SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except share data, unaudited) Three Months Ended Nine Months Ended September 30, September 30, ---------------------- ---------------------- 2010 2009 2010 2009 ---------- ---------- ---------- ----------- Operating Revenues $ 979,833 $ 446,079 $2,068,984 $1,234,828 ---------- ---------- ---------- ----------- Costs and Expenses: Operating 683,219 327,602 1,480,266 832,145 Administrative and general 50,627 41,926 137,626 120,666 Depreciation and amortization 41,312 40,272 124,317 119,364 ---------- ---------- ---------- ----------- 775,158 409,800 1,742,209 1,072,175 ---------- ---------- ---------- ----------- Gains on Asset Dispositions and Impairments, Net 23,896 5,783 41,953 22,528 ---------- ---------- ---------- ----------- Operating Income 228,571 42,062 368,728 185,181 ---------- ---------- ---------- ----------- Other Income (Expense): Interest income 2,562 789 5,788 2,410 Interest expense (10,274) (14,267) (33,862) (42,679) Debt extinguishment gains (losses), net -- 2,787 (368) 4,072 Marketable security gains (losses), net (54) 6,948 (3,499) 14,796 Derivative gains (losses), net 1,648 2,328 (297) 9,704 Foreign currency gains (losses), net 7,585 (939) (2,616) 6,566 Other, net 10 (57) 656 132 ---------- ---------- ---------- ----------- 1,477 (2,411) (34,198) (4,999) ---------- ---------- ---------- ----------- Income Before Income Tax Expense and Equity In Earnings of 50% or Less Owned Companies 230,048 39,651 334,530 180,182 Income Tax Expense 87,709 15,751 127,424 66,866 ---------- ---------- ---------- ----------- Income Before Equity in Earnings of 50% or Less Owned Companies 142,339 23,900 207,106 113,316 Equity in Earnings of 50% or Less Owned Companies, Net of Tax 7,933 2,340 11,678 9,358 ---------- ---------- ---------- ----------- Net Income 150,272 26,240 218,784 122,674 Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries 334 (42) 1,163 1,090 ---------- ---------- ---------- ----------- Net Income attributable to SEACOR Holdings Inc. $ 149,938 $ 26,282 $ 217,621 $ 121,584 ========== ========== ========== ========== Basic Earnings Per Common Share of SEACOR Holdings Inc. $ 7.21 $ 1.32 $ 10.08 $ 6.13 Diluted Earnings Per Common Share of SEACOR Holdings Inc. $ 7.14 $ 1.23 $ 9.99 $ 5.53 Weighted Average Common Shares Outstanding: Basic 20,786,721 19,867,226 21,590,917 19,824,913 Diluted 21,000,565 23,458,195 21,785,292 23,374,644 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, 2010 2010 2010 2009 2009 -------- --------- -------- --------- -------- Operating Revenues $979,833 $ 694,576 $394,575 $ 476,510 $446,079 -------- --------- -------- --------- -------- Costs and Expenses: Operating 683,219 484,742 312,305 352,951 327,602 Administrative and general 50,627 46,108 40,891 41,332 41,926 Depreciation and amortization 41,312 41,608 41,397 40,728 40,272 -------- --------- -------- --------- -------- 775,158 572,458 394,593 435,011 409,800 -------- --------- -------- --------- -------- Gains on Asset Dispositions and Impairments, Net 23,896 4,398 13,659 5,147 5,783 -------- --------- -------- --------- -------- Operating Income 228,571 126,516 13,641 46,646 42,062 -------- --------- -------- --------- -------- Other Income (Expense): Interest income 2,562 1,863 1,363 2,056 789 Interest expense (10,274) (11,264) (12,324) (16,364) (14,267) Debt extinguishment gains (losses), net -- (364) (4) (9,659) 2,787 Marketable security gains (losses), net (54) (5,406) 1,961 9,263 6,948 Derivative gains (losses), net 1,648 (4,721) 2,776 1,257 2,328 Foreign currency gains (losses), net 7,585 (7,500) (2,701) 1,521 (939) Other, net 10 46 600 112 (57) -------- --------- -------- --------- -------- 1,477 (27,346) (8,329) (11,814) (2,411) -------- --------- -------- --------- -------- Income Before Income Tax Expense and Equity In Earnings of 50% or Less Owned Companies 230,048 99,170 5,312 34,832 39,651 Income Tax Expense 87,709 37,399 2,316 15,626 15,751 -------- --------- -------- --------- -------- Income Before Equity in Earnings of 50% or Less Owned Companies 142,339 61,771 2,996 19,206 23,900 Equity in Earnings of 50% or Less Owned Companies, Net of Tax 7,933 2,876 869 3,223 2,340 -------- --------- -------- --------- -------- Net Income 150,272 64,647 3,865 22,429 26,240 Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries 334 565 264 203 (42) -------- --------- -------- --------- -------- Net Income attributable to SEACOR Holdings Inc. $149,938 $ 64,082 $ 3,601 $ 22,226 $ 26,282 ======== ========= ======== ========= ======== Basic Earnings Per Common Share of SEACOR Holdings Inc. $ 7.21 $ 2.95 $ 0.16 $ 1.09 $ 1.32 Diluted Earnings Per Common Share of SEACOR Holdings Inc. $ 7.14 $ 2.93 $ 0.16 $ 1.04 $ 1.23 Weighted Average Common Shares of Outstanding: Basic 20,787 21,733 22,270 20,324 19,867 Diluted 21,001 21,905 22,475 23,417 23,458 Common Shares Outstanding at Period End 21,231 21,218 22,552 22,613 20,230 SEACOR HOLDINGS INC. SEGMENT PROFIT (LOSS) BY LINE OF BUSINESS (in thousands, unaudited) Three Months Ended -------------------------------------------------- Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30, 2010 2010 2010 2009 2009 ---------- -------- -------- -------- -------- Offshore Marine Services Operating Revenues $ 160,916 $147,123 $107,186 $121,203 $129,839 ---------- -------- -------- -------- -------- Costs and Expenses: Operating 79,205 80,011 73,764 72,205 76,982 Administrative and general 12,378 12,931 12,449 12,770 13,128 Depreciation and amortization 12,758 13,245 13,478 13,770 13,608 ---------- -------- -------- -------- -------- 104,341 106,187 99,691 98,745 103,718 ---------- -------- -------- -------- -------- Gains on Asset Dispositions and Impairments, Net 12,717 1,964 12,651 3,831 3,852 ---------- -------- -------- -------- -------- Operating Income 69,292 42,900 20,146 26,289 29,973 ---------- -------- -------- -------- -------- Other Income (Expense): Derivative losses, net -- -- -- (157) -- Foreign currency gains (losses), net 977 425 374 1,781 (1,174) Other, net -- -- -- -- 14 Equity in Earnings of 50% or Less Owned Companies, Net of Tax 2,300 1,713 2,251 1,774 2,322 ---------- -------- -------- -------- -------- Segment Profit $ 72,569 $ 45,038 $ 22,771 $ 29,687 $ 31,135 ========== ======== ======== ======== ======== Marine Transportation Services Operating Revenues $ 18,540 $ 21,263 $ 19,452 $ 20,497 $ 21,737 ---------- -------- -------- -------- -------- Costs and Expenses: Operating 8,754 8,915 13,432 10,585 11,420 Administrative and general 1,087 1,038 837 1,043 953 Depreciation and amortization 7,320 8,008 8,008 8,005 8,003 ---------- -------- -------- -------- -------- 17,161 17,961 22,277 19,633 20,376 ---------- -------- -------- -------- -------- Losses on Asset Dispositions and Impairments (18,677) (11) -- -- -- ---------- -------- -------- -------- -------- Operating Income (Loss) (17,298) 3,291 (2,825) 864 1,361 ---------- -------- -------- -------- -------- Other Income (Expense): Foreign currency gains (losses), net 61 (41) 15 1 7 ---------- -------- -------- -------- -------- Segment Profit (Loss) $ (17,237) $ 3,250 $ (2,810) $ 865 $ 1,368 ========== ======== ======== ======== ======== Inland River Services Operating Revenues $ 41,381 $ 34,596 $ 33,436 $ 53,607 $ 34,314 ---------- -------- -------- -------- -------- Costs and Expenses: Operating 26,535 21,547 19,554 32,052 20,144 Administrative and general 2,898 2,618 2,061 2,137 2,443 Depreciation and amortization 5,415 4,958 4,876 4,756 4,785 ---------- -------- -------- -------- -------- 34,848 29,123 26,491 38,945 27,372 ---------- -------- -------- -------- -------- Gains on Asset Dispositions 29,445 899 887 1,236 813 ---------- -------- -------- -------- -------- Operating Income 35,978 6,372 7,832 15,898 7,755 ---------- -------- -------- -------- -------- Other Income (Expense): Other, net -- -- 10 -- -- Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 3,522 805 (98) 1,868 140 ---------- -------- -------- -------- -------- Segment Profit $ 39,500 $ 7,177 $ 7,744 $ 17,766 $ 7,895 ========== ======== ======== ======== ======== SEACOR HOLDINGS INC. SEGMENT PROFIT (LOSS) BY LINE OF BUSINESS (continued) (in thousands, unaudited) Three Months Ended ------------------------------------------------- Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30, 2010 2010 2010 2009 2009 -------- -------- --------- -------- -------- Aviation Services Operating Revenues $ 67,136 $ 62,433 $ 50,275 $ 54,323 $ 64,259 -------- -------- --------- -------- -------- Costs and Expenses: Operating 37,492 40,541 32,026 30,667 39,659 Administrative and general 7,274 6,091 5,391 5,972 5,624 Depreciation and amortization 10,889 10,728 10,447 9,876 9,706 -------- -------- --------- -------- -------- 55,655 57,360 47,864 46,515 54,989 -------- -------- --------- -------- -------- Gains on Asset Dispositions and Impairments, Net 412 379 90 313 1,062 -------- -------- --------- -------- -------- Operating Income 11,893 5,452 2,501 8,121 10,332 -------- -------- --------- -------- -------- Other Income (Expense): Derivative gains (losses), net (29) 38 (100) 33 (80) Foreign currency gains (losses), net (81) (1,731) 135 (223) 296 Other, net 50 -- -- -- -- Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 663 (442) (275) (297) (186) -------- -------- --------- -------- -------- Segment Profit $ 12,496 $ 3,317 $ 2,261 $ 7,634 $ 10,362 ======== ======== ========= ======== ======== Environmental Services Operating Revenues $468,226 $214,629 $ 28,158 $ 44,531 $ 33,827 -------- -------- --------- -------- -------- Costs and Expenses: Operating 329,497 127,108 20,337 32,822 23,206 Administrative and general 11,508 6,525 6,037 6,155 6,090 Depreciation and amortization 2,249 2,099 1,983 1,811 1,846 -------- -------- --------- -------- -------- 343,254 135,732 28,357 40,788 31,142 -------- -------- --------- -------- -------- Losses on Asset Dispositions -- (36) (17) (208) (1) -------- -------- --------- -------- -------- Operating Income (Loss) 124,972 78,861 (216) 3,535 2,684 -------- -------- --------- -------- -------- Other Income (Expense): Foreign currency gains (losses), net 3 (23) 30 (11) -- Equity in Earnings of 50% or Less Owned Companies, Net of Tax 533 54 38 90 34 -------- -------- --------- -------- -------- Segment Profit (Loss) $125,508 $ 78,892 $ (148) $ 3,614 $ 2,718 ======== ======== ========= ======== ======== Commodity Trading and Logistics Operating Revenues $216,896 $203,064 $ 142,992 $171,354 $150,866 -------- -------- --------- -------- -------- Costs and Expenses: Operating 204,467 203,374 147,372 168,694 150,983 Administrative and general 3,716 3,791 2,744 3,632 3,705 Depreciation and amortization 13 15 20 20 7 -------- -------- --------- -------- -------- 208,196 207,180 150,136 172,346 154,695 -------- -------- --------- -------- -------- Operating Income (Loss) 8,700 (4,116) (7,144) (992) (3,829) -------- -------- --------- -------- -------- Other Income (Expense): Derivative gains (losses), net (5,307) 4,611 4,308 802 1,689 Foreign currency gains (losses), net 190 (30) (717) 49 177 Other, net -- 6 -- (1) -- Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 1,042 (13) (1,022) (282) -- -------- -------- --------- -------- -------- Segment Profit (Loss) $ 4,625 $ 458 $ (4,575) $ (424) $ (1,963) ======== ======== ========= ======== ======== SEACOR HOLDINGS INC. SEGMENT PROFIT (LOSS) BY LINE OF BUSINESS (continued) (in thousands, unaudited) Three Months Ended -------------------------------------------------- Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30, 2010 2010 2010 2009 2009 --------- --------- -------- -------- -------- Harbor and Offshore Towing Services Operating Revenues $ 19,426 $ 18,987 $ 17,440 $ 16,153 $ 15,574 --------- --------- -------- -------- -------- Costs and Expenses: Operating 10,540 10,895 10,039 11,110 9,544 Administrative and general 2,483 2,279 2,497 2,698 2,035 Depreciation and amortization 2,116 2,107 2,183 2,197 2,049 --------- --------- -------- -------- -------- 15,139 15,281 14,719 16,005 13,628 --------- --------- -------- -------- -------- Gains (Losses) on Asset Dispositions -- 1,203 -- (25) 58 --------- --------- -------- -------- -------- Operating Income 4,287 4,909 2,721 123 2,004 --------- --------- -------- -------- -------- Other Income (Expense): Foreign currency gains (losses), net 9 3 (12) (2) 12 Other, net -- 34 -- -- -- --------- --------- -------- -------- -------- Segment Profit $ 4,296 $ 4,946 $ 2,709 $ 121 $ 2,016 ========= ========= ======== ======== ======== Other Operating Revenues $ 605 $ (18) $ -- $ 40 $ -- --------- --------- -------- -------- -------- Costs and Expenses: Operating 19 -- -- -- -- Administrative and general 320 514 348 513 343 Depreciation and amortization 108 -- -- 1 -- --------- --------- -------- -------- -------- 447 514 348 514 343 --------- --------- -------- -------- -------- Operating Income (Loss) 158 (532) (348) (474) (343) --------- --------- -------- -------- -------- Other Income (Expense): Foreign currency gains (losses), net 25 (18) (6) (3) (2) Other, net -- -- -- -- (1) Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax (127) 759 (25) 70 30 --------- --------- -------- -------- -------- Segment Profit (Loss) $ 56 $ 209 $ (379) $ (407) $ (316) ========= ========= ======== ======== ======== Corporate and Eliminations Operating Revenues $ (13,293) $ (7,501) $ (4,364) $ (5,198) $ (4,337) --------- --------- -------- -------- -------- Costs and Expenses: Operating (13,290) (7,649) (4,219) (5,184) (4,336) Administrative and general 8,963 10,321 8,527 6,412 7,605 Depreciation and amortization 444 448 402 292 268 --------- --------- -------- -------- -------- (3,883) 3,120 4,710 1,520 3,537 --------- --------- -------- -------- -------- Gains (Losses) on Asset Dispositions (1) -- 48 -- (1) --------- --------- -------- -------- -------- Operating Loss $ (9,411) $ (10,621) $ (9,026) $ (6,718) $ (7,875) ========= ========= ======== ======== ======== Other Income (Expense): Derivative gains (losses), net $ 6,984 $ (9,370) $ (1,432) $ 579 $ 719 Foreign currency gains (losses), net 6,401 (6,085) (2,520) (71) (255) Other, net (40) 6 590 113 (70) SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, unaudited) Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30, 2010 2010 2010 2009 2009 ---------- ---------- ---------- ---------- ---------- ASSETS Current Assets: Cash and cash equivalents $ 662,278 $ 398,498 $ 452,161 $ 465,904 $ 620,045 Restricted cash 14,823 9,421 35,924 34,014 29,353 Marketable securities 103,150 86,457 63,171 68,139 52,897 Receivables: Trade, net of allowance for doubtful accounts 512,131 449,142 288,074 301,143 266,537 Other 44,550 50,345 69,892 78,689 74,378 Inventories 66,024 74,434 76,453 76,949 52,502 Deferred income taxes 3,354 3,354 3,354 3,354 5,164 Prepaid expenses and other 17,570 24,075 21,733 15,725 21,121 ---------- ---------- ---------- ---------- ---------- Total current assets 1,423,880 1,095,726 1,010,762 1,043,917 1,121,997 ---------- ---------- ---------- ---------- ---------- Property and Equipment 2,899,150 2,896,777 2,886,410 2,833,011 2,794,067 Accumulated depreciation (850,428) (821,641) (785,119) (754,263) (718,749) ---------- ---------- ---------- ---------- ---------- Net property and equipment 2,048,722 2,075,136 2,101,291 2,078,748 2,075,318 ---------- ---------- ---------- ---------- ---------- Investments, at Equity, and Receivables from 50% or Less Owned Companies 148,334 201,474 186,605 186,814 166,878 Construction Reserve Funds & Title XI Reserve Funds 272,259 227,184 252,672 289,750 290,871 Goodwill 54,764 54,653 54,443 54,571 53,990 Intangible Assets 21,627 21,195 22,369 23,554 24,762 Other Assets, net of allowance for doubtful accounts 52,846 51,522 55,430 46,265 49,920 ---------- ---------- ---------- ---------- ---------- $4,022,432 $3,726,890 $3,683,572 $3,723,619 $3,783,736 ========== ========== ========== ========== ========== LIABILITIES AND EQUITY Current Liabilities: Current portion of long-term debt $ 13,809 $ 14,154 $ 22,731 $ 36,436 $ 23,765 Current portion of capital lease obligations 1,014 998 982 966 951 Accounts payable and accrued expenses 336,968 223,277 98,984 135,425 105,981 Other current liabilities 237,738 209,571 178,112 142,285 156,800 ---------- ---------- ---------- ---------- ---------- Total current liabilities 589,529 448,000 300,809 315,112 287,497 ---------- ---------- ---------- ---------- ---------- Long-Term Debt 681,268 682,134 747,787 748,704 1,027,496 Capital Lease Obligations 5,783 6,067 6,348 6,624 6,895 Deferred Income Taxes 586,466 572,985 574,390 575,440 565,321 Deferred Gains and Other Liabilities 88,130 96,510 100,835 111,848 122,041 ---------- ---------- ---------- ---------- ---------- Total liabilities 1,951,176 1,805,696 1,730,169 1,757,728 2,009,250 ---------- ---------- ---------- ---------- ---------- Equity: SEACOR Holdings Inc. stockholders' equity: Preferred stock -- -- -- -- -- Common stock 358 358 357 356 326 Additional paid-in capital 1,196,445 1,191,943 1,186,871 1,182,023 966,895 Retained earnings 1,764,202 1,614,264 1,550,182 1,546,581 1,524,355 Shares held in treasury, at cost (891,887) (887,129) (786,992) (768,438) (722,569) Accumulated other comprehensive loss (7,568) (7,839) (5,862) (3,260) (3,577) ---------- ---------- ---------- ---------- ---------- 2,061,550 1,911,597 1,944,556 1,957,262 1,765,430 Noncontrolling interests in subsidiaries 9,706 9,597 8,847 8,629 9,056 ---------- ---------- ---------- ---------- ---------- Total equity 2,071,256 1,921,194 1,953,403 1,965,891 1,774,486 ---------- ---------- ---------- ---------- ---------- $4,022,432 $3,726,890 $3,683,572 $3,723,619 $3,783,736 ========== ========== ========== ========== ========== SEACOR HOLDINGS INC. EQUIPMENT BY LINE OF BUSINESS Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30, 2010 2010 2010 2009 2009 -------- -------- -------- -------- -------- Offshore Marine Services Anchor handling towing supply 20 20 20 23 21 Crew 54 57 57 57 68 Mini-supply 12 12 11 11 11 Standby safety 26 26 25 25 24 Supply 27 27 26 27 27 Towing supply 8 9 10 13 13 Specialty 12 12 12 9 9 -------- -------- -------- -------- -------- 159 163 161 165 173 ======== ======== ======== ======== ======== Marine Transportation Services U.S.-flag product tankers 8 8 8 8 8 ======== ======== ======== ======== ======== Inland River Services Inland river dry-cargo barges 1,394 1,449 1,419 1,395 1,385 Inland river liquid tank barges 86 87 87 87 87 Inland river deck barges 26 26 26 26 26 Inland river towboats 32 29 29 29 28 Dry-cargo vessel 1 1 1 1 1 -------- -------- -------- -------- -------- 1,539 1,592 1,562 1,538 1,527 ======== ======== ======== ======== ======== Aviation Services Light helicopters - single engine 60 60 60 60 60 Light helicopters - twin engine 45 46 48 47 50 Medium helicopters 59 59 59 59 58 Heavy helicopters 9 9 9 8 9 -------- -------- -------- -------- -------- 173 174 176 174 177 ======== ======== ======== ======== ======== Harbor and Offshore Towing Services Harbor and offshore tugs 31 31 31 31 31 Ocean liquid tank barges 5 5 6 6 6 -------- -------- -------- -------- -------- 36 36 37 37 37 ======== ======== ======== ======== ========
Contact Information: For additional information, contact: Molly Hottinger (954) 627-5278 or visit SEACOR's website at www.seacorholdings.com