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