SEACOR Holdings Announces Third Quarter Results

FORT LAUDERDALE, FL -- (MARKET WIRE) -- 10/20/11 -- SEACOR Holdings Inc. (NYSE: CKH) today announced its results for the third quarter of 2011. Net income attributable to SEACOR Holdings Inc. for the quarter ended September 30, 2011 was $3.8 million, or $0.18 per diluted share, on operating revenues of $571.4 million. For the nine months ended September 30, 2011, net income attributable to SEACOR Holdings Inc. was $24.0 million, or $1.12 per diluted share, on operating revenues of $1,580.1 million.

For the preceding quarter ended June 30, 2011, net income attributable to SEACOR Holdings Inc. was $9.0 million, or $0.42 per diluted share, on operating revenues of $536.4 million.

For the quarter ended September 30, 2010, net income attributable to SEACOR Holdings Inc. was $149.9 million, or $7.14 per diluted share, on operating revenues of $979.8 million. For the nine months ended September 30, 2010, net income attributable to SEACOR Holdings Inc. was $217.6 million, or $9.99 per diluted share, on operating revenues of $2,069.0 million. The Company's results for its Environmental Services, Offshore Marine Services and Harbor and Offshore Towing Services business segments for the three and nine months ended September 30, 2010 reflected significant oil spill response activities in the U.S. Gulf of Mexico following the Deepwater Horizon sinking in April 2010.

Highlights for the Quarter

Offshore Marine Services - Operating income was $7.6 million on operating revenues of $93.3 million compared with operating income of $5.5 million on operating revenues of $93.4 million in the preceding quarter. Third quarter results included $5.2 million in gains on asset dispositions compared with $3.6 million in gains in the preceding quarter. In the third quarter, the total number of days available for charter decreased by 458, or 4.2%; overall utilization increased from 70.7% to 72.4%; and overall average day rates increased by 1.6% from $11,142 per day to $11,318 per day.

A soft market for offshore marine equipment in the U.S. Gulf of Mexico continued to negatively impact results. Utilization was 53.5% compared with 54.6% in the preceding quarter and average day rates decreased from $12,982 per day to $10,631 per day. As of September 30, 2011, the Company had seven vessels cold-stacked in the U.S. Gulf of Mexico, unchanged from June 30, 2011.

Activity in international regions improved during the third quarter, particularly in West Africa, primarily due to the commencement of several long term charters. Utilization was 85.2% compared with 81.0% in the preceding quarter and average day rates increased from $10,354 per day to $11,612 per day.

Equity in earnings in the third quarter increased primarily due to an $8.4 million gain, net of tax, recognized upon Offshore Marine Services' Mexican joint venture issuing an additional equity interest to an unrelated third party.

Aviation Services - Operating income was $15.1 million on operating revenues of $71.8 million compared with operating income of $13.6 million on operating revenues of $68.5 million in the preceding quarter. Third quarter results included $4.9 million in gains on asset dispositions compared with $6.2 million in gains in the preceding quarter.

Operating revenues were higher primarily due to increased activity in support of mining, firefighting and flightseeing operations in Alaska and due to a new hospital contract and increased activity in air medical services. Operating revenues from contract leasing activities were lower due to the delay in the commencement of certain international contracts. Operating expenses were higher primarily due to higher activity levels as described above and the commencement of a new power-by-hour contract. Depreciation expense was lower following a change in the estimated useful life and salvage value of aircraft.

Inland River Services - Operating income was $9.3 million on operating revenues of $47.9 million compared with operating income of $3.7 million on operating revenues of $41.4 million in the preceding quarter. Operating results improved primarily due to increased activity in the pooled hopper fleet at the beginning of the harvest season and improved operating conditions. In the preceding quarter, heavy rains in the Mid-South through the Lower Ohio Valley produced severe flood conditions resulting in difficult operating conditions with periodic river closures and restricted tow sizes.

Marine Transportation Services - Operating income was $1.7 million on operating revenues of $24.8 million compared with operating income of $2.9 million on operating revenues of $24.3 million in the preceding quarter. Operating results for Marine Transportation Services' eight foreign flag Roll-on/Roll-off vessels were lower primarily due to operational issues and the impact of Hurricane Irene and were lower for its U.S.-flag product tanker fleet primarily due to the costs and off-hire time associated with one vessel undergoing a regulatory underwater survey.

Environmental Services - Operating income was $1.0 million on operating revenues of $40.4 million compared with operating income of $4.2 million on operating revenues of $48.5 million in the preceding quarter. The reduction in operating income was primarily due to a lower contribution from oil spill response activities related to the Deepwater Horizon sinking in April 2010 partially offset by lower wage and benefit and legal costs. Operating income in the quarter ended September 30, 2010 was $125.0 million on operating revenues of $468.2 million and reflected significant oil spill response activities in the U.S. Gulf of Mexico following the Deepwater Horizon sinking as noted above.

Commodity Trading and Logistics - Commodity Trading and Logistics reported a segment loss of $7.1 million on operating revenues of $279.2 million compared with a segment profit of $5.2 million on operating revenues of $245.3 million in the preceding quarter. Operating results in the third quarter were negatively impacted by volatile commodity prices and equity losses of $2.3 million from the Company's alcohol manufacturing joint venture.

Other - Other, primarily Harbor and Offshore Towing Services, reported operating income of $2.7 million on operating revenues of $16.7 million compared with operating income of $3.9 million on operating revenues of $17.9 million in the preceding quarter. The reduction in operating income was primarily due to a reduction in harbor activity and higher drydock costs for equipment used in the terminal operation in St. Eustatius.

Corporate and Eliminations - Administrative and general expenses were $6.2 million compared with $7.6 million in the preceding quarter. The reduction was primarily due to lower management bonus accruals, professional fees and public reporting costs. Derivative losses of $22.1 million were primarily due to market value changes on the Company's treasury rate-lock agreement and treasury future contracts.

Capital Commitments - The Company's unfunded capital commitments as of September 30, 2011 consisted primarily of offshore support vessels, helicopters, inland river tank barges, an interest in a river grain terminal, an interest in a dry-bulk articulated tug-barge and other property and equipment. These commitments totaled $302.0 million, of which $102.0 million is payable during the remainder of 2011 with the balance payable through 2013. Of the total unfunded capital commitments, $45.7 million may be terminated without further liability other than the payment of liquidated damages of $1.4 million. Subsequent to September 30, 2011, the Company committed to purchase additional equipment for $30.0 million. As of September 30, 2011, the Company held balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and title XI reserve funds totaling $707.3 million.

SEACOR is a global provider of equipment and services primarily supporting the offshore oil and gas and marine transportation industries. SEACOR offers customers a diversified suite of services including offshore marine, aviation, inland river, marine transportation, environmental, commodity trading and logistics and offshore and harbor towing. SEACOR is focused on providing highly responsive local service combined with the highest safety standards, innovative technology, modern, efficient equipment and dedicated professional employees.

This release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements concerning management's expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of results to differ materially from any future results, performance or achievements discussed or implied by such forward-looking statements. Such risks, uncertainties and other important factors include, among others: decreased demand and loss of revenues as a result of U.S. government implemented moratoriums directing operators to cease certain drilling activities and any extension of such moratoriums (the "Moratoriums"), weakening demand for the Company's services as a result of unplanned customer suspensions, cancellations, rate reductions or non-renewals of vessel charters and aviation equipment or failures to finalize commitments to charter vessels and aviation equipment in response to Moratoriums, increased government legislation and regulation of the Company's businesses could increase cost of operations, increased competition if the Jones Act is repealed, liability, legal fees and costs in connection with providing spill and emergency response services, including the Company's involvement in response to the oil spill as a result of the sinking of the Deepwater Horizon in April 2010, 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 illiquidity in the credit sectors, including, interest rate fluctuations, availability of credit, inflation rates, change in laws, trade barriers, commodity prices and currency exchange fluctuations, the cyclical nature of the oil and gas industry, 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 Offshore Marine Services, Marine Transportation Services and Aviation Services, decreased demand for Marine Transportation Services and Harbor and Offshore Towing 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, the dependence of Offshore Marine Services, Marine Transportation Services and Aviation Services on several customers, consolidation of the Company's customer base, safety issues experienced by a particular helicopter model that could result in customers refusing to use that helicopter model or a regulatory body grounding that helicopter model, which also could permanently devalue that helicopter model, the ongoing need to replace aging vessels and aircraft, industry fleet capacity, restrictions imposed by the Shipping Acts and Aviation Acts on the amount of foreign ownership of the Company's Common Stock, operational risks of Offshore Marine Services, Marine Transportation Services, Harbor and Offshore Towing Services and Aviation Services, effects of adverse weather conditions and seasonality, future phase-out of Marine Transportation Services' double-bottom tanker, dependence of spill response revenue on the number and size of spills and upon continuing government regulation in this area and Environmental Services' ability to comply with such regulation and other governmental regulation, changes in National Response Corporations' Oil Spill Removal Organization classification, liability in connection with providing spill response services, 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 in Inland River Services' operations, sudden and unexpected changes in commodity prices, futures and options, global weather conditions, political instability, changes in currency exchanges rates, and product availability in Commodity Trading and Logistics activities, adequacy of insurance coverage, the attraction and retention of qualified personnel by the Company and various other matters and factors, many of which are beyond the Company's control. In addition, these statements constitute the Company's cautionary statements under the Private Securities Litigation Reform Act of 1995. It is not possible to predict or identify all such factors. Consequently, the foregoing should not be considered a complete discussion of all potential risks or uncertainties. The words "estimate," "project," "intend," "believe," "plan" and similar expressions are intended to identify 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. The forward-looking statements in this release should be evaluated together with the many uncertainties that affect the Company's businesses, particularly those mentioned under "Forward-Looking Statements" in Item 7 on the Company's Form 10-K and SEACOR's periodic reporting on Form 10-Q and Form 8-K (if any), which are incorporated by reference.

For additional information, contact Molly Hottinger 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         Nine Months Ended
                               September 30,             September 30,
                         ------------------------  ------------------------
                             2011         2010         2011         2010
                         -----------  -----------  -----------  -----------

Operating Revenues       $   571,424  $   979,833  $ 1,580,134  $ 2,068,984
                         -----------  -----------  -----------  -----------

Costs and Expenses:
  Operating                  475,173      683,219    1,274,855    1,480,266
  Administrative and
   general                    40,117       50,627      132,448      137,626
  Depreciation and
   amortization               38,678       41,312      119,807      124,317
                         -----------  -----------  -----------  -----------
                             553,968      775,158    1,527,110    1,742,209
                         -----------  -----------  -----------  -----------

Gains on Asset
 Dispositions and
 Impairments, Net             10,982       23,896       28,519       41,953
                         -----------  -----------  -----------  -----------

Operating Income              28,438      228,571       81,543      368,728
                         -----------  -----------  -----------  -----------

Other Income (Expense):
  Interest income              5,554        2,562       12,599        5,788
  Interest expense           (10,712)     (10,274)     (31,218)     (33,862)
  Debt extinguishment
   losses, net                   (51)          --          (99)        (368)
  Marketable security
   gains (losses), net           130          (54)      (3,090)      (3,499)
  Derivative gains
   (losses), net             (25,954)       1,648      (35,873)        (297)
  Foreign currency gains
   (losses), net              (3,218)       7,585        3,361       (2,616)
  Other, net                     (39)          10         (273)         656
                         -----------  -----------  -----------  -----------
                             (34,290)       1,477      (54,593)     (34,198)
                         -----------  -----------  -----------  -----------
Income (Loss) Before
 Income Tax Expense
 (Benefit) and Equity In
 Earnings of 50% or Less
 Owned Companies              (5,852)     230,048       26,950      334,530
Income Tax Expense
 (Benefit)                      (352)      87,709       12,652      127,424
                         -----------  -----------  -----------  -----------
Income (Loss) Before
 Equity in Earnings of
 50% or Less Owned
 Companies                    (5,500)     142,339       14,298      207,106
Equity in Earnings of
 50% or Less Owned
 Companies, Net of Tax         9,562        7,933       10,600       11,678
                         -----------  -----------  -----------  -----------
Net Income                     4,062      150,272       24,898      218,784
Net Income attributable
 to Noncontrolling
 Interests in
 Subsidiaries                    247          334          882        1,163
                         -----------  -----------  -----------  -----------
Net Income attributable
 to SEACOR Holdings Inc. $     3,815  $   149,938  $    24,016  $   217,621
                         ===========  ===========  ===========  ===========

Basic Earnings Per
 Common Share of SEACOR
 Holdings Inc.           $      0.18  $      7.21  $      1.14  $     10.08

Diluted Earnings Per
 Common Share of SEACOR
 Holdings Inc.           $      0.18  $      7.14  $      1.12  $      9.99

Weighted Average Common
 Shares Outstanding:
  Basic                   21,202,480   20,786,721   21,158,110   21,590,917
  Diluted                 21,565,149   21,000,565   21,508,457   21,785,292

 


                            SEACOR HOLDINGS INC.
                 CONDENSED CONSOLIDATED STATEMENTS OF INCOME
              (in thousands, except per share data, unaudited)

                                           Three Months Ended
                           -------------------------------------------------
                           Sep. 30,  Jun. 30,  Mar. 31,  Dec. 31,  Sep. 30,
                             2011      2011      2011      2010      2010
                           --------  --------  --------  --------  --------

Operating Revenues         $571,424  $536,446  $472,264  $580,384  $979,833
                           --------  --------  --------  --------  --------

Costs and Expenses:
  Operating                 475,173   428,671   371,011   449,961   683,219
  Administrative and
   general                   40,117    45,937    46,394    54,892    50,627
  Depreciation and
   amortization              38,678    41,070    40,059    39,173    41,312
                           --------  --------  --------  --------  --------
                            553,968   515,678   457,464   544,026   775,158
                           --------  --------  --------  --------  --------

Gains on Asset
 Dispositions and
 Impairments, Net            10,982    10,282     7,255     3,285    23,896
                           --------  --------  --------  --------  --------

Operating Income             28,438    31,050    22,055    39,643   228,571
                           --------  --------  --------  --------  --------

Other Income (Expense):
  Interest income             5,554     3,307     3,738     3,094     2,562
  Interest expense          (10,712)  (10,465)  (10,041)  (10,088)  (10,274)
  Debt extinguishment
   losses, net                  (51)       --       (48)   (1,092)       --
  Marketable security
   gains (losses), net          130    (4,754)    1,534     1,340       (54)
  Derivative gains
   (losses), net            (25,954)   (6,601)   (3,318)    6,502     1,648
  Foreign currency gains
   (losses), net             (3,218)    1,520     5,059    (3,511)    7,585
  Other, net                    (39)      (56)     (178)    3,061        10
                           --------  --------  --------  --------  --------
                            (34,290)  (17,049)   (3,254)     (694)    1,477
                           --------  --------  --------  --------  --------
Income (Loss) Before
 Income Tax Expense
 (Benefit) and Equity In
 Earnings of 50% or Less
 Owned Companies             (5,852)   14,001    18,801    38,949   230,048
Income Tax Expense
 (Benefit)                     (352)    5,638     7,366    13,250    87,709
                           --------  --------  --------  --------  --------
Income (Loss) Before
 Equity in Earnings of 50%
 or Less Owned Companies     (5,500)    8,363    11,435    25,699   142,339
Equity in Earnings of 50%
 or Less Owned Companies,
 Net of Tax                   9,562     1,004        34     1,501     7,933
                           --------  --------  --------  --------  --------
Net Income                    4,062     9,367    11,469    27,200   150,272
Net Income attributable to
 Noncontrolling Interests
 in Subsidiaries                247       336       299        97       334
                           --------  --------  --------- --------  --------
Net Income attributable to
 SEACOR Holdings Inc.      $  3,815  $  9,031  $ 11,170  $ 27,103  $149,938
                           ========  ========  ========  ========  ========

Basic Earnings Per Common
 Share of
SEACOR Holdings Inc.       $   0.18  $   0.43  $   0.53  $   1.30  $   7.21

Diluted Earnings Per
 Common Share of
SEACOR Holdings Inc.       $   0.18  $   0.42  $   0.52  $   1.27  $   7.14

Weighted Average Common
 Shares of Outstanding:
  Basic                      21,202    21,166    21,105    20,843    20,787
  Diluted                    21,565    21,518    21,439    21,306    21,001
Common Shares Outstanding
 at Period End               21,715    21,679    21,652    21,400    21,231

Special Cash Dividend
 Declared and Paid Per
Common Share of SEACOR
 Holdings Inc.             $     --  $     --  $     --  $  15.00  $     --

 


                            SEACOR HOLDINGS INC.
                             SEGMENT INFORMATION
                          (in thousands, unaudited)

                                          Three Months Ended
                           ------------------------------------------------
                           Sep. 30,  Jun. 30,  Mar. 31,  Dec. 31,  Sep. 30,
                             2011      2011      2011      2010      2010
                           --------  --------  --------  --------  --------

Offshore Marine Services
Operating Revenues         $ 93,277  $ 93,386  $ 80,344  $100,631  $160,916
                           --------  --------  --------  --------  --------
Costs and Expenses:
  Operating                  68,457    68,242    63,020    76,607    79,205
  Administrative and
   general                   10,687    11,078    11,770    13,037    12,378
  Depreciation and
   amortization              11,785    12,205    12,533    12,279    12,758
                           --------  --------  --------  --------  --------
                             90,929    91,525    87,323   101,923   104,341
                           --------  --------  --------  --------  --------

Gains on Asset
 Dispositions                 5,241     3,607     4,364     2,142    12,717
                           --------  --------  --------  --------  --------
Operating Income (Loss)       7,589     5,468    (2,615)      850    69,292
                           --------  --------  --------  --------  --------
Other Income (Expense):
  Foreign currency gains
   (losses), net             (2,129)     (408)      725      (154)      977
  Other, net                      6        --        --         1        --
Equity in Earnings of 50%
 or Less Owned Companies,
 Net of Tax                   8,754       200       735     3,042     2,300
                           --------  --------  --------  --------  --------
Segment Profit (Loss)      $ 14,220  $  5,260  $ (1,155) $  3,739  $ 72,569
                           ========  ========  ========  ========  ========

Aviation Services
Operating Revenues         $ 71,804  $ 68,493  $ 56,155  $ 55,522  $ 67,136
                           --------  --------  --------  --------  --------
Costs and Expenses:
  Operating                  45,701    42,457    33,465    37,174    37,492
  Administrative and
   general                    6,841     6,229     7,020     7,042     7,274
  Depreciation and
   amortization               9,093    12,390    11,919    11,287    10,889
                           --------  --------  --------  --------  --------
                             61,635    61,076    52,404    55,503    55,655
                           --------  --------  --------  --------  --------

Gains (Losses) on Asset
 Dispositions and
 Impairments, Net             4,894     6,172     2,194      (117)      412
                           --------  --------  --------  --------  --------
Operating Income (Loss)      15,063    13,589     5,945       (98)   11,893
                           --------  --------  --------  --------  --------
Other Income (Expense):
  Derivative gains
   (losses), net               (807)     (811)      310       (27)      (29)
  Foreign currency gains
   (losses), net                (95)      338       353       166       (81)
  Other, net                     --        --        --        --        50
Equity in Earnings
 (Losses) of 50% or Less
 Owned Companies, Net of
 Tax                            106     1,054       (99)      (83)      663
                           --------  --------  --------  --------  --------
Segment Profit (Loss)      $ 14,267  $ 14,170  $  6,509  $    (42) $ 12,496
                           ========  ========  ========  ========  ========

Inland River Services
Operating Revenues         $ 47,875  $ 41,442  $ 46,469  $ 52,284  $ 41,381
                           --------  --------  --------  --------  --------
Costs and Expenses:
  Operating                  31,196    28,717    27,884    29,542    26,535
  Administrative and
   general                    2,206     3,166     2,697     3,114     2,898
  Depreciation and
   amortization               6,464     5,791     5,622     5,472     5,415
                           --------  --------  --------  --------  --------
                             39,866    37,674    36,203    38,128    34,848
                           --------  --------  --------  --------  --------

Gains (Losses) on Asset
 Dispositions                 1,303       (22)      697       697    29,445
                           --------  --------  --------  --------  --------
Operating Income              9,312     3,746    10,963    14,853    35,978
                           --------  --------  --------  --------  --------
Other Income (Expense):
  Other, net                     --         3         1     2,227        --
Equity in Earnings
 (Losses) of 50% or Less
 Owned Companies, Net of
 Tax                          2,771       666      (256)     (521)    3,522
                           --------  --------  --------  --------  --------
Segment Profit             $ 12,083  $  4,415  $ 10,708  $ 16,559  $ 39,500
                           ========  ========  ========  ========  ========

 


                            SEACOR HOLDINGS INC.
                       SEGMENT INFORMATION (continued)
                          (in thousands, unaudited)

                                          Three Months Ended
                           ------------------------------------------------
                           Sep. 30,  Jun. 30,  Mar. 31,  Dec. 31,  Sep. 30,
                             2011      2011      2011      2010      2010
                           --------  --------  --------  --------  --------
Marine Transportation
 Services
Operating Revenues         $ 24,783  $ 24,336  $ 17,312  $ 16,908  $ 18,540
                           --------  --------  --------  --------  --------
Costs and Expenses:
  Operating                  15,194    13,584     8,979     8,174     8,754
  Administrative and
   general                    2,044     2,146     1,417     2,040     1,087
  Depreciation and
   amortization               5,833     5,728     4,978     5,309     7,320
                           --------  --------  --------  --------  --------
                             23,071    21,458    15,374    15,523    17,161
                           --------  --------  --------  --------  --------

Losses on Asset
 Impairments                     --        --        --        --   (18,677)
                           --------  --------  --------  --------  --------
Operating Income (Loss)       1,712     2,878     1,938     1,385   (17,298)
                           --------  --------  --------  --------  --------
Other Income (Expense):
  Foreign currency gains
   (losses), net                (18)        6        16       (13)       61
  Other, net                    131        56        --        --        --
                           --------  --------  --------  --------  --------
Segment Profit (Loss)      $  1,825  $  2,940  $  1,954  $  1,372  $(17,237)
                           ========  ========  ========  ========  ========

Environmental Services
Operating Revenues         $ 40,415  $ 48,466  $ 63,086  $163,380  $468,226
                           --------  --------  --------  --------  --------
Costs and Expenses:
  Operating                  28,872    31,662    44,044   116,346   329,497
  Administrative and
   general                    7,691    10,322     7,551     7,485    11,508
  Depreciation and
   amortization               2,896     2,238     2,231     2,065     2,249
                           --------  --------  --------  --------  --------
                             39,459    44,222    53,826   125,896   343,254
                           --------  --------  --------  --------  --------

Gains (Losses) on Asset
 Dispositions                     3       (19)       --       563        --
                           --------  --------  --------  --------  --------
Operating Income                959     4,225     9,260    38,047   124,972
                           --------  --------  --------  --------  --------
Other Income (Expense):
  Foreign currency gains
   (losses), net                (75)       97       (51)     (115)        3
  Other, net                     --         2        --         1        --
Equity in Earnings
 (Losses) of 50% or Less
 Owned Companies, Net of
 Tax                            (93)      132        (8)       58       533
                           --------  --------  --------  --------  --------
Segment Profit             $    791  $  4,456  $  9,201  $ 37,991  $125,508
                           ========  ========  ========  ========  ========

Commodity Trading and
 Logistics
Operating Revenues         $279,178  $245,321  $194,012  $178,944  $216,896
                           --------  --------  --------  --------  --------
Costs and Expenses:
  Operating                 279,180   237,644   187,018   173,922   204,467
  Administrative and
   general                    1,944     2,202     2,660     1,184     3,716
  Depreciation and
   amortization                  12        12        13        13        13
                           --------  --------  --------  --------  --------
                            281,136   239,858   189,691   175,119   208,196
                           --------  --------  --------  --------  --------
Operating Income (Loss)      (1,958)    5,463     4,321     3,825     8,700
                           --------  --------  --------  --------  --------
Other Income (Expense):
  Derivative gains
   (losses), net             (3,063)      828    (4,750)   (8,192)   (5,307)
  Foreign currency gains
   (losses), net                153       (16)       (5)       26       190
  Other, net                     --        --        --       781        --
Equity in Earnings
 (Losses) of 50% or Less
 Owned Companies, Net of
 Tax                         (2,267)   (1,051)       51      (611)    1,042
                           --------  --------  --------  --------  --------
Segment Profit (Loss)      $ (7,135) $  5,224  $   (383) $ (4,171) $  4,625
                           ========  ========  ========  ========  ========

 


                            SEACOR HOLDINGS INC.
                       SEGMENT INFORMATION (continued)
                          (in thousands, unaudited)

                                          Three Months Ended
                           ------------------------------------------------
                           Sep. 30,  Jun. 30,  Mar. 31,  Dec. 31,  Sep. 30,
                             2011      2011      2011      2010      2010
                           --------  --------  --------  --------  --------

Other
Operating Revenues         $ 16,741  $ 17,921  $ 17,536  $ 16,395  $ 20,031
                           --------  --------  --------  --------  --------
Costs and Expenses:
  Operating                   9,117     9,158     9,142    11,872    10,559
  Administrative and
   general                    2,523     3,210     2,620     3,031     2,803
  Depreciation and
   amortization               2,129     2,237     2,289     2,289     2,224
                           --------  --------  --------  --------  --------
                             13,769    14,605    14,051    17,192    15,586
                           --------  --------  --------  --------  --------

Gains (Losses) on Asset
 Dispositions                  (315)      544        --        --        --
                           --------  --------  --------  --------  --------
Operating Income (Loss)       2,657     3,860     3,485      (797)    4,445
                           --------  --------  --------  --------  --------
Other Income (Expense):
  Foreign currency gains
   (losses), net                (75)      (24)        1       (17)       34
  Other, net                     (1)       --        (1)       10        --
Equity in Earnings
 (Losses) of 50% or Less
 Owned Companies, Net of
 Tax                            291         3      (389)     (384)     (127)
                           --------  --------  --------  --------  --------
Segment Profit (Loss)      $  2,872  $  3,839  $  3,096  $ (1,188) $  4,352
                           ========  ========  ========  ========  ========

Corporate and Eliminations
Operating Revenues         $ (2,649) $ (2,919) $ (2,650) $ (3,680) $(13,293)
                           --------  --------  --------  --------  --------
Costs and Expenses:
  Operating                  (2,544)   (2,793)   (2,541)   (3,676)  (13,290)
  Administrative and
   general                    6,181     7,584    10,659    17,959     8,963
  Depreciation and
   amortization                 466       469       474       459       444
                           --------  --------  --------  --------  --------
                              4,103     5,260     8,592    14,742    (3,883)
                           --------  --------  --------  --------  --------

Losses on Asset
 Dispositions and
 Impairments                   (144)      --         --        --        (1)
                           --------  --------  --------  --------  --------
Operating Loss             $ (6,896) $ (8,179) $(11,242) $(18,422) $ (9,411)
                           ========  ========  ========  ========  ========
Other Income (Expense):
  Derivative gains
   (losses), net           $(22,084) $ (6,618) $  1,122  $ 14,721  $  6,984
  Foreign currency gains
   (losses), net               (979)    1,527     4,020    (3,404)    6,401
  Other, net                   (175)     (117)     (178)       41       (40)

 



                            SEACOR HOLDINGS INC.
                    CONDENSED CONSOLIDATED BALANCE SHEETS
                          (in thousands, unaudited)

                  Sep. 30,    Jun. 30,    Mar. 31,    Dec. 31,    Sep. 30,
                    2011        2011        2011        2010        2010
                 ----------  ----------  ----------  ----------  ----------
     ASSETS
Current Assets:
  Cash and cash
   equivalents   $  306,465  $  366,813  $  409,716  $  370,028  $  662,278
  Restricted
   cash              19,474      12,976      19,545      12,651      14,823
  Marketable
   securities        82,978     105,608     149,026     147,409     103,150
  Receivables:
    Trade, net of
     allowance
     for
     doubtful
     accounts       316,633     321,244     324,218     450,912     512,131
    Other            52,719      48,825      55,475      72,448      44,550
  Inventories        75,906      87,131      97,405      67,498      66,024
  Deferred
   income taxes       5,442       5,442       5,442       5,442       3,354
  Prepaid
   expenses and
   other             14,637      24,979      22,794      18,414      17,570
                 ----------  ----------  ----------  ----------  ----------
    Total
     current
     assets         874,254     973,018   1,083,621   1,144,802   1,423,880
                 ----------  ----------  ----------  ----------  ----------
Property and
 Equipment        2,985,583   2,942,637   2,862,386   2,803,754   2,899,150
    Accumulated
     depreciation  (918,914)   (900,979)   (875,140)   (835,032)   (850,428)
                 ----------  ----------  ----------  ----------  ----------
    Net property
     and
     equipment    2,066,669   2,041,658   1,987,246   1,968,722   2,048,722
                 ----------  ----------  ----------  ----------  ----------
Investments, at
 Equity, and
 Advances to 50%
 or Less Owned
 Companies          245,885     210,372     190,472     182,387     148,334
Construction
 Reserve Funds &
 Title XI
 Reserve Funds      298,345     314,679     331,689     323,885     272,259
Goodwill             62,424      62,467      61,864      61,779      54,764
Intangible
 Assets              16,427      18,448      19,810      21,169      21,627
Other Assets,
 net of
 allowance for
 doubtful
 accounts            98,314      85,118      59,996      57,645      52,846
                 ----------  ----------  ----------  ----------  ----------
                 $3,662,318  $3,705,760  $3,734,698  $3,760,389  $4,022,432
                 ==========  ==========  ==========  ==========  ==========

 LIABILITIES AND
      EQUITY
Current
 Liabilities:
  Current
   portion of
   long-term
   debt          $   23,138  $   20,568  $   18,106  $   14,618  $   13,809
  Current
   portion of
   capital lease
   obligations        1,081       1,064       1,047       1,030       1,014
  Accounts
   payable and
   accrued
   expenses         208,432     212,357     275,991     322,785     336,968
  Other current
   liabilities      208,816     232,309     205,546     197,080     237,738
                 ----------  ----------  ----------  ----------  ----------
    Total
     current
     liabilities    441,467     466,298     500,690     535,513     589,529
                 ----------  ----------  ----------  ----------  ----------
Long-Term Debt      669,573     690,774     694,872     697,427     681,268
Capital Lease
 Obligations          4,598       4,901       5,200       5,493       5,783
Deferred Income
 Taxes              565,078     561,477     563,023     567,880     586,466
Deferred Gains
 and Other
 Liabilities        138,969     146,853     150,593     156,711      88,130
                 ----------  ----------  ----------  ----------  ----------
    Total
     liabilities  1,819,685   1,870,303   1,914,378   1,963,024   1,951,176
                 ----------  ----------  ----------  ----------  ----------
Equity:
  SEACOR
   Holdings Inc.
   stockholders'
   equity:
    Preferred
     stock               --          --          --          --          --
    Common stock        364         363         363         361         358
    Additional
     paid-in
     capital      1,245,436   1,239,502   1,233,250   1,225,296   1,196,445
    Retained
     earnings     1,495,639   1,491,824   1,482,793   1,471,623   1,764,202
    Shares held in
     treasury,
     at cost       (900,225)   (901,460)   (901,386)   (903,004)   (891,887)
    Accumulated
     other
     comprehensive
     loss            (9,644)     (6,843)     (5,724)     (7,039)     (7,568)
                 ----------  ----------  ----------  ----------  ----------
                  1,831,570   1,823,386   1,809,296   1,787,237   2,061,550
  Noncontrolling
   interests in
   subsidiaries      11,063      12,071      11,024      10,128       9,706
                 ----------  ----------  ----------  ----------  ----------
    Total equity  1,842,633   1,835,457   1,820,320   1,797,365   2,071,256
                 ----------  ----------  ----------  ----------  ----------
                 $3,662,318  $3,705,760  $3,734,698  $3,760,389  $4,022,432
                 ==========  ==========  ==========  ==========  ==========

 



                            SEACOR HOLDINGS INC.
                                FLEET COUNTS
                                 (unaudited)

                                Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30,
                                  2011     2011     2011     2010     2010
                                -------- -------- -------- -------- --------
Offshore Marine Services
Anchor handling towing supply         19       19       19       20       20
Crew                                  50       52       52       52       54
Mini-supply                            8        8        9        9       12
Standby safety                        27       26       26       26       26
Supply                                29       28       26       27       27
Towing supply                          5        6        7        8        8
Specialty                             11       11       12       12       12
                                -------- -------- -------- -------- --------
                                     149      150      151      154      159
                                ======== ======== ======== ======== ========

Aviation Services
Light helicopters - single
 engine                               60       61       61       60       60
Light helicopters - twin engine       45       44       44       45       45
Medium helicopters                    65       65       63       62       59
Heavy helicopters                      7        7        9        9        9
                                -------- -------- -------- -------- --------
                                     177      177      177      176      173
                                ======== ======== ======== ======== ========

Inland River Services
Inland river dry-cargo barges      1,489    1,492    1,497    1,388    1,394
Inland river liquid tank barges       79       80       80       80       86
Inland river deck barges              20       26       26       26       26
Inland river towboats                 31       31       32       32       32
Dry-cargo vessel                       1        1        1        1        1
                                -------- -------- -------- -------- --------
                                   1,620    1,630    1,636    1,527    1,539
                                ======== ======== ======== ======== ========

Marine Transportation Services
U.S.-flag product tankers              8        8        8        8        8
RORO vessels                           8        8       --       --       --
                                -------- -------- -------- -------- --------
                                      16       16        8        8        8
                                ======== ======== ======== ======== ========

Other
Harbor and offshore tugs              28       28       29       30       31
Ocean liquid tank barges               5        5        5        5        5
                                -------- -------- -------- -------- --------
                                      33       33       34       35       36
                                ======== ======== ======== ======== ========

 

 

For additional information, contact:
Molly Hottinger
(954) 627-5278
or visit SEACOR's website at www.seacorholdings.com

Source: SEACOR Holdings Inc.