SOURCE: SEACOR Holdings Inc.

SEACOR Holdings Inc.

February 17, 2011 17:36 ET

SEACOR Holdings Announces Fourth Quarter Results

FORT LAUDERDALE, FL--(Marketwire - February 17, 2011) - SEACOR Holdings Inc. (NYSE: CKH) today announced its results for the fourth quarter of 2010. Net income attributable to SEACOR Holdings Inc. for the quarter ended December 31, 2010 was $27.1 million, or $1.27 per diluted share, on operating revenues of $580.4 million. For the year ended December 31, 2010, net income attributable to SEACOR Holdings Inc. was $244.7 million, or $11.25 per diluted share, on operating revenues of $2,649.4 million.

Fourth quarter results were negatively impacted by an extremely soft market for offshore marine equipment in the U.S. Gulf of Mexico. In the aftermath of the Deepwater Horizon oil spill response, and despite the October 2010 lifting of the government-imposed moratorium on deepwater drilling, the U.S. offshore industry has been crippled by a virtual shut-down in the issuance of drilling permits by the Bureau of Ocean Energy Management, Regulation and Enforcement.

For the preceding quarter ended September 30, 2010, net income attributable to SEACOR Holdings Inc. was $149.9 million, or $7.14 per diluted share, on operating revenues of $979.8 million.

For the 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. For the year ended December 31, 2009, net income attributable to SEACOR Holdings Inc. was $143.8 million, or $6.57 per diluted share, on operating revenues of $1,711.3 million.

Highlights for the Quarter

Offshore Marine Services -- Operating income was $0.9 million on operating revenues of $100.6 million compared with operating income of $69.3 million on operating revenues of $160.9 million in the preceding quarter. Fourth quarter results included $2.1 million in gains on asset dispositions compared with $12.7 million in gains in the preceding quarter.

In the U.S. Gulf of Mexico, operating income was $51.2 million lower than the preceding quarter primarily due to the fall off in activity related to the Deepwater Horizon event. The number of vessel days in support of the Deepwater Horizon oil spill response activities decreased from 1,772 in the third quarter to 336 in the fourth quarter. In the fourth quarter, utilization was 50.4% compared with 82.7% in the third quarter. Average day rates decreased from $18,091 per day to $11,669 per day. As of December 31, 2010, the Company had 13 vessels cold-stacked in the U.S. Gulf of Mexico, compared with seven as of September 30, 2010. During the fourth quarter, six vessels were returned to leasing companies and one vessel was sold. Other operating revenues in the U.S. Gulf of Mexico were $6.9 million lower primarily due to a reduction in the billings for other specialized equipment and services associated with the Deepwater Horizon oil spill response.

Operating income associated with international operations was $17.3 million lower than the preceding quarter primarily due to lower gains on asset dispositions and 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.

As of December 31, 2010, the Company had deferred $18.9 million of vessel charter hire scheduled to be paid through the conveyance of a limited net profit interest in developmental oil and gas producing. Of this amount, $0.4 million was deferred in the fourth quarter. The Company will continue to recognize revenues as cash is received or earlier should future payments become determinable.

In the fourth quarter, the total number of days available for charter decreased by 318, or 2.6% due to net fleet dispositions, overall utilization decreased from 83.5% to 68.5% and overall average day rates decreased by 22.1% from $13,667 per day to $10,646 per day.

Aviation Services -- Aviation Services reported an operating loss in the fourth quarter of $0.1 million on operating revenues of $55.5 million compared with operating income of $11.9 million on operating revenues of $67.1 million in the preceding quarter.

The reduction in operating income was primarily due to fewer flight hours in the U.S. Gulf of Mexico as a result of the winding-down of activities in support of the Deepwater Horizon oil spill response and the end of seasonal activities in Alaska.

Inland River Services -- Operating income was $14.9 million on operating revenues of $52.3 million compared with operating income of $36.0 million on operating revenues of $41.4 million in the preceding quarter. Third quarter results included $29.4 million of gains on asset dispositions. Operations in the fourth quarter benefitted from higher freight rates and increased freight loadings as a result of seasonal harvest activity and favorable fleet positioning.

Marine Transportation Services -- Operating income was $1.4 million on operating revenues of $16.9 million compared with an operating loss of $17.3 million on operating revenues of $18.5 million in the preceding quarter. In the third quarter, the Company recognized an impairment charge of $18.7 million on the Seabulk America.

During the fourth quarter, the Company entered into arrangements with a leasing company for the sale and leaseback of two of its vessels. Total sales proceeds received were $181.0 million, which exceeded the combined carrying value of the vessels by $69.3 million. In accordance with generally accepted accounting principles in the U.S., the gains on these sales will be deferred and amortized over the minimum leaseback periods (158 months for one vessel and 143 months for the other) as reductions in future lease expense.

Environmental Services -- Operating income was $38.0 million on operating revenues of $163.4 million compared with operating income of $125.0 million on operating revenues of $468.2 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 fourth quarter of $4.2 million on operating revenues of $178.9 million compared with a segment profit of $4.6 million on operating revenues of $216.9 million in the preceding quarter. Results reflected lower sales volumes for ethanol trading and reduced activity at the Company's alcohol manufacturing facility joint venture due to planned maintenance in the fourth quarter.

Other -- Other, primarily Harbor and Offshore Towing Services, reported an operating loss in the fourth quarter of $0.8 million on operating revenues of $16.4 million compared with operating income of $4.4 million on operating revenues of $20.0 million in the preceding quarter. The reduction in operating income reflects the winding-down of activities in support of the Deepwater Horizon oil spill response and higher drydocking expenses.

Corporate and Eliminations -- Administrative and general expenses were $18.0 million in the fourth quarter compared with $9.0 million in the preceding quarter. The increase was primarily due to higher management bonus accruals, the acceleration of restricted stock awards and additional amounts designated for a foundation that will provide financial support to selected charities and projects in various parts of the Southeastern United States affected by the Deepwater Horizon oil spill.

Derivative gains, net, of $14.7 million was primarily due to gains on treasury and bond futures and interest rate swaps.

Debt Extinguishment -- Debt extinguishment losses, net, of $1.1 million resulted from the purchase of $16.5 million, in principal amount, of the Company's 7.375% Senior Notes due 2019.

Marketable Securities -- Marketable security gains, net, of $1.3 million were primarily the result of gains on long equity positions partially offset by losses on short equity positions.

Foreign Currency -- Foreign currency losses, net, of $3.5 million were primarily due to the weakening of the pound sterling and euro against the U.S. dollar.

Stock Repurchases -- During the fourth quarter, the Company purchased 118,600 shares of its common stock at an average price of $93.42 per share. At the end of the quarter, 21,399,508 shares of SEACOR's common stock remained outstanding.

Special Cash Dividend -- On December 21, 2010, the Company paid a Special Cash Dividend of $319.7 million, or $15.00 per common share, to shareholders of record on December 14, 2010.

Capital Commitments -- The Company's unfunded capital commitments as of December 31, 2010 consisted primarily of offshore support vessels, helicopters, an interest in a dry-bulk articulated tug-barge, inland river dry cargo barges and other equipment. These commitments totaled $254.3 million, of which $169.9 million is payable during 2011 with the balance payable through 2013. Of the total unfunded capital commitments, $2.8 million may be terminated without further liability. Subsequent to December 31, 2010, the Company committed to purchase additional equipment for $10.8 million. As of December 31, 2010, the Company held balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and title XI reserve funds totaling $854.0 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, 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 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 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.



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


                              Three Months Ended      Twelve Months Ended
                                 December 31,            December 31,
                            ----------------------  ----------------------
                               2010        2009        2010        2009
                            ----------  ----------  ----------  ----------

Operating Revenues          $  580,384  $  476,510  $2,649,368  $1,711,338
                            ----------  ----------  ----------  ----------

Costs and Expenses:
  Operating                    449,961     352,951   1,930,227   1,185,096
  Administrative and
   general                      54,892      41,332     192,518     161,998
  Depreciation and
   amortization                 39,173      40,728     163,490     160,092
                            ----------  ----------  ----------  ----------
                               544,026     435,011   2,286,235   1,507,186
                            ----------  ----------  ----------  ----------

Gains on Asset Dispositions
 and Impairments, Net            3,285       5,147      45,238      27,675
                            ----------  ----------  ----------  ----------

Operating Income                39,643      46,646     408,371     231,827
                            ----------  ----------  ----------  ----------

Other Income (Expense):
  Interest income                3,094       2,056       8,882       4,466
  Interest expense             (10,088)    (16,364)    (43,950)    (59,043)
  Debt extinguishment
   losses, net                  (1,092)     (9,659)     (1,460)     (5,587)
  Marketable security gains
   (losses), net                 1,340       9,263      (2,159)     24,059
  Derivative gains, net          6,502       1,257       6,205      10,961
  Foreign currency gains
   (losses), net                (3,511)      1,521      (6,127)      8,087
  Other, net                     3,061         112       3,717         244
                            ----------  ----------  ----------  ----------
                                  (694)    (11,814)    (34,892)    (16,813)
                            ----------  ----------  ----------  ----------
Income Before Income Tax
 Expense and Equity In
 Earnings of 50% or Less
 Owned Companies                38,949      34,832     373,479     215,014
Income Tax Expense              13,250      15,626     140,674      82,492
                            ----------  ----------  ----------  ----------
Income Before Equity in
 Earnings of 50% or Less
 Owned Companies                25,699      19,206     232,805     132,522
Equity in Earnings of 50%
 or Less Owned Companies,
 Net of Tax                      1,501       3,223      13,179      12,581
                            ----------  ----------  ----------  ----------
Net Income                      27,200      22,429     245,984     145,103
Net Income attributable to
 Noncontrolling Interests
 in Subsidiaries                    97         203       1,260       1,293
                            ----------  ----------  ----------  ----------
Net Income attributable to
 SEACOR Holdings Inc.       $   27,103  $   22,226  $  244,724  $  143,810
                            ==========  ==========  ==========  ==========

Basic Earnings Per Common
 Share of SEACOR Holdings
 Inc.                       $     1.30  $     1.09  $    11.43  $     7.21

Diluted Earnings Per Common
 Share of SEACOR Holdings
 Inc.                       $     1.27  $     1.04  $    11.25  $     6.57

Weighted Average Common
 Shares Outstanding:
  Basic                     20,843,159  20,323,967  21,402,441  19,950,702
  Diluted                   21,306,355  23,417,449  21,757,217  23,388,168

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





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


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

Operating Revenues        $580,384  $979,833  $694,576  $394,575  $476,510
                          --------  --------  --------  --------  --------

Costs and Expenses:
  Operating                449,961   683,219   484,742   312,305   352,951
  Administrative and
   general                  54,892    50,627    46,108    40,891    41,332
  Depreciation and
   amortization             39,173    41,312    41,608    41,397    40,728
                          --------  --------  --------  --------  --------
                           544,026   775,158   572,458   394,593   435,011
                          --------  --------  --------  --------  --------

Gains on Asset
 Dispositions and
 Impairments, Net            3,285    23,896     4,398    13,659     5,147
                          --------  --------  --------  --------  --------

Operating Income            39,643   228,571   126,516    13,641    46,646
                          --------  --------  --------  --------  --------

Other Income (Expense):
  Interest income            3,094     2,562     1,863     1,363     2,056
  Interest expense         (10,088)  (10,274)  (11,264)  (12,324)  (16,364)
  Debt extinguishment
   losses, net              (1,092)       --      (364)       (4)   (9,659)
  Marketable security
   gains (losses), net       1,340       (54)   (5,406)    1,961     9,263
  Derivative gains
   (losses), net             6,502     1,648    (4,721)    2,776     1,257
  Foreign currency gains
   (losses), net            (3,511)    7,585    (7,500)   (2,701)    1,521
  Other, net                 3,061        10        46       600       112
                          --------  --------  --------  --------  --------
                              (694)    1,477   (27,346)   (8,329)  (11,814)
                          --------  --------  --------  --------  --------
Income Before Income Tax
 Expense and Equity In
 Earnings of 50% or Less
 Owned Companies            38,949   230,048    99,170     5,312    34,832
Income Tax Expense          13,250    87,709    37,399     2,316    15,626
                          --------  --------  --------  --------  --------
Income Before Equity in
 Earnings of 50% or Less
 Owned Companies            25,699   142,339    61,771     2,996    19,206
Equity in Earnings of 50%
 or Less Owned Companies,
 Net of Tax                  1,501     7,933     2,876       869     3,223
                          --------  --------  --------  --------  --------
Net Income                  27,200   150,272    64,647     3,865    22,429
Net Income attributable
 to Noncontrolling
 Interests in
 Subsidiaries                   97       334       565       264       203
                          --------  --------  --------  --------  --------
Net Income attributable
 to SEACOR Holdings Inc.  $ 27,103  $149,938  $ 64,082  $  3,601  $ 22,226
                          ========  ========  ========  ========  ========

Basic Earnings Per Common
 Share of SEACOR Holdings
 Inc.                     $   1.30  $   7.21  $   2.95  $   0.16  $   1.09

Diluted Earnings Per
 Common Share of SEACOR
 Holdings Inc.            $   1.27  $   7.14  $   2.93  $   0.16  $   1.04

Weighted Average Common
 Shares of Outstanding:
  Basic                     20,843    20,787    21,733    22,270    20,324
  Diluted                   21,306    21,001    21,905    22,475    23,417
Common Shares Outstanding
 at Period End              21,400    21,231    21,218    22,552    22,613

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
                          ------------------------------------------------
                          Dec. 31,  Sep. 30,  Jun. 30,  Mar. 31,  Dec. 31,
                            2010      2010      2010      2010      2009
                          --------  --------  --------  --------  --------
Offshore Marine Services

Operating Revenues        $100,631  $160,916  $147,123  $107,186  $121,203
                          --------  --------  --------  --------  --------
Costs and Expenses:
  Operating                 76,607    79,205    80,011    73,764    72,205
  Administrative and
   general                  13,037    12,378    12,931    12,449    12,770
  Depreciation and
   amortization             12,279    12,758    13,245    13,478    13,770
                          --------  --------  --------  --------  --------
                           101,923   104,341   106,187    99,691    98,745
                          --------  --------  --------  --------  --------

Gains on Asset
 Dispositions and
 Impairments, Net            2,142    12,717     1,964    12,651     3,831
                          --------  --------  --------  --------  --------
Operating Income               850    69,292    42,900    20,146    26,289
                          --------  --------  --------  --------  --------
Other Income (Expense):
  Derivative losses, net        --        --        --        --      (157)
  Foreign currency gains
   (losses), net              (154)      977       425       374     1,781
  Other, net                     1        --        --        --        --
Equity in Earnings of 50%
 or Less Owned Companies,
 Net of Tax                  3,042     2,300     1,713     2,251     1,774
                          --------  --------  --------  --------  --------
Segment Profit            $  3,739  $ 72,569  $ 45,038  $ 22,771  $ 29,687
                          ========  ========  ========  ========  ========

Aviation Services
Operating Revenues        $ 55,522  $ 67,136  $ 62,433  $ 50,275  $ 54,323
                          --------  --------  --------  --------  --------
Costs and Expenses:
  Operating                 37,174    37,492    40,541    32,026    30,667
  Administrative and
   general                   7,042     7,274     6,091     5,391     5,972
  Depreciation and
   amortization             11,287    10,889    10,728    10,447     9,876
                          --------  --------  --------  --------  --------
                            55,503    55,655    57,360    47,864    46,515
                          --------  --------  --------  --------  --------

Gains (Losses) on Asset
 Dispositions and
 Impairments, Net             (117)      412       379        90       313
                          --------  --------  --------  --------  --------
Operating Income (Loss)        (98)   11,893     5,452     2,501     8,121
                          --------  --------  --------  --------  --------
Other Income (Expense):
  Derivative gains
   (losses), net               (27)      (29)       38      (100)       33
  Foreign currency gains
   (losses), net               166       (81)   (1,731)      135      (223)
  Other, net                    --        50        --        --        --
Equity in Earnings
 (Losses) of 50% or Less
 Owned Companies, Net of
 Tax                           (83)      663      (442)     (275)     (297)
                          --------  --------  --------  --------  --------
Segment Profit (Loss)     $    (42) $ 12,496  $  3,317  $  2,261  $  7,634
                          ========  ========  ========  ========  ========

Inland River Services
Operating Revenues        $ 52,284  $ 41,381  $ 34,596  $ 33,436  $ 53,607
                          --------  --------  --------  --------  --------
Costs and Expenses:
  Operating                 29,542    26,535    21,547    19,554    32,052
  Administrative and
   general                   3,114     2,898     2,618     2,061     2,137
  Depreciation and
   amortization              5,472     5,415     4,958     4,876     4,756
                          --------  --------  --------  --------  --------
                            38,128    34,848    29,123    26,491    38,945
                          --------  --------  --------  --------  --------

Gains on Asset
 Dispositions                  697    29,445       899       887     1,236
                          --------  --------  --------  --------  --------
Operating Income            14,853    35,978     6,372     7,832    15,898
                          --------  --------  --------  --------  --------
Other Income (Expense):
  Other, net                 2,227        --        --        10        --
Equity in Earnings
 (Losses) of 50% or Less
 Owned Companies, Net of
 Tax                          (521)    3,522       805       (98)    1,868
                          --------  --------  --------  --------  --------
Segment Profit            $ 16,559  $ 39,500  $  7,177  $  7,744  $ 17,766
                          ========  ========  ========  ========  ========





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


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

Marine Transportation
 Services
Operating Revenues        $ 16,908  $ 18,540  $ 21,263  $ 19,452  $ 20,497
                          --------  --------  --------  --------  --------
Costs and Expenses:
  Operating                  8,174     8,754     8,915    13,432    10,585
  Administrative and
   general                   2,040     1,087     1,038       837     1,043
  Depreciation and
   amortization              5,309     7,320     8,008     8,008     8,005
                          --------  --------  --------  --------  --------
                            15,523    17,161    17,961    22,277    19,633
                          --------  --------  --------  --------  --------

Losses on Asset
 Dispositions and
 Impairments                    --   (18,677)      (11)       --        --
                          --------  --------  --------  --------  --------
Operating Income (Loss)      1,385   (17,298)    3,291    (2,825)      864
                          --------  --------  --------  --------  --------
Other Income (Expense):
  Foreign currency gains
   (losses), net               (13)       61       (41)       15         1
                          --------  --------  --------  --------  --------
Segment Profit (Loss)     $  1,372  $(17,237) $  3,250  $ (2,810) $    865
                          ========  ========  ========  ========  ========

Environmental Services
Operating Revenues        $163,380  $468,226  $214,629  $ 28,158  $ 44,531
                          --------  --------  --------  --------  --------
Costs and Expenses:
  Operating                116,346   329,497   127,108    20,337    32,822
  Administrative and
   general                   7,485    11,508     6,525     6,037     6,155
  Depreciation and
   amortization              2,065     2,249     2,099     1,983     1,811
                          --------  --------  --------  --------  --------
                           125,896   343,254   135,732    28,357    40,788
                          --------  --------  --------  --------  --------

Gains (Losses) on Asset
 Dispositions                  563        --       (36)      (17)     (208)
                          --------  --------  --------  --------  --------
Operating Income (Loss)     38,047   124,972    78,861      (216)    3,535
                          --------  --------  --------  --------  --------
Other Income (Expense):
  Foreign currency gains
   (losses), net              (115)        3       (23)       30       (11)
  Other, net                     1        --        --        --        --
Equity in Earnings of 50%
 or Less Owned Companies,
 Net of Tax                     58       533        54        38        90
                          --------  --------  --------  --------  --------
Segment Profit (Loss)     $ 37,991  $125,508  $ 78,892  $   (148) $  3,614
                          ========  ========  ========  ========  ========

Commodity Trading and
 Logistics
Operating Revenues        $178,944  $216,896  $203,064  $142,992  $171,354
                          --------  --------  --------  --------  --------
Costs and Expenses:
  Operating                173,922   204,467   203,374   147,372   168,694
  Administrative and
   general                   1,184     3,716     3,791     2,744     3,632
  Depreciation and
   amortization                 13        13        15        20        20
                          --------  --------  --------  --------  --------
                           175,119   208,196   207,180   150,136   172,346
                          --------  --------  --------  --------  --------
Operating Income (Loss)      3,825     8,700    (4,116)   (7,144)     (992)
                          --------  --------  --------  --------  --------
Other Income (Expense):
  Derivative gains
   (losses), net            (8,192)   (5,307)    4,611     4,308       802
  Foreign currency gains
   (losses), net                26       190       (30)     (717)       49
  Other, net                   781        --         6        --        (1)
Equity in Earnings
 (Losses) of 50% or Less
 Owned Companies, Net of
 Tax                          (611)    1,042       (13)   (1,022)     (282)
                          --------  --------  --------  --------  --------
Segment Profit (Loss)     $ (4,171) $  4,625  $    458  $ (4,575) $   (424)
                          ========  ========  ========  ========  ========





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


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

Other
Operating Revenues        $ 16,395  $ 20,031  $ 18,969  $ 17,440  $ 16,193
                          --------  --------  --------  --------  --------
Costs and Expenses:
  Operating                 11,872    10,559    10,895    10,039    11,110
  Administrative and
   general                   3,031     2,803     2,793     2,845     3,211
  Depreciation and
   amortization              2,289     2,224     2,107     2,183     2,198
                          --------  --------  --------  --------  --------
                            17,192    15,586    15,795    15,067    16,519
                          --------  --------  --------  --------  --------

Gains (Losses) on Asset
 Dispositions                   --        --     1,203        --       (25)
                          --------  --------  --------  --------  --------
Operating Income (Loss)       (797)    4,445     4,377     2,373      (351)
                          --------  --------  --------  --------  --------
Other Income (Expense):
  Foreign currency gains
   (losses), net               (17)       34       (15)      (18)       (5)
  Other, net                    10        --        34        --        --
Equity in Earnings
 (Losses) of 50% or Less
 Owned Companies, Net of
 Tax                          (384)     (127)      759       (25)       70
                          --------  --------  --------  --------  --------
Segment Profit (Loss)     $ (1,188) $  4,352  $  5,155  $  2,330  $   (286)
                          ========  ========  ========  ========  ========

Corporate and
 Eliminations
Operating Revenues        $ (3,680) $(13,293) $ (7,501) $ (4,364) $ (5,198)
                          --------  --------  --------  --------  --------
Costs and Expenses:
  Operating                 (3,676)  (13,290)   (7,649)   (4,219)   (5,184)
  Administrative and
   general                  17,959     8,963    10,321     8,527     6,412
  Depreciation and
   amortization                459       444       448       402       292
                          --------  --------  --------  --------  --------
                            14,742    (3,883)    3,120     4,710     1,520
                          --------  --------  --------  --------  --------

Gains (Losses) on Asset
 Dispositions                   --        (1)       --        48        --
                          --------  --------  --------  --------  --------
Operating Loss            $(18,422) $ (9,411) $(10,621) $ (9,026) $ (6,718)
                          ========  ========  ========  ========  ========
Other Income (Expense):
  Derivative gains
   (losses), net          $ 14,721  $  6,984  $ (9,370) $ (1,432) $    579
  Foreign currency gains
   (losses), net            (3,404)    6,401    (6,085)   (2,520)      (71)
  Other, net                    41       (40)        6       590       113





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


                     Dec. 31,   Sep. 30,   Jun. 30,   Mar. 31,   Dec. 31,
                       2010       2010       2010       2010       2009
                    ---------- ---------- ---------- ---------- ----------
       ASSETS
Current Assets:
  Cash and cash
   equivalents      $  370,028 $  662,278 $  398,498 $  452,161 $  465,904
  Restricted cash       12,651     14,823      9,421     35,924     34,014
  Marketable
   securities          147,409    103,150     86,457     63,171     68,139
  Receivables:
    Trade, net of
     allowance for
     doubtful
     accounts          450,912    512,131    449,142    288,074    301,143
    Other               72,448     44,550     50,345     69,892     78,689
  Inventories           67,498     66,024     74,434     76,453     76,949
  Deferred income
   taxes                 5,442      3,354      3,354      3,354      3,354
  Prepaid expenses
   and other            18,414     17,570     24,075     21,733     15,725
                    ---------- ---------- ---------- ---------- ----------
    Total current
     assets          1,144,802  1,423,880  1,095,726  1,010,762  1,043,917
                    ---------- ---------- ---------- ---------- ----------
Property and
 Equipment           2,803,754  2,899,150  2,896,777  2,886,410  2,833,011
    Accumulated
     depreciation     (835,032)  (850,428)  (821,641)  (785,119)  (754,263)
                    ---------- ---------- ---------- ---------- ----------
    Net property
     and equipment   1,968,722  2,048,722  2,075,136  2,101,291  2,078,748
                    ---------- ---------- ---------- ---------- ----------
Investments, at
 Equity, and
 Receivables from
 50% or Less Owned
 Companies             182,387    148,334    201,474    186,605    186,814
Construction Reserve
 Funds & Title XI
 Reserve Funds         323,885    272,259    227,184    252,672    289,750
Goodwill                61,779     54,764     54,653     54,443     54,571
Intangible Assets       21,169     21,627     21,195     22,369     23,554
Other Assets, net
 of allowance for
 doubtful accounts      57,645     52,846     51,522     55,430     46,265
                    ---------- ---------- ---------- ---------- ----------
                    $3,760,389 $4,022,432 $3,726,890 $3,683,572 $3,723,619
                    ========== ========== ========== ========== ==========

  LIABILITIES AND
      EQUITY
Current Liabilities:
  Current portion
   of long-term
   debt             $   14,618 $   13,809 $   14,154 $   22,731 $   36,436
  Current portion
   of capital lease
   obligations           1,030      1,014        998        982        966
  Accounts payable
   and accrued
   expenses            322,785    336,968    223,277     98,984    135,425
  Other current
   liabilities         197,080    237,738    209,571    178,112    142,285
                    ---------- ---------- ---------- ---------- ----------
    Total current
     liabilities       535,513    589,529    448,000    300,809    315,112
                    ---------- ---------- ---------- ---------- ----------
Long-Term Debt         697,427    681,268    682,134    747,787    748,704
Capital Lease
 Obligations             5,493      5,783      6,067      6,348      6,624
Deferred Income
 Taxes                 567,880    586,466    572,985    574,390    575,440
Deferred Gains and
 Other Liabilities     156,711     88,130     96,510    100,835    111,848
                    ---------- ---------- ---------- ---------- ----------
    Total
     liabilities     1,963,024  1,951,176  1,805,696  1,730,169  1,757,728
                    ---------- ---------- ---------- ---------- ----------
Equity:
  SEACOR Holdings
   Inc. stockholders'
   equity:
    Preferred stock         --         --         --         --         --
    Common stock           361        358        358        357        356
    Additional
     paid-in
     capital         1,225,296  1,196,445  1,191,943  1,186,871  1,182,023
    Retained
     earnings        1,471,623  1,764,202  1,614,264  1,550,182  1,546,581
    Shares held in
     treasury, at
     cost             (903,004)  (891,887)  (887,129)  (786,992)  (768,438)
    Accumulated
     other
     comprehensive
     loss               (7,039)    (7,568)    (7,839)    (5,862)    (3,260)
                    ---------- ---------- ---------- ---------- ----------
                     1,787,237  2,061,550  1,911,597  1,944,556  1,957,262
  Noncontrolling
   interests in
   subsidiaries         10,128      9,706      9,597      8,847      8,629
                    ---------- ---------- ---------- ---------- ----------
    Total equity     1,797,365  2,071,256  1,921,194  1,953,403  1,965,891
                    ---------- ---------- ---------- ---------- ----------
                    $3,760,389 $4,022,432 $3,726,890 $3,683,572 $3,723,619
                    ========== ========== ========== ========== ==========





                           SEACOR HOLDINGS INC.
                               FLEET COUNTS


                          Dec. 31,  Sep. 30,  Jun. 30,  Mar. 31,  Dec. 31,
                            2010      2010      2010      2010      2009
                          --------  --------  --------  --------  --------

Offshore Marine Services
Anchor handling towing
 supply                         20        20        20        20        23
Crew                            52        54        57        57        57
Mini-supply                      9        12        12        11        11
Standby safety                  26        26        26        25        25
Supply                          27        27        27        26        27
Towing supply                    8         8         9        10        13
Specialty                       12        12        12        12         9
                          --------  --------  --------  --------  --------
                               154       159       163       161       165
                          ========  ========  ========  ========  ========

Aviation Services
Light helicopters -
 single engine                  60        60        60        60        60
Light helicopters - twin
 engine                         45        45        46        48        47
Medium helicopters              62        59        59        59        59
Heavy helicopters                9         9         9         9         8
                          --------  --------  --------  --------  --------
                               176       173       174       176       174
                          ========  ========  ========  ========  ========

Inland River Services
Inland river dry-cargo
 barges                      1,388     1,394     1,449     1,419     1,395
Inland river liquid tank
 barges                         80        86        87        87        87
Inland river deck barges        26        26        26        26        26
Inland river towboats           32        32        29        29        29
Dry-cargo vessel                 1         1         1         1         1
                          --------  --------  --------  --------  --------
                             1,527     1,539     1,592     1,562     1,538
                          ========  ========  ========  ========  ========

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

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

Contact Information

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