SOURCE: SEACOR Holdings Inc.

SEACOR Holdings Inc.

July 26, 2012 17:51 ET

SEACOR Holdings Announces Results for the Second Quarter Ended June 30, 2012

FORT LAUDERDALE, FL--(Marketwire - Jul 26, 2012) - SEACOR Holdings Inc. (NYSE: CKH) today announced its results for the second quarter ended June 30, 2012. Net income attributable to SEACOR Holdings Inc. for the quarter ended June 30, 2012 was $11.2 million, or $0.54 per diluted share, including a net loss from discontinued operations of $0.4 million, or $0.02 per diluted share. For the six months ended June 30, 2012, net income attributable to SEACOR Holdings Inc. was $47.7 million, or $2.29 per diluted share, including net income from discontinued operations of $19.0 million, or $0.92 per diluted share. 

On March 16, 2012, the Company disposed of certain companies and assets that were part of its Environmental Services business segment for a net sales price of $99.9 million and a gain of $20.8 million, net of tax, or $1.00 per diluted share. Operating results for all periods presented have been restated to reflect income (loss) from discontinued operations, net of tax, for the part of the business that was sold.

For the preceding quarter ended March 31, 2012, net income attributable to SEACOR Holdings Inc. was $36.5 million, or $1.75 per diluted share, including net income from discontinued operations of $19.4 million, or $0.93 per diluted share. A comparison of results for the quarter ended June 30, 2012 with the preceding quarter ended March 31, 2012 is included in the "Highlights for the Quarter" discussion below.

For the quarter ended June 30, 2011, net income attributable to SEACOR Holdings Inc. was $9.0 million, or $0.42 per diluted share, including a net loss from discontinued operations of $0.2 million, or $0.01 per diluted share. For the six months ended June 30, 2011, net income attributable to SEACOR Holdings Inc. was $20.2 million, or $0.94 per diluted share, including a net loss from discontinued operations of $1.4 million, or $0.06 per diluted share. 

Highlights for the Quarter

Offshore Marine Services - Operating income was $0.8 million on operating revenues of $123.3 million compared with operating income of $22.9 million on operating revenues of $121.1 million in the preceding quarter. Second quarter results included $0.6 million in gains on asset dispositions compared with $1.8 million in gains in the preceding quarter.

In the U.S. Gulf of Mexico, second quarter results included the results of the Company's fleet of liftboats acquired on March 30, 2012. During the second quarter, these vessels contributed operating revenues of $21.9 million and operating income of $3.4 million with an average day rate of $17,454 per day and a utilization rate of 69.7%. Excluding liftboats, operating income was $18.2 million lower in the second quarter. Time charter revenues were $14.3 million lower primarily due to a decrease in rig moving activity for the Company's large anchor handling towing supply vessels. Utilization was 71.8% compared with 73.1% in the preceding quarter and average day rates decreased from $14,964 per day to $10,649 per day. As of June 30, 2012, the Company had no vessels cold-stacked in the U.S. Gulf of Mexico, compared with four as of March 31, 2012.

In international regions, operating income was $7.7 million lower in the second quarter. Time charter revenues were $3.9 million lower primarily due to reduced spot market activity and increased drydocking activity and upgrade downtime in Brazil. Excluding the Company's fleet of wind farm utility vessels, utilization was 83.3% compared with 85.6% in the preceding quarter and average day rates decreased from $12,149 per day to $11,631 per day. Operating expenses were $4.7 million higher primarily due to increased drydocking activity and the cost of vessel mobilizations between geographic regions.

In the second quarter, the total number of days available for charter for the Company's fleet, excluding the wind farm utility vessels, increased by 1,429 days, or 14%, primarily due to the liftboat acquisition. Overall utilization decreased from 80.6% to 77.4% and overall average day rates decreased by 8% from $13,174 per day to $12,068 per day. Time charter operating data by vessel class is presented in the table included herein. During the second quarter, drydocking and mobilization costs were $10.8 million and $1.2 million, respectively. In the preceding quarter, drydocking and mobilization costs were $5.3 million and $0.6 million, respectively.

Administrative and general expenses were $1.3 million higher in the second quarter primarily due to compensation costs for personnel added as a result of the liftboat acquisition. Depreciation and amortization expenses were $15.9 million in the second quarter, an increase of $3.0 million primarily due to depreciation on vessels and equipment added as a result of the liftboat acquisition.

Aviation Services - Operating income was $7.4 million on operating revenues of $63.0 million compared with operating income of $3.8 million on operating revenues of $61.1 million in the preceding quarter. Second quarter results included $1.1 million in gains on asset dispositions compared with $1.8 million in gains in the preceding quarter. 

Operating revenues were $1.9 million higher primarily due to additional aircraft on contract and increased flight hours in the U.S. Gulf of Mexico and the start of seasonal activities in Alaska. Operating revenues from contract-leasing activities were lower due to the deferral of revenues from two customers as a result of the customers' short-term liquidity issues. Operating revenues from air medical services were lower due to the conclusion of a long-term hospital contract.

Operating expenses were lower in the second quarter primarily due to the recognition of $4.9 million in power-by-hour credits, partially offset by higher wage and benefit and fuel costs related to increased activity levels as described above.

Administrative and general expenses were $2.5 million lower in the second quarter primarily due to the recognition in the first quarter of previously deferred legal and professional expenses associated with a contemplated public offering. Depreciation and amortization expenses were $10.5 million in the second quarter, an increase of $0.8 million primarily due to net fleet additions.

Inland River Services - Operating income was $5.7 million on operating revenues of $53.3 million compared with operating income of $9.2 million on operating revenues of $53.5 million in the preceding quarter. Second quarter results included $0.9 million in gains on asset dispositions compared with $1.9 million in gains in the preceding quarter. Operating results for the pooled hopper barge fleet were lower in the second quarter primarily due to poor river conditions and continuing weak demand for barge freight primarily on grain exports.

Marine Transportation Services - Operating income was $0.5 million on operating revenues of $25.8 million compared with operating income of $2.4 million on operating revenues of $26.3 million in the preceding quarter. Operating results for the U.S.-flag product tanker fleet were lower in the second quarter primarily due to 21 days of out-of-service time and $1.6 million of expenses related to topside repairs on the Seabulk Arctic. Operating results for the foreign flag Roll-on/Roll-off vessels were lower primarily due to higher port charges and legal fees.

Emergency and Crisis Services - As noted above, the Company sold part of its Environmental Services business segment in March 2012. The remaining business within the segment, renamed Emergency and Crisis Services, reported an operating loss of $2.1 million on operating revenues of $8.4 million compared with an operating loss of $0.4 million on operating revenues of $10.2 million in the preceding quarter. The reduction in operating income was primarily due to higher legal and administrative costs, including an investment in marketing and business development activities, and a reduction in activity associated with the Deepwater Horizon incident and debris monitoring.

Commodity Trading and Logistics - Segment profit was $3.0 million on operating revenues of $206.7 million compared with segment profit of $5.6 million on operating revenues of $209.7 million in the preceding quarter. Segment results in the preceding quarter included the recognition of a $6.0 million gain, net of tax, arising from the Company's acquisition of a controlling interest in its alcohol manufacturing joint venture. Results from this joint venture were consolidated effective February 1, 2012. Excluding this gain, segment profit was higher in the second quarter primarily due to improved results from merchandising and trading activities.

Other - Other, primarily Harbor and Offshore Towing Services, reported operating income of $3.0 million on operating revenues of $17.6 million compared with operating income of $3.2 million on operating revenues of $19.9 million in the preceding quarter. Second quarter results included $1.9 million in gains on asset dispositions relating to the sale of two harbor tugs. Operating results were lower in the second quarter primarily due to decreased port traffic and the conclusion of a short-term contract on the U.S. West Coast.

Corporate and Eliminations - Administrative and general expenses were $7.5 million compared with $9.0 million in the preceding quarter. The decrease was primarily due to lower management bonus accruals.

Stock Repurchases - During the second quarter, the Company purchased 199,766 shares of its common stock at an average price of $87.22 per share. As of June 30, 2012, 20,947,558 shares of SEACOR's common stock remained outstanding.

Equipment Acquisitions - During the six months ended June 30, 2012, capital expenditures were $186.5 million. Equipment deliveries during that period included one offshore support vessel, one wind farm utility vessel, three inland river dry cargo barges, two liquid tank barges, one inland river towboat and 13 helicopters.

Capital Commitments - The Company's unfunded capital commitments as of June 30, 2012 were $377.6 million and consisted of: eleven offshore support vessels for $148.7 million; an interest in a jack-up drilling rig for $31.2 million; twelve helicopters for $139.3 million; seven inland river tank barges for $16.2 million; an interest in a river grain terminal for $1.3 million; four harbor tugs for $28.5 million; and other equipment and improvements for $12.4 million. Of these commitments, $110.2 million is payable during 2012 with the balance payable through 2016 and $123.0 million may be terminated without further liability other than the payment of liquidated damages of $3.3 million. Subsequent to June 30, 2012, the Company committed to purchase three inland river towboats for $11.4 million and notified the lessee of its intent to purchase three harbor tugs currently operating under capital leases for $3.9 million. As of June 30, 2012, the Company held balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and Title XI reserve funds totaling $544.6 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, crisis and emergency management preparedness and response solutions, 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. SEACOR is publicly traded on the New York Stock Exchange (NYSE) under the symbol CKH.

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 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, 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, safety issues experienced by a particular helicopter model that could result in customers refusing to use that helicopter model or a regulatory body grounding that helicopter model, which also could permanently devalue that helicopter model, 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, dependence of emergency response revenue on the number and size of events and upon continuing government regulation in this area and Emergency and Crisis Services' ability to comply with such regulation and other governmental regulation, liability in connection with providing emergency 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.

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

   
   
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share data, unaudited)
 
   
    Three Months Ended     Six Months Ended  
    June 30,     June 30,  
    2012     2011     2012     2011  
Operating Revenues   $ 494,422     $ 509,283     $ 992,307     $ 947,294  
Costs and Expenses:                                
    Operating     403,210       409,365       787,322       751,108  
    Administrative and general     45,120       39,170       91,298       80,824  
    Depreciation and amortization     43,685       39,330       83,012       77,660  
      492,015       487,865       961,632       909,592  
Gains on Asset Dispositions and Impairments, Net     4,419       10,301       9,961       17,556  
                                 
Operating Income     6,826       31,719       40,636       55,258  
                                 
Other Income (Expense):                                
  Interest income     7,641       3,297       10,617       7,029  
  Interest expense     (12,413 )     (10,465 )     (24,437 )     (20,505 )
  Debt extinguishment losses, net     --       --       (160 )     (48 )
  Marketable security gains (losses), net     11,596       (4,754 )     14,954       (3,220 )
  Derivative gains (losses), net     3,487       (6,601 )     (632 )     (9,919 )
  Foreign currency gains (losses), net     (992 )     1,416       1,560       6,475  
  Other, net     443       (56 )     389       (234 )
      9,762       (17,163 )     2,291       (20,422 )
Income from Continuing Operations Before Income Tax Expense and Equity In Earnings of 50% or Less Owned Companies     16,588       14,556       42,927       34,836  
Income Tax Expense     5,975       5,877       16,583       13,550  
Income from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies     10,613       8,679       26,344       21,286  
Equity in Earnings of 50% or Less Owned Companies, Net of Tax     1,051       872       2,293       914  
Income from Continuing Operations     11,664       9,551       28,637       22,200  
Income (Loss) from Discontinued Operations, Net of Tax     (365 )     (184 )     19,035       (1,364 )
Net Income     11,299       9,367       47,672       20,836  
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries     50       336       (65 )     635  
Net Income attributable to SEACOR Holdings Inc.   $ 11,249     $ 9,031     $ 47,737     $ 20,201  
                                 
Net Income (Loss) attributable to SEACOR Holdings Inc.:                                
  Continuing operations   $ 11,614     $ 9,215     $ 28,702     $ 21,565  
  Discontinued operations     (365 )     (184 )     19,035       (1,364 )
    $ 11,249     $ 9,031     $ 47,737     $ 20,201  
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:                                
  Continuing operations   $ 0.56     $ 0.44     $ 1.40     $ 1.02  
  Discontinued operations     (0.01 )     (0.01 )     0.92       (0.06 )
    $ 0.55     $ 0.43     $ 2.32     $ 0.96  
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:                                
  Continuing operations   $ 0.56     $ 0.43     $ 1.37     $ 1.00  
  Discontinued operations     (0.02 )     (0.01 )     0.92       (0.06 )
    $ 0.54     $ 0.42     $ 2.29     $ 0.94  
Weighted Average Common Shares Outstanding:                                
  Basic     20,584,567       21,166,037       20,552,114       21,135,557  
  Diluted     20,871,380       21,517,725       20,883,570       21,478,759  
                                   
                                   
                                   
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data, unaudited)
 
   
    Three Months Ended  
    Jun. 30, 2012     Mar. 31, 2012     Dec. 31, 2011     Sep. 30, 2011     Jun. 30, 2011  
Operating Revenues   $ 494,422     $ 497,885     $ 518,954     $ 545,089     $ 509,283  
Costs and Expenses:                                        
  Operating     403,210       384,112       412,042       455,442       409,365  
  Administrative and general     45,120       46,178       50,731       35,387       39,170  
  Depreciation and amortization     43,685       39,327       35,395       36,437       39,330  
      492,015       469,617       498,168       527,266       487,865  
Gains on Asset Dispositions and Impairments, Net     4,419       5,542       5,469       10,986       10,301  
Operating Income     6,826       33,810       26,255       28,809       31,719  
Other Income (Expense):                                        
  Interest income     7,641       2,976       1,127       5,462       3,297  
  Interest expense     (12,413 )     (12,024 )     (10,027 )     (10,711 )     (10,465 )
  Debt extinguishment losses, net     --       (160 )     --       (51 )     --  
  Marketable security gains (losses), net     11,596       3,358       (4,803 )     130       (4,754 )
  Derivative gains (losses), net     3,487       (4,119 )     (262 )     (25,954 )     (6,601 )
  Foreign currency gains (losses), net     (992 )     2,552       (2,600 )     (3,126 )     1,416  
  Other, net     443       (54 )     1,133       (39 )     (56 )
      9,762       (7,471 )     (15,432 )     (34,289 )     (17,163 )
Income (Loss) from Continuing Operations Before Income Tax Expense (Benefit) and Equity In Earnings (Losses) of 50% or Less Owned Companies     16,588       26,339       10,823       (5,480 )     14,556  
Income Tax Expense (Benefit)     5,975       10,608       2,645       (669 )     5,877  
Income (Loss) from Continuing Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies     10,613       15,731       8,178       (4,811 )     8,679  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax     1,051       1,242       (579 )     9,655       872  
Income from Continuing Operations     11,664       16,973       7,599       4,844       9,551  
Income (Loss) from Discontinued Operations, Net of Tax     (365 )     19,400       9,653       (782 )     (184 )
Net Income     11,299       36,373       17,252       4,062       9,367  
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries     50       (115 )     212       247       336  
Net Income attributable to SEACOR Holdings Inc.   $ 11,249     $ 36,488     $ 17,040     $ 3,815     $ 9,031  
                                         
Net Income (Loss) attributable to SEACOR Holdings Inc.:                                  
  Continuing operations   $ 11,614     $ 17,088     $ 7,387     $ 4,597     $ 9,215  
  Discontinued operations     (365 )     19,400       9,653       (782 )     (184 )
    $ 11,249     $ 36,488     $ 17,040     $ 3,815     $ 9,031  
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:                                  
  Continuing operations   $ 0.56     $ 0.83     $ 0.35     $ 0.22     $ 0.44  
  Discontinued operations     (0.01 )     0.95       0.46       (0.04 )     (0.01 )
    $ 0.55     $ 1.78     $ 0.81     $ 0.18     $ 0.43  
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:                                  
  Continuing operations   $ 0.56     $ 0.82     $ 0.35     $ 0.21     $ 0.43  
  Discontinued operations     (0.02 )     0.93       0.45       (0.03 )     (0.01 )
    $ 0.54     $ 1.75     $ 0.80     $ 0.18     $ 0.42  
Weighted Average Common Shares of Outstanding:                                        
  Basic     20,585       20,520       21,005       21,202       21,166  
  Diluted     20,871       20,893       21,354       21,565       21,518  
Common Shares Outstanding at Period End     20,948       21,114       20,933       21,715       21,679  
                                         
                                         
                                         
SEACOR HOLDINGS INC.
SEGMENT INFORMATION
(in thousands, unaudited)
 
   
    Three Months Ended  
    Jun. 30, 2012     Mar. 31, 2012     Dec. 31, 2011     Sep. 30, 2011     Jun. 30, 2011  
Offshore Marine Services                              
Operating Revenues   $ 123,276     $ 121,086     $ 109,781     $ 93,277     $ 93,386  
Costs and Expenses:                                        
  Operating     94,084       75,340       69,484       68,457       68,242  
  Administrative and general     13,146       11,856       13,666       10,687       11,078  
  Depreciation and amortization     15,859       12,882       11,954       11,785       12,205  
      123,089       100,078       95,104       90,929       91,525  
Gains on Asset Dispositions     624       1,845       1,449       5,241       3,607  
Operating Income     811       22,853       16,126       7,589       5,468  
Other Income (Expense):                                        
  Foreign currency gains (losses), net     (354 )     1,123       (1,290 )     (2,129 )     (408 )
  Other, net     11       --       272       6       --  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax     1,001       1,829       (500 )     8,754       200  
Segment Profit   $ 1,469     $ 25,805     $ 14,608     $ 14,220     $ 5,260  
                                         
Aviation Services                                        
Operating Revenues   $ 62,985     $ 61,052     $ 61,696     $ 71,804     $ 68,493  
Costs and Expenses:                                        
  Operating     39,002       39,676       41,084       45,701       42,457  
  Administrative and general     7,195       9,677       11,803       6,841       6,229  
  Depreciation and amortization     10,464       9,630       9,210       9,093       12,390  
      56,661       58,983       62,097       61,635       61,076  
Gains on Asset Dispositions and Impairments, Net     1,077       1,765       1,912       4,894       6,172  
Operating Income     7,401       3,834       1,511       15,063       13,589  
Other Income (Expense):                                        
  Derivative losses, net     (180 )     (124 )     (18 )     (807 )     (811 )
  Foreign currency gains (losses), net     (12 )     917       (80 )     (95 )     338  
  Other, net     --       30       9       --       --  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax     756       (6,419 )     (979 )     106       1,054  
Segment Profit (Loss)   $ 7,965     $ (1,762 )   $ 443     $ 14,267     $ 14,170  
                                         
Inland River Services                                        
Operating Revenues   $ 53,302     $ 53,490     $ 51,871     $ 47,875     $ 41,442  
Costs and Expenses:                                        
  Operating     37,463       35,183       31,702       31,196       28,717  
  Administrative and general     3,773       3,982       3,270       2,206       3,166  
  Depreciation and amortization     7,244       7,007       5,617       6,464       5,791  
      48,480       46,172       40,589       39,866       37,674  
Gains (Losses) on Asset Dispositions     858       1,927       986       1,303       (22 )
Operating Income     5,680       9,245       12,268       9,312       3,746  
Other Income (Expense):                                        
  Foreign currency losses, net     (71 )     (22 )     --       --       --  
  Other, net     --       --       --       --       3  
Equity in Earnings of 50% or Less Owned Companies, Net of Tax     439       250       955       2,771       666  
Segment Profit   $ 6,048     $ 9,473     $ 13,223     $ 12,083     $ 4,415  
                                         
                                         
                                         
SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
 
   
    Three Months Ended  
    Jun. 30, 2012     Mar. 31, 2012     Dec. 31, 2011     Sep. 30, 2011     Jun. 30, 2011  
Marine Transportation Services                                        
Operating Revenues   $ 25,792     $ 26,283     $ 26,705     $ 24,783     $ 24,336  
Costs and Expenses:                                        
  Operating     16,722       15,758       15,338       15,194       13,584  
  Administrative and general     2,934       2,475       3,257       2,044       2,146  
  Depreciation and amortization     5,666       5,651       5,540       5,833       5,728  
      25,322       23,884       24,135       23,071       21,458  
Gains on Asset Dispositions     --       --       1,125       --       --  
Operating Income     470       2,399       3,695       1,712       2,878  
Other Income (Expense):                                        
  Foreign currency gains (losses), net     (3 )     9       (15 )     (18 )     6  
  Other, net     49       30       87       131       56  
Equity in Losses of 50% or Less Owned Companies, Net of Tax     (774 )     (217 )     (74 )     --       --  
Segment Profit (Loss)   $ (258 )   $ 2,221     $ 3,693     $ 1,825     $ 2,940  
                                         
Emergency and Crisis Services                                        
Operating Revenues   $ 8,439     $ 10,215     $ 16,763     $ 14,080     $ 21,275  
Costs and Expenses:                                        
  Operating     5,808       6,873       10,145       9,141       12,328  
  Administrative and general     4,211       3,254       3,030       2,961       3,555  
  Depreciation and amortization     491       484       486       655       498  
      10,510       10,611       13,661       12,757       16,381  
Gains on Asset Dispositions     --       5       --       7       --  
Operating Income (Loss)     (2,071 )     (391 )     3,102       1,330       4,894  
Other Income (Expense):                                        
  Foreign currency gains (losses), net     (20 )     14       (14 )     17       (7 )
  Other, net     --       --       --       --       2  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net ofTax     147       67       (4 )     --       --  
Segment Profit (Loss)   $ (1,944 )   $ (310 )   $ 3,084     $ 1,347     $ 4,889  
                                         
Commodity Trading and Logistics                                        
Operating Revenues   $ 206,745     $ 209,696     $ 237,177     $ 279,178     $ 245,321  
Costs and Expenses:                                        
  Operating     202,126       203,233       236,664       279,180       237,644  
  Administrative and general     3,411       3,141       1,598       1,944       2,202  
  Depreciation and amortization     1,591       1,060       20       12       12  
      207,128       207,434       238,282       281,136       239,858  
Operating Income (Loss)     (383 )     2,262       (1,105 )     (1,958 )     5,463  
Other Income (Expense):                                        
  Derivative gains (losses), net     3,393       (2,939 )     1,251       (3,063 )     828  
  Foreign currency gains (losses), net     (14 )     79       (28 )     153       (16 )
  Other, net     --       --       (167 )     --       --  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax     --       6,154       1,452       (2,267 )     (1,051 )
Segment Profit (Loss)   $ 2,996     $ 5,556     $ 1,403     $ (7,135 )   $ 5,224  
                                         
                                         
                                         
SEACOR HOLDINGS INC.  
SEGMENT INFORMATION (continued)  
(in thousands, unaudited)  
   
    Three Months Ended  
    Jun. 30, 2012     Mar. 31,
2012
    Dec. 31,
2011
    Sep. 30,
2011
    Jun. 30,
2011
 
Other                                        
Operating Revenues   $ 17,555     $ 19,944     $ 17,730     $ 16,741     $ 17,921  
Costs and Expenses:                                        
  Operating     11,562       11,814       10,274       9,117       9,158  
  Administrative and general     2,996       2,817       3,589       2,523       3,210  
  Depreciation and amortization     1,904       2,158       2,119       2,129       2,237  
      16,462       16,789       15,982       13,769       14,605  
Gains (Losses) on Asset Dispositions     1,860       --       (3 )     (315 )     544  
Operating Income     2,953       3,155       1,745       2,657       3,860  
Other Income (Expense):                                        
  Foreign currency losses, net     (7 )     (16 )     --       (75 )     (24 )
  Other, net     208       --       983       (1 )     --  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax     (518 )     (422 )     (1,429 )     291       3  
Segment Profit   $ 2,636     $ 2,717     $ 1,299     $ 2,872     $ 3,839  
                                         
Corporate and Eliminations                                        
Operating Revenues   $ (3,672 )   $ (3,881 )   $ (2,769 )   $ (2,649 )   $ (2,891 )
Costs and Expenses:                                        
  Operating     (3,557 )     (3,765 )     (2,649 )     (2,544 )     (2,765 )
  Administrative and general     7,454       8,976       10,518       6,181       7,584  
  Depreciation and amortization     466       455       449       466       469  
      4,363       5,666       8,318       4,103       5,288  
Losses on Asset Dispositions and Impairments             --       --       (144 )     --  
Operating Loss   $ (8,035 )   $ (9,547 )   $ (11,087 )   $ (6,896 )   $ (8,179 )
Other Income (Expense):                                        
  Derivative gains (losses), net   $ 274     $ (1,056 )   $ (1,495 )   $ (22,084 )   $ (6,618 )
  Foreign currency gains (losses), net     (511 )     448       (1,173 )     (979 )     1,527  
  Other, net     175       (114 )     (51 )     (175 )     (117 )
                                           
                                           
                                           
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
 
   
  Jun. 30,
2012
  Mar. 31,
2012
  Dec. 31,
2011
  Sep. 30,
2011
  Jun. 30,
2011
 
ASSETS                              
Current Assets:                              
  Cash and cash equivalents $ 301,026   $ 281,977   $ 462,188   $ 301,603   $ 362,825  
  Restricted cash   18,347     25,958     21,281     19,474     12,976  
  Marketable securities   32,821     68,586     66,898     82,978     105,608  
  Receivables:                              
    Trade, net of allowance for doubtful accounts   278,917     299,484     303,843     280,434     277,301  
    Other   66,686     41,699     51,793     51,318     47,852  
  Inventories   72,929     94,329     69,109     70,623     83,119  
  Deferred income taxes   11,123     11,123     11,123     5,136     5,136  
  Prepaid expenses and other   13,968     11,384     9,323     13,704     23,461  
  Discontinued operations   3,551     4,019     44,989     48,984     54,740  
    Total current assets   799,368     838,559     1,040,547     874,254     973,018  
Property and Equipment   3,304,524     3,314,759     3,018,145     2,900,843     2,859,773  
    Accumulated depreciation   (934,092 )   (905,362 )   (867,914 )   (868,986 )   (852,648 )
    Net property and equipment   2,370,432     2,409,397     2,150,231     2,031,857     2,007,125  
Investments, at Equity, and Advances to 50% or Less Owned Companies   323,874     220,772     249,753     243,678     208,021  
Construction Reserve Funds & Title XI Reserve Funds   192,420     259,926     259,974     298,345     314,679  
Goodwill   57,054     57,054     57,054     54,410     54,454  
Intangible Assets, Net   21,116     22,132     21,528     16,055     17,396  
Other Assets, net of allowance for doubtful accounts   81,553     99,113     102,348     97,724     84,588  
Discontinued Operations   --     --     46,699     45,995     46,479  
  $ 3,845,817   $ 3,906,953   $ 3,928,134   $ 3,662,318   $ 3,705,760  
                               
LIABILITIES AND EQUITY                              
Current Liabilities:                              
  Current portion of long-term debt $ 24,546   $ 22,078   $ 41,091   $ 23,138   $ 20,568  
  Current portion of capital lease obligations   4,719     2,289     2,368     1,081     1,064  
  Accounts payable and accrued expenses   131,130     142,410     185,156     170,680     164,359  
  Other current liabilities   160,198     176,558     150,864     191,475     216,031  
  Discontinued operations   (15 )   650     22,047     55,093     64,276  
    Total current liabilities   320,578     343,985     401,526     441,467     466,298  
Long-Term Debt   940,910     976,872     995,450     669,573     690,774  
Capital Lease Obligations   117     2,848     3,068     4,598     4,901  
Deferred Income Taxes   582,780     576,195     566,920     560,484     557,013  
Deferred Gains and Other Liabilities   132,248     135,695     143,390     137,783     145,815  
Discontinued Operations   --     --     9,717     5,780     5,502  
    Total liabilities   1,976,633     2,035,595     2,120,071     1,819,685     1,870,303  
Equity:                              
  SEACOR Holdings Inc. stockholders' equity:                              
    Preferred stock   --     --     --     --     --  
    Common stock   366     366     364     364     363  
    Additional paid-in capital   1,271,617     1,265,708     1,256,209     1,245,436     1,239,502  
    Retained earnings   1,560,416     1,549,167     1,512,679     1,495,639     1,491,824  
    Shares held in treasury, at cost   (987,485 )   (970,023 )   (971,687 )   (900,225 )   (901,460 )
    Accumulated other comprehensive loss, net of tax   (5,831 )   (5,369 )   (7,958 )   (9,644 )   (6,843 )
    1,839,083     1,839,849     1,789,607     1,831,570     1,823,386  
  Noncontrolling interests in subsidiaries   30,101     31,509     18,456     11,063     12,071  
    Total equity   1,869,184     1,871,358     1,808,063     1,842,633     1,835,457  
  $ 3,845,817   $ 3,906,953   $ 3,928,134   $ 3,662,318   $ 3,705,760  
                               
                               
                               
SEACOR HOLDINGS INC.
FLEET COUNTS
(unaudited)
 
    Jun. 30, 2012   Mar. 31, 2012   Dec. 31, 2011   Sep. 30, 2011   Jun. 30, 2011
Offshore Marine Services                    
Anchor handling towing supply   19   19   19   19   19
Crew   48   48   49   50   52
Mini-supply   9   9   8   8   8
Standby safety   25   26   26   27   26
Supply   28   28   30   29   28
Towing supply   3   5   5   5   6
Liftboats   20   20   2   2   2
Specialty   9   9   9   9   9
Wind farm utility   30   30   29   --   --
    191   194   177   149   150
                     
Aviation Services                    
Light helicopters - single engine   59   58   58   60   61
Light helicopters - twin engine   44   46   45   45   44
Medium helicopters   68   66   65   65   65
Heavy helicopters   9   8   7   7   7
    180   178   175   177   177
                     
Inland River Services                    
Inland river dry-cargo barges   1,453   1,479   1,496   1,489   1,492
Inland river liquid tank barges   78   77   77   79   80
Inland river deck barges   20   20   20   20   26
Inland river towboats   31   30   31   31   31
Dry-cargo vessel   1   1   1   1   1
    1,583   1,607   1,625   1,620   1,630
                     
Marine Transportation Services                    
U.S.-flag product tankers   7   7   7   8   8
Foreign flag RORO vessels   8   8   8   8   8
U.S.-flag deck barges   5   --   --   --   --
U.S.-flag RORO barges   2   --   --   --   --
U.S.-flag Articulated tug-barge   1   --   --   --   --
    23   15   15   16   16
                     
Other                    
Harbor and offshore tugs   27   28   28   28   28
Ocean liquid tank barges   5   5   5   5   5
    32   33   33   33   33
                     
                     
                     
SEACOR HOLDINGS INC.
OFFSHORE MARINE SERVICES
TIME CHARTER OPERATING DATA
(unaudited)
 
   
    Three Months Ended  
    Jun. 30, 2012     Mar. 31, 2012     Dec. 31, 2011     Sep. 30, 2011     Jun. 30, 2011  
Rates Per Day Worked:                                        
  Anchor handling towing supply   $ 24,541     $ 30,928     $ 27,187     $ 27,287     $ 32,179  
  Crew     7,134       7,803       7,166       6,728       6,334  
  Mini-supply     7,424       7,409       7,948       7,535       7,494  
  Standby safety     9,679       9,230       9,254       9,302       9,180  
  Supply     14,354       16,662       15,755       15,459       13,561  
  Towing supply     9,269       9,301       8,497       8,809       8,484  
  Specialty     14,557       12,964       17,845       16,172       9,351  
  Liftboats     17,454       --       --       --       --  
  Overall Average Rates Per Day Worked (excluding wind farm utility)     12,068       13,174       12,187       11,318       11,142  
  Wind farm utility     2,802       2,431       --       --       --  
  Overall Average Rates Per Day Worked (including wind Farm utility)     10,019       10,839       12,187       11,318       11,142  
                                         
Utilization:                                        
  Anchor handling towing supply     63 %     77 %     70 %     52 %     53 %
  Crew     84 %     79 %     78 %     75 %     70 %
  Mini-supply     98 %     98 %     96 %     87 %     77 %
  Standby safety     87 %     86 %     90 %     88 %     89 %
  Supply     75 %     84 %     82 %     70 %     74 %
  Towing supply     51 %     48 %     44 %     43 %     33 %
  Specialty     45 %     62 %     70 %     48 %     63 %
  Liftboats     70 %     -- %     -- %     -- %     -- %
  Overall Fleet Utilization (excluding wind farm utility)     77 %     81 %     80 %     72 %     71 %
  Wind farm utility     93 %     86 %     -- %     -- %     -- %
  Overall Fleet Utilization (including wind farm utility)     80 %     82 %     80 %     72 %     71 %
                                         
Available Days:                                        
  Anchor handling towing supply     1,547       1,547       1,564       1,564       1,547  
  Crew     3,276       3,363       3,418       3,487       3,933  
  Mini-supply     637       637       644       644       728  
  Standby safety     2,195       2,275       2,355       2,392       2,291  
  Supply     1,649       1,705       1,798       1,748       1,591  
  Towing supply     360       364       368       368       494  
  Specialty     273       273       276       276       353  
  Liftboats     1,656       --       --       --       --  
  Overall Fleet Available Days (excluding wind farm utility)     11,593       10,164       10,423       10,479       10,937  
  Wind farm utility     2,730       2,647       --       --       --  
  Overall Fleet Available Days (including wind farm utility)     14,323       12,811       10,423       10,479       10,937  

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