SEACOR HOLDINGS ANNOUNCES RESULTS OF OPERATIONS FOR ITS FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2017

FORT LAUDERDALE, Fla., Feb. 27, 2018 (GLOBE NEWSWIRE) -- SEACOR Holdings Inc. (NYSE:CKH) (the “Company”) today announced its results for the fourth quarter and year ended December 31, 2017.

FINANCIAL HIGHLIGHTS

For the year ended December 31, 2017, net income from continuing operations attributable to SEACOR Holdings Inc. was $82.8 million ($4.24 per diluted share) including a one-time income tax benefit of $66.9 million resulting from changes in the U.S. federal income tax code.

For the year ended December 31, 2017, operating income before depreciation and amortization (“OIBDA”) was $125.5 million including $16.6 million of share award expense associated with the spin-off of SEACOR Marine Holdings Inc. on June 1, 2017 and the accelerated vesting of incentive share awards in advance of changes in the U.S. federal income tax code. (See disclosure related to Non-GAAP measures in the statements of income (loss) and segment information tables herein).

For the year ended December 31, 2016, the net loss from continuing operations attributable to SEACOR Holdings Inc. was $94.1 million ($5.56 per diluted share) and OIBDA was $52.9 million including a $29.5 million impairment related to intangible assets and goodwill associated with the restructuring of the Company’s emergency and crisis services business.

For the quarter ending December 31, 2017, net income from continuing operations attributable to SEACOR Holdings Inc. was $73.3 million ($3.37 per diluted share) including a one-time income tax benefit of $66.9 million resulting from changes in the U.S. federal income tax code.

For the quarter ending December 31, 2017, OIBDA from continuing operations was $43.4 million including $8.36 million of share award expense associated with the accelerated vesting of incentive share awards in advance of changes in the U.S. federal income tax code. (See disclosure related to Non-GAAP measures in the statements of income (loss) and segment information tables herein).

A comparison of operating results for the quarter ended December 31, 2017 with that of the preceding quarter is included in the “Continuing Operation Discussion” below.

Continuing Operation Discussion

Ocean Transportation & Logistics Services - Operating income was $26.1 million compared with $14.9 million in the preceding quarter. OIBDA was $39.4 million compared with $28.4 million in the preceding quarter. Operating income and OIBDA in the fourth quarter included $7.8 million and $11.6 million, respectively, attributable to noncontrolling interests compared with $5.0 million and $8.8 million, respectively, in the preceding quarter. In addition, operating income and OIBDA included $1.2 million of share award expense associated with the accelerated vesting of incentive share awards in advance of changes in the U.S. federal income tax code.

Operating results were $11.3 million higher primarily due to the impact of a full quarter of operations for one newly built U.S.-flag petroleum and chemical carrier placed into service during August 2017, improved demand for liner and short-sea transportation as a consequence of the impact of hurricanes in the Turks & Caicos, the U.S. Virgin Islands and Puerto Rico and lower dry-docking costs compared with the preceding quarter.

The International Shipholding Corporation acquisition, excluding the rail-ferries and rail car facility that are operated in a joint venture, contributed operating income and OIBDA of $4.8 million and $7.5 million, respectively, during the fourth quarter compared with $1.8 million and $4.5 million, respectively, in the preceding quarter.

Equity losses of 50% or less owned companies primarily relate to the Company’s Golfo de Mexico joint venture that operates the two foreign-flag rail ferries.

Subsequent to December 31, 2017, the Company entered into an agreement to scrap the Seabulk Trader, which was built in 1981. The limitations on marketing over-age tankers did not justify the expense of a regulatory dry-docking, even though the vessel is in excellent condition for its age.

Inland Transportation & Logistics Services - Operating income was $5.9 million compared with $4.9 million in the preceding quarter. OIBDA was $12.4 million compared with $11.2 million in the preceding quarter. In addition, operating income and OIBDA included $1.2 million of share award expense associated with the accelerated vesting of incentive share awards in advance of changes in the U.S. federal income tax code. Operating income and OIBDA for the fourth quarter and preceding quarter included gains on asset dispositions of $0.7 million and $5.1 million, respectively.

Excluding gains on asset dispositions, operating results were $5.5 million higher primarily due to improved performance from the dry-cargo barge pools. The improved pool results were due mainly to increased activity associated with the fall harvest and demurrage revenues generated by barge delays at origin and destination as a result of customers’ grain quality issues. Terminal and fleeting operating results were lower primarily due to a seasonal reduction in activity levels, low water, and icy conditions that negatively impacted terminal and fleeting operations.

Equity losses of 50% or less owned companies were lower as a consequence of improved operating results from operations of grain elevators in Illinois. The improvement was primarily due to increased throughput volume.

Foreign currency losses of $0.5 million were primarily due to the weakening of the Colombian peso in relation to the U.S. dollar underlying certain of the Company’s intercompany lease obligations.

Witt O’Brien’s - Operating income was $3.9 million compared with $0.4 million in the preceding quarter. Operating results were $3.4 million higher primarily due to response and recovery projects in Texas, Florida, and the U.S. Virgin Islands following the impact of hurricanes Harvey, Irma and Maria.

Corporate and Eliminations - Administrative and general expenses were $7.7 million higher primarily due to compensation costs associated with the acceleration of vesting certain incentive share awards in advance of changes in the U.S. federal income tax code.

Debt Extinguishment Losses - During the fourth quarter, SEA-Vista entered into a sale-leaseback transaction for one of its newly built U.S.-flag petroleum and chemical carriers. The proceeds were used to repay a portion of its debt resulting in debt extinguishment losses of $0.7 million.

Capital Commitments - The Company’s capital commitments as of December 31, 2017 were $8.5 million and primarily relate to the construction of two U.S.-flag harbor tugs scheduled to be delivered during the first quarter of 2018.

Liquidity and Debt - As of December 31, 2017, the Company’s balances of cash, cash equivalents, restricted cash, marketable securities and construction reserve funds totaled $336.3 million. In addition, the Company had $5.0 million of borrowing capacity under a subsidiary credit facility. Total outstanding debt was $579.3 million, which includes $135.7 million of debt owed by SEA-Vista and which is non-recourse to the Company and its subsidiaries other than SEA-Vista. SEA-Vista is a consolidated venture and had $55.0 million of borrowing capacity under its credit facility as of December 31, 2017.

The holders of the Company’s 2.5% Convertible Senior Notes had the ability to require the Company to repurchase their notes on December 19, 2017. On December 12, 2017, the Company provided the holders an additional put right for the notes on May 31, 2018 and waived the Company’s right to redeem the notes until May 31, 2018. On December 19, 2017, the Company repurchased $31.0 million of the 2.5% Convertible Senior Notes that were validly surrendered under the offer to repurchase. As of December 31, 2017, the remaining principal amount outstanding of the Company’s 2.5% Convertible Senior Notes of $64.5 million is included in current liabilities as the holders may require the Company to repurchase these notes on May 31, 2018.

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 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 Inland Transportation & Logistics Services and Ocean 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 Inland Transportation & Logistics Services and Ocean 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 ability to recognize the anticipated benefits of the Spin-off, the ability to remediate any 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 Twelve Months Ended
December 31, December 31,
2017 2016 2017 2016
Operating Revenues$185,515 $126,196 $577,891 $440,465
Costs and Expenses:
Operating108,725 81,619 360,881 275,255
Administrative and general34,157 21,394 103,106 86,362
Depreciation and amortization20,369 16,560 75,058 62,565
163,251 119,573 539,045 424,182
Gains (Losses) on Asset Dispositions and Impairments, Net719 (28,573) 11,637 (25,983)
Operating Income (Loss)22,983 (21,950) 50,483 (9,700)
Other Income (Expense):
Interest income1,896 2,541 8,547 15,641
Interest expense(10,429) (9,912) (41,530) (39,804)
Debt extinguishment gains (losses), net(725) (211) (819) 5,184
Marketable security gains (losses), net11,534 20,300 (1,782) (32,154)
Derivative gains (losses), net (10,604) 19,727 (14,131)
Foreign currency gains (losses), net(575) (1,368) 323 1,444
Other, net188 (5,606) 256 (18,716)
1,889 (4,860) (15,278) (82,536)
Income (Loss) from Continuing Operations Before Income Tax Benefit and Equity in Earnings (Losses) of 50% or Less Owned Companies24,872 (26,810) 35,205 (92,236)
Income Tax Benefit(54,626) (6,804) (67,189) (36,725)
Income (Loss) from Continuing Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies79,498 (20,006) 102,394 (55,511)
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax23 (13,871) 2,952 (21,040)
Net Income (Loss) from Continuing Operations79,521 (33,877) 105,346 (76,551)
Loss from Discontinued Operations, Net of Tax(487) (56,412) (23,637) (119,221)
Net Income (Loss)79,034 (90,289) 81,709 (195,772)
Net Income attributable to Noncontrolling Interests in Subsidiaries6,227 3,460 20,066 20,125
Net Income (Loss) attributable to SEACOR Holdings Inc.$72,807 $(93,749) $61,643 $(215,897)
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
Continuing operations$4.15 $(2.11) $4.77 $(5.56)
Discontinued operations(0.03) (3.41) (1.22) (7.20)
$4.12 $(5.52) $3.55 $(12.76)
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
Continuing operations$3.37 $(2.11) $4.24 $(5.56)
Discontinued operations(0.02) (3.41) (0.93) (7.20)
$3.35 $(5.52) $3.31 $(12.76)
Weighted Average Common Shares Outstanding:
Basic17,673,547 16,969,062 17,368,081 16,914,928
Diluted22,711,085 16,969,062 22,934,158 16,914,928
OIBDA(1)$43,352 $(5,390) $125,541 $52,865

______________________

(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
Dec. 31,
2017
Sep. 30,
2017
Jun. 30,
2017
Mar. 31,
2017
Dec. 31,
2016
Operating Revenues$185,515 $158,171 $115,791 $118,414 $126,196
Costs and Expenses:
Operating108,725 107,258 69,686 75,212 81,619
Administrative and general34,157 20,531 25,540 22,878 21,394
Depreciation and amortization20,369 20,501 17,469 16,719 16,560
163,251 148,290 112,695 114,809 119,573
Gains (Losses) on Asset Dispositions and Impairments, Net719 5,209 5,897 (188) (28,573)
Operating Income (Loss)22,983 15,090 8,993 3,417 (21,950)
Other Income (Expense):
Interest income1,896 2,367 2,150 2,134 2,541
Interest expense(10,429) (9,121) (11,676) (10,304) (9,912)
Debt extinguishment gains (losses), net(725) 3 (97) (211)
Marketable security gains (losses), net11,534 (12,478) (21,674) 20,836 20,300
Derivative gains (losses), net 16,897 2,830 (10,604)
Foreign currency gains (losses), net(575) 969 (1,470) 1,399 (1,368)
Other, net188 64 424 (420) (5,606)
1,889 (18,196) (15,446) 16,475 (4,860)
Income (Loss) from Continuing Operations Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies24,872 (3,106) (6,453) 19,892 (26,810)
Income Tax Expense (Benefit)(54,626) (12,795) (3,664) 3,896 (6,804)
Income (Loss) from Continuing Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies79,498 9,689 (2,789) 15,996 (20,006)
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax23 488 2,333 108 (13,871)
Net Income (Loss) from Continuing Operations79,521 10,177 (456) 16,104 (33,877)
Income (Loss) from Discontinued Operations, Net of Tax(487) 10,927 (28,629) (5,448) (56,412)
Net Income (Loss)79,034 21,104 (29,085) 10,656 (90,289)
Net Income attributable to Noncontrolling Interests in Subsidiaries6,227 3,543 3,723 6,573 3,460
Net Income (Loss) attributable to SEACOR Holdings Inc.$72,807 $17,561 $(32,808) $4,083 $(93,749)
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
Continuing operations$4.15 $0.38 $(0.39) $0.57 $(2.11)
Discontinued operations(0.03) 0.62 (1.52) (0.33) (3.41)
$4.12 $1.00 $(1.91) $0.24 $(5.52)
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
Continuing operations$3.37 $0.38 $(0.39) $0.56 $(2.11)
Discontinued operations(0.02) 0.62 (1.52) (0.32) (3.41)
$3.35 $1.00 $(1.91) $0.24 $(5.52)
Weighted Average Common Shares of Outstanding:
Basic17,674 17,509 17,208 17,074 16,969
Diluted22,711 17,638 17,208 17,364 16,969
Common Shares Outstanding at Period End17,940 17,859 17,587 17,406 17,401
OIBDA(1)$43,352 $35,591 $26,462 $20,136 $(5,390)

______________________

(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
Dec. 31,
2017
Sep. 30,
2017
Jun. 30,
2017
Mar. 31,
2017
Dec. 31,
2016
Ocean Transportation & Logistics Services
Operating Revenues$109,434 $103,780 $72,023 $67,639 $59,618
Costs and Expenses:
Operating58,215 65,866 33,850 37,354 36,586
Administrative and general11,820 9,612 8,028 7,088 6,895
Depreciation and amortization13,281 13,516 10,115 9,161 8,969
83,316 88,994 51,993 53,603 52,450
Gains (Losses) on Asset Dispositions and Impairments, Net19 73 6 (421) 408
Operating Income26,137 14,859 20,036 13,615 7,576
Other Income (Expense):
Foreign currency gains (losses), net(138) 5 8 (5) (6)
Other, net209 59 421 (362) 237
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax(486) 1,493 5,621 1,036 (2,581)
Segment Profit(1)$25,722 $16,416 $26,086 $14,284 $5,226
OIBDA(2)$39,418 $28,375 $30,151 $22,776 $16,545
Dry-docking expenditures for U.S.-flag petroleum and chemical
carriers (included in operating costs and expenses)
$(34) $3,548 $ $94 $4,506
Out-of-service days for dry-dockings of U.S.-flag petroleum and chemical carriers 40 45
Inland Transportation & Logistics Services
Operating Revenues$50,575 $44,608 $37,644 $42,669 $53,021
Costs and Expenses:
Operating34,021 35,388 31,902 32,569 35,400
Administrative and general4,900 3,141 4,725 3,792 2,945
Depreciation and amortization6,448 6,329 6,483 6,592 6,628
45,369 44,858 43,110 42,953 44,973
Gains on Asset Dispositions, Net700 5,136 5,891 233 605
Operating Income (Loss)5,906 4,886 425 (51) 8,653
Other Income (Expense):
Foreign currency gains (losses), net(458) 992 (1,630) 1,368 (1,143)
Other, net 1
Equity in Losses of 50% or Less Owned Companies, Net of Tax(314) (1,235) (1,264) (2,378) (11,318)
Segment Profit (Loss)(1)$5,134 $4,643 $(2,469) $(1,061) $(3,807)
OIBDA(2)$12,354 $11,215 $6,908 $6,541 $15,281


SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
Three Months Ended
Dec. 31,
2017
Sep. 30,
2017
Jun. 30,
2017
Mar. 31,
2017
Dec. 31,
2016
Witt O’Brien’s
Operating Revenues$25,406 $9,681 $6,061 $8,008 $13,456
Costs and Expenses:
Operating16,534 6,068 4,043 5,372 9,711
Administrative and general4,797 2,960 2,462 3,219 5,343
Depreciation and amortization206 206 205 202 204
21,537 9,234 6,710 8,793 15,258
Losses on Asset Dispositions and Impairments, Net (29,586)
Operating Income (Loss)3,869 447 (649) (785) (31,388)
Other Income (Expense):
Foreign currency gains (losses), net(12) 29 23 10 (57)
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax(63) 100 (20) 157 28
Segment Profit (Loss)(1)$3,794 $576 $(646) $(618) $(31,417)
Other
Operating Revenues$116 $116 $116 $116 $116
Costs and Expenses:
Administrative and general272 180 225 154 167
272 180 225 154 167
Operating Loss(156) (64) (109) (38) (51)
Other Income (Expense):
Foreign currency gains (losses), net18 (12)
Other, net(1) (300) (5,885)
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax886 130 (2,004) 1,293
Segment Profit (Loss)(1)$747 $54 $(2,113) $955 $(5,936)
Corporate and Eliminations
Operating Revenues$(16) $(14) $(53) $(18) $(15)
Costs and Expenses:
Operating(45) (64) (109) (83) (78)
Administrative and general12,368 4,638 10,100 8,625 6,044
Depreciation and amortization434 450 666 764 759
12,757 5,024 10,657 9,306 6,725
Operating Loss$(12,773) $(5,038) $(10,710) $(9,324) $(6,740)
Other Income (Expense):
Derivative gains (losses), net$ $ $16,897 $2,830 $(10,604)
Foreign currency gains (losses), net15 (45) 129 26 (162)
Other, net(20) 5 3 242 41

______________________

(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)
Dec. 31,
2017
Sep. 30,
2017
Jun. 30,
2017
Mar. 31,
2017
Dec. 31,
2016
ASSETS
Current Assets:
Cash and cash equivalents$239,246 $267,156 $223,154 $207,545 $256,638
Restricted cash2,982 2,436 2,260 2,254 2,249
Marketable securities42,761 62,606 75,071 97,404 76,137
Receivables:
Trade, net of allowance for doubtful accounts110,465 83,287 59,772 77,358 105,494
Other33,870 38,176 35,704 54,918 38,629
Inventories4,377 3,952 2,444 3,051 2,582
Prepaid expenses and other6,594 6,741 4,814 4,614 3,707
Discontinued operations 23,105 298,915 277,365
Total current assets440,295 464,354 426,324 746,059 762,801
Property and Equipment:
Historical cost1,351,741 1,483,434 1,340,400 1,336,719 1,178,556
Accumulated depreciation(502,544) (487,049) (467,925) (460,623) (444,559)
849,197 996,385 872,475 876,096 733,997
Construction in progress28,728 22,769 133,537 139,782 246,010
Net property and equipment877,925 1,019,154 1,006,012 1,015,878 980,007
Investments, at Equity, and Advances to 50% or Less Owned Companies173,441 175,387 174,106 182,395 175,461
Construction Reserve Funds51,339 51,846 65,429 64,478 75,753
Goodwill32,761 32,773 32,749 32,787 32,758
Intangible Assets, Net28,106 30,655 18,931 19,519 20,078
Other Assets9,469 8,796 17,739 17,869 17,189
Discontinued Operations 32,595 875,993 798,274
$1,613,336 $1,782,965 $1,773,885 $2,954,978 $2,862,321
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of long-term debt$77,842 $119,840 $125,655 $168,267 $163,202
Accounts payable and accrued expenses44,013 31,518 32,437 36,524 59,563
Other current liabilities57,330 70,762 49,602 58,833 62,164
Discontinued operations 6,324 270,796 85,020
Total current liabilities179,185 222,120 214,018 534,420 369,949
Long-Term Debt501,505 619,712 615,532 628,622 631,084
Exchange Option Liability on Subsidiary Convertible Senior Notes 16,809 19,436
Deferred Income Taxes101,422 165,093 161,185 183,972 157,441
Deferred Gains and Other Liabilities77,863 81,238 97,245 92,897 98,098
Discontinued Operations 7,681 271,389 390,045
Total liabilities859,975 1,088,163 1,095,661 1,728,109 1,666,053
Equity:
SEACOR Holdings Inc. stockholders’ equity:
Preferred stock
Common stock387 385 382 380 379
Additional paid-in capital1,573,013 1,557,086 1,547,936 1,527,460 1,518,635
Retained earnings419,128 377,700 360,139 914,806 910,723
Shares held in treasury, at cost(1,368,300) (1,363,558) (1,364,273) (1,364,172) (1,357,331)
Accumulated other comprehensive loss, net of tax(545) (266) (545) (11,024) (11,514)
623,683 571,347 543,639 1,067,450 1,060,892
Noncontrolling interests in subsidiaries129,678 123,455 134,585 159,419 135,376
Total equity753,361 694,802 678,224 1,226,869 1,196,268
$1,613,336 $1,782,965 $1,773,885 $2,954,978 $2,862,321


SEACOR HOLDINGS INC.
FLEET COUNTS
(unaudited)
Dec. 31,
2017
Sep. 30,
2017
Jun. 30,
2017
Mar. 31,
2017
Dec. 31,
2016
Ocean Transportation & Logistics Services
Petroleum Transportation:
Petroleum and chemical carriers - U.S.-flag11 11 10 10 9
Harbor Towing and Bunkering:
Harbor tugs - U.S.-flag23 23 23 23 23
Harbor tugs - Foreign-flag8 8 8 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 1
PCTC, Liner and Short-sea Transportation:
PCTC(2) - U.S.-flag4 4
Short-sea container/RORO vessels - Foreign-flag7 7 7 7 7
RORO(3) & deck barges - U.S.-flag7 7 7 7 7
Rail ferry - Foreign-flag2 2
Dry Bulk Transportation:
Dry bulk carrier - U.S.-flag(4)2 2
Dry bulk articulated tug-barge - U.S.-flag 1 1
71 71 62 58 57
Inland Transportation & Logistics Services
Dry-cargo barges1,439 1,443 1,443 1,443 1,443
Liquid tank barges20 20 19 18 18
Specialty barges(1)7 10 10 10 11
Towboats:
4,000 hp - 6,600 hp18 18 17 18 17
3,300 hp - 3,900 hp3 3 3 3 3
Less than 3,200 hp2 2 2 2 2
Harbor boats:
1,100 hp - 2,000 hp15 15 15 15 15
Less than 1,100 hp9 9 9 9 9
1,513 1,520 1,518 1,518 1,518

______________________

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

Source:SEACOR HOLDINGS INC.