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, -------------------- -------------------- 2008 2007 2008 2007 --------- --------- --------- --------- Operating Revenues $ 408,967 $ 325,454 $ 763,422 $ 636,217 --------- --------- --------- --------- Costs and Expenses: Operating 274,304 198,818 509,344 387,476 Administrative and general 45,095 33,937 84,100 68,337 Depreciation and amortization 37,728 38,055 75,528 76,930 --------- --------- --------- --------- 357,127 270,810 668,972 532,743 --------- --------- --------- --------- Gains on Asset Dispositions and Impairments, Net 19,274 42,540 31,180 54,697 --------- --------- --------- --------- Operating Income 71,114 97,184 125,630 158,171 --------- --------- --------- --------- Other Income (Expense): Interest income 5,373 11,456 12,849 23,680 Interest expense (12,674) (12,108) (24,222) (25,376) Derivative losses, net (7,113) (254) (646) (124) Foreign currency gains (losses), net 604 460 3,214 (130) Marketable security gains (losses), net 383 (9,430) (5,301) (14,118) Other, net 162 639 326 596 --------- --------- --------- --------- (13,265) (9,237) (13,780) (15,472) --------- --------- --------- --------- Income Before Income Tax Expense, Minority Interest in Income of Subsidiaries and Equity In Earnings of 50% or Less Owned Companies 57,849 87,947 111,850 142,699 Income Tax Expense 20,616 30,206 41,086 49,048 --------- --------- --------- --------- Income Before Minority Interest in Income of Subsidiaries and Equity in Earnings of 50% or Less Owned Companies 37,233 57,741 70,764 93,651 Minority Interest in Income of Subsidiaries (191) (304) (393) (482) Equity in Earnings of 50% or Less Owned Companies 1,315 7,829 5,894 10,249 --------- --------- --------- --------- Net Income $ 38,357 $ 65,266 $ 76,265 $ 103,418 ========= ========= ========= ========= Basic Earnings Per Common Share $ 1.80 $ 2.73 $ 3.49 $ 4.29 Diluted Earnings Per Common Share $ 1.57 $ 2.41 $ 3.06 $ 3.80 Weighted Average Common Shares Outstanding: Basic 21,363 23,886 21,853 24,119 Diluted 25,171 27,582 25,692 27,832 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, 2008 2008 2007 2007 2007 --------- --------- --------- --------- --------- Operating Revenues $ 408,967 $ 354,455 $ 363,090 $ 359,923 $ 325,454 --------- --------- --------- --------- --------- Costs and Expenses: Operating 274,304 235,040 230,935 213,992 198,818 Administrative and general 45,095 39,005 42,097 36,883 33,937 Depreciation and amortization 37,728 37,800 39,934 37,443 38,055 --------- --------- --------- --------- --------- 357,127 311,845 312,966 288,318 270,810 --------- --------- --------- --------- --------- Gains on Asset Dispositions and Impairments, Net 19,274 11,906 48,315 19,560 42,540 --------- --------- --------- --------- --------- Operating Income 71,114 54,516 98,439 91,165 97,184 --------- --------- --------- --------- --------- Other Income (Expense): Interest income 5,373 7,476 10,219 11,274 11,456 Interest expense (12,674) (11,548) (13,129) (10,855) (12,108) Derivative gains (losses), net (7,113) 6,467 5,738 5,221 (254) Foreign currency gains, net 604 2,610 44 316 460 Marketable security gains (losses), net 383 (5,684) (1,233) 11,960 (9,430) Other, net 162 164 109 (716) 639 --------- --------- --------- --------- --------- (13,265) (515) 1,748 17,200 (9,237) --------- --------- --------- --------- --------- Income Before Income Tax Expense, Minority Interest in (Income) Loss of Subsidiaries and Equity In Earnings of 50% or Less Owned Companies 57,849 54,001 100,187 108,365 87,947 Income Tax Expense 20,616 20,470 41,054 40,339 30,206 --------- --------- --------- --------- --------- Income Before Minority Interest in (Income) Loss of Subsidiaries and Equity in Earnings of 50% or Less Owned Companies 37,233 33,531 59,133 68,026 57,741 Minority Interest in (Income) Loss of Subsidiaries (191) (202) 182 (927) (304) Equity in Earnings of 50% or Less Owned Companies 1,315 4,579 8,633 3,183 7,829 --------- --------- --------- --------- --------- Net Income $ 38,357 $ 37,908 $ 67,948 $ 70,282 $ 65,266 ========= ========= ========= ========= ========= Basic Earnings Per Common Share $ 1.80 $ 1.70 $ 2.99 $ 3.02 $ 2.73 Diluted Earnings Per Common Share $ 1.57 $ 1.50 $ 2.62 $ 2.66 $ 2.41 Weighted Average Common Shares Outstanding: Basic 21,363 22,344 22,738 23,234 23,866 Diluted 25,171 26,011 26,439 26,905 27,582 Common Shares Outstanding at Period End 21,117 22,223 22,575 23,157 23,895 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, 2008 2008 2007 2007 2007 ---------- ---------- --------- --------- --------- Offshore Marine Services Operating Revenues $ 171,214 $ 154,647 $ 170,430 $ 179,618 $ 171,442 ---------- ---------- --------- --------- --------- Costs and Expenses: Operating 104,599 94,270 97,534 95,345 88,596 Administrative and general 15,801 12,804 13,855 13,137 11,893 Depreciation and amortization 13,674 14,125 15,415 14,069 14,515 ---------- ---------- --------- --------- --------- 134,074 121,199 126,804 122,551 115,004 ---------- ---------- --------- --------- --------- Gains on Asset Dispositions and Impairments, Net 14,352 7,138 22,472 13,222 38,546 ---------- ---------- --------- --------- --------- Operating Income $ 51,492 $ 40,586 $ 66,098 $ 70,289 $ 94,984 ========== ========== ========= ========= ========= Marine Transportation Services Operating Revenues $ 28,764 $ 28,953 $ 31,827 $ 27,730 $ 25,924 ---------- ---------- --------- --------- --------- Costs and Expenses: Operating 16,762 16,219 27,781 19,207 22,865 Administrative and general 1,607 1,438 1,737 1,150 1,236 Depreciation and amortization 8,039 7,980 8,764 9,536 9,790 ---------- ---------- --------- --------- --------- 26,408 25,637 38,282 29,893 33,891 ---------- ---------- --------- --------- --------- Gains on Asset Dispositions -- 3,629 -- -- -- ---------- ---------- --------- --------- --------- Operating Income (Loss) $ 2,356 $ 6,945 $ (6,455) $ (2,163) $ (7,967) ========== ========== ========= ========= ========= Inland River Services Operating Revenues $ 33,322 $ 30,145 $ 33,850 $ 32,656 $ 28,020 ---------- ---------- --------- --------- --------- Costs and Expenses: Operating 21,310 16,726 15,863 16,234 13,056 Administrative and general 1,916 2,123 2,076 1,753 2,101 Depreciation and amortization 4,032 3,964 4,220 4,256 4,332 ---------- ---------- --------- --------- --------- 27,258 22,813 22,159 22,243 19,489 ---------- ---------- --------- --------- --------- Gains on Asset Dispositions 1,472 711 22,726 1,592 2,622 ---------- ---------- --------- --------- --------- Operating Income $ 7,536 $ 8,043 $ 34,417 $ 12,005 $ 11,153 ========== ========== ========= ========= ========= Aviation Services Operating Revenues $ 63,795 $ 53,792 $ 51,296 $ 62,449 $ 55,861 ---------- ---------- --------- --------- --------- Costs and Expenses: Operating 46,697 39,871 38,156 41,647 41,212 Administrative and general 4,895 4,629 5,315 4,590 4,439 Depreciation and amortization 8,672 7,789 7,866 7,015 6,601 ---------- ---------- --------- --------- --------- 60,264 52,289 51,337 53,252 52,252 ---------- ---------- --------- --------- --------- Gains on Asset Dispositions 3,208 394 1,996 4,304 1,505 ---------- ---------- --------- --------- --------- Operating Income $ 6,739 $ 1,897 $ 1,955 $ 13,501 $ 5,114 ========== ========== ========= ========= ========= Environmental Services Operating Revenues $ 37,984 $ 42,509 $ 55,879 $ 42,287 $ 32,168 ---------- ---------- --------- --------- --------- Costs and Expenses: Operating 26,571 30,598 36,623 30,316 23,605 Administrative and general 8,423 5,709 7,755 5,931 4,323 Depreciation and amortization 1,414 1,445 1,748 1,096 1,100 ---------- ---------- --------- --------- --------- 36,408 37,752 46,126 37,343 29,028 ---------- ---------- --------- --------- --------- Gains (Losses) on Asset Dispositions 84 35 249 75 (133) ---------- ---------- --------- --------- --------- Operating Income $ 1,660 $ 4,792 $ 10,002 $ 5,019 $ 3,007 ========== ========== ========= ========= ========= 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, 2008 2008 2007 2007 2007 --------- --------- --------- --------- --------- Commodity Trading Operating Revenues $ 55,419 $ 28,674 $ 6,338 $ 3,058 $ 204 --------- --------- --------- --------- --------- Costs and Expenses: Operating 46,977 26,757 6,902 2,646 174 Administrative and general 1,644 727 365 287 200 Depreciation and amortization -- -- -- -- -- --------- --------- --------- --------- --------- 48,621 27,484 7,267 2,933 374 --------- --------- --------- --------- --------- Gains on Asset Dispositions -- -- -- -- -- --------- --------- --------- --------- --------- Operating Income (Loss) $ 6,798 $ 1,190 $ (929) $ 125 $ (170) ========= ========= ========= ========= ========= Harbor and Offshore Towing Services Operating Revenues $ 19,929 $ 16,257 $ 13,461 $ 12,351 $ 12,538 --------- --------- --------- --------- --------- Costs and Expenses: Operating 12,959 11,109 8,053 8,797 10,003 Administrative and general 2,398 1,771 1,882 1,769 1,999 Depreciation and amortization 1,648 2,267 1,714 1,264 1,264 --------- --------- --------- --------- --------- 17,005 15,147 11,649 11,830 13,266 --------- --------- --------- --------- --------- Gains (Losses) on Asset Dispositions and Impairments, Net 158 -- -- (100) -- --------- --------- --------- --------- --------- Operating Income (Loss) $ 3,082 $ 1,110 $ 1,812 $ 421 $ (728) ========= ========= ========= ========= ========= Other Operating Revenues $ 104 $ -- $ -- $ -- $ -- --------- --------- --------- --------- --------- Costs and Expenses: Operating -- -- -- -- -- Administrative and general 131 202 509 46 7 Depreciation and amortization 8 -- -- -- -- --------- --------- --------- --------- --------- 139 202 509 46 7 --------- --------- --------- --------- --------- Gains on Asset Dispositions -- -- 873 467 -- --------- --------- --------- --------- --------- Operating Income (Loss) $ (35) $ (202) $ 364 $ 421 $ (7) ========= ========= ========= ========= ========= Corporate and Eliminations Operating Revenues $ (1,564) $ (522) $ 9 $ (226) $ (703) --------- --------- --------- --------- --------- Costs and Expenses: Operating (1,571) (510) 23 (200) (693) Administrative and general 8,280 9,602 8,603 8,220 7,739 Depreciation and amortization 241 230 207 207 453 --------- --------- --------- --------- --------- 6,950 9,322 8,833 8,227 7,499 --------- --------- --------- --------- --------- Losses on Asset Dispositions -- (1) (1) -- -- --------- --------- --------- --------- --------- Operating Loss $ (8,514) $ (9,845) $ (8,825) $ (8,453) $ (8,202) ========= ========= ========= ========= ========= SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, unaudited) Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30, 2008 2008 2007 2007 2007 ---------- ---------- ---------- ---------- ---------- ASSETS Current Assets: Cash and cash equivalents $ 422,569 $ 444,787 $ 537,305 $ 429,020 $ 503,288 Restricted cash 30,072 39,152 30,624 38,371 54,680 Available-for -sale marketable securities 97,920 75,669 28,792 18,501 19,184 Receivables: Trade, net of allowance for doubtful accounts 272,291 250,789 267,564 289,796 263,211 Other 54,520 72,073 62,975 43,838 28,948 Inventories 42,063 35,021 30,468 28,186 28,471 Deferred income taxes 9,929 9,929 9,929 13,206 13,256 Prepaid expenses and other 12,067 9,196 9,756 13,689 13,754 ---------- ---------- ---------- ---------- ---------- Total current assets 941,431 936,616 977,413 874,607 924,792 ---------- ---------- ---------- ---------- ---------- Property and Equipment 2,665,956 2,511,118 2,469,735 2,470,029 2,345,711 Accumulated depreciation (578,100) (554,838) (526,583) (518,285) (490,070) ---------- ---------- ---------- ---------- ---------- Net property and equipment 2,087,856 1,956,280 1,943,152 1,951,744 1,855,641 ---------- ---------- ---------- ---------- ---------- Investments, at Equity, and Receivables from 50% or Less Owned Companies 115,701 117,409 109,288 120,866 136,331 Construction Reserve Funds & Title XI Reserve Funds 270,357 413,681 405,000 390,576 344,465 Goodwill 63,101 62,020 60,226 56,271 49,040 Intangible Assets 28,079 29,292 30,500 33,756 32,830 Other Assets, net of allowance for doubtful accounts 41,806 36,136 43,072 32,610 28,699 ---------- ---------- ---------- ---------- ---------- $3,548,331 $3,551,434 $3,568,651 $3,460,430 $3,371,798 ========== ========== ========== ========== ========== LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Current portion of long-term debt $ 10,385 $ 11,414 $ 9,648 $ 9,429 $ 9,429 Current portion of capital lease obligations 33,682 864 851 19,140 2,978 Accounts payable and accrued expenses 101,942 93,079 119,321 97,134 86,118 Other current liabilities 273,185 254,522 258,940 280,250 254,778 ---------- ---------- ---------- ---------- ---------- Total current liabilities 419,194 359,879 388,760 405,953 353,303 ---------- ---------- ---------- ---------- ---------- Long-Term Debt 927,701 928,308 929,114 933,188 934,489 Capital Lease Obligations 8,192 8,439 8,642 9,000 9,269 Deferred Income Taxes 492,131 493,701 480,447 386,384 373,931 Deferred Gains and Other Liabilities 127,217 131,259 130,311 112,731 96,470 Minority Interest in Subsidiaries 11,981 12,207 9,558 8,803 7,193 Stockholders' Equity: Preferred stock -- -- -- -- -- Common stock 323 323 322 321 321 Additional paid-in capital 913,874 910,843 905,702 902,120 899,016 Retained earnings 1,274,289 1,235,932 1,198,024 1,130,076 1,059,794 Shares held in treasury, at cost (628,041) (531,236) (486,505) (431,550) (366,365) Accumulated other comprehensive income (loss): Cumulative translation adjustments 2,344 2,337 1,938 1,712 1,428 Unrealized gain (loss) on available- for-sale marketable securities (874) (558) 2,338 1,692 2,949 ---------- ---------- ---------- ---------- ---------- Total stockholders' equity 1,561,915 1,617,641 1,621,819 1,604,371 1,597,143 ---------- ---------- ---------- ---------- ---------- $3,548,331 $3,551,434 $3,568,651 $3,460,430 $3,371,798 ========== ========== ========== ========== ==========
Contact Information: For additional information, contact: Molly Hottinger (954) 627-5278 www.seacorholdings.com