SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share data, unaudited) Three Months Ended Nine Months Ended September 30, September 30, ------------------------ ----------------------- 2006 2005 2006 2005 ----------- ----------- ----------- ----------- Operating Revenues $ 349,361 $ 294,869 $ 986,262 $ 637,885 ----------- ----------- ----------- ----------- Costs and Expenses: Operating expenses 196,608 180,136 553,401 412,916 Administrative and general 30,880 31,115 95,238 68,939 Depreciation and amortization 40,977 46,535 126,555 83,309 ----------- ----------- ----------- ----------- 268,465 257,786 775,194 565,164 ----------- ----------- ----------- ----------- Gains (Losses) on Asset Dispositions and Impairments, Net 12,054 (618) 57,020 14,710 ----------- ----------- ----------- ----------- Operating Income 92,950 36,465 268,088 87,431 ----------- ----------- ----------- ----------- Other Income (Expense): Interest income 10,279 4,754 26,501 12,917 Interest expense (13,307) (16,541) (40,222) (31,682) Derivative transaction gains (losses), net 2,813 (4,425) 3,085 (6,193) Foreign currency transaction gains, net 650 2,436 2,026 6,288 Marketable security transaction gains (losses), net 4,549 10,388 (2,377) 25,124 Other, net 117 891 740 1,531 ----------- ----------- ----------- ----------- 5,101 (2,497) (10,247) 7,985 ----------- ----------- ----------- ----------- Income from Continuing Operations Before Income Tax Expense, Minority Interest in (Income) Loss of Subsidiaries and Equity In Earnings of 50% or Less Owned Companies 98,051 33,968 257,841 95,416 Income Tax Expense 37,037 13,894 96,171 36,082 ----------- ----------- ----------- ----------- Income from Continuing Operations Before Minority Interest in (Income) Loss of Subsidiaries and Equity in Earnings of 50% or Less Owned Companies 61,014 20,074 161,670 59,334 Minority Interest in (Income) Loss of Subsidiaries (451) 223 (638) 103 Equity in Earnings of 50% or Less Owned Companies 2,607 200 15,007 4,411 ----------- ----------- ----------- ----------- Income from Continuing Operations 63,170 20,497 176,039 63,848 Income from Discontinued Operations, Net of Tax 364 ----------- ----------- ----------- ----------- Net Income $ 63,170 $ 20,497 $ 176,039 $ 64,212 =========== =========== =========== =========== Basic Earnings Per Common Share: Income from Continuing Operations $ 2.57 $ 0.83 $ 7.11 $ 3.12 Income from Discontinued Operations 0.01 ----------- ----------- ----------- ----------- Net Income $ 2.57 $ 0.83 $ 7.11 $ 3.13 =========== =========== =========== =========== Diluted Earnings Per Common Share: Income from Continuing Operations $ 2.28 $ 0.76 $ 6.32 $ 2.79 Income from Discontinued Operations 0.02 ----------- ----------- ----------- ----------- Net Income $ 2.28 $ 0.76 $ 6.32 $ 2.81 =========== =========== =========== =========== Weighted Average Common Shares Outstanding: Basic 24,575 24,789 24,743 20,486 Diluted 28,282 28,562 28,448 24,151 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, 2006 2006 2006 2005 2005 --------- --------- --------- --------- --------- Operating Revenues $ 349,361 $ 330,986 $ 305,915 $ 334,119 $ 294,869 --------- --------- --------- --------- --------- Costs and Expenses: Operating expenses 196,608 187,149 169,644 177,012 180,136 Administrative and general 30,880 32,865 31,493 36,256 31,115 Depreciation and amortization 40,977 42,318 43,260 44,405 46,535 --------- --------- --------- --------- --------- 268,465 262,332 244,397 257,673 257,786 --------- --------- --------- --------- --------- Gains (Losses) on Asset Dispositions and Impairments,Net 12,054 24,089 20,877 13,575 (618) --------- --------- --------- --------- --------- Operating Income 92,950 92,743 82,395 90,021 36,465 --------- --------- --------- --------- --------- Other Income (Expense): Interest income 10,279 9,086 7,136 6,284 4,754 Interest expense (13,307) (12,847) (14,068) (16,470) (16,541) Derivative transaction gains (losses), net 2,813 3,084 (2,812) (881) (4,425) Foreign currency transaction gains, net 650 1,217 159 16,895 2,436 Marketable security transaction gains (losses), net 4,549 (3,341) (3,585) 2,957 10,388 Other, net 117 595 28 176 891 --------- --------- --------- --------- --------- 5,101 (2,206) (13,142) 8,961 (2,497) --------- --------- --------- --------- --------- Income Before Income Tax Expense (Benefit), Minority Interest in (Income) Loss of Subsidiaries and Equity In Earnings of 50% or Less Owned Companies 98,051 90,537 69,253 98,982 33,968 Income Tax Expense (Benefit) 37,037 33,703 25,431 (6,336) 13,894 --------- --------- --------- --------- --------- Income Before Minority Interest in (Income) Loss of Subsidiaries and Equity in Earnings of 50% or Less Owned Companies 61,014 56,834 43,822 105,318 20,074 Minority Interest in (Income) Loss of Subsidiaries (451) (104) (83) (71) 223 Equity in Earnings of 50% or Less Owned Companies 2,607 6,031 6,369 1,250 200 --------- --------- --------- --------- --------- Net Income $ 63,170 $ 62,761 $ 50,108 $ 106,497 $ 20,497 ========= ========= ========= ========= ========= Basic Earnings Per Common Share $ 2.57 $ 2.52 $ 2.02 $ 4.28 $ 0.83 Diluted Earnings Per Common Share $ 2.28 $ 2.24 $ 1.80 $ 3.76 $ 0.76 Weighted Average Common Shares Outstanding: Basic 24,575 24,869 24,767 24,884 24,789 Diluted 28,282 28,568 28,495 28,618 28,562 Common Shares Outstanding at Period End 24,457 24,801 25,076 24,819 25,009 SEACOR HOLDINGS INC. OPERATING INCOME (LOSS) BY LINE OF BUSINESS (in thousands, unaudited) Three Months Ended ---------------------------------------------------- Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30, 2006 2006 2006 2005 2005 --------- --------- --------- --------- --------- Offshore Marine Services Operating Revenues $ 179,687 $ 168,285 $ 159,852 $ 168,823 $ 146,842 ---------- --------- --------- --------- --------- Costs and Expenses: Operating expenses 89,791 86,695 79,506 85,377 82,726 Administrative and general 10,118 11,470 11,688 12,809 11,290 Depreciation and amortization 19,353 21,793 23,127 22,772 25,040 ---------- --------- --------- --------- --------- 119,262 119,958 114,321 120,958 119,056 ---------- --------- --------- --------- --------- Gains on Asset Dispositions and Impairments, Net 10,168 22,489 20,552 6,578 (905) ---------- --------- --------- --------- --------- Operating Income $ 70,593 $ 70,816 $ 66,083 $ 54,443 $ 26,881 ========== ========= ========= ========= ========= Marine Transportation Services Operating Revenues $ 35,617 $ 37,446 $ 37,724 $ 36,625 $ 35,723 ---------- --------- --------- --------- --------- Costs and Expenses: Operating expenses 21,017 18,064 21,471 17,677 24,692 Administrative and general 1,064 1,049 964 874 705 Depreciation and amortization 10,159 10,162 10,185 11,641 11,663 ---------- --------- --------- --------- --------- 32,240 29,275 32,620 30,192 37,060 ---------- --------- --------- --------- --------- Gains on Asset Dispositions ---------- --------- --------- --------- --------- Operating Income (Loss) $ 3,377 $ 8,171 $ 5,104 $ 6,433 $ (1,337) ========== ========= ========= ========= ========= Inland River Services Operating Revenues $ 38,798 $ 36,339 $ 34,488 $ 40,666 $ 29,702 ---------- --------- --------- --------- --------- Costs and Expenses: Operating expenses 18,563 18,649 15,395 18,498 17,203 Administrative and general 1,013 829 816 691 644 Depreciation and amortization 3,804 3,267 3,474 3,479 3,151 ---------- --------- --------- --------- --------- 23,380 22,745 19,685 22,668 20,998 ---------- --------- --------- --------- --------- Gains on Asset Dispositions ---------- --------- --------- --------- --------- Operating Income $ 15,418 $ 13,594 $ 14,803 $ 17,998 $ 8,704 ========== ========= ========= ========= ========= Aviation Services Operating Revenues $ 43,799 $ 39,903 $ 33,454 $ 38,856 $ 43,949 ---------- --------- --------- --------- --------- Costs and Expenses: Operating expenses 33,269 29,137 26,345 26,960 30,583 Administrative and general 3,413 4,158 3,494 4,571 3,579 Depreciation and amortization 5,264 4,591 4,254 4,199 4,212 ---------- --------- --------- --------- --------- 41,946 37,886 34,093 35,730 38,374 ---------- --------- --------- --------- --------- Gains on Asset Dispositions 1,880 1,818 325 7,024 306 ---------- --------- --------- --------- --------- Operating Income (Loss) $ 3,733 $ 3,835 $ (314) $ 10,150 $ 5,881 ========== ========= ========= ========= ========= Environmental Services Operating Revenues $ 38,885 $ 36,946 $ 27,923 $ 37,583 $ 27,466 ---------- --------- --------- --------- --------- Costs and Expenses: Operating expenses 26,370 26,345 20,508 21,852 17,400 Administrative and general 5,931 5,156 4,405 4,669 4,546 Depreciation and amortization 731 741 733 664 901 ---------- --------- --------- --------- --------- 33,032 32,242 25,646 27,185 22,847 ---------- --------- --------- --------- --------- Gains (Losses) on Asset Dispositions and Impairments, Net 6 (215) (27) (19) ---------- --------- --------- --------- --------- Operating Income $ 5,859 $ 4,489 $ 2,277 $ 10,371 $ 4,600 ========== ========= ========= ========= ========= SEACOR HOLDINGS INC. OPERATING INCOME (LOSS) BY LINE OF BUSINESS (continued) (in thousands, unaudited) Three Months Ended ---------------------------------------------------- Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30, 2006 2006 2006 2005 2005 --------- --------- --------- --------- --------- Harbor and Offshore Towing Services Operating Revenues $ 12,552 $ 12,156 $ 12,884 $ 11,949 $ 11,343 --------- --------- --------- --------- --------- Costs and Expenses: Operating expenses 7,744 8,336 6,841 7,043 7,673 Administrative and general 1,662 1,851 1,604 1,663 1,333 Depreciation and amortization 1,265 1,275 1,259 1,303 1,226 --------- --------- --------- --------- --------- 10,671 11,462 9,704 10,009 10,232 --------- --------- --------- --------- --------- Gains on Asset Dispositions --------- --------- --------- --------- --------- Operating Income $ 1,881 $ 694 $ 3,180 $ 1,940 $ 1,111 ========= ========= ========= ========= ========= Corporate and Eliminations Operating Revenues $ 23 $ (89) $ (410) $ (383) $ (156) --------- --------- --------- --------- --------- Costs and Expenses: Operating expenses (146) (77) (422) (395) (141) Administrative and general 7,679 8,352 8,522 10,979 9,018 Depreciation and amortization 401 489 228 347 342 --------- --------- --------- --------- --------- 7,934 8,764 8,328 10,931 9,219 --------- --------- --------- --------- --------- Losses on Asset Dispositions (3) --------- --------- --------- --------- --------- Operating Loss $ (7,911) $ (8,856) $ (8,738) $ (11,314) $ (9,375) ========= ========= ========= ========= ========= SEACOR HOLDINGS INC. SELECTED CONSOLIDATED BALANCE SHEET DATA (in thousands, unaudited) Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30, 2006 2006 2006 2005 2005 --------- --------- --------- --------- --------- Cash, Cash Equivalents, Restricted Cash, Securities, Construction Reserve Funds, and Title XI Reserve Funds $ 839,057 $ 803,360 $ 764,649 $ 684,521 $ 664,164 Receivables 282,040 278,000 270,794 260,831 267,108 Current Assets 893,813 915,245 900,488 839,091 867,290 Net Property and Equipment 1,764,990 1,737,811 1,733,757 1,759,393 1,784,083 Total Assets 3,076,296 3,014,963 2,961,627 2,885,141 2,959,169 Current Portion of Long-term Debt and Capital Lease Obligations 10,443 8,970 10,420 10,505 13,164 Current Liabilities 287,872 287,797 280,279 247,906 209,396 Long-term Debt & Capital Lease Obligations 964,567 955,567 964,096 977,635 1,126,431 Stockholders Equity 1,493,036 1,458,302 1,418,190 1,361,305 1,280,028
Contact Information: For additional information, contact Timothy McKeand Vice President (954) 524-4200 ext. 820 www.seacorholdings.com