SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share data, unaudited) Three Months Ended Six Months Ended June 30, June 30, -------------------- -------------------- 2007 2006 2007 2006 --------- --------- --------- --------- Operating Revenues $ 325,454 $ 330,986 $ 636,217 $ 636,901 --------- --------- --------- --------- Costs and Expenses: Operating expenses 198,818 187,149 387,476 356,793 Administrative and general 33,937 32,865 68,337 64,358 Depreciation and amortization 38,055 42,318 76,930 85,578 --------- --------- --------- --------- 270,810 262,332 532,743 506,729 --------- --------- --------- --------- Gains on Asset Dispositions and Impairments, Net 42,540 24,089 54,697 44,966 --------- --------- --------- --------- Operating Income 97,184 92,743 158,171 175,138 --------- --------- --------- --------- Other Income (Expense): Interest income 11,456 9,086 23,680 16,222 Interest expense (12,108) (12,847) (25,376) (26,915) Derivative transaction gains (losses), net (254) 3,084 (124) 272 Foreign currency transaction gains (losses), net 460 1,217 (130) 1,376 Marketable security transaction losses, net (9,430) (3,341) (14,118) (6,926) Other, net 639 595 596 623 --------- --------- --------- --------- (9,237) (2,206) (15,472) (15,348) --------- --------- --------- --------- Income Before Income Tax Expense, Minority Interest in Income of Subsidiaries and Equity In Earnings of 50% or Less Owned Companies 87,947 90,537 142,699 159,790 Income Tax Expense 30,206 33,703 49,048 59,134 --------- --------- --------- --------- Income Before Minority Interest in Income of Subsidiaries and Equity in Earnings of 50% or Less Owned Companies 57,741 56,834 93,651 100,656 Minority Interest in Income of Subsidiaries (304) (104) (482) (187) Equity in Earnings of 50% or Less Owned Companies 7,829 6,031 10,249 12,400 --------- --------- --------- --------- Net Income $ 65,266 $ 62,761 $ 103,418 $ 112,869 --------- --------- --------- --------- Basic Earnings Per Common Share $ 2.73 $ 2.52 $ 4.29 $ 4.55 Diluted Earnings Per Common Share $ 2.41 $ 2.24 $ 3.80 $ 4.04 Weighted Average Common Shares Outstanding: Basic 23,886 24,869 24,119 24,828 Diluted 27,582 28,568 27,832 28,542 SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share data, unaudited) Three Months Ended ------------------------------------------------ Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30, 2007 2007 2006 2006 2006 -------- -------- -------- -------- -------- Operating Revenues $325,454 $310,763 $337,183 $349,361 $330,986 -------- -------- -------- -------- -------- Costs and Expenses: Operating expenses 198,818 188,658 189,799 196,608 187,149 Administrative and general 33,937 34,400 35,522 30,880 32,865 Depreciation and amortization 38,055 38,875 40,159 40,977 42,318 -------- -------- -------- -------- -------- 270,810 261,933 265,480 268,465 262,332 -------- -------- -------- -------- -------- Gains on Asset Dispositions and Impairments, Net 42,540 12,157 20,957 12,054 24,089 -------- -------- -------- -------- -------- Operating Income 97,184 60,987 92,660 92,950 92,743 -------- -------- -------- -------- -------- Other Income (Expense): Interest income 11,456 12,224 11,492 10,279 9,086 Interest expense (12,108) (13,268) (13,457) (13,307) (12,847) Derivative transaction gains (losses), net (254) 130 3,258 2,813 3,084 Foreign currency transaction gains (losses), net 460 (590) 332 650 1,217 Marketable security transaction gains (losses), net (9,430) (4,688) (6,626) 4,549 (3,341) Other, net 639 (43) 207 117 595 -------- -------- -------- -------- -------- (9,237) (6,235) (4,794) 5,101 (2,206) -------- -------- -------- -------- -------- Income Before Income Tax Expense, Minority Interest in Income of Subsidiaries and Equity In Earnings (Losses) of 50% or Less Owned Companies 87,947 54,752 87,866 98,051 90,537 Income Tax Expense 30,206 18,842 28,949 37,037 33,703 -------- -------- -------- -------- -------- Income Before Minority Interest in Income of Subsidiaries and Equity in Earnings (Losses) of 50% or Less Owned Companies 57,741 35,910 58,917 61,014 56,834 Minority Interest in Income of Subsidiaries (304) (178) (367) (451) (104) Equity in Earnings (Losses) of 50% or Less Owned Companies 7,829 2,420 (195) 2,607 6,031 -------- -------- -------- -------- -------- Net Income $ 65,266 $ 38,152 $ 58,355 $ 63,170 $ 62,761 -------- -------- -------- -------- -------- Basic Earnings Per Common Share $ 2.73 $ 1.57 $ 2.40 $ 2.57 $ 2.52 Diluted Earnings Per Common Share $ 2.41 $ 1.40 $ 2.12 $ 2.28 $ 2.24 Weighted Average Common Shares Outstanding: Basic 23,886 24,354 24,311 24,575 24,869 Diluted 27,582 28,077 28,053 28,282 28,568 Common Shares Outstanding at Period End 23,895 24,181 24,519 24,457 24,801 SEACOR HOLDINGS INC. OPERATING INCOME (LOSS) BY LINE OF BUSINESS (in thousands, unaudited) Three Months Ended ------------------------------------------------ Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30, 2007 2007 2006 2006 2006 -------- -------- --------- --------- -------- Offshore Marine Services Operating Revenues $171,442 $170,928 $ 174,753 $ 179,687 $168,285 -------- -------- --------- --------- -------- Costs and Expenses: Operating expenses 88,596 92,999 82,988 89,791 86,695 Administrative and general 11,893 13,023 13,101 10,118 11,470 Depreciation and amortization 14,515 16,524 17,239 19,353 21,793 -------- -------- --------- --------- -------- 115,004 122,546 113,328 119,262 119,958 -------- -------- --------- --------- -------- Gains on Asset Dispositions and Impairments, Net 38,546 8,294 13,797 10,168 22,489 -------- -------- --------- --------- -------- Operating Income $ 94,984 $ 56,676 $ 75,222 $ 70,593 $ 70,816 -------- -------- --------- --------- -------- Marine Transportation Services Operating Revenues $ 25,924 $ 30,556 $ 34,408 $ 35,617 $ 37,446 -------- -------- --------- --------- -------- Costs and Expenses: Operating expenses 22,865 20,849 20,941 21,017 18,064 Administrative and general 1,236 1,186 1,096 1,064 1,049 Depreciation and amortization 9,790 10,158 10,159 10,159 10,162 -------- -------- --------- --------- -------- 33,891 32,193 32,196 32,240 29,275 -------- -------- --------- --------- -------- Gains on Asset Dispositions -- -- -- -- -- -------- -------- --------- --------- -------- Operating Income (Loss) $ (7,967) $ (1,637) $ 2,212 $ 3,377 $ 8,171 -------- -------- --------- --------- -------- Inland River Services Operating Revenues $ 28,020 $ 26,722 $ 37,841 $ 38,798 $ 36,339 -------- -------- --------- --------- -------- Costs and Expenses: Operating expenses 13,056 12,305 16,752 18,563 18,649 Administrative and general 2,101 877 1,330 1,013 829 Depreciation and amortization 4,332 3,499 3,755 3,804 3,267 -------- -------- --------- --------- -------- 19,489 16,681 21,837 23,380 22,745 -------- -------- --------- --------- -------- Gains on Asset Dispositions 2,622 3,622 84 -- -- -------- -------- --------- --------- -------- Operating Income $ 11,153 $ 13,663 $ 16,088 $ 15,418 $ 13,594 -------- -------- --------- --------- -------- Aviation Services Operating Revenues $ 55,861 $ 45,433 $ 38,858 $ 43,799 $ 39,903 -------- -------- --------- --------- -------- Costs and Expenses: Operating expenses 41,212 36,225 32,818 33,269 29,137 Administrative and general 4,439 4,521 3,880 3,413 4,158 Depreciation and amortization 6,601 6,079 5,847 5,264 4,591 -------- -------- --------- --------- -------- 52,252 46,825 42,545 41,946 37,886 -------- -------- --------- --------- -------- Gains on Asset Dispositions 1,505 227 7,065 1,880 1,818 -------- -------- --------- --------- -------- Operating Income (Loss) $ 5,114 $ (1,165) $ 3,378 $ 3,733 $ 3,835 -------- -------- --------- --------- -------- Environmental Services Operating Revenues $ 32,168 $ 26,492 $ 40,762 $ 38,885 $ 36,946 -------- -------- --------- --------- -------- Costs and Expenses: Operating expenses 23,605 20,753 29,931 26,370 26,345 Administrative and general 4,323 5,301 5,101 5,931 5,156 Depreciation and amortization 1,100 909 1,153 731 741 -------- -------- --------- --------- -------- 29,028 26,963 36,185 33,032 32,242 -------- -------- --------- --------- -------- Gains (Losses) on Asset Dispositions and Impairments, Net (133) (16) 11 6 (215) -------- -------- --------- --------- -------- Operating Income (Loss) $ 3,007 $ (487) $ 4,588 $ 5,859 $ 4,489 -------- -------- --------- --------- -------- SEACOR HOLDINGS INC. OPERATING INCOME (LOSS) BY LINE OF BUSINESS (continued) (in thousands, unaudited) Three Months Ended ------------------------------------------------ Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30, 2007 2007 2006 2006 2006 -------- -------- -------- -------- -------- Harbor and Offshore Towing Services Operating Revenues $ 12,538 $ 11,682 $ 11,632 $ 12,552 $ 12,156 -------- -------- -------- -------- -------- Costs and Expenses: Operating expenses 10,003 6,568 7,252 7,744 8,336 Administrative and general 1,999 2,182 2,089 1,662 1,851 Depreciation and amortization 1,264 1,264 1,264 1,265 1,275 -------- -------- -------- -------- -------- 13,266 10,014 10,605 10,671 11,462 -------- -------- -------- -------- -------- Gains on Asset Dispositions -- 30 -- -- -- -------- -------- -------- -------- -------- Operating Income (Loss) $ (728) $ 1,698 $ 1,027 $ 1,881 $ 694 -------- -------- -------- -------- -------- Other Operating Revenues $ 204 $ -- $ -- $ -- $ -- -------- -------- -------- -------- -------- Costs and Expenses: Operating expenses 174 9 -- -- -- Administrative and general 207 3 -- 6 2 Depreciation and amortization -- -- -- -- -- -------- -------- -------- -------- -------- 381 12 -- -- 2 -------- -------- -------- -------- -------- Gains on Asset Dispositions -- -- -- -- -- -------- -------- -------- -------- -------- Operating Loss $ (177) $ (12) $ -- $ (6) $ (2) -------- -------- -------- -------- -------- Corporate and Eliminations Operating Revenues $ (703) $ (1,050) $ (1,071) $ 23 $ (89) -------- -------- -------- -------- -------- Costs and Expenses: Operating expenses (693) (1,050) (883) (146) (77) Administrative and general 7,739 7,307 8,925 7,673 8,350 Depreciation and amortization 453 442 742 401 489 -------- -------- -------- -------- -------- 7,499 6,699 8,784 7,928 8,762 -------- -------- -------- -------- -------- Losses on Asset Dispositions -- -- -- -- (3) -------- -------- -------- -------- -------- Operating Loss $ (8,202) $ (7,749) $ (9,855) $ (7,905) $ (8,854) -------- -------- -------- -------- -------- SEACOR HOLDINGS INC. SELECTED CONSOLIDATED BALANCE SHEET DATA (in thousands, unaudited) Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30, 2007 2007 2006 2006 2006 --------- --------- --------- --------- --------- Cash, Cash Equivalents, Restricted Cash, Securities, Construction Reserve Funds and Title XI Reserve Funds $ 921,617 $ 815,928 $ 925,725 $ 839,057 $ 803,360 Receivables 292,159 300,847 312,956 282,040 278,000 Current Assets 924,792 815,534 938,369 893,813 915,245 Net Property and Equipment 1,855,641 1,882,731 1,770,210 1,764,990 1,737,811 Total Assets 3,371,798 3,271,047 3,252,982 3,076,296 3,014,963 Current Portion of Long-term Debt and Capital Lease Obligations 12,407 11,736 11,708 10,443 8,970 Current Liabilities 353,303 314,012 295,509 287,872 287,797 Long-term Debt & Capital Lease Obligations 943,758 959,007 961,003 964,567 955,567 Stockholders' Equity 1,597,143 1,554,233 1,557,078 1,493,036 1,458,302
Contact Information: For additional information, contact: Timothy McKeand Vice President (954) 627-6380 www.seacorholdings.com