SOURCE: SEACOR Holdings Inc.

SEACOR Holdings Inc.

October 30, 2012 18:27 ET

SEACOR Holdings Announces Results for the Third Quarter Ended September 30, 2012

FORT LAUDERDALE, FL--(Marketwire - Oct 30, 2012) - SEACOR Holdings Inc. (NYSE: CKH) today announced its results for the third quarter ended September 30, 2012. Net income attributable to SEACOR Holdings Inc. for the quarter ended September 30, 2012 was $16.1 million, or $0.78 per diluted share. For the nine months ended September 30, 2012, net income attributable to SEACOR Holdings Inc. was $63.8 million, or $3.06 per diluted share, including net income from discontinued operations of $19.0 million, or $0.91 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 June 30, 2012, net income attributable to SEACOR Holdings Inc. 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. A comparison of results for the quarter ended September 30, 2012 with the preceding quarter ended June 30, 2012 is included in the "Highlights for the Quarter" discussion below.

For the quarter ended September 30, 2011, net income attributable to SEACOR Holdings Inc. was $3.8 million, or $0.18 per diluted share, including a net loss from discontinued operations of $0.8 million, or $0.03 per diluted share. For the nine months ended September 30, 2011, net income attributable to SEACOR Holdings Inc. was $24.0 million, or $1.12 per diluted share, including a net loss from discontinued operations of $2.1 million, or $0.10 per diluted share.

Highlights for the Quarter

Offshore Marine Services - Operating income was $21.2 million on operating revenues of $134.3 million compared with operating income of $0.8 million on operating revenues of $123.3 million in the preceding quarter. 

In the U.S. Gulf of Mexico, operating income was $13.3 million higher in the third quarter, of which $9.1 million was due to an increased contribution from the Company's liftboat fleet and $4.6 million was due to gains on asset dispositions, of which $4.1 million had been deferred in prior periods. The liftboat fleet contributed an additional $6.8 million of time charter revenues primarily due to reduced drydocking activity and the positive impact of seasonal market conditions. Time charter revenues for the other vessel classes declined by $0.8 million in total during the current quarter. In overall terms including liftboats, fleet utilization was 77.3% compared with 71.1% in the preceding quarter and average day rates increased from $12,610 per day to $13,394 per day. During the quarter, the Company cold-stacked three anchor handling towing supply vessels. As of June 30, 2012, the Company had no vessels in cold-stack. Operating expenses were $3.0 million lower primarily due to reduced drydocking activity.

In international regions, operating income was $7.1 million higher in the third quarter, including higher gains on asset dispositions of $1.4 million. Time charter revenues were $5.0 million higher primarily due to a seasonal time charter in Asia and reduced drydocking activity during the third quarter. Excluding the Company's fleet of wind farm utility vessels, utilization was 86.3% compared with 83.3% in the preceding quarter and average day rates increased from $11,631 per day to $12,162 per day. Operating expenses were $2.2 million lower primarily due to decreased drydocking activity and the cost of vessel mobilizations between geographic regions during the preceding quarter.

In the third quarter, the total number of days available for charter for the Company's fleet, excluding the wind farm utility vessels, decreased by 197 days, or 2% primarily due to net fleet dispositions. Overall utilization increased from 77.4% to 82.0% and overall average day rates increased by 5% from $12,068 per day to $12,718 per day. Time charter operating data by vessel class is presented in the table included herein. During the third quarter, drydocking costs were $4.3 million compared with $10.8 million in the preceding quarter.

Administrative and general expenses were $1.6 million higher in the third quarter primarily due to increased management bonus accruals and higher legal expenses, and an allowance for doubtful accounts provided in connection with a customer bankruptcy.

Aviation Services - Operating income was $11.1 million on operating revenues of $78.0 million compared with operating income of $7.4 million on operating revenues of $63.0 million in the preceding quarter. Third quarter results included $0.6 million in gains on asset dispositions compared with $1.1 million in gains in the preceding quarter. 

Operating revenues were $15.0 million higher primarily due to the recognition of $6.2 million of previously deferred revenues, additional charter flights in response to hurricane activity in the U.S. Gulf of Mexico, additional helicopters placed on contract and seasonal activity in Alaska. 

Operating expenses were $7.2 million higher in the third quarter primarily due to the recognition of $4.9 million in power-by-hour credits in the preceding quarter and higher fuel, insurance and other operating costs in line with increased activity levels.

Administrative and general expenses were $3.1 million higher in the third quarter primarily due to an allowance for doubtful accounts provided in connection with a customer bankruptcy. Depreciation and amortization expenses were $10.9 million in the third quarter, an increase of $0.4 million primarily due to net fleet additions.

Inland River Services - Operating income was $7.7 million on operating revenues of $53.3 million compared with operating income of $5.7 million on operating revenues of $53.3 million in the preceding quarter. Third quarter results included $3.5 million in gains on asset dispositions compared with $0.9 million in gains in the preceding quarter. Operating conditions for the pooled hopper barge fleet continued to be difficult in the third quarter primarily due to poor river conditions and continuing weak demand for barge freight primarily for grain exports. During the third quarter, Inland River Services recognized $2.2 million of equity in losses of 50% or less owned companies, net of tax, primarily from its Argentinian joint venture as a result of difficult operating conditions and provisions for uncertain insurance recoveries related to facility damage sustained in 2011.

Marine Transportation Services - Operating income was $2.0 million on operating revenues of $27.4 million compared with operating income of $0.5 million on operating revenues of $25.8 million in the preceding quarter. Operating results for Marine Transportation Services' U.S.-flag product tanker fleet were $2.3 million higher in the third quarter primarily due to less out-of-service time and lower repair and maintenance expenses. Operating results for its foreign flag Roll-on/Roll-off vessels were $0.8 million lower primarily due to the settlement of a legal dispute.

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 $1.3 million on operating revenues of $9.3 million compared with an operating loss of $2.1 million on operating revenues of $8.4 million in the preceding quarter. The improvement in operating results was primarily due to higher exercise and training activities.

Commodity Trading and Logistics - Segment profit was $0.1 million on operating revenues of $145.7 million compared with segment profit of $3.0 million on operating revenues of $206.7 million in the preceding quarter. Segment profit decreased in the third quarter primarily due to lower results from merchandising and trading activities.

Other - Other reported a segment profit of $6.6 million on operating revenues of $18.0 million compared with segment profit of $2.6 million on operating revenues of $17.6 million in the preceding quarter. Third quarter results included a termination payment of $7.0 million received from one of Harbor and Offshore Towing Services customers following the cancellation of a long-term charter, partially offset by a $1.2 million impairment charge for an aircraft included in the Company's lending and leasing activities.

Corporate and Eliminations - Administrative and general expenses were $8.4 million compared with $7.5 million in the preceding quarter. The increase was primarily due to professional fees incurred in connection with the Company's recently announced intention to spinoff of its Aviation Services business segment.

Stock Repurchases - During the third quarter, the Company purchased 130,368 shares of its common stock at an average price of $86.61 per share. As of September 30, 2012, 20,850,751 shares of SEACOR's common stock remained outstanding.

5.875% Senior Notes due 2012 - On September 28, 2012, the Company made an irrevocable deposit of $171.0 million to its trustee for the extinguishment of the Company's 5.875% Senior Notes at their scheduled maturity on October 1, 2012. As of September 30, 2012, the irrevocable deposit held by the trustee was included in restricted cash.

Equipment Acquisitions - During the nine months ended September 30, 2012, capital expenditures were $257.0 million. Equipment deliveries during that period included two offshore support vessel, one wind farm utility vessel, three inland river dry cargo barges, four liquid tank barges, two inland river towboats and seventeen helicopters.

Capital Commitments - The Company's unfunded capital commitments as of September 30, 2012 were $365.0 million and consisted of: twelve offshore support vessels for $131.4 million; an interest in a jack-up drilling rig for $30.3 million; twelve helicopters for $138.3 million; seven inland river tank barges for $15.1 million; three inland river towboats for $9.4 million; four harbor tugs for $23.0 million; and other equipment and improvements for $14.9 million. In addition, the Company notified the lessee of its intent to purchase two harbor tugs currently operating under capital leases for $2.6 million. Of these commitments, $58.6 million is payable during 2012 with the balance payable through 2016 and $125.0 million may be terminated without further liability other than the payment of liquidated damages of $3.3 million. As of September 30, 2012, the Company held balances of cash, cash equivalents, restricted cash (excluding an irrevocable deposit held by the Company's trustee of $171.0 million), marketable securities, construction reserve funds and Title XI reserve funds totaling $430.4 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, the ability to complete the previously announced intention to spinoff the Aviation Services business, the ability to realize the expected benefits of the intended spinoff of the Aviation Services business and various other matters and factors, many of which are beyond the Company's control. In addition, these statements constitute the Company's cautionary statements under the Private Securities Litigation Reform Act of 1995. It is not possible to predict or identify all such factors. Consequently, the foregoing should not be considered a complete discussion of all potential risks or uncertainties. The words "estimate," "project," "intend," "believe," "plan" and similar expressions are intended to identify forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which the forward-looking statement is based. The forward-looking statements in this release should be evaluated together with the many uncertainties that affect the Company's businesses, particularly those mentioned under "Forward-Looking Statements" in Item 7 on the Company's Form 10-K and SEACOR's periodic reporting on Form 10-Q and Form 8-K (if any), which are incorporated by reference. 

   
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share data, unaudited)
 
   
    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
    2012     2011     2012     2011  
Operating Revenues   $ 462,058     $ 545,089     $ 1,454,365     $ 1,492,383  
Costs and Expenses:                                
    Operating     340,947       455,442       1,128,269       1,206,550  
    Administrative and general     50,460       35,387       141,758       116,211  
    Depreciation and amortization     45,285       36,437       128,297       114,097  
      436,692       527,266       1,398,324       1,436,858  
Gains on Asset Dispositions and Impairments, Net     9,677       10,986       19,638       28,542  
                                 
Operating Income     35,043       28,809       75,679       84,067  
                                 
Other Income (Expense):                                
  Interest income     4,144       5,462       14,761       12,491  
  Interest expense     (12,679 )     (10,711 )     (37,116 )     (31,216 )
  Debt extinguishment losses, net     --       (51 )     (160 )     (99 )
  Marketable security gains (losses), net     (1,730 )     130       13,224       (3,090 )
  Derivative losses, net     (4,649 )     (25,954 )     (5,281 )     (35,873 )
  Foreign currency gains (losses), net     632       (3,126 )     2,192       3,349  
  Other, net     7,098       (39 )     7,487       (273 )
      (7,184 )     (34,289 )     (4,893 )     (54,711 )
Income (Loss) from Continuing Operations Before Income Tax Expense (Benefit) and Equity In Earnings (Losses) of 50% or Less Owned Companies     27,859       (5,480 )     70,786       29,356  
Income Tax Expense (Benefit)     11,277       (669 )     27,860       12,881  
Income (Loss) from Continuing Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies     16,582       (4,811 )     42,926       16,475  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax     (1,078 )     9,655       1,215       10,569  
Income from Continuing Operations     15,504       4,844       44,141       27,044  
Income (Loss) from Discontinued Operations, Net of Tax     --       (782 )     19,035       (2,146 )
Net Income     15,504       4,062       63,176       24,898  
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries     (598 )     247       (663 )     882  
Net Income attributable to SEACOR Holdings Inc.   $ 16,102     $ 3,815     $ 63,839     $ 24,016  
                                 
Net Income (Loss) attributable to SEACOR Holdings Inc.:                                
  Continuing operations   $ 16,102     $ 4,597     $ 44,804     $ 26,162  
  Discontinued operations     --       (782 )     19,035       (2,146 )
    $ 16,102     $ 3,815     $ 63,839     $ 24,016  
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:                                
  Continuing operations   $ 0.79     $ 0.22     $ 2.18     $ 1.24  
  Discontinued operations     --       (0.04 )     0.93       (0.10 )
    $ 0.79     $ 0.18     $ 3.11     $ 1.14  
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:                                
  Continuing operations   $ 0.78     $ 0.21     $ 2.15     $ 1.22  
  Discontinued operations     --       (0.03 )     0.91       (0.10 )
    $ 0.78     $ 0.18     $ 3.06     $ 1.12  
Weighted Average Common Shares Outstanding:                                
  Basic     20,432,997       21,202,480       20,512,118       21,158,110  
  Diluted     20,740,456       21,565,149       20,838,468       21,508,457  
   
   
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data, unaudited)
 
   
    Three Months Ended  
    Sep. 30, 2012     Jun. 30, 2012     Mar. 31, 2012     Dec. 31, 2011     Sep. 30, 2011  
Operating Revenues   $ 462,058     $ 494,422     $ 497,885     $ 518,954     $ 545,089  
Costs and Expenses:                                        
  Operating     340,947       403,210       384,112       412,042       455,442  
  Administrative and general     50,460       45,120       46,178       50,731       35,387  
  Depreciation and amortization     45,285       43,685       39,327       35,395       36,437  
      436,692       492,015       469,617       498,168       527,266  
Gains on Asset Dispositions and Impairments, Net     9,677       4,419       5,542       5,469       10,986  
Operating Income     35,043       6,826       33,810       26,255       28,809  
Other Income (Expense):                                        
  Interest income     4,144       7,641       2,976       1,127       5,462  
  Interest expense     (12,679 )     (12,413 )     (12,024 )     (10,027 )     (10,711 )
  Debt extinguishment losses, net     --       --       (160 )     --       (51 )
  Marketable security gains (losses), net     (1,730 )     11,596       3,358       (4,803 )     130  
  Derivative gains (losses), net     (4,649 )     3,487       (4,119 )     (262 )     (25,954 )
  Foreign currency gains (losses), net     632       (992 )     2,552       (2,600 )     (3,126 )
  Other, net     7,098       443       (54 )     1,133       (39 )
      (7,184 )     9,762       (7,471 )     (15,432 )     (34,289 )
Income (Loss) from Continuing Operations Before Income Tax Expense (Benefit) and Equity In Earnings (Losses) of 50% or Less Owned Companies     27,859       16,588       26,339       10,823       (5,480 )
Income Tax Expense (Benefit)     11,277       5,975       10,608       2,645       (669 )
Income (Loss) from Continuing Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies     16,582       10,613       15,731       8,178       (4,811 )
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax     (1,078 )     1,051       1,242       (579 )     9,655  
Income from Continuing Operations     15,504       11,664       16,973       7,599       4,844  
Income (Loss) from Discontinued Operations, Net of Tax     --       (365 )     19,400       9,653       (782 )
Net Income     15,504       11,299       36,373       17,252       4,062  
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries     (598 )     50       (115 )     212       247  
Net Income attributable to SEACOR Holdings Inc.   $ 16,102     $ 11,249     $ 36,488     $ 17,040     $ 3,815  
                                         
Net Income (Loss) attributable to SEACOR Holdings Inc.:                                        
  Continuing operations   $ 16,102     $ 11,614     $ 17,088     $ 7,387     $ 4,597  
  Discontinued operations     --       (365 )     19,400       9,653       (782 )
    $ 16,102     $ 11,249     $ 36,488     $ 17,040     $ 3,815  
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:                                        
  Continuing operations   $ 0.79     $ 0.56     $ 0.83     $ 0.35     $ 0.22  
  Discontinued operations     --       (0.01 )     0.95       0.46       (0.04 )
    $ 0.79     $ 0.55     $ 1.78     $ 0.81     $ 0.18  
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:                                        
  Continuing operations   $ 0.78     $ 0.56     $ 0.82     $ 0.35     $ 0.21  
  Discontinued operations     --       (0.02 )     0.93       0.45       (0.03 )
    $ 0.78     $ 0.54     $ 1.75     $ 0.80     $ 0.18  
Weighted Average Common Shares of Outstanding:                                        
  Basic     20,433       20,585       20,520       21,005       21,202  
  Diluted     20,740       20,871       20,893       21,354       21,565  
Common Shares Outstanding at Period End     20,851       20,948       21,114       20,933       21,715  
   
   
SEACOR HOLDINGS INC.
SEGMENT INFORMATION
(in thousands, unaudited)
 
   
    Three Months Ended  
    Sep. 30, 2012     Jun. 30, 2012     Mar. 31, 2012     Dec. 31, 2011     Sep. 30, 2011  
Offshore Marine Services                                        
Operating Revenues   $ 134,322     $ 123,276     $ 121,086     $ 109,781     $ 93,277  
Costs and Expenses:                                        
  Operating     88,842       94,084       75,340       69,484       68,457  
  Administrative and general     14,795       13,146       11,856       13,666       10,687  
  Depreciation and amortization     16,051       15,859       12,882       11,954       11,785  
      119,688       123,089       100,078       95,104       90,929  
Gains on Asset Dispositions     6,585       624       1,845       1,449       5,241  
Operating Income     21,219       811       22,853       16,126       7,589  
Other Income (Expense):                                        
  Foreign currency gains (losses), net     717       (354 )     1,123       (1,290 )     (2,129 )
  Other, net     --       11       --       272       6  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax     1,238       1,001       1,829       (500 )     8,754  
Segment Profit   $ 23,174     $ 1,469     $ 25,805     $ 14,608     $ 14,220  
                                         
Aviation Services                                        
Operating Revenues   $ 77,989     $ 62,985     $ 61,052     $ 61,696     $ 71,804  
Costs and Expenses:                                        
  Operating     46,235       39,002       39,676       41,084       45,701  
  Administrative and general     10,338       7,195       9,677       11,803       6,841  
  Depreciation and amortization     10,937       10,464       9,630       9,210       9,093  
      67,510       56,661       58,983       62,097       61,635  
Gains on Asset Dispositions and Impairments, Net     613       1,077       1,765       1,912       4,894  
Operating Income     11,092       7,401       3,834       1,511       15,063  
Other Income (Expense):                                        
  Derivative losses, net     (188 )     (180 )     (124 )     (18 )     (807 )
  Foreign currency gains (losses), net     (272 )     (12 )     917       (80 )     (95 )
  Other, net     --       --       30       9       --  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax     219       756       (6,419 )     (979 )     106  
Segment Profit (Loss)   $ 10,851     $ 7,965     $ (1,762 )   $ 443     $ 14,267  
                                         
Inland River Services                                        
Operating Revenues   $ 53,293     $ 53,302     $ 53,490     $ 51,871     $ 47,875  
Costs and Expenses:                                        
  Operating     38,320       37,463       35,183       31,702       31,196  
  Administrative and general     3,480       3,773       3,982       3,270       2,206  
  Depreciation and amortization     7,335       7,244       7,007       5,617       6,464  
      49,135       48,480       46,172       40,589       39,866  
Gains on Asset Dispositions     3,503       858       1,927       986       1,303  
Operating Income     7,661       5,680       9,245       12,268       9,312  
Other Income (Expense):                                        
  Foreign currency gains (losses), net     33       (71 )     (22 )     --       --  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax     (2,227 )     439       250       955       2,771  
Segment Profit   $ 5,467     $ 6,048     $ 9,473     $ 13,223     $ 12,083  
   
   
SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
 
   
    Three Months Ended  
    Sep. 30, 2012     Jun. 30, 2012     Mar. 31, 2012     Dec. 31, 2011     Sep. 30, 2011  
Marine Transportation Services                                        
Operating Revenues   $ 27,354     $ 25,792     $ 26,283     $ 26,705     $ 24,783  
Costs and Expenses:                                        
  Operating     15,584       16,722       15,758       15,338       15,194  
  Administrative and general     4,301       2,934       2,475       3,257       2,044  
  Depreciation and amortization     5,639       5,666       5,651       5,540       5,833  
      25,524       25,322       23,884       24,135       23,071  
Gains on Asset Dispositions     145       --       --       1,125       --  
Operating Income     1,975       470       2,399       3,695       1,712  
Other Income (Expense):                                        
  Foreign currency gains (losses), net     10       (3 )     9       (15 )     (18 )
  Other, net     4       49       30       87       131  
Equity in Losses of 50% or Less Owned Companies, Net of Tax     (551 )     (774 )     (217 )     (74 )     --  
Segment Profit (Loss)   $ 1,438     $ (258 )   $ 2,221     $ 3,693     $ 1,825  
                                         
Emergency and Crisis Services                                        
Operating Revenues   $ 9,267     $ 8,439     $ 10,215     $ 16,763     $ 14,080  
Costs and Expenses:                                        
  Operating     5,871       5,808       6,873       10,145       9,141  
  Administrative and general     4,256       4,211       3,254       3,030       2,961  
  Depreciation and amortization     483       491       484       486       655  
      10,610       10,510       10,611       13,661       12,757  
Gains on Asset Dispositions     --       --       5       --       7  
Operating Income (Loss)     (1,343 )     (2,071 )     (391 )     3,102       1,330  
Other Income (Expense):                                        
  Foreign currency gains (losses), net     26       (20 )     14       (14 )     17  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax     72       147       67       (4 )     --  
Segment Profit (Loss)   $ (1,245 )   $ (1,944 )   $ (310 )   $ 3,084     $ 1,347  
                                         
Commodity Trading and Logistics                                        
Operating Revenues   $ 145,725     $ 206,745     $ 209,696     $ 237,177     $ 279,178  
Costs and Expenses:                                        
  Operating     137,281       202,126       203,233       236,664       279,180  
  Administrative and general     2,236       3,411       3,141       1,598       1,944  
  Depreciation and amortization     1,641       1,591       1,060       20       12  
      141,158       207,128       207,434       238,282       281,136  
Operating Income (Loss)     4,567       (383 )     2,262       (1,105 )     (1,958 )
Other Income (Expense):                                        
  Derivative gains (losses), net     (4,304 )     3,393       (2,939 )     1,251       (3,063 )
  Foreign currency gains (losses), net     (183 )     (14 )     79       (28 )     153  
  Other, net     --       --       --       (167 )     --  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax     (1 )     --       6,154       1,452       (2,267 )
Segment Profit (Loss)   $ 79     $ 2,996     $ 5,556     $ 1,403     $ (7,135 )
   
   
SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
 
   
    Three Months Ended  
    Sep. 30, 2012     Jun. 30, 2012     Mar. 31,
2012
    Dec. 31,
2011
    Sep. 30,
2011
 
Other                                        
Operating Revenues   $ 17,986     $ 17,555     $ 19,944     $ 17,730     $ 16,741  
Costs and Expenses:                                        
  Operating     12,543       11,562       11,814       10,274       9,117  
  Administrative and general     2,655       2,996       2,817       3,589       2,523  
  Depreciation and amortization     2,345       1,904       2,158       2,119       2,129  
      17,543       16,462       16,789       15,982       13,769  
Gains (Losses) on Asset Dispositions and Impairments, Net     (1,169 )     1,860       --       (3 )     (315 )
Operating Income (Loss)     (726 )     2,953       3,155       1,745       2,657  
Other Income (Expense):                                        
  Foreign currency gains (losses), net     6       (7 )     (16 )     --       (75 )
  Other, net     7,141       208       --       983       (1 )
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax     172       (518 )     (422 )     (1,429 )     291  
Segment Profit   $ 6,593     $ 2,636     $ 2,717     $ 1,299     $ 2,872  
                                         
Corporate and Eliminations                                        
Operating Revenues   $ (3,878 )   $ (3,672 )   $ (3,881 )   $ (2,769 )   $ (2,649 )
Costs and Expenses:                                        
  Operating     (3,729 )     (3,557 )     (3,765 )     (2,649 )     (2,544 )
  Administrative and general     8,399       7,454       8,976       10,518       6,181  
  Depreciation and amortization     854       466       455       449       466  
      5,524       4,363       5,666       8,318       4,103  
Losses on Asset Impairments     --       --       --       --       (144 )
Operating Loss   $ (9,402 )   $ (8,035 )   $ (9,547 )   $ (11,087 )   $ (6,896 )
Other Income (Expense):                                        
  Derivative gains (losses), net   $ (157 )   $ 274     $ (1,056 )   $ (1,495 )   $ (22,084 )
  Foreign currency gains (losses), net     295       (511 )     448       (1,173 )     (979 )
  Other, net     (47 )     175       (114 )     (51 )     (175 )
   
   
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
 
   
  Sep. 30,
2012
  Jun. 30,
2012
  Mar. 31,
2012
  Dec. 31,
2011
  Sep. 30,
2011
 
ASSETS                              
Current Assets:                              
  Cash and cash equivalents $ 207,542   $ 301,026   $ 281,977   $ 462,188   $ 301,603  
  Restricted cash   191,782     18,347     25,958     21,281     19,474  
  Marketable securities   22,134     32,821     68,586     66,898     82,978  
  Receivables:                              
    Trade, net of allowance for doubtful accounts   312,993     278,917     299,484     303,843     280,434  
    Other   69,126     66,686     41,699     51,793     51,318  
  Inventories   77,858     72,929     94,329     69,109     70,623  
  Deferred income taxes   11,123     11,123     11,123     11,123     5,136  
  Prepaid expenses and other   16,203     13,968     11,384     9,323     13,704  
  Discontinued operations   3,025     3,551     4,019     44,989     48,984  
    Total current assets   911,786     799,368     838,559     1,040,547     874,254  
Property and Equipment   3,379,826     3,304,524     3,314,759     3,018,145     2,900,843  
    Accumulated depreciation   (976,605 )   (934,092 )   (905,362 )   (867,914 )   (868,986 )
    Net property and equipment   2,403,221     2,370,432     2,409,397     2,150,231     2,031,857  
Investments, at Equity, and Advances to 50% or Less Owned Companies   266,589     323,874     220,772     249,753     243,678  
Construction Reserve Funds & Title XI Reserve Funds   179,932     192,420     259,926     259,974     298,345  
Goodwill   57,054     57,054     57,054     57,054     54,410  
Intangible Assets, Net   19,931     21,116     22,132     21,528     16,055  
Other Assets   78,723     81,553     99,113     102,348     97,724  
Discontinued Operations   --     --     --     46,699     45,995  
  $ 3,917,236   $ 3,845,817   $ 3,906,953   $ 3,928,134   $ 3,662,318  
                               
LIABILITIES AND EQUITY                              
Current Liabilities:                              
  Current portion of long-term debt $ 196,326   $ 24,546   $ 22,078   $ 41,091   $ 23,138  
  Current portion of capital lease obligations   4,442     4,719     2,289     2,368     1,081  
  Accounts payable and accrued expenses   152,948     131,130     142,410     185,156     170,680  
  Other current liabilities   143,255     160,198     176,558     150,864     191,475  
  Discontinued operations   (309 )   (15 )   650     22,047     55,093  
    Total current liabilities   496,662     320,578     343,985     401,526     441,467  
Long-Term Debt   813,322     940,910     976,872     995,450     669,573  
Capital Lease Obligations   87     117     2,848     3,068     4,598  
Deferred Income Taxes   602,195     582,780     576,195     566,920     560,484  
Deferred Gains and Other Liabilities   121,486     132,248     135,695     143,390     137,783  
Discontinued Operations   --     --     --     9,717     5,780  
    Total liabilities   2,033,752     1,976,633     2,035,595     2,120,071     1,819,685  
Equity:                              
  SEACOR Holdings Inc. stockholders' equity:                              
    Preferred stock   --     --     --     --     --  
    Common stock   366     366     366     364     364  
    Additional paid-in capital   1,277,751     1,271,617     1,265,708     1,256,209     1,245,436  
    Retained earnings   1,576,518     1,560,416     1,549,167     1,512,679     1,495,639  
    Shares held in treasury, at cost   (997,541 )   (987,485 )   (970,023 )   (971,687 )   (900,225 )
    Accumulated other comprehensive loss, net of tax   (3,604 )   (5,831 )   (5,369 )   (7,958 )   (9,644 )
      1,853,490     1,839,083     1,839,849     1,789,607     1,831,570  
  Noncontrolling interests in subsidiaries   29,994     30,101     31,509     18,456     11,063  
    Total equity   1,883,484     1,869,184     1,871,358     1,808,063     1,842,633  
  $ 3,917,236   $ 3,845,817   $ 3,906,953   $ 3,928,134   $ 3,662,318  
 
 
SEACOR HOLDINGS INC.
FLEET COUNTS
(unaudited)
 
    Sep. 30, 2012   Jun. 30, 2012   Mar. 31, 2012   Dec. 31, 2011   Sep. 30, 2011
Offshore Marine Services                    
Anchor handling towing supply   19   19   19   19   19
Crew   48   48   48   49   50
Mini-supply   9   9   9   8   8
Standby safety   25   25   26   26   27
Supply   25   28   28   30   29
Towing supply   3   3   5   5   5
Liftboats   20   20   20   2   2
Specialty   9   9   9   9   9
Wind farm utility   30   30   30   29   --
    188   191   194   177   149
                     
Aviation Services                    
Light helicopters - single engine   59   59   58   58   60
Light helicopters - twin engine   41   44   46   45   45
Medium helicopters   69   68   66   65   65
Heavy helicopters   10   9   8   7   7
    179   180   178   175   177
                     
Inland River Services                    
Inland river dry-cargo barges   1,444   1,453   1,479   1,496   1,489
Inland river liquid tank barges   80   78   77   77   79
Inland river deck barges   20   20   20   20   20
Inland river towboats   31   31   30   31   31
Dry-cargo vessel   1   1   1   1   1
    1,576   1,583   1,607   1,625   1,620
                     
Marine Transportation Services                    
U.S.-flag product tankers   7   7   7   7   8
Foreign flag RORO vessels   7   8   8   8   8
U.S.-flag deck barges   5   5   --   --   --
U.S.-flag RORO barges   2   2   --   --   --
U.S.-flag Articulated tug-barge   1   1   --   --   --
    22   23   15   15   16
                     
Other                    
Harbor and offshore tugs   27   27   28   28   28
Ocean liquid tank barges   5   5   5   5   5
    32   32   33   33   33
                     
   
   
SEACOR HOLDINGS INC.
OFFSHORE MARINE SERVICES
TIME CHARTER OPERATING DATA
(unaudited)
 
   
    Three Months Ended  
    Sep. 30, 2012     Jun. 30, 2012     Mar. 31, 2012     Dec. 31, 2011     Sep. 30, 2011  
Rates Per Day Worked:                                        
  Anchor handling towing supply   $ 22,794     $ 24,541     $ 30,928     $ 27,187     $ 27,287  
  Crew     7,267       7,134       7,803       7,166       6,728  
  Mini-supply     7,735       7,424       7,409       7,948       7,535  
  Standby safety     9,806       9,679       9,230       9,254       9,302  
  Supply     16,567       14,354       16,662       15,755       15,459  
  Towing supply     8,265       9,269       9,301       8,497       8,809  
  Specialty     26,195       14,557       12,964       17,845       16,172  
  Liftboats     19,830       17,454       --       --       --  
  Overall Average Rates Per Day Worked (excluding wind farm utility)     12,718       12,068       13,174       12,187       11,318  
  Wind farm utility     2,882       2,802       2,431       --       --  
  Overall Average Rates Per Day Worked     10,552       10,019       10,839       12,187       11,318  
                                         
Utilization:                                        
  Anchor handling towing supply     57 %     63 %     77 %     70 %     52 %
  Crew     94 %     84 %     79 %     78 %     75 %
  Mini-supply     88 %     98 %     98 %     96 %     87 %
  Standby safety     89 %     87 %     86 %     90 %     88 %
  Supply     77 %     75 %     84 %     82 %     70 %
  Towing supply     54 %     51 %     48 %     44 %     43 %
  Specialty     59 %     45 %     62 %     70 %     48 %
  Liftboats     82 %     70 %     -- %     -- %     -- %
  Overall Fleet Utilization (excluding wind farm utility)     82 %     77 %     81 %     80 %     72 %
  Wind farm utility     96 %     93 %     86 %     -- %     -- %
  Overall Fleet Utilization     85 %     80 %     82 %     80 %     72 %
                                         
Available Days:                                        
  Anchor handling towing supply     1,564       1,547       1,547       1,564       1,564  
  Crew     3,233       3,276       3,363       3,418       3,487  
  Mini-supply     644       637       637       644       644  
  Standby safety     2,208       2,195       2,275       2,355       2,392  
  Supply     1,631       1,649       1,705       1,798       1,748  
  Towing supply     184       360       364       368       368  
  Specialty     276       273       273       276       276  
  Liftboats     1,656       1,656       --       --       --  
  Overall Fleet Available Days (excluding wind farm utility)     11,396       11,593       10,164       10,423       10,479  
  Wind farm utility     2,760       2,730       2,647       --       --  
  Overall Fleet Available Days     14,156       14,323       12,811       10,423       10,479  
                                         

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