SEACOR Holdings Announces Results for the Year and Fourth Quarter Ended December 31, 2019

/EIN News/ -- FORT LAUDERDALE, Fla., Feb. 28, 2020 (GLOBE NEWSWIRE) -- SEACOR Holdings Inc. (NYSE:CKH) (the “Company”) today announced its results for the year and fourth quarter ended December 31, 2019:

• Net income attributable to stockholders for the year ended December 31, 2019 was $26.8 million ($1.38 per diluted share) compared with $58.1 million ($3.04 per diluted share) for the year ended December 31, 2018.  The prior year benefited from a net gain of $42.6 million ($2.18 per diluted share) related to the sale of the Company's interest in Hawker Pacific Airservices ("Hawker").
• Net loss attributable to stockholders for the quarter ended December 31, 2019 was $1.9 million ($0.10 per diluted share) compared with $4.7 million ($0.26 per diluted share) for the quarter ended December 31, 2018.  The prior year quarter benefited from $5.5 million ($0.30 per diluted share) of net income related to the accelerated amortization of non-cash deferred gains.  Excluding these non-cash gains, loss per diluted share for the quarter ended December 31, 2019 improved by $0.46 compared with the quarter ended December 31, 2018.
• “Cash Earnings” for the year ended December 31, 2019, after expensing all charges for maintenance, were $110.6 million compared with $57.8 million for the year ended December 31, 2018 and were $20.1 million for the quarter ended December 31, 2019 compared with $10.6 million for the same quarter last year.

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.

Charles Fabrikant, Executive Chairman, commented on the quarter's results as follows:

"Cash earnings almost doubled in 2019 compared with 2018 as several of our businesses had record performance.  SEACOR Island Lines had its best year ever, with growth in demand for shipments into the Bahamas and Caribbean.  Waterman Logistics was successful in winning several significant U.S. government cargo moves throughout the year.  Our Jones Act dry bulk vessels produced good cash and harbor towing had 5% more ship assists over last year.  Unfortunately, the inland business battled severe headwinds.  The St. Louis harbor was closed for about 40 days this past year bringing activity to a virtual standstill for our terminals and fleets.  The trade war with China severely curtailed grain exports.  Witt O'Brien's also had less activity than 2018. In 2019, we expensed approximately $23 million in dry-docking costs and overhauls to maintain our assets.  The related out-of-service time cost us approximately $7 million in lost revenue.”

The "Operating Discussion" below is a comparison of results for the quarter ended December 31, 2019 with the prior year quarter ended December 31, 2018.

Operating Discussion

Ocean Transportation & Logistics Services - Operating income and OIBDA were $7.6 million and $17.8 million, in the current year quarter compared with $10.8 million and $21.5 million excluding the accelerated amortization of previously deferred gains of $7.0 million in the prior year quarter, respectively.  Operating results were impacted by $9.0 million of regulatory dry-docking costs. $2.3 million more than the prior year quarter.  During the quarter Ocean Services docked one U.S.-flag petroleum and chemical carrier and one PCTC.

SEACOR Island Lines activity continued to increase in its core markets and it also experienced a boost in demand due to Hurricane Dorian recovery efforts.  Waterman Logistics had increased success this quarter winning bids to move specialized cargo for the U.S. government.  The dry bulk carrier fleet benefited from steady cargo volumes and a full quarter of operations with no dry-dockings.  In the aggregate, these service lines had a positive incremental contribution of $9.9 million compared with the prior year quarter.

Inland Transportation & Logistics Services - Operating income and OIBDA were $1.4 million and $7.5 million in the current year quarter compared with $8.3 million and $13.8 million in the prior year quarter, respectively.  U.S. grain exports through the Center Gulf were down 8% compared with the fourth quarter of 2018, reducing demand for barge freight and negatively impacting activity levels at the terminals and fleets on the Mississippi and Illinois Rivers. The primary culprits were the China trade war, U.S. government farm subsidy programs which were a disincentive to exports, and competition from South America.  Operating results for Inland Services also continued to be impacted by higher costs due to the prolonged flooding experienced earlier in the year and resulting high-water conditions.

Witt O’Brien’s - Operating loss and negative OIBDA were $(0.7) million and $(0.5) million, respectively, in the current year quarter compared with operating income and OIBDA of $5.9 million and $6.6 million, respectively, in the prior year quarter. The primary factors impacting the current year quarter's results were a lack of activity responding to seasonal storms, lower activity in the U.S. Virgin Islands and a bad debt charge of $0.8 million.

Capital Commitments - The Company’s capital commitments as of December 31, 2019 were $62.2 million and included four U.S.-flag harbor tugs, the Company's interest in two foreign-flag rail ferries, four inland river dry-cargo barges, two inland river towboats, other equipment and vessel and terminal improvements.  Subsequent to December 31, 2019, the Company committed to purchase two inland river dry-cargo barges and other equipment for $2.5 million.

Liquidity and Debt - During the current year quarter, the Company repurchased $1.8 million in principal amount of its 3.0% Convertible Senior Notes for $1.8 million.  Subsequent to December 31, 2019, the Company repurchased $2.2 million in principal amount of its 3.0% Convertible Senior Notes for $2.2 million.

As of December 31, 2019, the Company’s balances of cash, cash equivalents, restricted cash, restricted cash equivalents, and marketable securities totaled $86.4 million.  As of December 31, 2019, total outstanding debt was $314.5 million and the Company had $225.0 million of borrowing capacity under its credit facilities.

Equity -  As of December 31, 2019, the total shares outstanding were 20,176,168.

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, 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 Investor Relations 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,
	2019				2018				2019				2018
Operating Revenues	$	192,761			$	213,838			$	799,966			$	835,750
Costs and Expenses:
Operating	146,265				150,374				583,633				591,848
Administrative and general	27,134				26,718				105,517				102,907
Depreciation and amortization	17,451				17,510				68,571				74,579
	190,850				194,602				757,721				769,334
Gains on Asset Dispositions, Net	651				6,014				2,910				19,583
Operating Income	2,562				25,250				45,155				85,999
Other Income (Expense):
Interest income	1,488				2,245				7,471				8,730
Interest expense	(4,401		)		(6,181		)		(19,233		)		(31,683		)
Debt extinguishment losses, net	(171		)		(6,017		)		(2,244		)		(11,626		)
Marketable security gains (losses), net	1,898				(11,128		)		18,394				(12,431		)
Foreign currency gains (losses), net	1,351				(2,280		)		(312		)		(2,264		)
Other, net	(20		)		13				(134		)		54,964
	145				(23,348		)		3,942				5,690
Income Before Income Tax Expense (Benefit) and Equity in Losses of 50% or Less Owned Companies	2,707				1,902				49,097				91,689
Income Tax Expense (Benefit)	2,817				(4,519		)		9,829				8,415
Income (Loss) Before Equity in Losses of 50% or Less Owned Companies	(110		)		6,421				39,268				83,274
Equity in Losses of 50% or Less Owned Companies, Net of Tax	(1,802		)		(1,987		)		(5,250		)		(72		)
Net Income (Loss)	(1,912		)		4,434				34,018				83,202
Net Income Attributable to Noncontrolling Interests in Subsidiaries	5				9,120				7,244				25,054
Net Income (Loss) Attributable to SEACOR Holdings Inc.	$	(1,917	)		$	(4,686	)		$	26,774			$	58,148
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.	$	(0.10	)		$	(0.26	)		$	1.41			$	3.22
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.	$	(0.10	)		$	(0.26	)		$	1.38			$	3.04
Weighted Average Common Shares Outstanding:
Basic	19,933,277				18,165,361				18,949,981				18,080,778
Diluted	19,933,277				18,165,361				20,306,332				19,575,689
OIBDA(1)	$	20,013			$	42,760			$	113,726			$	160,578
OIBDA Attributable to SEACOR Holdings Inc.(1)	$	20,013			$	29,822			$	97,727			$	119,753

______________________

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, 2019				Sep. 30, 2019				Jun. 30, 2019				Mar. 31, 2019				Dec. 31, 2018
Operating Revenues		$	192,761			$	200,658			$	197,023			$	209,524			$	213,838
Costs and Expenses:
Operating		146,265				147,386				142,871				147,111				150,374
Administrative and general		27,134				24,923				26,714				26,746				26,718
Depreciation and amortization		17,451				16,975				17,009				17,136				17,510
		190,850				189,284				186,594				190,993				194,602
Gains on Asset Dispositions, Net		651				1,145				677				437				6,014
Operating Income		2,562				12,519				11,106				18,968				25,250
Other Income (Expense):
Interest income		1,488				2,198				1,885				1,900				2,245
Interest expense		(4,401		)		(4,816		)		(4,903		)		(5,113		)		(6,181		)
Debt extinguishment losses, net		(171		)		(777		)		(503		)		(793		)		(6,017		)
Marketable security gains (losses), net		1,898				144				13,284				3,068				(11,128		)
Foreign currency gains (losses), net		1,351				(1,877		)		(191		)		405				(2,280		)
Other, net		(20		)		505				25				(644		)		13
		145				(4,623		)		9,597				(1,177		)		(23,348		)
Income Before Income Tax Expense (Benefit) and Equity in Losses of 50% or Less Owned Companies		2,707				7,896				20,703				17,791				1,902
Income Tax Expense (Benefit)		2,817				1,417				3,390				2,205				(4,519		)
Income (Loss) Before Equity in Losses of 50% or Less Owned Companies		(110		)		6,479				17,313				15,586				6,421
Equity in Losses of 50% or Less Owned Companies, Net of Tax		(1,802		)		(618		)		(312		)		(2,518		)		(1,987		)
Net Income (Loss)		(1,912		)		5,861				17,001				13,068				4,434
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries		5				(544		)		2,448				5,335				9,120
Net Income (Loss) attributable to SEACOR Holdings Inc.		$	(1,917	)		$	6,405			$	14,553			$	7,733			$	(4,686	)
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.		$	(0.10	)		$	0.33			$	0.80			$	0.42			$	(0.26	)
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.		$	(0.10	)		$	0.32			$	0.76			$	0.41			$	(0.26	)
Weighted Average Common Shares Outstanding:
Basic		19,933				19,322				18,289				18,233				18,165
Diluted		19,933				20,739				19,634				19,571				18,165
Common Shares Outstanding at Period End		20,176				20,179				18,550				18,528				18,330
OIBDA(1)		$	20,013			$	29,494			$	28,115			$	36,104			$	42,760
OIBDA attributable to SEACOR Holdings Inc.(1)		$	20,013			$	28,813			$	21,905			$	26,996			$	29,822

______________________

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, 2019				Sep. 30, 2019				Jun. 30, 2019				Mar. 31, 2019				Dec. 31, 2018
Ocean Transportation & Logistics Services
Operating Revenues		$	101,674			$	102,661			$	109,681			$	109,272			$	97,366
Costs and Expenses:
Operating		72,759				66,888				71,230				69,932				64,234
Administrative and general		11,190				9,404				9,423				10,198				10,132
Depreciation and amortization		10,228				10,191				10,230				10,337				10,707
		94,177				86,483				90,883				90,467				85,073
Gains on Asset Dispositions, Net		121				804				349				17				5,496
Operating Income		7,618				16,982				19,147				18,822				17,789
Other Income (Expense):
Foreign currency gains (losses), net		52				(104		)		1				(47		)		(17		)
Other, net		6				505				28				(651		)		(15		)
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax		(1,238		)		(242		)		700				111				(23		)
Segment Profit(1)		$	6,438			$	17,141			$	19,876			$	18,235			$	17,734
OIBDA(2)		$	17,846			$	27,173			$	29,377			$	29,159			$	28,496
OIBDA(2) attributable to stockholders		$	17,846			$	26,492			$	23,167			$	20,051			$	15,558
Dry-docking expenditures for U.S.-flag petroleum and chemical carriers, dry bulk carriers and PCTC’s (included in operating costs and expenses)		$	8,752			$	4,310			$	1,925			$	1,581			$	6,430
Out-of-service days for dry-dockings of U.S.-flag petroleum and chemical carriers, dry bulk carriers and PCTC’s		76				42				30				15				147
Dry-docking expenditures for all other vessels		$	289			$	1,783			$	1,447			$	1,250			$	269
Inland Transportation & Logistics Services
Operating Revenues		$	68,257			$	72,020			$	61,455			$	65,602			$	77,513
Costs and Expenses:
Operating		57,912				62,775				54,486				54,245				60,801
Administrative and general		3,324				3,327				3,133				3,356				3,381
Depreciation and amortization		6,144				5,694				5,699				5,725				5,490
		67,380				71,796				63,318				63,326				69,672
Gains on Asset Dispositions		522				330				330				420				481
Operating Income (Loss)		1,399				554				(1,533		)		2,696				8,322
Other Income (Expense):
Foreign currency gains (losses), net		1,249				(1,729		)		(191		)		459				(2,240		)
Other, net		—				—				—				—				37
Equity in Losses of 50% or Less Owned Companies, Net of Tax		(2,346		)		(1,084		)		(618		)		(2,472		)		(2,571		)
Segment Profit (Loss)(1)		$	302			$	(2,259	)		$	(2,342	)		$	683			$	3,548
OIBDA(2)		$	7,543			$	6,248			$	4,166			$	8,421			$	13,812

SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
		Three Months Ended
		Dec. 31, 2019				Sep. 30, 2019				Jun. 30, 2019				Mar. 31, 2019				Dec. 31, 2018
Witt O’Brien’s
Operating Revenues		$	20,742			$	24,345			$	23,753			$	32,943			$	37,702
Costs and Expenses:
Operating		14,266				16,323				15,691				21,772				24,258
Administrative and general		7,008				5,718				6,831				6,402				6,876
Depreciation and amortization		210				210				209				206				660
		21,484				22,251				22,731				28,380				31,794
Gains on Asset Dispositions		8				10				—				—				—
Operating Income (Loss)		(734		)		2,104				1,022				4,563				5,908
Other Income (Expense):
Foreign currency losses, net		(1		)		—				—				—				(1		)
Other, net		(457		)		(1		)		(2		)		(3		)		—
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax		333				764				(128		)		(67		)		113
Segment Profit (Loss)		$	(859	)		$	2,867			$	892			$	4,493			$	6,020
OIBDA(2)		$	(524	)		$	2,314			$	1,231			$	4,769			$	6,568
Other
Operating Revenues		$	2,099			$	1,635			$	2,142			$	1,805			$	1,290
Costs and Expenses:
Operating		1,335				1,404				1,472				1,253				1,106
Administrative and general		967				846				837				839				551
Depreciation and amortization		499				501				493				489				237
		2,801				2,751				2,802				2,581				1,894
Gains (Losses) on Asset Dispositions		—				34				(2		)		—				37
Operating Loss		(702		)		(1,082		)		(662		)		(776		)		(567		)
Other Income (Expense):
Foreign currency losses, net		—				—				—				—				(4		)
Other, net		431				—				—				—				(105		)
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax		1,449				(56		)		(266		)		(90		)		494
Segment Profit (Loss)(1)		$	1,178			$	(1,138	)		$	(928	)		$	(866	)		$	(182	)
Corporate and Eliminations
Operating Revenues		$	(11	)		$	(3	)		$	(8	)		$	(98	)		$	(33	)
Costs and Expenses:
Operating		(7		)		(4		)		(8		)		(91		)		(25		)
Administrative and general		4,645				5,628				6,490				5,951				5,778
Depreciation and amortization		370				379				378				379				416
		5,008				6,003				6,860				6,239				6,169
Losses on Asset Dispositions		—				(33		)		—				—				—
Operating Loss		$	(5,019	)		$	(6,039	)		$	(6,868	)		$	(6,337	)		$	(6,202	)
Other Income (Expense):
Foreign currency gains (losses), net		$	51			$	(44	)		$	(1	)		$	(7	)		$	(18	)
Other, net		—				1				(1		)		10				96

______________________

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, 2019				Sep. 30, 2019				Jun. 30, 2019				Mar. 31, 2019				Dec. 31, 2018
ASSETS
Current Assets:
Cash and cash equivalents		$	77,222			$	76,815			$	138,757			$	141,152			$	144,221
Restricted cash and restricted cash equivalents		1,222				1,221				1,221				2,992				2,991
Marketable securities		7,936				6,038				39,368				33,384				30,316
Receivables:
Trade, net of allowance for doubtful accounts		194,022				199,013				164,964				174,278				171,828
Other		38,881				43,449				38,297				32,635				38,881
Inventories		5,255				5,224				5,293				4,914				4,530
Prepaid expenses and other		6,971				6,130				5,640				5,809				5,382
Total current assets		331,509				337,890				393,540				395,164				398,149
Property and Equipment:
Historical cost		1,442,382				1,424,907				1,416,084				1,413,488				1,407,329
Accumulated depreciation		(624,024		)		(607,727		)		(593,168		)		(577,136		)		(560,819		)
Net property and equipment		818,358				817,180				822,916				836,352				846,510
Operating Lease Right-of-Use Assets		144,539				153,464				161,518				167,325				—
Investments, at Equity, and Advances to 50% or Less Owned Companies		157,108				154,968				155,645				155,290				156,886
Construction Reserve Funds		—				3,908				3,908				3,908				3,908
Goodwill		32,701				32,668				32,714				32,720				32,708
Intangible Assets, Net		20,996				21,884				22,773				23,662				24,551
Other Assets		7,761				8,284				10,376				7,385				8,312
		$	1,512,972			$	1,530,246			$	1,603,390			$	1,621,806			$	1,471,024
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of long-term debt		$	58,854			$	76,426			$	78,301			$	8,308			$	8,497
Current portion of long-term operating lease liabilities		36,011				36,422				36,171				35,540				—
Accounts payable and accrued expenses		57,595				54,921				35,132				50,097				59,607
Other current liabilities		57,501				67,603				64,796				67,456				55,659
Total current liabilities		209,961				235,372				214,400				161,401				123,763
Long-Term Debt		255,612				241,408				234,445				315,303				346,128
Long-Term Operating Lease Liabilities		108,295				116,866				125,182				131,862				—
Deferred Income Taxes		105,661				103,489				99,938				97,758				94,420
Deferred Gains and Other Liabilities		20,929				20,463				20,768				20,688				52,871
Total liabilities		700,458				717,598				694,733				727,012				617,182
Equity:
SEACOR Holdings Inc. stockholders’ equity:
Preferred stock		—				—				—				—				—
Common stock		408				408				392				392				390
Additional paid-in capital		1,661,002				1,659,428				1,600,838				1,598,804				1,596,642
Retained earnings		517,106				519,023				512,618				498,065				474,809
Shares held in treasury, at cost		(1,365,792		)		(1,365,594		)		(1,366,432		)		(1,366,267		)		(1,366,773		)
Accumulated other comprehensive loss, net of tax		(998		)		(1,400		)		(995		)		(903		)		(914		)
		811,726				811,865				746,421				730,091				704,154
Noncontrolling interests in subsidiaries		788				783				162,236				164,703				149,688
Total equity		812,514				812,648				908,657				894,794				853,842
		$	1,512,972			$	1,530,246			$	1,603,390			$	1,621,806			$	1,471,024

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,
	2019				2018				2019				2018
U.S. GAAP Measures
Net Income (Loss) Attributable to Stockholders	$	(1,917	)		$	(4,686	)		$	26,774			$	58,148
Diluted Earnings (Loss) Per Common Share(1)	$	(0.10	)		$	(0.26	)		$	1.38			$	3.04
Reconciliation of non-GAAP Financial Measures
Operating Income (U.S. GAAP)	$	2,562			$	25,250			$	45,155			$	85,999
(+) Depreciation and amortization	17,451				17,510				68,571				74,579
OIBDA(2)	20,013				42,760				113,726				160,578
(–) Amortization of deferred gains(3)	(330		)		(9,759		)		(1,322		)		(25,737		)
(–) OIBDA less amortization of deferred gains attributable to noncontrolling interests	—				(8,593		)		(15,999		)		(30,292		)
(–) Cash interest paid, net(4)	(1,459		)		(1,581		)		(4,220		)		(15,408		)
(–) Income tax obligation	(6		)		(1,068		)		(25		)		(18,915		)
(+/–) Marketable security gains (losses), net	1,898				(11,128		)		18,394				(12,431		)
Cash Earnings	20,116				10,631				110,554				57,795
(–) Make-whole premium to redeem the 7.375% notes	—				—				—				(5,601		)
(+) Return from sale of Hawker Pacific Airservices, Limited(5)	—				—				—				51,000
Proxy for cash earned	$	20,116			$	10,631			$	110,554			$	103,194

______________________

1. Includes diluted earnings (loss) per common share of $0.08 and $(0.48) for the quarter ended December 31, 2019 and 2018, respectively, related to marking-to-market the Company’s marketable security portfolio.  Includes diluted earnings (loss) per common share of $0.72 and $(0.50) for the twelve months ended December 31, 2019 and 2018, respectively, 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. For the three and twelve months ended December 31, 2019, amortization of deferred gains is included in gains on asset dispositions.  For the three and twelve months ended December 31, 2018, amortization of deferred gains may be included in operating expenses as a reduction to rental expense and/or 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 $0.6 million for the three months ended December 31, 2018 and $1.2 million and $2.7 million for the twelve months ended December 31, 2019 and 2018, respectively.
5. Cash profit from the sale of the Company's 34.2% interest in Hawker Pacific Airservices, Limited in April 2018.

SEACOR HOLDINGS INC.
FLEET COUNTS
(unaudited)
		Dec. 31, 2019		Sep. 30, 2019		Jun. 30, 2019		Mar. 31, 2019		Dec. 31, 2018
Ocean Transportation & Logistics Services
Bulk Transportation Services:
Petroleum and chemical carriers - U.S.-flag		9		9		9		9		10
Bulk carriers - U.S.-flag		2		2		2		2		2
Port & Infrastructure Services:
Harbor tugs - U.S.-flag		24		24		24		24		24
Harbor tugs - Foreign-flag		8		8		8		8		8
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		1
Specialty vessels - Foreign-flag(1)		2		2		2		1		—
Logistics Services:
PCTC(2) - U.S.-flag		4		4		4		4		4
Short-sea container/RORO(3) vessels - Foreign-flag		8		8		9		9		9
RORO(3) & deck barges - U.S.-flag		7		7		7		7		7
Rail ferries - Foreign-flag		2		2		2		2		2
		73		73		74		73		73
Inland Transportation & Logistics Services
Bulk Transportation Services:
Dry-cargo barges		1,372		1,375		1,372		1,374		1,372
Liquid tank barges		20		20		20		20		20
Specialty barges(4)		5		5		5		5		5
Towboats:
4,000 hp - 6,600 hp		19		18		18		18		18
3,300 hp - 3,900 hp		3		3		3		3		3
Less than 3,300 hp		2		2		2		2		2
Port & Infrastructure Services:
Harbor boats:
1,100 hp - 2,000 hp		18		18		18		18		18
Less than 1,100 hp		6		6		6		6		6
Logistics Services:
Dry-cargo barges		35		32		35		33		35
Towboats:
Less than 3,300 hp		1		—		—		—		—
		1,481		1,479		1,479		1,479		1,479

______________________

1. One line handling vessel and one crew transportation 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.