SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share data, unaudited) Three Months Ended March 31, -------------------- 2007 2006 --------- --------- Operating Revenues $ 310,763 $ 305,915 --------- --------- Costs and Expenses: Operating expenses 188,658 169,644 Administrative and general 34,400 31,493 Depreciation and amortization 38,875 43,260 --------- --------- 261,933 244,397 --------- --------- Gains on Asset Dispositions and Impairments, Net 12,157 20,877 --------- --------- Operating Income 60,987 82,395 --------- --------- Other Income (Expense): Interest income 12,224 7,136 Interest expense (13,268) (14,068) Derivative transaction gains (losses), net 130 (2,812) Foreign currency transaction gains (losses), net (590) 159 Marketable security transaction losses, net (4,688) (3,585) Other, net (43) 28 --------- --------- (6,235) (13,142) --------- --------- Income Before Income Tax Expense, Minority Interest in Income of Subsidiaries and Equity In Earnings of 50% or Less Owned Companies 54,752 69,253 Income Tax Expense 18,842 25,431 --------- --------- Income Before Minority Interest in Income of Subsidiaries and Equity in Earnings of 50% or Less Owned Companies 35,910 43,822 Minority Interest in Income of Subsidiaries (178) (83) Equity in Earnings of 50% or Less Owned Companies 2,420 6,369 --------- --------- Net Income $ 38,152 $ 50,108 ========= ========= Basic Earnings Per Common Share $ 1.57 $ 2.02 Diluted Earnings Per Common Share $ 1.40 $ 1.80 Weighted Average Common Shares Outstanding: Basic 24,354 24,767 Diluted 28,077 28,495 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, 2007 2006 2006 2006 2006 --------- --------- --------- --------- --------- Operating Revenues $ 310,763 $ 337,183 $ 349,361 $ 330,986 $ 305,915 --------- --------- --------- --------- --------- Costs and Expenses: Operating expenses 188,658 189,799 196,608 187,149 169,644 Administrative and general 34,400 35,522 30,880 32,865 31,493 Depreciation and amortization 38,875 40,159 40,977 42,318 43,260 --------- --------- --------- --------- --------- 261,933 265,480 268,465 262,332 244,397 --------- --------- --------- --------- --------- Gains on Asset Dispositions and Impairments, Net 12,157 20,957 12,054 24,089 20,877 --------- --------- --------- --------- --------- Operating Income 60,987 92,660 92,950 92,743 82,395 --------- --------- --------- --------- --------- Other Income (Expense): Interest income 12,224 11,492 10,279 9,086 7,136 Interest expense (13,268) (13,457) (13,307) (12,847) (14,068) Derivative transaction gains (losses), net 130 3,258 2,813 3,084 (2,812) Foreign currency transaction gains (losses), net (590) 332 650 1,217 159 Marketable security transaction gains (losses), net (4,688) (6,626) 4,549 (3,341) (3,585) Other, net (43) 207 117 595 28 --------- --------- --------- --------- --------- (6,235) (4,794) 5,101 (2,206) (13,142) --------- --------- --------- --------- --------- Income Before Income Tax Expense, Minority Interest in Income of Subsidiaries and Equity In Earnings (Losses) of 50% or Less Owned Companies 54,752 87,866 98,051 90,537 69,253 Income Tax Expense 18,842 28,949 37,037 33,703 25,431 --------- --------- --------- --------- --------- Income Before Minority Interest in Income of Subsidiaries and Equity in Earnings (Losses) of 50% or Less Owned Companies 35,910 58,917 61,014 56,834 43,822 Minority Interest in Income of Subsidiaries (178) (367) (451) (104) (83) Equity in Earnings (Losses) of 50% or Less Owned Companies 2,420 (195) 2,607 6,031 6,369 --------- --------- --------- --------- --------- Net Income $ 38,152 $ 58,355 $ 63,170 $ 62,761 $ 50,108 ========= ========= ========= ========= ========= Basic Earnings Per Common Share $ 1.57 $ 2.40 $ 2.57 $ 2.52 $ 2.02 Diluted Earnings Per Common Share $ 1.40 $ 2.12 $ 2.28 $ 2.24 $ 1.80 Weighted Average Common Shares Outstanding: Basic 24,354 24,311 24,575 24,869 24,767 Diluted 28,077 28,053 28,282 28,568 28,495 Common Shares Outstanding at Period End 24,181 24,519 24,457 24,801 25,076 SEACOR HOLDINGS INC. OPERATING INCOME (LOSS) BY LINE OF BUSINESS (in thousands, unaudited) Three Months Ended ----------------------------------------------------- Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31, 2007 2006 2006 2006 2006 --------- ---------- ---------- --------- --------- Offshore Marine Services Operating Revenues $ 170,928 $ 174,753 $ 179,687 $ 168,285 $ 159,852 --------- ---------- ---------- --------- --------- Costs and Expenses: Operating expenses 92,999 82,988 89,791 86,695 79,506 Administrative and general 13,023 13,101 10,118 11,470 11,688 Depreciation and amortization 16,524 17,239 19,353 21,793 23,127 --------- ---------- ---------- --------- --------- 122,546 113,328 119,262 119,958 114,321 --------- ---------- ---------- --------- --------- Gains on Asset Dispositions and Impairments, Net 8,294 13,797 10,168 22,489 20,552 --------- ---------- ---------- --------- --------- Operating Income $ 56,676 $ 75,222 $ 70,593 $ 70,816 $ 66,083 ========= ========== ========== ========= ========= Marine Transportation Services Operating Revenues $ 30,556 $ 34,408 $ 35,617 $ 37,446 $ 37,724 --------- ---------- ---------- --------- --------- Costs and Expenses: Operating expenses 20,849 20,941 21,017 18,064 21,471 Administrative and general 1,186 1,096 1,064 1,049 964 Depreciation and amortization 10,158 10,159 10,159 10,162 10,185 --------- ---------- ---------- --------- --------- 32,193 32,196 32,240 29,275 32,620 --------- ---------- ---------- --------- --------- Gains on Asset Dispositions -- -- -- -- -- --------- ---------- ---------- --------- --------- Operating Income (Loss) $ (1,637) $ 2,212 $ 3,377 $ 8,171 $ 5,104 ========= ========== ========== ========= ========= Inland River Services Operating Revenues $ 26,722 $ 37,841 $ 38,798 $ 36,339 $ 34,488 --------- ---------- ---------- --------- --------- Costs and Expenses: Operating expenses 12,305 16,752 18,563 18,649 15,395 Administrative and general 877 1,330 1,013 829 816 Depreciation and amortization 3,499 3,755 3,804 3,267 3,474 --------- ---------- ---------- --------- --------- 16,681 21,837 23,380 22,745 19,685 --------- ---------- ---------- --------- --------- Gains on Asset Dispositions 3,622 84 -- -- -- --------- ---------- ---------- --------- --------- Operating Income $ 13,663 $ 16,088 $ 15,418 $ 13,594 $ 14,803 ========= ========== ========== ========= ========= Aviation Services Operating Revenues $ 45,433 $ 38,858 $ 43,799 $ 39,903 $ 33,454 --------- ---------- ---------- --------- --------- Costs and Expenses: Operating expenses 36,225 32,818 33,269 29,137 26,345 Administrative and general 4,521 3,880 3,413 4,158 3,494 Depreciation and amortization 6,079 5,847 5,264 4,591 4,254 --------- ---------- ---------- --------- --------- 46,825 42,545 41,946 37,886 34,093 --------- ---------- ---------- --------- --------- Gains on Asset Dispositions 227 7,065 1,880 1,818 325 --------- ---------- ---------- --------- --------- Operating Income (Loss) $ (1,165) $ 3,378 $ 3,733 $ 3,835 $ (314) ========= ========== ========== ========= ========= Environmental Services Operating Revenues $ 26,492 $ 40,762 $ 38,885 $ 36,946 $ 27,923 --------- ---------- ---------- --------- --------- Costs and Expenses: Operating expenses 20,753 29,931 26,370 26,345 20,508 Administrative and general 5,301 5,101 5,931 5,156 4,405 Depreciation and amortization 909 1,153 731 741 733 --------- ---------- ---------- --------- --------- 26,963 36,185 33,032 32,242 25,646 --------- ---------- ---------- --------- --------- Gains (Losses) on Asset Dispositions and Impairments, Net (16) 11 6 (215) -- --------- ---------- ---------- --------- --------- Operating Income (Loss) $ (487) $ 4,588 $ 5,859 $ 4,489 $ 2,277 ========= ========== ========== ========= ========= SEACOR HOLDINGS INC. OPERATING INCOME (LOSS) BY LINE OF BUSINESS (continued) (in thousands, unaudited) Three Months Ended ------------------------------------------------ Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31, 2007 2006 2006 2006 2006 -------- -------- -------- -------- -------- Harbor and Offshore Towing Services Operating Revenues $ 11,682 $ 11,632 $ 12,552 $ 12,156 $ 12,884 -------- -------- -------- -------- -------- Costs and Expenses: Operating expenses 6,568 7,252 7,744 8,336 6,841 Administrative and general 2,182 2,089 1,662 1,851 1,604 Depreciation and amortization 1,264 1,264 1,265 1,275 1,259 -------- -------- -------- -------- -------- 10,014 10,605 10,671 11,462 9,704 -------- -------- -------- -------- -------- Gains on Asset Dispositions 30 -- -- -- -- -------- -------- -------- -------- -------- Operating Income $ 1,698 $ 1,027 $ 1,881 $ 694 $ 3,180 ======== ======== ======== ======== ======== Corporate, Other and Eliminations Operating Revenues $ (1,050) $ (1,071) $ 23 $ (89) $ (410) -------- -------- -------- -------- -------- Costs and Expenses: Operating expenses (1,041) (883) (146) (77) (422) Administrative and general 7,310 8,925 7,679 8,352 8,522 Depreciation and amortization 442 742 401 489 228 -------- -------- -------- -------- -------- 6,711 8,784 7,934 8,764 8,328 -------- -------- -------- -------- -------- Losses on Asset Dispositions -- -- -- (3) -- -------- -------- -------- -------- -------- Operating Loss $ (7,761) $ (9,855) $ (7,911) $ (8,856) $ (8,738) ======== ======== ======== ======== ======== SEACOR HOLDINGS INC. SELECTED CONSOLIDATED BALANCE SHEET DATA (in thousands, unaudited) Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31, 2007 2006 2006 2006 2006 ---------- ---------- ---------- ---------- ---------- Cash, Cash Equivalents, Restricted Cash, Securities, Construction Reserve Funds and Title XI Reserve Funds $ 815,928 $ 925,725 $ 839,057 $ 803,360 $ 764,649 Receivables 300,847 312,956 282,040 278,000 270,794 Current Assets 815,534 938,369 893,813 915,245 900,488 Net Property and Equipment 1,882,731 1,770,210 1,764,990 1,737,811 1,733,757 Total Assets 3,271,047 3,252,982 3,076,296 3,014,963 2,961,627 Current Portion of Long-term Debt and Capital Lease Obligations 11,736 11,708 10,443 8,970 10,420 Current Liabilities 314,012 295,509 287,872 287,797 280,279 Long-term Debt & Capital Lease Obligations 959,007 961,003 964,567 955,567 964,096 Stockholders' Equity 1,554,233 1,557,078 1,493,036 1,458,302 1,418,190
Contact Information: For additional information, contact: Timothy McKeand Vice President (954) 627-6380 Visit SEACOR's website at www.seacorholdings.com