SOURCE: SEACOR Holdings Inc.

SEACOR Holdings Inc.

April 20, 2011 16:58 ET

SEACOR Holdings Announces First Quarter Results

FORT LAUDERDALE, FL--(Marketwire - Apr 20, 2011) - SEACOR Holdings Inc. (NYSE: CKH) today announced its results for the first quarter of 2011. Net income attributable to SEACOR Holdings Inc. for the quarter ended March 31, 2011 was $11.2 million, or $0.52 per diluted share, on operating revenues of $472.3 million.

For the preceding quarter ended December 31, 2010, net income attributable to SEACOR Holdings Inc. was $27.1 million, or $1.27 per diluted share, on operating revenues of $580.4 million.

For the quarter ended March 31, 2010, net income attributable to SEACOR Holdings Inc. was $3.6 million, or $0.16 per diluted share, on operating revenues of $394.6 million.

Highlights for the Quarter

Offshore Marine Services -- Offshore Marine Services reported an operating loss of $2.6 million on operating revenues of $80.3 million compared with operating income of $0.9 million on operating revenues of $100.6 million in the preceding quarter. First quarter results included $4.4 million in gains on asset dispositions compared with $2.1 million in gains in the preceding quarter.

In the U.S. Gulf of Mexico, operating income was $3.0 million lower than the preceding quarter primarily due to continued soft market conditions attributable to the ongoing slow down in the issuance of drilling permits by the Bureau of Ocean Energy Management. In the first quarter, utilization was 40.5% compared with 50.4% in the preceding quarter. Average day rates decreased from $11,669 per day to $9,898 per day. The number of days available for hire decreased by 819, or 16%, due to net fleet dispositions including the return of six vessels to leasing companies during the preceding quarter. As of March 31, 2011, the Company had twelve vessels cold-stacked in the U.S. Gulf of Mexico, compared with 13 as of December 31, 2010.

Operating income associated with international operations was $0.5 million lower than the preceding quarter primarily due to net fleet dispositions and increased drydocking and repair activity in the North Sea. These reductions were partially offset by lower labor costs following the recognition in the preceding quarter of a $7.8 million charge for the Company's share of a funding deficit arising from the March 2009 actuarial valuation of the United Kingdom Merchant Navy Officers' Pension Fund.

In the first quarter, the total number of days available for charter decreased by 918, or 7.8%, primarily due to net fleet dispositions, overall utilization decreased from 68.5% to 65.1% and overall average day rates decreased by 4.9% from $10,646 per day to $10,123 per day.

Aviation Services -- Operating income was $5.9 million on operating revenues of $56.2 million compared with an operating loss of $0.1 million on operating revenues of $55.5 million in the preceding quarter. First quarter results included $2.2 million in gains on asset dispositions compared with $0.1 million in losses in the preceding quarter.

Operating expenses were $3.7 million lower in the first quarter primarily due to the receipt of insurance proceeds related to hurricane damages sustained in 2005, an insurance credit for good experience and the termination of a power by hour maintenance contract.

Inland River Services -- Operating income was $11.0 million on operating revenues of $46.5 million compared with operating income of $14.9 million on operating revenues of $52.3 million in the preceding quarter. Freight rates remained relatively firm in the first quarter but results were affected by difficult weather-related operating conditions and higher fuel prices.

Marine Transportation Services -- Operating income was $1.9 million on operating revenues of $17.3 million compared with operating income of $1.4 million on operating revenues of $16.9 million in the preceding quarter. The improvement in operating income was primarily due to a reduction in out-of-service time for one vessel and lower insurance and legal expenses.

Environmental Services -- Operating income was $9.3 million on operating revenues of $63.1 million compared with operating income of $38.0 million on operating revenues of $163.4 million in the preceding quarter. The reduction in operating income reflects the winding-down of activities associated with the Deepwater Horizon oil spill response.

Commodity Trading and Logistics -- Commodity Trading and Logistics reported a segment loss in the first quarter of $0.4 million on operating revenues of $194.0 million compared with a segment loss of $4.2 million on operating revenues of $178.9 million in the preceding quarter.

Other -- Other, primarily Harbor and Offshore Towing Services, reported operating income of $3.5 million on operating revenues of $17.5 million compared with an operating loss of $0.8 million on operating revenues of $16.4 million in the preceding quarter. The improvement in operating income was primarily due to increased harbor activity at most ports and lower drydocking and repair costs.

Corporate and Eliminations -- Administrative and general expenses were $10.7 million compared with $18.0 million in the preceding quarter. The reduction reflects expenses recorded in the preceding quarter for management bonus accruals, the acceleration of restricted stock awards and amounts designated for a foundation formed following the Deepwater Horizon oil spill to support environmental research and other causes relevant to the Company's business. Derivative income, net, of $1.1 million was primarily due to gains on exchange traded commodity option and future contracts.

Marketable Securities -- Marketable security gains, net, of $1.5 million were primarily the result of gains on long equity positions partially offset by losses on short equity positions.

Foreign Currency -- Foreign currency gains, net, of $5.1 million were primarily due to the strengthening of the euro against the U.S. dollar.

Capital Commitments -- The Company's unfunded capital commitments as of March 31, 2011 consisted primarily of offshore support vessels, helicopters, an interest in a dry-bulk articulated tug-barge, an interest in a river grain terminal and other equipment. These commitments totaled $244.6 million, of which $164.8 million is payable during the remainder of 2011 with the balance payable through 2013. Of the total unfunded capital commitments, $2.8 million may be terminated without further liability. Subsequent to March 31, 2011, the Company committed to purchase additional equipment for $2.5 million. As of March 31, 2011, the Company held balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and title XI reserve funds totaling $910.0 million.

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

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

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

                                                      Three Months Ended
                                                           March 31,
                                                    ----------------------
                                                       2011        2010
                                                    ----------  ----------

Operating Revenues                                  $  472,264  $  394,575
                                                    ----------  ----------

Costs and Expenses:
   Operating                                           371,011     312,305
   Administrative and general                           46,394      40,891
   Depreciation and amortization                        40,059      41,397
                                                    ----------  ----------
                                                       457,464     394,593
                                                    ----------  ----------

Gains on Asset Dispositions and Impairments, Net         7,255      13,659
                                                    ----------  ----------

Operating Income                                        22,055      13,641
                                                    ----------  ----------

Other Income (Expense):
   Interest income                                       3,738       1,363
   Interest expense                                    (10,041)    (12,324)
   Debt extinguishment losses                              (48)         (4)
   Marketable security gains, net                        1,534       1,961
   Derivative gains (losses), net                       (3,318)      2,776
   Foreign currency gains (losses), net                  5,059      (2,701)
   Other, net                                             (178)        600
                                                    ----------  ----------
                                                        (3,254)     (8,329)
                                                    ----------  ----------
Income Before Income Tax Expense and Equity In
 Earnings of 50% or Less Owned Companies                18,801       5,312
Income Tax Expense                                       7,366       2,316
                                                    ----------  ----------
Income Before Equity in Earnings of 50% or Less
 Owned Companies                                        11,435       2,996
Equity in Earnings of 50% or Less Owned Companies,
 Net of Tax                                                 34         869
                                                    ----------  ----------
Net Income                                              11,469       3,865
Net Income attributable to Noncontrolling Interests
 in Subsidiaries                                           299         264
                                                    ----------  ----------
Net Income attributable to SEACOR Holdings Inc.     $   11,170  $    3,601
                                                    ==========  ==========

Basic Earnings Per Common Share of SEACOR Holdings
 Inc.                                               $     0.53  $     0.16

Diluted Earnings Per Common Share of SEACOR
 Holdings Inc.                                      $     0.52  $     0.16

Weighted Average Common Shares of Outstanding:
   Basic                                            21,104,739  22,269,771
   Diluted                                          21,439,424  22,474,651




                           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,
                          2011      2010      2010       2010      2010
                        --------  --------  ---------  --------  ---------

Operating Revenues      $472,264  $580,384  $ 979,833  $694,576  $ 394,575
                        --------  --------  ---------  --------  ---------

Costs and Expenses:
   Operating             371,011   449,961    683,219   484,742    312,305
   Administrative and
    general               46,394    54,892     50,627    46,108     40,891
   Depreciation and
    amortization          40,059    39,173     41,312    41,608     41,397
                        --------  --------  ---------  --------  ---------
                         457,464   544,026    775,158   572,458    394,593
                        --------  --------  ---------  --------  ---------

Gains on Asset
 Dispositions and
 Impairments, Net          7,255     3,285     23,896     4,398     13,659
                        --------  --------  ---------  --------  ---------

Operating Income          22,055    39,643    228,571   126,516     13,641
                        --------  --------  ---------  --------  ---------

Other Income (Expense):
   Interest income         3,738     3,094      2,562     1,863      1,363
   Interest expense      (10,041)  (10,088)   (10,274)  (11,264)   (12,324)
   Debt extinguishment
    losses, net              (48)   (1,092)        --      (364)        (4)
   Marketable security
    gains (losses), net    1,534     1,340        (54)   (5,406)     1,961
   Derivative gains
    (losses), net         (3,318)    6,502      1,648    (4,721)     2,776
   Foreign currency
    gains (losses), net    5,059    (3,511)     7,585    (7,500)    (2,701)
   Other, net               (178)    3,061         10        46        600
                        --------  --------  ---------  --------  ---------
                          (3,254)     (694)     1,477   (27,346)    (8,329)
                        --------  --------  ---------  --------  ---------
Income Before Income Tax
 Expense and Equity In
 Earnings of 50% or Less
 Owned Companies          18,801    38,949    230,048    99,170      5,312
Income Tax Expense         7,366    13,250     87,709    37,399      2,316
                        --------  --------  ---------  --------  ---------
Income Before Equity in
 Earnings of 50% or
 Less Owned Companies     11,435    25,699    142,339    61,771      2,996
Equity in Earnings of
 50% or Less Owned
 Companies, Net of Tax        34     1,501      7,933     2,876        869
                        --------  --------  ---------  --------  ---------
Net Income                11,469    27,200    150,272    64,647      3,865
Net Income attributable
 to Noncontrolling
 Interests in
 Subsidiaries                299        97        334       565        264
                        --------  --------  ---------  --------  ---------
Net Income attributable
 to SEACOR Holdings
 Inc.                   $ 11,170  $ 27,103  $ 149,938  $ 64,082  $   3,601
                        ========  ========  =========  ========  =========

Basic Earnings Per
 Common Share of SEACOR
 Holdings Inc.          $   0.53  $   1.30  $    7.21  $   2.95  $    0.16

Diluted Earnings Per
 Common Share of SEACOR
 Holdings Inc.          $   0.52  $   1.27  $    7.14  $   2.93  $    0.16

Weighted Average Common
 Shares of Outstanding:
   Basic                  21,105    20,843     20,787    21,733     22,270
   Diluted                21,439    21,306     21,001    21,905     22,475
Common Shares Outstanding
 at Period End            21,652    21,400     21,231    21,218     22,552

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




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

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

Offshore Marine Services
Operating Revenues       $  80,344  $100,631  $160,916  $147,123  $107,186
                         ---------  --------  --------  --------  --------
Costs and Expenses:
   Operating                63,020    76,607    79,205    80,011    73,764
   Administrative and
    general                 11,770    13,037    12,378    12,931    12,449
   Depreciation and
    amortization            12,533    12,279    12,758    13,245    13,478
                         ---------  --------  --------  --------  --------
                            87,323   101,923   104,341   106,187    99,691
                         ---------  --------  --------  --------  --------

Gains on Asset
 Dispositions and
 Impairments, Net            4,364     2,142    12,717     1,964    12,651
                         ---------  --------  --------  --------  --------
Operating Income (Loss)     (2,615)      850    69,292    42,900    20,146
                         ---------  --------  --------  --------  --------
Other Income (Expense):
   Foreign currency gains
    (losses), net              725      (154)      977       425       374
   Other, net                   --         1        --        --        --
Equity in Earnings of
 50% or Less Owned
 Companies, Net of Tax         735     3,042     2,300     1,713     2,251
                         ---------  --------  --------  --------  --------
Segment Profit (Loss)    $  (1,155) $  3,739  $ 72,569  $ 45,038  $ 22,771
                         =========  ========  ========  ========  ========

Aviation Services
Operating Revenues       $  56,155  $ 55,522  $ 67,136  $ 62,433  $ 50,275
                         ---------  --------  --------  --------  --------
Costs and Expenses:
   Operating                33,465    37,174    37,492    40,541    32,026
   Administrative and
    general                  7,020     7,042     7,274     6,091     5,391
   Depreciation and
    amortization            11,919    11,287    10,889    10,728    10,447
                         ---------  --------  --------  --------  --------
                            52,404    55,503    55,655    57,360    47,864
                         ---------  --------  --------  --------  --------

Gains (Losses) on Asset
 Dispositions and
 Impairments, Net            2,194      (117)      412       379        90
                         ---------  --------  --------  --------  --------
Operating Income (Loss)      5,945       (98)   11,893     5,452     2,501
                         ---------  --------  --------  --------  --------
Other Income (Expense):
   Derivative gains
    (losses), net              310       (27)      (29)       38      (100)
   Foreign currency gains
    (losses), net              353       166       (81)   (1,731)      135
   Other, net                   --        --        50        --        --
Equity in Earnings
 (Losses) of 50% or Less
 Owned Companies, Net
 of Tax                        (99)      (83)      663      (442)     (275)
                         ---------  --------  --------  --------  --------
Segment Profit (Loss)    $   6,509  $    (42) $ 12,496  $  3,317  $  2,261
                         =========  ========  ========  ========  ========

Inland River Services
Operating Revenues       $  46,469  $ 52,284  $ 41,381  $ 34,596  $ 33,436
                         ---------  --------  --------  --------  --------
Costs and Expenses:
   Operating                27,884    29,542    26,535    21,547    19,554
   Administrative and
    general                  2,697     3,114     2,898     2,618     2,061
   Depreciation and
    amortization             5,622     5,472     5,415     4,958     4,876
                         ---------  --------  --------  --------  --------
                            36,203    38,128    34,848    29,123    26,491
                         ---------  --------  --------  --------  --------

Gains on Asset
 Dispositions                  697       697    29,445       899       887
                         ---------  --------  --------  --------  --------
Operating Income            10,963    14,853    35,978     6,372     7,832
                         ---------  --------  --------  --------  --------
Other Income (Expense):
   Other, net                    1     2,227        --        --        10
Equity in Earnings
 (Losses) of 50% or Less
 Owned Companies, Net of
 Tax                          (256)     (521)    3,522       805       (98)
                         ---------  --------  --------  --------  --------
Segment Profit           $  10,708  $ 16,559  $ 39,500  $  7,177  $  7,744
                         =========  ========  ========  ========  ========




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

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

Marine Transportation
 Services
Operating Revenues        $ 17,312  $ 16,908  $ 18,540  $ 21,263  $ 19,452
                          --------  --------  --------  --------  --------
Costs and Expenses:
   Operating                 8,979     8,174     8,754     8,915    13,432
   Administrative and
    general                  1,417     2,040     1,087     1,038       837
   Depreciation and
    amortization             4,978     5,309     7,320     8,008     8,008
                          --------  --------  --------  --------  --------
                            15,374    15,523    17,161    17,961    22,277
                          --------  --------  --------  --------  --------

Losses on Asset
 Dispositions and
 Impairments                    --        --   (18,677)      (11)       --
                          --------  --------  --------  --------  --------
Operating Income (Loss)      1,938     1,385   (17,298)    3,291    (2,825)
                          --------  --------  --------  --------  --------
Other Income (Expense):
   Foreign currency gains
    (losses), net               16       (13)       61       (41)       15
                          --------  --------  --------  --------  --------
Segment Profit (Loss)     $  1,954  $  1,372  $(17,237) $  3,250  $ (2,810)
                          ========  ========  ========  ========  ========

Environmental Services
Operating Revenues        $ 63,086  $163,380  $468,226  $214,629  $ 28,158
                          --------  --------  --------  --------  --------
Costs and Expenses:
   Operating                44,044   116,346   329,497   127,108    20,337
   Administrative and
    general                  7,551     7,485    11,508     6,525     6,037
   Depreciation and
    amortization             2,231     2,065     2,249     2,099     1,983
                          --------  --------  --------  --------  --------
                            53,826   125,896   343,254   135,732    28,357
                          --------  --------  --------  --------  --------

Gains (Losses) on Asset
 Dispositions                   --       563        --       (36)      (17)
                          --------  --------  --------  --------  --------
Operating Income (Loss)      9,260    38,047   124,972    78,861      (216)
                          --------  --------  --------  --------  --------
Other Income (Expense):
   Foreign currency gains
    (losses), net              (51)     (115)        3       (23)       30
   Other, net                   --         1        --        --        --
Equity in Earnings (Losses)
 of 50% or Less Owned
 Companies, Net of Tax          (8)       58       533        54        38
                          --------  --------  --------  --------  --------
Segment Profit (Loss)     $  9,201  $ 37,991  $125,508  $ 78,892  $   (148)
                          ========  ========  ========  ========  ========

Commodity Trading and
 Logistics
Operating Revenues        $194,012  $178,944  $216,896  $203,064  $142,992
                          --------  --------  --------  --------  --------
Costs and Expenses:
   Operating               187,018   173,922   204,467   203,374   147,372
   Administrative and
    general                  2,660     1,184     3,716     3,791     2,744
   Depreciation and
    amortization                13        13        13        15        20
                          --------  --------  --------  --------  --------
                           189,691   175,119   208,196   207,180   150,136
                          --------  --------  --------  --------  --------
Operating Income (Loss)      4,321     3,825     8,700    (4,116)   (7,144)
                          --------  --------  --------  --------  --------
Other Income (Expense):
   Derivative gains
    (losses), net           (4,750)   (8,192)   (5,307)    4,611     4,308
   Foreign currency gains
    (losses), net               (5)       26       190       (30)     (717)
   Other, net                   --       781        --         6        --
Equity in Earnings (Losses)
 of 50% or Less Owned
 Companies, Net of Tax          51      (611)    1,042       (13)   (1,022)
                          --------  --------  --------  --------  --------
Segment Profit (Loss)     $   (383) $ (4,171) $  4,625  $    458  $ (4,575)
                          ========  ========  ========  ========  ========




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

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

Other
Operating Revenues        $ 17,536  $ 16,395  $ 20,031  $ 18,969  $ 17,440
                          --------  --------  --------  --------  --------
Costs and Expenses:
   Operating                 9,142    11,872    10,559    10,895    10,039
   Administrative and
    general                  2,620     3,031     2,803     2,793     2,845
   Depreciation and
    amortization             2,289     2,289     2,224     2,107     2,183
                          --------  --------  --------  --------  --------
                            14,051    17,192    15,586    15,795    15,067
                          --------  --------  --------  --------  --------

Gains on Asset
 Dispositions                   --        --        --     1,203        --
                          --------  --------  --------  --------  --------
Operating Income (Loss)      3,485      (797)    4,445     4,377     2,373
                          --------  --------  --------  --------  --------
Other Income (Expense):
   Foreign currency gains
    (losses), net                1       (17)       34       (15)      (18)
   Other, net                   (1)       10        --        34        --
Equity in Earnings (Losses)
 of 50% or Less Owned
 Companies, Net of Tax        (389)     (384)     (127)      759       (25)
                          --------  --------  --------  --------  --------
Segment Profit (Loss)     $  3,096  $ (1,188) $  4,352  $  5,155  $  2,330
                          ========  ========  ========  ========  ========

Corporate and Eliminations
Operating Revenues        $ (2,650) $ (3,680) $(13,293) $ (7,501) $ (4,364)
                          --------  --------  --------  --------  --------
Costs and Expenses:
   Operating                (2,541)   (3,676)  (13,290)   (7,649)   (4,219)
   Administrative and
    general                 10,659    17,959     8,963    10,321     8,527
   Depreciation and
    amortization               474       459       444       448       402
                          --------  --------  --------  --------  --------
                             8,592    14,742    (3,883)    3,120     4,710
                          --------  --------  --------  --------  --------

Gains (Losses) on Asset
 Dispositions                   --        --        (1)       --        48
                          --------  --------  --------  --------  --------
Operating Loss            $(11,242) $(18,422) $ (9,411) $(10,621) $ (9,026)
                          ========  ========  ========  ========  ========
Other Income (Expense):
   Derivative gains
    (losses), net         $  1,122  $ 14,721  $  6,984  $ (9,370) $ (1,432)
   Foreign currency gains
    (losses), net            4,020    (3,404)    6,401    (6,085)   (2,520)
   Other, net                 (178)       41       (40)        6       590




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

                 Mar. 31,    Dec. 31,    Sep. 30,    Jun. 30,    Mar. 31,
                   2011        2010        2010        2010        2010
                ----------  ----------  ----------  ----------  ----------
     ASSETS
Current Assets:
   Cash and cash
    equivalents $  409,716  $  370,028  $  662,278  $  398,498  $  452,161
   Restricted
    cash            19,545      12,651      14,823       9,421      35,924
   Marketable
    securities     149,026     147,409     103,150      86,457      63,171
   Receivables:
    Trade, net
     of allowance
     for doubtful
     accounts      324,218     450,912     512,131     449,142     288,074
    Other           55,475      72,448      44,550      50,345      69,892
   Inventories      97,405      67,498      66,024      74,434      76,453
   Deferred
    income taxes     5,442       5,442       3,354       3,354       3,354
   Prepaid
    expenses
    and other       22,794      18,414      17,570      24,075      21,733
                ----------  ----------  ----------  ----------  ----------
    Total current
     assets      1,083,621   1,144,802   1,423,880   1,095,726   1,010,762
                ----------  ----------  ----------  ----------  ----------
Property and
 Equipment       2,862,386   2,803,754   2,899,150   2,896,777   2,886,410
    Accumulated
     depreciation (875,140)   (835,032)   (850,428)   (821,641)   (785,119)
                ----------  ----------  ----------  ----------  ----------
   Net property
    and
    equipment    1,987,246   1,968,722   2,048,722   2,075,136   2,101,291
                ----------  ----------  ----------  ----------  ----------
Investments, at
 Equity, and
 Receivables
 from 50% or Less
 Owned Companies   190,472     182,387     148,334     201,474     186,605
Construction
 Reserve Funds &
 Title XI
 Reserve Funds     331,689     323,885     272,259     227,184     252,672
Goodwill            61,864      61,779      54,764      54,653      54,443
Intangible
 Assets             19,810      21,169      21,627      21,195      22,369
Other Assets, net
 of allowance for
 doubtful accounts  59,996      57,645      52,846      51,522      55,430
                ----------  ----------  ----------  ----------  ----------
                $3,734,698  $3,760,389  $4,022,432  $3,726,890  $3,683,572
                ==========  ==========  ==========  ==========  ==========

 LIABILITIES AND
     EQUITY
Current
 Liabilities:
   Current
    portion of
    long-term
    debt        $   18,106  $   14,618  $   13,809  $   14,154  $   22,731
   Current
    portion of
    capital lease
    obligations      1,047       1,030       1,014         998         982
   Accounts
    payable and
    accrued
    expenses       275,991     322,785     336,968     223,277      98,984
   Other current
    liabilities    205,546     197,080     237,738     209,571     178,112
                ----------  ----------  ----------  ----------  ----------
    Total current
     liabilities   500,690     535,513     589,529     448,000     300,809
                ----------  ----------  ----------  ----------  ----------
Long-Term Debt     694,872     697,427     681,268     682,134     747,787
Capital Lease
 Obligations         5,200       5,493       5,783       6,067       6,348
Deferred Income
 Taxes             563,023     567,880     586,466     572,985     574,390
Deferred Gains
 and Other
 Liabilities       150,593     156,711      88,130      96,510     100,835
                ----------  ----------  ----------  ----------  ----------
    Total
     liabilities 1,914,378   1,963,024   1,951,176   1,805,696   1,730,169
                ----------  ----------  ----------  ----------  ----------
Equity:
 SEACOR
  Holdings Inc.
  stockholders'
  equity:
    Preferred
     stock              --          --          --          --          --
    Common stock       363         361         358         358         357
    Additional
     paid-in
     capital     1,233,250   1,225,296   1,196,445   1,191,943   1,186,871
    Retained
     earnings    1,482,793   1,471,623   1,764,202   1,614,264   1,550,182
    Shares held
     in treasury,
     at cost      (901,386)   (903,004)   (891,887)   (887,129)   (786,992)
    Accumulated
     other
     comprehensive
     loss           (5,724)     (7,039)     (7,568)     (7,839)     (5,862)
                ----------  ----------  ----------  ----------  ----------
                 1,809,296   1,787,237   2,061,550   1,911,597   1,944,556
 Noncontrolling
  interests in
  subsidiaries      11,024      10,128       9,706       9,597       8,847
                ----------  ----------  ----------  ----------  ----------
    Total equity 1,820,320   1,797,365   2,071,256   1,921,194   1,953,403
                ----------  ----------  ----------  ----------  ----------
                $3,734,698  $3,760,389  $4,022,432  $3,726,890  $3,683,572
                ==========  ==========  ==========  ==========  ==========




                           SEACOR HOLDINGS INC.
                               FLEET COUNTS
                               (unaudited)

                               Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
                                 2011     2010     2010     2010     2010
                               -------- -------- -------- -------- --------

Offshore Marine Services
Anchor handling towing supply        19       20       20       20       20
Crew                                 52       52       54       57       57
Mini-supply                           9        9       12       12       11
Standby safety                       26       26       26       26       25
Supply                               26       27       27       27       26
Towing supply                         7        8        8        9       10
Specialty                            12       12       12       12       12
                               -------- -------- -------- -------- --------
                                    151      154      159      163      161
                               ======== ======== ======== ======== ========

Aviation Services
Light helicopters - single engine    61       60       60       60       60
Light helicopters - twin engine      44       45       45       46       48
Medium helicopters                   63       62       59       59       59
Heavy helicopters                     9        9        9        9        9
                               -------- -------- -------- -------- --------
                                    177      176      173      174      176
                               ======== ======== ======== ======== ========

Inland River Services
Inland river dry-cargo barges     1,497    1,388    1,394    1,449    1,419
Inland river liquid tank barges      80       80       86       87       87
Inland river deck barges             26       26       26       26       26
Inland river towboats                32       32       32       29       29
Dry-cargo vessel                      1        1        1        1        1
                               -------- -------- -------- -------- --------
                                  1,636    1,527    1,539    1,592    1,562
                               ======== ======== ======== ======== ========

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

Other
Harbor and offshore tugs             29       30       31       31       31
Ocean liquid tank barges              5        5        5        5        6
                               -------- -------- -------- -------- --------
                                     34       35       36       36       37
                               ======== ======== ======== ======== ========

Contact Information

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