SEACOR Holdings Announces Results for the Second Quarter Ended June 30, 2020

FORT LAUDERDALE, Fla., July 27, 2020 (GLOBE NEWSWIRE) -- SEACOR Holdings Inc. (NYSE:CKH) (the “Company”) today announced its results for the second quarter ended June 30, 2020:

  • Net income attributable to stockholders for the quarter ended June 30, 2020 was $7.9 million ($0.39 per diluted share) compared with $14.6 million ($0.76 per diluted share) for the quarter ended June 30, 2019.  The prior year quarter included $10.5 million ($0.53 per diluted share) of net mark-to-market gains on marketable securities.
  • Operating income for the quarter ended June 30, 2020 was $13.7 million compared with $11.1 million for the quarter ended June 30, 2019.
  • “Cash Earnings” for the quarter ended June 30, 2020 were $19.2 million compared with $32.9 million for the quarter ended June 30, 2019.  "Cash Earnings" in the current year quarter is net of $7.5 million in cash income taxes, and "Cash Earnings" in the prior year quarter benefited from $13.3 million of unrealized mark-to-market gains on marketable securities.

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, commented on the quarter's results and impact of COVID-19 as follows:

"I am pleased that all of our businesses have continued to perform their essential services in the face of the unprecedented challenges presented by COVID-19.  As I stated last quarter, our first and most important operational priority is, at all times and in all circumstances, the safety and well-being of our more than 2,000 employees and those with whom they interact, and, of course, also the environment.

We have begun to see an uptick in activity in some of our businesses that were adversely impacted.  SEACOR Island Lines, our liner and logistics support for the Bahamas and Caribbean, began to experience increased demand in the last half of the quarter.  Although activity is not back to pre-pandemic levels, it is considerably better than in April.  I hope that the recent imposition of travel restrictions limiting access of American flights to the Bahamas does not constitute a setback.  Waterman Logistics, our Government Services group, suffered from weaker demand following the U.S. military instituting a moratorium in late March on movements of cargo handled by vessels such as ours.  Atypically, there were no cargo movements for our vessels during the entire quarter.  We now see the military again shipping cargoes.  Seabulk Towing, our harbor ship assist business, was also impacted due to the overall reduction of ship calls in its port network.  Activity has improved modestly from mid-April but lags pre-COVID-19 levels.  Our inland business performed better this year than last, even after adjusting for the sale of 39 barges.  Another positive development was Witt O'Brien's expanding its business, playing a critical role helping over 60 governments, healthcare organizations, and educational institutions to access and deploy federal COVID-19 funds made available through the CARES Act and by FEMA.  It has also been supporting our corporate clients worldwide as they manage their pandemic response.  It is particularly gratifying that Witt O'Brien's practitioners are helping schools, hospitals and communities cope during these challenging times.

As a management team we continue to monitor the impacts of the pandemic on our operations and adjust as necessary to protect our long-term sustainability."

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

Operating Discussion

Ocean Transportation & Logistics Services - Operating income and OIBDA were $9.3 million and $19.6 million in the current year quarter compared with $19.1 million and $23.2 million, respectively.  Operating results for SEACOR Island Lines, Waterman Logistics and Seabulk Towing were all negatively impacted by the COVID-19 pandemic.

Freight demand into the Bahamas and the Turks and Caicos saw a sharp decline in early April when "shelter in place" orders were in effect globally.  In mid-May, freight demand began to rebound although activity remains below pre-pandemic levels.  Waterman Logistics, experienced weaker demand following the U.S. military instituting a cargo moratorium.  During the second quarter, there was no new U.S. military cargo movement.  In addition, one of Waterman Logistics' PCTC's was dry-docked during the quarter.  Harbor towing and bunkering also experienced a reduction in ship calls in its port network.

Operating results for SEA-Vista improved as there was no out-of-service time for its fleet.  The improvement was offset by higher repair and maintenance costs and associated downtime for one of the Jones Act dry bulk carriers in advance of two consecutive relief aid voyage charters.

Inland Transportation & Logistics Services - Operating income and OIBDA were $8.4 million and $14.4 million, respectively, in the current year quarter compared with an operating loss of $1.5 million and OIBDA of $4.2 million in the prior year quarter.  Operating income and OIBDA included gains on asset dispositions of $8.1 million and $0.3 million in the current year quarter and prior year quarter, respectively.  Excluding gains on asset dispositions, operating income increased $2.2 million compared with the prior year quarter.

Operating income for the Company's terminals and fleeting locations was better primarily due to increased activity levels.  In the prior year quarter, the St. Louis harbor was closed for 45 days due to flooding, a negative impact on both revenues and operating costs.  Operating income for SEACOR AMH, the Company's container on barge operation, also improved primarily due to a reduction in barge logistics and stevedoring costs and savings related to the acquisition of two towboats, which replaced a chartered-in boat.  Collectively, these service offerings had a positive incremental contribution of $3.8 million compared with the prior year quarter.

These increases were partially offset by lower operating income from bulk transportation activities.  The dry-cargo barge pools continue to be impacted by lower demand for grain movements from continuing trade issues with China, and also depressed commodity prices and the option to take government subsidies, both of which are a disincentive to producers selling to commercial markets.  Our international liquid tank barge operation was also hurt by COVID-19, moving less volumes due to a countrywide lockdown.

Witt O’Brien’s - Operating income and OIBDA were $2.8 million and $3.1 million in the current year quarter compared with $1.0 million and $1.2 million, respectively.  The improvement was primarily due to lower reserves for bad debts and reduced headcount, which was more effectively utilized.

Capital Commitments - The Company’s capital commitments as of June 30, 2020 were $57.9 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 repurchased $12.9 million in principal amount of its 2.5% Convertible Senior Notes for $10.9 million.

As of June 30, 2020, the Company’s balances of cash, cash equivalents, restricted cash, restricted cash equivalents, and marketable securities totaled $135.9 million.  As of June 30, 2020, total outstanding debt was $284.5 million, and the Company had $225.0 million of borrowing capacity under its credit facilities.

Equity - As of June 30, 2020, the total shares outstanding were 20,339,641.

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   Six Months Ended
  June 30,   June 30,
  2020   2019   2020   2019
Operating Revenues $ 172,585     $ 197,023     $ 364,881     $ 406,547  
Costs and Expenses:              
Operating 126,178     142,871     272,206     289,982  
Administrative and general 23,204     26,714     52,225     53,460  
Depreciation and amortization 17,585     17,009     35,314     34,145  
  166,967     186,594     359,745     377,587  
Gains on Asset Dispositions, Net 8,198     677     8,582     1,114  
Operating Income 13,816     11,106     13,718     30,074  
Other Income (Expense):              
Interest income 1,518     1,885     3,119     3,785  
Interest expense (4,179 )   (4,903 )   (8,649 )   (10,016 )
Debt extinguishment gains (losses), net 1,921     (503 )   1,602     (1,296 )
Marketable security gains (losses), net (1,414 )   13,284     (1,518 )   16,352  
Foreign currency gains (losses), net 1,743     (191 )   (2,839 )   214  
Other, net 658     25     750     (619 )
  247     9,597     (7,535 )   8,420  
Income Before Income Tax Expense (Benefit) and Equity in Losses of 50% or Less Owned Companies 14,063     20,703     6,183     38,494  
Income Tax Expense (Benefit) 3,206     3,390     (10,936 )   5,595  
Income Before Equity in Losses of 50% or Less Owned Companies 10,857     17,313     17,119     32,899  
Equity in Losses of 50% or Less Owned Companies, Net of Tax (2,982 )   (312 )   (7,775 )   (2,830 )
Net Income 7,875     17,001     9,344     30,069  
Net Income (Loss) Attributable to Noncontrolling Interests in Subsidiaries (9 )   2,448     (7 )   7,783  
Net Income Attributable to SEACOR Holdings Inc. $ 7,884     $ 14,553     $ 9,351     $ 22,286  
             
Basic Earnings Per Common Share of SEACOR Holdings Inc. $ 0.39     $ 0.80     $ 0.47     $ 1.22  
             
Diluted Earnings Per Common Share of SEACOR Holdings Inc. $ 0.39     $ 0.76     $ 0.47     $ 1.17  
               
Weighted Average Common Shares Outstanding:              
Basic 19,980,830     18,288,879     19,965,637     18,260,876  
Diluted 21,099,079     19,633,523     19,986,582     19,599,990  
               
OIBDA(1) $ 31,401     $ 28,115     $ 49,032     $ 64,219  
OIBDA Attributable to SEACOR Holdings Inc.(1) $ 31,401     $ 21,905     $ 49,032     $ 48,901  
                               

______________________
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
  Jun. 30, 2020   Mar. 31, 2020   Dec. 31, 2019   Sep. 30, 2019   Jun. 30, 2019
Operating Revenues $ 172,585     $ 192,296     $ 192,761     $ 200,658     $ 197,023  
Costs and Expenses:                  
Operating 126,178     146,028     146,265     147,386     142,871  
Administrative and general 23,204     29,021     27,134     24,923     26,714  
Depreciation and amortization 17,585     17,729     17,451     16,975     17,009  
  166,967     192,778     190,850     189,284     186,594  
Gains on Asset Dispositions, Net 8,198     384     651     1,145     677  
Operating Income (Loss) 13,816     (98 )   2,562     12,519     11,106  
Other Income (Expense):                  
Interest income 1,518     1,601     1,488     2,198     1,885  
Interest expense (4,179 )   (4,470 )   (4,401 )   (4,816 )   (4,903 )
Debt extinguishment gains (losses), net 1,921     (319 )   (171 )   (777 )   (503 )
Marketable security gains (losses), net (1,414 )   (104 )   1,898     144     13,284  
Foreign currency gains (losses), net 1,743     (4,582 )   1,351     (1,877 )   (191 )
Other, net 658     92     (20 )   505     25  
  247     (7,782 )   145     (4,623 )   9,597  
Income (Loss) Before Income Tax Expense (Benefit) and Equity in Losses of 50% or Less Owned Companies 14,063     (7,880 )   2,707     7,896     20,703  
Income Tax Expense (Benefit) 3,206     (14,142 )   2,817     1,417     3,390  
Income (Loss) Before Equity in Losses of 50% or Less Owned Companies 10,857     6,262     (110 )   6,479     17,313  
Equity in Losses of 50% or Less Owned Companies, Net of Tax (2,982 )   (4,793 )   (1,802 )   (618 )   (312 )
Net Income (Loss) 7,875     1,469     (1,912 )   5,861     17,001  
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries (9 )   2     5     (544 )   2,448  
Net Income (Loss) attributable to SEACOR Holdings Inc. $ 7,884     $ 1,467     $ (1,917 )   $ 6,405     $ 14,553  
                   
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc. $ 0.39     $ 0.07     $ (0.10 )   $ 0.33     $ 0.80  
                   
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc. $ 0.39     $ 0.07     $ (0.10 )   $ 0.32     $ 0.76  
                   
Weighted Average Common Shares Outstanding:                  
Basic 19,981     19,950     19,933     19,322     18,289  
Diluted 21,099     19,994     19,933     20,739     19,634  
Common Shares Outstanding at Period End 20,340     20,333     20,176     20,179     18,550  
                   
OIBDA(1) $ 31,401     $ 17,631     $ 20,013     $ 29,494     $ 28,115  
OIBDA attributable to SEACOR Holdings Inc.(1) $ 31,401     $ 17,631     $ 20,013     $ 28,813     $ 21,905  
                                       

______________________
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
  Jun. 30, 2020   Mar. 31, 2020   Dec. 31, 2019   Sep. 30, 2019   Jun. 30, 2019
Ocean Transportation & Logistics Services                  
Operating Revenues $ 86,111     $ 106,115     $ 101,674     $ 102,661     $ 109,681  
Costs and Expenses:                  
Operating 57,827     77,604     72,759     66,888     71,230  
Administrative and general 8,780     10,744     11,190     9,404     9,423  
Depreciation and amortization 10,270     10,282     10,228     10,191     10,230  
  76,877     98,630     94,177     86,483     90,883  
Gains on Asset Dispositions 113     9     121     804     349  
Operating Income 9,347     7,494     7,618     16,982     19,147  
Other Income (Expense):                  
Foreign currency gains (losses), net 83     (78 )   52     (104 )   1  
Other, net (18 )   22     6     505     28  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax (1,426 )   (1,357 )   (1,238 )   (242 )   700  
Segment Profit(1) $ 7,986     $ 6,081     $ 6,438     $ 17,141     $ 19,876  
                   
OIBDA(2) $ 19,617     $ 17,776     $ 17,846     $ 27,173     $ 29,377  
OIBDA(2) attributable to stockholders $ 19,617     $ 17,776     $ 17,846     $ 26,492     $ 23,167  
Dry-docking expenditures for U.S.-flag petroleum and chemical carriers, dry bulk carriers and PCTC’s (included in operating costs and expenses) $ 908     $ 7,816     $ 8,752     $ 4,310     $ 1,925  
Out-of-service days for dry-dockings of U.S.-flag petroleum and chemical carriers, dry bulk carriers and PCTC’s 13     38     76     42     30  
Dry-docking expenditures for all other vessels $ 292     $ 1,704     $ 289     $ 1,783     $ 1,447  
                   
Inland Transportation & Logistics Services                  
Operating Revenues $ 63,513     $ 61,311     $ 68,257     $ 72,020     $ 61,455  
Costs and Expenses:                  
Operating 53,915     50,919     57,912     62,775     54,486  
Administrative and general 3,292     3,488     3,324     3,327     3,133  
Depreciation and amortization 6,016     6,212     6,144     5,694     5,699  
  63,223     60,619     67,380     71,796     63,318  
Gains on Asset Dispositions, Net 8,085     315     522     330     330  
Operating Income (Loss) 8,375     1,007     1,399     554     (1,533 )
Other Income (Expense):                  
Foreign currency gains (losses), net 1,653     (4,478 )   1,249     (1,729 )   (191 )
Other, net (3 )                
Equity in Losses of 50% or Less Owned Companies, Net of Tax (701 )   (3,376 )   (2,346 )   (1,084 )   (618 )
Segment Profit (Loss)(1) $ 9,324     $ (6,847 )   $ 302     $ (2,259 )   $ (2,342 )
                   
OIBDA(2) $ 14,391     $ 7,219     $ 7,543     $ 6,248     $ 4,166  
                                       

SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)

  Three Months Ended
  Jun. 30, 2020   Mar. 31, 2020   Dec. 31, 2019   Sep. 30, 2019   Jun. 30, 2019
Witt O’Brien’s                  
Operating Revenues $ 21,173     $ 22,506     $ 20,742     $ 24,345     $ 23,753  
Costs and Expenses:                  
Operating 13,104     15,691     14,266     16,323     15,691  
Administrative and general 4,961     7,679     7,008     5,718     6,831  
Depreciation and amortization 356     259     210     210     209  
  18,421     23,629     21,484     22,251     22,731  
Gains on Asset Dispositions         8     10      
Operating Income (Loss) 2,752     (1,123 )   (734 )   2,104     1,022  
Other Income (Expense):                  
Foreign currency gains (losses), net (9 )   12     (1 )        
Other, net     70     (457 )   (1 )   (2 )
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 256     (8 )   333     764     (128 )
Segment Profit (Loss) $ 2,999     $ (1,049 )   $ (859 )   $ 2,867     $ 892  
                   
OIBDA(2) $ 3,108     $ (864 )   $ (524 )   $ 2,314     $ 1,231  
                   
Other                  
Operating Revenues $ 1,798     $ 2,399     $ 2,099     $ 1,635     $ 2,142  
Costs and Expenses:                  
Operating 1,342     1,847     1,335     1,404     1,472  
Administrative and general 877     1,124     967     846     837  
Depreciation and amortization 615     619     499     501     493  
  2,834     3,590     2,801     2,751     2,802  
Gains (Losses) on Asset Dispositions     60         34     (2 )
Operating Loss (1,036 )   (1,131 )   (702 )   (1,082 )   (662 )
Other Income (Expense):                  
Other, net         431          
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax (1,111 )   (52 )   1,449     (56 )   (266 )
Segment Profit (Loss)(1) $ (2,147 )   $ (1,183 )   $ 1,178     $ (1,138 )   $ (928 )
                   
Corporate and Eliminations                  
Operating Revenues $ (10 )   $ (35 )   $ (11 )   $ (3 )   $ (8 )
Costs and Expenses:                  
Operating (10 )   (33 )   (7 )   (4 )   (8 )
Administrative and general 5,294     5,986     4,645     5,628     6,490  
Depreciation and amortization 328     357     370     379     378  
  5,612     6,310     5,008     6,003     6,860  
Losses on Asset Dispositions             (33 )    
Operating Loss $ (5,622 )   $ (6,345 )   $ (5,019 )   $ (6,039 )   $ (6,868 )
Other Income (Expense):                  
Foreign currency gains (losses), net $ 16     $ (38 )   $ 51     $ (44 )   $ (1 )
Other, net 679             1     (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)

  Jun. 30, 2020   Mar. 31, 2020   Dec. 31, 2019   Sep. 30, 2019   Jun. 30, 2019
ASSETS                  
Current Assets:                  
Cash and cash equivalents $ 128,389     $ 76,106     $ 77,222     $ 76,815     $ 138,757  
Restricted cash and restricted cash equivalents 1,119     1,224     1,222     1,221     1,221  
Marketable securities 6,418     7,832     7,936     6,038     39,368  
Receivables:                  
Trade, net of allowance for doubtful accounts 179,350     192,350     194,022     199,013     164,964  
Other 64,098     67,938     38,881     43,449     38,297  
Inventories 3,668     4,050     5,255     5,224     5,293  
Prepaid expenses and other 6,705     5,387     6,971     6,130     5,640  
Total current assets 389,747     354,887     331,509     337,890     393,540  
Property and Equipment:                  
Historical cost 1,439,245     1,441,509     1,442,382     1,424,907     1,416,084  
Accumulated depreciation (647,400 )   (639,424 )   (624,024 )   (607,727 )   (593,168 )
Net property and equipment 791,845     802,085     818,358     817,180     822,916  
Operating Lease Right-of-Use Assets 131,628     136,180     144,539     153,464     161,518  
Investments, at Equity, and Advances to 50% or Less Owned Companies 152,228     151,568     157,108     154,968     155,645  
Construction Reserve Funds             3,908     3,908  
Goodwill 32,626     32,586     32,701     32,668     32,714  
Intangible Assets, Net 21,990     22,952     20,996     21,884     22,773  
Other Assets 8,718     8,615     7,761     8,284     10,376  
  $ 1,528,782     $ 1,508,873     $ 1,512,972     $ 1,530,246     $ 1,603,390  
                   
LIABILITIES AND EQUITY                  
Current Liabilities:                  
Current portion of long-term debt $ 44,819     $ 44,495     $ 58,854     $ 76,426     $ 78,301  
Current portion of long-term operating lease liabilities 37,441     35,258     36,011     36,422     36,171  
Current portion of other long-term financial liabilities 1,466                  
Accounts payable and accrued expenses 46,129     43,663     57,595     54,921     35,132  
Other current liabilities 77,901     75,225     57,501     67,603     64,796  
Total current liabilities 207,756     198,641     209,961     235,372     214,400  
Long-Term Debt 239,698     254,272     255,612     241,408     234,445  
Long-Term Operating Lease Liabilities 93,867     100,789     108,295     116,866     125,182  
Other Long-Term Financial Liabilities 32,076                  
Deferred Income Taxes 113,586     123,054     105,661     103,489     99,938  
Deferred Gains and Other Liabilities 19,320     19,103     20,929     20,463     20,768  
Total liabilities 706,303     695,859     700,458     717,598     694,733  
Equity:                  
SEACOR Holdings Inc. stockholders’ equity:                  
Preferred stock                  
Common stock 410     410     408     408     392  
Additional paid-in capital 1,664,617     1,662,938     1,661,002     1,659,428     1,600,838  
Retained earnings 526,457     518,573     517,106     519,023     512,618  
Shares held in treasury, at cost (1,366,787 )   (1,366,787 )   (1,365,792 )   (1,365,594 )   (1,366,432 )
Accumulated other comprehensive loss, net of tax (2,998 )   (2,909 )   (998 )   (1,400 )   (995 )
  821,699     812,225     811,726     811,865     746,421  
Noncontrolling interests in subsidiaries 780     789     788     783     162,236  
Total equity 822,479     813,014     812,514     812,648     908,657  
  $ 1,528,782     $ 1,508,873     $ 1,512,972     $ 1,530,246     $ 1,603,390  
                                       

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
June 30,
  Six Months Ended
June 30,
  2020   2019   2020   2019
U.S. GAAP Measures              
Net Income Attributable to Stockholders $ 7,884     $ 14,553     $ 9,351     $ 22,286  
Diluted Earnings Per Common Share(1) $ 0.39     $ 0.76     $ 0.47     $ 1.17  
               
Reconciliation of non-GAAP Financial Measures              
Operating Income (U.S. GAAP) $ 13,816     $ 11,106     $ 13,718     $ 30,074  
(+) Depreciation and amortization 17,585     17,009     35,314     34,145  
OIBDA(2) 31,401     28,115     49,032     64,219  
(–) Amortization of deferred gains(3) (330 )   (330 )   (661 )   (661 )
(–) OIBDA attributable to noncontrolling interests     (6,210 )       (15,318 )
(–) Cash interest paid, net(4) (2,948 )   (864 )   (2,806 )   (1,776 )
(–) Income tax obligation (7,521 )   (1,112 )   (7,766 )   (3,192 )
(+/–) Marketable security gains (losses), net (1,414 )   13,284     (1,518 )   16,352  
Cash Earnings (proxy for cash earned) $ 19,188     $ 32,883     $ 36,281     $ 59,624  
                               

______________________
1. Includes diluted earnings per common share of $0.53 and $0.66 for the three and six months ended June 30, 2019, respectively, 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 $0.5 million and $1.1 million for the three and six months ended June 30, 2019, respectively.

SEACOR HOLDINGS INC.
FLEET COUNTS
(unaudited)

  Jun. 30, 2020   Mar. 31, 2020   Dec. 31, 2019   Sep. 30, 2019   Jun. 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 25     25     24     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     9  
RORO(3) & deck barges - U.S.-flag 7     7     7     7     7  
Rail ferries - Foreign-flag 2     2     2     2     2  
  74     74     73     73     74  
                   
Inland Transportation & Logistics Services                  
Bulk Transportation Services:                  
Dry-cargo barges 1,341     1,372     1,372     1,375     1,372  
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     18     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     32     35  
Towboats:                  
Less than 3,300 hp 2     1     1          
  1,451     1,481     1,481     1,479     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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Source: SEACOR Holdings Inc.