SEACOR Holdings Announces Results for the Fourth Quarter and Year Ended December 31, 2011

Marketwired

FORT LAUDERDALE, FL--(Marketwire -02/16/12)- SEACOR Holdings Inc. (NYSE: CKH - News) today announced its results for the fourth quarter and year ended December 31, 2011. Net income attributable to SEACOR Holdings Inc. for the quarter ended December 31, 2011 was $17.0 million, or $0.80 per diluted share, on operating revenues of $561.8 million. For the year ended December 31, 2011, net income attributable to SEACOR Holdings Inc. was $41.1 million, or $1.91 per diluted share, on operating revenues of $2,141.9 million.

For the preceding quarter ended September 30, 2011, net income attributable to SEACOR Holdings Inc. was $3.8 million, or $0.18 per diluted share, on operating revenues of $571.4 million. A comparison of results for the quarter ended December 31, 2011 with the preceding quarter ended September 30, 2011 is included in the "Highlights for the Quarter" discussion below.

For the quarter ended December 31, 2010, net income attributable to SEACOR Holdings Inc. was $27.1 million, or $1.27 per diluted share, on operating revenues of $580.4 million. For the year ended December 31, 2010, net income attributable to SEACOR Holdings Inc. was $244.7 million, or $11.25 per diluted share, on operating revenues of $2,649.4 million. The Company's results for the year ended December 31, 2010 reflected significant oil spill response activities in the U.S. Gulf of Mexico following the Deepwater Horizon sinking in April 2010.

Highlights for the Quarter

Offshore Marine Services - Operating income was $16.1 million on operating revenues of $109.8 million compared with operating income of $7.6 million on operating revenues of $93.3 million in the preceding quarter. Fourth quarter results included $1.4 million in gains on asset dispositions compared with $5.2 million in gains in the preceding quarter. In the fourth quarter, the total number of days available for charter decreased by 56 days, or 0.5%; overall utilization increased from 72.4% to 79.7%; and overall average day rates increased by 7.7% from $11,318 per day to $12,187 per day.

In the U.S. Gulf of Mexico, operating income before gains on asset dispositions was $8.4 million higher in the fourth quarter. Firmer market conditions contributed to a $13.3 million increase in time charter revenues, which was partially offset by higher operating expenses as activity levels increased. Utilization was 70.3% compared with 53.5% in the preceding quarter and average day rates increased from $10,631 per day to $12,523 per day. As of December 31, 2011, the Company had four vessels cold-stacked in the U.S. Gulf of Mexico compared with seven as of September 30, 2011.

In international regions, operating income before gains on asset dispositions was $3.9 million higher in the fourth quarter. Time charter revenues were $2.2 million higher primarily due to an increase in average day rates from $11,612 per day to $11,999 per day. Utilization was 86.2% compared with 85.2% in the preceding quarter. Operating expenses were $2.2 million lower primarily due to reduced drydocking and mobilization expenditures.

Administrative and general expenses were $3.0 million higher in the fourth quarter primarily due to legal fees associated with the fourth quarter acquisition of a controlling interest in a European operator of wind farm utility vessels and higher wage and benefit costs.

Equity in earnings was lower in the fourth quarter primarily due to an $8.4 million gain, net of tax, recognized in the preceding quarter upon Offshore Marine Services' Mexican joint venture issuing an additional equity interest to an unrelated third party.

Aviation Services - Operating income was $1.5 million on operating revenues of $61.7 million compared with operating income of $15.1 million on operating revenues of $71.8 million in the preceding quarter. Fourth quarter results included $1.9 million in gains on asset dispositions compared with $4.9 million in gains in the preceding quarter.

Operating revenues were $10.1 million lower in the fourth quarter primarily due to the end of seasonal activities in Alaska and a reduction in the number of helicopters operating under contract-leases. Operating expenses were $4.6 million lower in the fourth quarter primarily due to the end of seasonal activities, performance credits received under various vendor arrangements and Aviation Services' exit from a vendor maintenance agreement. Administrative and general expenses were $5.0 million higher in the fourth quarter primarily due to severance costs associated with a change in executive management.

Inland River Services - Operating income was $12.3 million on operating revenues of $51.9 million compared with operating income of $9.3 million on operating revenues of $47.9 million in the preceding quarter. Operating results improved primarily due to seasonal harvest activity and strong northbound demand for fertilizer shipments for the pooled hopper barge fleet.

Marine Transportation Services - Operating income was $3.7 million on operating revenues of $26.7 million compared with operating income of $1.7 million on operating revenues of $24.8 million in the preceding quarter. Fourth quarter results included $1.1 million in gains on asset dispositions following the sale of the Seabulk America. Operating results for Marine Transportation Services' U.S.-flag product tanker fleet were higher primarily due to lower operating expenses and less off-hire time associated with one vessel undergoing a special survey in the preceding quarter and lower insurance deductibles. Operating results for its foreign flag Roll-on/Roll-off vessels were lower primarily due to the drydocking of one vessel, charter-in expenses to cover that vessel's out-of-service time and higher legal fees.

Environmental Services - Operating income was $18.6 million on operating revenues of $59.7 million compared with operating income of $1.0 million on operating revenues of $40.4 million in the preceding quarter. The increase in operating income was primarily due to final settlements with a customer and certain subcontractors in respect of oil spill response services related to the Deepwater Horizon sinking in April 2010.

Commodity Trading and Logistics - Segment profit was $1.4 million on operating revenues of $237.2 million compared with a segment loss of $7.1 million on operating revenues of $279.2 million in the preceding quarter. Operating results improved primarily due to a reduction of volatility in commodity prices and better results from the Company's alcohol manufacturing joint venture.

Other - Other, primarily Harbor and Offshore Towing Services, reported operating income of $1.7 million on operating revenues of $17.7 million compared with operating income of $2.7 million on operating revenues of $16.7 million in the preceding quarter. The reduction in operating income was primarily due to an increase in charter-in expenses at the Company's terminal operation in St. Eustatius.

Equity in losses in the fourth quarter were primarily due to losses in one of the Company's industrial air services joint ventures in Asia.

Corporate and Eliminations - Administrative and general expenses were $10.5 million compared with $6.2 million in the preceding quarter. The increase was primarily due to management bonus accruals and professional fees.

Stock Repurchases - During the fourth quarter, the Company purchased 843,400 shares of its common stock at an average price of $84.48 per share. As of December 31, 2011, 20,933,116 shares of SEACOR's common stock remained outstanding.

Capital Commitments - The Company's unfunded capital commitments as of December 31, 2011 consisted primarily of offshore support vessels, helicopters, inland river tank barges, harbor tugs, an interest in a river grain terminal, an interest in a dry-bulk articulated tug-barge and other property and equipment. These commitments totaled $312.5 million, of which $199.3 million is payable during 2012 with the balance payable through 2014. Of the total unfunded capital commitments, $43.6 million may be terminated without further liability other than the payment of liquidated damages of $1.4 million. Subsequent to December 31, 2011, the Company committed to purchase additional equipment for $49.2 million. As of December 31, 2011, the Company held balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and title XI reserve funds totaling $815.8 million.

SEACOR is a global provider of equipment and services primarily supporting the offshore oil and gas and marine transportation industries. SEACOR offers customers a diversified suite of services including offshore marine, aviation, inland river, marine transportation, environmental, commodity trading and logistics and offshore and harbor towing. SEACOR is focused on providing highly responsive local service combined with the highest safety standards, innovative technology, modern, efficient equipment and dedicated professional employees.

This release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements concerning management's expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of results to differ materially from any future results, performance or achievements discussed or implied by such forward-looking statements. Such risks, uncertainties and other important factors include, among others: decreased demand and loss of revenues as a result of U.S. government implemented moratoriums directing operators to cease certain drilling activities and any extension of such moratoriums (the "Moratoriums"), weakening demand for the Company's services as a result of unplanned customer suspensions, cancellations, rate reductions or non-renewals of vessel charters and aviation equipment or failures to finalize commitments to charter vessels and aviation equipment in response to Moratoriums, increased government legislation and regulation of the Company's businesses could increase cost of operations, increased competition if the Jones Act is repealed, liability, legal fees and costs in connection with providing spill and emergency response services, including the Company's involvement in response to the oil spill as a result of the sinking of the Deepwater Horizon in April 2010, decreased demand for the Company's services as a result of declines in the global economy, declines in valuations in the global financial markets and illiquidity in the credit sectors, including, interest rate fluctuations, availability of credit, inflation rates, change in laws, trade barriers, commodity prices and currency exchange fluctuations, the cyclical nature of the oil and gas industry, activity in foreign countries and changes in foreign political, military and economic conditions, changes in foreign and domestic oil and gas exploration and production activity, safety record requirements related to Offshore Marine Services, Marine Transportation Services and Aviation Services, decreased demand for Marine Transportation Services and Harbor and Offshore Towing Services due to construction of additional refined petroleum product, natural gas or crude oil pipelines or due to decreased demand for refined petroleum products, crude oil or chemical products or a change in existing methods of delivery, compliance with U.S. and foreign government laws and regulations, including environmental laws and regulations, the dependence of Offshore Marine Services, Marine Transportation Services and Aviation Services on several customers, consolidation of the Company's customer base, safety issues experienced by a particular helicopter model that could result in customers refusing to use that helicopter model or a regulatory body grounding that helicopter model, which also could permanently devalue that helicopter model, the ongoing need to replace aging vessels and aircraft, industry fleet capacity, restrictions imposed by the Shipping Acts and Aviation Acts on the amount of foreign ownership of the Company's Common Stock, operational risks of Offshore Marine Services, Marine Transportation Services, Harbor and Offshore Towing Services and Aviation Services, effects of adverse weather conditions and seasonality, future phase-out of Marine Transportation Services' double-bottom tanker, dependence of spill response revenue on the number and size of spills and upon continuing government regulation in this area and Environmental Services' ability to comply with such regulation and other governmental regulation, changes in National Response Corporations' Oil Spill Removal Organization classification, liability in connection with providing spill response services, the level of grain export volume, the effect of fuel prices on barge towing costs, variability in freight rates for inland river barges, the effect of international economic and political factors in Inland River Services' operations, sudden and unexpected changes in commodity prices, futures and options, global weather conditions, political instability, changes in currency exchanges rates, and product availability in Commodity Trading and Logistics activities, adequacy of insurance coverage, the attraction and retention of qualified personnel by the Company and various other matters and factors, many of which are beyond the Company's control. In addition, these statements constitute the Company's cautionary statements under the Private Securities Litigation Reform Act of 1995. It is not possible to predict or identify all such factors. Consequently, the foregoing should not be considered a complete discussion of all potential risks or uncertainties. The words "estimate," "project," "intend," "believe," "plan" and similar expressions are intended to identify forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which the forward-looking statement is based. The forward-looking statements in this release should be evaluated together with the many uncertainties that affect the Company's businesses, particularly those mentioned under "Forward-Looking Statements" in Item 7 on the Company's Form 10-K and SEACOR's periodic reporting on Form 10-Q and Form 8-K (if any), which are incorporated by reference.

For additional information, contact Molly Hottinger at (954) 627-5278 or visit SEACOR's website at www.seacorholdings.com.

 

                            SEACOR HOLDINGS INC.
                 CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                (in thousands, except share data, unaudited)

                            Three Months Ended            Year Ended
                               December 31,              December 31,
                         ------------------------  ------------------------
                             2011         2010         2011         2010
                         -----------  -----------  -----------  -----------

Operating Revenues       $   561,808  $   580,384  $ 2,141,942  $ 2,649,368
                         -----------  -----------  -----------  -----------

Costs and Expenses:
  Operating                  433,332      449,961    1,708,187    1,930,227
  Administrative and
   general                    55,099       54,892      187,547      192,518
  Depreciation and
   amortization               37,017       39,173      156,824      163,490
                         -----------  -----------  -----------  -----------
                             525,448      544,026    2,052,558    2,286,235
                         -----------  -----------  -----------  -----------

Gains on Asset
 Dispositions and
 Impairments, Net              5,431        3,285       33,950       45,238
                         -----------  -----------  -----------  -----------

Operating Income              41,791       39,643      123,334      408,371
                         -----------  -----------  -----------  -----------

Other Income (Expense):
  Interest income              1,157        3,094       13,756        8,882
  Interest expense           (10,027)     (10,088)     (41,245)     (43,950)
  Debt extinguishment
   losses, net                    --       (1,092)         (99)      (1,460)
  Marketable security
   gains (losses), net        (4,803)       1,340       (7,893)      (2,159)
  Derivative gains
   (losses), net                (262)       6,502      (36,135)       6,205
  Foreign currency gains
   (losses), net              (2,545)      (3,511)         816       (6,127)
  Other, net                   1,133        3,061          860        3,717
                         -----------  -----------  -----------  -----------
                             (15,347)        (694)     (69,940)     (34,892)
                         -----------  -----------  -----------  -----------
Income Before Income Tax
 Expense and Equity In
 Earnings (Losses) of
 50% or Less Owned
 Companies                    26,444       38,949       53,394      373,479
Income Tax Expense             8,533       13,250       21,185      140,674
                         -----------  -----------  -----------  -----------
Income Before Equity in
 Earnings (Losses) of
 50% or Less Owned
 Companies                    17,911       25,699       32,209      232,805
Equity in Earnings
 (Losses) of 50% or Less
 Owned Companies, Net of
 Tax                            (659)       1,501        9,941       13,179
                         -----------  -----------  -----------  -----------
Net Income                    17,252       27,200       42,150      245,984
Net Income attributable
 to Noncontrolling
 Interests in
 Subsidiaries                    212           97        1,094        1,260
                         -----------  -----------  -----------  -----------
Net Income attributable
 to SEACOR Holdings Inc. $    17,040  $    27,103  $    41,056  $   244,724
                         ===========  ===========  ===========  ===========

Basic Earnings Per
 Common Share of SEACOR
 Holdings Inc.           $      0.81  $      1.30  $      1.94  $     11.43

Diluted Earnings Per
 Common Share of SEACOR
 Holdings Inc.           $      0.80  $      1.27  $      1.91  $     11.25

Weighted Average Common
 Shares Outstanding:
  Basic                   21,004,776   20,843,159   21,119,461   21,402,441
  Diluted                 21,353,631   21,306,355   21,466,843   21,757,217

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,
                             2011      2011      2011      2011      2010
                           --------  --------  --------  --------  --------

Operating Revenues         $561,808  $571,424  $536,446  $472,264  $580,384
                           --------  --------  --------  --------  --------

Costs and Expenses:
  Operating                 433,332   475,173   428,671   371,011   449,961
  Administrative and
   general                   55,099    40,117    45,937    46,394    54,892
  Depreciation and
   amortization              37,017    38,678    41,070    40,059    39,173
                           --------  --------  --------  --------  --------
                            525,448   553,968   515,678   457,464   544,026
                           --------  --------  --------  --------  --------

Gains on Asset
 Dispositions and
 Impairments, Net             5,431    10,982    10,282     7,255     3,285
                           --------  --------  --------  --------  --------

Operating Income             41,791    28,438    31,050    22,055    39,643
                           --------  --------  --------  --------  --------

Other Income (Expense):
  Interest income             1,157     5,554     3,307     3,738     3,094
  Interest expense          (10,027)  (10,712)  (10,465)  (10,041)  (10,088)
  Debt extinguishment
   losses, net                   --       (51)       --       (48)   (1,092)
  Marketable security
   gains (losses), net       (4,803)      130    (4,754)    1,534     1,340
  Derivative gains
   (losses), net               (262)  (25,954)   (6,601)   (3,318)    6,502
  Foreign currency gains
   (losses), net             (2,545)   (3,218)    1,520     5,059    (3,511)
  Other, net                  1,133       (39)      (56)     (178)    3,061
                           --------  --------  --------  --------  --------
                            (15,347)  (34,290)  (17,049)   (3,254)     (694)
                           --------  --------  --------  --------  --------
Income (Loss) Before
 Income Tax Expense
 (Benefit) and Equity In
 Earnings (Losses) of 50%
 or Less Owned Companies     26,444    (5,852)   14,001    18,801    38,949
Income Tax Expense
 (Benefit)                    8,533      (352)    5,638     7,366    13,250
                           --------  --------  --------  --------  --------
Income (Loss) Before
 Equity in Earnings
 (Losses) of 50% or Less
 Owned Companies             17,911    (5,500)    8,363    11,435    25,699
Equity in Earnings
 (Losses) of 50% or Less
 Owned Companies, Net of
 Tax                           (659)    9,562     1,004        34     1,501
                           --------  --------  --------  --------  --------
Net Income                   17,252     4,062     9,367    11,469    27,200
Net Income attributable to
 Noncontrolling Interests
 in Subsidiaries                212       247       336       299        97
                           --------  --------  --------- --------  --------
Net Income attributable to
 SEACOR Holdings Inc.      $ 17,040  $  3,815  $  9,031  $ 11,170  $ 27,103
                           ========  ========  ========  ========  ========

Basic Earnings Per Common
 Share of SEACOR Holdings
 Inc.                      $   0.81  $   0.18  $   0.43  $   0.53  $   1.30

Diluted Earnings Per
 Common Share of SEACOR
 Holdings Inc.             $   0.80  $   0.18  $   0.42  $   0.52  $   1.27

Weighted Average Common
 Shares of Outstanding:
  Basic                      21,005    21,202    21,166    21,105    20,843
  Diluted                    21,354    21,565    21,518    21,439    21,306
Common Shares Outstanding
 at Period End               20,933    21,715    21,679    21,652    21,400

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,
                             2011      2011      2011      2011      2010
                           --------  --------  --------  --------  --------

Offshore Marine Services
Operating Revenues         $109,781  $ 93,277  $ 93,386  $ 80,344  $100,631
                           --------  --------  --------  --------  --------
Costs and Expenses:
  Operating                  69,484    68,457    68,242    63,020    76,607
  Administrative and
   general                   13,666    10,687    11,078    11,770    13,037
  Depreciation and
   amortization              11,954    11,785    12,205    12,533    12,279
                           --------  --------  --------  --------  --------
                             95,104    90,929    91,525    87,323   101,923
                           --------  --------  --------  --------  --------

Gains on Asset
 Dispositions                 1,449     5,241     3,607     4,364     2,142
                           --------  --------  --------  --------  --------
Operating Income (Loss)      16,126     7,589     5,468    (2,615)      850
                           --------  --------  --------  --------  --------
Other Income (Expense):
  Foreign currency gains
   (losses), net             (1,290)   (2,129)     (408)      725      (154)
  Other, net                    272         6        --        --         1
Equity in Earnings
 (Losses) of 50% or Less
 Owned Companies, Net of
 Tax                           (500)    8,754       200       735     3,042
                           --------  --------  --------  --------  --------
Segment Profit (Loss)      $ 14,608  $ 14,220  $  5,260  $ (1,155) $  3,739
                           ========  ========  ========  ========  ========

Aviation Services
Operating Revenues         $ 61,696  $ 71,804  $ 68,493  $ 56,155  $ 55,522
                           --------  --------  --------  --------  --------
Costs and Expenses:
  Operating                  41,084    45,701    42,457    33,465    37,174
  Administrative and
   general                   11,803     6,841     6,229     7,020     7,042
  Depreciation and
   amortization               9,210     9,093    12,390    11,919    11,287
                           --------  --------  --------  --------  --------
                             62,097    61,635    61,076    52,404    55,503
                           --------  --------  --------  --------  --------

Gains (Losses) on Asset
 Dispositions and
 Impairments, Net             1,912     4,894     6,172     2,194      (117)
                           --------  --------  --------  --------  --------
Operating Income (Loss)       1,511    15,063    13,589     5,945       (98)
                           --------  --------  --------  --------  --------
Other Income (Expense):
  Derivative gains
   (losses), net                (18)     (807)     (811)      310       (27)
  Foreign currency gains
   (losses), net                (80)      (95)      338       353       166
  Other, net                      9        --        --        --        --
Equity in Earnings
 (Losses) of 50% or Less
 Owned Companies, Net of
 Tax                           (979)      106     1,054       (99)      (83)
                           --------  --------  --------  --------  --------
Segment Profit (Loss)      $    443  $ 14,267  $ 14,170  $  6,509  $    (42)
                           ========  ========  ========  ========  ========

Inland River Services
Operating Revenues         $ 51,871  $ 47,875  $ 41,442  $ 46,469  $ 52,284
                           --------  --------  --------  --------  --------
Costs and Expenses:
  Operating                  31,702    31,196    28,717    27,884    29,542
  Administrative and
   general                    3,270     2,206     3,166     2,697     3,114
  Depreciation and
   amortization               5,617     6,464     5,791     5,622     5,472
                           --------  --------  --------  --------  --------
                             40,589    39,866    37,674    36,203    38,128
                           --------  --------  --------  --------  --------

Gains (Losses) on Asset
 Dispositions                   986     1,303       (22)      697       697
                           --------  --------  --------  --------  --------
Operating Income             12,268     9,312     3,746    10,963    14,853
                           --------  --------  --------  --------  --------
Other Income (Expense):
Other, net                       --        --         3         1     2,227
Equity in Earnings
 (Losses) of 50% or Less
 Owned Companies, Net of
 Tax                            955     2,771       666      (256)     (521)
                           --------  --------  --------  --------  --------
Segment Profit             $ 13,223  $ 12,083  $  4,415  $ 10,708  $ 16,559
                           ========  ========  ========  ========  ========




                            SEACOR HOLDINGS INC.
                       SEGMENT INFORMATION (continued)
                          (in thousands, unaudited)

                                          Three Months Ended
                           ------------------------------------------------
                           Dec. 31,  Sep. 30,  Jun. 30,  Mar. 31,  Dec. 31,
                             2011      2011      2011      2011      2010
                           --------  --------  --------  --------  --------

Marine Transportation
 Services
Operating Revenues         $ 26,705  $ 24,783  $ 24,336  $ 17,312  $ 16,908
                           --------  --------  --------  --------  --------
Costs and Expenses:
  Operating                  15,338    15,194    13,584     8,979     8,174
  Administrative and
   general                    3,257     2,044     2,146     1,417     2,040
  Depreciation and
   amortization               5,540     5,833     5,728     4,978     5,309
                           --------  --------  --------  --------  --------
                             24,135    23,071    21,458    15,374    15,523
                           --------  --------  --------  --------  --------

Gains on Asset
 Dispositions                 1,125        --        --        --        --
                           --------  --------  --------  --------  --------
Operating Income              3,695     1,712     2,878     1,938     1,385
                           --------  --------  --------  --------  --------
Other Income (Expense):
  Foreign currency gains
   (losses), net                (15)      (18)        6        16       (13)
  Other, net                     87       131        56        --        --
Equity in Losses of 50% or
 Less Owned Companies, Net
 of Tax                         (74)       --        --        --        --
                           --------  --------  --------  --------  --------
Segment Profit             $  3,693  $  1,825  $  2,940  $  1,954  $  1,372
                           ========  ========  ========  ========  ========

Environmental Services
Operating Revenues         $ 59,669  $ 40,415  $ 48,466  $ 63,086  $163,380
                           --------  --------  --------  --------  --------
Costs and Expenses:
  Operating                  31,435    28,872    31,662    44,044   116,346
  Administrative and
   general                    7,450     7,691    10,322     7,551     7,485
  Depreciation and
   amortization               2,108     2,896     2,238     2,231     2,065
                           --------  --------  --------  --------  --------
                             40,993    39,459    44,222    53,826   125,896
                           --------  --------  --------  --------  --------

Gains (Losses) on Asset
 Dispositions                   (38)        3       (19)       --       563
                           --------  --------  --------  --------  --------
Operating Income             18,638       959     4,225     9,260    38,047
                           --------  --------  --------  --------  --------
Other Income (Expense):
  Foreign currency gains
   (losses), net                 41       (75)       97       (51)     (115)
  Other, net                     --        --         2        --         1
Equity in Earnings
 (Losses) of 50% or Less
 Owned Companies, Net of
 Tax                            (84)      (93)      132        (8)       58
                           --------  --------  --------  --------  --------
Segment Profit             $ 18,595  $    791  $  4,456  $  9,201  $ 37,991
                           ========  ========  ========  ========  ========

Commodity Trading and
 Logistics
Operating Revenues         $237,177  $279,178  $245,321  $194,012  $178,944
                           --------  --------  --------  --------  --------
Costs and Expenses:
  Operating                 236,664   279,180   237,644   187,018   173,922
  Administrative and
   general                    1,598     1,944     2,202     2,660     1,184
  Depreciation and
   amortization                  20        12        12        13        13
                           --------  --------  --------  --------  --------
                            238,282   281,136   239,858   189,691   175,119
                           --------  --------  --------  --------  --------
Operating Income (Loss)      (1,105)   (1,958)    5,463     4,321     3,825
                           --------  --------  --------  --------  --------
Other Income (Expense):
Derivative gains (losses),
 net                          1,251    (3,063)      828    (4,750)   (8,192)
  Foreign currency gains
   (losses), net                (28)      153       (16)       (5)       26
  Other, net                   (167)       --        --        --       781
Equity in Earnings
 (Losses) of 50% or Less
 Owned Companies, Net of
 Tax                          1,452    (2,267)   (1,051)       51      (611)
                           --------  --------  --------  --------  --------
Segment Profit (Loss)      $  1,403  $ (7,135) $  5,224  $   (383) $ (4,171)
                           ========  ========  ========  ========  ========




                            SEACOR HOLDINGS INC.
                       SEGMENT INFORMATION (continued)
                          (in thousands, unaudited)

                                          Three Months Ended
                           ------------------------------------------------
                           Dec. 31,  Sep. 30,  Jun. 30,  Mar. 31,  Dec. 31,
                             2011      2011      2011      2011      2010
                           --------  --------  --------  --------  --------

Other
Operating Revenues         $ 17,730  $ 16,741  $ 17,921  $ 17,536  $ 16,395
                           --------  --------  --------  --------  --------
Costs and Expenses:
  Operating                  10,274     9,117     9,158     9,142    11,872
  Administrative and
   general                    3,589     2,523     3,210     2,620     3,031
  Depreciation and
   amortization               2,119     2,129     2,237     2,289     2,289
                           --------  --------  --------  --------  --------
                             15,982    13,769    14,605    14,051    17,192
                           --------  --------  --------  --------  --------

Gains (Losses) on Asset
 Dispositions                    (3)     (315)      544        --        --
                           --------  --------  --------  --------  --------
Operating Income (Loss)       1,745     2,657     3,860     3,485      (797)
                           --------  --------  --------  --------  --------
Other Income (Expense):
  Foreign currency gains
   (losses), net                 --       (75)      (24)        1       (17)
  Other, net                    983        (1)       --        (1)       10
Equity in Earnings
 (Losses) of 50% or Less
 Owned Companies, Net of
 Tax                         (1,429)      291         3      (389)     (384)
                           --------  --------  --------  --------  --------
Segment Profit (Loss)      $  1,299  $  2,872  $  3,839  $  3,096  $ (1,188)
                           ========  ========  ========  ========  ========

Corporate and Eliminations
Operating Revenues         $ (2,821) $ (2,649) $ (2,919) $ (2,650) $ (3,680)
                           --------  --------  --------  --------  --------
Costs and Expenses:
  Operating                  (2,649)   (2,544)   (2,793)   (2,541)   (3,676)
  Administrative and
   general                   10,466     6,181     7,584    10,659    17,959
  Depreciation and
   amortization                 449       466       469       474       459
                           --------  --------  --------  --------  --------
                              8,266     4,103     5,260     8,592    14,742
                           --------  --------  --------  --------  --------

Losses on Asset
 Dispositions and
 Impairments                     --      (144)       --        --        --
                           --------  --------  --------  --------  --------
Operating Loss             $(11,087) $ (6,896) $ (8,179) $(11,242) $(18,422)
                           ========  ========  ========  ========  ========
Other Income (Expense):
  Derivative gains
   (losses), net           $ (1,495) $(22,084) $ (6,618) $  1,122  $ 14,721
  Foreign currency gains
   (losses), net             (1,173)     (979)    1,527     4,020    (3,404)
  Other, net                    (51)     (175)     (117)     (178)       41




                            SEACOR HOLDINGS INC.
                    CONDENSED CONSOLIDATED BALANCE SHEETS
                          (in thousands, unaudited)

                      Dec. 31,   Sep. 30,   Jun. 30,   Mar. 31,   Dec. 31,
                        2011       2011       2011       2011       2010
                     ---------- ---------- ---------- ---------- ----------
        ASSETS
Current Assets:
  Cash and cash
   equivalents       $  467,601 $  306,465 $  366,813 $  409,716 $  370,028
  Restricted cash        21,281     19,474     12,976     19,545     12,651
  Marketable
   securities            66,898     82,978    105,608    149,026    147,409
  Receivables:
    Trade, net of
     allowance for
     doubtful
     accounts           334,863    316,633    321,244    324,218    450,912
    Other                54,293     52,719     48,825     55,475     72,448
  Inventories            72,660     75,906     87,131     97,405     67,498
  Deferred income
   taxes                 11,498      5,442      5,442      5,442      5,442
  Prepaid expenses
   and other             11,453     14,637     24,979     22,794     18,414
                     ---------- ---------- ---------- ---------- ----------
    Total current
     assets           1,040,547    874,254    973,018  1,083,621  1,144,802
                     ---------- ---------- ---------- ---------- ----------
Property and
 Equipment            3,105,295  2,985,583  2,942,637  2,862,386  2,803,754
    Accumulated
     depreciation      (919,223)  (918,914)  (900,979)  (875,140)  (835,032)
                     ---------- ---------- ---------- ---------- ----------
    Net property and
     equipment        2,186,072  2,066,669  2,041,658  1,987,246  1,968,722
                     ---------- ---------- ---------- ---------- ----------
Investments, at
 Equity, and Advances
 to 50% or Less Owned
 Companies              251,838    245,885    210,372    190,472    182,387
Construction Reserve
 Funds & Title XI
 Reserve Funds          259,974    298,345    314,679    331,689    323,885
Goodwill                 65,067     62,424     62,467     61,864     61,779
Intangible Assets        21,826     16,427     18,448     19,810     21,169
Other Assets, net of
 allowance for
 doubtful accounts      102,810     98,314     85,118     59,996     57,645
                     ---------- ---------- ---------- ---------- ----------
                     $3,928,134 $3,662,318 $3,705,760 $3,734,698 $3,760,389
                     ========== ========== ========== ========== ==========

   LIABILITIES AND
        EQUITY
Current Liabilities:
  Current portion of
   long-term debt    $   41,091 $   23,138 $   20,568 $   18,106 $   14,618
  Current portion of
   capital lease
   obligations            2,368      1,081      1,064      1,047      1,030
  Accounts payable
   and accrued
   expenses             202,528    208,432    212,357    275,991    322,785
  Other current
   liabilities          155,539    208,816    232,309    205,546    197,080
                     ---------- ---------- ---------- ---------- ----------
    Total current
     liabilities        401,526    441,467    466,298    500,690    535,513
                     ---------- ---------- ---------- ---------- ----------
Long-Term Debt          995,450    669,573    690,774    694,872    697,427
Capital Lease
 Obligations              3,068      4,598      4,901      5,200      5,493
Deferred Income Taxes   575,303    565,078    561,477    563,023    567,880
Deferred Gains and
 Other Liabilities      144,724    138,969    146,853    150,593    156,711
                     ---------- ---------- ---------- ---------- ----------
    Total liabilities 2,120,071  1,819,685  1,870,303  1,914,378  1,963,024
                     ---------- ---------- ---------- ---------- ----------
Equity:
  SEACOR Holdings
   Inc. stockholders'
   equity:
    Preferred stock          --         --         --         --         --
    Common stock            364        364        363        363        361
    Additional paid-
     in capital       1,256,209  1,245,436  1,239,502  1,233,250  1,225,296
    Retained earnings 1,512,679  1,495,639  1,491,824  1,482,793  1,471,623
    Shares held in
     treasury, at
     cost              (971,687)  (900,225)  (901,460)  (901,386)  (903,004)
    Accumulated other
     comprehensive
     loss                (7,958)    (9,644)    (6,843)    (5,724)    (7,039)
                     ---------- ---------- ---------- ---------- ----------
                      1,789,607  1,831,570  1,823,386  1,809,296  1,787,237
  Noncontrolling
   interests in
   subsidiaries          18,456     11,063     12,071     11,024     10,128
                     ---------- ---------- ---------- ---------- ----------
    Total equity      1,808,063  1,842,633  1,835,457  1,820,320  1,797,365
                     ---------- ---------- ---------- ---------- ----------
                     $3,928,134 $3,662,318 $3,705,760 $3,734,698 $3,760,389
                     ========== ========== ========== ========== ==========




                            SEACOR HOLDINGS INC.
                                FLEET COUNTS
                                 (unaudited)

                            Dec. 31,  Sep. 30,  Jun. 30,  Mar. 31,  Dec. 31,
                              2011      2011      2011      2011      2010
                            --------  --------  --------  --------  --------

Offshore Marine Services
Anchor handling towing
 supply                           19        19        19        19        20
Crew                              49        50        52        52        52
Mini-supply                        8         8         8         9         9
Standby safety                    26        27        26        26        26
Supply                            30        29        28        26        27
Towing supply                      5         5         6         7         8
Specialty                         11        11        11        12        12
Wind farm utility                 29        --        --        --        --
                            --------  --------  --------  --------  --------
                                 177       149       150       151       154
                            ========  ========  ========  ========  ========

Aviation Services
Light helicopters - single
 engine                           58        60        61        61        60
Light helicopters - twin
 engine                           45        45        44        44        45
Medium helicopters                65        65        65        63        62
Heavy helicopters                  7         7         7         9         9
                            --------  --------  --------  --------  --------
                                 175       177       177       177       176
                            ========  ========  ========  ========  ========

Inland River Services
Inland river dry-cargo
 barges                        1,496     1,489     1,492     1,497     1,388
Inland river liquid tank
 barges                           77        79        80        80        80
Inland river deck barges          20        20        26        26        26
Inland river towboats             31        31        31        32        32
Dry-cargo vessel                   1         1         1         1         1
                            --------  --------  --------  --------  --------
                               1,625     1,620     1,630     1,636     1,527
                            ========  ========  ========  ========  ========

Marine Transportation
 Services
U.S.-flag product tankers          7         8         8         8         8
RORO vessels                       8         8         8        --        --
                            --------  --------  --------  --------  --------
                                  15        16        16         8         8
                            ========  ========  ========  ========  ========

Other
Harbor and offshore tugs          28        28        28        29        30
Ocean liquid tank barges           5         5         5         5         5
                            --------  --------  --------  --------  --------
                                  33        33        33        34        35
                            ========  ========  ========  ========  ========


Contact:

Molly Hottinger
(954) 627-5278
www.seacorholdings.com

View Comments (0)