SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share data, unaudited) Three Months Ended Twelve Months Ended December 31, December 31, ------------------------ ------------------------ 2006 2005 2006 2005 ----------- ----------- ----------- ----------- Operating Revenues $ 337,183 $ 334,119 $ 1,323,445 $ 972,004 ----------- ----------- ----------- ----------- Costs and Expenses: Operating expenses 189,799 177,012 743,200 589,928 Administrative and general 35,522 36,256 130,760 105,195 Depreciation and amortization 40,159 44,405 166,714 127,714 ----------- ----------- ----------- ----------- 265,480 257,673 1,040,674 822,837 ----------- ----------- ----------- ----------- Gains on Asset Dispositions and Impairments, Net 20,957 13,575 77,977 28,285 ----------- ----------- ----------- ----------- Operating Income 92,660 90,021 360,748 177,452 ----------- ----------- ----------- ----------- Other Income (Expense): Interest income 11,492 6,284 37,993 19,201 Interest expense (13,457) (16,470) (53,679) (48,152) Derivative transaction gains (losses), net 3,258 (881) 6,343 (7,074) Foreign currency transaction gains, net 332 16,895 2,358 23,183 Marketable security transaction gains (losses), net (6,626) 2,957 (9,003) 28,081 Other, net 207 176 947 1,707 ----------- ----------- ----------- ----------- (4,794) 8,961 (15,041) 16,946 ----------- ----------- ----------- ----------- Income from Continuing Operations Before Income Tax Expense (Benefit), Minority Interest in (Income) Loss of Subsidiaries and Equity In Earnings (Losses) of 50% or Less Owned Companies 87,866 98,982 345,707 194,398 Income Tax Expense (Benefit) 28,949 (6,336) 125,120 29,746 ----------- ----------- ----------- ----------- Income from Continuing Operations Before Minority Interest in (Income) Loss of Subsidiaries and Equity in Earnings (Losses) of 50% or Less Owned Companies 58,917 105,318 220,587 164,652 Minority Interest in (Income) Loss of Subsidiaries (367) (71) (1,005) 32 Equity in Earnings (Losses) of 50% or Less Owned Companies (195) 1,250 14,812 5,661 ----------- ----------- ----------- ----------- Income from Continuing Operations 58,355 106,497 234,394 170,345 Income from Discontinued Operations - - - 364 ----------- ----------- ----------- ----------- Net Income $ 58,355 $ 106,497 $ 234,394 $ 170,709 =========== =========== =========== =========== Basic Earnings Per Common Share: Income from Continuing Operations $ 2.40 $ 4.28 $ 9.52 $ 7.89 Income from Discontinued Operations - - - 0.02 ----------- ----------- ----------- ----------- Net Income $ 2.40 $ 4.28 $ 9.52 $ 7.91 =========== =========== =========== =========== Diluted Earnings Per Common Share: Income from Continuing Operations $ 2.12 $ 3.76 $ 8.44 $ 6.93 Income from Discontinued Operations - - - 0.02 ----------- ----------- ----------- ----------- Net Income $ 2.12 $ 3.76 $ 8.44 $ 6.95 =========== =========== =========== =========== Weighted Average Common Shares Outstanding: Basic 24,311 24,884 24,634 21,595 Diluted 28,053 28,618 28,350 25,273 SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share data, unaudited) Three Months Ended ----------------------------------------------------- Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31, 2006 2006 2006 2006 2005 --------- --------- --------- --------- --------- Operating Revenues $ 337,183 $ 349,361 $ 330,986 $ 305,915 $ 334,119 --------- --------- --------- --------- --------- Costs and Expenses: Operating expenses 189,799 196,608 187,149 169,644 177,012 Administrative and general 35,522 30,880 32,865 31,493 36,256 Depreciation and amortization 40,159 40,977 42,318 43,260 44,405 --------- --------- --------- --------- --------- 265,480 268,465 262,332 244,397 257,673 --------- --------- --------- --------- --------- Gains on Asset Dispositions and Impairments, Net 20,957 12,054 24,089 20,877 13,575 --------- --------- --------- --------- --------- Operating Income 92,660 92,950 92,743 82,395 90,021 --------- --------- --------- --------- --------- Other Income (Expense): Interest income 11,492 10,279 9,086 7,136 6,284 Interest expense (13,457) (13,307) (12,847) (14,068) (16,470) Derivative transaction gains (losses), net 3,258 2,813 3,084 (2,812) (881) Foreign currency transaction gains, net 332 650 1,217 159 16,895 Marketable security transaction gains (losses), net (6,626) 4,549 (3,341) (3,585) 2,957 Other, net 207 117 595 28 176 --------- --------- --------- --------- --------- (4,794) 5,101 (2,206) (13,142) 8,961 --------- --------- --------- --------- --------- Income Before Income Tax Expense (Benefit), Minority Interest in Income of Subsidiaries and Equity In Earnings (Losses) of 50% or Less Owned Companies 87,866 98,051 90,537 69,253 98,982 Income Tax Expense (Benefit) 28,949 37,037 33,703 25,431 (6,336) --------- --------- --------- --------- --------- Income Before Minority Interest in Income of Subsidiaries and Equity in Earnings (Losses) of 50% or Less Owned Companies 58,917 61,014 56,834 43,822 105,318 Minority Interest in Income of Subsidiaries (367) (451) (104) (83) (71) Equity in Earnings (Losses) of 50% or Less Owned Companies (195) 2,607 6,031 6,369 1,250 --------- --------- --------- --------- --------- Net Income $ 58,355 $ 63,170 $ 62,761 $ 50,108 $ 106,497 ========= ========= ========= ========= ========= Basic Earnings Per Common Share $ 2.40 $ 2.57 $ 2.52 $ 2.02 $ 4.28 Diluted Earnings Per Common Share $ 2.12 $ 2.28 $ 2.24 $ 1.80 $ 3.76 Weighted Average Common Shares Outstanding: Basic 24,311 24,575 24,869 24,767 24,884 Diluted 28,053 28,282 28,568 28,495 28,618 Common Shares Outstanding at Period End 24,519 24,457 24,801 25,076 24,819 SEACOR HOLDINGS INC. OPERATING INCOME (LOSS) BY LINE OF BUSINESS (in thousands, unaudited) Three Months Ended ----------------------------------------------------- Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31, 2006 2006 2006 2006 2005 --------- --------- --------- --------- --------- Offshore Marine Services Operating Revenues $ 174,753 $ 179,687 $ 168,285 $ 159,852 $ 168,823 ---------- ---------- --------- --------- --------- Costs and Expenses: Operating expenses 82,988 89,791 86,695 79,506 85,377 Administrative and general 13,101 10,118 11,470 11,688 12,809 Depreciation and amortization 17,239 19,353 21,793 23,127 22,772 ---------- ---------- --------- --------- --------- 113,328 119,262 119,958 114,321 120,958 ---------- ---------- --------- --------- --------- Gains on Asset Dispositions and Impairments, Net 13,797 10,168 22,489 20,552 6,578 ---------- ---------- --------- --------- --------- Operating Income $ 75,222 $ 70,593 $ 70,816 $ 66,083 $ 54,443 ========== ========== ========= ========= ========= Marine Transportation Services Operating Revenues $ 34,408 $ 35,617 $ 37,446 $ 37,724 $ 36,625 ---------- ---------- --------- --------- --------- Costs and Expenses: Operating expenses 20,941 21,017 18,064 21,471 17,677 Administrative and general 1,096 1,064 1,049 964 874 Depreciation and amortization 10,159 10,159 10,162 10,185 11,641 ---------- ---------- --------- --------- --------- 32,196 32,240 29,275 32,620 30,192 ---------- ---------- --------- --------- --------- Gains on Asset Dispositions - - - - - ---------- ---------- --------- --------- --------- Operating Income $ 2,212 $ 3,377 $ 8,171 $ 5,104 $ 6,433 ========== ========== ========= ========= ========= Inland River Services Operating Revenues $ 37,841 $ 38,798 $ 36,339 $ 34,488 $ 40,666 ---------- ---------- --------- --------- --------- Costs and Expenses: Operating expenses 16,752 18,563 18,649 15,395 18,498 Administrative and general 1,330 1,013 829 816 691 Depreciation and amortization 3,755 3,804 3,267 3,474 3,479 ---------- ---------- --------- --------- --------- 21,837 23,380 22,745 19,685 22,668 ---------- ---------- --------- --------- --------- Gains on Asset Dispositions 84 - - - - ---------- ---------- --------- --------- --------- Operating Income $ 16,088 $ 15,418 $ 13,594 $ 14,803 $ 17,998 ========== ========== ========= ========= ========= Aviation Services Operating Revenues $ 38,858 $ 43,799 $ 39,903 $ 33,454 $ 38,856 ---------- ---------- --------- --------- --------- Costs and Expenses: Operating expenses 32,818 33,269 29,137 26,345 26,960 Administrative and general 3,880 3,413 4,158 3,494 4,571 Depreciation and amortization 5,847 5,264 4,591 4,254 4,199 ---------- ---------- --------- --------- --------- 42,545 41,946 37,886 34,093 35,730 ---------- ---------- --------- --------- --------- Gains on Asset Dispositions 7,065 1,880 1,818 325 7,024 ---------- ---------- --------- --------- --------- Operating Income (Loss) $ 3,378 $ 3,733 $ 3,835 $ (314) $ 10,150 ========== ========== ========= ========= ========= Environmental Services Operating Revenues $ 40,762 $ 38,885 $ 36,946 $ 27,923 $ 37,583 ---------- ---------- --------- --------- --------- Costs and Expenses: Operating expenses 29,931 26,370 26,345 20,508 21,852 Administrative and general 5,101 5,931 5,156 4,405 4,669 Depreciation and amortization 1,153 731 741 733 664 ---------- ---------- --------- --------- --------- 36,185 33,032 32,242 25,646 27,185 ---------- ---------- --------- --------- --------- Gains (Losses) on Asset Dispositions and Impairments, Net 11 6 (215) - (27) ---------- ---------- --------- --------- --------- Operating Income $ 4,588 $ 5,859 $ 4,489 $ 2,277 $ 10,371 ========== ========== ========= ========= ========= SEACOR HOLDINGS INC. OPERATING INCOME (LOSS) BY LINE OF BUSINESS (continued) (in thousands, unaudited) Three Months Ended ----------------------------------------------------- Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31, 2006 2006 2006 2006 2005 --------- --------- --------- --------- --------- Harbor and Offshore Towing Services Operating Revenues $ 11,632 $ 12,552 $ 12,156 $ 12,884 $ 11,949 --------- --------- --------- --------- --------- Costs and Expenses: Operating expenses 7,252 7,744 8,336 6,841 7,043 Administrative and general 2,089 1,662 1,851 1,604 1,663 Depreciation and amortization 1,264 1,265 1,275 1,259 1,303 --------- --------- --------- --------- --------- 10,605 10,671 11,462 9,704 10,009 --------- --------- --------- --------- --------- Gains on Asset Dispositions - - - - - --------- --------- --------- --------- --------- Operating Income $ 1,027 $ 1,881 $ 694 $ 3,180 $ 1,940 ========= ========= ========= ========= ========= Corporate and Eliminations Operating Revenues $ (1,071) $ 23 $ (89) $ (410) $ (383) --------- --------- --------- --------- --------- Costs and Expenses: Operating expenses (883) (146) (77) (422) (395) Administrative and general 8,925 7,679 8,352 8,522 10,979 Depreciation and amortization 742 401 489 228 347 --------- --------- --------- --------- --------- 8,784 7,934 8,764 8,328 10,931 --------- --------- --------- --------- --------- Losses on Asset Dispositions - - (3) - - --------- --------- --------- --------- --------- Operating Loss $ (9,855) $ (7,911) $ (8,856) $ (8,738) $ (11,314) ========= ========= ========= ========= ========= SEACOR HOLDINGS INC. SELECTED CONSOLIDATED BALANCE SHEET DATA (in thousands, unaudited) Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31, 2006 2006 2006 2006 2005 --------- --------- --------- --------- --------- Cash, Cash Equivalents, Restricted Cash, Securities, Construction Reserve Funds, and Title XI Reserve Funds $ 925,725 $ 839,057 $ 803,360 $ 764,649 $ 684,521 Receivables 312,956 282,040 278,000 270,794 260,831 Current Assets 938,369 893,813 915,245 900,488 839,091 Net Property and Equipment 1,770,210 1,764,990 1,737,811 1,733,757 1,759,393 Total Assets 3,252,982 3,076,296 3,014,963 2,961,627 2,885,141 Current Portion of Long-term Debt and Capital Lease Obligations 11,708 10,443 8,970 10,420 10,505 Current Liabilities 295,509 287,872 287,797 280,279 247,906 Long-term Debt & Capital Lease Obligations 961,003 964,567 955,567 964,096 977,635 Stockholders' Equity 1,557,078 1,493,036 1,458,302 1,418,190 1,361,305
Contact Information: For additional information, contact: Timothy McKeand Vice President (954) 627-6380 Visit SEACOR's website at www.seacorholdings.com.