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

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

FINANCIAL HIGHLIGHTS FOR THE THIRD QUARTER ENDED SEPTEMBER 30, 2017

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

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

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

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

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

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

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

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

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

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

Continuing Operation Discussion

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

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

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

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

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

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

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

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

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

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

SEACOR Holdings Inc. (“SEACOR”) is a diversified holding company with interests in domestic and international transportation and logistics and risk management consultancy. SEACOR is publicly traded on the New York Stock Exchange (NYSE) under the symbol CKH.

Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,” “plan,” “target,” “forecast” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management’s expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or expected by management of the Company. These statements are not guarantees of future performance and actual events or results may differ significantly from these statements. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, including risks relating to weakening demand for the Company’s services as a result of unplanned customer suspensions, cancellations, rate reductions or non-renewals of vessel charters or failures to finalize commitments to charter vessels, increased government legislation and regulation of the Company’s businesses that could increase the cost of operations, increased competition if the Jones Act is repealed, liability, legal fees and costs in connection with the provision of emergency response services, decreased demand for the Company’s services as a result of declines in the global economy, declines in valuations in the global financial markets and a lack of liquidity in the credit sectors, including, interest rate fluctuations, availability of credit, inflation rates, change in laws, trade barriers, commodity prices and currency exchange fluctuations, activity in foreign countries and changes in foreign political, military and economic conditions, changes in foreign and domestic oil and gas exploration and production activity, safety record requirements related to Shipping Services, decreased demand for Shipping Services due to construction of additional refined petroleum product, natural gas or crude oil pipelines or due to decreased demand for refined petroleum products, crude oil or chemical products or a change in existing methods of delivery, compliance with U.S. and foreign government laws and regulations, including environmental laws and regulations and economic sanctions, the dependence of Inland River Services and Shipping Services on several key customers, consolidation of the Company’s customer base, the ongoing need to replace aging vessels, industry fleet capacity, restrictions imposed by the Shipping Acts on the amount of foreign ownership of the Company’s Common Stock, operational risks of Inland River Services and Shipping Services, effects of adverse weather conditions and seasonality, the level of grain export volume, the effect of fuel prices on barge towing costs, variability in freight rates for inland river barges, the effect of international economic and political factors on Inland River Services’ operations, the ability to realize anticipated benefits from acquisitions and other strategic transactions, adequacy of insurance coverage, the ability to recognize the anticipated benefits of the Spin-off, the ability to remediate the material weaknesses the Company has identified in its internal controls over financial reporting, the attraction and retention of qualified personnel by the Company, and various other matters and factors, many of which are beyond the Company’s control as well as those discussed in Item 1A (Risk Factors) of the Company’s Annual report on Form 10-K and other reports filed by the Company with the Securities and Exchange Commission (“SEC”). It should be understood that it is not possible to predict or identify all such factors. Consequently, the preceding should not be considered to be a complete discussion of all potential risks or uncertainties. Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the SEC, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any). These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.

For additional information, contact Molly Hottinger at (954) 627-5278 or visit SEACOR’s website at www.seacorholdings.com.


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

______________________
(1) Non-GAAP Financial Measure. The Company, from time to time, discloses and discusses OIBDA, a non-GAAP financial measure, in its public releases and other filings with the Securities and Exchange Commission. The Company defines OIBDA as operating income (loss) plus depreciation and amortization. The Company’s measure of OIBDA may not be comparable to similarly titled measures presented by other companies. Other companies may calculate OIBDA differently than the Company, which may limit its usefulness as a comparative measure. In addition, this measurement does not necessarily represent funds available for discretionary use and is not a measure of the Company’s ability to fund its cash needs. OIBDA is a financial metric used by management (i) as a supplemental internal measure for planning and forecasting overall expectations and for evaluating actual results against such expectations; (ii) as a criteria for annual incentive bonuses paid to Company officers and other shore-based employees; and (iii) to compare to the OIBDA of other companies when evaluating potential acquisitions.


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

______________________
(1) Non-GAAP Financial Measure. The Company, from time to time, discloses and discusses OIBDA, a non-GAAP financial measure, in its public releases and other filings with the Securities and Exchange Commission. The Company defines OIBDA as operating income (loss) plus depreciation and amortization. The Company’s measure of OIBDA may not be comparable to similarly titled measures presented by other companies. Other companies may calculate OIBDA differently than the Company, which may limit its usefulness as a comparative measure. In addition, this measurement does not necessarily represent funds available for discretionary use and is not a measure of the Company’s ability to fund its cash needs. OIBDA is a financial metric used by management (i) as a supplemental internal measure for planning and forecasting overall expectations and for evaluating actual results against such expectations; (ii) as a criteria for annual incentive bonuses paid to Company officers and other shore-based employees; and (iii) to compare to the OIBDA of other companies when evaluating potential acquisitions.


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


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

______________________
(1) Includes amounts attributable to both SEACOR and noncontrolling interests
(2) Non-GAAP Financial Measure. The Company, from time to time, discloses and discusses OIBDA, a non-GAAP financial measure, for certain of its operating segments in its public releases and other filings with the Securities and Exchange Commission. The Company defines OIBDA as operating income (loss) for the applicable segment plus depreciation and amortization. The Company’s measure of OIBDA may not be comparable to similarly titled measures presented by other companies. Other companies may calculate OIBDA differently than the Company, which may limit its usefulness as a comparative measure. In addition, this measurement does not necessarily represent funds available for discretionary use and is not a measure of the Company’s ability to fund its cash needs. OIBDA is a financial metric used by management (i) as a supplemental internal measure for planning and forecasting overall expectations and for evaluating actual results against such expectations; (ii) as a criteria for annual incentive bonuses paid to Company officers and other shore-based employees; and (iii) to compare to the OIBDA of other companies when evaluating potential acquisitions.


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


SEACOR HOLDINGS INC.
FLEET COUNTS
(unaudited)
Sep. 30,
2017
Jun. 30,
2017
Mar. 31,
2017
Dec. 31,
2016
Sep. 30,
2016
Inland River Services
Dry-cargo barges1,443 1,443 1,443 1,443 1,405
Liquid tank barges:
10,000 barrel18 18 18 18 18
30,000 barrel2 1
Specialty barges(1)10 10 10 11 11
Towboats:
4,000 hp - 6,600 hp18 17 18 17 17
3,300 hp - 3,900 hp1 1 1 1 1
Less than 3,200 hp4 4 4 4 4
Harbor boats:
1,100 hp - 2,000 hp15 15 15 15 13
Less than 1,100 hp9 9 9 9 6
1,520 1,518 1,518 1,518 1,475
Shipping Services
Petroleum Transportation:
Product tankers - U.S.-flag10 10 10 9 8
Articulated tug-barge - U.S.-flag1
Harbor Towing and Bunkering:
Harbor tugs - U.S.-flag23 23 23 23 24
Harbor tugs - Foreign-flag8 8 4 4 4
Offshore tug - U.S.-flag1 1 1 1 1
Ocean liquid tank barges - U.S.-flag5 5 5 5 5
Ocean liquid tank barges - Foreign-flag1 1
Liner and Short-sea Transportation:
RORO(2)/deck barges - U.S.-flag7 7 7 7 7
Short-sea container/RORO - Foreign-flag7 7 7 7 7
Other:
PCTC(3) - U.S.-flag4
Dry-bulk carrier - U.S.-flag(4)2
Dry bulk articulated tug-barge - U.S.-flag 1 1 1
Rail ferry - Foreign-flag2
71 62 58 57 57

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


Source:SEACOR HOLDINGS INC.