SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share data, unaudited) Three Months Ended Nine months Ended September 30, September 30, -------------------- -------------------- 2007 2006 2007 2006 --------- --------- --------- --------- Operating Revenues $ 359,923 $ 349,361 $ 996,140 $ 986,262 --------- --------- --------- --------- Costs and Expenses: Operating 213,992 196,608 601,468 553,401 Administrative and general 36,883 30,880 105,220 95,238 Depreciation and amortization 37,443 40,977 114,373 126,555 --------- --------- --------- --------- 288,318 268,465 821,061 775,194 --------- --------- --------- --------- Gains on Asset Dispositions and Impairments, Net 19,560 12,054 74,257 57,020 --------- --------- --------- --------- Operating Income 91,165 92,950 249,336 268,088 --------- --------- --------- --------- Other Income (Expense): Interest income 11,274 10,279 34,954 26,501 Interest expense (10,855) (13,307) (36,231) (40,222) Derivative gains, net 5,221 2,813 5,097 3,085 Foreign currency gains, net 316 650 186 2,026 Marketable security gains (losses), net 11,960 4,549 (2,158) (2,377) Other, net (716) 117 (120) 740 --------- --------- --------- --------- 17,200 5,101 1,728 (10,247) --------- --------- --------- --------- Income Before Income Tax Expense, Minority Interest in Income of Subsidiaries and Equity In Earnings of 50% or Less Owned Companies 108,365 98,051 251,064 257,841 Income Tax Expense 40,339 37,037 89,387 96,171 --------- --------- --------- --------- Income Before Minority Interest in Income of Subsidiaries and Equity in Earnings of 50% or Less Owned Companies 68,026 61,014 161,677 161,670 Minority Interest in Income of Subsidiaries (927) (451) (1,409) (638) Equity in Earnings of 50% or Less Owned Companies 3,183 2,607 13,432 15,007 --------- --------- --------- --------- Net Income $ 70,282 $ 63,170 $ 173,700 $ 176,039 ========= ========= ========= ========= Basic Earnings Per Common Share $ 3.02 $ 2.57 $ 7.29 $ 7.11 Diluted Earnings Per Common Share $ 2.66 $ 2.28 $ 6.44 $ 6.32 Weighted Average Common Shares Outstanding: Basic 23,234 24,575 23,821 24,743 Diluted 26,905 28,282 27,525 28,448 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, 2007 2007 2007 2006 2006 --------- --------- --------- --------- --------- Operating Revenues $ 359,923 $ 325,454 $ 310,763 $ 337,183 $ 349,361 --------- --------- --------- --------- --------- Costs and Expenses: Operating 213,992 198,818 188,658 189,799 196,608 Administrative and general 36,883 33,937 34,400 35,522 30,880 Depreciation and amortization 37,443 38,055 38,875 40,159 40,977 --------- --------- --------- --------- --------- 288,318 270,810 261,933 265,480 268,465 --------- --------- --------- --------- --------- Gains on Asset Dispositions and Impairments, Net 19,560 42,540 12,157 20,957 12,054 --------- --------- --------- --------- --------- Operating Income 91,165 97,184 60,987 92,660 92,950 --------- --------- --------- --------- --------- Other Income (Expense): Interest income 11,274 11,456 12,224 11,492 10,279 Interest expense (10,855) (12,108) (13,268) (13,457) (13,307) Derivative gains (losses), net 5,221 (254) 130 3,258 2,813 Foreign currency gains (losses), net 316 460 (590) 332 650 Marketable security gains (losses), net 11,960 (9,430) (4,688) (6,626) 4,549 Other, net (716) 639 (43) 207 117 --------- --------- --------- --------- --------- 17,200 (9,237) (6,235) (4,794) 5,101 --------- --------- --------- --------- --------- Income Before Income Tax Expense, Minority Interest in Income of Subsidiaries and Equity In Earnings (Losses) of 50% or Less Owned Companies 108,365 87,947 54,752 87,866 98,051 Income Tax Expense 40,339 30,206 18,842 28,949 37,037 --------- --------- --------- --------- --------- Income Before Minority Interest in Income of Subsidiaries and Equity in Earnings (Losses) of 50% or Less Owned Companies 68,026 57,741 35,910 58,917 61,014 Minority Interest in Income of Subsidiaries (927) (304) (178) (367) (451) Equity in Earnings (Losses) of 50% or Less Owned Companies 3,183 7,829 2,420 (195) 2,607 --------- --------- --------- --------- --------- Net Income $ 70,282 $ 65,266 $ 38,152 $ 58,355 $ 63,170 ========= ========= ========= ========= ========= Basic Earnings Per Common Share $ 3.02 $ 2.73 $ 1.57 $ 2.40 $ 2.57 Diluted Earnings Per Common Share $ 2.66 $ 2.41 $ 1.40 $ 2.12 $ 2.28 Weighted Average Common Shares Outstanding: Basic 23,234 23,886 24,354 24,311 24,575 Diluted 26,905 27,582 28,077 28,053 28,282 Common Shares Outstanding at Period End 23,157 23,895 24,181 24,519 24,457 SEACOR HOLDINGS INC. OPERATING INCOME (LOSS) BY LINE OF BUSINESS (in thousands, unaudited) Three Months Ended --------------------------------------------------- Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30, 2007 2007 2007 2006 2006 --------- --------- --------- --------- --------- Offshore Marine Services Operating Revenues $ 179,618 $ 171,442 $ 170,928 $ 174,753 $ 179,687 --------- --------- --------- --------- --------- Costs and Expenses: Operating 95,345 88,596 92,999 82,988 89,791 Administrative and general 13,137 11,893 13,023 13,101 10,118 Depreciation and amortization 14,069 14,515 16,524 17,239 19,353 --------- --------- --------- --------- --------- 122,551 115,004 122,546 113,328 119,262 --------- --------- --------- --------- --------- Gains on Asset Dispositions 13,222 38,546 8,294 13,797 10,168 --------- --------- --------- --------- --------- Operating Income $ 70,289 $ 94,984 $ 56,676 $ 75,222 $ 70,593 ========= ========= ========= ========= ========= Marine Transportation Services Operating Revenues $ 27,730 $ 25,924 $ 30,556 $ 34,408 $ 35,617 --------- --------- --------- --------- --------- Costs and Expenses: Operating 19,207 22,865 20,849 20,941 21,017 Administrative and general 1,150 1,236 1,186 1,096 1,064 Depreciation and amortization 9,536 9,790 10,158 10,159 10,159 --------- --------- --------- --------- --------- 29,893 33,891 32,193 32,196 32,240 --------- --------- --------- --------- --------- Gains on Asset Dispositions -- -- -- -- -- --------- --------- --------- --------- --------- Operating Income (Loss) $ (2,163) $ (7,967) $ (1,637) $ 2,212 $ 3,377 ========= ========= ========= ========= ========= Inland River Services Operating Revenues $ 32,656 $ 28,020 $ 26,722 $ 37,841 $ 38,798 --------- --------- --------- --------- --------- Costs and Expenses: Operating 16,234 13,056 12,305 16,752 18,563 Administrative and general 1,753 2,101 877 1,330 1,013 Depreciation and amortization 4,256 4,332 3,499 3,755 3,804 --------- --------- --------- --------- --------- 22,243 19,489 16,681 21,837 23,380 --------- --------- --------- --------- --------- Gains on Asset Dispositions 1,592 2,622 3,622 84 -- --------- --------- --------- --------- --------- Operating Income $ 12,005 $ 11,153 $ 13,663 $ 16,088 $ 15,418 ========= ========= ========= ========= ========= Aviation Services Operating Revenues $ 62,449 $ 55,861 $ 45,433 $ 38,858 $ 43,799 --------- --------- --------- --------- --------- Costs and Expenses: Operating 41,647 41,212 36,225 32,818 33,269 Administrative and general 4,590 4,439 4,521 3,880 3,413 Depreciation and amortization 7,015 6,601 6,079 5,847 5,264 --------- --------- --------- --------- --------- 53,252 52,252 46,825 42,545 41,946 --------- --------- --------- --------- --------- Gains on Asset Dispositions 4,304 1,505 227 7,065 1,880 --------- --------- --------- --------- --------- Operating Income (Loss) $ 13,501 $ 5,114 $ (1,165) $ 3,378 $ 3,733 ========= ========= ========= ========= ========= Environmental Services Operating Revenues $ 42,287 $ 32,168 $ 26,492 $ 40,762 $ 38,885 --------- --------- --------- --------- --------- Costs and Expenses: Operating 30,316 23,605 20,753 29,931 26,370 Administrative and general 5,931 4,323 5,301 5,101 5,931 Depreciation and amortization 1,096 1,100 909 1,153 731 --------- --------- --------- --------- --------- 37,343 29,028 26,963 36,185 33,032 --------- --------- --------- --------- --------- Gains (Losses) on Asset Dispositions and Impairments, Net 75 (133) (16) 11 6 --------- --------- --------- --------- --------- Operating Income (Loss) $ 5,019 $ 3,007 $ (487) $ 4,588 $ 5,859 ========= ========= ========= ========= ========= Harbor and Offshore Towing Services Operating Revenues $ 12,351 $ 12,538 $ 11,682 $ 11,632 $ 12,552 --------- --------- --------- -------- -------- Costs and Expenses: Operating 8,797 10,003 6,568 7,252 7,744 Administrative and general 1,769 1,999 2,182 2,089 1,662 Depreciation and amortization 1,264 1,264 1,264 1,264 1,265 --------- --------- --------- -------- -------- 11,830 13,266 10,014 10,605 10,671 --------- --------- --------- -------- -------- Gains (Losses) on Asset Dispositions and Impairments, Net (100) -- 30 -- -- --------- --------- --------- -------- -------- Operating Income (Loss) $ 421 $ (728) $ 1,698 $ 1,027 $ 1,881 ========= ========= ========= ======== ======== Other Operating Revenues $ 3,058 $ 204 $ -- $ -- $ -- --------- --------- --------- -------- -------- Costs and Expenses: Operating 2,646 174 9 -- -- Administrative and general 333 207 3 -- 6 Depreciation and amortization -- -- -- -- -- --------- --------- --------- -------- -------- 2,979 381 12 -- -- --------- --------- --------- -------- -------- Gains on Asset Dispositions 467 -- -- -- -- --------- --------- --------- -------- -------- Operating Income (Loss) $ 546 $ (177) $ (12) $ -- $ (6) ========= ========= ========= ======== ======== Corporate and Eliminations Operating Revenues $ (226) $ (703) $ (1,050) $ (1,071) $ 23 --------- --------- --------- -------- -------- Costs and Expenses: Operating (200) (693) (1,050) (883) (146) Administrative and general 8,220 7,739 7,307 8,925 7,673 Depreciation and amortization 207 453 442 742 401 --------- --------- --------- -------- -------- 8,227 7,499 6,699 8,784 7,928 --------- --------- --------- -------- -------- Gains on Asset Dispositions -- -- -- -- -- --------- --------- --------- -------- -------- Operating Loss $ (8,453) $ (8,202) $ (7,749) $ (9,855) $ (7,905) ========= ========= ========= ======== ======== SEACOR HOLDINGS INC. SELECTED CONSOLIDATED BALANCE SHEET DATA (in thousands, unaudited) Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30, 2007 2007 2007 2006 2006 --------- --------- --------- --------- --------- Cash, Cash Equivalents, Restricted Cash, Securities, Construction Reserve Funds and Title XI Reserve Funds $ 876,468 $ 921,617 $ 815,928 $ 925,725 $ 839,057 Receivables 333,634 292,159 300,847 312,956 282,040 Current Assets 874,607 924,792 815,534 938,369 893,813 Net Property and Equipment 1,951,744 1,855,641 1,882,731 1,770,210 1,764,990 Total Assets 3,460,430 3,371,798 3,271,047 3,252,982 3,076,296 Current Portion of Long-term Debt and Capital Lease Obligations 28,569 12,407 11,736 11,708 10,443 Current Liabilities 405,953 353,303 314,012 295,509 287,872 Long-term Debt & Capital Lease Obligations 942,188 943,758 959,007 961,003 964,567 Stockholders' Equity 1,604,371 1,597,143 1,554,233 1,557,078 1,493,036
Contact Information: Contact: Timothy McKeand Vice President (954) 627-6380 www.seacorholdings.com.