SOURCE: SEACOR Holdings Inc.

SEACOR Holdings Inc.

April 22, 2010 19:10 ET

SEACOR Holdings Announces First Quarter Results

FORT LAUDERDALE, FL--(Marketwire - April 22, 2010) - SEACOR Holdings Inc. (NYSE: CKH) today announced its results for the first quarter of 2010. Net income attributable to SEACOR Holdings Inc. for the quarter ended March 31, 2010 was $3.6 million, or $0.16 per diluted share, on operating revenues of $394.6 million.

For the quarter ended March 31, 2009, net income attributable to SEACOR Holdings Inc. was $53.0 million, or $2.36 per diluted share, on operating revenues of $399.5 million.

For the preceding quarter ended December 31, 2009, net income attributable to SEACOR Holdings Inc. was $22.2 million, or $1.04 per diluted share, on operating revenues of $476.5 million. During the preceding quarter, the Company called and settled all of its outstanding 2.875% Convertible Senior Debentures due 2024 resulting in a debt extinguishment loss of $6.1 million, net of tax, or $0.26 per diluted share. Comparison of results for the quarter ended March 31, 2010 with the preceding quarter ended December 31, 2009 is included in the discussion below.

Highlights for the Quarter

Offshore Marine Services -- Operating income in the first quarter was $20.1 million on operating revenues of $107.2 million compared with operating income of $26.3 million on operating revenues of $121.2 million in the preceding quarter. First quarter results included $12.7 million in gains on asset dispositions compared with $3.8 million in gains in the preceding quarter. Excluding the impact of gains on asset dispositions, operating income was $15.0 million lower in the first quarter.

Overall operating revenues were $14.0 million lower in the first quarter. Time charter revenues decreased by $11.0 million, primarily due to lower average day rates, a shorter quarter and increased downtime due to vessel drydockings and conversions. Downtime due to vessel drydockings in the first quarter was 371 days compared with 157 days in the preceding quarter. Other operating revenues decreased by $3.0 million primarily due to a reduction in third party brokered vessel activity in the Middle East. As of March 31, 2010, the Company had 14 vessels cold-stacked in the U.S. Gulf of Mexico compared with 19 as of December 31, 2009. During the first quarter, one additional vessel was cold-stacked, and six vessels were returned to active service.

As of March 31, 2010, the Company had deferred $15.7 million of vessel charter hire scheduled to be paid through the conveyance of a limited net profit interest in developmental oil and gas producing properties owned by a customer. Of this amount, $4.7 million was deferred in the first quarter. The Company expects to defer an additional $1.7 million of vessel charter hire under this arrangement through May 2010. The customer has provided payout estimates indicating the Company will receive payments of $10.8 million in 2010 and $6.6 million in 2011. Such payments are contingent upon future production. Production from these properties commenced in April 2010. The Company will recognize revenues as cash is received or earlier should future payments become determinable.

Operating expenses were $1.6 million higher in the first quarter primarily due to a $4.2 million increase in regulatory drydocking costs and a $3.3 million accrual for the settlement of litigation, which is pending court approval. These increases were partially offset by decreased repair and maintenance costs and reductions in insurance premiums, insurance deductibles and brokered vessel activity.

The number of days available for charter in the first quarter decreased by 1,172, or 8.7%. Overall utilization increased from 68.0% to 71.5% and overall average day rates, based on time charter revenues recognized, decreased by 6.2% from $12,093 per day to $11,339 per day.

Marine Transportation Services -- Marine Transportation Services reported an operating loss in the first quarter of $2.8 million on operating revenues of $19.5 million compared with operating income of $0.9 million on operating revenues of $20.5 million in the preceding quarter. The decrease in operating income was primarily due to a $3.6 million increase in drydocking expenses. During the first quarter, two of the Company's tankers underwent regulatory drydockings, one of which was completed during the quarter and the other being completed in April. A third tanker had a 5-day handover drydocking in January before commencing a long-term bareboat charter. The remaining drydocking program for 2010 consists of two drydockings in the third quarter; one regulatory and the other a short handover for a tanker prior to commencing a long-term bareboat charter. As of March 31, 2010, three of the Company's eight tankers were operating under long-term bareboat charters, four were operating under time charters and one was operating in the spot market.

Inland River Services -- Operating income in the first quarter was $7.8 million on operating revenues of $33.4 million compared with operating income of $15.9 million on operating revenues of $53.6 million in the preceding quarter. First quarter results included $0.9 million in gains on asset dispositions compared with $1.2 million in gains in the preceding quarter.

Excluding the impact of gains on asset dispositions, operating income was $7.7 million lower in the first quarter primarily due to softer freight rates in response to continuing weak demand for non-grain shipments, difficult weather-related operating conditions in January and February, and decreased freight loadings as seasonal harvest activity wound down.

Aviation Services -- Operating income in the first quarter was $2.5 million on operating revenues of $50.3 million compared with operating income of $8.1 million on operating revenues of $54.3 million in the preceding quarter.

Operating revenues were lower primarily due to fewer flight hours in support of offshore oil and gas activities in the U.S. Gulf of Mexico and Alaska, a reduction in patient transports and lower revenues from air medical services, and reduced flight activity at the fixed base operation in Alaska. Revenues from leasing activities improved due to the start up of new contracts in Indonesia and Brazil. Operating expenses were lower in the preceding quarter primarily due to the impact of a $3.0 million receipt of insurance proceeds related to damages sustained in hurricanes Gustav and Ike. Excluding the impact of the hurricane proceeds, operating expenses decreased in the current quarter due to lower fuel expenses in line with the reductions in flight hours and flight activity at the FBO.

Environmental Services -- Environmental Services reported an operating loss in the first quarter of $0.2 million on operating revenues of $28.2 million compared with operating income of $3.5 million on operating revenues of $44.5 million in the preceding quarter. A reduction in emergency response activity accounted for $14.4 million of the change in operating revenues and $2.8 million of the change in operating income. Retainer services revenues and operating income were $0.8 million lower than in the preceding quarter.

Commodity Trading and Logistics -- Commodity Trading and Logistics reported a segment loss in the first quarter of $4.6 million on operating revenues of $143.0 million compared with a segment loss of $0.4 million on operating revenues of $171.4 million in the preceding quarter. The segment loss in the first quarter included $0.7 million in foreign currency transaction losses, net and a $0.6 million inventory market write-down. In addition, the Company's first quarter losses in its alcohol manufacturing facility joint venture of $1.0 million, net of tax were primarily related to start-up activities.

Harbor and Offshore Towing Services -- Operating income in the first quarter was $2.7 million on operating revenues of $17.4 million compared with operating income of $0.1 million on operating revenues of $16.2 million in the preceding quarter. The improvement in operating income was primarily due to an 9.5 percent increase in the number of harbor jobs and lower regulatory docking costs.

Interest Expense -- Interest expense in the first quarter was lower primarily due to the redemption and conversion of the Company's 2.875% Convertible Notes in the preceding quarter.

Marketable Securities -- Marketable security gains were $2.0 million in the first quarter compared with gains of $9.3 million in the preceding quarter.

Foreign Currency Losses, net -- Foreign currency losses, net were $2.7 million in the first quarter primarily due to the weakening of the euro and pound sterling versus the U.S. dollar.

Stock Repurchases -- During the first quarter, the Company purchased 249,700 shares of its common stock at an average price of $79.44 per share. At the end of the quarter, 22,552,459 shares of SEACOR's common stock remained outstanding.

Stock Repurchase Authority -- During the first quarter, the Company's Board of Directors increased the Company's authority to purchase its common stock up to $250.0 million. At the end of the quarter, $230.2 million of repurchase authority remained.

Title XI Debt -- On March 30, 2010, the Company notified the holders of the outstanding bonds on two of the Company's double-hull product tankers of its intention of redeem all of the outstanding bonds, in the principal amount of $61.9 million, as of April 30, 2010.

Capital Commitments -- The Company's unfunded capital commitments as of March 31, 2010 consisted primarily of offshore support vessels, helicopters and inland river dry cargo barges and totaled $174.1 million, of which $91.0 million is payable during 2010 and the balance payable through 2013. Of the total unfunded capital commitments, $3.5 million may be terminated without further liability. As of March 31, 2010, the Company held balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and title XI reserve funds totaling $803.9 million. Subsequent to March 31, 2010, the Company committed to purchase additional equipment, primarily helicopters, for $51.7 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, marine transportation, inland river, aviation, 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 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, loss of U.S. coastwise endorsement for the Seabulk Trader and Seabulk Challenge, retrofitted double-hull tankers, if the Company is unsuccessful in litigation instructing the U.S. Coast Guard to revoke their coastwise charters, 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, 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, increased competition if the Jones Act is repealed, 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 following 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
                                                          March 31,
                                                    ----------------------
                                                       2010        2009
                                                    ----------  ----------
Operating Revenues                                  $  394,575  $  399,516
                                                    ----------  ----------

Costs and Expenses:
   Operating                                           312,305     248,412
   Administrative and general                           40,891      38,682
   Depreciation and amortization                        41,397      39,264
                                                    ----------  ----------
                                                       394,593     326,358
                                                    ----------  ----------

Gains on Asset Dispositions                             13,659      16,760
                                                    ----------  ----------

Operating Income                                        13,641      89,918
                                                    ----------  ----------

Other Income (Expense):
   Interest income                                       1,363       1,043
   Interest expense                                    (12,324)    (14,337)
   Debt extinguishment gains (losses), net                  (4)      1,363
   Marketable security gains (losses), net               1,961      (3,981)
   Derivative gains, net                                 2,776       3,611
   Foreign currency gains (losses), net                 (2,701)        658
   Other, net                                              600         190
                                                    ----------  ----------
                                                        (8,329)    (11,453)
                                                    ----------  ----------
Income Before Income Tax Expense and Equity In
 Earnings of 50% or Less Owned Companies                 5,312      78,465
Income Tax Expense                                       2,316      28,199
                                                    ----------  ----------
Income Before Equity in Earnings of 50% or Less
 Owned Companies                                         2,996      50,266

Equity in Earnings of 50% or Less Owned Companies,
 Net of Tax                                                869       3,527
                                                    ----------  ----------
Net Income                                               3,865      53,793
Net Income attributable to Noncontrolling Interests
 in Subsidiaries                                           264         799
                                                    ----------  ----------
Net Income attributable to SEACOR Holdings Inc.     $    3,601  $   52,994
                                                    ==========  ==========

Basic Earnings Per Common Share of SEACOR
Holdings Inc.                                       $     0.16  $     2.68

Diluted Earnings Per Common Share of SEACOR
 Holdings Inc.                                      $     0.16  $     2.36

Weighted Average Common Shares of Outstanding:
   Basic                                            22,269,771  19,761,776
   Diluted                                          22,474,651  23,507,459




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

                                       Three Months Ended
                     -----------------------------------------------------
                     Mar. 31,   Dec. 31,   Sep. 30,   Jun. 30,   Mar. 31,
                       2010       2009       2009       2009       2009
                     ---------  ---------  ---------  ---------  ---------
Operating Revenues   $ 394,575  $ 476,510  $ 446,079  $ 389,233  $ 399,516
                     ---------  ---------  ---------  ---------  ---------

Costs and Expenses:
   Operating           312,305    352,951    327,602    256,131    248,412
   Administrative
    and general         40,891     41,332     41,926     40,058     38,682
   Depreciation and
    amortization        41,397     40,728     40,272     39,828     39,264
                     ---------  ---------  ---------  ---------  ---------
                       394,593    435,011    409,800    336,017    326,358
                     ---------  ---------  ---------  ---------  ---------

Gains (Losses) on
 Asset Dispositions
 and Impairments,
 Net                    13,659      5,147      5,783        (15)    16,760
                     ---------  ---------  ---------  ---------  ---------

Operating Income        13,641     46,646     42,062     53,201     89,918
                     ---------  ---------  ---------  ---------  ---------

Other Income
 (Expense):
   Interest income       1,363      2,056        789        578      1,043
   Interest expense    (12,324)   (16,364)   (14,267)   (14,075)   (14,337)
   Debt extinguishment
    gains (losses), net     (4)    (9,659)     2,787        (78)     1,363
   Marketable security
    gains (losses), net  1,961      9,263      6,948     11,829     (3,981)
   Derivative gains,
    net                  2,776      1,257      2,328      3,765      3,611
   Foreign currency
    gains (losses),
    net                 (2,701)     1,521       (939)     6,847        658
   Other, net              600        112        (57)        (1)       190
                     ---------  ---------  ---------  ---------  ---------
                        (8,329)   (11,814)    (2,411)     8,865    (11,453)
                     ---------  ---------  ---------  ---------  ---------
Income Before Income
 Tax Expense and
 Equity In Earnings
 of 50% or Less
 Owned Companies         5,312     34,832     39,651     62,066     78,465
Income Tax Expense       2,316     15,626     15,751     22,916     28,199
                     ---------  ---------  ---------  ---------  ---------
Income Before Equity
 in Earnings of 50%
 or Less Owned
 Companies               2,996     19,206     23,900     39,150     50,266
Equity in Earnings
 of 50% or Less
 Owned Companies,
 Net of Tax                869      3,223      2,340      3,491      3,527
                     ---------  ---------  ---------  ---------  ---------
Net Income               3,865     22,429     26,240     42,641     53,793
Net Income (Loss)
 attributable to
 Noncontrolling
 Interests in
 Subsidiaries              264        203        (42)       333        799
                     ---------  ---------  ---------  ---------  ---------
Net Income
 attributable to
 SEACOR Holdings
 Inc.                $   3,601  $  22,226  $  26,282  $  42,308  $  52,994
                     =========  =========  =========  =========  =========

Basic Earnings Per
 Common Share of
 SEACOR Holdings
 Inc.                $    0.16  $    1.09  $    1.32  $    2.13  $    2.68

Diluted Earnings
 Per Common Share of
 SEACOR Holdings
 Inc.                $    0.16  $    1.04  $    1.23  $    1.91  $    2.36

Weighted Average
 Common Shares of
 Outstanding:
   Basic                22,270     20,324     19,867     19,845     19,762
   Diluted              22,475     23,417     23,458     23,528     23,507
Common Shares
 Outstanding at
 Period End             22,552     22,613     20,230     20,201     20,191





                           SEACOR HOLDINGS INC.
                SEGMENT PROFIT (LOSS) BY LINE OF BUSINESS
                        (in thousands, unaudited)

                                       Three Months Ended
                     -----------------------------------------------------
                     Mar. 31,   Dec. 31,   Sep. 30,    Jun. 30,  Mar. 31,
                       2010       2009       2009       2009       2009
                     ---------  ---------  ---------  ---------  ---------
Offshore Marine
 Services
Operating Revenues   $ 107,186  $ 121,203  $ 129,839  $ 146,466  $ 164,783
                     ---------  ---------  ---------  ---------  ---------
Costs and Expenses:
   Operating            73,764     72,205     76,982     81,609     78,839
   Administrative
    and general         12,449     12,770     13,128     10,935     10,198
   Depreciation and
    amortization        13,478     13,770     13,608     13,802     13,689
                     ---------  ---------  ---------  ---------  ---------
                        99,691     98,745    103,718    106,346    102,726
                     ---------  ---------  ---------  ---------  ---------

Gains on Asset
 Dispositions and
 Impairments, Net       12,651      3,831      3,852        361     14,446
                     ---------  ---------  ---------  ---------  ---------
Operating Income        20,146     26,289     29,973     40,481     76,503
                     ---------  ---------  ---------  ---------  ---------
Other Income
 (Expense):
   Derivative losses,
    net                     --       (157)        --        (18)        --
   Foreign currency
    gains (losses),
    net                    374      1,781     (1,174)       479      1,365
   Other, net               --         --         14         (4)       172
Equity in Earnings
 of 50% or Less
 Owned Companies,
 Net of Tax              2,251      1,774      2,322      3,380      2,391
                     ---------  ---------  ---------  ---------  ---------
Segment Profit       $  22,771  $  29,687  $  31,135  $  44,318  $  80,431
                     =========  =========  =========  =========  =========

Marine
 Transportation
 Services
Operating Revenues   $  19,452  $  20,497  $  21,737  $  24,095  $  26,537
                     ---------  ---------  ---------  ---------  ---------
Costs and Expenses:
   Operating            13,432     10,585     11,420     11,792     16,771
   Administrative
    and general            837      1,043        953        942      1,184
   Depreciation and
    amortization         8,008      8,005      8,003      7,999      7,999
                     ---------  ---------  ---------  ---------  ---------
                        22,277     19,633     20,376     20,733     25,954
                     ---------  ---------  ---------  ---------  ---------
Operating Income
 (Loss)                 (2,825)       864      1,361      3,362        583
                     ---------  ---------  ---------  ---------  ---------
Other Income
 (Expense):
   Foreign currency
    gains (losses),
    net                     15          1          7         25        (34)
                     ---------  ---------  ---------  ---------  ---------
Segment Profit
 (Loss)              $  (2,810) $     865  $   1,368  $   3,387  $     549
                     =========  =========  =========  =========  =========

Inland River
 Services
Operating Revenues   $  33,436  $  53,607  $  34,314  $  30,163  $  37,014
                     ---------  ---------  ---------  ---------  ---------
Costs and Expenses:
   Operating            19,554     32,052     20,144     17,839     19,409
   Administrative
    and general          2,061      2,137      2,443      2,048      2,136
   Depreciation and
    amortization         4,876      4,756      4,785      4,950      4,866
                     ---------  ---------  ---------  ---------  ---------
                        26,491     38,945     27,372     24,837     26,411
                     ---------  ---------  ---------  ---------  ---------

Gains on Asset
 Dispositions              887      1,236        813        396      2,261
                     ---------  ---------  ---------  ---------  ---------
Operating Income         7,832     15,898      7,755      5,722     12,864
                     ---------  ---------  ---------  ---------  ---------
Other Income
 (Expense):
   Other, net               10         --         --         --         --
Equity in Earnings
 (Losses) of 50% or
 Less Owned
 Companies, Net of
 Tax                       (98)     1,868        140        702      1,172
                     ---------  ---------  ---------  ---------  ---------
Segment Profit       $   7,744  $  17,766  $   7,895  $   6,424  $  14,036
                     =========  =========  =========  =========  =========




                           SEACOR HOLDINGS INC.
                SEGMENT PROFIT (LOSS) BY LINE OF BUSINESS
                        (in thousands, unaudited)


                                      Three Months Ended
                     -----------------------------------------------------
                     Mar. 31,   Dec. 31,   Sep. 30,   Jun. 30,   Mar. 31,
                       2010       2009       2009       2009       2009
                     ---------  ---------  ---------  ---------  ---------
Aviation Services
Operating Revenues   $  50,275  $  54,323  $  64,259  $  57,700  $  59,385
                     ---------  ---------  ---------  ---------  ---------
Costs and Expenses:
   Operating            32,026     30,667     39,659     37,312     40,317
   Administrative
    and general          5,391      5,972      5,624      5,649      4,151
   Depreciation and
    amortization        10,447      9,876      9,706      9,070      8,706
                     ---------  ---------  ---------  ---------  ---------
                        47,864     46,515     54,989     52,031     53,174
                     ---------  ---------  ---------  ---------  ---------

Gains (Losses) on
 Asset Dispositions
 and Impairments,
 Net                        90        313      1,062     (1,104)        45
                     ---------  ---------  ---------  ---------  ---------
Operating Income         2,501      8,121     10,332      4,565      6,256
                     ---------  ---------  ---------  ---------  ---------
Other Income
 (Expense):
    Derivative gains
     (losses), net        (100)        33        (80)       (78)       391
    Foreign currency
     gains (losses),
     net                   135       (223)       296        937        429
Equity in Earnings
 (Losses) of 50% or
 Less Owned
 Companies, Net of
 Tax                      (275)      (297)      (186)       270       (274)
                     ---------  ---------  ---------  ---------  ---------
Segment Profit       $   2,261  $   7,634  $  10,362  $   5,694  $   6,802
                     =========  =========  =========  =========  =========

Environmental
 Services
Operating Revenues   $  28,158  $  44,531  $  33,827  $  33,175  $  34,234
                     ---------  ---------  ---------  ---------  ---------
Costs and Expenses:
   Operating            20,337     32,822     23,206     23,656     24,077
   Administrative
    and general          6,037      6,155      6,090      5,966      7,241
   Depreciation and
    amortization         1,983      1,811      1,846      1,739      1,754
                     ---------  ---------  ---------  ---------  ---------
                        28,357     40,788     31,142     31,361     33,072
                     ---------  ---------  ---------  ---------  ---------

Gains (Losses) on
 Asset Dispositions        (17)      (208)        (1)         4          8
                     ---------  ---------  ---------  ---------  ---------
Operating Income
 (Loss)                   (216)     3,535      2,684      1,818      1,170
                     ---------  ---------  ---------  ---------  ---------
Other Income
 (Expense):
   Foreign currency
    gains (losses),
    net                     30        (11)        --         53        (33)
Equity in Earnings
 of 50% or Less
 Owned Companies,
 Net of Tax                 38         90         34         15         86
                     ---------  ---------  ---------  ---------  ---------
Segment Profit
 (Loss)              $    (148) $   3,614  $   2,718  $   1,886  $   1,223
                     =========  =========  =========  =========  =========

Commodity Trading
 and Logistics
Operating Revenues   $ 142,992  $ 171,354  $ 150,866  $  85,852  $  64,503
                     ---------  ---------  ---------  ---------  ---------
Costs and Expenses:
   Operating           147,372    168,694    150,983     79,165     61,871
   Administrative
    and general          2,744      3,632      3,705      3,468      1,839
   Depreciation and
    amortization            20         20          7          2         --
                     ---------  ---------  ---------  ---------  ---------
                       150,136    172,346    154,695     82,635     63,710
                     ---------  ---------  ---------  ---------  ---------
Operating Income
 (Loss)                 (7,144)      (992)    (3,829)     3,217        793
                     ---------  ---------  ---------  ---------  ---------
Other Income
 (Expense):
   Derivative
    gains, net           4,308        802      1,689        588        949
   Foreign currency
    gains (losses),
    net                   (717)        49        177        289        (17)
    Other, net              --         (1)        --         26         --
Equity in Earnings
 (Losses) of 50% or
 Less Owned

 Companies, Net of
 Tax                    (1,022)      (282)        --         32        155
                     ---------  ---------  ---------  ---------  ---------
Segment Profit
 (Loss)              $  (4,575) $    (424) $  (1,963) $   4,152  $   1,880
                     =========  =========  =========  =========  =========





                           SEACOR HOLDINGS INC.
          SEGMENT PROFIT (LOSS) BY LINE OF BUSINESS (continued)
                        (in thousands, unaudited)


                                      Three Months Ended
                     -----------------------------------------------------
                     Mar. 31,   Dec. 31,   Sep. 30,   Jun. 30,   Mar. 31,
                       2010       2009       2009       2009       2009
                     ---------  ---------  ---------  ---------  ---------

Harbor and Offshore
 Towing Services
Operating Revenues   $  17,440  $  16,153  $  15,574  $  16,241  $  16,346
                     ---------  ---------  ---------  ---------  ---------
Costs and Expenses:
   Operating            10,039     11,110      9,544      9,214     10,704
   Administrative
    and general          2,497      2,698      2,035      2,228      2,020
   Depreciation and
    amortization         2,183      2,197      2,049      1,973      1,952
                     ---------  ---------  ---------  ---------  ---------
                        14,719     16,005     13,628     13,415     14,676
                     ---------  ---------  ---------  ---------  ---------

Gains (Losses) on
 Asset Dispositions         --        (25)        58        330         --
                     ---------  ---------  ---------  ---------  ---------
Operating Income         2,721        123      2,004      3,156      1,670
                     ---------  ---------  ---------  ---------  ---------
Other Income
 (Expense):
   Foreign currency
    gains (losses),
    net                    (12)        (2)        12        128         --
                     ---------  ---------  ---------  ---------  ---------
Segment Profit       $   2,709  $     121  $   2,016  $   3,284  $   1,670
                     =========  =========  =========  =========  =========

Other
Operating Revenues   $      --  $      40  $      --  $      --  $      --
                     ---------  ---------  ---------  ---------  ---------
Costs and Expenses:
   Operating                --         --         --         --         --
   Administrative
    and general            348        513        343        379        206
   Depreciation and
    amortization            --          1         --         --         --
                     ---------  ---------  ---------  ---------  ---------
                           348        514        343        379        206
                     ---------  ---------  ---------  ---------  ---------
Operating Loss            (348)      (474)      (343)      (379)      (206)
                     ---------  ---------  ---------  ---------  ---------
Other Income
 (Expense):
    Foreign currency
     gains (losses),
     net                    (6)        (3)        (2)        --          3
   Other, net               --         --         (1)        --        (53)
Equity in Earnings
 (Losses) of 50% or
 Less Owned

 Companies, Net of
 Tax                       (25)        70         30       (908)        (3)
                     ---------  ---------  ---------  ---------  ---------
Segment Loss         $    (379) $    (407) $    (316) $  (1,287) $    (259)
                     =========  =========  =========  =========  =========

Corporate and
 Eliminations
Operating Revenues   $  (4,364) $  (5,198) $  (4,337) $  (4,459) $  (3,286)
                     ---------  ---------  ---------  ---------  ---------
Costs and Expenses:
   Operating            (4,219)    (5,184)    (4,336)    (4,456)    (3,576)
   Administrative
    and general          8,527      6,412      7,605      8,443      9,707
   Depreciation and
    amortization           402        292        268        293        298
                     ---------  ---------  ---------  ---------  ---------
                         4,710      1,520      3,537      4,280      6,429
                     ---------  ---------  ---------  ---------  ---------

Gains (Losses) on
 Asset Dispositions         48         --         (1)        (2)        --
                     ---------  ---------  ---------  ---------  ---------
Operating Loss       $  (9,026) $  (6,718) $  (7,875) $  (8,741) $  (9,715)
                     =========  =========  =========  =========  =========
Other Income
 (Expense):
   Derivative gains
    (losses), net    $  (1,432) $     579  $     719  $   3,273  $   2,271
   Foreign currency
    gains (losses),
    net                 (2,520)       (71)      (255)     4,936     (1,055)
   Other, net              590        113        (70)       (23)        71






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

                 Mar. 31,    Dec. 31,    Sep. 30,    Jun. 30,    Mar. 31,
                   2010        2009        2009        2009        2009
                ----------  ----------  ----------  ----------  ---------- 
    ASSETS
Current Assets:
   Cash and cash
    equivalents $  452,161  $  465,904  $  620,045  $  415,626  $  376,720
   Restricted
    cash            35,924      34,014      29,353      20,838      23,984
   Marketable
    securities      63,171      68,139      52,897      47,305      50,785
   Receivables:
    Trade, net of
     allowance
     for doubtful
     accounts      288,074     301,143     266,537     251,111     262,170
    Other           69,892      78,689      74,378      60,373      41,515
   Inventories      76,453      76,949      52,502      68,082      62,065
   Deferred income
    taxes            3,354       3,354       5,164       5,164       5,164
   Prepaid
    expenses
    and other       21,733      15,725      21,121      14,734      11,286
                ----------  ----------  ----------  ----------  ----------
    Total
     current
     assets      1,010,762   1,043,917   1,121,997     883,233     833,689
                ----------  ----------  ----------  ----------  ----------
Property and
 Equipment       2,886,410   2,833,011   2,794,067   2,801,446   2,761,837
    Accumulated
     depreciation (785,119)   (754,263)   (718,749)   (692,084)   (649,971)
                ----------  ----------  ----------  ----------  ----------
    Net property
     and
     equipment   2,101,291   2,078,748   2,075,318   2,109,362   2,111,866
                ----------  ----------  ----------  ----------  ----------
Investments, at
 Equity, and
 Receivables
 from 50% or
 Less Owned
 Companies         186,605     186,814     166,878     150,862     158,066
Construction
 Reserve Funds
 & Title XI
 Reserve Funds     252,672     289,750     290,871     265,586     297,681
Goodwill            54,443      54,571      53,990      53,581      52,919
Intangible
 Assets             22,369      23,554      24,762      26,018      27,230
Other Assets,
 net of
 allowance for
 doubtful
 accounts           55,430      46,265      49,920      48,053      36,086
                ----------  ----------  ----------  ----------  ----------
                $3,683,572  $3,723,619  $3,783,736  $3,536,695  $3,517,537
                ==========  ==========  ==========  ==========  ==========

LIABILITIES AND EQUITY
Current
 Liabilities:
   Current
    portion of
    long-term
    debt        $   22,731  $   36,436  $   23,765  $   11,834  $   12,301
   Current
    portion of
    capital
    lease
    obligations        982         966         951         921         921
   Accounts
    payable and
    accrued
    expenses        98,984     135,425     105,981      93,908     104,023
   Other
    current
    liabilities    178,112     142,285     156,800     157,030     145,421
                ----------  ----------  ----------  ----------  ----------
    Total current
     liabilities   300,809     315,112     287,497     263,693     262,666
                ----------  ----------  ----------  ----------  ----------
Long-Term Debt     747,787     748,704   1,027,496     861,096     910,156
Capital Lease
 Obligations         6,348       6,624       6,895       7,178       7,426
Deferred Income
 Taxes             574,390     575,440     565,321     543,075     530,825
Deferred Gains
 and Other
 Liabilities       100,835     111,848     122,041     111,939     111,714
                ----------  ----------  ----------  ----------  ----------
    Total
     liabilities 1,730,169   1,757,728   2,009,250   1,786,981   1,822,787
                ----------  ----------  ----------  ----------  ----------
Equity:
 SEACOR
  Holdings Inc.
  stockholders'
  equity:
    Preferred
     stock              --          --          --          --          --
    Common
     stock             357         356         326         326         325
    Additional
     paid-in
     capital     1,186,871   1,182,023     966,895     962,990     959,092
    Retained
     earnings    1,550,182   1,546,581   1,524,355   1,498,073   1,455,765
    Shares held in
     treasury,
     at cost      (786,992)   (768,438)   (722,569)   (723,650)   (723,154)
    Accumulated
     other
     comprehensive
     income (loss)  (5,862)     (3,260)     (3,577)      2,318      (5,614)
                ----------  ----------  ----------  ----------  ----------
                 1,944,556   1,957,262   1,765,430   1,740,057   1,686,414
 Noncontrolling
  interests in
  subsidiaries       8,847       8,629       9,056       9,657       8,336
                ----------  ----------  ----------  ----------  ----------
   Total equity  1,953,403   1,965,891   1,774,486   1,749,714   1,694,750
                ----------  ----------  ----------  ----------  ----------
                $3,683,572  $3,723,619  $3,783,736  $3,536,695  $3,517,537
                ==========  ==========  ==========  ==========  ==========





                           SEACOR HOLDINGS INC.
                      EQUIPMENT BY LINE OF BUSINESS


                               Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
                                 2010     2009     2009     2009     2009
                               -------- -------- -------- -------- --------
Offshore Marine Services
Anchor handling towing supply        20       23       21       21       21
Crew                                 57       57       68       68       71
Mini-supply                          11       11       11       12       15
Standby safety                       25       25       24       24       28
Supply                               26       27       27       28       28
Towing supply                        10       13       13       13       13
Specialty                            12        9        9        9        9
                               -------- -------- -------- -------- --------
                                    161      165      173      175      185
                               ======== ======== ======== ======== ========

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

Inland River Services
Inland river dry-cargo barges     1,419    1,395    1,385      959      962
Inland river liquid tank
 barges                              87       87       87       87       87
Inland river deck barges             26       26       26       26       26
Inland river towboats                29       29       28       23       23
Dry-cargo vessel                      1        1        1        1        1
                               -------- -------- -------- -------- --------
                                  1,562    1,538    1,527    1,096    1,099
                               ======== ======== ======== ======== ========

Aviation Services
Light helicopters - single
 engine                              60       60       60       60       64
Light helicopters - twin
 engine                              48       47       50       50       55
Medium helicopters                   59       59       58       61       63
Heavy helicopters                     9        8        9        8        6
                               -------- -------- -------- -------- --------
                                    176      174      177      179      188
                               ======== ======== ======== ======== ========

Harbor and Offshore Towing
 Services
Harbor and offshore tugs             31       31       31       33       35
Ocean liquid tank barges              6        6        6        3        3
                               -------- -------- -------- -------- --------
                                     37       37       37       36       38
                               ======== ======== ======== ======== ========


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