Exhibit 99.1

 

FOR IMMEDIATE RELEASE

 

SEACOR HOLDINGS ANNOUNCES THIRD QUARTER RESULTS

 

Fort Lauderdale, FL, October 23, 2018. SEACOR Holdings Inc. (NYSE:CKH) (the “Company”) today announced:

 

 

For the third quarter, net income was $17.1 million ($0.88 per diluted share) including net mark-to-market gains of $1.4 million ($0.06 per diluted share) related to the Company’s investment in 5.2 million shares of Dorian LPG Ltd. (“Dorian”).

 

 

For the preceding quarter, net income was $45.1 million ($2.14 per diluted share) including a net gain of $42.6 million ($1.89 per diluted share) related to the sale of the Company’s interest in Hawker Pacific Airservices, net mark-to-market gains of $0.6 million ($0.03 per diluted share) related to the Company’s investment in Dorian and net debt extinguishment losses of $4.3 million ($0.19 per diluted share) primarily related to the exchange of the Company’s 3.0% Convertible Senior Notes for new 3.25% Convertible Senior Notes.

 

 

Operating income before depreciation and amortization (“OIBDA”)1, was $52.7 million including $6.0 million of gains on asset dispositions. This compares with $30.9 million, including $0.5 million of gains on asset dispositions, in the preceding quarter.

 

 

For the nine months ended September 30, 2018, net income was $62.8 million ($3.21 per diluted share) compared with $9.6 million ($0.55 per diluted share) in the nine months ended September 30, 2017. For the nine months ended September 30, 2018, OIBDA1 was $117.8 million compared with $82.2 million in the nine months ended September 30, 2017.

 

Charles Fabrikant, Executive Chairman and Chief Executive Officer, commented:

 

“Operating income improved this quarter due to better results in our inland and ocean transport and logistics businesses. Our SEA-Vista tanker fleet benefited from not having any dry-docking expenses during the quarter and more available revenue days and our chemical ATB was able to find employment in what was a weak spot market for product movement. As of September 30, 2018, SEA-Vista's revenue backlog was approximately $357 million. Inland rates improved in part due to harvest activity and export demand and also due to continued demand for coal exports and frac sand moving to the Permian from mid and upper Mississippi River origin. Barge rates are variable and the self-imposed Chinese embargo of American origin soybeans creates uncertainty for next year.

 

Our Witt O’Brien’s subsidiary had a strong quarter and continued success in expanding its business. It continues to lead the U.S. Virgin Islands' recovery from last year's storms and has also supported similar recovery efforts across communities in Texas, Florida and now Puerto Rico. Following hurricanes Florence and Michael, Witt O’Brien’s has been activated in North Carolina, South Carolina and Florida. Furthermore, its private sector activity continues to grow.

 

We have also announced our intention to redeem all of our 7.375% notes on October 31, 2018. The cost to redeem the Notes, based on the “make whole” terms, was roughly equal to what we could earn on the cash required to be held to pay the Notes off in October 2019, when they become due.”

 

Continuing Operation Discussion

 

Ocean Transportation & Logistics Services - Operating income was $30.3 million compared with $8.2 million in the preceding quarter. OIBDA1 was $27.6 million compared with $14.9 million in the preceding quarter, excluding $14.0 million and $4.9 million, respectively, attributable to noncontrolling interests in SEA-Vista. Operating income and OIBDA1 in the third quarter included the recognition of $5.5 million of previously deferred gains due to a change in the lease duration for one U.S.-flag petroleum and chemical carrier.

 

Operating results benefited from lower regulatory dry-docking costs and higher revenues due to one U.S.-flag petroleum and chemical carrier returning to service following its dry-docking.

 

Equity earnings of $2.1 million, net of tax, were primarily from Trailer Bridge, the Company’s joint venture operating in the Puerto Rico liner trade.

 

1

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

 

1

The following information was filed by Seacor Holdings Inc (CKH) on Wednesday, October 24, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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