SEACOR Holdings Announces Results for the Fourth Quarter Ended December 31, 2020

FORT LAUDERDALE, Fla., Feb. 19, 2021 (GLOBE NEWSWIRE) -- SEACOR Holdings Inc. (NYSE:CKH) (the “Company”) today announced its results for the fourth quarter ended December 31, 2020:

  • Net income attributable to stockholders for the quarter ended December 31, 2020 was $10.8 million ($0.52 per diluted share) compared with a net loss of $(1.9) million ($(0.10) per diluted share) for the quarter ended December 31, 2019.

  • Operating income for the quarter ended December 31, 2020 was $13.3 million compared with $2.6 million for the quarter ended December 31, 2019.

  • “Cash Earnings” for the quarter ended December 31, 2020 were $23.0 million compared with $18.5 million for the quarter ended December 31, 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.

The "Operating Discussion" below is a comparison of results for the quarter ended December 31, 2020 with the prior year quarter ended December 31, 2019.

Operating Discussion

Ocean Transportation & Logistics Services - Operating income and OIBDA were $12.6 million and $22.8 million, respectively, in the current year quarter compared with $7.6 million and $17.8 million, respectively.

The current year quarter benefited from a $7.8 million reduction in dry-docking costs in addition to the related out-of-service time.  These benefits were partially offset by lower operating results for one SEA-Vista vessel due to the commencement of a lower margin long-term multiyear bareboat charter and weaker operating results for SEACOR Island Lines, Seabulk Towing and the Company's dry bulk carrier fleet.

The COVID-19 pandemic continued to negatively impact the performance of SEACOR Island Lines and Seabulk Towing.  Demand for freight into the Bahamas and the Turks & Caicos and ship calls into harbor towing's port network rebounded from the lows earlier in the year, but activity remained below pre-pandemic levels.  Moreover, in the prior year quarter, SEACOR Island Lines benefited from higher freight demand as a result of Hurricane Dorian relief activity.  Operating results for the dry bulk carrier fleet were lower following the scrapping of one U.S.-flag bulk carrier in October 2020.

Inland Transportation & Logistics Services - Operating income and OIBDA were $9.8 million and $16.5 million, respectively, in the current year quarter compared with $1.4 million and $7.5 million, respectively.

Barge pool earnings improved due to strong soybean exports and favorable operating conditions resulting in higher freight rates and higher utilization.  Operating results from the terminal business improved due to increased throughput volumes at the Company's dry bulk facilities as a result of new contracts primarily supporting fertilizer customers.  SEACOR AMH, the Company's container on barge operation, also posted improved results primarily due to an increase in container movements and a reduction in operating costs following the internalization of towing and stevedore activities.

Fleeting operations suffered from a reduction in liquid tank barge activity in the St. Louis region due to lower demand for petroleum products.

Witt O’Brien’s - Operating income and OIBDA were $0.5 million and $0.8 million in the current year quarter compared with an operating loss and negative OIBDA of $(0.7) million and $(0.5) million, respectively.  The improvement was primarily due to an expansion of support for the USVI recovery program and new contract wins in response to the COVID-19 pandemic partially offset by bad debt expense related to a dispute with a subcontractor.

Corporate Expenses - Corporate expenses were $4.1 million higher primarily due to advisory and legal fees associated with the proposed merger transaction with American Industrial Partners.

Capital Commitments - The Company’s capital commitments as of December 31, 2020 were $43.1 million and included four U.S.-flag harbor tugs, one inland river towboat, other equipment, and vessel and terminal improvements.  Subsequent to December 31, 2020, the Company committed to purchase other property and equipment for $0.2 million.

Liquidity and Debt - During the current year quarter, the Company drew $20.0 million on its revolving credit facility, which was repaid in January 2021.

As of December 31, 2020, the Company’s balances of cash, cash equivalents, restricted cash, restricted cash equivalents, and marketable securities totaled $74.4 million.  As of December 31, 2020, total outstanding debt was $277.0 million, and the Company had $205.0 million of borrowing capacity under its credit facilities.

Equity - As of December 31, 2020, the total shares outstanding were 20,472,853.

Tender Offer - On December 18, 2020, Safari Merger Subsidiary, Inc., a Delaware corporation and an affiliate of American Industrial Partners (“Purchaser”), commenced a tender offer to acquire all of the outstanding shares of the Company’s common stock at a price per share of $41.50, net to the holder in cash, without interest. The offer remains outstanding and the Company’s board of directors has recommended that the Company’s stockholders accept the offer and tender their shares to Purchaser pursuant to the offer. For additional information on the offer and the Company’s recommendation, see “Additional Information and Where to Find It” below.

* * * * *

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.

Additional Information and Where to Find It

The tender offer described in this communication commenced on December 18, 2020. This communication is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell shares of the Company. On December 18, 2020, Purchaser filed with the United States Securities and Exchange Commission (the “SEC”) a Tender Offer Statement on Schedule TO, and the Company filed with the SEC a Solicitation/Recommendation Statement on Schedule 14D-9. THE COMPANY’S STOCKHOLDERS AND OTHER INVESTORS ARE URGED TO READ THE TENDER OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER TENDER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT BECAUSE THEY CONTAIN IMPORTANT INFORMATION WHICH SHOULD BE READ CAREFULLY BEFORE ANY DECISION IS MADE WITH RESPECT TO THE TENDER OFFER. The Tender Offer Statement and the Solicitation/Recommendation Statement, as amended from time to time, are available for free at the SEC’s web site at www.sec.gov. Additional copies may be obtained for free by contacting the Company. Free copies of these materials and certain other offering documents will be made available by the Company upon request by mail to SEACOR Holdings Inc., 2200 Eller Drive, P.O. Box 13038, Fort Lauderdale, FL 33316, attention: Investor Relations, or by phone at 1-954-523-2200, or by directing requests for such materials to the information agent for the offer, which will be named in the Tender Offer Statement. Copies of the documents filed with the SEC by the Company will be available free of charge under the “Investors” section of the Company’s internet website at seacorholdings.com. In addition to the Offer to Purchase, the related Letter of Transmittal and certain other tender offer documents, as well as the Solicitation/Recommendation Statement, the Company files annual, quarterly and current reports, proxy statements and other information with the SEC. The Company’s filings with the SEC are also available for free to the public from commercial document-retrieval services and at the website maintained by the SEC at www.sec.gov.

Cautionary Note Regarding Forward-Looking Statements

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 (LOSS)
(in thousands, except share data, unaudited)
 
  Three Months Ended   Twelve Months Ended
  December 31,   December 31,
  2020   2019   2020   2019
Operating Revenues $ 213,531     $ 192,761     $ 753,826     $ 799,966  
Costs and Expenses:              
Operating 147,288     145,964     548,040     583,332  
Administrative and general 36,528     27,435     113,313     105,818  
Depreciation and amortization 17,933     17,451     70,553     68,571  
  201,749     190,850     731,906     757,721  
Gains on Asset Dispositions, Net 1,535     651     10,735     2,910  
Operating Income 13,317     2,562     32,655     45,155  
Other Income (Expense):              
Interest income 1,649     1,488     6,193     7,471  
Interest expense (3,362 )   (4,401 )   (15,949 )   (19,233 )
Debt extinguishment gains (losses), net     (171 )   1,348     (2,244 )
Marketable security gains (losses), net     1,898     (567 )   18,394  
Foreign currency gains (losses), net 2,660     1,351     (382 )   (312 )
Other, net 102     (20 )   3,094     (134 )
  1,049     145     (6,263 )   3,942  
Income Before Income Tax Expense (Benefit) and Equity in Losses of 50% or Less Owned Companies 14,366     2,707     26,392     49,097  
Income Tax Expense (Benefit) 2,262     2,817     (7,122 )   9,829  
Income (Loss) Before Equity in Losses of 50% or Less Owned Companies 12,104     (110 )   33,514     39,268  
Equity in Losses of 50% or Less Owned Companies, Net of Tax (1,306 )   (1,802 )   (10,183 )   (5,250 )
Net Income (Loss) 10,798     (1,912 )   23,331     34,018  
Net Income Attributable to Noncontrolling Interests in Subsidiaries 28     5     20     7,244  
Net Income (Loss) Attributable to SEACOR Holdings Inc. $ 10,770     $ (1,917 )   $ 23,311     $ 26,774  
             
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc. $ 0.54     $ (0.10 )   $ 1.17     $ 1.41  
             
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc. $ 0.52     $ (0.10 )   $ 1.16     $ 1.38  
               
Weighted Average Common Shares Outstanding:              
Basic 20,042,230     19,933,277     19,992,375     18,949,981  
Diluted 21,140,588     19,933,277     21,106,745     20,306,332  
               
OIBDA(1) $ 31,250     $ 20,013     $ 103,208     $ 113,726  
OIBDA Attributable to SEACOR Holdings Inc.(1) $ 31,250     $ 20,013     $ 103,208     $ 97,727  

______________________
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
  Dec. 31,
2020
  Sep. 30,
2020
  Jun. 30,
2020
  Mar. 31,
2020
  Dec. 31,
2019
Operating Revenues $ 213,531     $ 175,414     $ 172,585     $ 192,296     $ 192,761  
Costs and Expenses:                  
Operating 147,288     128,546     126,178     146,028     145,964  
Administrative and general 36,528     24,560     23,204     29,021     27,435  
Depreciation and amortization 17,933     17,306     17,585     17,729     17,451  
  201,749     170,412     166,967     192,778     190,850  
Gains on Asset Dispositions, Net 1,535     618     8,198     384     651  
Operating Income (Loss) 13,317     5,620     13,816     (98 )   2,562  
Other Income (Expense):                  
Interest income 1,649     1,425     1,518     1,601     1,488  
Interest expense (3,362 )   (3,938 )   (4,179 )   (4,470 )   (4,401 )
Debt extinguishment gains (losses), net     (254 )   1,921     (319 )   (171 )
Marketable security gains (losses), net     951     (1,414 )   (104 )   1,898  
Foreign currency gains (losses), net 2,660     (203 )   1,743     (4,582 )   1,351  
Other, net 102     2,242     658     92     (20 )
  1,049     223     247     (7,782 )   145  
Income (Loss) Before Income Tax Expense (Benefit) and Equity in Losses of 50% or Less Owned Companies 14,366     5,843     14,063     (7,880 )   2,707  
Income Tax Expense (Benefit) 2,262     1,552     3,206     (14,142 )   2,817  
Income (Loss) Before Equity in Losses of 50% or Less Owned Companies 12,104     4,291     10,857     6,262     (110 )
Equity in Losses of 50% or Less Owned Companies, Net of Tax (1,306 )   (1,102 )   (2,982 )   (4,793 )   (1,802 )
Net Income (Loss) 10,798     3,189     7,875     1,469     (1,912 )
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries 28     (1 )   (9 )   2     5  
Net Income (Loss) attributable to SEACOR Holdings Inc. $ 10,770     $ 3,190     $ 7,884     $ 1,467     $ (1,917 )
                   
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc. $ 0.54     $ 0.16     $ 0.39     $ 0.07     $ (0.10 )
                   
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc. $ 0.52     $ 0.16     $ 0.39     $ 0.07     $ (0.10 )
                   
Weighted Average Common Shares Outstanding:                  
Basic 20,042     19,995     19,981     19,950     19,933  
Diluted 21,141     20,018     21,099     19,994     19,933  
Common Shares Outstanding at Period End 20,473     20,373     20,340     20,333     20,176  
                   
OIBDA(1) $ 31,250     $ 22,926     $ 31,401     $ 17,631     $ 20,013  

______________________
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
  Dec. 31,
2020
  Sep. 30,
2020
  Jun. 30,
2020
  Mar. 31,
2020
  Dec. 31,
2019
Ocean Transportation & Logistics Services                  
Operating Revenues $ 100,258     $ 88,771     $ 86,111     $ 106,115     $ 101,674  
Costs and Expenses:                  
Operating 65,808     59,985     57,827     77,604     72,759  
Administrative and general 12,887     10,436     8,780     10,744     11,190  
Depreciation and amortization 10,111     10,124     10,270     10,282     10,228  
  88,806     80,545     76,877     98,630     94,177  
Gains on Asset Dispositions, Net 1,197     191     113     9     121  
Operating Income 12,649     8,417     9,347     7,494     7,618  
Other Income (Expense):                  
Foreign currency gains (losses), net 234     213     83     (78 )   52  
Other, net (7 )   5     (18 )   22     6  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 372     505     (1,426 )   (1,357 )   (1,238 )
Segment Profit $ 13,248     $ 9,140     $ 7,986     $ 6,081     $ 6,438  
                   
OIBDA(2) $ 22,760     $ 18,541     $ 19,617     $ 17,776     $ 17,846  
Dry-docking expenditures for U.S.-flag petroleum and chemical carriers, dry bulk carriers and PCTC’s (included in operating costs and expenses) $ 103     $ 420     $ 908     $ 7,816     $ 8,752  
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  
Dry-docking expenditures for all other vessels $ 1,153     $ 1,155     $ 292     $ 1,704     $ 289  
                   
Inland Transportation & Logistics Services                  
Operating Revenues $ 82,996     $ 64,069     $ 63,513     $ 61,311     $ 68,257  
Costs and Expenses:                  
Operating 63,014     54,338     53,915     50,919     57,611  
Administrative and general 3,855     3,321     3,292     3,488     3,625  
Depreciation and amortization 6,653     6,036     6,016     6,212     6,144  
  73,522     63,695     63,223     60,619     67,380  
Gains on Asset Dispositions, Net 338     427     8,085     315     522  
Operating Income 9,812     801     8,375     1,007     1,399  
Other Income (Expense):                  
Foreign currency gains (losses), net 2,412     (439 )   1,653     (4,478 )   1,249  
Other, net 1     1,939     (3 )        
Equity in Losses of 50% or Less Owned Companies, Net of Tax (2,538 )   (1,141 )   (701 )   (3,376 )   (2,346 )
Segment Profit (Loss)(1) $ 9,687     $ 1,160     $ 9,324     $ (6,847 )   $ 302  
                   
OIBDA(2) $ 16,465     $ 6,837     $ 14,391     $ 7,219     $ 7,543  

______________________
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
  Dec. 31,
2020
  Sep. 30,
2020
  Jun. 30,
2020
  Mar. 31,
2020
  Dec. 31,
2019
Witt O’Brien’s                  
Operating Revenues $ 28,283     $ 20,518     $ 21,173     $ 22,506     $ 20,742  
Costs and Expenses:                  
Operating 16,932     12,793     13,104     15,691     14,266  
Administrative and general 10,507     4,913     4,961     7,679     7,008  
Depreciation and amortization 361     359     356     259     210  
  27,800     18,065     18,421     23,629     21,484  
Gains on Asset Dispositions                 8  
Operating Income (Loss) 483     2,453     2,752     (1,123 )   (734 )
Other Income (Expense):                  
Foreign currency gains (losses), net (33 )   (18 )   (9 )   12     (1 )
Other, net 79             70     (457 )
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 428     130     256     (8 )   333  
Segment Profit (Loss) $ 957     $ 2,565     $ 2,999     $ (1,049 )   $ (859 )
                   
OIBDA(2) $ 844     $ 2,812     $ 3,108     $ (864 )   $ (524 )
                   
Other                  
Operating Revenues $ 2,000     $ 2,069     $ 1,798     $ 2,399     $ 2,099  
Costs and Expenses:                  
Operating 1,537     1,442     1,342     1,847     1,335  
Administrative and general 580     706     877     1,124     967  
Depreciation and amortization 474     459     615     619     499  
  2,591     2,607     2,834     3,590     2,801  
Gains on Asset Dispositions             60      
Operating Loss (591 )   (538 )   (1,036 )   (1,131 )   (702 )
Other Income (Expense):                  
Other, net 28     1             431  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 432     (596 )   (1,111 )   (52 )   1,449  
Segment Profit (Loss)(1) $ (131 )   $ (1,133 )   $ (2,147 )   $ (1,183 )   $ 1,178  
                   
Corporate and Eliminations                  
Operating Revenues $ (6 )   $ (13 )   $ (10 )   $ (35 )   $ (11 )
Costs and Expenses:                  
Operating (3 )   (12 )   (10 )   (33 )   (7 )
Administrative and general 8,699     5,184     5,294     5,986     4,645  
Depreciation and amortization 334     328     328     357     370  
  9,030     5,500     5,612     6,310     5,008  
Operating Loss $ (9,036 )   $ (5,513 )   $ (5,622 )   $ (6,345 )   $ (5,019 )
Other Income (Expense):                  
Foreign currency gains (losses), net $ 47     $ 41     $ 16     $ (38 )   $ 51  
Other, net 1     297     679          

______________________
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)
 
  Dec. 31,
2020
  Sep. 30,
2020
  Jun. 30,
2020
  Mar. 31,
2020
  Dec. 31,
2019
ASSETS                  
Current Assets:                  
Cash and cash equivalents $ 65,703     $ 98,015     $ 128,389     $ 76,106     $ 77,222  
Restricted cash and restricted cash equivalents 1,119     1,119     1,119     1,224     1,222  
Marketable securities 7,597     7,597     6,418     7,832     7,936  
Receivables:                  
Trade, net of allowance for doubtful accounts 246,911     196,076     179,350     192,350     194,022  
Other 71,453     67,862     64,098     67,938     38,881  
Inventories 2,933     3,871     3,668     4,050     5,255  
Prepaid expenses and other 8,615     6,364     6,705     5,387     6,971  
Total current assets 404,331     380,904     389,747     354,887     331,509  
Property and Equipment:                  
Historical cost 1,441,871     1,442,442     1,439,245     1,441,509     1,442,382  
Accumulated depreciation (647,679 )   (663,277 )   (647,400 )   (639,424 )   (624,024 )
Net property and equipment 794,192     779,165     791,845     802,085     818,358  
Operating Lease Right-of-Use Assets 117,097     124,855     131,628     136,180     144,539  
Investments, at Equity, and Advances to 50% or Less Owned Companies 155,399     152,744     152,228     151,568     157,108  
Goodwill 32,677     32,616     32,626     32,586     32,701  
Intangible Assets, Net 20,123     21,041     21,990     22,952     20,996  
Other Assets 8,285     8,404     8,718     8,615     7,761  
  $ 1,532,104     $ 1,499,729     $ 1,528,782     $ 1,508,873     $ 1,512,972  
                   
LIABILITIES AND EQUITY                  
Current Liabilities:                  
Current portion of long-term debt $ 12,839     $ 10,845     $ 44,819     $ 44,495     $ 58,854  
Current portion of long-term operating lease liabilities 37,599     37,124     37,441     35,258     36,011  
Current portion of other long-term financial liabilities 1,491     1,479     1,466          
Accounts payable and accrued expenses 55,816     58,640     46,129     43,663     57,595  
Other current liabilities 74,609     77,429     77,901     75,225     57,501  
Total current liabilities 182,354     185,517     207,756     198,641     209,961  
Long-Term Debt 264,205     238,005     239,698     254,272     255,612  
Long-Term Operating Lease Liabilities 79,419     87,579     93,867     100,789     108,295  
Other Long-Term Financial Liabilities 31,324     31,701     32,076          
Deferred Income Taxes 110,915     109,664     113,586     123,054     105,661  
Deferred Gains and Other Liabilities 18,470     18,910     19,320     19,103     20,929  
Total liabilities 686,687     671,376     706,303     695,859     700,458  
Equity:                  
SEACOR Holdings Inc. stockholders’ equity:                  
Preferred stock                  
Common stock 411     410     410     410     408  
Additional paid-in capital 1,671,869     1,666,218     1,664,617     1,662,938     1,661,002  
Retained earnings 540,417     529,647     526,457     518,573     517,106  
Shares held in treasury, at cost (1,365,938 )   (1,365,921 )   (1,366,787 )   (1,366,787 )   (1,365,792 )
Accumulated other comprehensive loss, net of tax (2,148 )   (2,779 )   (2,998 )   (2,909 )   (998 )
  844,611     827,575     821,699     812,225     811,726  
Noncontrolling interests in subsidiaries 806     778     780     789     788  
Total equity 845,417     828,353     822,479     813,014     812,514  
  $ 1,532,104     $ 1,499,729     $ 1,528,782     $ 1,508,873     $ 1,512,972  
                                       


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 December 31,   Twelve Months Ended December 31,
  2020   2019   2020   2019
U.S. GAAP Measures              
Net Income (Loss) Attributable to Stockholders $ 10,770     $ (1,917 )   $ 23,311     $ 26,774  
Diluted Earnings (Loss) Per Common Share(1) $ 0.52     $ (0.10 )   $ 1.16     $ 1.38  
               
Reconciliation of non-GAAP Financial Measures              
Operating Income (U.S. GAAP) $ 13,317     $ 2,562     $ 32,655     $ 45,155  
(+) Depreciation and amortization 17,933     17,451     70,553     68,571  
OIBDA(2) 31,250     20,013     103,208     113,726  
(–) Amortization of deferred gains(3) (330 )   (330 )   (1,322 )   (1,322 )
(–) OIBDA attributable to noncontrolling interests             (15,999 )
(–) Cash interest paid, net(4) (1,816 )   (1,459 )   (4,799 )   (4,220 )
(–) Income tax obligation (6,097 )   (1,641 )   (19,275 )   (1,660 )
(+/–) Marketable security gains (losses), net     1,898     (567 )   18,394  
Cash Earnings (proxy for cash earned) $ 23,007     $ 18,481     $ 77,245     $ 108,919  

______________________
1.  Includes diluted earnings per common share of $0.72 for the twelve months ended December 31, 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 $1.2 million for the twelve months ended December 31, 2019.

 
SEACOR HOLDINGS INC.
FLEET COUNTS
(unaudited)
 
  Dec. 31,
2020
  Sep. 30,
2020
  Jun. 30,
2020
  Mar. 31,
2020
  Dec. 31,
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 1   2   2   2   2
Port & Infrastructure Services:                  
Harbor tugs - U.S.-flag 24   24   25   25   24
Harbor tugs - Foreign-flag 8   8   8   8   8
Offshore tug - U.S.-flag   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
  71   73   74   74   73
                   
Inland Transportation & Logistics Services                  
Bulk Transportation Services:                  
Dry-cargo barges 1,322   1,322   1,341   1,372   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   19   19
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 20   18   18   18   18
Less than 1,100 hp 12   6   6   6   6
Launch support boats 22        
Logistics Services:                  
Dry-cargo barges 41   35   35   35   35
Towboats:                  
Less than 3,300 hp 2   2   2   1   1
  1,468   1,432   1,451   1,481   1,481

______________________
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.