SEACOR Holdings Announces Results for Its First Quarter Ended March 31, 2014

FORT LAUDERDALE, FL--(Marketwired - Apr 24, 2014) - SEACOR Holdings Inc. (NYSE: CKH) today announced its results for its first quarter ended March 31, 2014.

For the quarter ended March 31, 2014, net income attributable to SEACOR Holdings Inc. from continuing operations was $11.5 million, or $0.56 per diluted share, compared with $8.4 million, or $0.41 per diluted share, from continuing operations in the preceding quarter ended December 31, 2013.

A comparison of results for the quarter ended March 31, 2014 with the preceding quarter ended December 31, 2013 is included in "Highlights for the Quarter" discussion below.

For the quarter ended March 31, 2013, net loss attributable to SEACOR Holdings Inc. was $21.0 million, or $1.06 per diluted share, including a loss from continuing operations of $10.8 million, or $0.55 per diluted share.

Highlights for the Quarter

Offshore Marine Services - Operating revenues for the first quarter were $129.0 million compared with $148.4 million in the preceding quarter. Operating income in the first quarter was $11.2 million compared with $18.8 million in the preceding quarter, including gains on asset dispositions of $7.7 million in the first quarter and $3.1 million in the preceding quarter.

In the U.S. Gulf of Mexico, operating revenues were $12.2 million lower in the first quarter. Time charter revenues for the Company's liftboat fleet were $8.1 million lower primarily due to the seasonal downturn for that fleet. In keeping with past practice, the Company normally plans for the drydocking of liftboats during the winter months as the demand for the liftboat fleet is typically stronger in the summer months. During the first quarter, the number of out-of-service days attributable to the drydocking of liftboats was 349 compared with 204 in the preceding quarter, and average day rates decreased from $26,072 per day to $22,219 per day. Time charter revenues for the other vessel classes were $3.5 million lower primarily due to weaker market conditions. In overall terms, utilization was 70.6% compared with 77.9% in the preceding quarter and average day rates decreased from $18,224 per day to $17,010 per day. As of March 31, 2014, the Company had two vessels cold-stacked in the U.S. Gulf of Mexico.

In international regions, operating revenues were $7.2 million lower in the first quarter. Time charter revenues were $5.1 million lower primarily due to the conclusion of a charter for a vessel operating in Russia, the repositioning of two vessels into the U.S. Gulf of Mexico and seasonally weaker market conditions for the Company's windfarm utility vessels. Reduced drydocking activity in West Africa, Europe and Asia partially offset the impact of these reductions. Other operating revenues were $2.1 million lower primarily due to a reduction in other contract revenue and reduced third party management fee income. Excluding windfarm utility vessels, utilization was 86.8% compared with 85.1% in the preceding quarter, however average day rates decreased from $13,250 per day to $12,561 per day.

Operating expenses were $5.3 million lower in the first quarter. Personnel costs were $1.4 million lower primarily due to reduced activity levels. Repair and maintenance and drydocking costs were higher in the U.S. Gulf of Mexico primarily due to the seasonal repair and maintenance and drydocking program for the liftboat fleet. Repair and maintenance and drydocking costs were lower in international regions primarily due to a significant reduction in drydocking activity. Insurance and loss reserve expenses were $1.6 million lower, and leased-in equipment expenses were $1.8 million lower primarily due to reduced bareboat charter-in costs in the Middle East. 

Administrative and general expenses were $1.9 million lower in the first quarter primarily due to a decrease in the provision for management bonus awards and lower legal and professional fees.

In the first quarter, the total number of days available for charter for the Company's fleet, excluding wind farm utility vessels, decreased by 303 days, or 3%, primarily due to net fleet dispositions. Overall utilization, excluding wind farm utility vessels, decreased from 82.0% to 79.6% and overall average day rates, excluding wind farm utility vessels, decreased by 7% from $15,355 per day to $14,324 per day. This release includes a table presenting time charter operating data by vessel class.

During the first quarter, the Company sold five offshore support vessels and other equipment for net proceeds of $10.2 million and gains of $7.7 million, all of which was recognized currently. During the preceding quarter, the Company sold five offshore support vessels and other equipment for net proceeds of $56.7 million and gains of $14.8 million, of which $3.1 million was recognized currently and $11.7 million was deferred.

Inland River Services - Operating income was $7.4 million on operating revenues of $58.0 million in the first quarter compared with operating income of $12.3 million on operating revenues of $65.4 million in the preceding quarter. 

Operating results from the dry cargo barge pool were $6.2 million lower primarily due to lower rates and reduced activity levels following the conclusion of harvest activities and poor operating conditions caused by harsh weather in the Midwest. Operating results from liquid unit tow operations were $1.5 million higher primarily due to reduced out-of-service time and lower costs associated with regulatory inspections for liquid tank barges.

Equity in losses of 50% or less owned companies in the preceding quarter included $4.4 million of losses relating to the structural failure of a terminal facility at the Port of Ibicuy, Argentina.

Shipping Services - Operating income was $11.8 million on operating revenues of $52.4 million in the first quarter compared with operating income of $5.2 million on operating revenues of $51.4 million in the preceding quarter.

Operating results for tanker operations were $6.2 million higher primarily due to minimal drydocking expenditures and no related out-of-service time. The Company has no scheduled product tanker drydockings in 2014. Operating results for harbor towing and bunkering were $1.2 million higher primarily due to an increase in harbor tug traffic and lower drydocking expenses. Operating results for short-sea transportation were $0.8 million lower primarily due to a seasonal decrease in cargo shipping demand and higher drydocking expenses. 

During the first quarter, the Company expensed a $4.0 million non-refundable deposit upon the expiration of a new build construction option.

Illinois Corn Processing - Segment profit was $10.8 million on operating revenues of $58.7 million in the first quarter compared with $2.5 million on operating revenues of $46.9 million in the preceding quarter. The improvement in segment profit was primarily due to lower corn prices and higher fuel ethanol prices resulting from an industry-wide supply shortage.

Other - Segment loss was $3.9 million in the first quarter compared with segment profit of $1.3 million in the preceding quarter. The reduction was primarily due to $1.8 million of legal costs associated with litigation related to the Deepwater Horizon oil spill for which the Company has indemnified one of its 50% or less owned companies, a $0.4 million impairment charge on an aircraft in the Company's leasing portfolio, and equity in losses primarily from the Company's 50% or less owned industrial aviation services companies in Asia.

Corporate and Eliminations - Administrative and general expenses were $1.3 million lower in the first quarter compared with the preceding quarter primarily due to lower management bonus accruals, partially offset by higher legal and audit and tax accruals. In addition, the Company recorded a $3.5 million impairment charge on an aircraft.

Capital Commitments - As of March 31, 2014, the Company's unfunded capital commitments were $442.5 million and included: $94.8 million for 15 offshore support vessels; $22.8 million for 47 inland river dry cargo barges; $0.9 million for two inland river tank barges; $4.7 million for five inland river towboats; $230.2 million for three U.S.-flag product tankers; $78.7 million for one U.S.-flag articulated tug-barge; and $10.4 million for other equipment and improvements. These commitments are payable as follows: $157.3 million is payable during the remainder of 2014; $275.9 million is payable during 2015-2016; and $9.3 million is payable during 2017. This release includes a table detailing expected delivery by vessel class. 

Liquidity and Debt - As of March 31, 2014, the Company's balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and Title XI reserve funds totaled $683.1 million and its total outstanding long-term debt was $880.1 million.

SEACOR and its subsidiaries are in the business of owning, operating, investing in and marketing equipment, primarily in the offshore oil and gas, shipping and logistics industries. SEACOR offers customers a diversified suite of services and equipment, including offshore marine, inland river storage and handling, distribution of petroleum, chemical and agricultural commodities, and shipping. SEACOR is dedicated to building innovative, modern, "next generation," efficient marine equipment while providing highly responsive service with the highest safety standards, and dedicated professional employees. SEACOR is publicly traded on the New York Stock Exchange (NYSE) under the symbol CKH.

Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as "anticipate," "estimate," "expect," "project," "intend," "believe," "plan," "target," "forecast" and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management's expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. These statements are not guarantees of future performance and actual events or results may differ significantly from these statements. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, including decreased demand and loss of revenues as a result of additional safety and certification requirements for drilling activities in the U.S. Gulf of Mexico and delayed approval of applications for such activities, the possibility of U.S. government implemented moratoriums directing operators to cease certain drilling activities in the U.S. Gulf of Mexico 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 or failures to finalize commitments to charter vessels 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 the past provision of 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 a lack of liquidity 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, 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 and Shipping Services, decreased demand for Shipping 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 and Shipping Services on several customers, consolidation of the Company's customer base, the ongoing need to replace aging vessels, industry fleet capacity, restrictions imposed by the Shipping Acts on the amount of foreign ownership of the Company's Common Stock, operational risks of Offshore Marine Services, Inland River Services and Shipping Services, effects of adverse weather conditions and seasonality, 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 on 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 agriculture commodity trading and logistics activities, adequacy of insurance coverage, the potential for a material weakness in the Company's internal controls over financial reporting and the Company's ability to remediate such potential material weakness, 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 as well as those discussed in Item 1A (Risk Factors) of the Company's Annual report on Form 10-K. In addition, these statements constitute the Company's cautionary statements under the Private Securities Litigation Reform Act of 1995. It should be understood that it is not possible to predict or identify all such factors. Consequently, the preceding should not be considered to be a complete discussion of all potential risks or uncertainties. 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, except as required by law. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any).

SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands, except share data, unaudited)
				Three Months Ended
				March 31,
				2014				2013
Operating Revenues				$	310,017			$	267,064
Costs and Expenses:
		Operating			218,976				200,913
		Administrative and general			38,077				35,645
		Depreciation and amortization			33,392				33,548
					290,445				270,106
Gains on Asset Dispositions and Impairments, Net					4,678				2,015
Operating Income (Loss)					24,250				(1,027	)
Other Income (Expense):
	Interest income				4,043				3,167
	Interest expense				(11,403	)			(12,840	)
	Marketable security gains, net				5,070				3,995
	Derivative losses, net				(237	)			(2,107	)
	Foreign currency losses, net				(199	)			(4,011	)
	Other, net				(3,655	)			3
					(6,381	)			(11,793	)
Income (Loss) from Continuing Operations Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies					17,869				(12,820	)
Income Tax Expense (Benefit)					6,375				(2,653	)
Income (Loss) from Continuing Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies					11,494				(10,167	)
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax					2,221				(869	)
Income (Loss) from Continuing Operations					13,715				(11,036	)
Loss from Discontinued Operations, Net of Tax					--				(10,325	)
Net Income (Loss)					13,715				(21,361	)
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries					2,206				(373	)
Net Income (Loss) attributable to SEACOR Holdings Inc.				$	11,509			$	(20,988	)
Net Income (Loss) attributable to SEACOR Holdings Inc.:
	Continuing operations			$	11,509			$	(10,763	)
	Discontinued operations				--				(10,225	)
				$	11,509			$	(20,988	)
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
	Continuing operations			$	0.57			$	(0.55	)
	Discontinued operations				--				(0.51	)
				$	0.57			$	(1.06	)
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
	Continuing operations			$	0.56			$	(0.55	)
	Discontinued operations				--				(0.51	)
				$	0.56			$	(1.06	)
Weighted Average Common Shares Outstanding:
	Basic				20,109,373				19,738,930
	Diluted				20,546,112				19,738,930

SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands, except per share data, unaudited)
				Three Months Ended
				Mar. 31, 2014				Dec. 31, 2013				Sep. 30, 2013				Jun. 30, 2013				Mar. 31, 2013
Operating Revenues			$	310,017			$	327,861			$	336,784			$	315,563			$	267,064
Costs and Expenses:
	Operating			218,976				228,305				239,540				240,113				200,913
	Administrative and general			38,077				39,522				31,463				34,718				35,645
	Depreciation and amortization			33,392				33,684				33,503				33,783				33,548
				290,445				301,511				304,506				308,614				270,106
Gains on Asset Dispositions and Impairments, Net				4,678				3,957				19,230				12,305				2,015
Operating Income (Loss)				24,250				30,307				51,508				19,254				(1,027	)
Other Income (Expense):
	Interest income			4,043				4,802				4,280				3,218				3,167
	Interest expense			(11,403	)			(11,310	)			(10,520	)			(7,922	)			(12,840	)
	Marketable security gains (losses), net			5,070				(3,600	)			(1,149	)			6,557				3,995
	Derivative losses, net			(237	)			(5,088	)			(303	)			(825	)			(2,107	)
	Foreign currency gains (losses), net			(199	)			(654	)			2,230				(916	)			(4,011	)
	Other, net			(3,655	)			(89	)			477				195				3
				(6,381	)			(15,939	)			(4,985	)			307				(11,793	)
Income (Loss) from Continuing Operations Before Income Tax Expense (Benefit) and Equity In Earnings (Losses) of 50% or Less Owned Companies				17,869				14,368				46,523				19,561				(12,820	)
Income Tax Expense (Benefit)				6,375				5,441				15,984				7,975				(2,653	)
Income (Loss) from Continuing Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies				11,494				8,927				30,539				11,586				(10,167	)
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax				2,221				193				230				7,710				(869	)
Income (Loss) from Continuing Operations				13,715				9,120				30,769				19,296				(11,036	)
Loss from Discontinued Operations, Net of Tax				--				--				--				--				(10,325	)
Net Income (Loss)				13,715				9,120				30,769				19,296				(21,361	)
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries				2,206				724				478				25				(373	)
Net Income (Loss) attributable to SEACOR Holdings Inc.			$	11,509			$	8,396			$	30,291			$	19,271			$	(20,988	)
Net Income
(Loss) attributable
to SEACOR
Holdings Inc.:
	Continuing operations		$	11,509			$	8,396			$	30,291			$	19,271			$	(10,763	)
	Discontinued operations			--				--				--				--				(10,225	)
			$	11,509			$	8,396			$	30,291			$	19,271			$	(20,988	)
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
	Continuing operations		$	0.57			$	0.42			$	1.52			$	0.97			$	(0.55	)
	Discontinued operations			--				--				--				--				(0.51	)
			$	0.57			$	0.42			$	1.52			$	0.97			$	(1.06	)
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
	Continuing operations		$	0.56			$	0.41			$	1.36			$	0.91			$	(0.55	)
	Discontinued operations			--				--				--				--				(0.51	)
			$	0.56			$	0.41			$	1.36			$	0.91			$	(1.06	)
Weighted Average Common Shares of Outstanding:
	Basic			20,109				20,043				19,965				19,825				19,739
	Diluted			20,546				20,530				24,602				24,392				19,739
Common Shares Outstanding at Period End				20,597				20,382				20,332				20,184				20,106

SEACOR HOLDINGS INC.
SEGMENT INFORMATION
(in thousands, unaudited)
				Three Months Ended
				Mar. 31, 2014				Dec. 31, 2013				Sep. 30, 2013				Jun. 30, 2013				Mar. 31, 2013
Offshore Marine Services
Operating Revenues			$	129,001			$	148,371			$	156,198			$	138,678			$	124,016
Costs and Expenses:
	Operating			94,043				99,320				95,113				97,581				90,031
	Administrative and general			15,160				17,085				14,132				14,235				14,827
	Depreciation and amortization			16,304				16,207				16,470				16,460				16,287
				125,507				132,612				125,715				128,276				121,145
Gains on Asset Dispositions				7,738				3,087				15,343				7,895				2,339
Operating Income				11,232				18,846				45,826				18,297				5,210
Other Income (Expense):
	Derivative gains (losses), net			(61	)			(274	)			32				175				150
	Foreign currency gains (losses), net			107				(49	)			1,937				(833	)			(3,264	)
	Other, net			--				(8	)			--				11				--
Equity in Earnings of 50% or Less Owned Companies, Net of Tax				2,641				2,988				1,527				7,694				1,313
Segment Profit			$	13,919			$	21,503			$	49,322			$	25,344			$	3,409
OIBDA(1)			$	27,536			$	35,053			$	62,296			$	34,757			$	21,497
Drydocking expenditures (included in operating costs and expenses)			$	11,080			$	11,899			$	9,017			$	14,804			$	11,225
Out-of-service days for drydockings				635				668				635				994				645
Inland River Services
Operating Revenues			$	57,959			$	65,437			$	52,742			$	47,357			$	50,077
Costs and Expenses:
	Operating			39,674				42,472				38,473				35,193				36,389
	Administrative and general			4,337				4,034				3,431				3,921				4,024
	Depreciation and amortization			7,370				7,430				6,869				7,078				7,084
				51,381				53,936				48,773				46,192				47,497
Gains on Asset Dispositions				853				779				783				4,296				697
Operating Income				7,431				12,280				4,752				5,461				3,277
Other Income (Expense):
	Foreign currency gains (losses), net			(327	)			(160	)			(89	)			219				(137	)
	Other, net			(38	)			--				--				--				--
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax				(412	)			(5,320	)			80				1				(2,387	)
Segment Profit			$	6,654			$	6,800			$	4,743			$	5,681			$	753
OIBDA(1)			$	14,801			$	19,710			$	11,621			$	12,539			$	10,361

SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
				Three Months Ended
				Mar. 31, 2014				Dec. 31, 2013				Sep. 30, 2013				Jun. 30, 2013				Mar. 31, 2013
Shipping Services
Operating Revenues			$	52,401			$	51,405			$	48,200			$	48,103			$	46,476
Costs and Expenses:
	Operating			26,997				32,900				28,215				29,554				26,614
	Administrative and general			5,896				5,639				5,133				6,124				5,177
	Depreciation and amortization			7,754				7,754				7,841				7,907				7,797
				40,647				46,293				41,189				43,585				39,588
Gains (Losses) on Asset Dispositions and Impairments, Net				--				91				3,104				114				(3,069	)
Operating Income				11,754				5,203				10,115				4,632				3,819
Other Income (Expense):
	Foreign currency gains (losses), net			(10	)			(5	)			6				(8	)			(7	)
	Other, net			(3,933	)			18				540				188				14
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax				753				376				(1,413	)			(403	)			(1,505	)
Segment Profit			$	8,564			$	5,592			$	9,248			$	4,409			$	2,321
OIBDA(1)			$	19,508			$	12,957			$	17,956			$	12,539			$	11,616
Drydocking expenditures for U.S.-flag product tankers (included in operating costs and expenses)			$	42			$	5,504			$	664			$	2,884			$	74
Out-of-service days for drydockings of U.S.-flag product tankers				--				26				5				34				1
Illinois Corn Processing
Operating Revenues			$	58,656			$	46,875			$	52,580			$	61,378			$	32,849
Costs and Expenses:
	Operating			47,274				38,812				52,390				59,402				34,045
	Administrative and general			511				465				428				477				661
	Depreciation and amortization			990				1,330				1,489				1,489				1,489
				48,775				40,607				54,307				61,368				36,195
Operating Income (Loss)				9,881				6,268				(1,727	)			10				(3,346	)
Other Income (Expense):
	Derivative gains (losses), net			718				(3,719	)			1,129				473				39
	Other, net			193				--				--				--				--
Segment Profit (Loss)			$	10,792			$	2,549			$	(598	)		$	483			$	(3,307	)

 

SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
				Three Months Ended
				Mar. 31, 2014				Dec. 31, 2013				Sep. 30, 2013				Jun. 30, 2013				Mar. 31, 2013
Other
Operating Revenues			$	12,992			$	16,675			$	27,881			$	20,652			$	14,324
Costs and Expenses:
	Operating			11,936				15,665				26,141				18,960				14,488
	Administrative and general			3,111				1,888				1,429				1,323				1,656
	Depreciation and amortization			85				91				92				96				99
				15,132				17,644				27,662				20,379				16,243
Gains (Losses) on Asset Dispositions and Impairments, Net				(409	)			--				--				--				1,907
Operating Income (Loss)				(2,549	)			(969	)			219				273				(12	)
Other Income (Expense):
	Derivative gains (losses), net			(733	)			198				(380	)			(450	)			842
	Foreign currency gains (losses), net			9				(21	)			15				(169	)			(167	)
	Other, net			175				(39	)			(3	)			--				54
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax				(761	)			2,149				36				418				1,710
Segment Profit (Loss)			$	(3,859	)		$	1,318			$	(113	)		$	72			$	2,427
Corporate and Eliminations
Operating Revenues			$	(992	)		$	(902	)		$	(817	)		$	(605	)		$	(678	)
Costs and Expenses:
	Operating			(948	)			(864	)			(792	)			(577	)			(654	)
	Administrative and general			9,062				10,411				6,910				8,638				9,300
	Depreciation and amortization			889				872				742				753				792
				9,003				10,419				6,860				8,814				9,438
Gains (Losses) on Asset Dispositions and Impairments, Net				(3,504	)			--				--				--				141
Operating Loss			$	(13,499	)		$	(11,321	)		$	(7,677	)		$	(9,419	)		$	(9,975	)
Other Income (Expense):
	Derivative losses, net		$	(161	)		$	(1,293	)		$	(1,084	)		$	(1,023	)		$	(3,138	)
	Foreign currency gains (losses), net			22				(419	)			361				(125	)			(436	)
	Other, net			(52	)			(60	)			(60	)			(4	)			(65	)

______________________

(1)		Non-GAAP Financial Measure. The Company, from time to time, discloses and discusses OIBDA, a non-GAAP financial measure, for certain of its operating segments in its public releases and other filings with the Securities and Exchange Commission. The Company defines OIBDA as operating income (loss) plus depreciation and amortization. The Company's measure of OIBDA may not be comparable to similarly titled measures presented by other companies. Other companies may calculate OIBDA differently than the Company, which may limit its usefulness as a comparative measure. In addition, this measurement does not necessarily represent funds available for discretionary use and is not a measure of its ability to fund its cash needs. OIBDA is a financial metric used by management (i) as a supplemental internal measure for planning and forecasting overall expectations and for evaluating actual results against such expectations; (ii) as a criteria for annual incentive bonuses paid to the Company officers and other shore-based employees; and (iii) to compare to the OIBDA of other companies when evaluating potential acquisitions.

SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, unaudited)
				Mar. 31, 2014			Dec. 31, 2013			Sep. 30, 2013			Jun. 30, 2013			Mar. 31, 2013
ASSETS
Current Assets:
	Cash and cash equivalents			$	374,790		$	527,435		$	332,767		$	394,783		$	312,977
	Restricted cash				14,490			12,175			20,893			16,776			27,129
	Marketable securities				29,522			24,292			25,660			27,264			22,568
	Receivables:
		Trade, net of allowance for doubtful accounts			203,785			215,768			211,853			188,128			172,889
		Other			41,292			48,181			39,774			37,204			41,139
	Inventories				24,962			27,615			25,442			22,955			31,966
	Deferred income taxes				116			116			3,530			3,530			3,530
	Prepaid expenses and other				8,292			6,701			10,746			11,715			8,834
	Discontinued operations				--			--			--			--			384
		Total current assets			697,249			862,283			670,665			702,355			621,416
Property and Equipment:
	Historical cost				2,224,212			2,199,183			2,208,315			2,212,929			2,186,892
	Accumulated depreciation				(894,511	)		(866,330	)		(835,604	)		(806,672	)		(785,765	)
					1,329,701			1,332,853			1,372,711			1,406,257			1,401,127
	Construction in progress				325,529			143,482			129,481			133,985			113,381
	Net property and equipment				1,655,230			1,476,335			1,502,192			1,540,242			1,514,508
Investments, at Equity, and Advances to 50% or Less Owned Companies					456,446			440,853			365,891			293,793			299,778
Construction Reserve Funds & Title XI Reserve Funds					264,339			261,739			229,021			150,375			194,477
Goodwill					17,963			17,985			17,978			17,978			17,978
Intangible Assets, Net					11,567			12,423			13,583			14,594			15,754
Other Assets					42,241			44,615			52,394			48,996			51,576
				$	3,145,035		$	3,116,233		$	2,851,724		$	2,768,333		$	2,715,487
LIABILITIES AND EQUITY
Current Liabilities:
	Current portion of long-term debt			$	49,171		$	45,323		$	26,973		$	25,109		$	15,435
	Accounts payable and accrued expenses				83,296			85,477			73,063			73,185			69,008
	Other current liabilities				132,190			123,619			124,788			122,434			122,125
	Discontinued operations				--			--			--			--			300
		Total current liabilities			264,657			254,419			224,824			220,728			206,868
Long-Term Debt					830,887			834,118			675,206			674,444			655,384
Deferred Income Taxes					456,883			457,827			437,436			421,623			422,719
Deferred Gains and Other Liabilities					145,483			144,441			133,525			115,102			116,608
Discontinued Operations					--			--			--			--			2,599
		Total liabilities			1,697,910			1,690,805			1,470,991			1,431,897			1,404,178
Equity:
	SEACOR Holdings Inc. stockholders' equity:
		Preferred stock			--			--			--			--			--
		Common stock			374			372			372			370			369
		Additional paid-in capital			1,401,294			1,394,621			1,358,273			1,347,909			1,340,875
		Retained earnings			1,106,779			1,095,270			1,086,874			1,056,583			1,037,312
		Shares held in treasury, at cost			(1,087,101	)		(1,088,219	)		(1,088,219	)		(1,089,061	)		(1,089,064	)
		Accumulated other comprehensive loss, net of tax			(929	)		(1,192	)		(1,809	)		(4,243	)		(4,321	)
					1,420,417			1,400,852			1,355,491			1,311,558			1,285,171
	Noncontrolling interests in subsidiaries				26,708			24,576			25,242			24,878			26,138
		Total equity			1,447,125			1,425,428			1,380,733			1,336,436			1,311,309
				$	3,145,035		$	3,116,233		$	2,851,724		$	2,768,333		$	2,715,487

SEACOR HOLDINGS INC. FLEET COUNTS (unaudited)
				Mar. 31, 2014		Dec. 31, 2013		Sep. 30, 2013		Jun. 30, 2013		Mar. 31, 2013
Offshore Marine Services
Anchor handling towing supply				18		18		18		18		19
Crew				39		42		43		45		47
Mini-supply				8		8		8		8		9
Standby safety				25		25		25		25		25
Supply				26		27		26		26		26
Towing supply				3		3		3		3		3
Specialty				9		12		12		12		11
Liftboats				15		15		15		17		20
Wind farm utility				34		34		33		32		31
				177		184		183		186		191
Inland River Services
Dry-cargo barges				1,415		1,405		1,409		1,413		1,434
Liquid tank barges				74		74		75		75		80
Deck barges				20		20		20		20		20
Towboats				32		32		31		31		31
Dry-cargo vessel				--		1		1		1		1
				1,541		1,532		1,536		1,540		1,566
Shipping Services(1)
U.S.-flag:
		Product tankers		7		7		7		7		7
		RORO/deck barges		7		7		7		7		7
		Dry-bulk articulated tug-barge		1		1		1		1		1
		Harbor tugs		24		24		24		24		22
		Ocean liquid tank barges		5		5		5		5		5
Foreign-flag:
		Harbor tugs		4		4		4		4		4
		Very large gas carriers		3		3		3		--		--
		Short-sea container/RORO		8		8		7		8		7
				59		59		58		56		53

______________________

(1)		For each of the periods presented, the Company provided technical management services for two additional vessels.

SEACOR HOLDINGS INC.
EXPECTED FLEET DELIVERIES
(unaudited)
		2014						2015								2016								2017
		Q2		Q3		Q4		Q1		Q2		Q3		Q4		Q1		Q2		Q3		Q4		Q1		Q2		Total
Offshore Marine Services
Crew		1		3		--		1		1		2		1		1		--		--		--		--		--		10
Supply(1)		1		1		--		--		1		--		--		--		--		--		--		--		--		3
Wind farm utility		1		1		--		--		--		--		--		--		--		--		--		--		--		2
Inland River Services
Dry-cargo barges		44		3		--		--		--		--		--		--		--		--		--		--		--		47
Liquid tank barges		--		1		1		--		--		--		--		--		--		--		--		--		--		2
Towboats		1		1		1		1		1		--		--		--		--		--		--		--		--		5
Shipping Services
U.S.-flag product tankers		--		--		--		--		--		--		--		--		1		--		1		1		--		3
U.S.-flag articulated tug-barge		--		--		--		--		--		--		--		--		1		--		--		--		--		1

______________________

(1)

To be sold to SEACOR OSV Partners I LP, a 50% or less owned company, upon delivery.

SEACOR HOLDINGS INC. OFFSHORE MARINE SERVICES TIME CHARTER OPERATING DATA (unaudited)
			Three Months Ended
			Mar. 31, 2014			Dec. 31, 2013			Sep. 30, 2013			Jun. 30, 2013			Mar. 31, 2013
Rates Per Day Worked:
	Anchor handling towing supply		$	24,841		$	26,773		$	29,008		$	23,635		$	26,683
	Crew			8,664			8,627			8,553			7,719			7,664
	Mini-supply			7,148			7,805			8,048			7,721			7,666
	Standby safety			10,679			10,584			9,922			9,621			9,642
	Supply			17,156			16,906			17,541			16,864			14,915
	Towing supply			10,128			8,744			10,970			9,156			9,349
	Specialty			19,200			31,856			37,121			24,822			12,950
	Liftboats			22,219			26,072			25,001			22,062			18,573
	Overall Average Rates Per Day Worked (excluding wind farm utility)			14,324			15,355			15,677			13,588			12,878
	Wind farm utility			2,423			2,427			2,315			2,302			2,142
	Overall Average Rates Per Day Worked			11,659			12,279			12,454			11,010			10,657
Utilization:
	Anchor handling towing supply			77%			74%			75%			74%			74%
	Crew			81%			84%			88%			90%			91%
	Mini-supply			92%			94%			96%			97%			74%
	Standby safety			88%			88%			88%			86%			88%
	Supply			86%			82%			75%			83%			72%
	Towing supply			92%			84%			83%			79%			100%
	Specialty			47%			81%			58%			54%			25%
	Liftboats			60%			73%			82%			69%			64%
	Overall Fleet Utilization (excluding wind farm utility)			80%			82%			83%			82%			79%
	Wind farm utility			81%			90%			95%			93%			82%
	Overall Fleet Utilization			80%			84%			86%			84%			79%
Available Days:
	Anchor handling towing supply			1,530			1,564			1,564			1,547			1,530
	Crew			2,605			2,740			2,844			3,057			3,060
	Mini-supply			540			552			552			565			630
	Standby safety			2,160			2,208			2,208			2,184			2,160
	Supply			1,530			1,564			1,564			1,538			1,581
	Towing supply			180			184			184			182			180
	Specialty			270			276			327			364			360
	Liftboats			1,350			1,380			1,543			1,614			1,620
	Overall Fleet Available Days(excluding wind farm utility)			10,165			10,468			10,786			11,051			11,121
	Wind farm utility			2,863			2,959			2,978			2,889			2,790
	Overall Fleet Available Days			13,028			13,427			13,764			13,940			13,911