FORT LAUDERDALE, Fla., April 24, 2019 (GLOBE NEWSWIRE) -- SEACOR Holdings Inc. (NYSE:CKH) (the “Company”) today announced its results for the quarter ended March 31, 2019:

• Net income attributable to stockholders was $7.7 million ($0.41 per diluted share) compared with $0.6 million ($0.04 per diluted share) for the quarter ended March 31, 2018.
  
  
• Operating income was $19.0 million, a $10.9 million increase compared with the quarter ended March 31, 2018, excluding gains on asset dispositions.
  
  
• “Cash Earnings” were $26.7 million compared with $14.5 million for the quarter ended March 31, 2018.  “Cash Earnings” is a non-GAAP financial measure; see the table elsewhere in this release for a reconciliation to its closest U.S. GAAP measure.

Operating Discussion

Ocean Transportation & Logistics Services - Operating income and OIBDA attributable to SEACOR (excluding our partner’s noncontrolling interests in SEA-Vista) were $12.9 million and $20.1 million in the current year quarter compared with $10.1 million and $19.4 million in the prior year quarter, respectively.  Operating income and OIBDA included $1.9 million of gains on asset dispositions in the prior year quarter.  OIBDA is a non-GAAP financial measure; see the table elsewhere in this release for a reconciliation to its closest U.S. GAAP measure.

Operating income from bulk transportation services was higher despite one fewer vessel in operation in the current year quarter primarily due to higher rates for two U.S.-flag petroleum and chemical carriers.  Operating income from logistics services was also higher as the Company’s PCTCs (Pure-Car-Truck-Carriers) benefited from moving U.S. military, commercial and U.S. government-impelled cargo partially offset by higher regulatory dry-docking costs.

Inland Transportation & Logistics Services - Operating income and OIBDA were $2.7 million and $8.4 million in the current year quarter compared with $3.4 million and $9.6 million in the prior year quarter, respectively.  Operating income and OIBDA included gains on asset dispositions of $0.4 million and $5.2 million in the current year quarter and prior year quarter, respectively.  

Bulk transportation revenues benefited from adverse weather and difficult operating conditions on the U.S. Inland Waterways, which resulted in higher freight rates and increased utilization (due to demurrage and storage days) for the barge pools.  The barge pools also benefited from strong charter rates for a fleet of barges supporting frac sand movements.  The increase in revenues outpaced the higher operating expenses as a result of the difficult operating conditions.

Foreign currency gains in the current year quarter and prior year quarter were primarily due to favorable movements in the exchange rates of the Colombian peso in relation to the U.S. dollar.

Witt O’Brien’s - Operating income and OIBDA were $4.6 million and $4.8 million in the current year quarter compared with $2.5 million and $2.8 million in the prior year quarter, respectively.  The Company continues to support the recovery efforts in the U.S. Virgin Islands and other U.S. locations as a well as its private sector client base.

Capital Commitments - The Company’s capital commitments as of March 31, 2019 were $28.9 million including an interest in two foreign-flag rail ferries, two inland river towboats, other equipment and vessel and terminal improvements.

Liquidity and Debt - During the current year quarter, the Company repurchased $24.0 million in principal amount of its 3.0% Convertible Senior Notes for $23.2 million resulting in debt extinguishment losses of $0.8 million.

As of March 31, 2019, the Company’s balances of cash, cash equivalents, restricted cash, restricted cash equivalents, marketable securities and construction reserve funds totaled $181.4 million.  Total outstanding debt was $323.6 million including $79.9 million of SEA-Vista debt that is non-recourse to the Company.  SEA-Vista is a consolidated joint venture and had $100.0 million of borrowing capacity under its credit facility as of March 31, 2019.

During the quarter ended March 31, 2019, the Company entered into a new $125.0 million revolving credit facility.  As of March 31, 2019, the Company had no borrowings outstanding under this facility.

Adoption of New Accounting Standards.  On January 1, 2019, the Company adopted Financial Accounting Standards Board (“FASB”) Topic 842, Leases (“Topic 842”).  Upon adoption, the Company recorded operating lease right-of-use assets and lease liabilities of $174.6 million for certain of its equipment, office and land leases.  In addition, the Company recognized a cumulative-effect adjustment of $25.4 million, net of tax, to the opening balance of retained earnings primarily for previously deferred gains related to sale leaseback transactions.

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 risk factors, investors and analysts should not place undue reliance on forward-looking statements.  Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law.  It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the SEC, including  Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any).  These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.

For additional information, contact Investor Relations at (954) 627-5278 or visit SEACOR’s website at www.seacorholdings.com.

SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share data, unaudited)
	Three Months Ended
	March 31,
	2019				2018
Operating Revenues	$	209,524			$	184,824
Costs and Expenses:
Operating	147,111				131,777
Administrative and general	26,746				25,795
Depreciation and amortization	17,136				19,609
	190,993				177,181
Gains on Asset Dispositions	437				7,045
Operating Income	18,968				14,688
Other Income (Expense):
Interest income	1,900				1,856
Interest expense	(5,113		)		(8,563		)
Debt extinguishment losses, net	(793		)		(42		)
Marketable security gains (losses), net	3,068				(3,798		)
Foreign currency gains, net	405				1,690
Other, net	(644		)		283
	(1,177		)		(8,574		)
Income Before Income Tax Expense (Benefit) and Equity in Losses of 50% or Less Owned Companies	17,791				6,114
Income Tax Expense (Benefit)	2,205				(281		)
Income Before Equity in Losses of 50% or Less Owned Companies	15,586				6,395
Equity in Losses of 50% or Less Owned Companies, Net of Tax	(2,518		)		(837		)
Net Income	13,068				5,558
Net Income attributable to Noncontrolling Interests in Subsidiaries	5,335				4,917
Net Income attributable to SEACOR Holdings Inc.	$	7,733			$	641
Basic Earnings Per Common Share of SEACOR Holdings Inc.:	$	0.42			$	0.04
Diluted Earnings Per Common Share of SEACOR Holdings Inc.:	$	0.41			$	0.04
Weighted Average Common Shares Outstanding:
Basic	18,232,562				17,969,970
Diluted	19,571,339				18,178,518
OIBDA(1)	$	36,104			$	34,297
OIBDA attributable to SEACOR Holdings Inc.(1)	$	26,996			$	25,324

(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
	Mar. 31,				Dec. 31,				Sep. 30,				Jun. 30,				Mar. 31,
	2019				2018				2018				2018				2018
Operating Revenues	$	209,524			$	213,838			$	220,257			$	216,831			$	184,824
Costs and Expenses:
Operating	147,111				150,374				147,529				162,168				131,777
Administrative and general	26,746				26,718				26,083				24,311				25,795
Depreciation and amortization	17,136				17,510				18,616				18,844				19,609
	190,993				194,602				192,228				205,323				177,181
Gains on Asset Dispositions	437				6,014				6,018				506				7,045
Operating Income	18,968				25,250				34,047				12,014				14,688
Other Income (Expense):
Interest income	1,900				2,245				2,450				2,179				1,856
Interest expense	(5,113		)		(6,181		)		(8,335		)		(8,604		)		(8,563		)
Debt extinguishment losses, net	(793		)		(6,017		)		(160		)		(5,407		)		(42		)
Marketable security gains (losses), net	3,068				(11,128		)		1,713				782				(3,798		)
Foreign currency gains (losses), net	405				(2,280		)		(328		)		(1,346		)		1,690
Other, net	(644		)		13				357				54,311				283
	(1,177		)		(23,348		)		(4,303		)		41,915				(8,574		)
Income Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies	17,791				1,902				29,744				53,929				6,114
Income Tax Expense (Benefit)	2,205				(4,519		)		3,362				9,853				(281		)
Income Before Equity in Earnings (Losses) of 50% or Less Owned Companies	15,586				6,421				26,382				44,076				6,395
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax	(2,518		)		(1,987		)		821				1,931				(837		)
Net Income	13,068				4,434				27,203				46,007				5,558
Net Income attributable to Noncontrolling Interests in Subsidiaries	5,335				9,120				10,136				881				4,917
Net Income (Loss) attributable to SEACOR Holdings Inc.	$	7,733			$	(4,686	)		$	17,067			$	45,126			$	641
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:	$	0.42			$	(0.26	)		$	0.94			$	2.50			$	0.04
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:	$	0.41			$	(0.26	)		$	0.88			$	2.14			$	0.04
Weighted Average Common Shares of Outstanding:
Basic	18,233				18,165				18,108				18,077				17,970
Diluted	19,571				18,165				21,193				22,588				18,179
Common Shares Outstanding at Period End	18,528				18,330				18,243				18,224				18,165
OIBDA(1)	$	36,104			$	42,760			$	52,663			$	30,858			$	34,297
OIBDA attributable to SEACOR Holdings Inc.(1)	$	26,996			$	29,822			$	38,630			$	25,978			$	25,324

(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
	Mar. 31,				Dec. 31,				Sep. 30,				Jun. 30,				Mar. 31,
	2019				2018				2018				2018				2018
Ocean Transportation & Logistics Services
Operating Revenues	$	109,272			$	97,366			$	109,939			$	105,155			$	102,384
Costs and Expenses:
Operating	69,932				64,234				64,683				75,044				65,333
Administrative and general	10,198				10,132				9,170				10,328				10,549
Depreciation and amortization	10,337				10,707				11,298				11,620				12,645
	90,467				85,073				85,151				96,992				88,527
Gains on Asset Dispositions	17				5,496				5,505				3				1,883
Operating Income	18,822				17,789				30,293				8,166				15,740
Other Income (Expense):
Foreign currency losses, net	(47		)		(17		)		(24		)		(76		)		(51		)
Other, net	(651		)		(15		)		(96		)		398				283
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax	111				(23		)		2,073				1,267				315
Segment Profit(1)	$	18,235			$	17,734			$	32,246			$	9,755			$	16,287
OIBDA(2)	$	29,159			$	28,496			$	41,591			$	19,786			$	28,385
OIBDA(2) attributable to stockholders	$	20,051			$	15,558			$	27,558			$	14,906			$	19,412
Dry-docking expenditures for U.S.-flag petroleum and chemical carriers, dry bulk carriers and PCTC’s (included in operating costs and expenses)	$	1,581			$	6,430			$	399			$	5,291			$	1,988
Out-of-service days for dry-dockings of U.S.-flag petroleum and chemical carriers, dry bulk carriers and PCTC’s	15				147				—				47				47
Dry-docking expenditures for all other equipment	$	1,250			$	269			$	1,489			$	2,139			$	178
Inland Transportation & Logistics Services
Operating Revenues	$	65,602			$	77,513			$	78,845			$	73,409			$	55,921
Costs and Expenses:
Operating	54,245				60,801				65,667				62,361				48,181
Administrative and general	3,356				3,381				3,230				3,216				3,312
Depreciation and amortization	5,725				5,490				6,197				6,243				6,234
	63,326				69,672				75,094				71,820				57,727
Gains on Asset Dispositions	420				481				513				503				5,162
Operating Income	2,696				8,322				4,264				2,092				3,356
Other Income (Expense):
Foreign currency gains (losses), net	459				(2,240		)		(282		)		(1,183		)		1,703
Other, net	—				37				—				14				—
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax	(2,472		)		(2,571		)		(1,245		)		584				(2,454		)
Segment Profit(1)	$	683			$	3,548			$	2,737			$	1,507			$	2,605
OIBDA(2)	$	8,421			$	13,812			$	10,461			$	8,335			$	9,590

	Three Months Ended
	Mar. 31,				Dec. 31,				Sep. 30,				Jun. 30,				Mar. 31,
	2019				2018				2018				2018				2018
Witt O’Brien’s
Operating Revenues	$	32,943			$	37,702			$	30,267			$	37,308			$	26,432
Costs and Expenses:
Operating	21,772				24,258				16,240				24,399				18,306
Administrative and general	6,402				6,876				7,389				5,140				5,367
Depreciation and amortization	206				660				492				491				301
	28,380				31,794				24,121				30,030				23,974
Operating Income	4,563				5,908				6,146				7,278				2,458
Other Income (Expense):
Foreign currency gains (losses), net	—				(1		)		(12		)		(17		)		2
Other, net	(3		)		—				—				—				—
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax	(67		)		113				(13		)		(32		)		135
Segment Profit(1)	$	4,493			$	6,020			$	6,121			$	7,229			$	2,595
OIBDA(2)	$	4,769			$	6,568			$	6,638			$	7,769			$	2,759
Other
Operating Revenues	$	1,805			$	1,290			$	1,214			$	969			$	116
Costs and Expenses:
Operating	1,253				1,106				957				392				—
Administrative and general	839				551				606				498				186
Depreciation and amortization	489				237				202				62				—
	2,581				1,894				1,765				952				186
Gains on Asset Dispositions	—				37				—				—				—
Operating Income (Loss)	(776		)		(567		)		(551		)		17				(70		)
Other Income (Expense):
Foreign currency gains (losses), net	—				(4		)		—				1				—
Other, net	—				(105		)		452				53,902				—
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax	(90		)		494				6				112				1,167
Segment Profit (Loss)(1)	$	(866	)		$	(182	)		$	(93	)		$	54,032			$	1,097
Corporate and Eliminations
Operating Revenues	$	(98	)		$	(33	)		$	(8	)		$	(10	)		$	(29	)
Costs and Expenses:
Operating	(91		)		(25		)		(18		)		(28		)		(43		)
Administrative and general	5,951				5,778				5,688				5,129				6,381
Depreciation and amortization	379				416				427				428				429
	6,239				6,169				6,097				5,529				6,767
Operating Loss	$	(6,337	)		$	(6,202	)		$	(6,105	)		$	(5,539	)		$	(6,796	)
Other Income (Expense):
Foreign currency gains (losses), net	$	(7	)		$	(18	)		$	(10	)		$	(71	)		$	36
Other, net	10				96				1				(3		)		—

(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)
	Mar. 31,				Dec. 31,				Sep. 30,				Jun. 30,				Mar. 31,
	2019				2018				2018				2018				2018
ASSETS
Current Assets:
Cash and cash equivalents	$	141,152			$	144,221			$	324,564			$	317,389			$	272,522
Restricted cash and restricted cash equivalents	2,992				2,991				2,990				2,989				2,982
Marketable securities	33,384				30,316				41,445				39,745				38,963
Receivables:
Trade, net of allowance for doubtful accounts	174,278				171,828				151,217				142,474				111,083
Other	32,635				38,881				45,197				41,960				41,061
Inventories	4,914				4,530				5,139				4,690				3,821
Prepaid expenses and other	5,809				5,382				6,087				5,940				4,572
Total current assets	395,164				398,149				576,639				555,187				475,004
Property and Equipment:
Historical cost	1,413,488				1,407,329				1,403,886				1,393,514				1,370,517
Accumulated depreciation	(577,136		)		(560,819		)		(545,179		)		(527,814		)		(510,418		)
Net property and equipment	836,352				846,510				858,707				865,700				860,099
Operating Lease Right-of-Use Assets	167,325				—				—				—				—
Investments, at Equity, and Advances to 50% or Less Owned Companies	155,290				156,886				149,184				150,158				170,305
Construction Reserve Funds	3,908				3,908				5,908				16,142				36,790
Goodwill	32,720				32,708				32,767				32,774				32,807
Intangible Assets, Net	23,662				24,551				25,724				26,898				28,072
Other Assets	7,385				8,312				8,938				9,065				9,396
	$	1,621,806			$	1,471,024			$	1,657,867			$	1,655,924			$	1,612,473
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of long-term debt	$	8,308			$	8,497			$	155,737			$	8,925			$	77,634
Current portion of long-term operating lease liabilities	35,540				—				—				—				—
Accounts payable and accrued expenses	50,097				59,607				56,533				61,732				40,844
Other current liabilities	67,456				55,659				66,179				68,102				59,651
Total current liabilities	161,401				123,763				278,449				138,759				178,129
Long-Term Debt	315,303				346,128				372,657				530,909				495,863
Long-Term Operating Lease Liabilities	131,862				—				—				—				—
Deferred Income Taxes	97,758				94,420				99,565				97,767				102,084
Deferred Gains and Other Liabilities	20,688				52,871				60,502				70,653				74,923
Total liabilities	727,012				617,182				811,173				838,088				850,999
Equity:
SEACOR Holdings Inc. stockholders’ equity:
Preferred stock	—				—				—				—				—
Common stock	392				390				389				389				389
Additional paid-in capital	1,598,804				1,596,642				1,593,430				1,592,375				1,576,657
Retained earnings	498,065				474,809				479,495				462,428				417,302
Shares held in treasury, at cost	(1,366,267		)		(1,366,773		)		(1,366,773		)		(1,367,433		)		(1,367,433		)
Accumulated other comprehensive income (loss), net of tax	(903		)		(914		)		(444		)		(385		)		96
	730,091				704,154				706,097				687,374				627,011
Noncontrolling interests in subsidiaries	164,703				149,688				140,597				130,462				134,463
Total equity	894,794				853,842				846,694				817,836				761,474
	$	1,621,806			$	1,471,024			$	1,657,867			$	1,655,924			$	1,612,473

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 the dollars attributed to its minority partner in SEA-Vista and include the gain or loss associated with marking-to-market securities held for investment, the 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.  The Company views OIBDA and Cash Earnings as measures of operating performance not liquidity.  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 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 GAAP measures (amounts in thousands, except per share data).

	Three Months Ended March 31,
	2019				2018
U.S. GAAP Measures
Net Income attributable to stockholders	$	7,733			$	641
Diluted Earnings Per Common Share(1)	$	0.41			$	0.04
Reconciliation of non-GAAP Financial Measures
Operating Income (U.S. GAAP)	$	18,968			$	14,688
(+) Depreciation and amortization	17,136				19,609
OIBDA(2)	36,104				34,297
(–) Amortization of deferred gains(3)	(331		)		(3,075		)
(–) OIBDA less amortization of deferred gains attributable to noncontrolling interests	(9,108		)		(8,053		)
(–) Cash interest expense, net(4)	(912		)		(4,021		)
(–) Income tax obligation	(2,080		)		(830		)
(+/–) Marketable security gains (losses), net	3,068				(3,798		)
Cash Earnings(5)	$	26,741			$	14,520

(1)						Includes diluted earnings per common share of $0.12 and diluted loss per common share of $0.17 for the quarter ended March 31, 2019 and 2018, respectively, related to marking-to-market the Company’s investment in 5.2 million shares of Dorian LPG Ltd.
(2)						All references to OIBDA in this release are calculated in the same manner.
(3)						For the quarter ended March 31, 2019, amortization of deferred gains is included in gains on asset dispositions.  For the quarter ended March 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 an immaterial amount and $0.2 million of capitalized interest, and is net of our partner’s portion of SEA-Vista interest expense of $0.5 million and $0.7 million, in each case for the three months ended March 31, 2019 and 2018 respectively.
(5)						See the Company’s 2018 letter to stockholders for a further discussion related to this non-GAAP financial measure.

SEACOR HOLDINGS INC.
FLEET COUNTS
(unaudited)
	Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,
	2019			2018			2018			2018			2018
Ocean Transportation & Logistics Services
Bulk Transportation Services:
Petroleum and chemical carriers - U.S.-flag	9			10			10			10			10
Bulk carriers - U.S.-flag	2			2			2			2			2
Port & Infrastructure Services:
Harbor tugs - U.S.-flag	24			24			24			24			23
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 vessel - Foreign-flag(1)	1			—			—			—			—
Logistics Services:
PCTC(2) - U.S.-flag	4			4			4			4			4
Short-sea container/RORO(3) vessels - Foreign-flag	9			9			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			73			73			72
Inland Transportation & Logistics Services
Bulk Transportation Services:
Dry-cargo barges	1,374			1,372			1,372			1,378			1,378
Liquid tank barges	20			20			20			20			20
Specialty barges(4)	5			5			5			5			5
Towboats:
4,000 hp - 6,600 hp	18			18			18			18			18
3,300 hp - 3,900 hp	3			3			3			3			3
Less than 3,200 hp	2			2			2			2			2
Port & Infrastructure Services:
Harbor boats:
1,100 hp - 2,000 hp	18			18			18			18			17
Less than 1,100 hp	6			6			6			6			7
Logistics Services:
Dry-cargo barges	33			35			35			30			30
	1,479			1,479			1,479			1,480			1,480

(1)						Line handling 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.