Exhibit 99.1 

 

 

PRESS RELEASE

                                  

 

SEACOR MARINE ANNOUNCES FIRST QUARTER 2019 RESULTS 

 

 

Houston, Texas

May 10, 2019

 

 

FOR IMMEDIATE RELEASE - SEACOR Marine Holdings Inc. (NYSE:SMHI) (the “Company” or “SEACOR Marine”), a leading provider of marine and support transportation services to offshore oil and natural gas and wind farm facilities worldwide, today announced results for its first quarter ended March 31, 2019.

 

First quarter highlights include:

 

 

Total operating revenues increased 8.8% as compared with the first quarter of 2018, due to increases of 5.3% in average day rates and 8.0% in utilization.  The improved utilization reflected an increase of 5.0% in on hire days notwithstanding a decrease of 8.5% in the number of available days, compared with the first quarter 2018.   Operating loss decreased by $3.4 million to $21.0 million as compared with $24.4 million in the first quarter of 2018.

 

 

Consolidated direct vessel profit (“DVP”)(1) for the first quarter of 2019 decreased by $1.4 million to $12.0 million from $13.4  million in the first quarter of 2018 due to expensing approximately $4.4 million of mobilization and vessel upgrade costs incurred in the quarter to prepare and position vessels for long-term contracts without comparable expenses incurred in the 2018 quarter.  Excluding these costs, DVP would have been approximately $16.4 million in the first quarter of 2019, a 22.4% increase from the first quarter of 2018.

 

 

 

Total lease expense, which amounted to $4.1 million, was $0.8 million and $0.7 million higher compared to the first and fourth quarters of 2018, respectively. These increases reflect non-cash adjustments to lease expenses resulting from the implementation of the new lease accounting standard by the Company on January 1, 2019.

 

 

 

SEACOR Marine closed on three separate transactions which expanded its fleet.  One of the transactions led to 100% ownership of SEACOR Marine’s European wind business through the acquisition of the remaining minority interests.  Another of the transactions included the acquisition of three previously pooled fast support vessels (“FSVs”) which had pooling distributions of $2.6 million and $2.4 million in 2018 and 2017, respectively, and their acquisition will result in the elimination of the expense going forward. Subsequent to quarter end, we acquired a modern FSV operating in the U.S. under a long-term contract outside of the oil and gas sector.

 

 

Chief Executive Officer John Gellert commented on SEACOR Marine's first quarter results:

 

“This quarter brought many positive developments.  Although the first quarter is a period of seasonally lower activity for our fleet, which has a significant presence in North Sea market and Gulf of Mexico lift boat sector, we saw meaningful improvements in both utilization and day rates.  Tendering activity also increased, pointing to a continuing recovery. The quarter also featured significant investment to prepare several assets for long-term charters, including one of our two largest liftboats from the U.S. to the North Sea for work supporting the offshore wind farm industry.

 

We saw improvements in West Africa and Latin America, and increased contracting activity in the North Sea. Within Latin America, Mexico had positive market developments, contracting vessels in support of integrated well service projects and new contracts with foreign oil companies. I am particularly satisfied with the performance of our joint venture in Mexico, which stands out as one of the few companies in that market which can truly claim local content.

 

I believe the upfront costs to capture these market opportunities are precursors to growth. Our strategy is to continue positioning the fleet selectively to capitalize on our global presence. The benefit of a strong global presence and diverse fleet was again demonstrated

1

 


through recent contract awards in Latin America, which will expand our hybrid battery equipped platform supply vessels (“PSVs”) in the market.”

 

For the first quarter ended March 31, 2019, net loss attributable to SEACOR Marine was $25.5 million ($1.11 per basic and diluted share), and operating loss was $21.0 million.  Net loss attributable to SEACOR Marine for the preceding quarter ended December 31, 2018 was $7.8 million ($0.35 per basic diluted share) and operating loss was $11.2 million.  

___________________

(1)

Direct vessel profit (defined as operating revenues less operating expenses excluding leased-in equipment, “DVP”) is the Company’s measure of segment profitability when applied to reportable segments and a non-GAAP measure when applied to individual vessels, fleet categories or the combined fleet.  DVP is a critical financial measure used by the Company to analyze and compare the operating performance of its individual vessels, fleet categories, regions and combined fleet, without regard to financing decisions (depreciation for owned vessels vs. leased-in expense for leased-in vessels).  DVP is also useful when comparing the Company’s fleet performance against those of our competitors who may have differing fleet financing structures.  DVP has material limitations as an analytical tool in that it does not reflect all of the costs associated with the ownership and operation of our fleet, and it should not be considered in isolation or used as a substitute for our results as reported under GAAP.  See page 8 for reconciliation of DVP to GAAP Operating Income (Loss), its most comparable GAAP measure.

 

* * * * *

 

SEACOR Marine provides global marine and support transportation services to offshore oil and natural gas and windfarm facilities worldwide.  SEACOR Marine and its joint ventures operate a diverse fleet of offshore support and specialty vessels that deliver cargo and personnel to offshore installations; handle anchors and mooring equipment required to tether rigs to the seabed; tow rigs and assist in placing them on location and moving them between regions; provide construction, well workover and decommissioning support; and carry and launch equipment used underwater in drilling and well installation, maintenance and repair.  Additionally, SEACOR Marine’s vessels provide accommodations for technicians and specialists, safety support and emergency response services.

 

 


2

 


 

 

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 the 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, many of which are beyond the Company’s control.  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 Securities and Exchange Commission, 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.

 

 

 

Please visit SEACOR Marine’s website at www.seacormarine.com for additional information.

For all other requests, contact Connie Morinello at (346) 980-1700 or InvestorRelations@seacormarine.com

 

 


3

 


 

 

SEACOR MARINE HOLDINGS INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF LOSS

(in thousands, except share data)

 

 

 

 

Three Months Ended March 31,

 

 

 

2019

 

 

2018

 

Operating Revenues

 

$

56,249

 

 

$

51,721

 

Costs and Expenses:

 

 

 

 

 

 

 

 

Operating

 

 

44,277

 

 

 

38,348

 

Administrative and general

 

 

12,000

 

 

 

12,374

 

Operating lease expense

 

 

4,148

 

 

 

3,258

 

Depreciation and amortization

 

 

17,193

 

 

 

19,512

 

 

 

 

77,618

 

 

 

73,492

 

Gains (Losses) on Asset Dispositions and Impairments, Net

 

 

359

 

 

 

(2,643

)

Operating Loss

 

 

(21,010

)

 

 

(24,414

)

Other Income (Expense):

 

 

 

 

 

 

 

 

Interest income

 

 

357

 

 

 

216

 

Interest expense

 

 

(7,735

)

 

 

(6,133

)

SEACOR Holdings guarantee fees

 

 

(29

)

 

 

(12

)

Derivative losses, net

 

 

(925

)

 

 

(11,516

)

Foreign currency gains, net

 

 

635

 

 

 

139

 

 

 

 

(7,697

)

 

 

(17,306

)

Loss Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies

 

 

(28,707

)

 

 

(41,720

)

Income Tax Benefit

 

 

(3,831

)

 

 

(9,824

)

Loss Before Equity in Earnings of 50% or Less Owned Companies

 

 

(24,876

)

 

 

(31,896

)

Equity in (Losses) Earnings of 50% or Less Owned Companies

 

 

(3,397

)

 

 

208

 

Net Loss

 

 

(28,273

)

 

 

(31,688

)

Net Loss attributable to Noncontrolling Interests in Subsidiaries

 

 

(2,724

)

 

 

(2,855

)

Net Loss attributable to SEACOR Marine Holdings Inc.

 

$

(25,549

)

 

$

(28,833

)

 

 

 

 

 

 

 

 

 

Basic and Diluted Loss Per Common Share and Warrants of SEACOR Marine Holdings Inc.

 

$

(1.11

)

 

$

(1.64

)

Weighted Average Common Shares and Warrants Outstanding:

 

 

 

 

 

 

 

 

Basic and Diluted

 

 

23,090,137

 

 

 

17,571,490

 

 


4

 


 

 

SEACOR MARINE HOLDINGS INC.

UNAUDITED CONSOLIDATED RESULTS OF OPERATIONS

(in thousands, except share data)

 

 

 

Three Months Ended March 31,

 

 

 

2019

 

 

2018

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Rates Per Day Worked (excluding crew transfer)

 

$

9,451

 

 

 

 

 

 

$

9,071

 

 

 

 

 

Average Rates Per Day

 

$

7,371

 

 

 

 

 

 

$

7,001

 

 

 

 

 

Fleet Utilization (excluding crew transfer)

 

 

62

%

 

 

 

 

 

 

50

%

 

 

 

 

Fleet Utilization

 

 

61

%

 

 

 

 

 

 

53

%

 

 

 

 

Fleet Available Days (excluding crew transfer)

 

 

8,116

 

 

 

 

 

 

 

9,271

 

 

 

 

 

Fleet Available Days

 

 

11,536

 

 

 

 

 

 

 

12,601

 

 

 

 

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

52,127

 

 

 

93

%

 

$

47,142

 

 

 

91

%

Bareboat charter

 

 

1,143

 

 

 

2

%

 

 

1,143

 

 

 

2

%

Other marine services

 

 

2,979

 

 

 

5

%

 

 

3,436

 

 

 

7

%

 

 

$

56,249

 

 

 

100

%

 

 

51,721

 

 

 

100

%

Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

 

22,756

 

 

 

40

%

 

 

21,676

 

 

 

42

%

Repairs and maintenance

 

 

9,006

 

 

 

16

%

 

 

7,073

 

 

 

14

%

Drydocking

 

 

2,879

 

 

 

5

%

 

 

2,257

 

 

 

4

%

Insurance and loss reserves

 

 

1,474

 

 

 

3

%

 

 

1,190

 

 

 

2

%

Fuel, lubes and supplies

 

 

3,753

 

 

 

7

%

 

 

3,545

 

 

 

7

%

Other

 

 

4,409

 

 

 

8

%

 

 

2,607

 

 

 

5

%

 

 

 

44,277

 

 

 

79

%

 

 

38,348

 

 

 

79

%

Administrative and general

 

 

12,000

 

 

 

21

%

 

 

12,374

 

 

 

24

%

Depreciation and amortization

 

 

17,193

 

 

 

31

%

 

 

19,512

 

 

 

38

%

Lease expense - operating

 

 

4,148

 

 

 

7

%

 

 

3,258

 

 

 

6.3

%

 

 

 

77,618

 

 

 

131

%

 

 

73,492

 

 

 

141

%

Gains (Losses) on Asset Dispositions and Impairments, Net

 

 

359

 

 

 

1

%

 

 

(2,643

)

 

 

(5

)%

Operating Loss

 

 

(21,010

)

 

 

(31

)%

 

 

(24,414

)

 

 

(46

)%


5

 


 

 

SEACOR MARINE HOLDINGS INC.

UNAUDITED CONSOLIDATED STATEMENTS OF LOSS

(in thousands, except statistics and per share data)

 

 

 

 

Three Months Ended

 

 

 

Mar. 31, 2019

 

 

Dec. 31, 2018

 

 

Sep. 30, 2018

 

 

Jun. 30, 2018

 

 

Mar. 31, 2018

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Rates Per Day Worked (excluding crew transfer)

 

$

9,451

 

 

$

9,852

 

 

$

10,186

 

 

$

9,742

 

 

$

9,071

 

Average Rates Per Day

 

$

7,371

 

 

$

7,447

 

 

$

7,323

 

 

$

7,324

 

 

$

7,001

 

Fleet Utilization (excluding crew transfer)

 

 

62

%

 

 

61

%

 

 

60

%

 

 

58

%

 

 

50

%

Fleet Utilization

 

 

61

%

 

 

63

%

 

 

68

%

 

 

62

%

 

 

53

%

Fleet Available Days (excluding crew transfer)

 

 

8,116

 

 

 

8,312

 

 

 

9,119

 

 

 

9,071

 

 

 

9,271

 

Fleet Available Days

 

 

11,536

 

 

 

11,808

 

 

 

12,617

 

 

 

12,528

 

 

 

12,601

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

52,127

 

 

$

55,382

 

 

$

62,902

 

 

$

56,826

 

 

$

47,142

 

Bareboat charter

 

 

1,143

 

 

 

1,168

 

 

 

1,168

 

 

 

1,156

 

 

 

1,143

 

Other marine services

 

 

2,979

 

 

 

14,382

 

 

 

6,185

 

 

 

2,719

 

 

 

3,436

 

 

 

$

56,249

 

 

$

70,932

 

 

 

70,255

 

 

$

60,701

 

 

$

51,721

 

Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

 

22,756

 

 

 

23,598

 

 

 

25,021

 

 

 

24,733

 

 

 

21,676

 

Repairs and maintenance

 

 

9,006

 

 

 

7,928

 

 

 

9,208

 

 

 

9,070

 

 

 

7,073

 

Drydocking

 

 

2,879

 

 

 

1,396

 

 

 

4,822

 

 

 

3,112

 

 

 

2,257

 

Insurance and loss reserves

 

 

1,474

 

 

 

2,093

 

 

 

1,857

 

 

 

1,934

 

 

 

1,190

 

Fuel, lubes and supplies

 

 

3,753

 

 

 

4,618

 

 

 

4,690

 

 

 

4,122

 

 

 

3,545

 

Other

 

 

4,409

 

 

 

2,532

 

 

 

3,000

 

 

 

3,009

 

 

 

2,607

 

 

 

 

44,277

 

 

 

42,165

 

 

 

48,598

 

 

 

45,980

 

 

 

38,348

 

Direct Vessel Profit

 

 

11,972

 

 

 

28,767

 

 

 

21,657

 

 

 

14,721

 

 

 

13,373

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease expense

 

 

4,148

 

 

 

3,430

 

 

 

3,292

 

 

 

3,331

 

 

 

3,258

 

Administrative and general

 

 

12,000

 

 

 

11,795

 

 

 

11,767

 

 

 

15,041

 

 

 

12,374

 

Depreciation and amortization

 

 

17,193

 

 

 

16,986

 

 

 

17,342

 

 

 

18,406

 

 

 

19,512

 

 

 

 

33,341

 

 

 

32,211

 

 

 

32,401

 

 

 

36,778

 

 

 

35,144

 

Gains (Losses) on Asset Dispositions and Impairments, Net

 

 

359

 

 

 

(7,745

)

 

 

586

 

 

 

1,055

 

 

 

(2,643

)

Operating Loss

 

 

(21,010

)

 

 

(11,189

)

 

 

(10,158

)

 

 

(21,002

)

 

 

(24,414

)

Other Income (Expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

357

 

 

 

357

 

 

 

309

 

 

 

352

 

 

 

216

 

Interest expense

 

 

(7,735

)

 

 

(7,486

)

 

 

(7,761

)

 

 

(6,489

)

 

 

(6,133

)

SEACOR Holdings guarantee fees

 

 

(29

)

 

 

(5

)

 

 

(5

)

 

 

(7

)

 

 

(12

)

Debt extinguishment loss

 

 

 

 

 

 

 

 

(638

)

 

 

 

 

 

 

Derivative losses, net

 

 

(925

)

 

 

12,651

 

 

 

4,387

 

 

 

(2,668

)

 

 

(11,516

)

Foreign currency gains, net

 

 

635

 

 

 

(466

)

 

 

(302

)

 

 

(818

)

 

 

139

 

Other, net

 

 

 

 

 

(4

)

 

678

 

 

 

 

 

 

 

 

 

 

(7,697

)

 

 

5,047

 

 

 

(3,332

)

 

 

(9,630

)

 

 

(17,306

)

Loss Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies

 

 

(28,707

)

 

 

(6,142

)

 

 

(13,490

)

 

 

(30,632

)

 

 

(41,720

)

Income Tax (Benefit) Expense

 

 

(3,831

)

 

 

(48

)

 

 

1,249

 

 

 

(4,724

)

 

 

(9,824

)

Loss Before Equity in Earnings of 50% or Less Owned Companies

 

 

(24,876

)

 

 

(6,094

)

 

 

(14,739

)

 

 

(25,908

)

 

 

(31,896

)

Equity in (Losses) Earnings of 50% or Less Owned Companies, Net of Tax

 

 

(3,397

)

 

 

(1,875

)

 

 

(1,027

)

 

 

(721

)

 

 

208

 

Net Loss

 

 

(28,273

)

 

 

(7,969

)

 

 

(15,766

)

 

 

(26,629

)

 

 

(31,688

)

Net Loss attributable to Noncontrolling Interests in Subsidiaries

 

 

(2,724

)

 

 

(175

)

 

 

191

 

 

 

(1,605

)

 

 

(2,855

)

Net Loss attributable to SEACOR Marine Holdings Inc.

 

$

(25,549

)

 

$

(7,794

)

 

$

(15,957

)

 

$

(25,024

)

 

$

(28,833

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and Diluted Loss Per Common Share and Warrants of SEACOR Marine Holdings Inc.

 

$

(1.11

)

 

$

(0.35

)

 

$

(0.71

)

 

$

(1.19

)

 

$

(1.64

)

Weighted Average Common Shares and Warrants Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and Diluted

 

 

23,090

 

 

 

22,514

 

 

 

22,513

 

 

 

21,035

 

 

 

17,571

 

Common Shares and Warrants Outstanding at Period End

 

 

23,222

 

 

 

22,711

 

 

 

22,709

 

 

 

22,709

 

 

 

17,787

 

6

 


 

 

SEACOR MARINE HOLDINGS INC.

UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION

(in thousands, except share data)

 

 

 

United

States

(primarily

Gulf of

Mexico)

 

 

Africa

(primarily

West

Africa)

 

 

Middle

East

and Asia

 

 

Latin America

 

 

Europe

(primarily

North

Sea)

 

 

Total

 

For the Three Months Ended March 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Rates Per Day

 

$

10,588

 

 

$

9,461

 

 

$

8,386

 

 

$

12,900

 

 

$

4,819

 

 

$

7,371

 

Fleet Utilization

 

 

28

%

 

 

87

%

 

 

72

%

 

 

71

%

 

 

67

%

 

 

61

%

Fleet Available Days

 

 

2,698

 

 

 

1,313

 

 

 

2,061

 

 

 

541

 

 

 

4,923

 

 

 

11,536

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

8,005

 

 

$

10,773

 

 

$

12,499

 

 

$

4,922

 

 

$

15,928

 

 

$

52,127

 

Bareboat charter

 

 

 

 

 

 

 

 

 

 

 

1,143

 

 

 

 

 

 

1,143

 

Other marine services

 

 

1,132

 

 

 

(637

)

 

 

228

 

 

 

635

 

 

 

1,621

 

 

 

2,979

 

 

 

 

9,137

 

 

 

10,136

 

 

 

12,727

 

 

 

6,700

 

 

 

17,549

 

 

 

56,249

 

Direct Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

 

4,503

 

 

 

3,867

 

 

 

4,254

 

 

 

1,556

 

 

 

8,576

 

 

 

22,756

 

Repairs and maintenance

 

 

2,778

 

 

 

1,184

 

 

 

2,193

 

 

 

335

 

 

 

2,516

 

 

 

9,006

 

Drydocking

 

 

1,994

 

 

 

338

 

 

 

159

 

 

 

79

 

 

 

309

 

 

 

2,879

 

Insurance and loss reserves

 

 

592

 

 

 

213

 

 

 

327

 

 

 

135

 

 

 

207

 

 

 

1,474

 

Fuel, lubes and supplies

 

 

683

 

 

 

754

 

 

 

709

 

 

 

428

 

 

 

1,179

 

 

 

3,753

 

Other

 

 

90

 

 

 

2,106

 

 

 

1,100

 

 

 

521

 

 

 

592

 

 

 

4,409

 

 

 

 

10,640

 

 

 

8,462

 

 

 

8,742

 

 

 

3,054

 

 

 

13,379

 

 

 

44,277

 

Direct Vessel (Loss) Profit

 

$

(1,503

)

 

$

1,674

 

 

$

3,985

 

 

$

3,646

 

 

$

4,170

 

 

 

11,972

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease expense

 

$

2,897

 

 

$

665

 

 

$

6

 

 

$

1

 

 

$

362

 

 

 

3,931

 

Administrative and general (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,217

 

Depreciation and amortization

 

 

5,498

 

 

 

2,356

 

 

 

4,249

 

 

 

1,936

 

 

 

3,154

 

 

 

17,193

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

33,341

 

Gains on Asset Dispositions and Impairments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

359

 

Operating Loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(21,010

)

As of March 31, 2019