SEACOR Holdings Announces First Quarter Results

FORT LAUDERDALE, Fla., April 25, 2018 (GLOBE NEWSWIRE) -- SEACOR Holdings Inc. (NYSE:CKH) (the “Company”) today announced:

For the quarter ended March 31, 2018, net income from continuing operations attributable to SEACOR Holdings Inc. was $0.6 million ($0.04 per diluted share) after incurring net mark-to-market losses of $3.0 million ($0.17 per diluted share) related to the Company’s investment in 5.2 million shares of Dorian LPG Ltd. (“Dorian”) and taking a $0.9 million ($0.05 per diluted share) reserve against a claim receivable.
For the quarter ended March 31, 2017, net income from continuing operations attributable to SEACOR Holdings Inc. was $9.7 million ($0.56 per diluted share) after recording net mark-to-market gains of $13.8 million ($0.80 per diluted share) related to the Company’s investment in Dorian.
For the preceding quarter ended December 31, 2017, net income from continuing operations was $73.3 million ($3.37 per diluted share) and included a one-time income tax benefit of $66.9 million resulting from changes in the U.S. federal income tax code.
For the quarter ended March 31, 2018, operating income before depreciation and amortization (“OIBDA”)¹ from continuing operations was $34.3 million including $7.0 million of gains on asset dispositions.
For the quarter ended March 31, 2017, OIBDA¹ was $20.1 million.
For the preceding quarter ended December 31, 2017, OIBDA¹ was $43.4 million, including $8.4 million of expense associated with the accelerated vesting of incentive share awards.
The Chairman’s annual letter was published and is available on the Company’s website.

Continuing Operation Discussion

Ocean Transportation & Logistics Services - Operating income was $15.7 million compared with $26.1 million in the preceding quarter. OIBDA¹ was $28.4 million compared with $39.4 million in the preceding quarter. OIBDA¹ in the first quarter included $9.0 million attributable to noncontrolling interests compared with $11.6 million in the preceding quarter. OIBDA¹ in the first quarter included $1.9 million in gains on asset dispositions while OIBDA¹ in the preceding quarter included $1.2 million of expense associated with the accelerated vesting of incentive share awards.

OIBDA¹ was $11.0 million less than the preceding quarter primarily due to two less operating days in the quarter, a reduction in the fleet as a result of scrapping one U.S.-flag petroleum and chemical carrier, 20 days of unplanned off-hire for one of the Company’s U.S.-flag petroleum and chemical carriers operating in the spot market, and 47 days of planned out-of-service time and $2.0 million of dry-docking costs for one U.S.-flag dry bulk carrier.

Equity earnings of $1.4 million, net of tax, from Trailer Bridge, the Company’s joint venture operating in the Puerto Rico liner trader, were partially offset by losses from the Company’s rail ferry joint ventures (RF Vessel Holdings and Golfo de Mexico) due to out-of-service time and associated dry-docking costs for one rail ferry.

Inland Transportation & Logistics Services - Operating income was $3.4 million compared with $5.9 million in the preceding quarter. OIBDA¹ was $9.6 million compared with $12.4 million in the preceding quarter. OIBDA¹ for the first quarter and preceding quarter included gains on asset dispositions of $5.2 million and $0.7 million, respectively. In addition, OIBDA¹ in the preceding quarter included $1.2 million of expense associated with the accelerated vesting of incentive share awards.

Excluding gains on asset dispositions, operating results were $7.0 million lower, primarily due to extremely poor operating conditions caused by ice and high water, which contributed to voyage delays and increased rates for towing and fleeting services for the dry-cargo barge pools.

Foreign currency gains of $1.7 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.Equity losses of 50% or less owned companies were higher, primarily due to losses from the Company’s Bunge-SCF Grain joint venture that operates grain elevators in Illinois. Higher barge freight rates and reduced rail car supply were the primary cause for the losses. Improved operating results from SCFCo, the Company’s joint venture operating on the Parana-Paraguay River in South America, partially offset the results of Bunge-SCF Grain.

Witt O’Brien’s - Operating income was $2.5 million compared with $3.9 million in the preceding quarter. Operating results were $1.4 million lower primarily due to completing certain response projects in Texas and Florida.

Corporate and Eliminations - Administrative and general expenses of $6.4 million were $6.0 million lower than the preceding quarter primarily due to costs associated with the acceleration of vesting certain incentive share awards in advance of changes in the U.S. federal income tax code.

Capital Commitments - The Company’s capital commitments as of March 31, 2018 were $3.8 million. Subsequent to March 31, 2018, the Company committed to purchase one previously leased-in harbor tug and additional equipment for $13.3 million.

Liquidity and Debt - As of March 31, 2018, the Company’s balances of cash, cash equivalents, restricted cash, marketable securities and construction reserve funds totaled $351.3 million. In addition, the Company had $5.0 million of borrowing capacity under a subsidiary credit facility. Total outstanding debt was $573.5 million, which includes $133.4 million of debt owed by SEA-Vista that is non-recourse to the Company. SEA-Vista is a consolidated venture and had $55.0 million of borrowing capacity under its credit facility as of March 31, 2018.

Subsequent to the end of the quarter the Company disclosed that a subsidiary entered into a contract to sell its interest in Hawker Pacific Airservices Limited. The Company expects to receive approximately $70.0 million in cash at closing after estimated transaction costs.

Additionally, pursuant to requirements under the Company’s indenture, the Company announced a tender offer to purchase its 2.5% Convertible Senior Notes on May 31, 2018. As of March 31, 2018, the remaining principal amount outstanding of the Company’s 2.5% Convertible Senior Notes was $64.5 million and is included in current liabilities.

Adoption of Revenue Recognition Accounting Standard - On January 1, 2018, the Company adopted Financial Accounting Standard Board Topic 606, Revenue from Contracts with Customers (“Topic 606”). As a consequence of adopting Topic 606, the Company now recognizes all of the operating revenues and expenses associated with the barge pools it manages along with additional operating expenses reflective of barge pool earnings attributable to third party barge owners and not the Company in its capacity as manager. Previously, the Company recognized operating revenues and expenses only for its proportionate share of the barge pools in which it participated. All prior period results have been adjusted to reflect the retrospective adoption of Topic 606. The adoption of Topic 606 had no impact on previously reported operating income, segment profit, net income or earnings per share.

¹See disclosure related to Non-GAAP measures in the statements of income (loss) and segment information tables herein.

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 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, 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
(in thousands, except share data, unaudited)

	Three Months Ended
	March 31,
	2018			2017
				As Adjusted
Operating Revenues	$	184,824		$	136,319
Costs and Expenses:
Operating	131,777			93,117
Administrative and general	25,795			22,878
Depreciation and amortization	19,609			16,719
	177,181			132,714
Gains (Losses) on Asset Dispositions and Impairments, Net	7,045			(188		)
Operating Income	14,688			3,417
Other Income (Expense):
Interest income	1,856			2,134
Interest expense	(8,563		)	(10,304		)
Debt extinguishment losses, net	(42		)	—
Marketable security gains (losses), net	(3,798		)	20,836
Derivative gains, net	—			2,830
Foreign currency gains, net	1,690			1,399
Other, net	283			(420		)
	(8,574		)	16,475
Income from Continuing Operations Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies	6,114			19,892
Income Tax Expense (Benefit)	(281		)	3,896
Income from Continuing Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies	6,395			15,996
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax	(837		)	108
Net Income from Continuing Operations	5,558			16,104
Loss from Discontinued Operations, Net of Tax	—			(5,448		)
Net Income	5,558			10,656
Net Income attributable to Noncontrolling Interests in Subsidiaries	4,917			6,573
Net Income attributable to SEACOR Holdings Inc.	$	641		$	4,083
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
Continuing operations	$	0.04		$	0.57
Discontinued operations	—			(0.33		)
	$	0.04		$	0.24
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
Continuing operations	$	0.04		$	0.56
Discontinued operations	—			(0.32		)
	$	0.04		$	0.24
Weighted Average Common Shares Outstanding:
Basic	17,969,970			17,074,043
Diluted	18,178,518			17,363,839

OIBDA⁽¹⁾	$	34,297		$	20,136

______________________

(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
	Mar. 31, 2018			Dec. 31, 2017			Sep. 30, 2017			Jun. 30, 2017			Mar. 31, 2017
				As Adjusted			As Adjusted			As Adjusted			As Adjusted
Operating Revenues	$	184,824		$	209,352		$	176,605		$	128,571		$	136,319
Costs and Expenses:
Operating	131,777			132,562			125,692			82,466			93,117
Administrative and general	25,795			34,157			20,531			25,540			22,878
Depreciation and amortization	19,609			20,369			20,501			17,469			16,719
	177,181			187,088			166,724			125,475			132,714
Gains (Losses) on Asset Dispositions and Impairments, Net	7,045			719			5,209			5,897			(188		)
Operating Income	14,688			22,983			15,090			8,993			3,417
Other Income (Expense):
Interest income	1,856			1,896			2,367			2,150			2,134
Interest expense	(8,563		)	(10,429		)	(9,121		)	(11,676		)	(10,304		)
Debt extinguishment gains (losses), net	(42		)	(725		)	3			(97		)	—
Marketable security gains (losses), net	(3,798		)	11,534			(12,478		)	(21,674		)	20,836
Derivative gains, net	—			—			—			16,897			2,830
Foreign currency gains (losses), net	1,690			(575		)	969			(1,470		)	1,399
Other, net	283			188			64			424			(420		)
	(8,574		)	1,889			(18,196		)	(15,446		)	16,475
Income (Loss) from Continuing Operations Before Income Tax Expense
(Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies	6,114			24,872			(3,106		)	(6,453		)	19,892
Income Tax Expense (Benefit)	(281		)	(54,626		)	(12,795		)	(3,664		)	3,896
Income (Loss) from Continuing Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies	6,395			79,498			9,689			(2,789		)	15,996
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax	(837		)	23			488			2,333			108
Net Income (Loss) from Continuing Operations	5,558			79,521			10,177			(456		)	16,104
Income (Loss) from Discontinued Operations, Net of Tax	—			(487		)	10,927			(28,629		)	(5,448		)
Net Income (Loss)	5,558			79,034			21,104			(29,085		)	10,656
Net Income attributable to Noncontrolling Interests in Subsidiaries	4,917			6,227			3,543			3,723			6,573
Net Income (Loss) attributable to SEACOR Holdings Inc.	$	641		$	72,807		$	17,561		$	(32,808	)	$	4,083
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
Continuing operations	$	0.04		$	4.15		$	0.38		$	(0.39	)	$	0.57
Discontinued operations	—			(0.03		)	0.62			(1.52		)	(0.33		)
	$	0.04		$	4.12		$	1.00		$	(1.91	)	$	0.24
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
Continuing operations	$	0.04		$	3.37		$	0.38		$	(0.39	)	$	0.56
Discontinued operations	—			(0.02		)	0.62			(1.52		)	(0.32		)
	$	0.04		$	3.35		$	1.00		$	(1.91	)	$	0.24
Weighted Average Common Shares of Outstanding:
Basic	17,970			17,674			17,509			17,208			17,074
Diluted	18,179			22,711			17,638			17,208			17,364
Common Shares Outstanding at Period End	18,165			17,940			17,859			17,587			17,406

OIBDA⁽¹⁾	$	34,297		$	43,352		$	35,591		$	26,462		$	20,136

______________________


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

	Three Months Ended
	Mar. 31, 2018			Dec. 31, 2017			Sep. 30, 2017			Jun. 30, 2017			Mar. 31, 2017
Ocean Transportation & Logistics Services
Operating Revenues	$	102,384		$	109,434		$	103,780		$	72,023		$	67,639
Costs and Expenses:
Operating	65,333			58,215			65,866			33,850			37,354
Administrative and general	10,549			11,820			9,612			8,028			7,088
Depreciation and amortization	12,645			13,281			13,516			10,115			9,161
	88,527			83,316			88,994			51,993			53,603
Gains (Losses) on Asset Dispositions and Impairments, Net	1,883			19			73			6			(421		)
Operating Income	15,740			26,137			14,859			20,036			13,615
Other Income (Expense):
Foreign currency gains (losses), net	(51		)	(138		)	5			8			(5		)
Other, net	283			209			59			421			(362		)
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax	315			(486		)	1,493			5,621			1,036
Segment Profit⁽¹⁾	$	16,287		$	25,722		$	16,416		$	26,086		$	14,284

OIBDA⁽²⁾	$	28,385		$	39,418		$	28,375		$	30,151		$	22,776
Dry-docking expenditures for U.S.-flag petroleum and chemical
carriers and dry bulk carriers (included in operating costs and expenses)	$	1,988		$	(34	)	$	3,548		$	—		$	94
Out-of-service days for dry-dockings of U.S.-flag petroleum and chemical carriers and dry bulk carriers	47			—			40			—			—

Inland Transportation & Logistics Services				As Adjusted			As Adjusted			As Adjusted			As Adjusted
Operating Revenues	$	55,921		$	74,412		$	63,042		$	50,424		$	60,574
Costs and Expenses:
Operating	48,181			57,858			53,822			44,682			50,474
Administrative and general	3,312			4,900			3,141			4,725			3,792
Depreciation and amortization	6,234			6,448			6,329			6,483			6,592
	57,727			69,206			63,292			55,890			60,858
Gains on Asset Dispositions, Net	5,162			700			5,136			5,891			233
Operating Income (Loss)	3,356			5,906			4,886			425			(51		)
Other Income (Expense):
Foreign currency gains (losses), net	1,703			(458		)	992			(1,630		)	1,368
Equity in Losses of 50% or Less Owned Companies, Net of Tax	(2,454		)	(314		)	(1,235		)	(1,264		)	(2,378		)
Segment Profit (Loss)⁽¹⁾	$	2,605		$	5,134		$	4,643		$	(2,469	)	$	(1,061	)

OIBDA⁽²⁾	$	9,590		$	12,354		$	11,215		$	6,908		$	6,541


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

	Three Months Ended
	Mar. 31, 2018			Dec. 31, 2017			Sep. 30, 2017			Jun. 30, 2017			Mar. 31, 2017
Witt O’Brien’s
Operating Revenues	$	26,432		$	25,406		$	9,681		$	6,061		$	8,008
Costs and Expenses:
Operating	18,306			16,534			6,068			4,043			5,372
Administrative and general	5,367			4,797			2,960			2,462			3,219
Depreciation and amortization	301			206			206			205			202
	23,974			21,537			9,234			6,710			8,793
Operating Income (Loss)	2,458			3,869			447			(649		)	(785		)
Other Income (Expense):
Foreign currency gains (losses), net	2			(12		)	29			23			10
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax	135			(63		)	100			(20		)	157
Segment Profit (Loss)⁽¹⁾	$	2,595		$	3,794		$	576		$	(646	)	$	(618	)

Other
Operating Revenues	$	116		$	116		$	116		$	116		$	116
Costs and Expenses:
Administrative and general	186			272			180			225			154
	186			272			180			225			154
Operating Loss	(70		)	(156		)	(64		)	(109		)	(38		)
Other Income (Expense):
Foreign currency gains (losses), net	—			18			(12		)	—			—
Other, net	—			(1		)	—			—			(300		)
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax	1,167			886			130			(2,004		)	1,293
Segment Profit (Loss)⁽¹⁾	$	1,097		$	747		$	54		$	(2,113	)	$	955

Corporate and Eliminations
Operating Revenues	$	(29	)	$	(16	)	$	(14	)	$	(53	)	$	(18	)
Costs and Expenses:
Operating	(43		)	(45		)	(64		)	(109		)	(83		)
Administrative and general	6,381			12,368			4,638			10,100			8,625
Depreciation and amortization	429			434			450			666			764
	6,767			12,757			5,024			10,657			9,306
Operating Loss	$	(6,796	)	$	(12,773	)	$	(5,038	)	$	(10,710	)	$	(9,324	)
Other Income (Expense):
Derivative gains, net	$	—		$	—		$	—		$	16,897		$	2,830
Foreign currency gains (losses), net	36			15			(45		)	129			26
Other, net	—			(20		)	5			3			242

______________________

(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)

	Mar. 31, 2018			Dec. 31, 2017			Sep. 30, 2017			Jun. 30, 2017			Mar. 31, 2017
ASSETS
Current Assets:
Cash and cash equivalents	$	272,522		$	239,246		$	267,156		$	223,154		$	207,545
Restricted cash	2,982			2,982			2,436			2,260			2,254
Marketable securities	38,963			42,761			62,606			75,071			97,404
Receivables:
Trade, net of allowance for doubtful accounts	111,083			110,465			83,287			59,772			77,358
Other	41,061			33,870			38,176			35,704			54,918
Inventories	3,821			4,377			3,952			2,444			3,051
Prepaid expenses and other	4,572			6,594			6,741			4,814			4,614
Discontinued operations	—			—			—			23,105			298,915
Total current assets	475,004			440,295			464,354			426,324			746,059
Property and Equipment:
Historical cost	1,354,989			1,351,741			1,483,434			1,340,400			1,336,719
Accumulated depreciation	(510,418		)	(502,544		)	(487,049		)	(467,925		)	(460,623		)
	844,571			849,197			996,385			872,475			876,096
Construction in progress	15,528			28,728			22,769			133,537			139,782
Net property and equipment	860,099			877,925			1,019,154			1,006,012			1,015,878
Investments, at Equity, and Advances to 50% or Less Owned Companies	170,305			173,441			175,387			174,106			182,395
Construction Reserve Funds	36,790			51,339			51,846			65,429			64,478
Goodwill	32,807			32,761			32,773			32,749			32,787
Intangible Assets, Net	28,072			28,106			30,655			18,931			19,519
Other Assets	9,396			9,469			8,796			17,739			17,869
Discontinued Operations	—			—			—			32,595			875,993
	$	1,612,473		$	1,613,336		$	1,782,965		$	1,773,885		$	2,954,978

LIABILITIES AND EQUITY
Current Liabilities:
Current portion of long-term debt	$	77,634		$	77,842		$	119,840		$	125,655		$	168,267
Accounts payable and accrued expenses	40,844			44,013			31,518			32,437			36,524
Other current liabilities	59,651			57,330			70,762			49,602			58,833
Discontinued operations	—			—			—			6,324			270,796
Total current liabilities	178,129			179,185			222,120			214,018			534,420
Long-Term Debt	495,863			501,505			619,712			615,532			628,622
Exchange Option Liability on Subsidiary Convertible Senior Notes	—			—			—			—			16,809
Deferred Income Taxes	102,084			101,422			165,093			161,185			183,972
Deferred Gains and Other Liabilities	74,923			77,863			81,238			97,245			92,897
Discontinued Operations	—			—			—			7,681			271,389
Total liabilities	850,999			859,975			1,088,163			1,095,661			1,728,109
Equity:
SEACOR Holdings Inc. stockholders’ equity:
Preferred stock	—			—			—			—			—
Common stock	389			387			385			382			380
Additional paid-in capital	1,576,657			1,573,013			1,557,086			1,547,936			1,527,460
Retained earnings	417,302			419,128			377,700			360,139			914,806
Shares held in treasury, at cost	(1,367,433		)	(1,368,300		)	(1,363,558		)	(1,364,273		)	(1,364,172		)
Accumulated other comprehensive loss, net of tax	96			(545		)	(266		)	(545		)	(11,024		)
	627,011			623,683			571,347			543,639			1,067,450
Noncontrolling interests in subsidiaries	134,463			129,678			123,455			134,585			159,419
Total equity	761,474			753,361			694,802			678,224			1,226,869
	$	1,612,473		$	1,613,336		$	1,782,965		$	1,773,885		$	2,954,978


SEACOR HOLDINGS INC.
FLEET COUNTS
(unaudited)

	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017
Ocean Transportation & Logistics Services
Petroleum Transportation:
Petroleum and chemical carriers - U.S.-flag	10	11	11	10	10
Harbor Towing and Bunkering:
Harbor tugs - U.S.-flag	23	23	23	23	23
Harbor tugs - Foreign-flag	8	8	8	8	4
Offshore tug - U.S.-flag	1	1	1	1	1
Ocean liquid tank barges - U.S.-flag	5	5	5	5	5
Ocean liquid tank barges - Foreign-flag	1	1	1	1	—
PCTC, Liner and Short-sea Transportation:
PCTC⁽¹⁾ - U.S.-flag	4	4	4	—	—
Short-sea container/RORO⁽²⁾ vessels - Foreign-flag	9	7	7	7	7
RORO⁽²⁾ & deck barges - U.S.-flag	7	7	7	7	7
Rail ferry - Foreign-flag	2	2	2	—	—
Dry Bulk Transportation:
Dry bulk carrier - U.S.-flag	2	2	2	—	—
Dry bulk articulated tug-barge - U.S.-flag	—	—	—	—	1
	72	71	71	62	58

Inland Transportation & Logistics Services
Dry-cargo barges	1,408	1,439	1,443	1,443	1,443
Liquid tank barges	20	20	20	19	18
Specialty barges⁽³⁾	5	7	10	10	10
Towboats:
4,000 hp - 6,600 hp	18	18	18	17	18
3,300 hp - 3,900 hp	3	3	3	3	3
Less than 3,200 hp	2	2	2	2	2
Harbor boats:
1,100 hp - 2,000 hp	15	15	15	15	15
Less than 1,100 hp	9	9	9	9	9
	1,480	1,513	1,520	1,518	1,518

______________________

(1) Pure Car/Truck Carrier.
(2) Roll On/Roll Off.
(3) Includes non-certificated 10,000 and 30,000 barrel inland river liquid tank barges.

Distribution channels: Banking, Finance & Investment Industry

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