per Common Share of SEACOR Holdings Inc.   $ 0.16     $ 0.32     $ 0.63     $ 1.48  
                 
Weighted Average Common Shares Outstanding:                
Basic   19,995,413     19,322,423     19,975,635     18,618,613  
Diluted   20,017,551     20,738,919     19,993,982     19,984,302  
                 
OIBDA(1)   $ 22,926     $ 29,494     $ 71,958     $ 93,713  
OIBDA Attributable to SEACOR Holdings Inc.(1)   $ 22,926     $ 28,813     $ 71,958     $ 77,714  
                                 
______________________
1.   Non-GAAP Financial Measure.  See explanation of use of non-GAAP financial measures included elsewhere in this release.
 


SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except per share data, unaudited)
     
    Three Months Ended
    Sep. 30,
2020
  Jun. 30,
2020
  Mar. 31,
2020
  Dec. 31,
2019
  Sep. 30,
2019
Operating Revenues   $ 175,414     $ 172,585     $ 192,296     $ 192,761     $ 200,658  
Costs and Expenses:                    
Operating   128,546     126,178     146,028     146,265     147,386  
Administrative and general   24,560     23,204     29,021     27,134     24,923  
Depreciation and amortization   17,306     17,585     17,729     17,451     16,975  
    170,412     166,967     192,778     190,850     189,284  
Gains on Asset Dispositions, Net   618     8,198     384     651     1,145  
Operating Income (Loss)   5,620     13,816     (98 )   2,562     12,519  
Other Income (Expense):                    
Interest income   1,425     1,518     1,601     1,488     2,198  
Interest expense   (3,938 )   (4,179 )   (4,470 )   (4,401 )   (4,816 )
Debt extinguishment gains (losses), net   (254 )   1,921     (319 )   (171 )   (777 )
Marketable security gains (losses), net   951     (1,414 )   (104 )   1,898     144  
Foreign currency gains (losses), net   (203 )   1,743     (4,582 )   1,351     (1,877 )
Other, net   2,242     658     92     (20 )   505  
    223     247     (7,782 )   145     (4,623 )
Income (Loss) Before Income Tax Expense (Benefit) and Equity in Losses of 50% or Less Owned Companies   5,843     14,063     (7,880 )   2,707     7,896  
Income Tax Expense (Benefit)   1,552     3,206     (14,142 )   2,817     1,417  
Income (Loss) Before Equity in Losses of 50% or Less Owned Companies   4,291     10,857     6,262     (110 )   6,479  
Equity in Losses of 50% or Less Owned Companies, Net of Tax   (1,102 )   (2,982 )   (4,793 )   (1,802 )   (618 )
Net Income (Loss)   3,189     7,875     1,469     (1,912 )   5,861  
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries   (1 )   (9 )   2     5     (544 )
Net Income (Loss) attributable to SEACOR Holdings Inc.   $ 3,190     $ 7,884     $ 1,467     $ (1,917 )   $ 6,405  
                     
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.   $ 0.16     $ 0.39     $ 0.07     $ (0.10 )   $ 0.33  
                                         
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.   $ 0.16     $ 0.39     $ 0.07     $ (0.10 )   $ 0.32  
                                         
Weighted Average Common Shares Outstanding:                                        
Basic   19,995     19,981     19,950     19,933     19,322  
Diluted   20,018     21,099     19,994     19,933     20,739  
Common Shares Outstanding at Period End   20,373     20,340     20,333     20,176     20,179  
                                         
OIBDA(1)   $ 22,926     $ 31,401     $ 17,631     $ 20,013     $ 29,494  
OIBDA attributable to SEACOR Holdings Inc.(1)   $ 22,926     $ 31,401     $ 17,631     $ 20,013     $ 28,813  
                                         
______________________
1.    Non-GAAP Financial Measure.  See explanation of use of non-GAAP financial measures included elsewhere in this release.
 


SEACOR HOLDINGS INC.
SEGMENT INFORMATION
(in thousands, unaudited)
     
    Three Months Ended
    Sep. 30,
2020
  Jun. 30,
2020
  Mar. 31,
2020
  Dec. 31,
2019
  Sep. 30,
2019
Ocean Transportation & Logistics Services                    
Operating Revenues   $ 88,771     $ 86,111     $ 106,115     $ 101,674     $ 102,661  
Costs and Expenses:                    
Operating   59,985     57,827     77,604     72,759     66,888  
Administrative and general   10,436     8,780     10,744     11,190     9,404  
Depreciation and amortization   10,124     10,270     10,282     10,228     10,191  
    80,545     76,877     98,630     94,177     86,483  
Gains on Asset Dispositions, Net   191     113     9     121     804  
Operating Income   8,417     9,347     7,494     7,618     16,982  
Other Income (Expense):                    
Foreign currency gains (losses), net   213     83     (78 )   52     (104 )
Other, net   5     (18 )   22     6     505  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax   505     (1,426 )   (1,357 )   (1,238 )   (242 )
Segment Profit(1)   $ 9,140     $ 7,986     $ 6,081     $ 6,438     $ 17,141  
                     
OIBDA(2)   $ 18,541     $ 19,617     $ 17,776     $ 17,846     $ 27,173  
OIBDA(2) attributable to stockholders   $ 18,541     $ 19,617     $ 17,776     $ 17,846     $ 26,492  
Dry-docking expenditures for U.S.-flag petroleum and chemical
carriers, dry bulk carriers and PCTC’s (included in operating costs and expenses)
  $ 420     $ 908     $ 7,816     $ 8,752     $ 4,310  
Out-of-service days for dry-dockings of U.S.-flag petroleum and chemical carriers, dry bulk carriers and PCTC’s   9     13     38     76     42  
Dry-docking expenditures for all other vessels   $ 1,155     $ 292     $ 1,704     $ 289     $ 1,783  
                     
Inland Transportation & Logistics Services                    
Operating Revenues   $ 64,069     $ 63,513     $ 61,311     $ 68,257     $ 72,020  
Costs and Expenses:                    
Operating   54,338     53,915     50,919     57,912     62,775  
Administrative and general   3,321     3,292     3,488     3,324     3,327  
Depreciation and amortization   6,036     6,016     6,212     6,144     5,694  
    63,695     63,223     60,619     67,380     71,796  
Gains on Asset Dispositions, Net   427     8,085     315     522     330  
Operating Income   801     8,375     1,007     1,399     554  
Other Income (Expense):                    
Foreign currency gains (losses), net   (439 )   1,653     (4,478 )   1,249     (1,729 )
Other, net   1,939     (3 )            
Equity in Losses of 50% or Less Owned Companies, Net of Tax   (1,141 )   (701 )   (3,376 )   (2,346 )   (1,084 )
Segment Profit (Loss)(1)   $ 1,160     $ 9,324     $ (6,847 )   $ 302     $ (2,259 )
                     
OIBDA(2)   $ 6,837     $ 14,391     $ 7,219     $ 7,543     $ 6,248  
                                         
______________________
1.  Includes amounts attributable to both SEACOR and noncontrolling interests.
2.  Non-GAAP Financial Measure.  See explanation of use of non-GAAP financial measures included elsewhere in this release.
 

 


SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
     
    Three Months Ended
    Sep. 30,
2020
  Jun. 30,
2020
  Mar. 31,
2020
  Dec. 31, 2019   Sep. 30, 2019
Witt O’Brien’s                    
Operating Revenues   $ 20,518     $ 21,173     $ 22,506     $ 20,742     $ 24,345  
Costs and Expenses:                    
Operating   12,793     13,104     15,691     14,266     16,323  
Administrative and general   4,913     4,961     7,679     7,008     5,718  
Depreciation and amortization   359     356     259     210     210  
    18,065     18,421     23,629     21,484     22,251  
Gains on Asset Dispositions               8     10  
Operating Income (Loss)   2,453     2,752     (1,123 )   (734 )   2,104  
Other Income (Expense):                    
Foreign currency gains (losses), net   (18 )   (9 )   12     (1 )    
Other, net           70     (457 )   (1 )
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax   130     256     (8 )   333     764  
Segment Profit (Loss)   $ 2,565     $ 2,999     $ (1,049 )   $ (859 )   $ 2,867  
                     
OIBDA(2)   $ 2,812     $ 3,108     $ (864 )   $ (524 )   $ 2,314  
                     
Other                    
Operating Revenues   $ 2,069     $ 1,798     $ 2,399     $ 2,099     $ 1,635  
Costs and Expenses:                    
Operating   1,442     1,342     1,847     1,335     1,404  
Administrative and general   706     877     1,124     967     846  
Depreciation and amortization   459     615     619     499     501  
    2,607     2,834     3,590     2,801     2,751  
Gains on Asset Dispositions           60         34  
Operating Loss   (538 )   (1,036 )   (1,131 )   (702 )   (1,082 )
Other Income (Expense):                    
Other, net   1             431      
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax   (596 )   (1,111 )   (52 )   1,449     (56 )
Segment Profit (Loss)(1)   $ (1,133 )   $ (2,147 )   $ (1,183 )   $ 1,178     $ (1,138 )
                     
Corporate and Eliminations                    
Operating Revenues   $ (13 )   $ (10 )   $ (35 )   $ (11 )   $ (3 )
Costs and Expenses:                    
Operating   (12 )   (10 )   (33 )   (7 )   (4 )
Administrative and general   5,184     5,294     5,986     4,645     5,628  
Depreciation and amortization   328     328     357     370     379  
    5,500     5,612     6,310     5,008     6,003  
Losses on Asset Dispositions                   (33 )
Operating Loss   $ (5,513 )   $ (5,622 )   $ (6,345 )   $ (5,019 )   $ (6,039 )
Other Income (Expense):                    
Foreign currency gains (losses), net   $ 41     $ 16     $ (38 )   $ 51     $ (44 )
Other, net   297     679             1  
 ______________________              
1. Includes amounts attributable to both SEACOR and noncontrolling interests.
2. Non-GAAP Financial Measure.  See explanation of use of non-GAAP financial measures included elsewhere in this release.
 


SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
 
    Sep. 30,
2020
  Jun. 30,
2020
  Mar. 31,
2020
  Dec. 31,
2019
  Sep. 30,
2019
ASSETS                    
Current Assets:                    
Cash and cash equivalents   $ 98,015     $ 128,389     $ 76,106     $ 77,222     $ 76,815  
Restricted cash and restricted cash equivalents   1,119     1,119     1,224     1,222     1,221  
Marketable securities   7,597     6,418     7,832     7,936     6,038  
Receivables:                    
Trade, net of allowance for doubtful accounts   196,076     179,350     192,350     194,022     199,013  
Other   67,862     64,098     67,938     38,881     43,449  
Inventories   3,871     3,668     4,050     5,255     5,224  
Prepaid expenses and other   6,364     6,705     5,387     6,971     6,130  
Total current assets   380,904     389,747     354,887     331,509     337,890  
Property and Equipment:                    
Historical cost   1,442,442     1,439,245     1,441,509     1,442,382     1,424,907  
Accumulated depreciation   (663,277 )   (647,400 )   (639,424 )   (624,024 )   (607,727 )
Net property and equipment   779,165     791,845     802,085     818,358     817,180  
Operating Lease Right-of-Use Assets   124,855     131,628     136,180     144,539     153,464  
Investments, at Equity, and Advances to 50% or Less Owned Companies   152,744     152,228     151,568     157,108     154,968  
Construction Reserve Funds                   3,908  
Goodwill   32,616     32,626     32,586     32,701     32,668  
Intangible Assets, Net   21,041     21,990     22,952     20,996     21,884  
Other Assets   8,404     8,718     8,615     7,761     8,284  
    $ 1,499,729     $ 1,528,782     $ 1,508,873     $ 1,512,972     $ 1,530,246  
                     
LIABILITIES AND EQUITY                    
Current Liabilities:                    
Current portion of long-term debt   $ 10,845     $ 44,819     $ 44,495     $ 58,854     $ 76,426  
Current portion of long-term operating lease liabilities   37,124     37,441     35,258     36,011     36,422  
Current portion of other long-term financial liabilities   1,479     1,466              
Accounts payable and accrued expenses   58,640     46,129     43,663     57,595     54,921  
Other current liabilities   77,429     77,901     75,225     57,501     67,603  
Total current liabilities   185,517     207,756     198,641     209,961     235,372  
Long-Term Debt   238,005     239,698     254,272     255,612     241,408  
Long-Term Operating Lease Liabilities   87,579     93,867     100,789     108,295     116,866  
Other Long-Term Financial Liabilities   31,701     32,076              
Deferred Income Taxes   109,664     113,586     123,054     105,661     103,489  
Deferred Gains and Other Liabilities   18,910     19,320     19,103     20,929     20,463  
Total liabilities   671,376     706,303     695,859     700,458     717,598  
Equity:                    
SEACOR Holdings Inc. stockholders’ equity:                    
Preferred stock                    
Common stock   410     410     410     408     408  
Additional paid-in capital   1,666,218     1,664,617     1,662,938     1,661,002     1,659,428  
Retained earnings   529,647     526,457     518,573     517,106     519,023  
Shares held in treasury, at cost   (1,365,921 )   (1,366,787 )   (1,366,787 )   (1,365,792 )   (1,365,594 )
Accumulated other comprehensive loss, net of tax   (2,779 )   (2,998 )   (2,909 )   (998 )   (1,400 )
    827,575     821,699     812,225     811,726     811,865  
Noncontrolling interests in subsidiaries   778     780     789     788     783  
Total equity   828,353     822,479     813,014     812,514     812,648  
    $ 1,499,729     $ 1,528,782     $ 1,508,873     $ 1,512,972     $ 1,530,246  
                                         

Use of non-GAAP Financial Measures

The information furnished in this release includes non-GAAP financial measures that differ from measures calculated in accordance with U.S. GAAP, including OIBDA and Cash Earnings.

The Company defines OIBDA as operating income (loss) plus depreciation and amortization.  The Company includes maintenance and repair costs, including major overhauls and regulatory dry-dockings, and gains or losses (or impairments) on asset dispositions in OIBDA.  The Company defines Cash Earnings as OIBDA further adjusted to exclude the amortization of non-cash deferred gains and amounts attributable to its minority partner in SEA-Vista as well as the gain or loss associated with marking-to-market securities held for investment, accrued net cash expense associated with interest on debt obligations, and the Company’s estimate of cash taxes.  Other companies may calculate OIBDA and Cash Earnings differently than the Company, which may limit their usefulness as comparative measures.  In addition, each of these measures does not necessarily represent funds available for discretionary use and are not measures of the Company’s ability to fund its cash needs.  OIBDA and Cash Earnings are each financial metrics used by management (i) as a supplemental internal measure for planning and forecasting overall expectations and for evaluating actual results against such expectations; (ii) as a criteria for annual incentive bonuses paid to Company officers and other shore-based employees; and (iii) to compare to the OIBDA and Cash Earnings of other companies when evaluating potential acquisitions.  In addition, the Company believes Cash Earnings is meaningful to investors because it assists in evaluating the Company’s results of operations and net cash generated by business activities across previous and subsequent accounting periods and to better understand the long-term performance of the Company.  The Company views OIBDA and Cash Earnings as measures of operating performance not liquidity.

The presentation of these non-GAAP financial measures is not intended to be considered in isolation from or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP.

The following tables reconcile these non-GAAP measures to their most closely comparable U.S. GAAP measures (amounts in thousands, except per share data).

    Three Months Ended September 30,   Nine Months Ended September 30,
    2020   2019   2020   2019
U.S. GAAP Measures                
Net Income Attributable to Stockholders   $ 3,190     $ 6,405     $ 12,541     $ 28,691  
Diluted Earnings Per Common Share(1)   $ 0.16     $ 0.32     $ 0.63     $ 1.48  
                                 
Reconciliation of non-GAAP Financial Measures                                
Operating Income (U.S. GAAP)   $ 5,620     $ 12,519     $ 19,338     $ 42,593  
(+) Depreciation and amortization   17,306     16,975     52,620     51,120  
OIBDA(2)   22,926     29,494     71,958     93,713  
(–) Amortization of deferred gains(3)   (331 )   (330 )   (992 )   (991 )
(–) OIBDA attributable to noncontrolling interests       (681 )       (15,999 )
(–) Cash interest paid, net(4)   (177 )   (900 )   (2,983 )   (2,675 )
(–) Income tax obligation   (5,412 )   (6 )   (13,178 )   (19 )
(+/–) Marketable security gains (losses), net   951     144     (567 )   16,496  
Cash Earnings (proxy for cash earned)   $ 17,957     $ 27,721     $ 54,238     $ 90,525  

______________________

  1. Includes diluted earnings per common share of $0.65 for the nine months ended September 30, 2019, related to marking-to-market the Company’s marketable security portfolio.
  2. All references to OIBDA in this release are calculated in the same manner.
  3. Included in gains on asset dispositions.
  4. Amount is net of interest income, excludes capitalized interest, and is net of our partner’s portion of SEA-Vista net interest expense of $0.2 million and $1.2 million for the three and nine months ended September 30, 2019, respectively.
 
SEACOR HOLDINGS INC.
FLEET COUNTS
(unaudited)
 
  Sep. 30,
2020
  Jun. 30,
2020
  Mar. 31,
2020
  Dec. 31,
2019
  Sep. 30,
2019
Ocean Transportation & Logistics Services                  
Bulk Transportation Services:                  
Petroleum and chemical carriers - U.S.-flag 9     9     9     9     9  
Bulk carriers - U.S.-flag 2     2     2     2     2  
Port & Infrastructure Services:                  
Harbor tugs - U.S.-flag 24     25     25     24     24  
Harbor tugs - Foreign-flag 8     8     8     8     8  
Offshore tug - U.S.-flag 1     1     1     1     1  
Ocean liquid tank barges - U.S.-flag 5     5     5     5     5  
Ocean liquid tank barges - Foreign-flag 1     1     1     1     1  
Specialty vessels - Foreign-flag(1) 2     2     2     2     2  
Logistics Services:                  
PCTC(2) - U.S.-flag 4     4     4     4     4  
Short-sea container/RORO(3) vessels - Foreign-flag 8     8     8     8     8  
RORO(3) & deck barges - U.S.-flag 7     7     7     7     7  
Rail ferries - Foreign-flag 2     2     2     2     2  
  73     74     74     73     73  
                   
Inland Transportation & Logistics Services                  
Bulk Transportation Services:                  
Dry-cargo barges 1,322     1,341     1,372     1,372     1,375  
Liquid tank barges 20     20     20     20     20  
Specialty barges(4) 5     5     5     5     5  
Towboats:                  
4,000 hp - 6,600 hp 19     19     19     19     18  
3,300 hp - 3,900 hp 3     3     3     3     3  
Less than 3,300 hp 2     2     2     2     2  
Port & Infrastructure Services:                  
Harbor boats:                  
1,100 hp - 2,000 hp 18     18     18     18     18  
Less than 1,100 hp 6     6     6     6     6  
Logistics Services:                  
Dry-cargo barges 35     35     35     35     32  
Towboats:                  
Less than 3,300 hp 2     2     1     1      
  1,432     1,451     1,481     1,481     1,479  

______________________

  1. One line handling and one crew transport vessel.
  2. Pure Car/Truck Carrier.
  3. Roll On/Roll Off.
  4. Includes non-certificated 10,000 and 30,000 barrel inland river liquid tank barges.

 

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