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

Friday, 19. February 2021 12:30

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:       
Operating147,288  145,964  548,040  583,332 
Administrative and general36,528  27,435  113,313  105,818 
Depreciation and amortization17,933  17,451  70,553  68,571 
 201,749  190,850  731,906  757,721 
Gains on Asset Dispositions, Net1,535  651  10,735  2,910 
Operating Income13,317  2,562  32,655  45,155 
Other Income (Expense):       
Interest income1,649  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), net2,660  1,351  (382) (312)
Other, net102  (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 Companies14,366  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 Companies12,104  (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 Subsidiaries28  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:       
Basic20,042,230  19,933,277  19,992,375  18,949,981 
Diluted21,140,588  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:         
Operating147,288  128,546  126,178  146,028  145,964 
Administrative and general36,528  24,560  23,204  29,021  27,435 
Depreciation and amortization17,933  17,306  17,585  17,729  17,451 
 201,749  170,412  166,967  192,778  190,850 
Gains on Asset Dispositions, Net1,535  618  8,198  384  651 
Operating Income (Loss)13,317  5,620  13,816  (98) 2,562 
Other Income (Expense):         
Interest income1,649  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), net2,660  (203) 1,743  (4,582) 1,351 
Other, net102  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 Companies14,366  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 Companies12,104  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 Subsidiaries28  (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:         
Basic20,042  19,995  19,981  19,950  19,933 
Diluted21,141  20,018  21,099  19,994  19,933 
Common Shares Outstanding at Period End20,473  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:         
Operating65,808  59,985  57,827  77,604  72,759 
Administrative and general12,887  10,436  8,780  10,744  11,190 
Depreciation and amortization10,111  10,124  10,270  10,282  10,228 
 88,806  80,545  76,877  98,630  94,177 
Gains on Asset Dispositions, Net1,197  191  113  9  121 
Operating Income12,649  8,417  9,347  7,494  7,618 
Other Income (Expense):         
Foreign currency gains (losses), net234  213  83  (78) 52 
Other, net(7) 5  (18) 22  6 
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax372  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:         
Operating63,014  54,338  53,915  50,919  57,611 
Administrative and general3,855  3,321  3,292  3,488  3,625 
Depreciation and amortization6,653  6,036  6,016  6,212  6,144 
 73,522  63,695  63,223  60,619  67,380 
Gains on Asset Dispositions, Net338  427  8,085  315  522 
Operating Income9,812  801  8,375  1,007  1,399 
Other Income (Expense):         
Foreign currency gains (losses), net2,412  (439) 1,653  (4,478) 1,249 
Other, net1  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:         
Operating16,932  12,793  13,104  15,691  14,266 
Administrative and general10,507  4,913  4,961  7,679  7,008 
Depreciation and amortization361  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, net79      70  (457)
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax428  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  $2,099 
Costs and Expenses:         
Operating1,537  1,442  1,342  1,847  1,335 
Administrative and general580  706  877  1,124  967 
Depreciation and amortization474  459  615  619  499 
 2,591  2,607  2,834  3,590  2,801 
Gains on Asset Dispositions      60   
Operating Loss(591) (538) (1,036) (1,131) (702)
Other Income (Expense):         
Other, net28  1      431 
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax432  (596) (1,111) (52) 1,449 
Segment Profit (Loss)(1)$(131) $(1,133) $(2,147) $(1,183) $1,178 
          
Corporate and Eliminations         
Operating Revenues$(6) $(13) $(10) $(35) $(11)
Costs and Expenses:         
Operating(3) (12) (10) (33) (7)
Administrative and general8,699  5,184  5,294  5,986  4,645 
Depreciation and amortization334  328  328  357  370 
 9,030  5,500  5,612  6,310  5,008 
Operating Loss$(9,036) $(5,513) $(5,622) $(6,345) $(5,019)
Other Income (Expense):         
Foreign currency gains (losses), net$47  $41  $16  $(38) $51 
Other, net1  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 equivalents1,119  1,119  1,119  1,224  1,222 
Marketable securities7,597  7,597  6,418  7,832  7,936 
Receivables:         
Trade, net of allowance for doubtful accounts246,911  196,076  179,350  192,350  194,022 
Other71,453  67,862  64,098  67,938  38,881 
Inventories2,933  3,871  3,668  4,050  5,255 
Prepaid expenses and other8,615  6,364  6,705  5,387  6,971 
Total current assets404,331  380,904  389,747  354,887  331,509 
Property and Equipment:         
Historical cost1,441,871  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 equipment794,192  779,165  791,845  802,085  818,358 
Operating Lease Right-of-Use Assets117,097  124,855  131,628  136,180  144,539 
Investments, at Equity, and Advances to 50% or Less Owned Companies155,399  152,744  152,228  151,568  157,108 
Goodwill32,677  32,616  32,626  32,586  32,701 
Intangible Assets, Net20,123  21,041  21,990  22,952  20,996 
Other Assets8,285  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 liabilities37,599  37,124  37,441  35,258  36,011 
Current portion of other long-term financial liabilities1,491  1,479  1,466     
Accounts payable and accrued expenses55,816  58,640  46,129  43,663  57,595 
Other current liabilities74,609  77,429  77,901  75,225  57,501 
Total current liabilities182,354  185,517  207,756  198,641  209,961 
Long-Term Debt264,205  238,005  239,698  254,272  255,612 
Long-Term Operating Lease Liabilities79,419  87,579  93,867  100,789  108,295 
Other Long-Term Financial Liabilities31,324  31,701  32,076     
Deferred Income Taxes110,915  109,664  113,586  123,054  105,661 
Deferred Gains and Other Liabilities18,470  18,910  19,320  19,103  20,929 
Total liabilities686,687  671,376  706,303  695,859  700,458 
Equity:         
SEACOR Holdings Inc. stockholders’ equity:         
Preferred stock         
Common stock411  410  410  410  408 
Additional paid-in capital1,671,869  1,666,218  1,664,617  1,662,938  1,661,002 
Retained earnings540,417  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 subsidiaries806  778  780  789  788 
Total equity845,417  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 amortization17,933  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.-flag9 9 9 9 9
Bulk carriers - U.S.-flag1 2 2 2 2
Port & Infrastructure Services:         
Harbor tugs - U.S.-flag24 24 25 25 24
Harbor tugs - Foreign-flag8 8 8 8 8
Offshore tug - U.S.-flag 1 1 1 1
Ocean liquid tank barges - U.S.-flag5 5 5 5 5
Ocean liquid tank barges - Foreign-flag1 1 1 1 1
Specialty vessels - Foreign-flag(1)2 2 2 2 2
Logistics Services:         
PCTC(2) - U.S.-flag4 4 4 4 4
Short-sea container/RORO(3) vessels - Foreign-flag8 8 8 8 8
RORO(3) & deck barges - U.S.-flag7 7 7 7 7
Rail ferries - Foreign-flag2 2 2 2 2
 71 73 74 74 73
          
Inland Transportation & Logistics Services         
Bulk Transportation Services:         
Dry-cargo barges1,322 1,322 1,341 1,372 1,372
Liquid tank barges20 20 20 20 20
Specialty barges(4)5 5 5 5 5
Towboats:         
4,000 hp - 6,600 hp19 19 19 19 19
3,300 hp - 3,900 hp3 3 3 3 3
Less than 3,300 hp2 2 2 2 2
Port & Infrastructure Services:         
Harbor boats:         
1,100 hp - 2,000 hp20 18 18 18 18
Less than 1,100 hp12 6 6 6 6
Launch support boats22    
Logistics Services:         
Dry-cargo barges41 35 35 35 35
Towboats:         
Less than 3,300 hp2 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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