SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except share data, unaudited) Three Months Ended March 31, ---------------------- 2009 2008 ---------- ---------- Operating Revenues $ 399,516 $ 354,455 ---------- ---------- Costs and Expenses: Operating 248,412 235,040 Administrative and general 38,682 39,005 Depreciation and amortization 39,264 37,800 ---------- ---------- 326,358 311,845 ---------- ---------- Gains on Asset Dispositions and Impairments, Net 16,760 11,906 ---------- ---------- Operating Income 89,918 54,516 ---------- ---------- Other Income (Expense): Interest income 1,043 7,476 Interest expense (14,337) (13,491) Debt extinguishment gains, net 1,363 -- Marketable security losses, net (3,981) (5,684) Derivative gains, net 3,611 6,467 Foreign currency gains, net 658 2,610 Other, net 190 164 ---------- ---------- (11,453) (2,458) ---------- ---------- Income Before Income Tax Expense and Equity In Earnings of 50% or Less Owned Companies 78,465 52,058 Income Tax Expense 28,199 19,790 ---------- ---------- Income Before Equity in Earnings of 50% or Less Owned Companies 50,266 32,268 Equity in Earnings of 50% or Less Owned Companies 3,527 4,579 ---------- ---------- Net Income 53,793 36,847 Net Income attributable to Noncontrolling Interests in Subsidiaries 799 202 ---------- ---------- Net Income attributable to SEACOR Holdings Inc. $ 52,994 $ 36,645 ========== ========== Basic Earnings Per Common Share of SEACOR Holdings Inc. $ 2.68 $ 1.64 Diluted Earnings Per Common Share of SEACOR Holdings Inc. $ 2.36 $ 1.50 Weighted Average Common Shares of Outstanding: Basic 19,761,776 22,343,655 Diluted 23,507,459 26,011,338 SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share data, unaudited) Three Months Ended ---------------------------------------------------- Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31, 2009 2008 2008 2008 2008 --------- --------- --------- --------- --------- Operating Revenues $ 399,516 $ 454,926 $ 437,608 $ 408,967 $ 354,455 --------- --------- --------- --------- --------- Costs and Expenses: Operating 248,412 291,898 269,874 274,304 235,040 Administrative and general 38,682 49,291 41,487 45,095 39,005 Depreciation and amortization 39,264 41,300 39,598 37,728 37,800 --------- --------- --------- --------- --------- 326,358 382,489 350,959 357,127 311,845 --------- --------- --------- --------- --------- Gains on Asset Dispositions and Impairments, Net 16,760 37,899 20,074 19,274 11,906 --------- --------- --------- --------- --------- Operating Income 89,918 110,336 106,723 71,114 54,516 --------- --------- --------- --------- --------- Other Income (Expense): Interest income 1,043 2,610 4,329 5,373 7,476 Interest expense (14,337) (15,291) (16,409) (14,625) (13,491) Debt extinguishment gains (losses), net 1,363 6,266 -- (1) -- Marketable security gains (losses), net (3,981) (544) 35,950 383 (5,684) Derivative gains (losses), net 3,611 (4,512) (8,430) (7,113) 6,467 Foreign currency gains (losses), net 658 (4,368) (6,683) 604 2,610 Other, net 190 83 (89) 162 164 --------- --------- --------- --------- --------- (11,453) (15,756) 8,668 (15,217) (2,458) --------- --------- --------- --------- --------- Income Before Income Tax Expense and Equity In Earnings of 50% or Less Owned Companies 78,465 94,580 115,391 55,897 52,058 Income Tax Expense 28,199 28,000 42,849 19,933 19,790 --------- --------- --------- --------- --------- Income Before Equity in Earnings of 50% or Less Owned Companies 50,266 66,580 72,542 35,964 32,268 Equity in Earnings of 50% or Less Owned Companies 3,527 4,015 2,160 1,315 4,579 --------- --------- --------- --------- --------- Net Income 53,793 70,595 74,702 37,279 36,847 Net Income attributable to Noncontrolling Interests in Subsidiaries 799 124 363 191 202 --------- --------- --------- --------- --------- Net Income attributable to SEACOR Holdings Inc. $ 52,994 $ 70,471 $ 74,339 $ 37,088 $ 36,645 ========= ========= ========= ========= ========= Basic Earnings Per Common Share of SEACOR Holdings Inc. $ 2.68 $ 3.58 $ 3.68 $ 1.74 $ 1.64 Diluted Earnings Per Common Share of SEACOR Holdings Inc. $ 2.36 $ 3.11 $ 3.20 $ 1.57 $ 1.50 Weighted Average Common Shares of Outstanding: Basic 19,762 19,704 20,183 21,363 22,344 Diluted 23,507 23,471 23,999 25,171 26,011 Common Shares Outstanding at Period End 20,191 20,018 19,976 21,117 22,223 SEACOR HOLDINGS INC. OPERATING INCOME (LOSS) BY LINE OF BUSINESS (in thousands, unaudited) Three Months Ended --------------------------------------------------- Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31, 2009 2008 2008 2008 2008 --------- --------- --------- --------- --------- Offshore Marine Services Operating Revenues $ 164,783 $ 185,956 $ 196,911 $ 171,214 $ 154,647 --------- --------- --------- --------- --------- Costs and Expenses: Operating 78,839 93,443 97,790 104,599 94,270 Administrative and general 10,198 15,344 14,473 15,801 12,804 Depreciation and amortization 13,689 14,146 13,689 13,674 14,125 --------- --------- --------- --------- --------- 102,726 122,933 125,952 134,074 121,199 --------- --------- --------- --------- --------- Gains on Asset Dispositions and Impairments, Net 14,446 34,200 13,516 14,352 7,138 --------- --------- --------- --------- --------- Operating Income $ 76,503 $ 97,223 $ 84,475 $ 51,492 $ 40,586 ========= ========= ========= ========= ========= Marine Transportation Services Operating Revenues $ 26,537 $ 28,776 $ 27,535 $ 28,764 $ 28,953 --------- --------- --------- --------- --------- Costs and Expenses: Operating 16,771 16,874 22,391 16,762 16,219 Administrative and general 1,184 1,771 1,486 1,607 1,438 Depreciation and amortization 7,999 7,997 7,997 8,039 7,980 --------- --------- --------- --------- --------- 25,954 26,642 31,874 26,408 25,637 --------- --------- --------- --------- --------- Gains on Asset Dispositions -- -- -- -- 3,629 --------- --------- --------- --------- --------- Operating Income (Loss) $ 583 $ 2,134 $ (4,339) $ 2,356 $ 6,945 ========= ========= ========= ========= ========= Inland River Services Operating Revenues $ 37,014 $ 44,038 $ 36,517 $ 33,322 $ 30,145 --------- --------- --------- --------- --------- Costs and Expenses: Operating 19,409 21,304 23,079 21,310 16,726 Administrative and general 2,136 2,048 1,800 1,916 2,123 Depreciation and amortization 4,866 4,440 4,146 4,032 3,964 --------- --------- --------- --------- --------- 26,411 27,792 29,025 27,258 22,813 --------- --------- --------- --------- --------- Gains on Asset Dispositions 2,261 4,138 4,073 1,472 711 --------- --------- --------- --------- --------- Operating Income $ 12,864 $ 20,384 $ 11,565 $ 7,536 $ 8,043 ========= ========= ========= ========= ========= Aviation Services Operating Revenues $ 59,385 $ 57,557 $ 73,483 $ 63,795 $ 53,792 --------- --------- --------- --------- --------- Costs and Expenses: Operating 40,317 44,931 49,991 46,697 39,871 Administrative and general 4,151 5,432 5,174 4,895 4,629 Depreciation and amortization 8,706 10,379 9,571 8,672 7,789 --------- --------- --------- --------- --------- 53,174 60,742 64,736 60,264 52,289 --------- --------- --------- --------- --------- Gains (Losses) on Asset Dispositions and Impairments, Net 45 (26) 1,307 3,208 394 --------- --------- --------- --------- --------- Operating Income (Loss) $ 6,256 $ (3,211) $ 10,054 $ 6,739 $ 1,897 ========= ========= ========= ========= ========= Environmental Services Operating Revenues $ 34,234 $ 45,360 $ 42,177 $ 37,984 $ 42,509 --------- --------- --------- --------- --------- Costs and Expenses: Operating 24,077 30,253 29,904 26,571 30,598 Administrative and general 7,241 7,471 5,924 8,423 5,709 Depreciation and amortization 1,754 2,161 2,033 1,414 1,445 --------- --------- --------- --------- --------- 33,072 39,885 37,861 36,408 37,752 --------- --------- --------- --------- --------- Gains on Asset Dispositions 8 5 -- 84 35 --------- --------- --------- --------- --------- Operating Income $ 1,170 $ 5,480 $ 4,316 $ 1,660 $ 4,792 ========= ========= ========= ========= ========= SEACOR HOLDINGS INC. OPERATING INCOME (LOSS) BY LINE OF BUSINESS (continued) (in thousands, unaudited) Three Months Ended -------------------------------------------------- Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31, 2009 2008 2008 2008 2008 --------- --------- -------- -------- -------- Commodity Trading Operating Revenues $ 64,503 $ 79,881 $ 44,290 $ 55,419 $ 28,674 --------- --------- -------- -------- -------- Costs and Expenses: Operating 61,871 78,425 37,746 46,977 26,757 Administrative and general 1,839 5,231 1,358 1,644 727 Depreciation and amortization -- -- -- -- -- --------- --------- -------- -------- -------- 63,710 83,656 39,104 48,621 27,484 --------- --------- -------- -------- -------- Gains on Asset Dispositions -- -- -- -- -- --------- --------- -------- -------- -------- Operating Income (Loss) $ 793 $ (3,775) $ 5,186 $ 6,798 $ 1,190 ========= ========= ======== ======== ======== Harbor and Offshore Towing Services Operating Revenues $ 16,346 $ 16,792 $ 19,529 $ 19,929 $ 16,257 --------- --------- -------- -------- -------- Costs and Expenses: Operating 10,704 9,812 11,941 12,959 11,109 Administrative and general 2,020 2,654 2,571 2,398 1,771 Depreciation and amortization 1,952 1,940 1,884 1,648 2,267 --------- --------- -------- -------- -------- 14,676 14,406 16,396 17,005 15,147 --------- --------- -------- -------- -------- Gains (Losses) on Asset Dispositions -- (5) -- 158 -- --------- --------- -------- -------- -------- Operating Income $ 1,670 $ 2,381 $ 3,133 $ 3,082 $ 1,110 ========= ========= ======== ======== ======== Other Operating Revenues $ -- $ -- $ 270 $ 104 $ -- --------- --------- -------- -------- -------- Costs and Expenses: Operating -- -- -- -- -- Administrative and general 206 122 117 131 202 Depreciation and amortization -- -- 3 8 -- --------- --------- -------- -------- -------- 206 122 120 139 202 --------- --------- -------- -------- -------- Gains (Losses) on Asset Dispositions -- (16) 1,178 -- -- --------- --------- -------- -------- -------- Operating Income (Loss) $ (206) $ (138) $ 1,328 $ (35) $ (202) ========= ========= ======== ======== ======== Corporate and Eliminations Operating Revenues $ (3,286) $ (3,434) $ (3,104) $ (1,564) $ (522) --------- --------- -------- -------- -------- Costs and Expenses: Operating (3,576) (3,144) (2,968) (1,571) (510) Administrative and general 9,707 9,218 8,584 8,280 9,602 Depreciation and amortization 298 237 275 241 230 --------- --------- -------- -------- -------- 6,429 6,311 5,891 6,950 9,322 --------- --------- -------- -------- -------- Losses on Asset Dispositions and Impairments, Net -- (397) -- -- (1) --------- --------- -------- -------- -------- Operating Loss $ (9,715) $ (10,142) $ (8,995) $ (8,514) $ (9,845) ========= ========= ======== ======== ======== SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, unaudited) Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31, 2009 2008 2008 2008 2008 ----------- ----------- ----------- ----------- ----------- ASSETS Current Assets: Cash and cash equivalents $ 376,720 $ 275,442 $ 326,143 $ 422,569 $ 444,787 Restricted cash 23,984 20,787 23,659 30,072 39,152 Marketable securities 50,785 53,817 72,862 97,920 75,669 Receivables: Trade, net of allowance for doubtful accounts 262,170 277,350 294,330 272,291 250,789 Other 41,515 40,141 57,892 54,520 72,073 Inventories 62,065 66,278 50,234 42,063 35,021 Deferred income taxes 5,164 5,164 9,929 9,929 9,929 Prepaid expenses and other 11,286 10,499 8,943 12,067 9,196 ----------- ----------- ----------- ----------- ----------- Total current assets 833,689 749,478 843,992 941,431 936,616 ----------- ----------- ----------- ----------- ----------- Property and Equipment 2,761,837 2,741,322 2,706,500 2,665,956 2,511,118 Accumulated depre- ciation (649,971) (601,806) (596,017) (578,100) (554,838) ----------- ----------- ----------- ----------- ----------- Net property and equipment 2,111,866 2,139,516 2,110,483 2,087,856 1,956,280 ----------- ----------- ----------- ----------- ----------- Investments, at Equity, and Receivables from 50% or Less Owned Companies 158,066 150,062 143,190 115,701 117,409 Construction Reserve Funds & Title XI Reserve Funds 297,681 305,757 265,586 270,357 413,681 Goodwill 52,919 51,496 61,401 63,101 62,020 Intangible Assets 27,230 28,478 29,707 28,079 29,292 Other Assets, net of allowance for doubtful accounts 36,086 34,867 30,606 39,430 33,845 ----------- ----------- ----------- ----------- ----------- $ 3,517,537 $ 3,459,654 $ 3,484,965 $ 3,545,955 $ 3,549,143 =========== =========== =========== =========== =========== LIABILITIES AND EQUITY Current Liabilities: Current portion of long-term debt $ 12,301 $ 33,671 $ 10,301 $ 10,385 $ 11,414 Current portion of capital lease obligations 921 907 15,074 33,682 864 Accounts payable and accrued expenses 104,023 102,798 105,496 101,942 93,079 Other current liabilities 145,421 139,425 226,395 273,185 254,522 ----------- ----------- ----------- ----------- ----------- Total current liabilities 262,666 276,801 357,266 419,194 359,879 ----------- ----------- ----------- ----------- ----------- Long-Term Debt 910,156 895,689 904,072 898,265 897,005 Capital Lease Obligations 7,426 7,685 7,940 8,192 8,439 Deferred Income Taxes 530,825 515,455 520,871 501,602 503,855 Deferred Gains and Other Liabilities 111,714 121,796 126,281 127,217 131,259 ----------- ----------- ----------- ----------- ----------- Total liabilities 1,822,787 1,817,426 1,916,430 1,954,470 1,900,437 ----------- ----------- ----------- ----------- ----------- Equity: SEACOR Holdings Inc. stockholders equity: Preferred stock -- -- -- -- -- Common stock 325 324 323 323 323 Additional paid-in capital 959,092 956,457 951,109 947,791 944,760 Retained earnings 1,455,765 1,402,771 1,332,300 1,257,961 1,220,873 Shares held in treasury, at cost (723,154) (724,357) (724,165) (628,041) (531,236) Accumulated other comprehensive income (loss) (5,614) (5,045) (2,977) 1,470 1,779 ----------- ----------- ----------- ----------- ----------- 1,686,414 1,630,150 1,556,590 1,579,504 1,636,499 Noncontrolling interests in subsidiaries 8,336 12,078 11,945 11,981 12,207 ----------- ----------- ----------- ----------- ----------- Total equity 1,694,750 1,642,228 1,568,535 1,591,485 1,648,706 ----------- ----------- ----------- ----------- ----------- $ 3,517,537 $ 3,459,654 $ 3,484,965 $ 3,545,955 $ 3,549,143 =========== =========== =========== =========== =========== SEACOR HOLDINGS INC. EQUIPMENT BY LINE OF BUSINESS Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31, 2009 2008 2008 2008 2008 -------- -------- --------- -------- -------- Offshore Marine Services Anchor handling towing supply 21 20 20 20 20 Crew 71 75 77 76 77 Mini-supply 15 16 19 20 21 Standby safety 28 29 29 29 29 Supply 28 27 27 28 26 Towing supply 13 14 15 16 18 Specialty 9 9 10 13 14 -------- -------- --------- -------- -------- 185 190 197 202 205 ======== ======== ========= ======== ======== Marine Transportation Services U.S.-flag product tankers 8 8 8 8 8 ======== ======== ========= ======== ======== Inland River Services Inland river dry cargo barges-open 333 345 338 318 318 Inland river dry cargo barges-covered 629 632 637 659 665 Inland river liquid tank barges 87 86 75 75 70 Inland river deck barges 26 26 26 26 26 Inland river towboats 23 22 21 20 20 Dry-cargo vessel 1 -- -- -- -- -------- -------- --------- -------- -------- 1,099 1,111 1,097 1,098 1,099 ======== ======== ========= ======== ======== Aviation Services Light helicopters - single engine 64 63 62 62 64 Light helicopters - twin engine 55 55 53 55 54 Medium helicopters 63 62 58 57 55 Heavy helicopters 6 7 6 5 3 -------- -------- --------- -------- -------- 188 187 179 179 176 ======== ======== ========= ======== ======== Harbor and Offshore Towing Services Harbor and offshore tugs 35 35 35 35 36 Ocean liquid tank barges 3 3 3 2 2 -------- -------- --------- -------- -------- 38 38 38 37 38 ======== ======== ========= ======== ========
Contact Information: For additional information, contact: Molly Hottinger (954) 627-5278 or visit SEACOR's website at www.seacorholdings.com