SEACOR Holdings Announces Results for the Third Quarter Ended September 30, 2020
SEACOR Holdings Inc. (NYSE:CKH) reported its Q3 2020 financial results, showing a net income of $3.2 million ($0.16 per diluted share), down from $6.4 million ($0.32 per diluted share) in Q3 2019. Operating income also declined to $5.6 million from $12.5 million year-over-year. Cash earnings fell to $18 million from $27.7 million. Despite challenges, the company noted improved demand for freight services and secured a multiyear charter, adding $45 million to its revenue backlog. As of September 30, 2020, total debt was $248.9 million, and the company had $106.7 million in cash and marketable securities.
- Secured a new multiyear time charter for a chemical-suited tanker, adding approximately $45 million to revenue backlog.
- Improvement in demand for freight services into the Bahamas and Turks & Caicos since July.
- Awarded a $21 million grant for rail expansion and safety projects.
- Net income declined to $3.2 million from $6.4 million year-over-year.
- Operating income fell to $5.6 million from $12.5 million year-over-year.
- Cash earnings decreased from $27.7 million to $18 million year-over-year.
- COVID-19 pandemic continued to negatively impact revenues in several business segments.
FORT LAUDERDALE, Fla., Oct. 29, 2020 (GLOBE NEWSWIRE) -- SEACOR Holdings Inc. (NYSE:CKH) (the “Company”) today announced its results for the third quarter ended September 30, 2020:
- Net income attributable to stockholders for the quarter ended September 30, 2020 was
$3.2 million ($0.16 per diluted share) compared with$6.4 million ($0.32 per diluted share) for the quarter ended September 30, 2019. - Operating income for the quarter ended September 30, 2020 was
$5.6 million compared with$12.5 million for the quarter ended September 30, 2019. - “Cash Earnings” for the quarter ended September 30, 2020 were
$18.0 million compared with$27.7 million for the quarter ended September 30, 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.
Charles Fabrikant, Executive Chairman and Chief Executive Officer, commented on the quarter's results as follows:
"All of our businesses have continued to operate during these challenging times. We recently, and very carefully, reopened several of our office locations. Fulfilling our commitment to, and success in providing our customers uninterrupted, quality service, is only possible due to the dedication and hard work - and flexibility - of our more than 2,000 employees. It is their safety and well-being which remains our top priority.
Several of our businesses started to recover in July from the severe falloff of activity in the second quarter. Harbor towing enjoyed better results early in the third quarter but major storm activity in August and September caused short term reductions in activity. Activity in October, thus far, has been trending positive again.
Demand for freight services into the Bahamas and Turks & Caicos started to pick up in July. SEACOR Island Lines is positioned to perform even better in the fourth quarter as the Bahamian government is expected to reopen its borders on November 1st in time for the seasonal spike in tourist activity.
Additional good news is China increased imports of U.S. agricultural products late in the third quarter pushing barge rates higher. I hope the better margins will be sustained as exports to China and other destinations pick up with the seasonal harvest.
By way of an update, there are several post quarter events to report. SEA-Vista was able to secure a new multiyear time charter for a chemical-suited tanker, adding approximately
Our inland business, SCF, was also successful in finalizing terms to acquire a strategic center gulf fleeting location. This adds approximately 220 fleeting spaces strategically positioned near grain export elevators allowing us to expedite cycle times of our equipment while improving service to our customers. The acquisition is expected to close in early November. Additionally, SCF, supported by three Port Authorities in the St. Louis region, was awarded a
I am pleased that we have been able to make forward progress but mindful that the pandemic is not yet over."
The "Operating Discussion" below is a comparison of results for the quarter ended September 30, 2020 with the prior year quarter ended September 30, 2019.
Operating Discussion
Ocean Transportation & Logistics Services - Operating income and OIBDA were
SEA-Vista's operating results were
Operating results for SEACOR Island Lines and Seabulk Towing continue to be negatively impacted by the COVID-19 pandemic. Early in the quarter, demand for freight into the Bahamas and the Turks & Caicos rebounded from the lows in the preceding quarter, although activity remained below pre-pandemic levels. Ship calls into harbor towing's port network were also beginning to recover but were negatively impacted by port closures along the U.S. Gulf Coast as a consequence of hurricane and major storm activity.
Waterman Logistics' operating results were impacted by softer revenues from government cargo voyages and the timing, and non-recurring nature, of certain expenses.
Inland Transportation & Logistics Services - Operating income and OIBDA were
Barge pool operating results continued to be impacted by idle equipment, as the supply and demand balance was exacerbated by the delayed start to the harvest in the lower Mississippi River region. Fleeting operations suffered from lock maintenance and closures on the Illinois River and less activity in the St. Louis region. Results from the terminal operation improved due to increased activity levels; the prior year quarter was negatively impacted by the lingering effects of flooding in and around the St. Louis harbor.
Witt O’Brien’s - Operating income and OIBDA were
Capital Commitments - The Company’s capital commitments as of September 30, 2020 were
Liquidity and Debt - During the current year quarter, the Company redeemed its outstanding
As of September 30, 2020, the Company’s balances of cash, cash equivalents, restricted cash, restricted cash equivalents, and marketable securities totaled
Equity - As of September 30, 2020, the total shares outstanding were 20,372,510.
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.
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 (in thousands, except share data, unaudited) | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||
| Operating Revenues | $ | 175,414 | $ | 200,658 | $ | 540,295 | $ | 607,205 | ||||||||
| Costs and Expenses: | ||||||||||||||||
| Operating | 128,546 | 147,386 | 400,752 | 437,368 | ||||||||||||
| Administrative and general | 24,560 | 24,923 | 76,785 | 78,383 | ||||||||||||
| Depreciation and amortization | 17,306 | 16,975 | 52,620 | 51,120 | ||||||||||||
| 170,412 | 189,284 | 530,157 | 566,871 | |||||||||||||
| Gains on Asset Dispositions, Net | 618 | 1,145 | 9,200 | 2,259 | ||||||||||||
| Operating Income | 5,620 | 12,519 | 19,338 | 42,593 | ||||||||||||
| Other Income (Expense): | ||||||||||||||||
| Interest income | 1,425 | 2,198 | 4,544 | 5,983 | ||||||||||||
| Interest expense | (3,938 | ) | (4,816 | ) | (12,587 | ) | (14,832 | ) | ||||||||
| Debt extinguishment gains (losses), net | (254 | ) | (777 | ) | 1,348 | (2,073 | ) | |||||||||
| Marketable security gains (losses), net | 951 | 144 | (567 | ) | 16,496 | |||||||||||
| Foreign currency losses, net | (203 | ) | (1,877 | ) | (3,042 | ) | (1,663 | ) | ||||||||
| Other, net | 2,242 | 505 | 2,992 | (114 | ) | |||||||||||
| 223 | (4,623 | ) | (7,312 | ) | 3,797 | |||||||||||
| Income Before Income Tax Expense (Benefit) and Equity in Losses of | 5,843 | 7,896 | 12,026 | 46,390 | ||||||||||||
| Income Tax Expense (Benefit) | 1,552 | 1,417 | (9,384 | ) | 7,012 | |||||||||||
| Income Before Equity in Losses of | 4,291 | 6,479 | 21,410 | 39,378 | ||||||||||||
| Equity in Losses of | (1,102 | ) | (618 | ) | (8,877 | ) | (3,448 | ) | ||||||||
| Net Income | 3,189 | 5,861 | 12,533 | 35,930 | ||||||||||||
| Net Income (Loss) Attributable to Noncontrolling Interests in Subsidiaries | (1 | ) | (544 | ) | (8 | ) | 7,239 | |||||||||
| Net Income Attributable to SEACOR Holdings Inc. | $ | 3,190 | $ | 6,405 | $ | 12,541 | $ | 28,691 | ||||||||
| Basic Earnings Per Common Share of SEACOR Holdings Inc. | $ | 0.16 | $ | 0.33 | $ | 0.63 | $ | 1.54 | ||||||||
| Diluted Earnings Per Common Share of SEACOR Holdings Inc. | $ | 0.16 | $ | 0.32 | $ | 0.63 | $ | 1.48 | ||||||||
| Weighted Average Common Shares Outstanding: | ||||||||||||||||
| Basic | 19,995,413 | 19,322,423 | 19,975,635 | 18,618,613 | ||||||||||||
| Diluted | 20,017,551 | 20,738,919 | 19,993,982 | 19,984,302 | ||||||||||||
| OIBDA(1) | $ | 22,926 | $ | 29,494 | $ | 71,958 | $ | 93,713 | ||||||||
| OIBDA Attributable to SEACOR Holdings Inc.(1) | $ | 22,926 | $ | 28,813 | $ | 71,958 | $ | 77,714 | ||||||||
| ______________________ 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 | ||||||||||||||||||||
| Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | ||||||||||||||||
| Operating Revenues | $ | 175,414 | $ | 172,585 | $ | 192,296 | $ | 192,761 | $ | 200,658 | ||||||||||
| Costs and Expenses: | ||||||||||||||||||||
| Operating | 128,546 | 126,178 | 146,028 | 146,265 | 147,386 | |||||||||||||||
| Administrative and general | 24,560 | 23,204 | 29,021 | 27,134 | 24,923 | |||||||||||||||
| Depreciation and amortization | 17,306 | 17,585 | 17,729 | 17,451 | 16,975 | |||||||||||||||
| 170,412 | 166,967 | 192,778 | 190,850 | 189,284 | ||||||||||||||||
| Gains on Asset Dispositions, Net | 618 | 8,198 | 384 | 651 | 1,145 | |||||||||||||||
| Operating Income (Loss) | 5,620 | 13,816 | (98 | ) | 2,562 | 12,519 | ||||||||||||||
| Other Income (Expense): | ||||||||||||||||||||
| Interest income | 1,425 | 1,518 | 1,601 | 1,488 | 2,198 | |||||||||||||||
| Interest expense | (3,938 | ) | (4,179 | ) | (4,470 | ) | (4,401 | ) | (4,816 | ) | ||||||||||
| Debt extinguishment gains (losses), net | (254 | ) | 1,921 | (319 | ) | (171 | ) | (777 | ) | |||||||||||
| Marketable security gains (losses), net | 951 | (1,414 | ) | (104 | ) | 1,898 | 144 | |||||||||||||
| Foreign currency gains (losses), net | (203 | ) | 1,743 | (4,582 | ) | 1,351 | (1,877 | ) | ||||||||||||
| Other, net | 2,242 | 658 | 92 | (20 | ) | 505 | ||||||||||||||
| 223 | 247 | (7,782 | ) | 145 | (4,623 | ) | ||||||||||||||
| Income (Loss) Before Income Tax Expense (Benefit) and Equity in Losses of | 5,843 | 14,063 | (7,880 | ) | 2,707 | 7,896 | ||||||||||||||
| Income Tax Expense (Benefit) | 1,552 | 3,206 | (14,142 | ) | 2,817 | 1,417 | ||||||||||||||
| Income (Loss) Before Equity in Losses of | 4,291 | 10,857 | 6,262 | (110 | ) | 6,479 | ||||||||||||||
| Equity in Losses of | (1,102 | ) | (2,982 | ) | (4,793 | ) | (1,802 | ) | (618 | ) | ||||||||||
| Net Income (Loss) | 3,189 | 7,875 | 1,469 | (1,912 | ) | 5,861 | ||||||||||||||
| Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries | (1 | ) | (9 | ) | 2 | 5 | (544 | ) | ||||||||||||
| Net Income (Loss) attributable to SEACOR Holdings Inc. | $ | 3,190 | $ | 7,884 | $ | 1,467 | $ | (1,917 | ) | $ | 6,405 | |||||||||
| Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc. | $ | 0.16 | $ | 0.39 | $ | 0.07 | $ | (0.10 | ) | $ | 0.33 | |||||||||
| Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc. | $ | 0.16 | $ | 0.39 | $ | 0.07 | $ | (0.10 | ) | $ | 0.32 | |||||||||
| Weighted Average Common Shares Outstanding: | ||||||||||||||||||||
| Basic | 19,995 | 19,981 | 19,950 | 19,933 | 19,322 | |||||||||||||||
| Diluted | 20,018 | 21,099 | 19,994 | 19,933 | 20,739 | |||||||||||||||
| Common Shares Outstanding at Period End | 20,373 | 20,340 | 20,333 | 20,176 | 20,179 | |||||||||||||||
| OIBDA(1) | $ | 22,926 | $ | 31,401 | $ | 17,631 | $ | 20,013 | $ | 29,494 | ||||||||||
| OIBDA attributable to SEACOR Holdings Inc.(1) | $ | 22,926 | $ | 31,401 | $ | 17,631 | $ | 20,013 | $ | 28,813 | ||||||||||
| ______________________ 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 | ||||||||||||||||||||
| Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | ||||||||||||||||
| Ocean Transportation & Logistics Services | ||||||||||||||||||||
| Operating Revenues | $ | 88,771 | $ | 86,111 | $ | 106,115 | $ | 101,674 | $ | 102,661 | ||||||||||
| Costs and Expenses: | ||||||||||||||||||||
| Operating | 59,985 | 57,827 | 77,604 | 72,759 | 66,888 | |||||||||||||||
| Administrative and general | 10,436 | 8,780 | 10,744 | 11,190 | 9,404 | |||||||||||||||
| Depreciation and amortization | 10,124 | 10,270 | 10,282 | 10,228 | 10,191 | |||||||||||||||
| 80,545 | 76,877 | 98,630 | 94,177 | 86,483 | ||||||||||||||||
| Gains on Asset Dispositions, Net | 191 | 113 | 9 | 121 | 804 | |||||||||||||||
| Operating Income | 8,417 | 9,347 | 7,494 | 7,618 | 16,982 | |||||||||||||||
| Other Income (Expense): | ||||||||||||||||||||
| Foreign currency gains (losses), net | 213 | 83 | (78 | ) | 52 | (104 | ) | |||||||||||||
| Other, net | 5 | (18 | ) | 22 | 6 | 505 | ||||||||||||||
| Equity in Earnings (Losses) of | 505 | (1,426 | ) | (1,357 | ) | (1,238 | ) | (242 | ) | |||||||||||
| Segment Profit(1) | $ | 9,140 | $ | 7,986 | $ | 6,081 | $ | 6,438 | $ | 17,141 | ||||||||||
| OIBDA(2) | $ | 18,541 | $ | 19,617 | $ | 17,776 | $ | 17,846 | $ | 27,173 | ||||||||||
| OIBDA(2) attributable to stockholders | $ | 18,541 | $ | 19,617 | $ | 17,776 | $ | 17,846 | $ | 26,492 | ||||||||||
| Dry-docking expenditures for U.S.-flag petroleum and chemical carriers, dry bulk carriers and PCTC’s (included in operating costs and expenses) | $ | 420 | $ | 908 | $ | 7,816 | $ | 8,752 | $ | 4,310 | ||||||||||
| 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 | 42 | |||||||||||||||
| Dry-docking expenditures for all other vessels | $ | 1,155 | $ | 292 | $ | 1,704 | $ | 289 | $ | 1,783 | ||||||||||
| Inland Transportation & Logistics Services | ||||||||||||||||||||
| Operating Revenues | $ | 64,069 | $ | 63,513 | $ | 61,311 | $ | 68,257 | $ | 72,020 | ||||||||||
| Costs and Expenses: | ||||||||||||||||||||
| Operating | 54,338 | 53,915 | 50,919 | 57,912 | 62,775 | |||||||||||||||
| Administrative and general | 3,321 | 3,292 | 3,488 | 3,324 | 3,327 | |||||||||||||||
| Depreciation and amortization | 6,036 | 6,016 | 6,212 | 6,144 | 5,694 | |||||||||||||||
| 63,695 | 63,223 | 60,619 | 67,380 | 71,796 | ||||||||||||||||
| Gains on Asset Dispositions, Net | 427 | 8,085 | 315 | 522 | 330 | |||||||||||||||
| Operating Income | 801 | 8,375 | 1,007 | 1,399 | 554 | |||||||||||||||
| Other Income (Expense): | ||||||||||||||||||||
| Foreign currency gains (losses), net | (439 | ) | 1,653 | (4,478 | ) | 1,249 | (1,729 | ) | ||||||||||||
| Other, net | 1,939 | (3 | ) | — | — | — | ||||||||||||||
| Equity in Losses of | (1,141 | ) | (701 | ) | (3,376 | ) | (2,346 | ) | (1,084 | ) | ||||||||||
| Segment Profit (Loss)(1) | $ | 1,160 | $ | 9,324 | $ | (6,847 | ) | $ | 302 | $ | (2,259 | ) | ||||||||
| OIBDA(2) | $ | 6,837 | $ | 14,391 | $ | 7,219 | $ | 7,543 | $ | 6,248 | ||||||||||
| ______________________ 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 | ||||||||||||||||||||
| Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | ||||||||||||||||
| Witt O’Brien’s | ||||||||||||||||||||
| Operating Revenues | $ | 20,518 | $ | 21,173 | $ | 22,506 | $ | 20,742 | $ | 24,345 | ||||||||||
| Costs and Expenses: | ||||||||||||||||||||
| Operating | 12,793 | 13,104 | 15,691 | 14,266 | 16,323 | |||||||||||||||
| Administrative and general | 4,913 | 4,961 | 7,679 | 7,008 | 5,718 | |||||||||||||||
| Depreciation and amortization | 359 | 356 | 259 | 210 | 210 | |||||||||||||||
| 18,065 | 18,421 | 23,629 | 21,484 | 22,251 | ||||||||||||||||
| Gains on Asset Dispositions | — | — | — | 8 | 10 | |||||||||||||||
| Operating Income (Loss) | 2,453 | 2,752 | (1,123 | ) | (734 | ) | 2,104 | |||||||||||||
| Other Income (Expense): | ||||||||||||||||||||
| Foreign currency gains (losses), net | (18 | ) | (9 | ) | 12 | (1 | ) | — | ||||||||||||
| Other, net | — | — | 70 | (457 | ) | (1 | ) | |||||||||||||
| Equity in Earnings (Losses) of | 130 | 256 | (8 | ) | 333 | 764 | ||||||||||||||
| Segment Profit (Loss) | $ | 2,565 | $ | 2,999 | $ | (1,049 | ) | $ | (859 | ) | $ | 2,867 | ||||||||
| OIBDA(2) | $ | 2,812 | $ | 3,108 | $ | (864 | ) | $ | (524 | ) | $ | 2,314 | ||||||||
| Other | ||||||||||||||||||||
| Operating Revenues | $ | 2,069 | $ | 1,798 | $ | 2,399 | $ | 2,099 | $ | 1,635 | ||||||||||
| Costs and Expenses: | ||||||||||||||||||||
| Operating | 1,442 | 1,342 | 1,847 | 1,335 | 1,404 | |||||||||||||||
| Administrative and general | 706 | 877 | 1,124 | 967 | 846 | |||||||||||||||
| Depreciation and amortization | 459 | 615 | 619 | 499 | 501 | |||||||||||||||
| 2,607 | 2,834 | 3,590 | 2,801 | 2,751 | ||||||||||||||||
| Gains on Asset Dispositions | — | — | 60 | — | 34 | |||||||||||||||
| Operating Loss | (538 | ) | (1,036 | ) | (1,131 | ) | (702 | ) | (1,082 | ) | ||||||||||
| Other Income (Expense): | ||||||||||||||||||||
| Other, net | 1 | — | — | 431 | — | |||||||||||||||
| Equity in Earnings (Losses) of | (596 | ) | (1,111 | ) | (52 | ) | 1,449 | (56 | ) | |||||||||||
| Segment Profit (Loss)(1) | $ | (1,133 | ) | $ | (2,147 | ) | $ | (1,183 | ) | $ | 1,178 | $ | (1,138 | ) | ||||||
| Corporate and Eliminations | ||||||||||||||||||||
| Operating Revenues | $ | (13 | ) | $ | (10 | ) | $ | (35 | ) | $ | (11 | ) | $ | (3 | ) | |||||
| Costs and Expenses: | ||||||||||||||||||||
| Operating | (12 | ) | (10 | ) | (33 | ) | (7 | ) | (4 | ) | ||||||||||
| Administrative and general | 5,184 | 5,294 | 5,986 | 4,645 | 5,628 | |||||||||||||||
| Depreciation and amortization | 328 | 328 | 357 | 370 | 379 | |||||||||||||||
| 5,500 | 5,612 | 6,310 | 5,008 | 6,003 | ||||||||||||||||
| Losses on Asset Dispositions | — | — | — | — | (33 | ) | ||||||||||||||
| Operating Loss | $ | (5,513 | ) | $ | (5,622 | ) | $ | (6,345 | ) | $ | (5,019 | ) | $ | (6,039 | ) | |||||
| Other Income (Expense): | ||||||||||||||||||||
| Foreign currency gains (losses), net | $ | 41 | $ | 16 | $ | (38 | ) | $ | 51 | $ | (44 | ) | ||||||||
| Other, net | 297 | 679 | — | — | 1 | |||||||||||||||
| ______________________ | ||||||||||||||||||||
| 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) | ||||||||||||||||||||
| Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | ||||||||||||||||
| ASSETS | ||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||
| Cash and cash equivalents | $ | 98,015 | $ | 128,389 | $ | 76,106 | $ | 77,222 | $ | 76,815 | ||||||||||
| Restricted cash and restricted cash equivalents | 1,119 | 1,119 | 1,224 | 1,222 | 1,221 | |||||||||||||||
| Marketable securities | 7,597 | 6,418 | 7,832 | 7,936 | 6,038 | |||||||||||||||
| Receivables: | ||||||||||||||||||||
| Trade, net of allowance for doubtful accounts | 196,076 | 179,350 | 192,350 | 194,022 | 199,013 | |||||||||||||||
| Other | 67,862 | 64,098 | 67,938 | 38,881 | 43,449 | |||||||||||||||
| Inventories | 3,871 | 3,668 | 4,050 | 5,255 | 5,224 | |||||||||||||||
| Prepaid expenses and other | 6,364 | 6,705 | 5,387 | 6,971 | 6,130 | |||||||||||||||
| Total current assets | 380,904 | 389,747 | 354,887 | 331,509 | 337,890 | |||||||||||||||
| Property and Equipment: | ||||||||||||||||||||
| Historical cost | 1,442,442 | 1,439,245 | 1,441,509 | 1,442,382 | 1,424,907 | |||||||||||||||
| Accumulated depreciation | (663,277 | ) | (647,400 | ) | (639,424 | ) | (624,024 | ) | (607,727 | ) | ||||||||||
| Net property and equipment | 779,165 | 791,845 | 802,085 | 818,358 | 817,180 | |||||||||||||||
| Operating Lease Right-of-Use Assets | 124,855 | 131,628 | 136,180 | 144,539 | 153,464 | |||||||||||||||
| Investments, at Equity, and Advances to | 152,744 | 152,228 | 151,568 | 157,108 | 154,968 | |||||||||||||||
| Construction Reserve Funds | — | — | — | — | 3,908 | |||||||||||||||
| Goodwill | 32,616 | 32,626 | 32,586 | 32,701 | 32,668 | |||||||||||||||
| Intangible Assets, Net | 21,041 | 21,990 | 22,952 | 20,996 | 21,884 | |||||||||||||||
| Other Assets | 8,404 | 8,718 | 8,615 | 7,761 | 8,284 | |||||||||||||||
| $ | 1,499,729 | $ | 1,528,782 | $ | 1,508,873 | $ | 1,512,972 | $ | 1,530,246 | |||||||||||
| LIABILITIES AND EQUITY | ||||||||||||||||||||
| Current Liabilities: | ||||||||||||||||||||
| Current portion of long-term debt | $ | 10,845 | $ | 44,819 | $ | 44,495 | $ | 58,854 | $ | 76,426 | ||||||||||
| Current portion of long-term operating lease liabilities | 37,124 | 37,441 | 35,258 | 36,011 | 36,422 | |||||||||||||||
| Current portion of other long-term financial liabilities |
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"@type": "FAQPage",
"name": "SEACOR Holdings Announces Results for the Third Quarter Ended September 30, 2020 FAQs",
"mainEntity": [
{
"@type": "Question",
"name": "What were SEACOR Holdings' Q3 2020 net income results?",
"acceptedAnswer": {
"@type": "Answer",
"text": "In Q3 2020, SEACOR Holdings reported a net income of $3.2 million ($0.16 per diluted share), down from $6.4 million ($0.32 per diluted share) in Q3 2019."
}
},
{
"@type": "Question",
"name": "How did SEACOR Holdings perform in terms of operating income for Q3 2020?",
"acceptedAnswer": {
"@type": "Answer",
"text": "For Q3 2020, SEACOR Holdings reported an operating income of $5.6 million, a decrease from $12.5 million in Q3 2019."
}
},
{
"@type": "Question",
"name": "What was the impact of COVID-19 on SEACOR Holdings' business?",
"acceptedAnswer": {
"@type": "Answer",
"text": "The COVID-19 pandemic adversely affected revenues in several segments, including SEACOR Island Lines and Seabulk Towing."
}
},
{
"@type": "Question",
"name": "Did SEACOR Holdings secure any new contracts in Q3 2020?",
"acceptedAnswer": {
"@type": "Answer",
"text": "Yes, SEACOR Holdings secured a new multiyear time charter for a chemical-suited tanker, contributing an estimated $45 million to their revenue backlog."
}
},
{
"@type": "Question",
"name": "What is the cash position of SEACOR Holdings as of September 30, 2020?",
"acceptedAnswer": {
"@type": "Answer",
"text": "As of September 30, 2020, SEACOR Holdings had a total of $106.7 million in cash, cash equivalents, restricted cash, and marketable securities."
}
}
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}
FAQ
What were SEACOR Holdings' Q3 2020 net income results?
In Q3 2020, SEACOR Holdings reported a net income of $3.2 million ($0.16 per diluted share), down from $6.4 million ($0.32 per diluted share) in Q3 2019.
How did SEACOR Holdings perform in terms of operating income for Q3 2020?
For Q3 2020, SEACOR Holdings reported an operating income of $5.6 million, a decrease from $12.5 million in Q3 2019.
What was the impact of COVID-19 on SEACOR Holdings' business?
The COVID-19 pandemic adversely affected revenues in several segments, including SEACOR Island Lines and Seabulk Towing.
Did SEACOR Holdings secure any new contracts in Q3 2020?
Yes, SEACOR Holdings secured a new multiyear time charter for a chemical-suited tanker, contributing an estimated $45 million to their revenue backlog.
What is the cash position of SEACOR Holdings as of September 30, 2020?
As of September 30, 2020, SEACOR Holdings had a total of $106.7 million in cash, cash equivalents, restricted cash, and marketable securities.
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