SOURCE: SEACOR Holdings Inc.

SEACOR Holdings Inc.

February 27, 2013 20:07 ET

SEACOR Holdings Announces Results for the Year and Fourth Quarter Ended December 31, 2012

FORT LAUDERDALE, FL--(Marketwire - Feb 27, 2013) -  SEACOR Holdings Inc. (NYSE: CKH) today announced its results for the fourth quarter ended December 31, 2012. For the year ended December 31, 2012, net income attributable to SEACOR Holdings Inc. was $61.2 million, or $2.95 per diluted share, including income from continuing operations of $34.4 million, or $1.66 per diluted share. For the year ended December 31, 2011, net income attributable to SEACOR Holdings Inc. was $41.1 million, or $1.91 per diluted share, including income from continuing operations of $32.7 million, or $1.52 per diluted share.

For the quarter ended December 31, 2012, the Company reported a net loss attributable to SEACOR Holdings Inc. of $2.6 million, or $0.13 per diluted share, including a loss from continuing operations of $8.3 million, or $0.41 per diluted share. The loss from continuing operations included:

  • compensation expenses of $9.8 million, net of tax, or $0.49 per diluted share, related to the acceleration of restricted stock awards that were originally scheduled to vest in 2013 and 2014; and

  • equity in losses of 50% or less owned companies of $9.7 million, net of tax, or $0.48 per diluted share, upon the contribution of the Company's O'Brien's Response Management Inc. ("ORM") subsidiary in exchange for an equity interest in Witt O'Brien's, LLC, a response management joint venture. The equity in losses was primarily related to the one-time recognition of deferred tax liabilities. In addition, ORM reported operating losses from continuing operations of $4.2 million for the year ended December 31, 2012.

Executive Chairman of the Board, Charles Fabrikant, commented: "During 2012, we sold our environmental remediation and response business, and in December we concluded a transaction to contribute our environmental consulting business into a joint venture. We believe this combination with a strategic partner represents an excellent opportunity to grow the response management business. In December, we sold our energy trading business. Subsequent to year end, on January 31, we spun-off Era Group Inc., the company that operated our Aviation Services business segment, by means of a dividend to SEACOR's stockholders of all the issued and outstanding common stock of Era Group Inc., which is now a stand-alone public company. These transactions have changed the profile of SEACOR on a go-forward basis. In addition, in the fourth quarter we purchased 1,047,664 of our shares and paid a $5.00 per share special cash dividend, returning $191.2 million in total to our stockholders."

For the preceding quarter ended September 30, 2012, net income attributable to SEACOR Holdings Inc. was $16.1 million, or $0.78 per diluted share, including income from continuing operations of $15.4 million, or $0.74 per diluted share. A comparison of results for the quarter ended December 31, 2012 with the preceding quarter ended September 30, 2012 is included in "Highlights for the Quarter" discussion below.

For the quarter ended December 31, 2011, net income attributable to SEACOR Holdings Inc. was $17.0 million, or $0.80 per diluted share, including income from continuing operations of $7.0 million, or $0.33 per diluted share.

Highlights for the Quarter

Offshore Marine Services - Operating income was $19.3 million on operating revenues of $141.1 million compared with operating income of $21.2 million on operating revenues of $134.3 million in the preceding quarter.

Operating revenues were $6.8 million higher in the fourth quarter, primarily due to an increase in activity levels for the Company's anchor handling towing supply vessels in the U.S. Gulf of Mexico, which contributed incremental time charter revenues of $5.8 million. Time charter revenues for other vessel classes in the U.S. Gulf of Mexico increased by $1.0 million primarily due to improved market conditions. As of December 31, 2012, the Company had two anchor handling towing supply vessels cold-stacked in the U.S. Gulf of Mexico compared with three as of September 30, 2012.

Operating expenses were $2.6 million higher primarily due to $3.0 million of increased drydocking expenditures in the U.S. Gulf of Mexico, Europe and the Middle East. During the fourth quarter, drydocking costs were $7.3 million compared with $4.3 million in the preceding quarter.

Administrative and general expenses were $4.7 million higher primarily due to $3.2 million of additional compensation expenses arising from the acceleration of restricted stock awards originally scheduled to vest in 2013 and 2014.

In the fourth quarter, the total number of days available for charter for the Company's fleet, excluding wind farm utility vessels, increased by 133 days, or 1% primarily due to net fleet additions. Overall utilization, excluding wind farm utility vessels, increased from 82.0% to 83.0% and overall average day rates, excluding wind farm utility vessels, increased by 5% from $12,718 per day to $13,306 per day. Time charter operating data by vessel class is presented in the table included herein.

Inland River Services - Operating income was $8.9 million on operating revenues of $66.5 million compared with operating income of $7.7 million on operating revenues of $53.3 million in the preceding quarter. Fourth quarter results included $1.4 million in gains on asset dispositions compared with $3.5 million in gains in the preceding quarter. The improvement in operating income was primarily attributable to the results of the pooled hopper barge fleet. Seasonal activity associated with the harvest of grain in the Midwest, demand for grain movements prior to anticipated navigation restrictions required by low water conditions, and increased fertilizer loadings were the primary factors causing this improvement. Administrative and general expenses increased by $1.2 million primarily due to higher compensation costs arising from the acceleration of restricted stock awards originally scheduled to vest in 2013 and 2014.

Shipping Services (formerly Marine Transportation Services and Harbor and Offshore Towing Services) - Operating income was $5.7 million on operating revenues of $46.3 million compared with operating income of $2.9 million on operating revenues of $45.2 million in the preceding quarter. Operating results for petroleum transportation were $3.2 million lower in the fourth quarter primarily due to 27 days of out-of-service time and $2.1 million of expenses incurred for one vessel undergoing a regulatory drydocking. Operating results for harbor towing and bunkering were $4.0 million higher in the fourth quarter primarily due to fewer days out-of-service for drydockings and the recognition of $1.1 million in gains on the sale of two vessels. In the preceding quarter, other income for harbor towing and bunkering included a termination payment of $7.0 million received from a customer following the cancellation of a long-term charter. Operating results for liner transportation were $2.0 million higher primarily due to the third quarter settlement of a legal dispute. Equity in losses in the fourth quarter were primarily attributable to losses in the Company's short-sea transportation joint venture.

Alcohol Manufacturing - Alcohol Manufacturing reported a segment loss of $2.2 million on operating revenues of $42.3 million compared with a segment loss of $0.8 million on operating revenues of $47.8 million in the preceding quarter. Operating results in the fourth quarter were negatively impacted by higher corn prices.

Other - Other reported a segment loss of $10.7 million during the fourth quarter, which included equity in losses of 50% or less owned companies of $9.7 million upon the contribution of ORM in exchange for an equity interest in Witt O'Brien's, LLC. The equity in losses was primarily related to the one-time recognition of deferred tax liabilities on the deconsolidation of non-deductible goodwill.

Era Group Inc. (Aviation Services) - Operating income was $9.7 million on operating revenues of $70.9 million compared with operating income of $11.1 million on operating revenues of $78.0 million in the preceding quarter.

Operating revenues were $7.1 million lower primarily due to the end of seasonal activities in Alaska partially offset by increased revenues from international contract-leasing due to the recognition of previously deferred revenues.

Operating expenses were $4.0 million lower primarily due to the end of seasonal activities and a reduction in repairs and maintenance expense in the current quarter as a result of maintenance credits received in connection with the end of two customer contract-leases. Power-by-hour expenses were lower due to fewer flight hours in international contract-leasing primarily due to the suspension of EC225 helicopter operations.

Administrative and general expenses were $2.8 million lower in the fourth quarter primarily due to an allowance for doubtful accounts and severance costs related to the separation of an executive officer, both recorded in the previous quarter. Depreciation expenses were $11.5 million in the fourth quarter, an increase of $0.5 million primarily due to fleet additions.

Corporate and Eliminations - Administrative and general expenses were $18.2 million compared with $8.5 million in the preceding quarter. The increase was primarily due to $6.8 million of expense associated with the acceleration of restricted stock awards originally scheduled to vest in 2013 and 2014, accruals for bonuses and increased audit and professional fees.

Discontinued Operations - On December 31, 2012, the Company disposed of SEACOR Energy Inc. ("SEI"), the entity that had been conducting the Company's energy trading activities, for a net sales price of $15.1 million and a gain of $7.1 million, net of tax, or $0.34 per diluted share. The historical operating results for SEI have been reported as discontinued operations, net of tax, for all periods presented.

Stock Repurchases - During the fourth quarter, the Company purchased 1,047,664 shares of its common stock at an average price of $86.68 per share. As of December 31, 2012, 19,887,933 shares of SEACOR's common stock remained outstanding. On February 26, 2013, SEACOR's Board of Directors increased the Company's authority to repurchase SEACOR common stock from $30.5 million up to $100.0 million. The repurchase of common stock may be conducted from time to time through open market purchases, privately negotiated transactions or otherwise depending upon market conditions.

2.50% Convertible Senior Notes - On December 11, 2012, the Company sold $350.0 million aggregate principal amount of 2.50% convertible senior notes due December 15, 2027. These convertible notes are senior unsecured obligations of the Company and bear interest at a rate of 2.50% per annum, payable semiannually in arrears on June 15 and December 15 of each year, beginning on June 15, 2013. 

7.75% Era Group Senior Notes - On December 7, 2012, Era Group Inc. issued $200.0 million aggregate principal amount of its 7.75% Senior Notes due December 15, 2022 for net proceeds of $193.3 million. These notes are senior unsecured obligations of Era Group Inc. and bear interest at a rate of 7.75% per annum, payable semiannually in arrears on June 15 and December 15 of each year, beginning on June 15, 2013. 

Special Cash Dividend - On December 24, 2012, the Company paid a Special Cash Dividend of $100.4 million, or $5.00 per common share, to shareholders of record on December 17, 2012.

Equipment Acquisitions - During the year ended December 31, 2012, capital expenditures for continuing operations were $352.3 million. Equipment deliveries during that period included six offshore support vessels, including one wind farm utility vessel, three inland river dry cargo barges, five liquid tank barges, two inland river towboats and eighteen helicopters.

Capital Commitments - Excluding Era Group Inc., the Company's unfunded capital commitments as of December 31, 2012 were $212.0 million and consisted of: 16 offshore support vessels for $122.6 million; an interest in a jack-up drilling rig for $30.3 million; eight inland river tank barges for $18.4 million; five inland river towboats for $15.3 million; four harbor tugs for $13.1 million; and other equipment and improvements for $11.0 million. In addition, the Company notified the lessee of its intent to purchase one harbor tug currently operating under a capital lease for $1.3 million. Of these commitments, $176.6 million is payable during 2013 with the balance payable through 2015. Era Group Inc.'s unfunded capital commitments were $134.8 million and consisted primarily of eleven helicopters for $134.4 million, of which $128.3 million may be terminated without further liability other than the payment of liquidated damages of $3.3 million. Of Era Group Inc.'s commitments, $13.8 million is payable in 2013 with the balance payable through 2016. Subsequent to December 31, 2012, the Company, excluding Aviation Services, committed to purchase additional equipment for $1.3 million, Aviation Services committed to purchase two additional helicopters for $16.6 million, and one of the Company's Offshore Marine Services joint ventures secured financing for a jack-up drilling rig thereby reducing the Company's unfunded capital commitments by $30.3 million.

As of December 31, 2012, the Company held balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and Title XI reserve funds totaling $505.3 million, of which $11.5 million was held by Era Group Inc.

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, inland river and shipping. 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 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 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 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 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 agriculture commodity trading and logistics activities, adequacy of insurance coverage, the attraction and retention of qualified personnel by the Company, and various other matters and factors, many of which are beyond the Company's control. In addition, these statements constitute the Company's cautionary statements under the Private Securities Litigation Reform Act of 1995. It is not possible to predict or identify all such factors. Consequently, the foregoing should not be considered a complete discussion of all potential risks or uncertainties. The words "estimate," "project," "intend," "believe," "plan" and similar expressions are intended to identify forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which the forward-looking statement is based. The forward-looking statements in this release should be evaluated together with the many uncertainties that affect the Company's businesses, particularly those mentioned under "Forward-Looking Statements" in Item 7 on the Company's Form 10-K and SEACOR's periodic reporting on Form 10-Q and Form 8-K (if any), which are incorporated by reference.

   
   
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except share data, unaudited)
 
   
    Three Months Ended     Year Ended  
    December 31,     December 31,  
    2012     2011     2012     2011  
Operating Revenues   $ 433,262     $ 344,642     $ 1,581,200     $ 1,290,618  
Costs and Expenses:                                
      Operating     312,782       237,766       1,144,649       908,246  
      Administrative and general     63,516       50,693       201,525       163,652  
      Depreciation and amortization     45,869       35,388       174,169       149,485  
      422,167       323,847       1,520,343       1,221,383  
Gains on Asset Dispositions and Impairments, Net     7,961       5,469       27,599       34,011  
Operating Income     19,056       26,264       88,456       103,246  
Other Income (Expense):                                
    Interest income     3,580       1,126       18,270       13,617  
    Interest expense     (11,573 )     (9,966 )     (48,539 )     (41,135 )
    Debt extinguishment losses, net     --       --       (160 )     (99 )
    Marketable security gains (losses), net     (333 )     (4,803 )     12,891       (7,893 )
    Derivative losses, net     (376 )     (1,302 )     (3,302 )     (31,381 )
    Foreign currency gains (losses), net     53       (2,308 )     2,351       1,056  
    Other, net     (309 )     1,300       7,178       1,027  
      (8,958 )     (15,953 )     (11,311 )     (64,808 )
Income from Continuing Operations Before Income Tax Expense and Equity In Earnings (Losses) of 50% or Less Owned Companies     10,098       10,311       77,145       38,438  
Income Tax Expense     6,030       2,555       32,179       14,613  
  Income from Continuing Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies     4,068       7,756       44,966       23,825  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax     (12,507 )     (579 )     (11,292 )     9,990  
Income (Loss) from Continuing Operations     (8,439 )     7,177       33,674       33,815  
Income from Discontinued Operations, Net of Tax     5,722       10,075       26,785       8,335  
Net Income (Loss)     (2,717 )     17,252       60,459       42,150  
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries     (93 )     212       (756 )     1,094  
Net Income (Loss) attributable to SEACOR Holdings Inc.   $ (2,624 )   $ 17,040     $ 61,215     $ 41,056  
                                 
Net Income (Loss) attributable to SEACOR Holdings Inc.:                                
    Continuing operations   $ (8,346 )   $ 6,965     $ 34,430     $ 32,721  
    Discontinued operations     5,722       10,075       26,785       8,335  
    $ (2,624 )   $ 17,040     $ 61,215     $ 41,056  
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:                                
    Continuing operations   $ (0.41 )   $ 0.33     $ 1.69     $ 1.55  
    Discontinued operations     0.28       0.48       1.31       0.39  
    $ (0.13 )   $ 0.81     $ 3.00     $ 1.94  
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:                                
    Continuing operations   $ (0.41 )   $ 0.33     $ 1.66     $ 1.52  
    Discontinued operations     0.28       0.47       1.29       0.39  
    $ (0.13 )   $ 0.80     $ 2.95     $ 1.91  
Weighted Average Common Shares Outstanding:                                
    Basic     20,172,582       21,004,776       20,426,770       21,119,461  
    Diluted     20,172,582       21,353,631       20,775,896       21,466,843  
    Special Cash Dividend Declared and Paid Per Common Share of SEACOR Holdings Inc.   $ 5.00     $ --     $ 5.00     $ --  
                                 
                                 
                                 
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except per share data, unaudited)
 
   
       Three Months Ended  
    Dec. 31, 2012     Sep. 30, 2012     Jun. 30, 2012     Mar. 31, 2012     Dec. 31, 2011  
Operating Revenues   $ 433,262     $ 416,842     $ 372,208     $ 358,888     $ 344,642  
Costs and Expenses:                                        
      Operating     312,782       300,238       283,547       248,082       237,766  
      Administrative and general     63,516       49,847       43,494       44,668       50,693  
      Depreciation and amortization     45,869       45,284       43,684       39,332       35,388  
      422,167       395,369       370,725       332,082       323,847  
Gains on Asset Dispositions and Impairments, Net     7,961       9,677       4,419       5,542       5,469  
Operating Income     19,056       31,150       5,902       32,348       26,264  
Other Income (Expense):                                        
    Interest income     3,580       4,074       7,641       2,975       1,126  
    Interest expense     (11,573 )     (12,619 )     (12,392 )     (11,955 )     (9,966 )
    Debt extinguishment losses, net     --       --       --       (160 )     --  
    Marketable security gains (losses), net     (333 )     (1,730 )     11,596       3,358       (4,803 )
    Derivative gains (losses), net     (376 )     (2,218 )     2,374       (3,082 )     (1,302 )
    Foreign currency gains (losses), net     53       756       (1,036 )     2,578       (2,308 )
    Other, net     (309 )     7,098       443       (54 )     1,300  
      (8,958 )     (4,639 )     8,626       (6,340 )     (15,953 )
Income from Continuing Operations Before Income Tax Expense and Equity In Earnings (Losses) of 50% or Less Owned Companies     10,098       26,511       14,528       26,008       10,311  
Income Tax Expense     6,030       10,669       5,111       10,369       2,555  
  Income from Continuing Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies     4,068       15,842       9,417       15,639       7,756  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax     (12,507 )     (1,078 )     1,051       1,242       (579 )
Income (Loss) from Continuing Operations     (8,439 )     14,764       10,468       16,881       7,177  
Income from Discontinued Operations, Net of Tax     5,722       740       831       19,492       10,075  
Net Income (Loss)     (2,717 )     15,504       11,299       36,373       17,252  
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries     (93 )     (598 )     50       (115 )     212  
Net Income (Loss) attributable to SEACOR Holdings Inc.   $ (2,624 )   $ 16,102     $ 11,249     $ 36,488     $ 17,040  
                                         
Net Income (Loss) attributable to SEACOR Holdings Inc.:                                        
    Continuing operations   $ (8,346 )   $ 15,362     $ 10,418     $ 16,996     $ 6,965  
    Discontinued operations     5,722       740       831       19,492       10,075  
    $ (2,624 )   $ 16,102     $ 11,249     $ 36,488     $ 17,040  
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:                                        
    Continuing operations   $ (0.41 )   $ 0.75     $ 0.51     $ 0.83     $ 0.33  
    Discontinued operations     0.28       0.04       0.04       0.95       0.48  
    $ (0.13 )   $ 0.79     $ 0.55     $ 1.78     $ 0.81  
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:                                        
    Continuing operations   $ (0.41 )   $ 0.74     $ 0.50     $ 0.81     $ 0.33  
    Discontinued operations     0.28       0.04       0.04       0.94       0.47  
    $ (0.13 )   $ 0.78     $ 0.54     $ 1.75     $ 0.80  
Weighted Average Common Shares of Outstanding:                                        
    Basic     20,173       20,433       20,585       20,520       21,005  
    Diluted     20,173       20,740       20,871       20,893       21,354  
Common Shares Outstanding at Period End     19,888       20,851       20,948       21,114       20,933  
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, 2012     Sep. 30, 2012     Jun. 30, 2012     Mar. 31, 2012     Dec. 31, 2011  
Offshore Marine Services                                        
Operating Revenues   $ 141,133     $ 134,322     $ 123,276     $ 121,086     $ 109,781  
Costs and Expenses:                                        
  Operating     91,414       88,842       94,084       75,340       69,484  
  Administrative and general     19,456       14,795       13,146       11,856       13,666  
  Depreciation and amortization     16,750       16,051       15,859       12,882       11,954  
      127,620       119,688       123,089       100,078       95,104  
Gains on Asset Dispositions     5,822       6,585       624       1,845       1,449  
Operating Income     19,335       21,219       811       22,853       16,126  
Other Income (Expense):                                        
  Derivative losses, net     (243 )     --       --       --       --  
  Foreign currency gains (losses), net     (409 )     717       (354 )     1,123       (1,290 )
  Other, net     (9 )     --       11       --       272  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax     1,146       1,238       1,001       1,829       (500 )
Segment Profit   $ 19,820     $ 23,174     $ 1,469     $ 25,805     $ 14,608  
                                         
OIBDA(1)   $ 36,085     $ 37,270     $ 16,670     $ 35,735     $ 28,080  
                                         
Aviation Services                                        
Operating Revenues   $ 70,895     $ 77,989     $ 62,985     $ 61,052     $ 61,696  
Costs and Expenses:                                        
  Operating     42,282       46,235       39,002       39,676       41,084  
  Administrative and general     7,575       10,338       7,195       9,677       11,803  
  Depreciation and amortization     11,471       10,937       10,464       9,630       9,210  
      61,328       67,510       56,661       58,983       62,097  
Gains on Asset Dispositions     157       613       1,077       1,765       1,912  
Operating Income     9,724       11,092       7,401       3,834       1,511  
Other Income (Expense):                                        
  Derivative gains (losses), net     2       (188 )     (180 )     (124 )     (18 )
  Foreign currency gains (losses), net     87       (272 )     (12 )     917       (80 )
  Other, net     --       --       --       30       9  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax     (84 )     219       756       (6,419 )     (979 )
Segment Profit (Loss)   $ 9,729     $ 10,851     $ 7,965     $ (1,762 )   $ 443  
                                         
OIBDA(1)   $ 21,195     $ 22,029     $ 17,865     $ 13,464     $ 10,721  
                                         
                                         
                                         
SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
 
   
    Three Months Ended  
    Dec. 31, 2012     Sep. 30, 2012     Jun. 30, 2012     Mar. 31, 2012     Dec. 31, 2011  
Inland River Services                                        
Operating Revenues   $ 66,476     $ 53,293     $ 53,302     $ 53,490     $ 51,871  
Costs and Expenses:                                        
  Operating     47,630       38,320       37,463       35,183       31,702  
  Administrative and general     4,689       3,480       3,773       3,982       3,270  
  Depreciation and amortization     6,684       7,335       7,244       7,007       5,617  
      59,003       49,135       48,480       46,172       40,589  
Gains on Asset Dispositions     1,378       3,503       858       1,927       986  
Operating Income     8,851       7,661       5,680       9,245       12,268  
Other Income (Expense):                                        
  Derivative losses, net     --       --       --       --       --  
  Foreign currency gains (losses), net     144       33       (71 )     (22 )     --  
  Other, net     (1 )     --       --       --       --  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax     (1,772 )     (2,227 )     439       250       955  
Segment Profit   $ 7,222     $ 5,467     $ 6,048     $ 9,473     $ 13,223  
                                         
OIBDA(1)   $ 15,535     $ 14,996     $ 12,924     $ 16,252     $ 17,885  
                                         
Shipping Services                                        
Operating Revenues   $ 46,322     $ 45,157     $ 42,824     $ 45,733     $ 43,979  
Costs and Expenses:                                        
  Operating     28,250       28,089       28,214       27,572       25,601  
  Administrative and general     5,614       6,567       5,505       4,867       6,057  
  Depreciation and amortization     7,880       7,776       7,362       7,617       7,499  
      41,744       42,432       41,081       40,056       39,157  
Gains on Asset Dispositions     1,123       145       1,860       --       1,126  
Operating Income     5,701       2,870       3,603       5,677       5,948  
Other Income (Expense):                                        
  Derivative gains (losses), net     --       --       --       --       --  
  Foreign currency gains (losses), net     (11 )     8       (4 )     13       (17 )
  Other, net     20       7,145       257       30       122  
Equity in Losses of 50% or Less Owned Companies, Net of Tax     (2,606 )     (551 )     (774 )     (217 )     (74 )
Segment Profit   $ 3,104     $ 9,472     $ 3,082     $ 5,503     $ 5,979  
                                         
OIBDA(1)   $ 13,581     $ 10,646     $ 10,965     $ 13,294     $ 13,447  
                                         
                                         
                                         
SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
 
   
    Three Months Ended  
    Dec. 31, 2012     Sep. 30, 2012     Jun. 30, 2012     Mar. 31, 2012     Dec. 31, 2011  
Alcohol Manufacturing                                        
Operating Revenues   $ 42,280     $ 47,813     $ 58,938     $ 39,619     $ --  
Costs and Expenses:                                        
  Operating     43,364       45,472       57,201       37,405       --  
  Administrative and general     516       545       434       425       227  
  Depreciation and amortization     1,549       1,578       1,578       1,052       --  
      45,429       47,595       59,213       38,882       227  
Gains (Losses) on Asset Dispositions and Impairments, Net     --       --       --       --       --  
Operating Income (Loss)     (3,149 )     218       (275 )     737       (227 )
Other Income (Expense):                                        
  Derivative gains (losses), net     900       (1,035 )     (236 )     (485 )     --  
Equity in Earnings of 50% or Less Owned Companies, Net of Tax     --       --       --       6,154       1,452  
Segment Profit (Loss)   $ (2,249 )   $ (817 )   $ (511 )   $ 6,406     $ 1,225  
                                         
OIBDA(1)   $ (1,600 )   $ 1,796     $ 1,303     $ 1,789     $ (227 )
                                         
Other                                        
Operating Revenues   $ 68,394     $ 58,336     $ 30,893     $ 38,108     $ 77,378  
Costs and Expenses:                                        
  Operating     62,027       53,287       27,566       33,077       69,926  
  Administrative and general     7,492       5,635       5,899       4,798       5,064  
  Depreciation and amortization     721       753       711       689       659  
      70,240       59,675       34,176       38,564       75,649  
Gains (Losses) on Asset Dispositions and Impairments, Net     (363 )     (1,169 )     --       5       (4 )
Operating Income (Loss)     (2,209 )     (2,508 )     (3,283 )     (451 )     1,725  
Other Income (Expense):                                        
  Derivative gains (losses), net     649       (838 )     2,516       (1,417 )     211  
  Foreign currency gains (losses), net     12       (25 )     (84 )     99       252  
  Other, net     --       --       --       --       948  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax     (9,191 )     243       (371 )     (355 )     (1,433 )
Segment Profit (Loss)   $ (10,739 )   $ (3,128 )   $ (1,222 )   $ (2,124 )   $ 1,703  
                                         
OIBDA(1)   $ (1,488 )   $ (1,755 )   $ (2,572 )   $ 238     $ 2,384  
                                         
                                         
                                         
SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
 
    Three Months Ended  
    Dec. 31, 2012     Sep. 30, 2012     Jun. 30, 2012     Mar. 31, 2012     Dec. 31, 2011  
Corporate and Eliminations                                        
Operating Revenues   $ (2,238 )   $ (68 )   $ (10 )   $ (200 )   $ (63 )
Costs and Expenses:                                        
  Operating     (2,185 )     (7 )     17       (171 )     (31 )
  Administrative and general     18,174       8,487       7,542       9,063       10,606  
  Depreciation and amortization     814       854       466       455       449  
      16,803       9,334       8,025       9,347       11,024  
Losses on Asset Impairments     (156 )     --       --       --       --  
Operating Loss   $ (19,197 )   $ (9,402 )   $ (8,035 )   $ (9,547 )   $ (11,087 )
Other Income (Expense):                                        
  Derivative gains (losses), net   $ (1,684 )   $ (157 )   $ 274     $ (1,056 )   $ (1,495 )
  Foreign currency gains (losses), net     230       295       (511 )     448       (1,173 )
  Other, net     (319 )     (47 )     175       (114 )     (51 )
                                         
(1) Non-GAAP Financial Measure. The Company, from time to time, discloses and discusses OIBDA as 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 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,
2012
  Sep. 30,
2012
  Jun. 30,
2012
  Mar. 31,
2012
  Dec. 31,
2011
 
ASSETS                                
Current Assets:                                
  Cash and cash equivalents   $ 259,709   $ 207,300   $ 298,972   $ 277,810   $ 460,604  
  Restricted cash     28,285     191,782     18,347     25,958     21,281  
  Marketable securities     21,668     22,134     32,821     68,586     66,898  
  Receivables:                                
    Trade, net of allowance for doubtful accounts     282,424     283,738     251,588     262,244     274,122  
    Other     49,772     67,855     65,334     41,206     50,786  
  Inventories     52,437     48,946     53,744     57,841     37,462  
  Deferred income taxes     7,172     11,300     11,300     11,300     11,300  
  Prepaid expenses and other     14,522     15,699     13,726     82,355     9,087  
  Discontinued operations     2,635     63,032     53,536     11,259     109,007  
    Total current assets     718,624     911,786     799,368     838,559     1,040,547  
Property and Equipment     3,378,955     3,379,812     3,304,449     3,314,684     3,018,015  
    Accumulated depreciation     (1,006,274 )   (976,601 )   (934,089 )   (905,360 )   (867,907 )
    Net property and equipment     2,372,681     2,403,211     2,370,360     2,409,324     2,150,108  
Investments, at Equity, and Advances to 50% or Less Owned Companies     307,231     266,589     323,874     220,772     249,753  
Construction Reserve Funds & Title XI Reserve Funds     195,629     179,932     192,420     259,926     259,974  
Goodwill     18,330     57,054     57,054     57,054     57,054  
Intangible Assets, Net     15,305     19,931     21,116     22,132     21,528  
Other Assets     72,994     78,715     81,545     99,105     102,340  
Discontinued Operations     --     18     80     81     46,830  
    $ 3,700,794   $ 3,917,236   $ 3,845,817   $ 3,906,953   $ 3,928,134  
                                 
LIABILITIES AND EQUITY                                
Current Liabilities:                                
  Current portion of long-term debt   $ 24,707   $ 196,326   $ 24,546   $ 22,078   $ 41,091  
  Current portion of capital lease obligations     2,900     4,442     4,719     2,289     2,368  
  Accounts payable and accrued expenses     124,291     121,539     113,905     119,323     153,747  
  Other current liabilities     113,254     142,943     157,905     175,199     150,304  
  Discontinued operations     489     31,412     19,503     25,096     54,016  
    Total current liabilities     265,641     496,662     320,578     343,985     401,526  
Long-Term Debt     932,257     813,322     940,910     976,872     995,450  
Capital Lease Obligations     59     87     117     2,848     3,068  
Deferred Income Taxes     629,553     600,904     582,089     576,279     567,088  
Deferred Gains and Other Liabilities     128,206     120,887     132,036     135,482     143,265  
Discontinued Operations     2,403     1,890     903     129     9,674  
    Total liabilities     1,958,119     2,033,752     1,976,633     2,035,595     2,120,071  
Equity:                                
  SEACOR Holdings Inc. stockholders' equity:                                
    Preferred stock     --     --     --     --     --  
    Common stock     367     366     366     366     364  
    Additional paid-in capital     1,330,324     1,277,751     1,271,617     1,265,708     1,256,209  
    Retained earnings     1,473,509     1,576,518     1,560,416     1,549,167     1,512,679  
    Shares held in treasury, at cost     (1,088,560 )   (997,541 )   (987,485 )   (970,023 )   (971,687 )
    Accumulated other comprehensive loss, net of tax     (1,986 )   (3,604 )   (5,831 )   (5,369 )   (7,958 )
      1,713,654     1,853,490     1,839,083     1,839,849     1,789,607  
  Noncontrolling interests in subsidiaries     29,021     29,994     30,101     31,509     18,456  
    Total equity     1,742,675     1,883,484     1,869,184     1,871,358     1,808,063  
    $ 3,700,794   $ 3,917,236   $ 3,845,817   $ 3,906,953   $ 3,928,134  
                                 
                                 
                                 
SEACOR HOLDINGS INC.
FLEET COUNTS
(unaudited)
 
    Dec. 31,
2012
  Sep. 30,
2012
  Jun. 30,
2012
  Mar. 31,
2012
  Dec. 31,
2011
Offshore Marine Services                    
Anchor handling towing supply   19   19   19   19   19
Crew   47   48   48   48   49
Mini-supply   9   9   9   9   8
Standby safety   25   25   25   26   26
Supply   26   25   28   28   30
Towing supply   3   3   3   5   5
Liftboats   20   20   20   20   2
Specialty   10   9   9   9   9
Wind farm utility   30   30   30   30   29
    189   188   191   194   177
                     
Aviation Services                    
Light helicopters - single engine   59   59   59   58   58
Light helicopters - twin engine   37   41   44   46   45
Medium helicopters   69   69   68   66   65
Heavy helicopters   10   10   9   8   7
    175   179   180   178   175
                     
Inland River Services                    
Inland river dry-cargo barges   1,444   1,444   1,453   1,479   1,496
Inland river liquid tank barges   81   80   78   77   77
Inland river deck barges   20   20   20   20   20
Inland river towboats   31   31   31   30   31
Dry-cargo vessel   1   1   1   1   1
    1,577   1,576   1,583   1,607   1,625
                     
Shipping Services                    
U.S.-flag product tankers   8   8   8   8   7
U.S.-flag container vessel   1   1   1   1   1
U.S.-flag articulated tug-barge   1   1   1   --   --
U.S.-flag deck barges   5   5   5   --   --
U.S.-flag RORO barges   2   2   2   --   --
Azimuth drive harbor tugs   15   15   15   16   15
Conventional drive harbor tugs   11   12   12   13   13
Ocean liquid tank barges   5   5   5   5   5
Foreign-flag RORO vessels   7   7   8   8   8
    55   56   57   51   49
                     
                     
                     
SEACOR HOLDINGS INC.
OFFSHORE MARINE SERVICES
TIME CHARTER OPERATING DATA
(unaudited)
 
   
    Three Months Ended  
    Dec. 31, 2012     Sep. 30, 2012     Jun. 30, 2012     Mar. 31, 2012     Dec. 31, 2011  
Rates Per Day Worked:                                        
  Anchor handling towing supply   $ 25,059     $ 22,794     $ 24,541     $ 30,928     $ 27,187  
  Crew     7,231       7,267       7,134       7,803       7,166  
  Mini-supply     7,664       7,735       7,424       7,409       7,948  
  Standby safety     10,001       9,806       9,679       9,230       9,254  
  Supply     16,599       16,567       14,354       16,662       15,755  
  Towing supply     9,573       8,265       9,269       9,301       8,497  
  Specialty     20,635       26,195       14,557       12,964       17,845  
  Liftboats     20,673       19,830       17,454       --       --  
  Overall Average Rates Per Day Worked (excluding wind farm utility)     13,306       12,718       12,068       13,174       12,187  
  Wind farm utility     2,653       2,882       2,802       2,431       --  
  Overall Average Rates Per Day Worked     11,160       10,552       10,019       10,839       12,187  
                                         
Utilization:                                        
  Anchor handling towing supply     63 %     57 %     63 %     77 %     70 %
  Crew     91 %     94 %     84 %     79 %     78 %
  Mini-supply     85 %     88 %     98 %     98 %     96 %
  Standby safety     87 %     89 %     87 %     86 %     90 %
  Supply     87 %     77 %     75 %     84 %     82 %
  Towing supply     94 %     54 %     51 %     48 %     44 %
  Specialty     57 %     59 %     45 %     62 %     70 %
  Liftboats     80 %     82 %     70 %     --       --  
  Overall Fleet Utilization (excluding wind farm utility)     83 %     82 %     77 %     81 %     80 %
  Wind farm utility     88 %     96 %     93 %     86 %     --  
  Overall Fleet Utilization     84 %     85 %     80 %     82 %     80 %
                                         
Available Days:                                        
  Anchor handling towing supply     1,632       1,564       1,547       1,547       1,564  
  Crew     3,220       3,233       3,276       3,363       3,418  
  Mini-supply     644       644       637       637       644  
  Standby safety     2,208       2,208       2,195       2,275       2,355  
  Supply     1,656       1,631       1,649       1,705       1,798  
  Towing supply     184       184       360       364       368  
  Specialty     329       276       273       273       276  
  Liftboats     1,656       1,656       1,656       --       --  
  Overall Fleet Available Days (excluding wind farm utility)     11,529       11,396       11,593       10,164       10,423  
  Wind farm utility     2,760       2,760       2,730       2,647       --  
  Overall Fleet Available Days     14,289       14,156       14,323       12,811       10,423  
                                         

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