SOURCE: SEACOR Holdings Inc.

SEACOR Holdings Inc.

October 21, 2010 17:38 ET

SEACOR Holdings Announces Third Quarter Results

FORT LAUDERDALE, FL--(Marketwire - October 21, 2010) - SEACOR Holdings Inc. (NYSE: CKH) today announced its results for the third quarter of 2010. Net income attributable to SEACOR Holdings Inc. for the quarter ended September 30, 2010 was $149.9 million, or $7.14 per diluted share, on operating revenues of $979.8 million. For the nine months ended September 30, 2010, net income attributable to SEACOR Holdings Inc. was $217.6 million, or $9.99 per diluted share, on operating revenues of $2,069.0 million.

Oil spill response activities following the sinking of the Deepwater Horizon in April defined this period's results as they reflect the significant combined response effort from SEACOR's Environmental Services, Offshore Marine Services, Aviation Services and Harbor and Offshore Towing Services business units. Response activities are now winding down and equipment, people, vessels and helicopters are being released from spill support activities.

For the preceding quarter ended June 30, 2010, net income attributable to SEACOR Holdings Inc. was $64.1 million, or $2.93 per diluted share, on operating revenues of $694.6 million. Comparison of results for the quarter ended September 30, 2010 with the preceding quarter ended June 30, 2010 is included in the discussion below.

For the quarter ended September 30, 2009, net income attributable to SEACOR Holdings Inc. was $26.3 million, or $1.23 per diluted share, on operating revenues of $446.1 million. For the nine months ended September 30, 2009, net income attributable to SEACOR Holdings Inc. was $121.6 million, or $5.53 per diluted share, on operating revenues of $1,234.8 million.

Highlights for the Quarter

Offshore Marine Services -- Operating income in the third quarter was $69.3 million on operating revenues of $160.9 million compared with operating income of $42.9 million on operating revenues of $147.1 million in the preceding quarter. Third quarter results included $12.7 million in gains on asset dispositions compared with $2.0 million in gains in the preceding quarter.

Overall operating revenues were $13.8 million higher in the third quarter. Time charter revenues increased by $6.6 million to $138.2 million primarily due to the deployment of additional vessels in support of the Deepwater Horizon oil spill response. Other operating revenues were $7.2 million higher in the third quarter primarily due to the provision of other equipment and services associated with the Deepwater Horizon oil spill response and increased bareboat charter revenues.

As of September 30, 2010, the Company had deferred $19.7 million of vessel charter hire scheduled to be paid through the conveyance of a limited net profit interest in developmental oil and gas producing properties owned by a customer. Of this amount, $1.9 million was deferred in the third quarter. The Company will continue to recognize revenues as cash is received or earlier should future payments become determinable.

The number of days available for charter in the third quarter decreased by 120, or 1.0%, due to net fleet dispositions. Overall utilization increased from 77.4% to 83.5% and overall average day rates, based on time charter revenues recognized, decreased by 1.7% from $13,906 per day to $13,667 per day. As of September 30, 2010, the Company had seven vessels cold-stacked in the U.S. Gulf of Mexico compared with four as of June 30, 2010.

Marine Transportation Services -- Marine Transportation Services reported an operating loss in the third quarter of $17.3 million on operating revenues of $18.5 million compared with operating income of $3.3 million on operating revenues of $21.3 million in the preceding quarter. As previously reported, the Seabulk America was scheduled to undergo a regulatory drydocking in the third quarter, a requirement for continued operation. Given the prevailing market conditions, the Company deferred the drydocking, laid-up the vessel and recognized an impairment charge of $18.7 million which reduced the vessel's carrying value to its fair value.

Inland River Services -- Operating income in the third quarter was $36.0 million on operating revenues of $41.4 million compared with operating income of $6.4 million on operating revenues of $34.6 million in the preceding quarter. During the third quarter, Inland River Services recognized gains on asset dispositions of $16.5 million from the sale of barges to its South American joint venture and recognized previously deferred gains of $12.2 million following the acquisition of a controlling interest in another of its joint ventures.

Operating income from the pooled hopper fleet increased due to higher freight rates and increased activity on the lower Mississippi River in support of the beginning of harvest season. The increase was partially offset by a reduction in the liquid unit tow operation primarily due to higher repair and maintenance costs and related downtime.

Aviation Services -- Operating income in the third quarter was $11.9 million on operating revenues of $67.1 million compared with operating income of $5.5 million on operating revenues of $62.4 million in the preceding quarter.

Operating revenues were higher primarily due to more flight hours in Alaska in support of offshore oil and gas activities, flightseeing and firefighting contracts. Revenues from leasing activities improved due to increased flight hours on existing contracts. Operating expenses were lower due to a reduction in repair and maintenance expense.

Environmental Services -- Operating income in the third quarter was $125.0 million on operating revenues of $468.2 million compared with operating income of $78.9 million on operating revenues of $214.6 million in the preceding quarter. The improvement in operating results was primarily due to activities associated with the Deepwater Horizon oil spill response. Environmental Services provided vessels, equipment and people to support clean-up activities throughout the U.S. Gulf of Mexico region as well as professional assistance, consulting services and software systems in support of incident management activities.

Commodity Trading and Logistics -- Commodity Trading and Logistics reported a segment profit in the third quarter of $4.6 million on operating revenues of $216.9 million compared with a segment profit of $0.5 million on operating revenues of $203.1 million in the preceding quarter. Results from energy trading activities, including the Company's equity interest in its alcohol manufacturing facility joint venture, improved by $2.4 million compared with the preceding quarter. Results from rice trading activities also improved while results from sugar trading activities were lower than the preceding quarter.

Harbor and Offshore Towing Services -- Operating income in the third quarter was $4.3 million on operating revenues of $19.4 million compared with operating income of $4.9 million on operating revenues of $19.0 million in the preceding quarter. Second quarter results included $1.2 million in gains on asset dispositions.

Interest Expense -- Interest expense in the third quarter was lower primarily due to higher capitalized interest, the payoff of various miscellaneous and equipment related notes and the redemption of certain of the Company's Title XI Bonds in the second quarter.

Marketable Securities -- Marketable security losses were $0.1 million in the third quarter compared with losses of $5.4 million in the preceding quarter. The losses in the preceding quarter were primarily the result of losses on long equity positions.

Derivatives -- Derivative income, net was $1.6 million in the third quarter primarily due to gains on foreign currency option and future contracts partially offset by commodity swap option and future contracts and equity index and options.

Foreign Currency Losses, net -- Foreign currency gains, net were $7.6 million in the third quarter primarily due to the strengthening of the euro against the U.S. dollar.

Stock Repurchases -- During the third quarter, the Company purchased 77,200 shares of its common stock at an average price of $77.63 per share. At the end of the quarter, 21,230,924 shares of SEACOR's common stock remained outstanding.

Capital Commitments -- The Company's unfunded capital commitments as of September 30, 2010 consisted primarily of offshore support vessels, helicopters, an interest in a dry-bulk articulated tug-barge, inland river dry cargo barges and other equipment, and totaled $279.8 million, of which $69.4 million is payable during 2010 and the balance payable through 2013. Of the total unfunded capital commitments, $2.8 million may be terminated without further liability. Subsequent to September 30, 2010, the Company committed to purchase additional equipment totaling $4.1 million. As of September 30, 2010, the Company held balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and title XI reserve funds totaling $1,052.5 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, marine transportation, inland river, aviation, environmental, 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.

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 spill and 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 illiquidity 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, loss of U.S. coastwise endorsement for the Seabulk Trader and Seabulk Challenge, retrofitted double-hull tankers, if the Company is unsuccessful in litigation instructing the U.S. Coast Guard to revoke their coastwise charters, 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, 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, future phase-out of Marine Transportation Services' double-bottom tanker, dependence of spill response revenue on the number and size of spills and upon continuing government regulation in this area and Environmental Services' ability to comply with such regulation and other governmental regulation, changes in National Response Corporations' Oil Spill Removal Organization classification, liability in connection with providing spill response services, the level of grain export volume, the effect of fuel prices on barge towing costs, variability in freight rates for inland river barges, the effect of international economic and political factors in Inland River Services' operations, sudden and unexpected changes in commodity prices, futures and options, global weather conditions, political instability, changes in currency exchanges rates, and product availability in Commodity Trading and Logistics activities, adequacy of insurance coverage, the attraction and retention of qualified personnel by the Company and various other matters and factors, many of which are beyond the Company's control. In addition, these statements constitute the Company's cautionary statements under the Private Securities Litigation Reform Act of 1995. It is not possible to predict or identify all such factors. Consequently, the following 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,
                            ----------------------  ----------------------
                               2010        2009        2010        2009
                            ----------  ----------  ---------- -----------

Operating Revenues          $  979,833  $  446,079  $2,068,984  $1,234,828
                            ----------  ----------  ---------- -----------

Costs and Expenses:
   Operating                   683,219     327,602   1,480,266     832,145
   Administrative and
    general                     50,627      41,926     137,626     120,666
   Depreciation and
    amortization                41,312      40,272     124,317     119,364
                            ----------  ----------  ---------- -----------
                               775,158     409,800   1,742,209   1,072,175
                            ----------  ----------  ---------- -----------

Gains on Asset Dispositions
 and Impairments, Net           23,896       5,783      41,953      22,528
                            ----------  ----------  ---------- -----------

Operating Income               228,571      42,062     368,728     185,181
                            ----------  ----------  ---------- -----------

Other Income (Expense):
   Interest income               2,562         789       5,788       2,410
   Interest expense            (10,274)    (14,267)    (33,862)    (42,679)
   Debt extinguishment
    gains (losses), net             --       2,787        (368)      4,072
   Marketable security
    gains (losses), net            (54)      6,948      (3,499)     14,796
   Derivative gains
    (losses), net                1,648       2,328        (297)      9,704
   Foreign currency gains
    (losses), net                7,585        (939)     (2,616)      6,566
   Other, net                       10         (57)        656         132
                            ----------  ----------  ---------- -----------
                                 1,477      (2,411)    (34,198)     (4,999)
                            ----------  ----------  ---------- -----------
Income Before Income Tax
 Expense and Equity In
 Earnings of 50% or Less
 Owned Companies               230,048      39,651     334,530     180,182
Income Tax Expense              87,709      15,751     127,424      66,866
                            ----------  ----------  ---------- -----------
Income Before Equity in
 Earnings of 50% or Less
 Owned Companies               142,339      23,900     207,106     113,316
Equity in Earnings of 50%
 or Less Owned Companies,
 Net of Tax                      7,933       2,340      11,678       9,358
                            ----------  ----------  ---------- -----------
Net Income                     150,272      26,240     218,784     122,674
Net Income (Loss)
 attributable to
 Noncontrolling Interests
 in Subsidiaries                   334         (42)      1,163       1,090
                            ----------  ----------  ---------- -----------
Net Income attributable to
 SEACOR Holdings Inc.       $  149,938  $   26,282  $  217,621  $  121,584
                            ==========  ==========  ==========  ==========

Basic Earnings Per Common
 Share of SEACOR Holdings
 Inc.                       $     7.21  $     1.32  $    10.08  $     6.13

Diluted Earnings Per Common
 Share of SEACOR Holdings
 Inc.                       $     7.14  $     1.23  $     9.99  $     5.53

Weighted Average Common
 Shares Outstanding:
   Basic                    20,786,721  19,867,226  21,590,917  19,824,913
   Diluted                  21,000,565  23,458,195  21,785,292  23,374,644




                           SEACOR HOLDINGS INC.
               CONDENSED CONSOLIDATED STATEMENTS OF INCOME
             (in thousands, except per share data, unaudited)

                                        Three Months Ended
                        --------------------------------------------------
                        Sep. 30,  Jun. 30,   Mar. 31,  Dec. 31,   Sep. 30,
                          2010      2010       2010      2009       2009
                        --------  ---------  --------  ---------  --------

Operating Revenues      $979,833  $ 694,576  $394,575  $ 476,510  $446,079
                        --------  ---------  --------  ---------  --------

Costs and Expenses:
   Operating             683,219    484,742   312,305    352,951   327,602
   Administrative and
    general               50,627     46,108    40,891     41,332    41,926
   Depreciation and
    amortization          41,312     41,608    41,397     40,728    40,272
                        --------  ---------  --------  ---------  --------
                         775,158    572,458   394,593    435,011   409,800
                        --------  ---------  --------  ---------  --------

Gains on Asset
 Dispositions and
 Impairments, Net         23,896      4,398    13,659      5,147     5,783
                        --------  ---------  --------  ---------  --------

Operating Income         228,571    126,516    13,641     46,646    42,062
                        --------  ---------  --------  ---------  --------

Other Income (Expense):
   Interest income         2,562      1,863     1,363      2,056       789
   Interest expense      (10,274)   (11,264)  (12,324)   (16,364)  (14,267)
   Debt extinguishment
    gains (losses), net       --       (364)       (4)    (9,659)    2,787
   Marketable security
    gains (losses), net      (54)    (5,406)    1,961      9,263     6,948
   Derivative gains
    (losses), net          1,648     (4,721)    2,776      1,257     2,328
   Foreign currency
    gains (losses), net    7,585     (7,500)   (2,701)     1,521      (939)
   Other, net                 10         46       600        112       (57)
                        --------  ---------  --------  ---------  --------
                           1,477    (27,346)   (8,329)   (11,814)   (2,411)
                        --------  ---------  --------  ---------  --------
Income Before Income
 Tax Expense and Equity
 In Earnings of 50% or
 Less Owned Companies    230,048     99,170     5,312     34,832    39,651
Income Tax Expense        87,709     37,399     2,316     15,626    15,751
                        --------  ---------  --------  ---------  --------
Income Before Equity in
 Earnings of 50% or
 Less Owned Companies    142,339     61,771     2,996     19,206    23,900
Equity in Earnings of
 50% or Less Owned
 Companies, Net of Tax     7,933      2,876       869      3,223     2,340
                        --------  ---------  --------  ---------  --------
Net Income               150,272     64,647     3,865     22,429    26,240
Net Income (Loss)
 attributable to
 Noncontrolling Interests
 in Subsidiaries             334        565       264        203       (42)
                        --------  ---------  --------  ---------  --------
Net Income attributable
 to SEACOR Holdings
 Inc.                   $149,938  $  64,082  $  3,601  $  22,226  $ 26,282
                        ========  =========  ========  =========  ========

Basic Earnings Per
 Common Share of
 SEACOR Holdings Inc.   $   7.21  $    2.95  $   0.16  $    1.09  $   1.32

Diluted Earnings Per
 Common Share of
 SEACOR Holdings Inc.   $   7.14  $    2.93  $   0.16  $    1.04  $   1.23

Weighted Average Common
 Shares of Outstanding:
   Basic                  20,787     21,733    22,270     20,324    19,867
   Diluted                21,001     21,905    22,475     23,417    23,458
Common Shares
 Outstanding at Period
 End                      21,231     21,218    22,552     22,613    20,230





                           SEACOR HOLDINGS INC.
                SEGMENT PROFIT (LOSS) BY LINE OF BUSINESS
                         (in thousands, unaudited)

                                        Three Months Ended
                        --------------------------------------------------
                         Sep. 30,   Jun. 30,  Mar. 31,  Dec. 31,  Sep. 30,
                           2010       2010      2010      2009      2009
                        ----------  --------  --------  --------  --------

Offshore Marine
 Services
Operating Revenues      $  160,916  $147,123  $107,186  $121,203  $129,839
                        ----------  --------  --------  --------  --------
Costs and Expenses:
   Operating                79,205    80,011    73,764    72,205    76,982
   Administrative and
    general                 12,378    12,931    12,449    12,770    13,128
   Depreciation and
    amortization            12,758    13,245    13,478    13,770    13,608
                        ----------  --------  --------  --------  --------
                           104,341   106,187    99,691    98,745   103,718
                        ----------  --------  --------  --------  --------

Gains on Asset
 Dispositions and
 Impairments, Net           12,717     1,964    12,651     3,831     3,852
                        ----------  --------  --------  --------  --------
Operating Income            69,292    42,900    20,146    26,289    29,973
                        ----------  --------  --------  --------  --------
Other Income (Expense):
Derivative losses, net          --        --        --      (157)       --
Foreign currency gains
 (losses), net                 977       425       374     1,781    (1,174)
Other, net                      --        --        --        --        14
Equity in Earnings of
 50% or Less Owned
 Companies, Net of Tax       2,300     1,713     2,251     1,774     2,322
                        ----------  --------  --------  --------  --------
Segment Profit          $   72,569  $ 45,038  $ 22,771  $ 29,687  $ 31,135
                        ==========  ========  ========  ========  ========

Marine Transportation
 Services
Operating Revenues      $   18,540  $ 21,263  $ 19,452  $ 20,497  $ 21,737
                        ----------  --------  --------  --------  --------
Costs and Expenses:
   Operating                 8,754     8,915    13,432    10,585    11,420
   Administrative and
    general                  1,087     1,038       837     1,043       953
   Depreciation and
    amortization             7,320     8,008     8,008     8,005     8,003
                        ----------  --------  --------  --------  --------
                            17,161    17,961    22,277    19,633    20,376
                        ----------  --------  --------  --------  --------

Losses on Asset
 Dispositions and
 Impairments               (18,677)      (11)       --        --        --
                        ----------  --------  --------  --------  --------
Operating Income (Loss)    (17,298)    3,291    (2,825)      864     1,361
                        ----------  --------  --------  --------  --------
Other Income (Expense):
   Foreign currency
    gains (losses), net         61       (41)       15         1         7
                        ----------  --------  --------  --------  --------
Segment Profit (Loss)   $  (17,237) $  3,250  $ (2,810) $    865  $  1,368
                        ==========  ========  ========  ========  ========

Inland River Services
Operating Revenues      $   41,381  $ 34,596  $ 33,436  $ 53,607  $ 34,314
                        ----------  --------  --------  --------  --------
Costs and Expenses:
   Operating                26,535    21,547    19,554    32,052    20,144
   Administrative and
    general                  2,898     2,618     2,061     2,137     2,443
   Depreciation and
    amortization             5,415     4,958     4,876     4,756     4,785
                        ----------  --------  --------  --------  --------
                            34,848    29,123    26,491    38,945    27,372
                        ----------  --------  --------  --------  --------

Gains on Asset
 Dispositions               29,445       899       887     1,236       813
                        ----------  --------  --------  --------  --------
Operating Income            35,978     6,372     7,832    15,898     7,755
                        ----------  --------  --------  --------  --------
Other Income (Expense):
Other, net                      --        --        10        --        --
Equity in Earnings
 (Losses) of 50% or
 Less Owned Companies,
 Net of Tax                  3,522       805       (98)    1,868       140
                        ----------  --------  --------  --------  --------
Segment Profit          $   39,500  $  7,177  $  7,744  $ 17,766  $  7,895
                        ==========  ========  ========  ========  ========





                           SEACOR HOLDINGS INC.
          SEGMENT PROFIT (LOSS) BY LINE OF BUSINESS (continued)
                         (in thousands, unaudited)

                                         Three Months Ended
                         -------------------------------------------------
                         Sep. 30,  Jun. 30,  Mar. 31,   Dec. 31,  Sep. 30,
                           2010      2010      2010       2009      2009
                         --------  --------  ---------  --------  --------

Aviation Services
Operating Revenues       $ 67,136  $ 62,433  $  50,275  $ 54,323  $ 64,259
                         --------  --------  ---------  --------  --------
Costs and Expenses:
   Operating               37,492    40,541     32,026    30,667    39,659
   Administrative and
    general                 7,274     6,091      5,391     5,972     5,624
   Depreciation and
    amortization           10,889    10,728     10,447     9,876     9,706
                         --------  --------  ---------  --------  --------
                           55,655    57,360     47,864    46,515    54,989
                         --------  --------  ---------  --------  --------

Gains on Asset
 Dispositions and
 Impairments, Net             412       379         90       313     1,062
                         --------  --------  ---------  --------  --------
Operating Income           11,893     5,452      2,501     8,121    10,332
                         --------  --------  ---------  --------  --------
Other Income (Expense):
   Derivative gains
    (losses), net             (29)       38       (100)       33       (80)
   Foreign currency
    gains (losses), net       (81)   (1,731)       135      (223)      296
   Other, net                  50        --         --        --        --
Equity in Earnings
 (Losses) of 50% or Less
 Owned Companies, Net of
 Tax                          663      (442)      (275)     (297)     (186)
                         --------  --------  ---------  --------  --------
Segment Profit           $ 12,496  $  3,317  $   2,261  $  7,634  $ 10,362
                         ========  ========  =========  ========  ========

Environmental Services
Operating Revenues       $468,226  $214,629  $  28,158  $ 44,531  $ 33,827
                         --------  --------  ---------  --------  --------
Costs and Expenses:
   Operating              329,497   127,108     20,337    32,822    23,206
   Administrative and
    general                11,508     6,525      6,037     6,155     6,090
   Depreciation and
    amortization            2,249     2,099      1,983     1,811     1,846
                         --------  --------  ---------  --------  --------
                          343,254   135,732     28,357    40,788    31,142
                         --------  --------  ---------  --------  --------

Losses on Asset
 Dispositions                  --       (36)       (17)     (208)       (1)
                         --------  --------  ---------  --------  --------
Operating Income (Loss)   124,972    78,861       (216)    3,535     2,684
                         --------  --------  ---------  --------  --------
Other Income (Expense):
   Foreign currency
    gains (losses), net         3       (23)        30       (11)       --
Equity in Earnings of
 50% or Less Owned
 Companies, Net of Tax        533        54         38        90        34
                         --------  --------  ---------  --------  --------
Segment Profit (Loss)    $125,508  $ 78,892  $    (148) $  3,614  $  2,718
                         ========  ========  =========  ========  ========

Commodity Trading and
 Logistics
Operating Revenues       $216,896  $203,064  $ 142,992  $171,354  $150,866
                         --------  --------  ---------  --------  --------
Costs and Expenses:
   Operating              204,467   203,374    147,372   168,694   150,983
   Administrative and
    general                 3,716     3,791      2,744     3,632     3,705
   Depreciation and
    amortization               13        15         20        20         7
                         --------  --------  ---------  --------  --------
                          208,196   207,180    150,136   172,346   154,695
                         --------  --------  ---------  --------  --------
Operating Income (Loss)     8,700    (4,116)    (7,144)     (992)   (3,829)
                         --------  --------  ---------  --------  --------
Other Income (Expense):
Derivative gains
 (losses), net             (5,307)    4,611      4,308       802     1,689
Foreign currency gains
 (losses), net                190       (30)      (717)       49       177
Other, net                     --         6         --        (1)       --
Equity in Earnings
 (Losses) of 50% or Less
 Owned Companies, Net of
 Tax                        1,042       (13)    (1,022)     (282)       --
                         --------  --------  ---------  --------  --------
Segment Profit (Loss)    $  4,625  $    458  $  (4,575) $   (424) $ (1,963)
                         ========  ========  =========  ========  ========





                            SEACOR HOLDINGS INC.
          SEGMENT PROFIT (LOSS) BY LINE OF BUSINESS (continued)
                         (in thousands, unaudited)

                                        Three Months Ended
                        --------------------------------------------------
                         Sep. 30,   Jun. 30,  Mar. 31,  Dec. 31,  Sep. 30,
                          2010       2010       2010      2009      2009
                        ---------  ---------  --------  --------  --------

Harbor and Offshore
 Towing Services
Operating Revenues      $  19,426  $  18,987  $ 17,440  $ 16,153  $ 15,574
                        ---------  ---------  --------  --------  --------
Costs and Expenses:
   Operating               10,540     10,895    10,039    11,110     9,544
   Administrative and
    general                 2,483      2,279     2,497     2,698     2,035
   Depreciation and
    amortization            2,116      2,107     2,183     2,197     2,049
                        ---------  ---------  --------  --------  --------
                           15,139     15,281    14,719    16,005    13,628
                        ---------  ---------  --------  --------  --------

Gains (Losses) on Asset
 Dispositions                  --      1,203        --       (25)       58
                        ---------  ---------  --------  --------  --------
Operating Income            4,287      4,909     2,721       123     2,004
                        ---------  ---------  --------  --------  --------
Other Income (Expense):
   Foreign currency
    gains (losses), net         9          3       (12)       (2)       12
   Other, net                  --         34        --        --        --
                        ---------  ---------  --------  --------  --------
Segment Profit          $   4,296  $   4,946  $  2,709  $    121  $  2,016
                        =========  =========  ========  ========  ========

Other
Operating Revenues      $     605  $     (18) $     --  $     40  $     --
                        ---------  ---------  --------  --------  --------
Costs and Expenses:
   Operating                   19         --        --        --        --
   Administrative and
    general                   320        514       348       513       343
   Depreciation and
    amortization              108         --        --         1        --
                        ---------  ---------  --------  --------  --------
                              447        514       348       514       343
                        ---------  ---------  --------  --------  --------
Operating Income (Loss)       158       (532)     (348)     (474)     (343)
                        ---------  ---------  --------  --------  --------
Other Income (Expense):
   Foreign currency
    gains (losses), net        25        (18)       (6)       (3)       (2)
   Other, net                  --         --        --        --        (1)
Equity in Earnings
 (Losses) of 50% or
 Less Owned Companies,
 Net of Tax                  (127)       759       (25)       70        30
                        ---------  ---------  --------  --------  --------
Segment Profit (Loss)   $      56  $     209  $   (379) $   (407) $   (316)
                        =========  =========  ========  ========  ========

Corporate and
 Eliminations
Operating Revenues      $ (13,293) $  (7,501) $ (4,364) $ (5,198) $ (4,337)
                        ---------  ---------  --------  --------  --------
Costs and Expenses:
   Operating              (13,290)    (7,649)   (4,219)   (5,184)   (4,336)
   Administrative and
    general                 8,963     10,321     8,527     6,412     7,605
   Depreciation and
    amortization              444        448       402       292       268
                        ---------  ---------  --------  --------  --------
                           (3,883)     3,120     4,710     1,520     3,537
                        ---------  ---------  --------  --------  --------

Gains (Losses) on Asset
 Dispositions                  (1)        --        48        --        (1)
                        ---------  ---------  --------  --------  --------
Operating Loss          $  (9,411) $ (10,621) $ (9,026) $ (6,718) $ (7,875)
                        =========  =========  ========  ========  ========
Other Income (Expense):
   Derivative gains
    (losses), net       $   6,984  $  (9,370) $ (1,432) $    579  $    719
   Foreign currency
    gains (losses), net     6,401     (6,085)   (2,520)      (71)     (255)
   Other, net                 (40)         6       590       113       (70)




                           SEACOR HOLDINGS INC.
                  CONDENSED CONSOLIDATED BALANCE SHEETS
                        (in thousands, unaudited)

                 Sep. 30,    Jun. 30,    Mar. 31,    Dec. 31,    Sep. 30,
                   2010        2010        2010        2009        2009
                ----------  ----------  ----------  ----------  ----------
    ASSETS
Current Assets:
 Cash and cash
  equivalents   $  662,278  $  398,498  $  452,161  $  465,904  $  620,045
 Restricted cash    14,823       9,421      35,924      34,014      29,353
 Marketable
  securities       103,150      86,457      63,171      68,139      52,897
 Receivables:
  Trade, net of
   allowance for
   doubtful
   accounts        512,131     449,142     288,074     301,143     266,537
  Other             44,550      50,345      69,892      78,689      74,378
 Inventories        66,024      74,434      76,453      76,949      52,502
 Deferred income
  taxes              3,354       3,354       3,354       3,354       5,164
 Prepaid expenses
  and other         17,570      24,075      21,733      15,725      21,121
                ----------  ----------  ----------  ----------  ----------
  Total current
   assets        1,423,880   1,095,726   1,010,762   1,043,917   1,121,997
                ----------  ----------  ----------  ----------  ----------
Property and
 Equipment       2,899,150   2,896,777   2,886,410   2,833,011   2,794,067
  Accumulated
   depreciation   (850,428)   (821,641)   (785,119)   (754,263)   (718,749)
                ----------  ----------  ----------  ----------  ----------
  Net property
   and equipment 2,048,722   2,075,136   2,101,291   2,078,748   2,075,318
                ----------  ----------  ----------  ----------  ----------
Investments, at
 Equity, and
 Receivables
 from 50% or Less
 Owned Companies   148,334     201,474     186,605     186,814     166,878
Construction
 Reserve Funds &
 Title XI
 Reserve Funds     272,259     227,184     252,672     289,750     290,871
Goodwill            54,764      54,653      54,443      54,571      53,990
Intangible
 Assets             21,627      21,195      22,369      23,554      24,762
Other Assets, net
 of allowance for
 doubtful
 accounts           52,846      51,522      55,430      46,265      49,920
                ----------  ----------  ----------  ----------  ----------
                $4,022,432  $3,726,890  $3,683,572  $3,723,619  $3,783,736
                ==========  ==========  ==========  ==========  ==========

 LIABILITIES AND
     EQUITY
Current
 Liabilities:
 Current portion
  of long-term
  debt          $   13,809  $   14,154  $   22,731  $   36,436  $   23,765
 Current portion
  of capital
  lease
  obligations        1,014         998         982         966         951
 Accounts
  payable and
  accrued
  expenses         336,968     223,277      98,984     135,425     105,981
 Other current
  liabilities      237,738     209,571     178,112     142,285     156,800
                ----------  ----------  ----------  ----------  ----------
  Total current
   liabilities     589,529     448,000     300,809     315,112     287,497
                ----------  ----------  ----------  ----------  ----------
Long-Term Debt     681,268     682,134     747,787     748,704   1,027,496
Capital Lease
 Obligations         5,783       6,067       6,348       6,624       6,895
Deferred Income
 Taxes             586,466     572,985     574,390     575,440     565,321
Deferred Gains
 and Other
 Liabilities        88,130      96,510     100,835     111,848     122,041
                ----------  ----------  ----------  ----------  ----------
  Total
   liabilities   1,951,176   1,805,696   1,730,169   1,757,728   2,009,250
                ----------  ----------  ----------  ----------  ----------
Equity:
 SEACOR
  Holdings Inc.
  stockholders'
  equity:
  Preferred stock       --          --          --          --          --
  Common stock         358         358         357         356         326
  Additional
   paid-in
   capital       1,196,445   1,191,943   1,186,871   1,182,023     966,895
  Retained
   earnings      1,764,202   1,614,264   1,550,182   1,546,581   1,524,355
  Shares held
   in treasury,
   at cost        (891,887)   (887,129)   (786,992)   (768,438)   (722,569)
  Accumulated
   other
   comprehensive
   loss             (7,568)     (7,839)     (5,862)     (3,260)     (3,577)
                ----------  ----------  ----------  ----------  ----------
                 2,061,550   1,911,597   1,944,556   1,957,262   1,765,430
 Noncontrolling
  interests in
  subsidiaries       9,706       9,597       8,847       8,629       9,056
                ----------  ----------  ----------  ----------  ----------
  Total equity   2,071,256   1,921,194   1,953,403   1,965,891   1,774,486
                ----------  ----------  ----------  ----------  ----------
                $4,022,432  $3,726,890  $3,683,572  $3,723,619  $3,783,736
                ==========  ==========  ==========  ==========  ==========




                           SEACOR HOLDINGS INC.
                      EQUIPMENT BY LINE OF BUSINESS

                               Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30,
                                 2010     2010     2010     2009     2009
                               -------- -------- -------- -------- --------

Offshore Marine Services
Anchor handling towing supply        20       20       20       23       21
Crew                                 54       57       57       57       68
Mini-supply                          12       12       11       11       11
Standby safety                       26       26       25       25       24
Supply                               27       27       26       27       27
Towing supply                         8        9       10       13       13
Specialty                            12       12       12        9        9
                               -------- -------- -------- -------- --------
                                    159      163      161      165      173
                               ======== ======== ======== ======== ========

Marine Transportation Services
U.S.-flag product tankers             8        8        8        8        8
                               ======== ======== ======== ======== ========

Inland River Services
Inland river dry-cargo barges     1,394    1,449    1,419    1,395    1,385
Inland river liquid tank barges      86       87       87       87       87
Inland river deck barges             26       26       26       26       26
Inland river towboats                32       29       29       29       28
Dry-cargo vessel                      1        1        1        1        1
                               -------- -------- -------- -------- --------
                                  1,539    1,592    1,562    1,538    1,527
                               ======== ======== ======== ======== ========

Aviation Services
Light helicopters - single
 engine                              60       60       60       60       60
Light helicopters - twin engine      45       46       48       47       50
Medium helicopters                   59       59       59       59       58
Heavy helicopters                     9        9        9        8        9
                               -------- -------- -------- -------- --------
                                    173      174      176      174      177
                               ======== ======== ======== ======== ========

Harbor and Offshore Towing
 Services
Harbor and offshore tugs             31       31       31       31       31
Ocean liquid tank barges              5        5        6        6        6
                               -------- -------- -------- -------- --------
                                     36       36       37       37       37
                               ======== ======== ======== ======== ========

Contact Information

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