SEACOR Holdings Announces Results for Its Year and Fourth Quarter Ended December 31, 2013

FORT LAUDERDALE, FL--(Marketwired - Mar 3, 2014) - SEACOR Holdings Inc. (NYSE: CKH) today announced its results for its year and fourth quarter ended December 31, 2013.

Highlights

• For the year ended December 31, 2013, net income attributable to SEACOR Holdings Inc. from continuing operations was $47.2 million, or $2.32 per diluted share, compared with $25.3 million, or $1.22 per diluted share, from continuing operations in the preceding year.
  
  
• For the quarter ended December 31, 2013, net income attributable to SEACOR Holdings Inc. from continuing operations was $8.4 million, or $0.41 per diluted share, compared with $30.3 million, or $1.36 per diluted share, from continuing operations in the preceding quarter ended September 30, 2013. Fourth quarter results included a reduction in gains on equipment sales, costs and lost revenues associated with the drydocking of one of the Company's tankers, a seasonal reduction in liftboat fleet activities and equity losses relating to the structural failure of an Argentinian terminal facility. These reductions were partially offset by higher barge pool activity levels arising from the seasonal harvest. A detailed discussion of results by business segment is included below. 
  
  
• The Company made a determination to provide for income taxes relating to the spin-off of Era Group Inc. effective as of January 31, 2013, the date of the spin-off. This provision resulted in an increase in the net loss from discontinued operations for the first quarter of 2013 of $10.1 million and will result in the restatement of the Company's Quarterly Reports on Form 10-Q for the first three fiscal quarters of 2013 to reflect the impact of the tax accrual on its quarterly and year-to-date earnings and balance sheet.
  
  
• During the fourth quarter, the Company issued $230.0 million of its 3.0% Convertible Senior Notes due November 15, 2028.
  
  
• As of December 31, 2013, the Company's unfunded capital commitments were $547.0 million. Subsequent to December 31, 2013, the Company committed to purchase additional equipment for a total of $94.1 million.
  
  
• As of December 31, 2013, the Company's total outstanding long-term debt was $879.4 million.
  
  
• As of December 31, 2013, the Company held balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and Title XI reserve funds totaling $825.6 million.
  
  

Offshore Marine Services - Operating revenues for the fourth quarter were $148.4 million compared with $156.2 million in the preceding quarter. Income from operations for the fourth quarter was $18.8 million compared with $45.8 million in the preceding quarter, including gains on asset dispositions of $3.1 million in the fourth quarter and $15.3 million in the preceding quarter.

In the U.S. Gulf of Mexico, operating revenues were $6.1 million lower in the fourth quarter. Time charter revenues for the Company's liftboat fleet were $5.7 million lower primarily due to seasonal drydocking activity and a reduction of 163 available days following the disposal of two liftboats during the preceding quarter. In keeping with past practice, the Company normally plans for the drydocking of liftboats during the winter months as the demand for the liftboat fleet is typically stronger in the summer months. Time charter revenues for the Company's anchor handling towing supply vessels were $2.9 million lower due to weaker market conditions. Time charter revenues for other vessel classes were $2.9 million higher primarily due to a reduction in drydocking days and the repositioning of a vessel into the region. Utilization was 77.9% compared with 75.9% in the preceding quarter and average day rates decreased from $19,060 per day to $18,224 per day. As of December 31, 2013, the Company had no vessels cold-stacked in the U.S. Gulf of Mexico.

In International regions, operating revenues were $1.7 million lower in the fourth quarter. In West Africa, time charter revenues were $2.3 million lower primarily due to an increase in out-of-service time for drydocking. In Europe, time charter revenues were $1.3 million higher primarily due to an increase in average day rates attributable to several contractual price escalators and a reduction in drydocking days. Excluding wind farm utility vessels, utilization was 85.1% compared with 88.7% in the preceding quarter and average day rates increased from $13,211 per day to $13,250 per day.

Operating expenses were $4.2 million higher in the fourth quarter. Repair and maintenance expenses were $1.6 million higher primarily due to increased expenditure in the U.S. Gulf of Mexico associated with the maintenance of the liftboat fleet. Drydocking expenses were $2.9 million higher primarily due to an increase in drydocking activity in the U.S. Gulf of Mexico and West Africa. Leased-in equipment expense was $2.0 million higher primarily due to higher bareboat charter-in costs in the Middle East. Personnel costs were $2.2 million lower primarily due to the recognition of a $2.7 million charge during the preceding quarter for the Company's share of a funding deficit arising from the March 2012 actuarial valuation of the United Kingdom Merchant Navy Officers' Pension Fund.

Administrative and general expenses were $3.0 million higher in the fourth quarter primarily due to an increase in management bonus awards and higher legal and professional fees.

In the fourth quarter, the total number of days available for charter for the Company's fleet, excluding wind farm utility vessels, decreased by 318 days, or 3%, primarily due to net fleet dispositions. Overall utilization, excluding wind farm utility vessels, decreased from 83.0% to 82.0%. Overall average day rates, excluding wind farm utility vessels, decreased by 2% from $15,677 per day to $15,355 per day. Time charter operating data by vessel class is presented in a table included herein.

During the fourth quarter, the Company sold five offshore support vessels and other equipment for net proceeds of $56.7 million and gains of $14.8 million, of which $3.1 million was recognized and $11.7 million was deferred. During the preceding quarter, the Company sold six offshore support vessels and other equipment for net proceeds of $42.2 million and gains of $15.3 million, all of which was recognized currently.

Equity in earnings of 50% or less owned companies, net of tax, were $1.5 million higher in the fourth quarter primarily due to improved earnings in the Company's Sea-Cat Crewzer joint ventures.

Inland River Services - Income from operations was $12.3 million on operating revenues of $65.4 million in the fourth quarter compared with operating income of $4.8 million on operating revenues of $52.7 million in the preceding quarter. Operating results from the dry cargo barge pool were $9.9 million higher primarily due to higher activity levels as a result of the seasonal harvest in the fourth quarter. The increase was partially offset by a $1.2 million reduction in operating results in the liquid unit tow and 10,000 barrel tank barge operations primarily due to out-of-service time and costs associated with regulatory inspections for liquid tank barges. Operating results from terminal operations were $0.8 million lower primarily due to lower throughput at Gateway Terminals.

Equity in earnings (losses) of 50% or less owned companies were lower in the fourth quarter primarily due to $4.4 million of losses relating to the structural failure of a terminal facility at the Port of Ibicuy, Argentina.

Shipping Services - Income from operations was $5.2 million on operating revenues of $51.4 million in the fourth quarter compared with operating income of $10.1 million on operating revenues of $48.2 million in the preceding quarter. Operating results for tanker operations were $6.4 million lower primarily due to lower operating revenues of $1.3 million for 26 out-of-service days and higher operating expenses of $4.8 million for drydocking. The Company has not scheduled any product tanker drydockings in 2014. Operating results for harbor towing and bunkering included an increase in harbor tug traffic of $1.8 million and lower drydocking expenses of $1.0 million, offset by reduced gains on asset dispositions of $3.1 million. Operating results for liner and short sea transportation were $1.3 million higher primarily due to a seasonal increase in cargo shipping demand.

Equity in earnings (losses) of 50% or less owned companies, net of tax, were $1.8 million higher in the fourth quarter primarily due to a $1.1 million gain, net of tax, on the accretion of the Company's investment in its Very Large Gas Carrier joint venture as a result of a secondary private placement equity offering.

Illinois Corn Processing - ICP reported a segment profit of $2.5 million on operating revenues of $46.9 million in the fourth quarter compared with a segment loss of $0.6 million on operating revenues of $52.6 million in the preceding quarter. The improvement in segment profit was primarily due to significantly higher fuel ethanol margins and increased sales of high quality alcohol.

Corporate and Eliminations - Administrative and general expenses were $3.5 million higher in the fourth quarter compared with the preceding quarter primarily due to higher management bonus accruals.

Marketable security gains (losses), net - Marketable security losses, net of $3.6 million during the fourth quarter consist of unrealized losses on the Company's long and short marketable security positions.

Capital Commitments - As of December 31, 2013, the Company's unfunded capital commitments were $547.0 million and included: 16 offshore support vessels for $112.7 million; 80 inland river dry cargo barges for $40.2 million; six inland river tank barges for $4.7 million; five inland river towboats for $4.7 million; three U.S.-flag product tankers for $374.1 million and other equipment and improvements for $10.6 million. Of these commitments, $304.9 million is payable during 2014, $232.8 million is payable during 2015-2016, and $9.3 million is payable during 2017. Subsequent to December 31, 2013, the Company committed to purchase one U.S.-flag articulated tug-barge and additional equipment for a total of $94.1 million. Expected delivery by vessel class is presented in a table included herein. 

Restatement - As noted above, the Company made a determination to provide for income taxes of $10.1 million relating to the spin-off of Era Group Inc. effective as of January 31, 2013, the date of the spin-off. The Company has restated its results from discontinued operations for the quarter ended March 31, 2013 in the table included in this press release and the Company will file amended versions of its Quarterly Reports on Form 10-Q for each of the first three fiscal quarters of 2013 to restate its financial results for those periods, together with an explanation of the restatements, as soon as reasonably practicable.

For the quarter ended March 31, 2013, SEACOR Holdings Inc. now reports a net loss of $21.0 million, or $1.06 per diluted share, compared with a previously reported net loss of $10.9 million, or $0.55 per diluted share, and now reports a net loss from discontinued operations of $10.2 million, or $0.51 per diluted share, compared with a previously reported net loss from discontinued operations of $0.1 million. Net loss from continuing operations of $10.8 million, or $0.55 per diluted share, remains as previously reported.

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

Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as "anticipate," "estimate," "expect," "project," "intend," "believe," "plan," "target," "forecast" and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management's expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. These statements are not guarantees of future performance and actual events or results may differ significantly from these statements. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, including decreased demand and loss of revenues as a result of additional safety and certification requirements for drilling activities in the U.S. Gulf of Mexico and delayed approval of applications for such activities, the possibility of U.S. government implemented moratoriums directing operators to cease certain drilling activities in the U.S. Gulf of Mexico and any extension of such moratoriums (the "Moratoriums"), weakening demand for the Company's services as a result of unplanned customer suspensions, cancellations, rate reductions or non-renewals of vessel charters or failures to finalize commitments to charter vessels in response to Moratoriums, increased government legislation and regulation of the Company's businesses could increase cost of operations, increased competition if the Jones Act is repealed, liability, legal fees and costs in connection with the past provision of emergency response services, including the Company's involvement in response to the oil spill as a result of the sinking of the Deepwater Horizon in April 2010, decreased demand for the Company's services as a result of declines in the global economy, declines in valuations in the global financial markets and a lack of liquidity in the credit sectors, including, interest rate fluctuations, availability of credit, inflation rates, change in laws, trade barriers, commodity prices and currency exchange fluctuations, the cyclical nature of the oil and gas industry, activity in foreign countries and changes in foreign political, military and economic conditions, changes in foreign and domestic oil and gas exploration and production activity, safety record requirements related to Offshore Marine Services and Shipping Services, decreased demand for Shipping Services due to construction of additional refined petroleum product, natural gas or crude oil pipelines or due to decreased demand for refined petroleum products, crude oil or chemical products or a change in existing methods of delivery, compliance with U.S. and foreign government laws and regulations, including environmental laws and regulations, the dependence of Offshore Marine Services and Shipping Services on several customers, consolidation of the Company's customer base, the ongoing need to replace aging vessels, industry fleet capacity, restrictions imposed by the Shipping Acts on the amount of foreign ownership of the Company's Common Stock, operational risks of Offshore Marine Services, Inland River Services and Shipping Services, effects of adverse weather conditions and seasonality, the level of grain export volume, the effect of fuel prices on barge towing costs, variability in freight rates for inland river barges, the effect of international economic and political factors on Inland River Services' operations, sudden and unexpected changes in commodity prices, futures and options, global weather conditions, political instability, changes in currency exchanges rates, and product availability in agriculture commodity trading and logistics activities, adequacy of insurance coverage, the existence of a material weakness in the Company's internal controls over financial reporting and the Company's ability to remediate such material weakness, the attraction and retention of qualified personnel by the Company, and various other matters and factors, many of which are beyond the Company's control as well as those discussed in Item 1A (Risk Factors) of the Company's Annual report on Form 10-K. In addition, these statements constitute the Company's cautionary statements under the Private Securities Litigation Reform Act of 1995. It should be understood that it is not possible to predict or identify all such factors. Consequently, the preceding should not be considered to be a complete discussion of all potential risks or uncertainties. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any).

SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands, except share data, unaudited)
				Three Months Ended								Twelve Months Ended
				December 31,								December 31,
				2013				2012				2013				2012
Operating Revenues				$	327,861			$	362,368			$	1,247,272			$	1,308,297
Costs and Expenses:
		Operating			228,305				270,500				908,871				977,469
		Administrative and general			39,522				55,942				141,348				166,743
		Depreciation and amortization			33,684				34,398				134,518				131,667
					301,511				360,840				1,184,737				1,275,879
Gains on Asset Dispositions and Impairments, Net					3,957				7,804				37,507				23,987
Operating Income					30,307				9,332				100,042				56,405
Other Income (Expense):
	Interest income				4,802				3,435				15,467				17,360
	Interest expense				(11,310	)			(7,816	)			(42,592	)			(37,891	)
	Debt extinguishment losses, net				--				--				--				(160	)
	Marketable security gains (losses), net				(3,600	)			(333	)			5,803				12,891
	Derivative losses, net				(5,088	)			(378	)			(8,323	)			(2,812	)
	Foreign currency gains (losses), net				(654	)			(34	)			(3,351	)			1,631
	Other, net				(89	)			(309	)			586				7,148
					(15,939	)			(5,435	)			(32,410	)			(1,833	)
Income from Continuing Operations Before Income Tax Expense and Equity in Earnings (Losses) of 50% or Less Owned Companies					14,368				3,897				67,632				54,572
Income Tax Expense					5,441				3,769				26,747				24,181
Income from Continuing Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies					8,927				128				40,885				30,391
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax					193				(12,423	)			7,264				(5,764	)
Income (Loss) from Continuing Operations					9,120				(12,295	)			48,149				24,627
Income (Loss) from Discontinued Operations, Net of Tax					--				9,578				(10,325	)			35,832
Net Income (Loss)					9,120				(2,717	)			37,824				60,459
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries					724				(93	)			854				(756	)
Net Income (Loss) attributable to SEACOR Holdings Inc.				$	8,396			$	(2,624	)		$	36,970			$	61,215
Net Income (Loss) attributable to SEACOR Holdings Inc.:
	Continuing operations			$	8,396			$	(12,242	)		$	47,195			$	25,343
	Discontinued operations				--				9,618				(10,225	)			35,872
				$	8,396			$	(2,624	)		$	36,970			$	61,215
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
	Continuing operations			$	0.42			$	(0.61	)		$	2.37			$	1.24
	Discontinued operations				--				0.48				(0.51	)			1.76
				$	0.42			$	(0.13	)		$	1.86			$	3.00
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
	Continuing operations			$	0.41			$	(0.61	)		$	2.32			$	1.22
	Discontinued operations				--				0.48				(0.50	)			1.73
				$	0.41			$	(0.13	)		$	1.82			$	2.95
Weighted Average Common Shares Outstanding:
	Basic				20,042,846				20,172,582				19,893,954				20,426,770
	Diluted				20,530,165				20,172,582				20,293,287				20,775,896

SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands, except per share data, unaudited)
			Three Months Ended
			Dec. 31, 2013				Sep. 30, 2013				Jun. 30, 2013				Mar. 31, 2013				Dec. 31, 2012
Operating Revenues			$	327,861			$	336,784			$	315,563			$	267,064			$	362,368
Costs and Expenses:
	Operating			228,305				239,540				240,113				200,913				270,500
	Administrative and general			39,522				31,463				34,718				35,645				55,942
	Depreciation and amortization			33,684				33,503				33,783				33,548				34,398
				301,511				304,506				308,614				270,106				360,840
Gains on Asset Dispositions and Impairments, Net				3,957				19,230				12,305				2,015				7,804
Operating Income (Loss)				30,307				51,508				19,254				(1,027	)			9,332
Other Income (Expense):
	Interest income			4,802				4,280				3,218				3,167				3,435
	Interest expense			(11,310	)			(10,520	)			(7,922	)			(12,840	)			(7,816	)
	Marketable security gains (losses), net			(3,600	)			(1,149	)			6,557				3,995				(333	)
	Derivative losses, net			(5,088	)			(303	)			(825	)			(2,107	)			(378	)
	Foreign currency gains (losses), net			(654	)			2,230				(916	)			(4,011	)			(34	)
	Other, net			(89	)			477				195				3				(309	)
				(15,939	)			(4,985	)			307				(11,793	)			(5,435	)
Income (Loss) from Continuing Operations Before Income Tax Expense (Benefit) and Equity In Earnings (Losses) of 50% or Less Owned Companies				14,368				46,523				19,561				(12,820	)			3,897
Income Tax Expense (Benefit)				5,441				15,984				7,975				(2,653	)			3,769
Income (Loss) from Continuing Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies				8,927				30,539				11,586				(10,167	)			128
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax				193				230				7,710				(869	)			(12,423	)
Income (Loss) from Continuing Operations				9,120				30,769				19,296				(11,036	)			(12,295	)
Income (Loss) from Discontinued Operations, Net of Tax				--				--				--				(10,325	)			9,578
Net Income (Loss)				9,120				30,769				19,296				(21,361	)			(2,717	)
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries				724				478				25				(373	)			(93	)
Net Income (Loss) attributable to SEACOR Holdings Inc.			$	8,396			$	30,291			$	19,271			$	(20,988	)		$	(2,624	)
Net Income (Loss) attributable to SEACOR Holdings Inc.:
	Continuing operations		$	8,396			$	30,291			$	19,271			$	(10,763	)		$	(12,242	)
	Discontinued operations			--				--				--				(10,225	)			9,618
			$	8,396			$	30,291			$	19,271			$	(20,988	)		$	(2,624	)
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
	Continuing operations		$	0.42			$	1.52			$	0.97			$	(0.55	)		$	(0.61	)
	Discontinued operations			--				--				--				(0.51	)			0.48
			$	0.42			$	1.52			$	0.97			$	(1.06	)		$	(0.13	)
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
	Continuing operations		$	0.41			$	1.36			$	0.91			$	(0.55	)		$	(0.61	)
	Discontinued operations			--				--				--				(0.51	)			0.48
			$	0.41			$	1.36			$	0.91			$	(1.06	)		$	(0.13	)
Weighted Average Common Shares of Outstanding:
	Basic			20,043				19,965				19,825				19,739				20,173
	Diluted			20,530				24,602				24,392				19,739				20,173
Common Shares Outstanding at Period End				20,382				20,332				20,184				20,106				19,888
Special Cash Dividend Declared and Paid Per Common Share of SEACOR Holdings Inc.			$	--			$	--			$	--			$	--			$	5.00

SEACOR HOLDINGS INC. SEGMENT INFORMATION (in thousands, unaudited)
			Three Months Ended
			Dec. 31, 2013				Sep. 30, 2013				Jun. 30, 2013				Mar. 31, 2013				Dec. 31, 2012
Offshore Marine Services
Operating Revenues			$	148,371			$	156,198			$	138,678			$	124,016			$	141,133
Costs and Expenses:
	Operating			99,320				95,113				97,581				90,031				91,414
	Administrative and general			17,085				14,132				14,235				14,827				19,456
	Depreciation and amortization			16,207				16,470				16,460				16,287				16,750
				132,612				125,715				128,276				121,145				127,620
Gains on Asset Dispositions				3,087				15,343				7,895				2,339				5,822
Operating Income				18,846				45,826				18,297				5,210				19,335
Other Income (Expense):
	Derivative gains (losses), net			(274	)			32				175				150				(243	)
	Foreign currency gains (losses), net			(49	)			1,937				(833	)			(3,264	)			(409	)
	Other, net			(8	)			--				11				--				(9	)
Equity in Earnings of 50% or Less Owned Companies, Net of Tax				2,988				1,527				7,694				1,313				1,146
Segment Profit			$	21,503			$	49,322			$	25,344			$	3,409			$	19,820
OIBDA(1)			$	35,053			$	62,296			$	34,757			$	21,497			$	36,085
Drydocking expenditures (included in operating costs and expenses)			$	11,899			$	9,017			$	14,804			$	11,225			$	7,261
Out-of-service days for drydockings				668				635				994				645				323
Inland River Services
Operating Revenues			$	65,437			$	52,742			$	47,357			$	50,077			$	66,476
Costs and Expenses:
	Operating			42,472				38,473				35,193				36,389				47,630
	Administrative and general			4,034				3,431				3,921				4,024				4,689
	Depreciation and amortization			7,430				6,869				7,078				7,084				6,684
				53,936				48,773				46,192				47,497				59,003
Gains on Asset Dispositions				779				783				4,296				697				1,378
Operating Income				12,280				4,752				5,461				3,277				8,851
Other Income (Expense):
	Foreign currency gains (losses), net			(160	)			(89	)			219				(137	)			144
	Other, net			--				--				--				--				(1	)
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax				(5,320	)			80				1				(2,387	)			(1,772	)
Segment Profit			$	6,800			$	4,743			$	5,681			$	753			$	7,222
OIBDA(1)			$	19,710			$	11,621			$	12,539			$	10,361			$	15,535

SEACOR HOLDINGS INC. SEGMENT INFORMATION (continued) (in thousands, unaudited)
			Three Months Ended
			Dec. 31, 2013				Sep. 30, 2013				Jun. 30, 2013				Mar. 31, 2013				Dec. 31, 2012
Shipping Services
Operating Revenues			$	51,405			$	48,200			$	48,103			$	46,476			$	46,322
Costs and Expenses:
	Operating			32,900				28,215				29,554				26,614				28,250
	Administrative and general			5,639				5,133				6,124				5,177				5,614
	Depreciation and amortization			7,754				7,841				7,907				7,797				7,880
				46,293				41,189				43,585				39,588				41,744
Gains (Losses) on Asset Dispositions and Impairments, Net				91				3,104				114				(3,069	)			1,123
Operating Income				5,203				10,115				4,632				3,819				5,701
Other Income (Expense):
	Foreign currency gains (losses), net			(5	)			6				(8	)			(7	)			(11	)
	Other, net			18				540				188				14				20
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax				376				(1,413	)			(403	)			(1,505	)			(2,606	)
Segment Profit			$	5,592			$	9,248			$	4,409			$	2,321			$	3,104
OIBDA(1)			$	12,957			$	17,956			$	12,539			$	11,616			$	13,581
Drydocking expenditures for U.S.-flag product tankers (included in operating costs and expenses)			$	5,504			$	664			$	2,884			$	74			$	2,137
Out-of-service days for drydockings of U.S.-flag product tankers				26				5				34				1				27
Illinois Corn Processing
Operating Revenues			$	46,875			$	52,580			$	61,378			$	32,849			$	42,280
Costs and Expenses:
	Operating			38,812				52,390				59,402				34,045				43,364
	Administrative and general			465				428				477				661				516
	Depreciation and amortization			1,330				1,489				1,489				1,489				1,549
				40,607				54,307				61,368				36,195				45,429
Operating Income (Loss)				6,268				(1,727	)			10				(3,346	)			(3,149	)
Other Income (Expense):
	Derivative gains (losses), net			(3,719	)			1,129				473				39				900
Segment Profit (Loss)			$	2,549			$	(598	)		$	483			$	(3,307	)		$	(2,249	)
OIBDA(1)			$	7,598			$	(238	)		$	1,499			$	(1,857	)		$	(1,600	)

SEACOR HOLDINGS INC. SEGMENT INFORMATION (continued) (in thousands, unaudited)
			Three Months Ended
			Dec. 31, 2013				Sep. 30, 2013				Jun. 30, 2013				Mar. 31, 2013				Dec. 31, 2012
Other
Operating Revenues			$	16,675			$	27,881			$	20,652			$	14,324			$	68,394
Costs and Expenses:
	Operating			15,665				26,141				18,960				14,488				62,027
	Administrative and general			1,888				1,429				1,323				1,656				7,492
	Depreciation and amortization			91				92				96				99				721
				17,644				27,662				20,379				16,243				70,240
Gains (Losses) on Asset Dispositions and Impairments, Net				--				--				--				1,907				(363	)
Operating Income (Loss)				(969	)			219				273				(12	)			(2,209	)
Other Income (Expense):
	Derivative gains (losses), net			198				(380	)			(450	)			842				649
	Foreign currency gains (losses), net			(21	)			15				(169	)			(167	)			12
	Other, net			(39	)			(3	)			--				54				--
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax				2,149				36				418				1,710				(9,191	)
Segment Profit (Loss)			$	1,318			$	(113	)		$	72			$	2,427			$	(10,739	)
OIBDA(1)			$	(878	)		$	311			$	369			$	87			$	(1,488	)
Corporate and Eliminations
Operating Revenues			$	(902	)		$	(817	)		$	(605	)		$	(678	)		$	(2,237	)
Costs and Expenses:
	Operating			(864	)			(792	)			(577	)			(654	)			(2,185	)
	Administrative and general			10,411				6,910				8,638				9,300				18,175
	Depreciation and amortization			872				742				753				792				814
				10,419				6,860				8,814				9,438				16,804
Gains (Losses) on Asset Dispositions				--				--				--				141				(156	)
Operating Loss			$	(11,321	)		$	(7,677	)		$	(9,419	)		$	(9,975	)		$	(19,197	)
Other Income (Expense):
	Derivative losses, net		$	(1,293	)		$	(1,084	)		$	(1,023	)		$	(3,138	)		$	(1,684	)
	Foreign currency gains (losses), net			(419	)			361				(125	)			(436	)			230
	Other, net			(60	)			(60	)			(4	)			(65	)			(319	)

(1)	Non-GAAP Financial Measure. The Company, from time to time, discloses and discusses OIBDA, a non-GAAP financial measure, in its public releases and other filings with the Securities and Exchange Commission. The Company defines OIBDA as operating income (loss) plus depreciation and amortization. The Company's measure of OIBDA may not be comparable to similarly titled measures presented by other companies. Other companies may calculate OIBDA differently than the Company, which may limit its usefulness as a comparative measure. OIBDA is a financial metric used by management (i) as a supplemental internal measure for planning and forecasting overall expectations and for evaluating actual results against such expectations; (ii) as a criteria for annual incentive bonuses paid to the Company's executive officers and other shore-based employees; (iii) to compare to the OIBDA of other companies when evaluating potential acquisitions; and (iv) to assess the Company's ability to service existing fixed charges and incur additional indebtedness.

SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, unaudited)
			Dec. 31, 2013			Sep. 30, 2013			Jun. 30, 2013			Mar. 31, 2013			Dec. 31, 2012
ASSETS
Current Assets:
	Cash and cash equivalents		$	527,435		$	332,767		$	394,783		$	312,977		$	248,204
	Restricted cash			12,175			20,893			16,776			27,129			28,285
	Marketable securities			24,292			25,660			27,264			22,568			21,668
	Receivables:
		Trade, net of allowance for doubtful accounts		215,768			211,853			188,128			172,889			224,944
		Other		48,181			39,774			37,204			41,139			45,334
	Inventories			27,615			25,442			22,955			31,966			25,787
	Deferred income taxes			116			3,530			3,530			3,530			3,530
	Prepaid expenses and other			6,701			10,746			11,715			8,834			12,719
	Discontinued operations			--			--			--			384			108,153
		Total current assets		862,283			670,665			702,355			621,416			718,624
Property and Equipment:
		Historical cost		2,199,183			2,208,315			2,212,929			2,186,892			2,238,383
		Accumulated depreciation		(866,330	)		(835,604	)		(806,672	)		(785,765	)		(763,803	)
				1,332,853			1,372,711			1,406,257			1,401,127			1,474,580
		Construction in progress		143,482			129,481			133,985			113,381			110,296
		Net property and equipment		1,476,335			1,502,192			1,540,242			1,514,508			1,584,876
Investments, at Equity, and Advances to 50% or Less Owned Companies				440,853			365,891			293,793			299,778			272,535
Construction Reserve Funds & Title XI Reserve Funds				261,739			229,021			150,375			194,477			195,629
Goodwill				17,985			17,978			17,978			17,978			17,978
Intangible Assets, Net				12,423			13,583			14,594			15,754			15,305
Other Assets				44,615			52,394			48,996			51,576			55,123
Discontinued Operations				--			--			--			--			840,724
			$	3,116,233		$	2,851,724		$	2,768,333		$	2,715,487		$	3,700,794
LIABILITIES AND EQUITY
Current Liabilities:
	Current portion of long-term debt		$	45,323		$	26,973		$	25,109		$	15,435		$	21,920
	Accounts payable and accrued expenses			85,477			73,063			73,185			69,008			107,892
	Other current liabilities			123,619			124,788			122,434			122,125			95,993
	Discontinued operations			--			--			--			300			39,836
		Total current liabilities		254,419			224,824			220,728			206,868			265,641
Long-Term Debt				834,118			675,206			674,444			655,384			655,309
Deferred Income Taxes				457,827			437,436			421,623			422,719			426,027
Deferred Gains and Other Liabilities				144,441			133,525			115,102			116,608			120,401
Discontinued Operations				--			--			--			2,599			490,741
		Total liabilities		1,690,805			1,470,991			1,431,897			1,404,178			1,958,119
Equity:
	SEACOR Holdings Inc. stockholders' equity:
		Preferred stock		--			--			--			--			--
		Common stock		372			372			370			369			367
		Additional paid-in capital		1,394,621			1,358,273			1,347,909			1,340,875			1,330,324
		Retained earnings		1,095,270			1,086,874			1,056,583			1,037,312			1,473,509
		Shares held in treasury, at cost		(1,088,219	)		(1,088,219	)		(1,089,061	)		(1,089,064	)		(1,088,560	)
		Accumulated other comprehensive loss, net of tax		(1,192	)		(1,809	)		(4,243	)		(4,321	)		(1,986	)
				1,400,852			1,355,491			1,311,558			1,285,171			1,713,654
	Noncontrolling interests in subsidiaries			24,576			25,242			24,878			26,138			29,021
		Total equity		1,425,428			1,380,733			1,336,436			1,311,309			1,742,675
			$	3,116,233		$	2,851,724		$	2,768,333		$	2,715,487		$	3,700,794

SEACOR HOLDINGS INC.

FLEET COUNTS

(unaudited)

			Dec. 31, 2013		Sep. 30, 2013		Jun. 30, 2013		Mar. 31, 2013		Dec. 31, 2012
Offshore Marine Services
Anchor handling towing supply			18		18		18		19		19
Crew			42		43		45		47		47
Mini-supply			8		8		8		9		9
Standby safety			25		25		25		25		25
Supply			27		26		26		26		26
Towing supply			3		3		3		3		3
Specialty			12		12		12		11		10
Liftboats			15		15		17		20		20
Wind farm utility			34		33		32		31		30
			184		183		186		191		189
Inland River Services
Inland river dry-cargo barges			1,405		1,409		1,413		1,434		1,444
Inland river liquid tank barges			74		75		75		80		81
Inland river deck barges			20		20		20		20		20
Inland river towboats			32		31		31		31		31
Dry-cargo vessel			1		1		1		1		1
			1,532		1,536		1,540		1,566		1,577
Shipping Services(1)
U.S.-flag:
	Product tankers		7		7		7		7		7
	RORO/deck barges		7		7		7		7		7
	Dry bulk articulated tug-barge		1		1		1		1		1
	Harbor tugs		24		24		24		22		22
	Ocean liquid tank barges		5		5		5		5		5
Foreign-flag:
	Harbor tugs		4		4		4		4		4
	Very large gas carriers		3		3		--		--		--
	Short Sea Container/RORO		8		7		8		7		7
			59		58		56		53		53

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

SEACOR HOLDINGS INC. EXPECTED FLEET DELIVERIES (unaudited)
		2014								2015								2016								2017
		Q1		Q2		Q3		Q4		Q1		Q2		Q3		Q4		Q1		Q2		Q3		Q4		Q1		Q2		Total
Offshore Marine Services
Crew		2		2		1		--		1		1		2		1		1		--		--		--		--		--		11
Supply(1)		--		1		1		--		--		1		--		--		--		--		--		--		--		--		3
Wind farm utility		1		1		--		--		--		--		--		--		--		--		--		--		--		--		2
Inland River Services
Inland river dry-cargo barges		--		66		14		--		--		--		--		--		--		--		--		--		--		--		80
Inland river liquid tank barges		4		1		--		1		--		--		--		--		--		--		--		--		--		--		6
Inland river towboats		1		1		1		1		1		--		--		--		--		--		--		--		--		--		5
Shipping Services
U.S.-flag product tankers		--		--		--		--		--		--		--		--		1		--		--		1		1		--		3
U.S.-flag articulated tug-barge		--		--		--		--		--		--		--		--		--		1		--		--		--		--		1

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

SEACOR HOLDINGS INC. OFFSHORE MARINE SERVICES TIME CHARTER OPERATING DATA (unaudited)
			Three Months Ended
			Dec. 31, 2013				Sep. 30, 2013				Jun. 30, 2013				Mar. 31, 2013				Dec. 31, 2012
Rates Per Day Worked:
	Anchor handling towing supply		$	26,773			$	29,008			$	23,635			$	26,683			$	25,059
	Crew			8,627				8,553				7,719				7,664				7,231
	Mini-supply			7,805				8,048				7,721				7,666				7,664
	Standby safety			10,584				9,922				9,621				9,642				10,001
	Supply			16,906				17,541				16,864				14,915				16,599
	Towing supply			8,744				10,970				9,156				9,349				9,573
	Specialty			31,856				37,121				24,822				12,950				20,635
	Liftboats			26,072				25,001				22,062				18,573				20,673
	Overall Average Rates Per Day Worked (excluding wind farm utility)			15,355				15,677				13,588				12,878				13,306
	Wind farm utility			2,427				2,315				2,302				2,142				2,653
	Overall Average Rates Per Day Worked			12,279				12,454				11,010				10,657				11,160
Utilization:
	Anchor handling towing supply			74	%			75	%			74	%			74	%			63	%
	Crew			84	%			88	%			90	%			91	%			91	%
	Mini-supply			94	%			96	%			97	%			74	%			85	%
	Standby safety			88	%			88	%			86	%			88	%			87	%
	Supply			82	%			75	%			83	%			72	%			87	%
	Towing supply			84	%			83	%			79	%			100	%			94	%
	Specialty			81	%			58	%			54	%			25	%			57	%
	Liftboats			73	%			82	%			69	%			64	%			80	%
	Overall Fleet Utilization (excluding wind farm utility)			82	%			83	%			82	%			79	%			83	%
	Wind farm utility			90	%			95	%			93	%			82	%			88	%
	Overall Fleet Utilization			84	%			86	%			84	%			79	%			84	%
Available Days:
	Anchor handling towing supply			1,564				1,564				1,547				1,530				1,632
	Crew			2,740				2,844				3,057				3,060				3,220
	Mini-supply			552				552				565				630				644
	Standby safety			2,208				2,208				2,184				2,160				2,208
	Supply			1,564				1,564				1,538				1,581				1,656
	Towing supply			184				184				182				180				184
	Specialty			276				327				364				360				329
	Liftboats			1,380				1,543				1,614				1,620				1,656
	Overall Fleet Available Days(excluding wind farm utility)			10,468				10,786				11,051				11,121				11,529
	Wind farm utility			2,959				2,978				2,889				2,790				2,760
	Overall Fleet Available Days			13,427				13,764				13,940				13,911				14,289