FORT LAUDERDALE, Fla., Feb. 19, 2021 (GLOBE NEWSWIRE) -- SEACOR Holdings Inc. (NYSE:CKH) today announced its results for the fourth quarter ended December 31, 2020:

• Net income attributable to stockholders for the quarter ended December 31, 2020 was $10.8 million ($0.52 per diluted share) compared with a net loss of $(1.9) million ($(0.10) per diluted share) for the quarter ended December 31, 2019.
• Operating income for the quarter ended December 31, 2020 was $13.3 million compared with $2.6 million for the quarter ended December 31, 2019.
• “Cash Earnings” for the quarter ended December 31, 2020 were $23.0 million compared with $18.5 million for the quarter ended December 31, 2019.

The Company uses the non-GAAP financial measures "Cash Earnings" and OIBDA in this release; a reconciliation to their closest U.S. GAAP measure is included in "Use of non-GAAP Financial Measures" in this release.

The "Operating Discussion" below is a comparison of results for the quarter ended December 31, 2020 with the prior year quarter ended December 31, 2019.

Operating Discussion

Ocean Transportation & Logistics Services - Operating income and OIBDA were $12.6 million and $22.8 million, respectively, in the current year quarter compared with $7.6 million and $17.8 million, respectively.

The current year quarter benefited from a $7.8 million reduction in dry-docking costs in addition to the related out-of-service time. These benefits were partially offset by lower operating results for one SEA-Vista vessel due to the commencement of a lower margin long-term multiyear bareboat charter and weaker operating results for SEACOR Island Lines, Seabulk Towing and the Company's dry bulk carrier fleet.

The COVID-19 pandemic continued to negatively impact the performance of SEACOR Island Lines and Seabulk Towing. Demand for freight into the Bahamas and the Turks & Caicos and ship calls into harbor towing's port network rebounded from the lows earlier in the year, but activity remained below pre-pandemic levels. Moreover, in the prior year quarter, SEACOR Island Lines benefited from higher freight demand as a result of Hurricane Dorian relief activity. Operating results for the dry bulk carrier fleet were lower following the scrapping of one U.S.-flag bulk carrier in October 2020.

Inland Transportation & Logistics Services - Operating income and OIBDA were $9.8 million and $16.5 million, respectively, in the current year quarter compared with $1.4 million and $7.5 million, respectively.

Barge pool earnings improved due to strong soybean exports and favorable operating conditions resulting in higher freight rates and higher utilization. Operating results from the terminal business improved due to increased throughput volumes at the Company's dry bulk facilities as a result of new contracts primarily supporting fertilizer customers. SEACOR AMH, the Company's container on barge operation, also posted improved results primarily due to an increase in container movements and a reduction in operating costs following the internalization of towing and stevedore activities.

Fleeting operations suffered from a reduction in liquid tank barge activity in the St. Louis region due to lower demand for petroleum products.

Witt O’Brien’s - Operating income and OIBDA were $0.5 million and $0.8 million in the current year quarter compared with an operating loss and negative OIBDA of $(0.7) million and $(0.5) million, respectively. The improvement was primarily due to an expansion of support for the USVI recovery program and new contract wins in response to the COVID-19 pandemic partially offset by bad debt expense related to a dispute with a subcontractor.

Corporate Expenses - Corporate expenses were $4.1 million higher primarily due to advisory and legal fees associated with the proposed merger transaction with American Industrial Partners.

Capital Commitments - The Company’s capital commitments as of December 31, 2020 were $43.1 million and included four U.S.-flag harbor tugs, one inland river towboat, other equipment, and vessel and terminal improvements. Subsequent to December 31, 2020, the Company committed to purchase other property and equipment for $0.2 million.

Liquidity and Debt - During the current year quarter, the Company drew $20.0 million on its revolving credit facility, which was repaid in January 2021.

As of December 31, 2020, the Company’s balances of cash, cash equivalents, restricted cash, restricted cash equivalents, and marketable securities totaled $74.4 million. As of December 31, 2020, total outstanding debt was $277.0 million, and the Company had $205.0 million of borrowing capacity under its credit facilities.

Equity - As of December 31, 2020, the total shares outstanding were 20,472,853.

Tender Offer - On December 18, 2020, Safari Merger Subsidiary, Inc., a Delaware corporation and an affiliate of American Industrial Partners (“Purchaser”), commenced a tender offer to acquire all of the outstanding shares of the Company’s common stock at a price per share of $41.50, net to the holder in cash, without interest. The offer remains outstanding and the Company’s board of directors has recommended that the Company’s stockholders accept the offer and tender their shares to Purchaser pursuant to the offer. For additional information on the offer and the Company’s recommendation, see “Additional Information and Where to Find It” below.

SEACOR Holdings Inc. (“SEACOR”) is a diversified holding company with interests in domestic and international transportation and logistics, crisis and emergency management, and clean fuel and power solutions. SEACOR is publicly traded on the New York Stock Exchange (NYSE) under the symbol CKH.