SEACOR Holdings Announces Results for Its Second Quarter Ended June 30, 2014

FORT LAUDERDALE, FL--(Marketwired - Jul 31, 2014) - SEACOR Holdings Inc. (NYSE: CKH) (the "Company") today announced its results for its second quarter ended June 30, 2014.

For the quarter ended June 30, 2014, net income attributable to SEACOR Holdings Inc. was $21.1 million, or $0.98 per diluted share. For the six months ended June 30, 2014, net income attributable to SEACOR Holdings Inc. was $32.6 million, or $1.58 per diluted share. 

For the preceding quarter ended March 31, 2014, the Company reported net income attributable to SEACOR Holdings Inc. of $11.5 million, or $0.56 per diluted share. A comparison of results for the quarter ended June 30, 2014 with the preceding quarter ended March 31, 2014 is included in the "Highlights for the Quarter" discussion below.

For the quarter ended June 30, 2013, net income attributable to SEACOR Holdings Inc. was $19.3 million, or $0.91 per diluted share. For the six months ended June 30, 2013, net loss attributable to SEACOR Holdings Inc. was $1.7 million, or $0.09 per diluted share, including income from continuing operations of $8.5 million, or $0.42 per diluted share.

Highlights for the Quarter

Offshore Marine Services - Operating revenues for the second quarter were $138.2 million compared with $129.0 million in the preceding quarter. Operating income in the second quarter was $18.1 million compared with $11.2 million in the preceding quarter, including gains on asset dispositions of $3.5 million in the second quarter and $7.7 million in the preceding quarter. This release includes a table presenting time charter operating data by vessel class.

In the U.S. Gulf of Mexico, operating revenues were $11.5 million higher in the second quarter. Time charter revenues for the Company's liftboat fleet were $7.1 million higher, primarily due to the seasonal improvement in utilization. During the second quarter, the number of out-of-service days attributable to the drydocking of liftboats was 101 compared with 349 in the preceding quarter, overall utilization was 80.2% compared with 60.2% in the preceding quarter, and average day rates increased from $22,219 per day to $23,017 per day. Time charter revenues for anchor handling towing supply vessels increased by $7.2 million, primarily due to increased utilization in support of platform supply activities and reduced drydocking activity. Time charter revenues for all other vessel classes were $3.5 million lower, primarily due to vessel dispositions and increased drydocking activity. On a total fleet basis, fleet utilization was 77.4% compared with 70.6% in the preceding quarter and average day rates increased from $17,010 per day to $19,736 per day. As of June 30, 2014, the Company had two vessels cold-stacked in the U.S. Gulf of Mexico.

In international regions, operating revenues were $2.3 million lower in the second quarter. Time charter revenues were $1.8 million lower, primarily due to the repositioning of three vessels into the U.S. Gulf of Mexico and increased drydocking activity partially offset by seasonally stronger market conditions for the Company's windfarm utility vessels and the commencement of a term charter in Asia. Excluding windfarm utility vessels, fleet utilization was 82.4% compared with 86.8% in the preceding quarter and average day rates decreased from $12,561 per day to $12,455 per day.

Administrative and general expenses were $1.7 million lower in the second quarter primarily due to a reduction in the provision for doubtful debts.

During the second quarter, the Company sold four offshore support vessels and other equipment for net proceeds of $50.5 million and gains of $14.5 million, of which $2.5 million was recognized currently and $12.0 million was deferred. In addition, the Company recognized previously deferred gains of $1.0 million. During the preceding quarter, the Company sold five offshore support vessels and other equipment for net proceeds of $10.2 million and gains of $7.7 million.

In the second quarter, the Company received net litigation settlement proceeds of $14.7 million from an equipment supplier relating to the May 2008 mechanical malfunction and fire onboard the SEACOR Sherman, an anchor handling towing supply vessel then under construction. Upon settlement of the litigation, the Company recognized a gain of $14.7 million included in other income (expense).

Inland River Services - Operating income was $0.4 million on operating revenues of $56.0 million in the second quarter compared with operating income of $7.4 million on operating revenues of $58.0 million in the preceding quarter.

Operating results from the dry-cargo barge pool were $5.4 million lower primarily due to lower rates, a seasonal reduction in activity levels and poor barge fleet logistics as a consequence of difficult operating conditions. Operating results for the 10,000 barrel liquid tank barge fleet were $0.6 million lower primarily due to the cost of U.S. Coast Guard inspections and related repair expenditures. Operating results for the liquid unit tow operation were $0.5 million lower primarily due to costs associated with placing two towboats into operation during the second quarter. Operating results for fleeting operations were $0.9 million lower primarily due to reduced activity as a result of flooding on the upper Mississippi.

During the second quarter, equity losses from 50% or less owned companies of $3.3 million were primarily due to continued intermediary operations following a structural failure of a terminal facility at the Port of Ibicuy, Argentina.

Shipping Services - Operating income was $13.0 million on operating revenues of $53.6 million in the second quarter compared with operating income of $11.8 million on operating revenues of $52.4 million in the preceding quarter.

The increase in operating income was primarily due to an increase in higher yield harbor traffic and lower leased-in equipment costs for harbor towing and bunkering and an improvement in cargo shipping demand for short-sea transportation.

Illinois Corn Processing - Segment profit was $13.5 million on operating revenues of $72.8 million in the second quarter compared with $10.8 million on operating revenues of $58.7 million in the preceding quarter. Operating results in both periods benefited from improved margins as corn prices declined and ethanol prices held firm due to increased export demand and rail delays.

Other - Segment loss was $9.0 million in the second quarter compared with a $3.9 million loss in the preceding quarter. The increase was primarily due to a $5.0 million provision for certain litigation matters related to the Deepwater Horizon oil spill.

Net Income attributable to Noncontrolling Interests in Subsidiaries - During the second quarter, the Company issued a 49% noncontrolling ownership interest in certain Company subsidiaries ("SEA-Vista") operating its fleet of seven U.S.-flag product tankers used for the U.S. coastwise trade of crude oil, petroleum and specialty chemical products as well as contracts for the construction of three U.S.-flag product tankers for $145.7 million, net of issuance costs. During the second quarter, the Company's net income attributable to noncontrolling interests in subsidiaries was primarily due to the noncontrolling interests' proportionate share in the consolidated earnings of Illinois Corn Processing and SEA-Vista.

Share Repurchases - During the quarter ended June 30, 2014, the Company purchased 493,032 shares of its common stock for an aggregate purchase price of $39.2 million. Subsequent to June 30, 2014 and through July 29, 2014, the Company purchased 321,377 shares of its common stock for an aggregate purchase price of $25.4 million. Effective at the close of business on July 31, 2014, the Board of Directors of the Company increased its authorization for repurchases of SEACOR's common stock for a total authorized expenditure of up to $150.0 million. The repurchase of securities may be conducted from time to time through open market purchases, privately negotiated transactions or otherwise depending on market conditions.

Capital Commitments - As of June 30, 2014, the Company's unfunded capital commitments were $412.8 million and included: $86.5 million for 13 offshore support vessels; $1.1 million for two inland river tank barges; $4.6 million for four inland river towboats; $230.2 million for three U.S.-flag product tankers; $78.4 million for one U.S.-flag articulated tug-barge; and $12.0 million for other equipment and improvements. These commitments are payable as follows: $99.7 million is payable during the remainder of 2014; $303.8 million is payable during 2015-2016; and $9.3 million is payable during 2017. This release includes a table detailing expected delivery by vessel class. 

Liquidity and Debt - As of June 30, 2014, the Company's balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and Title XI reserve funds totaled $825.9 million and its total outstanding long-term debt was $873.9 million.

SEACOR and its subsidiaries are in the business of owning, operating, investing in and marketing equipment, primarily in the offshore oil and gas, shipping and logistics industries. SEACOR offers customers a diversified suite of services and equipment, including offshore marine, inland river storage and handling, distribution of petroleum, chemical and agricultural commodities, and shipping. SEACOR is dedicated to building innovative, modern, "next generation," efficient marine equipment while providing highly responsive service with the highest safety standards, and dedicated professional employees. 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. 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 decreased demand and loss of revenues as a result of additional safety and certification requirements for drilling activities in the U.S. Gulf of Mexico and delayed approval of applications for such activities, the possibility of U.S. government implemented moratoriums directing operators to cease certain drilling activities in the U.S. Gulf of Mexico 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 or failures to finalize commitments to charter vessels 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 the past provision of 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 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, 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 and Shipping Services, decreased demand for Shipping 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 Offshore Marine Services and Shipping Services on several 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 Offshore Marine Services, Inland River Services and Shipping 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 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 agriculture commodity trading and logistics activities, adequacy of insurance coverage, the potential for a material weakness in the Company's internal controls over financial reporting and the Company's ability to remediate such potential material weakness, 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 as well as those discussed in Item 1A (Risk Factors) of the Company's Annual report on Form 10-K. In addition, these statements constitute the Company's cautionary statements under the Private Securities Litigation Reform Act of 1995. 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. 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).

SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except share data, unaudited)
				Three Months Ended								Six Months Ended
				June 30,								June 30,
				2014				2013				2014				2013
Operating Revenues				$	328,224			$	315,563			$	638,241			$	582,627
Costs and Expenses:
		Operating			231,906				240,113				450,882				441,026
		Administrative and general			34,686				34,718				72,763				70,363
		Depreciation and amortization			33,220				33,783				66,612				67,331
					299,812				308,614				590,257				578,720
Gains on Asset Dispositions and Impairments, Net					4,295				12,305				8,973				14,320
Operating Income					32,707				19,254				56,957				18,227
Other Income (Expense):
	Interest income				6,030				3,218				10,073				6,385
	Interest expense				(10,458	)			(7,922	)			(21,861	)			(20,762	)
	Marketable security gains, net				731				6,557				5,801				10,552
	Derivative gains (losses), net				94				(825	)			(143	)			(2,932	)
	Foreign currency gains (losses), net				1,720				(916	)			1,521				(4,927	)
	Other, net				10,213				195				6,558				198
					8,330				307				1,949				(11,486	)
Income from Continuing Operations Before Income Tax Expense and Equity in Earnings (Losses) of 50% or Less Owned Companies					41,037				19,561				58,906				6,741
Income Tax Expense					13,000				7,975				19,375				5,322
Income from Continuing Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies					28,037				11,586				39,531				1,419
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax					(512	)			7,710				1,709				6,841
Income from Continuing Operations					27,525				19,296				41,240				8,260
Loss from Discontinued Operations, Net of Tax					--				--				--				(10,325	)
Net Income (Loss)					27,525				19,296				41,240				(2,065	)
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries					6,458				25				8,664				(348	)
Net Income (Loss) attributable to SEACOR Holdings Inc.				$	21,067			$	19,271			$	32,576			$	(1,717	)
Net Income (Loss) attributable to SEACOR Holdings Inc.:
	Continuing operations			$	21,067			$	19,271			$	32,576			$	8,508
	Discontinued operations				--				--				--				(10,225	)
				$	21,067			$	19,271			$	32,576			$	(1,717	)
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
	Continuing operations			$	1.05			$	0.97			$	1.62			$	0.43
	Discontinued operations				--				--				--				(0.52	)
				$	1.05			$	0.97			$	1.62			$	(0.09	)
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
	Continuing operations			$	0.98			$	0.91			$	1.58			$	0.42
	Discontinued operations				--				--				--				(0.51	)
				$	0.98			$	0.91			$	1.58			$	(0.09	)
Weighted Average Common Shares Outstanding:
	Basic				19,989,402				19,825,229				20,049,056				19,782,318
	Diluted				24,584,494				24,392,312				24,665,869				20,114,904

SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data, unaudited)
			Three Months Ended
			Jun. 30, 2014				Mar. 31, 2014				Dec. 31, 2013				Sep. 30, 2013				Jun. 30, 2013
Operating Revenues			$	328,224			$	310,017			$	327,861			$	336,784			$	315,563
Costs and Expenses:
	Operating			231,906				218,976				228,305				239,540				240,113
	Administrative and general			34,686				38,077				39,522				31,463				34,718
	Depreciation and amortization			33,220				33,392				33,684				33,503				33,783
				299,812				290,445				301,511				304,506				308,614
Gains on Asset Dispositions and Impairments, Net				4,295				4,678				3,957				19,230				12,305
Operating Income				32,707				24,250				30,307				51,508				19,254
Other Income (Expense):
	Interest income			6,030				4,043				4,802				4,280				3,218
	Interest expense			(10,458	)			(11,403	)			(11,310	)			(10,520	)			(7,922	)
	Marketable security gains (losses), net			731				5,070				(3,600	)			(1,149	)			6,557
	Derivative gains (losses), net			94				(237	)			(5,088	)			(303	)			(825	)
	Foreign currency gains (losses), net			1,720				(199	)			(654	)			2,230				(916	)
	Other, net			10,213				(3,655	)			(89	)			477				195
				8,330				(6,381	)			(15,939	)			(4,985	)			307
Income Before Income Tax Expense and Equity In Earnings (Losses) of 50% or Less Owned Companies				41,037				17,869				14,368				46,523				19,561
Income Tax Expense				13,000				6,375				5,441				15,984				7,975
Income Before Equity in Earnings (Losses) of 50% or Less Owned Companies				28,037				11,494				8,927				30,539				11,586
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax				(512	)			2,221				193				230				7,710
Net Income				27,525				13,715				9,120				30,769				19,296
Net Income attributable to Noncontrolling Interests in Subsidiaries				6,458				2,206				724				478				25
Net Income attributable to SEACOR Holdings Inc.			$	21,067			$	11,509			$	8,396			$	30,291			$	19,271
Basic Earnings Per Common Share of SEACOR Holdings Inc.			$	1.05			$	0.57			$	0.42			$	1.52			$	0.97
Diluted Earnings Per Common Share of SEACOR Holdings Inc.			$	0.98			$	0.56			$	0.41			$	1.36			$	0.91
Weighted Average Common Shares of Outstanding:
	Basic			19,989				20,109				20,043				19,965				19,825
	Diluted			24,584				20,546				20,530				24,602				24,392
Common Shares Outstanding at Period End				20,144				20,597				20,382				20,332				20,184

SEACOR HOLDINGS INC.
SEGMENT INFORMATION
(in thousands, unaudited)
			Three Months Ended
			Jun. 30, 2014				Mar. 31, 2014				Dec. 31, 2013				Sep. 30, 2013				Jun. 30, 2013
Offshore Marine Services
Operating Revenues			$	138,247			$	129,001			$	148,371			$	156,198			$	138,678
Costs and Expenses:
	Operating			93,755				94,043				99,320				95,113				97,581
	Administrative and general			13,426				15,160				17,085				14,132				14,235
	Depreciation and amortization			16,448				16,304				16,207				16,470				16,460
				123,629				125,507				132,612				125,715				128,276
Gains on Asset Dispositions				3,526				7,738				3,087				15,343				7,895
Operating Income				18,144				11,232				18,846				45,826				18,297
Other Income (Expense):
	Derivative gains (losses), net			(70	)			(61	)			(274	)			32				175
	Foreign currency gains (losses), net			1,322				107				(49	)			1,937				(833	)
	Other, net			14,739				--				(8	)			--				11
Equity in Earnings of 50% or Less Owned Companies, Net of Tax				2,244				2,641				2,988				1,527				7,694
Segment Profit(1)			$	36,379			$	13,919			$	21,503			$	49,322			$	25,344
OIBDA(2)			$	34,592			$	27,536			$	35,053			$	62,296			$	34,757
Drydocking expenditures (included in operating costs and expenses)			$	10,887			$	11,080			$	11,899			$	9,017			$	14,804
Out-of-service days for drydockings				575				635				668				635				994
Inland River Services
Operating Revenues			$	56,007			$	57,959			$	65,437			$	52,742			$	47,357
Costs and Expenses:
	Operating			45,047				39,674				42,472				38,473				35,193
	Administrative and general			3,835				4,337				4,034				3,431				3,921
	Depreciation and amortization			7,564				7,370				7,430				6,869				7,078
				56,446				51,381				53,936				48,773				46,192
Gains on Asset Dispositions				810				853				779				783				4,296
Operating Income				371				7,431				12,280				4,752				5,461
Other Income (Expense):
	Foreign currency gains (losses), net			474				(327	)			(160	)			(89	)			219
	Other, net			--				(38	)			--				--				--
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax				(3,335	)			(412	)			(5,320	)			80				1
Segment Profit (Loss)(1)			$	(2,490	)		$	6,654			$	6,800			$	4,743			$	5,681
OIBDA(2)			$	7,935			$	14,801			$	19,710			$	11,621			$	12,539

SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
			Three Months Ended
			Jun. 30, 2014				Mar. 31, 2014				Dec. 31, 2013				Sep. 30, 2013				Jun. 30, 2013
Shipping Services
Operating Revenues			$	53,575			$	52,401			$	51,405			$	48,200			$	48,103
Costs and Expenses:
	Operating			28,018				26,997				32,900				28,215				29,554
	Administrative and general			5,421				5,896				5,639				5,133				6,124
	Depreciation and amortization			7,115				7,754				7,754				7,841				7,907
				40,554				40,647				46,293				41,189				43,585
Gains (Losses) on Asset Dispositions				(41	)			--				91				3,104				114
Operating Income				12,980				11,754				5,203				10,115				4,632
Other Income (Expense):
	Foreign currency gains (losses), net			1				(10	)			(5	)			6				(8	)
	Other, net			158				(3,933	)			18				540				188
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax				1,564				753				376				(1,413	)			(403	)
Segment Profit(1)			$	14,703			$	8,564			$	5,592			$	9,248			$	4,409
OIBDA(2)			$	20,095			$	19,508			$	12,957			$	17,956			$	12,539
Drydocking expenditures for U.S.-flag product tankers (included in operating costs and expenses)			$	--			$	42			$	5,504			$	664			$	2,884
Out-of-service days for drydockings of U.S.-flag product tankers				--				--				26				5				34
Illinois Corn Processing
Operating Revenues			$	72,798			$	58,656			$	46,875			$	52,580			$	61,378
Costs and Expenses:
	Operating			56,429				47,274				38,812				52,390				59,402
	Administrative and general			594				511				465				428				477
	Depreciation and amortization			1,010				990				1,330				1,489				1,489
				58,033				48,775				40,607				54,307				61,368
Operating Income (Loss)				14,765				9,881				6,268				(1,727	)			10
Other Income (Expense):
	Derivative gains (losses), net			(1,519	)			718				(3,719	)			1,129				473
	Other, net			300				193				--				--				--
Segment Profit (Loss)(1)			$	13,546			$	10,792			$	2,549			$	(598	)		$	483

SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
			Three Months Ended
			Jun. 30, 2014				Mar. 31, 2014				Dec. 31, 2013				Sep. 30, 2013				Jun. 30, 2013
Other
Operating Revenues			$	8,437			$	12,992			$	16,675			$	27,881			$	20,652
Costs and Expenses:
	Operating			9,464				11,936				15,665				26,141				18,960
	Administrative and general			3,449				3,111				1,888				1,429				1,323
	Depreciation and amortization			82				85				91				92				96
				12,995				15,132				17,644				27,662				20,379
Losses on Asset Dispositions and Impairments, Net				--				(409	)			--				--				--
Operating Income (Loss)				(4,558	)			(2,549	)			(969	)			219				273
Other Income (Expense):
	Derivative gains (losses), net			1,500				(733	)			198				(380	)			(450	)
	Foreign currency gains (losses), net			53				9				(21	)			15				(169	)
	Other, net			(5,013	)			175				(39	)			(3	)			--
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax				(985	)			(761	)			2,149				36				418
Segment Profit (Loss)(1)			$	(9,003	)		$	(3,859	)		$	1,318			$	(113	)		$	72
Corporate and Eliminations
Operating Revenues			$	(840	)		$	(992	)		$	(902	)		$	(817	)		$	(605	)
Costs and Expenses:
	Operating			(807	)			(948	)			(864	)			(792	)			(577	)
	Administrative and general			7,961				9,062				10,411				6,910				8,638
	Depreciation and amortization			1,001				889				872				742				753
				8,155				9,003				10,419				6,860				8,814
Losses on Asset Dispositions and Impairments, Net				--				(3,504	)			--				--				--
Operating Loss			$	(8,995	)		$	(13,499	)		$	(11,321	)		$	(7,677	)		$	(9,419	)
Other Income (Expense):
	Derivative gains (losses), net		$	183			$	(161	)		$	(1,293	)		$	(1,084	)		$	(1,023	)
	Foreign currency gains (losses), net			(130	)			22				(419	)			361				(125	)
	Other, net			29				(52	)			(60	)			(60	)			(4	)

______________________

(1)	Includes amounts attributable to both SEACOR and noncontrolling interests.
(2)	Non-GAAP Financial Measure. The Company, from time to time, discloses and discusses OIBDA, a non-GAAP financial measure, for certain of its operating segments in its public releases and other filings with the Securities and Exchange Commission. The Company defines OIBDA as operating income (loss) plus depreciation and amortization. The Company's measure of OIBDA may not be comparable to similarly titled measures presented by other companies. Other companies may calculate OIBDA differently than the Company, which may limit its usefulness as a comparative measure. In addition, this measurement does not necessarily represent funds available for discretionary use and is not a measure of its ability to fund its cash needs. OIBDA is a financial metric 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 the Company officers and other shore-based employees; and (iii) to compare to the OIBDA of other companies when evaluating potential acquisitions.

SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
			Jun. 30, 2014			Mar. 31, 2014			Dec. 31, 2013			Sep. 30, 2013			Jun. 30, 2013
ASSETS
Current Assets:
	Cash and cash equivalents		$	453,415		$	374,790		$	527,435		$	332,767		$	394,783
	Restricted cash			14,346			14,490			12,175			20,893			16,776
	Marketable securities			33,275			29,522			24,292			25,660			27,264
	Receivables:
		Trade, net of allowance for doubtful accounts		198,768			203,785			215,768			211,853			188,128
		Other		50,571			41,292			48,181			39,774			37,204
	Inventories			20,207			24,962			27,615			25,442			22,955
	Deferred income taxes			116			116			116			3,530			3,530
	Prepaid expenses and other			12,837			8,292			6,701			10,746			11,715
		Total current assets		783,535			697,249			862,283			670,665			702,355
Property and Equipment:
		Historical cost		2,216,627			2,224,212			2,199,183			2,208,315			2,212,929
		Accumulated depreciation		(888,442	)		(894,511	)		(866,330	)		(835,604	)		(806,672	)
				1,328,185			1,329,701			1,332,853			1,372,711			1,406,257
		Construction in progress		297,523			325,529			143,482			129,481			133,985
		Net property and equipment		1,625,708			1,655,230			1,476,335			1,502,192			1,540,242
Investments, at Equity, and Advances to 50% or Less Owned Companies				484,164			456,446			440,853			365,891			293,793
Construction Reserve Funds & Title XI Reserve Funds				324,856			264,339			261,739			229,021			150,375
Goodwill				18,012			17,963			17,985			17,978			17,978
Intangible Assets, Net				10,754			11,567			12,423			13,583			14,594
Other Assets				48,964			42,241			44,615			52,394			48,996
			$	3,295,993		$	3,145,035		$	3,116,233		$	2,851,724		$	2,768,333
LIABILITIES AND EQUITY
Current Liabilities:
	Current portion of long-term debt		$	43,557		$	49,171		$	45,323		$	26,973		$	25,109
	Accounts payable and accrued expenses			87,235			83,296			85,477			73,063			73,185
	Other current liabilities			119,501			132,190			123,619			124,788			122,434
		Total current liabilities		250,293			264,657			254,419			224,824			220,728
Long-Term Debt				830,303			830,887			834,118			675,206			674,444
Deferred Income Taxes				456,403			456,883			457,827			437,436			421,623
Deferred Gains and Other Liabilities				175,229			145,483			144,441			133,525			115,102
		Total liabilities		1,712,228			1,697,910			1,690,805			1,470,991			1,431,897
Equity:
	SEACOR Holdings Inc. stockholders' equity:
		Preferred stock		--			--			--			--			--
		Common stock		375			374			372			372			370
		Additional paid-in capital		1,479,942			1,401,294			1,394,621			1,358,273			1,347,909
		Retained earnings		1,127,846			1,106,779			1,095,270			1,086,874			1,056,583
		Shares held in treasury, at cost		(1,126,322	)		(1,087,101	)		(1,088,219	)		(1,088,219	)		(1,089,061	)
		Accumulated other comprehensive income (loss), net of tax		225			(929	)		(1,192	)		(1,809	)		(4,243	)
				1,482,066			1,420,417			1,400,852			1,355,491			1,311,558
	Noncontrolling interests in subsidiaries			101,699			26,708			24,576			25,242			24,878
		Total equity		1,583,765			1,447,125			1,425,428			1,380,733			1,336,436
			$	3,295,993		$	3,145,035		$	3,116,233		$	2,851,724		$	2,768,333

SEACOR HOLDINGS INC.
FLEET COUNTS
(unaudited)
			Jun. 30, 2014		Mar. 31, 2014		Dec. 31, 2013		Sep. 30, 2013		Jun. 30, 2013
Offshore Marine Services
Anchor handling towing supply			18		18		18		18		18
Crew			38		39		42		43		45
Mini-supply			7		8		8		8		8
Standby safety			25		25		25		25		25
Supply			27		26		27		26		26
Towing supply			3		3		3		3		3
Specialty			9		9		12		12		12
Liftboats			15		15		15		15		17
Wind farm utility			35		34		34		33		32
			177		177		184		183		186
Inland River Services
Dry-cargo barges			1,463		1,415		1,405		1,409		1,413
Liquid tank barges			74		74		74		75		75
Deck barges			20		20		20		20		20
Towboats			32		32		32		31		31
Dry-cargo vessel			--		--		1		1		1
			1,589		1,541		1,532		1,536		1,540
Shipping Services(1)
U.S.-flag:
	Product tankers		7		7		7		7		7
	RORO/deck barges		7		7		7		7		7
	Dry-bulk articulated tug-barge		1		1		1		1		1
	Harbor tugs		24		24		24		24		24
	Ocean liquid tank barges		5		5		5		5		5
Foreign-flag:
	Harbor tugs		4		4		4		4		4
	Very large gas carriers		3		3		3		3		--
	Short-sea container/RORO		7		8		8		7		8
			58		59		59		58		56

______________________

(1)	For each of the periods presented, the Company provided technical management services for two additional vessels.

SEACOR HOLDINGS INC.
EXPECTED FLEET DELIVERIES
(unaudited)
		2014				2015								2016								2017
		Q3		Q4		Q1		Q2		Q3		Q4		Q1		Q2		Q3		Q4		Q1		Q2		Total
Offshore Marine Services
Crew		1		2		--		1		2		2		1		--		--		--		--		--		9
Supply(1)		1		--		--		1		--		--		--		--		--		--		--		--		2
Wind farm utility		--		1		--		1		--		--		--		--		--		--		--		--		2
Inland River Services
Liquid tank barges		--		1		1		--		--		--		--		--		--		--		--		--		2
Towboats		--		2		1		1		--		--		--		--		--		--		--		--		4
Shipping Services
U.S.-flag product tankers		--		--		--		--		--		--		--		1		--		1		1		--		3
U.S.-flag articulated tug-barge		--		--		--		--		--		--		--		--		1		--		--		--		1

______________________

(1)	To be sold to SEACOR OSV Partners I LP, a 50% or less owned company, upon delivery.

SEACOR HOLDINGS INC.
OFFSHORE MARINE SERVICES
TIME CHARTER OPERATING DATA
(unaudited)
			Three Months Ended
			Jun. 30, 2014				Mar. 31, 2014				Dec. 31, 2013				Sep. 30, 2013				Jun. 30, 2013
Rates Per Day Worked:
	Anchor handling towing supply		$	25,796			$	24,841			$	26,773			$	29,008			$	23,635
	Crew			9,222				8,664				8,627				8,553				7,719
	Mini-supply			6,627				7,148				7,805				8,048				7,721
	Standby safety			10,932				10,679				10,584				9,922				9,621
	Supply			16,948				17,156				16,906				17,541				16,864
	Towing supply			9,339				10,128				8,744				10,970				9,156
	Specialty			26,860				19,200				31,856				37,121				24,822
	Liftboats			23,017				22,219				26,072				25,001				22,062
	Overall Average Rates Per Day Worked(excluding wind farm utility)			15,470				14,324				15,355				15,677				13,588
	Wind farm utility			2,553				2,423				2,427				2,315				2,302
	Overall Average Rates Per Day Worked			12,259				11,659				12,279				12,454				11,010
Utilization:
	Anchor handling towing supply			83	%			77	%			74	%			75	%			74	%
	Crew			75	%			81	%			84	%			88	%			90	%
	Mini-supply			81	%			92	%			94	%			96	%			97	%
	Standby safety			88	%			88	%			88	%			88	%			86	%
	Supply			82	%			86	%			82	%			75	%			83	%
	Towing supply			74	%			92	%			84	%			83	%			79	%
	Specialty			52	%			47	%			81	%			58	%			54	%
	Liftboats			80	%			60	%			73	%			82	%			69	%
	Overall Fleet Utilization (excluding wind farm utility)			80	%			80	%			82	%			83	%			82	%
	Wind farm utility			91	%			81	%			90	%			95	%			93	%
	Overall Fleet Utilization			83	%			80	%			84	%			86	%			84	%
Available Days:
	Anchor handling towing supply			1,547				1,530				1,564				1,564				1,547
	Crew			2,533				2,605				2,740				2,844				3,057
	Mini-supply			479				540				552				552				565
	Standby safety			2,184				2,160				2,208				2,208				2,184
	Supply			1,407				1,530				1,564				1,564				1,538
	Towing supply			182				180				184				184				182
	Specialty			273				270				276				327				364
	Liftboats			1,365				1,350				1,380				1,543				1,614
	Overall Fleet Available Days(excluding wind farm utility)			9,970				10,165				10,468				10,786				11,051
	Wind farm utility			2,912				2,863				2,959				2,978				2,889
	Overall Fleet Available Days			12,882				13,028				13,427				13,764				13,940