SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except share data, unaudited) Three Months Ended Twelve Months Ended December 31, December 31, ---------------------- ---------------------- 2010 2009 2010 2009 ---------- ---------- ---------- ---------- Operating Revenues $ 580,384 $ 476,510 $2,649,368 $1,711,338 ---------- ---------- ---------- ---------- Costs and Expenses: Operating 449,961 352,951 1,930,227 1,185,096 Administrative and general 54,892 41,332 192,518 161,998 Depreciation and amortization 39,173 40,728 163,490 160,092 ---------- ---------- ---------- ---------- 544,026 435,011 2,286,235 1,507,186 ---------- ---------- ---------- ---------- Gains on Asset Dispositions and Impairments, Net 3,285 5,147 45,238 27,675 ---------- ---------- ---------- ---------- Operating Income 39,643 46,646 408,371 231,827 ---------- ---------- ---------- ---------- Other Income (Expense): Interest income 3,094 2,056 8,882 4,466 Interest expense (10,088) (16,364) (43,950) (59,043) Debt extinguishment losses, net (1,092) (9,659) (1,460) (5,587) Marketable security gains (losses), net 1,340 9,263 (2,159) 24,059 Derivative gains, net 6,502 1,257 6,205 10,961 Foreign currency gains (losses), net (3,511) 1,521 (6,127) 8,087 Other, net 3,061 112 3,717 244 ---------- ---------- ---------- ---------- (694) (11,814) (34,892) (16,813) ---------- ---------- ---------- ---------- Income Before Income Tax Expense and Equity In Earnings of 50% or Less Owned Companies 38,949 34,832 373,479 215,014 Income Tax Expense 13,250 15,626 140,674 82,492 ---------- ---------- ---------- ---------- Income Before Equity in Earnings of 50% or Less Owned Companies 25,699 19,206 232,805 132,522 Equity in Earnings of 50% or Less Owned Companies, Net of Tax 1,501 3,223 13,179 12,581 ---------- ---------- ---------- ---------- Net Income 27,200 22,429 245,984 145,103 Net Income attributable to Noncontrolling Interests in Subsidiaries 97 203 1,260 1,293 ---------- ---------- ---------- ---------- Net Income attributable to SEACOR Holdings Inc. $ 27,103 $ 22,226 $ 244,724 $ 143,810 ========== ========== ========== ========== Basic Earnings Per Common Share of SEACOR Holdings Inc. $ 1.30 $ 1.09 $ 11.43 $ 7.21 Diluted Earnings Per Common Share of SEACOR Holdings Inc. $ 1.27 $ 1.04 $ 11.25 $ 6.57 Weighted Average Common Shares Outstanding: Basic 20,843,159 20,323,967 21,402,441 19,950,702 Diluted 21,306,355 23,417,449 21,757,217 23,388,168 Special Cash Dividend Declared and Paid Per Common Share of SEACOR Holdings Inc. $ 15.00 $ -- $ 15.00 $ -- 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, 2010 2010 2010 2010 2009 -------- -------- -------- -------- -------- Operating Revenues $580,384 $979,833 $694,576 $394,575 $476,510 -------- -------- -------- -------- -------- Costs and Expenses: Operating 449,961 683,219 484,742 312,305 352,951 Administrative and general 54,892 50,627 46,108 40,891 41,332 Depreciation and amortization 39,173 41,312 41,608 41,397 40,728 -------- -------- -------- -------- -------- 544,026 775,158 572,458 394,593 435,011 -------- -------- -------- -------- -------- Gains on Asset Dispositions and Impairments, Net 3,285 23,896 4,398 13,659 5,147 -------- -------- -------- -------- -------- Operating Income 39,643 228,571 126,516 13,641 46,646 -------- -------- -------- -------- -------- Other Income (Expense): Interest income 3,094 2,562 1,863 1,363 2,056 Interest expense (10,088) (10,274) (11,264) (12,324) (16,364) Debt extinguishment losses, net (1,092) -- (364) (4) (9,659) Marketable security gains (losses), net 1,340 (54) (5,406) 1,961 9,263 Derivative gains (losses), net 6,502 1,648 (4,721) 2,776 1,257 Foreign currency gains (losses), net (3,511) 7,585 (7,500) (2,701) 1,521 Other, net 3,061 10 46 600 112 -------- -------- -------- -------- -------- (694) 1,477 (27,346) (8,329) (11,814) -------- -------- -------- -------- -------- Income Before Income Tax Expense and Equity In Earnings of 50% or Less Owned Companies 38,949 230,048 99,170 5,312 34,832 Income Tax Expense 13,250 87,709 37,399 2,316 15,626 -------- -------- -------- -------- -------- Income Before Equity in Earnings of 50% or Less Owned Companies 25,699 142,339 61,771 2,996 19,206 Equity in Earnings of 50% or Less Owned Companies, Net of Tax 1,501 7,933 2,876 869 3,223 -------- -------- -------- -------- -------- Net Income 27,200 150,272 64,647 3,865 22,429 Net Income attributable to Noncontrolling Interests in Subsidiaries 97 334 565 264 203 -------- -------- -------- -------- -------- Net Income attributable to SEACOR Holdings Inc. $ 27,103 $149,938 $ 64,082 $ 3,601 $ 22,226 ======== ======== ======== ======== ======== Basic Earnings Per Common Share of SEACOR Holdings Inc. $ 1.30 $ 7.21 $ 2.95 $ 0.16 $ 1.09 Diluted Earnings Per Common Share of SEACOR Holdings Inc. $ 1.27 $ 7.14 $ 2.93 $ 0.16 $ 1.04 Weighted Average Common Shares of Outstanding: Basic 20,843 20,787 21,733 22,270 20,324 Diluted 21,306 21,001 21,905 22,475 23,417 Common Shares Outstanding at Period End 21,400 21,231 21,218 22,552 22,613 Special Cash Dividend Declared and Paid Per Common Share of SEACOR Holdings Inc. $ 15.00 $ -- $ -- $ -- $ -- SEACOR HOLDINGS INC. SEGMENT INFORMATION (in thousands, unaudited) Three Months Ended ------------------------------------------------ Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31, 2010 2010 2010 2010 2009 -------- -------- -------- -------- -------- Offshore Marine Services Operating Revenues $100,631 $160,916 $147,123 $107,186 $121,203 -------- -------- -------- -------- -------- Costs and Expenses: Operating 76,607 79,205 80,011 73,764 72,205 Administrative and general 13,037 12,378 12,931 12,449 12,770 Depreciation and amortization 12,279 12,758 13,245 13,478 13,770 -------- -------- -------- -------- -------- 101,923 104,341 106,187 99,691 98,745 -------- -------- -------- -------- -------- Gains on Asset Dispositions and Impairments, Net 2,142 12,717 1,964 12,651 3,831 -------- -------- -------- -------- -------- Operating Income 850 69,292 42,900 20,146 26,289 -------- -------- -------- -------- -------- Other Income (Expense): Derivative losses, net -- -- -- -- (157) Foreign currency gains (losses), net (154) 977 425 374 1,781 Other, net 1 -- -- -- -- Equity in Earnings of 50% or Less Owned Companies, Net of Tax 3,042 2,300 1,713 2,251 1,774 -------- -------- -------- -------- -------- Segment Profit $ 3,739 $ 72,569 $ 45,038 $ 22,771 $ 29,687 ======== ======== ======== ======== ======== Aviation Services Operating Revenues $ 55,522 $ 67,136 $ 62,433 $ 50,275 $ 54,323 -------- -------- -------- -------- -------- Costs and Expenses: Operating 37,174 37,492 40,541 32,026 30,667 Administrative and general 7,042 7,274 6,091 5,391 5,972 Depreciation and amortization 11,287 10,889 10,728 10,447 9,876 -------- -------- -------- -------- -------- 55,503 55,655 57,360 47,864 46,515 -------- -------- -------- -------- -------- Gains (Losses) on Asset Dispositions and Impairments, Net (117) 412 379 90 313 -------- -------- -------- -------- -------- Operating Income (Loss) (98) 11,893 5,452 2,501 8,121 -------- -------- -------- -------- -------- Other Income (Expense): Derivative gains (losses), net (27) (29) 38 (100) 33 Foreign currency gains (losses), net 166 (81) (1,731) 135 (223) Other, net -- 50 -- -- -- Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax (83) 663 (442) (275) (297) -------- -------- -------- -------- -------- Segment Profit (Loss) $ (42) $ 12,496 $ 3,317 $ 2,261 $ 7,634 ======== ======== ======== ======== ======== Inland River Services Operating Revenues $ 52,284 $ 41,381 $ 34,596 $ 33,436 $ 53,607 -------- -------- -------- -------- -------- Costs and Expenses: Operating 29,542 26,535 21,547 19,554 32,052 Administrative and general 3,114 2,898 2,618 2,061 2,137 Depreciation and amortization 5,472 5,415 4,958 4,876 4,756 -------- -------- -------- -------- -------- 38,128 34,848 29,123 26,491 38,945 -------- -------- -------- -------- -------- Gains on Asset Dispositions 697 29,445 899 887 1,236 -------- -------- -------- -------- -------- Operating Income 14,853 35,978 6,372 7,832 15,898 -------- -------- -------- -------- -------- Other Income (Expense): Other, net 2,227 -- -- 10 -- Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax (521) 3,522 805 (98) 1,868 -------- -------- -------- -------- -------- Segment Profit $ 16,559 $ 39,500 $ 7,177 $ 7,744 $ 17,766 ======== ======== ======== ======== ======== SEACOR HOLDINGS INC. SEGMENT INFORMATION (continued) (in thousands, unaudited) Three Months Ended ------------------------------------------------ Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31, 2010 2010 2010 2010 2009 -------- -------- -------- -------- -------- Marine Transportation Services Operating Revenues $ 16,908 $ 18,540 $ 21,263 $ 19,452 $ 20,497 -------- -------- -------- -------- -------- Costs and Expenses: Operating 8,174 8,754 8,915 13,432 10,585 Administrative and general 2,040 1,087 1,038 837 1,043 Depreciation and amortization 5,309 7,320 8,008 8,008 8,005 -------- -------- -------- -------- -------- 15,523 17,161 17,961 22,277 19,633 -------- -------- -------- -------- -------- Losses on Asset Dispositions and Impairments -- (18,677) (11) -- -- -------- -------- -------- -------- -------- Operating Income (Loss) 1,385 (17,298) 3,291 (2,825) 864 -------- -------- -------- -------- -------- Other Income (Expense): Foreign currency gains (losses), net (13) 61 (41) 15 1 -------- -------- -------- -------- -------- Segment Profit (Loss) $ 1,372 $(17,237) $ 3,250 $ (2,810) $ 865 ======== ======== ======== ======== ======== Environmental Services Operating Revenues $163,380 $468,226 $214,629 $ 28,158 $ 44,531 -------- -------- -------- -------- -------- Costs and Expenses: Operating 116,346 329,497 127,108 20,337 32,822 Administrative and general 7,485 11,508 6,525 6,037 6,155 Depreciation and amortization 2,065 2,249 2,099 1,983 1,811 -------- -------- -------- -------- -------- 125,896 343,254 135,732 28,357 40,788 -------- -------- -------- -------- -------- Gains (Losses) on Asset Dispositions 563 -- (36) (17) (208) -------- -------- -------- -------- -------- Operating Income (Loss) 38,047 124,972 78,861 (216) 3,535 -------- -------- -------- -------- -------- Other Income (Expense): Foreign currency gains (losses), net (115) 3 (23) 30 (11) Other, net 1 -- -- -- -- Equity in Earnings of 50% or Less Owned Companies, Net of Tax 58 533 54 38 90 -------- -------- -------- -------- -------- Segment Profit (Loss) $ 37,991 $125,508 $ 78,892 $ (148) $ 3,614 ======== ======== ======== ======== ======== Commodity Trading and Logistics Operating Revenues $178,944 $216,896 $203,064 $142,992 $171,354 -------- -------- -------- -------- -------- Costs and Expenses: Operating 173,922 204,467 203,374 147,372 168,694 Administrative and general 1,184 3,716 3,791 2,744 3,632 Depreciation and amortization 13 13 15 20 20 -------- -------- -------- -------- -------- 175,119 208,196 207,180 150,136 172,346 -------- -------- -------- -------- -------- Operating Income (Loss) 3,825 8,700 (4,116) (7,144) (992) -------- -------- -------- -------- -------- Other Income (Expense): Derivative gains (losses), net (8,192) (5,307) 4,611 4,308 802 Foreign currency gains (losses), net 26 190 (30) (717) 49 Other, net 781 -- 6 -- (1) Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax (611) 1,042 (13) (1,022) (282) -------- -------- -------- -------- -------- Segment Profit (Loss) $ (4,171) $ 4,625 $ 458 $ (4,575) $ (424) ======== ======== ======== ======== ======== SEACOR HOLDINGS INC. SEGMENT INFORMATION (continued) (in thousands, unaudited) Three Months Ended ------------------------------------------------ Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31, 2010 2010 2010 2010 2009 -------- -------- -------- -------- -------- Other Operating Revenues $ 16,395 $ 20,031 $ 18,969 $ 17,440 $ 16,193 -------- -------- -------- -------- -------- Costs and Expenses: Operating 11,872 10,559 10,895 10,039 11,110 Administrative and general 3,031 2,803 2,793 2,845 3,211 Depreciation and amortization 2,289 2,224 2,107 2,183 2,198 -------- -------- -------- -------- -------- 17,192 15,586 15,795 15,067 16,519 -------- -------- -------- -------- -------- Gains (Losses) on Asset Dispositions -- -- 1,203 -- (25) -------- -------- -------- -------- -------- Operating Income (Loss) (797) 4,445 4,377 2,373 (351) -------- -------- -------- -------- -------- Other Income (Expense): Foreign currency gains (losses), net (17) 34 (15) (18) (5) Other, net 10 -- 34 -- -- Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax (384) (127) 759 (25) 70 -------- -------- -------- -------- -------- Segment Profit (Loss) $ (1,188) $ 4,352 $ 5,155 $ 2,330 $ (286) ======== ======== ======== ======== ======== Corporate and Eliminations Operating Revenues $ (3,680) $(13,293) $ (7,501) $ (4,364) $ (5,198) -------- -------- -------- -------- -------- Costs and Expenses: Operating (3,676) (13,290) (7,649) (4,219) (5,184) Administrative and general 17,959 8,963 10,321 8,527 6,412 Depreciation and amortization 459 444 448 402 292 -------- -------- -------- -------- -------- 14,742 (3,883) 3,120 4,710 1,520 -------- -------- -------- -------- -------- Gains (Losses) on Asset Dispositions -- (1) -- 48 -- -------- -------- -------- -------- -------- Operating Loss $(18,422) $ (9,411) $(10,621) $ (9,026) $ (6,718) ======== ======== ======== ======== ======== Other Income (Expense): Derivative gains (losses), net $ 14,721 $ 6,984 $ (9,370) $ (1,432) $ 579 Foreign currency gains (losses), net (3,404) 6,401 (6,085) (2,520) (71) Other, net 41 (40) 6 590 113 SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, unaudited) Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31, 2010 2010 2010 2010 2009 ---------- ---------- ---------- ---------- ---------- ASSETS Current Assets: Cash and cash equivalents $ 370,028 $ 662,278 $ 398,498 $ 452,161 $ 465,904 Restricted cash 12,651 14,823 9,421 35,924 34,014 Marketable securities 147,409 103,150 86,457 63,171 68,139 Receivables: Trade, net of allowance for doubtful accounts 450,912 512,131 449,142 288,074 301,143 Other 72,448 44,550 50,345 69,892 78,689 Inventories 67,498 66,024 74,434 76,453 76,949 Deferred income taxes 5,442 3,354 3,354 3,354 3,354 Prepaid expenses and other 18,414 17,570 24,075 21,733 15,725 ---------- ---------- ---------- ---------- ---------- Total current assets 1,144,802 1,423,880 1,095,726 1,010,762 1,043,917 ---------- ---------- ---------- ---------- ---------- Property and Equipment 2,803,754 2,899,150 2,896,777 2,886,410 2,833,011 Accumulated depreciation (835,032) (850,428) (821,641) (785,119) (754,263) ---------- ---------- ---------- ---------- ---------- Net property and equipment 1,968,722 2,048,722 2,075,136 2,101,291 2,078,748 ---------- ---------- ---------- ---------- ---------- Investments, at Equity, and Receivables from 50% or Less Owned Companies 182,387 148,334 201,474 186,605 186,814 Construction Reserve Funds & Title XI Reserve Funds 323,885 272,259 227,184 252,672 289,750 Goodwill 61,779 54,764 54,653 54,443 54,571 Intangible Assets 21,169 21,627 21,195 22,369 23,554 Other Assets, net of allowance for doubtful accounts 57,645 52,846 51,522 55,430 46,265 ---------- ---------- ---------- ---------- ---------- $3,760,389 $4,022,432 $3,726,890 $3,683,572 $3,723,619 ========== ========== ========== ========== ========== LIABILITIES AND EQUITY Current Liabilities: Current portion of long-term debt $ 14,618 $ 13,809 $ 14,154 $ 22,731 $ 36,436 Current portion of capital lease obligations 1,030 1,014 998 982 966 Accounts payable and accrued expenses 322,785 336,968 223,277 98,984 135,425 Other current liabilities 197,080 237,738 209,571 178,112 142,285 ---------- ---------- ---------- ---------- ---------- Total current liabilities 535,513 589,529 448,000 300,809 315,112 ---------- ---------- ---------- ---------- ---------- Long-Term Debt 697,427 681,268 682,134 747,787 748,704 Capital Lease Obligations 5,493 5,783 6,067 6,348 6,624 Deferred Income Taxes 567,880 586,466 572,985 574,390 575,440 Deferred Gains and Other Liabilities 156,711 88,130 96,510 100,835 111,848 ---------- ---------- ---------- ---------- ---------- Total liabilities 1,963,024 1,951,176 1,805,696 1,730,169 1,757,728 ---------- ---------- ---------- ---------- ---------- Equity: SEACOR Holdings Inc. stockholders' equity: Preferred stock -- -- -- -- -- Common stock 361 358 358 357 356 Additional paid-in capital 1,225,296 1,196,445 1,191,943 1,186,871 1,182,023 Retained earnings 1,471,623 1,764,202 1,614,264 1,550,182 1,546,581 Shares held in treasury, at cost (903,004) (891,887) (887,129) (786,992) (768,438) Accumulated other comprehensive loss (7,039) (7,568) (7,839) (5,862) (3,260) ---------- ---------- ---------- ---------- ---------- 1,787,237 2,061,550 1,911,597 1,944,556 1,957,262 Noncontrolling interests in subsidiaries 10,128 9,706 9,597 8,847 8,629 ---------- ---------- ---------- ---------- ---------- Total equity 1,797,365 2,071,256 1,921,194 1,953,403 1,965,891 ---------- ---------- ---------- ---------- ---------- $3,760,389 $4,022,432 $3,726,890 $3,683,572 $3,723,619 ========== ========== ========== ========== ========== SEACOR HOLDINGS INC. FLEET COUNTS Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31, 2010 2010 2010 2010 2009 -------- -------- -------- -------- -------- Offshore Marine Services Anchor handling towing supply 20 20 20 20 23 Crew 52 54 57 57 57 Mini-supply 9 12 12 11 11 Standby safety 26 26 26 25 25 Supply 27 27 27 26 27 Towing supply 8 8 9 10 13 Specialty 12 12 12 12 9 -------- -------- -------- -------- -------- 154 159 163 161 165 ======== ======== ======== ======== ======== Aviation Services Light helicopters - single engine 60 60 60 60 60 Light helicopters - twin engine 45 45 46 48 47 Medium helicopters 62 59 59 59 59 Heavy helicopters 9 9 9 9 8 -------- -------- -------- -------- -------- 176 173 174 176 174 ======== ======== ======== ======== ======== Inland River Services Inland river dry-cargo barges 1,388 1,394 1,449 1,419 1,395 Inland river liquid tank barges 80 86 87 87 87 Inland river deck barges 26 26 26 26 26 Inland river towboats 32 32 29 29 29 Dry-cargo vessel 1 1 1 1 1 -------- -------- -------- -------- -------- 1,527 1,539 1,592 1,562 1,538 ======== ======== ======== ======== ======== Marine Transportation Services U.S.-flag product tankers 8 8 8 8 8 ======== ======== ======== ======== ======== Other Harbor and offshore tugs 30 31 31 31 31 Ocean liquid tank barges 5 5 5 6 6 -------- -------- -------- -------- -------- 35 36 36 37 37 ======== ======== ======== ======== ========
Contact Information: For additional information, contact Molly Hottinger (954) 627-5278 or visit SEACOR's website at www.seacorholdings.com