SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except share data, unaudited) Three Months Ended Nine Months Ended September 30, September 30, ------------------------ ------------------------ 2009 2008 2009 2008 ----------- ----------- ----------- ----------- Operating Revenues $ 446,079 $ 437,608 $ 1,234,828 $ 1,201,030 ----------- ----------- ----------- ----------- Costs and Expenses: Operating 327,602 269,874 832,145 779,218 Administrative and general 41,926 41,487 120,666 125,587 Depreciation and amortization 40,272 39,598 119,364 115,126 ----------- ----------- ----------- ----------- 409,800 350,959 1,072,175 1,019,931 ----------- ----------- ----------- ----------- Gains on Asset Dispositions and Impairments, Net 5,783 20,074 22,528 51,254 ----------- ----------- ----------- ----------- Operating Income 42,062 106,723 185,181 232,353 ----------- ----------- ----------- ----------- Other Income (Expense): Interest income 789 4,329 2,410 17,178 Interest expense (14,267) (16,409) (42,679) (44,525) Debt extinguishment gains (losses), net 2,787 -- 4,072 (1) Marketable security gains, net 6,948 35,950 14,796 30,649 Derivative gains (losses), net 2,328 (8,430) 9,704 (9,076) Foreign currency gains (losses), net (939) (6,683) 6,566 (3,469) Other, net (57) (89) 132 237 ----------- ----------- ----------- ----------- (2,411) 8,668 (4,999) (9,007) ----------- ----------- ----------- ----------- Income Before Income Tax Expense and Equity In Earnings of 50% or Less Owned Companies 39,651 115,391 180,182 223,346 Income Tax Expense 15,751 42,849 66,866 82,572 ----------- ----------- ----------- ----------- Income Before Equity in Earnings of 50% or Less Owned Companies 23,900 72,542 113,316 140,774 Equity in Earnings of 50% or Less Owned Companies, Net of Tax 2,340 2,160 9,358 8,054 ----------- ----------- ----------- ----------- Net Income 26,240 74,702 122,674 148,828 Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries (42) 363 1,090 756 ----------- ----------- ----------- ----------- Net Income attributable to SEACOR Holdings Inc. $ 26,282 $ 74,339 $ 121,584 $ 148,072 =========== =========== =========== =========== Basic Earnings Per Common Share of SEACOR Holdings Inc. $ 1.32 $ 3.68 $ 6.13 $ 6.95 Diluted Earnings Per Common Share of SEACOR Holdings Inc. $ 1.23 $ 3.20 $ 5.53 $ 6.19 Weighted Average Common Shares Outstanding: Basic 19,867,226 20,183,310 19,824,913 21,292,625 Diluted 23,458,195 23,999,260 23,374,644 25,121,290 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, 2009 2009 2009 2008 2008 --------- --------- --------- --------- --------- Operating Revenues $ 446,079 $ 389,233 $ 399,516 $ 454,926 $ 437,608 --------- --------- --------- --------- --------- Costs and Expenses: Operating 327,602 256,131 248,412 291,898 269,874 Administrative and general 41,926 40,058 38,682 49,291 41,487 Depreciation and amortization 40,272 39,828 39,264 41,300 39,598 --------- --------- --------- --------- --------- 409,800 336,017 326,358 382,489 350,959 --------- --------- --------- --------- --------- Gains (Losses) on Asset Dispositions and Impairments, Net 5,783 (15) 16,760 37,899 20,074 --------- --------- --------- --------- --------- Operating Income 42,062 53,201 89,918 110,336 106,723 --------- --------- --------- --------- --------- Other Income (Expense): Interest income 789 578 1,043 2,610 4,329 Interest expense (14,267) (14,075) (14,337) (15,291) (16,409) Debt extinguishment gains (losses), net 2,787 (78) 1,363 6,266 -- Marketable security gains (losses), net 6,948 11,829 (3,981) (544) 35,950 Derivative gains (losses), net 2,328 3,765 3,611 (4,512) (8,430) Foreign currency gains (losses), net (939) 6,847 658 (4,368) (6,683) Other, net (57) (1) 190 83 (89) --------- --------- --------- --------- --------- (2,411) 8,865 (11,453) (15,756) 8,668 --------- --------- --------- --------- --------- Income Before Income Tax Expense and Equity In Earnings of 50% or Less Owned Companies 39,651 62,066 78,465 94,580 115,391 Income Tax Expense 15,751 22,916 28,199 28,000 42,849 --------- --------- --------- --------- --------- Income Before Equity in Earnings of 50% or Less Owned Companies 23,900 39,150 50,266 66,580 72,542 Equity in Earnings of 50% or Less Owned Companies, Net of Tax 2,340 3,491 3,527 4,015 2,160 --------- --------- --------- --------- --------- Net Income 26,420 42,641 53,793 70,595 74,702 Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries (42) 333 799 124 363 --------- --------- --------- --------- --------- Net Income attributable to SEACOR Holdings Inc. 26,282 $ 42,308 $ 52,994 $ 70,471 $ 74,339 ========= ========= ========= ========= ========= Basic Earnings Per Common Share of SEACOR Holdings Inc. $ 1.32 $ 2.13 $ 2.68 $ 3.58 $ 3.68 Diluted Earnings Per Common Share of SEACOR Holdings Inc. $ 1.23 $ 1.91 $ 2.36 $ 3.11 $ 3.20 Weighted Average Common Shares of Outstanding: Basic 19,867 19,845 19,762 19,704 20,183 Diluted 23,458 23,528 23,507 23,471 23,999 Common Shares Outstanding at Period End 20,230 20,201 20,191 20,018 19,976 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, 2009 2009 2009 2008 2008 --------- --------- ---------- --------- --------- Offshore Marine Services Operating Revenues $ 129,839 $ 146,466 $ 164,783 $ 185,956 $ 196,911 --------- --------- ---------- --------- --------- Costs and Expenses: Operating 76,982 81,609 78,839 93,443 97,790 Administrative and general 13,128 10,935 10,198 15,344 14,473 Depreciation and amortization 13,608 13,802 13,689 14,146 13,689 --------- --------- ---------- --------- --------- 103,718 106,346 102,726 122,933 125,952 --------- --------- ---------- --------- --------- Gains on Asset Dispositions and Impairments, Net 3,852 361 14,446 34,200 13,516 --------- --------- ---------- --------- --------- Operating Income $ 29,973 $ 40,481 $ 76,503 $ 97,223 $ 84,475 ========= ========= ========== ========= ========= Marine Transportation Services Operating Revenues $ 21,737 $ 24,095 $ 26,537 $ 28,776 $ 27,535 --------- --------- ---------- --------- --------- Costs and Expenses: Operating 11,420 11,792 16,771 16,874 22,391 Administrative and general 953 942 1,184 1,771 1,486 Depreciation and amortization 8,003 7,999 7,999 7,997 7,997 --------- --------- ---------- --------- --------- 20,376 20,733 25,954 26,642 31,874 --------- --------- ---------- --------- --------- Operating Income (Loss) $ 1,361 $ 3,362 $ 583 $ 2,134 $ (4,339) ========= ========= ========== ========= ========= Inland River Services Operating Revenues $ 34,314 $ 30,163 $ 37,014 $ 44,038 $ 36,517 --------- --------- ---------- --------- --------- Costs and Expenses: Operating 20,144 17,839 19,409 21,304 23,079 Administrative and general 2,443 2,048 2,136 2,048 1,800 Depreciation and amortization 4,785 4,950 4,866 4,440 4,146 --------- --------- ---------- --------- --------- 27,372 24,837 26,411 27,792 29,025 --------- --------- ---------- --------- --------- Gains on Asset Dispositions 813 396 2,261 4,138 4,073 --------- --------- ---------- --------- --------- Operating Income $ 7,755 $ 5,722 $ 12,864 $ 20,384 $ 11,565 ========= ========= ========== ========= ========= Aviation Services Operating Revenues $ 64,259 $ 57,700 $ 59,385 $ 57,557 $ 73,483 --------- --------- ---------- --------- --------- Costs and Expenses: Operating 39,659 37,312 40,317 44,931 49,991 Administrative and general 5,624 5,649 4,151 5,432 5,174 Depreciation and amortization 9,706 9,070 8,706 10,379 9,571 --------- --------- ---------- --------- --------- 54,989 52,031 53,174 60,742 64,736 --------- --------- ---------- --------- --------- Gains (Losses) on Asset Dispositions and Impairments, Net 1,062 (1,104) 45 (26) 1,307 --------- --------- ---------- --------- --------- Operating Income (Loss) $ 10,332 $ 4,565 $ 6,256 $ (3,211) $ 10,054 ========= ========= ========== ========= ========= Environmental Services Operating Revenues $ 33,827 $ 33,175 $ 34,234 $ 45,360 $ 42,177 --------- --------- ---------- --------- --------- Costs and Expenses: Operating 23,206 23,656 24,077 30,253 29,904 Administrative and general 6,090 5,966 7,241 7,471 5,924 Depreciation and amortization 1,846 1,739 1,754 2,161 2,033 --------- --------- ---------- --------- --------- 31,142 31,361 33,072 39,885 37,861 --------- --------- ---------- --------- --------- Gains (Losses) on Asset Dispositions (1) 4 8 5 -- --------- --------- ---------- --------- --------- Operating Income $ 2,684 $ 1,818 $ 1,170 $ 5,480 $ 4,316 ========= ========= ========== ========= ========= 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, 2009 2009 2009 2008 2008 ----------- ----------- ----------- ----------- ---------- Commodity Trading Operating Revenues $ 150,866 $ 85,852 $ 64,503 $ 79,881 $ 44,290 ----------- ----------- ----------- ----------- ---------- Costs and Expenses: Operating 150,983 79,165 61,871 78,425 37,746 Administrative and general 3,705 3,468 1,839 5,231 1,358 Depreciation and amortization 7 2 -- -- -- ----------- ----------- ----------- ----------- ---------- 154,695 82,635 63,710 83,656 39,104 ----------- ----------- ----------- ----------- ---------- Operating Income (Loss) $ (3,829)$ 3,217 $ 793 $ (3,775)$ 5,186 =========== =========== =========== =========== ========== Harbor and Offshore Towing Services Operating Revenues $ 15,574 $ 16,241 $ 16,346 $ 16,792 $ 19,529 ----------- ----------- ----------- ----------- ---------- Costs and Expenses: Operating 9,544 9,214 10,704 9,812 11,941 Administrative and general 2,035 2,228 2,020 2,654 2,571 Depreciation and amortization 2,049 1,973 1,952 1,940 1,884 ----------- ----------- ----------- ----------- ---------- 13,628 13,415 14,676 14,406 16,396 ----------- ----------- ----------- ----------- ---------- Gains (Losses) on Asset Dispositions 58 330 -- (5) -- ----------- ----------- ----------- ----------- ---------- Operating Income $ 2,004 $ 3,156 $ 1,670 $ 2,381 $ 3,133 =========== =========== =========== =========== ========== Other Operating Revenues $ -- $ -- $ -- $ -- $ 270 ----------- ----------- ----------- ----------- ---------- Costs and Expenses: Operating -- -- -- -- -- Administrative and general 343 379 206 122 117 Depreciation and amortization -- -- -- -- 3 ----------- ----------- ----------- ----------- ---------- 343 379 206 122 120 ----------- ----------- ----------- ----------- ---------- Gains (Losses) on Asset Dispositions -- -- -- (16) 1,178 ----------- ----------- ----------- ----------- ---------- Operating Income (Loss) $ (343)$ (379)$ (206)$ (138)$ 1,328 =========== =========== =========== =========== ========== Corporate and Eliminations Operating Revenues $ (4,337)$ (4,459)$ (3,286)$ (3,434)$ (3,104) ----------- ----------- ----------- ----------- ---------- Costs and Expenses: Operating (4,336) (4,456) (3,576) (3,144) (2,968) Administrative and general 7,605 8,443 9,707 9,218 8,584 Depreciation and amortization 268 293 298 237 275 ----------- ----------- ----------- ----------- ---------- 3,537 4,280 6,429 6,311 5,891 ----------- ----------- ----------- ----------- ---------- Losses on Asset Dispositions and Impairments, Net (1) (2) -- (397) -- ----------- ----------- ----------- ----------- ---------- Operating Loss $ (7,875)$ (8,741)$ (9,715)$ (10,142)$ (8,995) =========== =========== =========== =========== ========== SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, unaudited) Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30, 2009 2009 2009 2008 2008 ---------- ---------- ---------- ---------- ---------- ASSETS Current Assets: Cash and cash equivalents $ 620,045 $ 415,626 $ 376,720 $ 275,442 $ 326,143 Restricted cash 29,353 20,838 23,984 20,787 23,659 Marketable securities 52,897 47,305 50,785 53,817 72,862 Receivables: Trade, net of allowance for doubtful accounts 266,537 251,111 262,170 277,350 294,330 Other 74,378 60,373 41,515 40,141 57,892 Inventories 52,502 68,082 62,065 66,278 50,234 Deferred income taxes 5,164 5,164 5,164 5,164 9,929 Prepaid expenses and other 21,121 14,734 11,286 10,499 8,943 ---------- ---------- ---------- ---------- ---------- Total current assets 1,121,997 883,233 833,689 749,478 843,992 ---------- ---------- ---------- ---------- ---------- Property and Equipment 2,794,067 2,801,446 2,761,837 2,741,322 2,706,500 Accumulated depreciation (718,749) (692,084) (649,971) (601,806) (596,017) ---------- ---------- ---------- ---------- ---------- Net property and equipment 2,075,318 2,109,362 2,111,866 2,139,516 2,110,483 ---------- ---------- ---------- ---------- ---------- Investments, at Equity, and Receivables from 50% or Less Owned Companies 166,878 150,862 158,066 150,062 143,190 Construction Reserve Funds& Title XI Reserve Funds 290,871 265,586 297,681 305,757 265,586 Goodwill 53,990 53,581 52,919 51,496 61,401 Intangible Assets 24,762 26,018 27,230 28,478 29,707 Other Assets, net of allowance for doubtful accounts 49,920 48,053 36,086 34,867 30,606 ---------- ---------- ---------- ---------- ---------- $3,783,736 $3,536,695 $3,517,537 $3,459,654 $3,484,965 ========== ========== ========== ========== ========== LIABILITIES AND EQUITY Current Liabilities: Current portion of long-term debt $ 23,765 $ 11,834 $ 12,301 $ 33,671 $ 10,301 Current portion of capital lease obligations 951 921 921 907 15,074 Accounts payable and accrued expenses 105,981 93,908 104,023 102,798 105,496 Other current liabilities 156,800 157,030 145,421 139,425 226,395 ---------- ---------- ---------- ---------- ---------- Total current liabilities 287,497 263,693 262,666 276,801 357,266 ---------- ---------- ---------- ---------- ---------- Long-Term Debt 1,027,496 861,096 910,156 895,689 904,072 Capital Lease Obligations 6,895 7,178 7,426 7,685 7,940 Deferred Income Taxes 565,321 543,075 530,825 515,455 520,871 Deferred Gains and Other Liabilities 122,041 111,939 111,714 121,796 126,281 ---------- ---------- ---------- ---------- ---------- Total liabilities 2,009,250 1,786,981 1,822,787 1,817,426 1,916,430 ---------- ---------- ---------- ---------- ---------- Equity: SEACOR Holdings Inc. stockholders equity: Preferred stock -- -- -- -- -- Common stock 326 326 325 324 323 Additional paid-in capital 966,895 962,990 959,092 956,457 951,109 Retained earnings 1,524,355 1,498,073 1,455,765 1,402,771 1,332,300 Shares held in treasury, at cost (722,569) (723,650) (723,154) (724,357) (724,165) Accumulated other comprehensive income (loss) (3,577) 2,318 (5,614) (5,045) (2,977) ---------- ---------- ---------- ---------- ---------- 1,765,430 1,740,057 1,686,414 1,630,150 1,556,590 Noncontrolling interests in subsidiaries 9,056 9,657 8,336 12,078 11,945 ---------- ---------- ---------- ---------- ---------- Total equity 1,774,486 1,749,714 1,694,750 1,642,228 1,568,535 ---------- ---------- ---------- ---------- ---------- $3,783,736 $3,536,695 $3,517,537 $3,459,654 $3,484,965 ========== ========== ========== ========== ========== SEACOR HOLDINGS INC. EQUIPMENT BY LINE OF BUSINESS Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30, 2009 2009 2009 2008 2008 ---------- ---------- ---------- ---------- ---------- Offshore Marine Services Anchor handling towing supply 21 21 21 20 20 Crew 68 68 71 75 77 Mini-supply 11 12 15 16 19 Standby safety 24 24 28 29 29 Supply 27 28 28 27 27 Towing supply 13 13 13 14 15 Specialty 9 9 9 9 10 ---------- ---------- ---------- ---------- ---------- 173 175 185 190 197 ========== ========== ========== ========== ========== Marine Transportation Services U.S.-flag product tankers 8 8 8 8 8 ========== ========== ========== ========== ========== Inland River Services Inland river dry cargo barges-open 303 333 333 345 338 Inland river dry cargo barges-covered 1,082 626 629 632 637 Inland river liquid tank barges 87 87 87 86 75 Inland river deck barges 26 26 26 26 26 Inland river towboats 28 23 23 22 21 Dry-cargo vessel 1 1 1 -- -- ---------- ---------- ---------- ---------- ---------- 1,527 1,096 1,099 1,111 1,097 ========== ========== ========== ========== ========== Aviation Services Light helicopters - single engine 60 60 64 63 62 Light helicopters - twin engine 50 50 55 55 53 Medium helicopters 58 61 63 62 58 Heavy helicopters 9 8 6 7 6 ---------- ---------- ---------- ---------- ---------- 177 179 188 187 179 ========== ========== ========== ========== ========== Harbor and Offshore Towing Services Harbor and offshore tugs 31 33 35 35 35 Ocean liquid tank barges 6 3 3 3 3 ---------- ---------- ---------- ---------- ---------- 37 36 38 38 38 ========== ========== ========== ========== ==========
Contact Information: Contact Molly Hottinger (954) 627-5278 www.seacorholdings.com