SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except share data, unaudited) Three Months Ended Twelve Months Ended December 31, December 31, --------------------- --------------------- 2009 2008 2009 2008 ---------- ---------- ---------- ---------- Operating Revenues $ 476,510 $ 454,926 $1,711,338 $1,655,956 ---------- ---------- ---------- ---------- Costs and Expenses: Operating 352,951 291,898 1,185,096 1,071,116 Administrative and general 41,332 49,291 161,998 174,878 Depreciation and amortization 40,728 41,300 160,092 156,426 ---------- ---------- ---------- ---------- 435,011 382,489 1,507,186 1,402,420 ---------- ---------- ---------- ---------- Gains on Asset Dispositions and Impairments, Net 5,147 37,899 27,675 89,153 ---------- ---------- ---------- ---------- Operating Income 46,646 110,336 231,827 342,689 ---------- ---------- ---------- ---------- Other Income (Expense): Interest income 2,056 2,610 4,466 19,788 Interest expense (16,364) (15,291) (59,043) (59,816) Debt extinguishment gains (losses), net (9,659) 6,266 (5,587) 6,265 Marketable security gains (losses), net 9,263 (544) 24,059 30,105 Derivative gains (losses), net 1,257 (4,512) 10,961 (13,588) Foreign currency gains (losses), net 1,521 (4,368) 8,087 (7,837) Other, net 112 83 244 320 ---------- ---------- ---------- ---------- (11,814) (15,756) (16,813) (24,763) ---------- ---------- ---------- ---------- Income Before Income Tax Expense and Equity In Earnings of 50% or Less Owned Companies 34,832 94,580 215,014 317,926 Income Tax Expense 15,626 28,000 82,492 110,572 ---------- ---------- ---------- ---------- Income Before Equity in Earnings of 50% or Less Owned Companies 19,206 66,580 132,522 207,354 Equity in Earnings of 50% or Less Owned Companies, Net of Tax 3,223 4,015 12,581 12,069 ---------- ---------- ---------- ---------- Net Income 22,429 70,595 145,103 219,423 Net Income attributable to Noncontrolling Interests in Subsidiaries 203 124 1,293 880 ---------- ---------- ---------- ---------- Net Income attributable to SEACOR Holdings Inc. $ 22,226 $ 70,471 $ 143,810 $ 218,543 ========== ========== ========== ========== Basic Earnings Per Common Share of SEACOR Holdings Inc. $ 1.09 $ 3.58 $ 7.21 $ 10.46 Diluted Earnings Per Common Share of SEACOR Holdings Inc. $ 1.04 $ 3.11 $ 6.57 $ 9.25 Weighted Average Common Shares Outstanding: Basic 20,323,967 19,704,365 19,950,702 20,893,390 Diluted 23,417,449 23,470,605 23,388,168 24,699,181 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, 2009 2009 2009 2009 2008 -------- -------- -------- -------- -------- Operating Revenues $476,510 $446,079 $389,233 $399,516 $454,926 -------- -------- -------- -------- -------- Costs and Expenses: Operating 352,951 327,602 256,131 248,412 291,898 Administrative and general 41,332 41,926 40,058 38,682 49,291 Depreciation and amortization 40,728 40,272 39,828 39,264 41,300 -------- -------- -------- -------- -------- 435,011 409,800 336,017 326,358 382,489 -------- -------- -------- -------- -------- Gains (Losses) on Asset Dispositions and Impairments, Net 5,147 5,783 (15) 16,760 37,899 -------- -------- -------- -------- -------- Operating Income 46,646 42,062 53,201 89,918 110,336 -------- -------- -------- -------- -------- Other Income (Expense): Interest income 2,056 789 578 1,043 2,610 Interest expense (16,364) (14,267) (14,075) (14,337) (15,291) Debt extinguishment gains (losses), net (9,659) 2,787 (78) 1,363 6,266 Marketable security gains (losses), net 9,263 6,948 11,829 (3,981) (544) Derivative gains (losses), net 1,257 2,328 3,765 3,611 (4,512) Foreign currency gains (losses), net 1,521 (939) 6,847 658 (4,368) Other, net 112 (57) (1) 190 83 -------- -------- -------- -------- -------- (11,814) (2,411) 8,865 (11,453) (15,756) -------- -------- -------- -------- -------- Income Before Income Tax Expense and Equity In Earnings of 50% or Less Owned Companies 34,832 39,651 62,066 78,465 94,580 Income Tax Expense 15,626 15,751 22,916 28,199 28,000 -------- -------- -------- -------- -------- Income Before Equity in Earnings of 50% or Less Owned Companies 19,206 23,900 39,150 50,266 66,580 Equity in Earnings of 50% or Less Owned Companies, Net of Tax 3,223 2,340 3,491 3,527 4,015 -------- -------- -------- -------- -------- Net Income 22,429 26,240 42,641 53,793 70,595 Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries 203 (42) 333 799 124 -------- -------- -------- -------- -------- Net Income attributable to SEACOR Holdings Inc. $ 22,226 $ 26,282 $ 42,308 $ 52,994 $ 70,471 ======== ======== ======== ======== ======== Basic Earnings Per Common Share of SEACOR Holdings Inc. $ 1.09 $ 1.32 $ 2.13 $ 2.68 $ 3.58 Diluted Earnings Per Common Share of SEACOR Holdings Inc. $ 1.04 $ 1.23 $ 1.91 $ 2.36 $ 3.11 Weighted Average Common Shares of Outstanding: Basic 20,324 19,867 19,845 19,762 19,704 Diluted 23,417 23,458 23,528 23,507 23,471 Common Shares Outstanding at Period End 22,613 20,230 20,201 20,191 20,018 SEACOR HOLDINGS INC. SEGMENT PROFIT (LOSS) BY LINE OF BUSINESS (in thousands, unaudited) Three Months Ended ------------------------------------------------ Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31, 2009 2009 2009 2009 2008 -------- -------- -------- -------- -------- Offshore Marine Services Operating Revenues $121,203 $129,839 $146,466 $164,783 $185,956 -------- -------- -------- -------- -------- Costs and Expenses: Operating 72,205 76,982 81,609 78,839 93,443 Administrative and general 12,770 13,128 10,935 10,198 15,344 Depreciation and amortization 13,770 13,608 13,802 13,689 14,146 -------- -------- -------- -------- -------- 98,745 103,718 106,346 102,726 122,933 -------- -------- -------- -------- -------- Gains on Asset Dispositions and Impairments, Net 3,831 3,852 361 14,446 34,200 -------- -------- -------- -------- -------- Operating Income 26,289 29,973 40,481 76,503 97,223 -------- -------- -------- -------- -------- Other Income (Expense): Derivative losses, net (157) -- (18) -- -- Foreign currency gains (losses), net 1,781 (1,174) 479 1,365 369 Other, net -- 14 (4) 172 (13) Equity in Earnings of 50% or Less Owned Companies, Net of Tax 1,774 2,322 3,380 2,391 2,967 -------- -------- -------- -------- -------- Segment Profit $ 29,687 $ 31,135 $ 44,318 $ 80,431 $100,546 ======== ======== ======== ======== ======== Marine Transportation Services Operating Revenues $ 20,497 $ 21,737 $ 24,095 $ 26,537 $ 28,776 -------- -------- -------- -------- -------- Costs and Expenses: Operating 10,585 11,420 11,792 16,771 16,874 Administrative and general 1,043 953 942 1,184 1,771 Depreciation and amortization 8,005 8,003 7,999 7,999 7,997 -------- -------- -------- -------- -------- 19,633 20,376 20,733 25,954 26,642 -------- -------- -------- -------- -------- Operating Income 864 1,361 3,362 583 2,134 -------- -------- -------- -------- -------- Other Income (Expense): Foreign currency gains (losses), net 1 7 25 (34) 46 -------- -------- -------- -------- -------- Segment Profit $ 865 $ 1,368 $ 3,387 $ 549 $ 2,180 ======== ======== ======== ======== ======== Inland River Services Operating Revenues $ 53,607 $ 34,314 $ 30,163 $ 37,014 $ 44,038 -------- -------- -------- -------- -------- Costs and Expenses: Operating 32,052 20,144 17,839 19,409 21,304 Administrative and general 2,137 2,443 2,048 2,136 2,048 Depreciation and amortization 4,756 4,785 4,950 4,866 4,440 -------- -------- -------- -------- -------- 38,945 27,372 24,837 26,411 27,792 -------- -------- -------- -------- -------- Gains on Asset Dispositions 1,236 813 396 2,261 4,138 -------- -------- -------- -------- -------- Operating Income 15,898 7,755 5,722 12,864 20,384 -------- -------- -------- -------- -------- Other Income (Expense): Other, net -- -- -- -- 14 Equity in Earnings of 50% or Less Owned Companies, Net of Tax 1,868 140 702 1,172 1,352 -------- -------- -------- -------- -------- Segment Profit $ 17,766 $ 7,895 $ 6,424 $ 14,036 $ 21,750 ======== ======== ======== ======== ======== SEACOR HOLDINGS INC. SEGMENT PROFIT (LOSS) BY LINE OF BUSINESS (continued) (in thousands, unaudited) Three Months Ended ------------------------------------------------ Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31, 2009 2009 2009 2009 2008 -------- -------- -------- -------- -------- Aviation Services Operating Revenues $ 54,323 $ 64,259 $ 57,700 $ 59,385 $ 57,557 -------- -------- -------- -------- -------- Costs and Expenses: Operating 30,667 39,659 37,312 40,317 44,931 Administrative and general 5,972 5,624 5,649 4,151 5,432 Depreciation and amortization 9,876 9,706 9,070 8,706 10,379 -------- -------- -------- -------- -------- 46,515 54,989 52,031 53,174 60,742 -------- -------- -------- -------- -------- Gains (Losses) on Asset Dispositions and Impairments, Net 313 1,062 (1,104) 45 (26) -------- -------- -------- -------- -------- Operating Income (Loss) 8,121 10,332 4,565 6,256 (3,211) -------- -------- -------- -------- -------- Other Income (Expense): Derivative gains (losses), net 33 (80) (78) 391 (1,078) Foreign currency gains ( losses), net (223) 296 937 429 193 Other, net -- -- -- -- (1) Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax (297) (186) 270 (274) (774) -------- -------- -------- -------- -------- Segment Profit (Loss) $ 7,634 $ 10,362 $ 5,694 $ 6,802 $ (4,871) ======== ======== ======== ======== ======== Environmental Services Operating Revenues $ 44,531 $ 33,827 $ 33,175 $ 34,234 $ 45,360 -------- -------- -------- -------- -------- Costs and Expenses: Operating 32,822 23,206 23,656 24,077 30,253 Administrative and general 6,155 6,090 5,966 7,241 7,471 Depreciation and amortization 1,811 1,846 1,739 1,754 2,161 -------- -------- -------- -------- -------- 40,788 31,142 31,361 33,072 39,885 -------- -------- -------- -------- -------- Gains (Losses) on Asset Dispositions (208) (1) 4 8 5 -------- -------- -------- -------- -------- Operating Income 3,535 2,684 1,818 1,170 5,480 -------- -------- -------- -------- -------- Other Income (Expense): Foreign currency gains (losses), net (11) -- 53 (33) 179 Equity in Earnings of 50% or Less Owned Companies, Net of Tax 90 34 15 86 106 -------- -------- -------- -------- -------- Segment Profit $ 3,614 $ 2,718 $ 1,886 $ 1,223 $ 5,765 ======== ======== ======== ======== ======== Commodity Trading and Logistics Operating Revenues $171,354 $150,866 $ 85,852 $ 64,503 $ 79,881 -------- -------- -------- -------- -------- Costs and Expenses: Operating 168,694 150,983 79,165 61,871 78,425 Administrative and general 3,632 3,705 3,468 1,839 5,231 Depreciation and amortization 20 7 2 -- -- -------- -------- -------- -------- -------- 172,346 154,695 82,635 63,710 83,656 -------- -------- -------- -------- -------- Operating Income (Loss) (992) (3,829) 3,217 793 (3,775) -------- -------- -------- -------- -------- Other Income (Expense): Derivative gains (losses), net 802 1,689 588 949 (15) Foreign currency gains (losses), net 49 177 289 (17) 61 Other, net (1) -- 26 -- 3 Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax (282) -- 32 155 96 -------- -------- -------- -------- -------- Segment Profit (Loss) $ (424) $ (1,963) $ 4,152 $ 1,880 $ (3,630) ======== ======== ======== ======== ======== SEACOR HOLDINGS INC. SEGMENT PROFIT (LOSS) BY LINE OF BUSINESS (continued) (in thousands, unaudited) Three Months Ended ------------------------------------------------ Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31, 2009 2009 2009 2009 2008 -------- -------- -------- -------- -------- Harbor and Offshore Towing Services Operating Revenues $ 16,153 $ 15,574 $ 16,241 $ 16,346 $ 16,792 -------- -------- -------- -------- -------- Costs and Expenses: Operating 11,110 9,544 9,214 10,704 9,812 Administrative and general 2,698 2,035 2,228 2,020 2,654 Depreciation and amortization 2,197 2,049 1,973 1,952 1,940 -------- -------- -------- -------- -------- 16,005 13,628 13,415 14,676 14,406 -------- -------- -------- -------- -------- Gains (Losses) on Asset Dispositions (25) 58 330 -- (5) -------- -------- -------- -------- -------- Operating Income 123 2,004 3,156 1,670 2,381 -------- -------- -------- -------- -------- Other Income (Expense): Foreign currency gains (losses), net (2) 12 128 -- 6 -------- -------- -------- -------- -------- Segment Profit $ 121 $ 2,016 $ 3,284 $ 1,670 $ 2,387 ======== ======== ======== ======== ======== Other Operating Revenues $ 40 $ -- $ -- $ -- $ -- -------- -------- -------- -------- -------- Costs and Expenses: Operating -- -- -- -- -- Administrative and general 513 343 379 206 122 Depreciation and amortization 1 -- -- -- -- -------- -------- -------- -------- -------- 514 343 379 206 122 -------- -------- -------- -------- -------- Losses on Asset Dispositions -- -- -- -- (16) -------- -------- -------- -------- -------- Operating Loss (474) (343) (379) (206) (138) -------- -------- -------- -------- -------- Other Income (Expense): Foreign currency gains (losses), net (3) (2) -- 3 (1) Other, net -- (1) -- (53) 1 Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 70 30 (908) (3) 268 -------- -------- -------- -------- -------- Segment Profit (Loss) $ (407) $ (316) $ (1,287) $ (259) $ 130 ======== ======== ======== ======== ======== Corporate and Eliminations Operating Revenues $ (5,198) $ (4,337) $ (4,459) $ (3,286) $ (3,434) -------- -------- -------- -------- -------- Costs and Expenses: Operating (5,184) (4,336) (4,456) (3,576) (3,144) Administrative and general 6,412 7,605 8,443 9,707 9,218 Depreciation and amortization 292 268 293 298 237 -------- -------- -------- -------- -------- 1,520 3,537 4,280 6,429 6,311 -------- -------- -------- -------- -------- Losses on Asset Dispositions and Impairments, Net -- (1) (2) -- (397) -------- -------- -------- -------- -------- Operating Loss $ (6,718) $ (7,875) $ (8,741) $ (9,715) $(10,142) ======== ======== ======== ======== ======== Other Income (Expense): Derivative gains (losses), net $ 579 $ 719 $ 3,273 $ 2,271 $ (3,419) Foreign currency gains (losses), net (71) (255) 4,936 (1,055) (5,221) Other, net 113 (70) (23) 71 79 SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, unaudited) Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31, 2009 2009 2009 2009 2008 ---------- ---------- ---------- ---------- ---------- ASSETS Current Assets: Cash and cash equivalents $ 465,904 $ 620,045 $ 415,626 $ 376,720 $ 275,442 Restricted cash 34,014 29,353 20,838 23,984 20,787 Marketable securities 68,139 52,897 47,305 50,785 53,817 Receivables: Trade, net of allowance for doubtful accounts 301,143 266,537 251,111 262,170 277,350 Other 78,689 74,378 60,373 41,515 40,141 Inventories 76,949 52,502 68,082 62,065 66,278 Deferred income taxes 3,354 5,164 5,164 5,164 5,164 Prepaid expenses and other 15,725 21,121 14,734 11,286 10,499 ---------- ---------- ---------- ---------- ---------- Total current assets 1,043,917 1,121,997 883,233 833,689 749,478 ---------- ---------- ---------- ---------- ---------- Property and Equipment 2,833,011 2,794,067 2,801,446 2,761,837 2,741,322 Accumulated depreciation (754,263) (718,749) (692,084) (649,971) (601,806) ---------- ---------- ---------- ---------- ---------- Net property and equipment 2,078,748 2,075,318 2,109,362 2,111,866 2,139,516 ---------- ---------- ---------- ---------- ---------- Investments, at Equity, and Receivables from 50% or Less Owned Companies 186,814 166,878 150,862 158,066 150,062 Construction Reserve Funds& Title XI Reserve Funds 289,750 290,871 265,586 297,681 305,757 Goodwill 54,571 53,990 53,581 52,919 51,496 Intangible Assets 23,554 24,762 26,018 27,230 28,478 Other Assets, net of allowance for doubtful accounts 46,265 49,920 48,053 36,086 34,867 ---------- ---------- ---------- ---------- ---------- $3,723,619 $3,783,736 $3,536,695 $3,517,537 $3,459,654 ========== ========== ========== ========== ========== LIABILITIES AND EQUITY Current Liabilities: Current portion of long-term debt $ 36,436 $ 23,765 $ 11,834 $ 12,301 $ 33,671 Current portion of capital lease obligations 966 951 921 921 907 Accounts payable and accrued expenses 135,425 105,981 93,908 104,023 102,798 Other current liabilities 142,285 156,800 157,030 145,421 139,425 ---------- ---------- ---------- ---------- ---------- Total current liabilities 315,112 287,497 263,693 262,666 276,801 ---------- ---------- ---------- ---------- ---------- Long-Term Debt 748,704 1,027,496 861,096 910,156 895,689 Capital Lease Obligations 6,624 6,895 7,178 7,426 7,685 Deferred Income Taxes 575,440 565,321 543,075 530,825 515,455 Deferred Gains and Other Liabilities 111,848 122,041 111,939 111,714 121,796 ---------- ---------- ---------- ---------- ---------- Total liabilities 1,757,728 2,009,250 1,786,981 1,822,787 1,817,426 ---------- ---------- ---------- ---------- ---------- Equity: SEACOR Holdings Inc. stockholders' equity: Preferred stock -- -- -- -- -- Common stock 356 326 326 325 324 Additional paid-in capital 1,182,023 966,895 962,990 959,092 956,457 Retained earnings 1,546,581 1,524,355 1,498,073 1,455,765 1,402,771 Shares held in treasury, at cost (768,438) (722,569) (723,650) (723,154) (724,357) Accumulated other comprehensive income (loss) (3,260) (3,577) 2,318 (5,614) (5,045) ---------- ---------- ---------- ---------- ---------- 1,957,262 1,765,430 1,740,057 1,686,414 1,630,150 Noncontrolling interests in subsidiaries 8,629 9,056 9,657 8,336 12,078 ---------- ---------- ---------- ---------- ---------- Total equity 1,965,891 1,774,486 1,749,714 1,694,750 1,642,228 ---------- ---------- ---------- ---------- ---------- $3,723,619 $3,783,736 $3,536,695 $3,517,537 $3,459,654 ========== ========== ========== ========== ========== SEACOR HOLDINGS INC. EQUIPMENT BY LINE OF BUSINESS Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31, 2009 2009 2009 2009 2008 -------- -------- -------- -------- -------- Offshore Marine Services Anchor handling towing supply 23 21 21 21 20 Crew 57 68 68 71 75 Mini-supply 11 11 12 15 16 Standby safety 25 24 24 28 29 Supply 27 27 28 28 27 Towing supply 13 13 13 13 14 Specialty 9 9 9 9 9 -------- -------- -------- -------- -------- 165 173 175 185 190 ======== ======== ======== ======== ======== Marine Transportation Services U.S.-flag product tankers 8 8 8 8 8 ======== ======== ======== ======== ======== Inland River Services Inland river dry cargo barges 1,395 1,385 959 962 977 Inland river liquid tank barges 87 87 87 87 86 Inland river deck barges 26 26 26 26 26 Inland river towboats 29 28 23 23 22 Dry-cargo vessel 1 1 1 1 -- -------- -------- -------- -------- -------- 1,538 1,527 1,096 1,099 1,111 ======== ======== ======== ======== ======== Aviation Services Light helicopters - single engine 60 60 60 64 63 Light helicopters - twin engine 47 50 50 55 55 Medium helicopters 59 58 61 63 62 Heavy helicopters 8 9 8 6 7 -------- -------- -------- -------- -------- 174 177 179 188 187 ======== ======== ======== ======== ======== Harbor and Offshore Towing Services Harbor and offshore tugs 31 31 33 35 35 Ocean liquid tank barges 6 6 3 3 3 -------- -------- -------- -------- -------- 37 37 36 38 38 ======== ======== ======== ======== ========
Contact Information: Contact: Molly Hottinger (954) 627-5278 www.seacorholdings.com