SEACOR Holdings Announces Results for the First Quarter Ended March 31, 2012

Tue Apr 24, 2012 4:38pm EDT

* Reuters is not responsible for the content in this press release.

  FORT LAUDERDALE, FL, Apr 24 (Marketwire) -- 
SEACOR Holdings Inc. (NYSE: CKH) today announced its results for the
first quarter ended March 31, 2012. Net income attributable to SEACOR
Holdings Inc. for the quarter ended March 31, 2012 was $36.5 million, or
$1.75 per diluted share, including net income from discontinued
operations of $19.4 million, or $0.93 per diluted share. During the first
quarter, the Company disposed of certain companies and assets that were
part of its Environmental Services business segment for a net sales price
of $99.9 million. Operating results for all periods presented have been
restated to reflect results for the part of the business that was sold as
income (loss) from discontinued operations, net of tax. 

    For the preceding quarter ended December 31, 2011, net income
attributable to SEACOR Holdings Inc. was $17.0 million, or $0.80 per
diluted share, including net income from discontinued operations of $9.7
million, or $0.45 per diluted share. A comparison of results for the
quarter ended March 31, 2012 with the preceding quarter ended December
31, 2011 is included in the "Highlights for the Quarter" discussion
below. 

    For the quarter ended March 31, 2011, net income attributable to SEACOR
Holdings Inc. was $11.2 million, or $0.52 per diluted share, including a
net loss from discontinued operations of $1.2 million, or $0.06 per
diluted share. 

    Highlights for the Quarter

    Offshore Marine Services -- Operating income was $22.9 million on
operating revenues of $121.1 million compared with operating income of
$16.1 million on operating revenues of $109.8 million in the preceding
quarter. First quarter results included $1.8 million in gains on asset
dispositions compared with $1.4 million in gains in the preceding
quarter. First quarter results also included the contribution of the
Company's fleet of wind farm utility vessels acquired in December 2011.
During the first quarter, these vessels contributed operating revenues of
$6.0 million with an average day rate of $2,431 per day and a utilization
rate of 86.0%.

    In the first quarter, excluding the contribution of wind farm utility
vessels, the total number of days available for charter decreased by 259
days, or 2.5%; utilization increased from 79.7% to 80.6%; and average day
rates increased by 8.1% from $12,187 per day to $13,174 per day.

    In the U.S. Gulf of Mexico, operating income was $8.4 million higher in
the first quarter primarily due to an increase in revenues from rig
moving activity. Utilization was 73.1% compared with 70.3% in the
preceding quarter and average day rates increased from $12,523 per day to
$14,964 per day. As of March 31, 2012, the Company had four vessels
cold-stacked in the U.S. Gulf of Mexico, the same as of December 31,
2011. 

    In international regions, excluding the wind farm utility vessels,
operating income was $1.8 million lower in the first quarter. Time
charter revenues were $0.6 million lower primarily due to fewer days
available and a decrease in utilization, which was 85.6% compared with
86.2% in the preceding quarter. Average day rates increased from $11,999
per day to $12,149 per day. Other revenues were $1.8 million lower
primarily due a decrease in mobilization and other marine services.
Operating expenses were $1.2 million higher primarily due to increased
drydocking activity. 

    Administrative and general expenses were $1.8 million lower in the first
quarter primarily due to lower wage and benefit costs and a reduction in
legal expenses. 

    Equity in earnings increased by $2.3 million in the first quarter
primarily due to the commencement of a long-term charter for a vessel in
one of Offshore Marine Services' joint ventures in November 2011. 

    Aviation Services -- Operating income was $3.8 million on operating
revenues of $61.1 million compared with operating income of $1.5 million
on operating revenues of $61.7 million in the preceding quarter. During
the first quarter, Aviation Services deferred $2.8 million of
contract-leasing revenues from its Brazilian joint venture and recognized
an impairment charge of $5.9 million, net of tax, on its investment.
These adjustments resulted from difficulties experienced by the joint
venture following one of its customers' cancellation of certain contracts
for a number of AW139 aircraft under contract-lease from Aviation
Services. 

    In the U.S. Gulf of Mexico, operating revenues were $3.2 million higher
primarily due to contracts for newly delivered aircraft, an increase in
activity with existing customers and additional charter activity. This
increase was offset by $1.1 million of revenue reductions in Alaska
following the conclusion of seasonal firefighting contracts and the
temporary postponement of a contract that is scheduled to resume later in
2012. 

    Operating expenses were $1.4 million lower in the first quarter primarily
due to the recognition of vendor credits, partially offset by higher
insurance premiums due to the addition of new aircraft, increased
activity and additional maintenance expense due to the timing of repairs.

    Administrative and general expenses were $2.1 million lower in the first
quarter primarily due to severance costs associated with a change in
executive management in the preceding quarter, partially offset by the
recognition in the first quarter of previously deferred legal and
professional expenses.

    Inland River Services -- Operating income was $9.2 million on operating
revenues of $53.5 million compared with operating income of $12.3 million
on operating revenues of $51.9 million in the preceding quarter. Results
for the first quarter included the contribution of Lewis & Clark,
acquired in December 2011, which contributed operating revenues of $8.5
million. Operating results for the pooled hopper barge fleet were lower
in the first quarter primarily due to poor river conditions and weak
demand for barge freight resulting in idling a portion of the fleet. 

    Marine Transportation Services -- Operating income was $2.4 million on
operating revenues of $26.3 million compared with operating income of
$3.7 million on operating revenues of $26.7 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
lower primarily due to increases in insurance deductibles and higher
repair and maintenance costs. Operating results for its foreign flag
Roll-on/Roll-off vessels were higher primarily due to reduced legal fees. 

    Emergency and Crisis Services -- As noted above, the Company sold part of
its Environmental Services business segment in March 2012. The remaining
business within the segment, renamed Emergency and Crisis Services,
reported an operating loss of $0.4 million on operating revenues of $10.2
million compared with operating income of $3.1 million on operating
revenues of $16.8 million in the preceding quarter. The reduction in
operating income was primarily due to a reduction in debris activity,
continuing reduction in activity associated with the Deepwater Horizon
incident and seasonal reductions in professional services. 

    Commodity Trading and Logistics -- Segment profit was $5.6 million on
operating revenues of $209.7 million compared with segment profit of $1.4
million on operating revenues of $237.2 million in the preceding quarter.
Segment results improved primarily due to the recognition of a gain of
$6.0 million, net of tax, arising from Company's acquisition of a
controlling interest in its alcohol manufacturing joint venture. Results
from this joint venture were consolidated effective February 1, 2012. 

    Other -- Other, primarily Harbor and Offshore Towing Services, reported
operating income of $3.2 million on operating revenues of $19.9 million
compared with operating income of $1.7 million on operating revenues of
$17.7 million in the preceding quarter. The increase in operating income
was primarily due to increased traffic and the addition of bareboat
charter revenues for one tug contracted to a third party in Port Arthur,
a decrease in charter-in expenses at the Company's terminal operation in
St. Eustatius, and lower wage and benefit costs and professional fees.

    Corporate and Eliminations -- Administrative and general expenses were
$9.0 million compared with $10.5 million in the preceding quarter. The
decrease was primarily due to lower management bonus accruals and reduced
professional fees.

    Interest Expense -- In the first quarter, interest expense was $12.0
million compared with $10.0 million in the preceding quarter. The
increase was primarily due to interest expense on borrowings from Era
Group Inc.'s $350.0 million senior secured revolving credit facility
entered into on December 22, 2011.

    Debt Repurchases -- During the first quarter, the Company purchased $5.5
million, in principal amount, of its 5.875% Senior Notes due 2012 for
$5.7 million, resulting in debt extinguishment losses of $0.2 million.

    Capital Commitments -- The Company's unfunded capital commitments as of
March 31, 2012 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 $343.0 million,
of which $157.7 million is payable during 2012 with the balance payable
through 2016. Of the total unfunded capital commitments, $44.9 million
may be terminated without further liability other than the payment of
liquidated damages of $1.4 million. As of March 31, 2012, the Company
held balances of cash, cash equivalents, restricted cash, marketable
securities, construction reserve funds and title XI reserve funds
totaling $636.4 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; emergency
and crisis; 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 Emergency and Crisis Services' ability to comply with such regulation
and other governmental regulation, 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
                                                         March 31,
                                               ---------------------------- 
                                                    2012           2011
                                               -------------  ------------- 

Operating Revenues                             $     497,885  $     438,011 
                                               -------------  ------------- 

Costs and Expenses:
  Operating                                          384,112        341,743 
  Administrative and general                          46,178         41,654 
  Depreciation and amortization                       39,327         38,330 
                                               -------------  ------------- 
                                                     469,617        421,727 
                                               -------------  ------------- 

Gains on Asset Dispositions and Impairments,
 Net                                                   5,542          7,255 
                                               -------------  ------------- 

Operating Income                                      33,810         23,539 
                                               -------------  ------------- 

Other Income (Expense):
  Interest income                                      2,976          3,732 
  Interest expense                                   (12,024)       (10,040)
  Debt extinguishment losses, net                       (160)           (48)
  Marketable security gains, net                       3,358          1,534 
  Derivative losses, net                              (4,119)        (3,318)
  Foreign currency gains, net                          2,552          5,059 
  Other, net                                             (54)          (178)
                                               -------------  ------------- 
                                                      (7,471)        (3,259)
                                               -------------  ------------- 
Income from Continuing Operations Before
 Income Tax Expense and Equity In Earnings of
 50% or Less Owned Companies                          26,339         20,280 
Income Tax Expense                                    10,608          7,673 
                                               -------------  ------------- 
Income from Continuing Operations Before
 Equity in Earnings of 50% or Less Owned
 Companies                                            15,731         12,607 
Equity in Earnings of 50% or Less Owned
 Companies, Net of Tax                                 1,242             42 
                                               -------------  ------------- 
Income from Continuing Operations                     16,973         12,649 
Income (Loss) from Discontinued Operations,
 Net of Tax                                           19,400         (1,180)
                                               -------------  ------------- 
Net Income                                            36,373         11,469 
Net Income (Loss) attributable to
 Noncontrolling Interests in Subsidiaries               (115)           299 
                                               -------------  ------------- 
Net Income attributable to SEACOR Holdings
 Inc.                                          $      36,488  $      11,170 
                                               =============  ============= 

Net Income (Loss) attributable to SEACOR
 Holdings Inc.:
  Continuing operations                        $      17,088  $      12,350 
  Discontinued operations                             19,400         (1,180)
                                               -------------  ------------- 
                                               $      36,488  $      11,170 
                                               =============  ============= 
Basic Earnings (Loss) Per Common Share of
 SEACOR Holdings Inc.:
  Continuing operations                        $        0.83  $        0.59 
  Discontinued operations                               0.95          (0.06)
                                               -------------  ------------- 
                                               $        1.78  $        0.53 
                                               =============  ============= 
Diluted Earnings (Loss) Per Common Share of
 SEACOR Holdings Inc.:
  Continuing operations                        $        0.82  $        0.58 
  Discontinued operations                               0.93          (0.06)
                                               -------------  ------------- 
                                               $        1.75  $        0.52 
                                               =============  ============= 
Weighted Average Common Shares Outstanding:
  Basic                                           20,519,660     21,104,739 
  Diluted                                         20,893,210     21,439,424 

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

                                        Three Months Ended
                      ----------------------------------------------------- 
                       Mar. 31,   Dec. 31,   Sep. 30,   Jun. 30,   Mar. 31, 
                         2012       2011       2011       2011       2011
                      ---------  ---------  ---------  ---------  --------- 
Operating Revenues    $ 497,885  $ 518,954  $ 545,089  $ 509,283  $ 438,011 
                      ---------  ---------  ---------  ---------  --------- 
Costs and Expenses:
  Operating             384,112    412,042    455,442    409,365    341,743 
  Administrative and
   general               46,178     50,731     35,387     39,170     41,654 
  Depreciation and
   amortization          39,327     35,395     36,437     39,330     38,330 
                      ---------  ---------  ---------  ---------  --------- 
                        469,617    498,168    527,266    487,865    421,727 
                      ---------  ---------  ---------  ---------  --------- 
Gains on Asset
 Dispositions and
 Impairments, Net         5,542      5,469     10,986     10,301      7,255 
                      ---------  ---------  ---------  ---------  --------- 
Operating Income         33,810     26,255     28,809     31,719     23,539 
                      ---------  ---------  ---------  ---------  --------- 
Other Income
 (Expense):
  Interest income         2,976      1,127      5,462      3,297      3,732 
  Interest expense      (12,024)   (10,027)   (10,711)   (10,465)   (10,040)
  Debt extinguishment
   losses, net             (160)        --        (51)        --        (48)
  Marketable security
   gains (losses),
   net                    3,358     (4,803)       130     (4,754)     1,534 
  Derivative losses,
   net                   (4,119)      (262)   (25,954)    (6,601)    (3,318)
  Foreign currency
   gains (losses),
   net                    2,552     (2,600)    (3,126)     1,416      5,059 
  Other, net                (54)     1,133        (39)       (56)      (178)
                      ---------  ---------  ---------  ---------  --------- 
                         (7,471)   (15,432)   (34,289)   (17,163)    (3,259)
                      ---------  ---------  ---------  ---------  --------- 
Income (Loss) from
 Continuing
 Operations Before
 Income Tax Expense
 (Benefit) and Equity
 In Earnings (Losses)
 of 50% or Less Owned
 Companies               26,339     10,823     (5,480)    14,556     20,280 
Income Tax Expense
 (Benefit)               10,608      2,645       (669)     5,877      7,673 
                      ---------  ---------  ---------  ---------  --------- 
Income (Loss) from
 Continuing
 Operations Before
 Equity in Earnings
 (Losses) of 50% or
 Less Owned Companies    15,731      8,178     (4,811)     8,679     12,607 
Equity in Earnings
 (Losses) of 50% or
 Less Owned
 Companies, Net of
 Tax                      1,242       (579)     9,655        872         42 
                      ---------  ---------  ---------  ---------  --------- 
Income from
 Continuing
 Operations              16,973      7,599      4,844      9,551     12,649 
Income (Loss) from
 Discontinued
 Operations, Net of
 Tax                     19,400      9,653       (782)      (184)    (1,180)
                      ---------  ---------  ---------  ---------  --------- 
Net Income               36,373     17,252      4,062      9,367     11,469 
Net Income (Loss)
 attributable to
 Noncontrolling
 Interests in
 Subsidiaries              (115)       212        247        336        299 
                      ---------  ---------  ---------  ---------  --------- 
Net Income
 attributable to
 SEACOR Holdings Inc. $  36,488  $  17,040  $   3,815  $   9,031  $  11,170 
                      =========  =========  =========  =========  ========= 
Net Income (Loss)
 attributable to
 SEACOR Holdings
 Inc.:
  Continuing
   operations         $  17,088  $   7,387  $   4,597  $   9,215  $  12,350 
  Discontinued
   operations            19,400      9,653       (782)      (184)    (1,180)
                      ---------  ---------  ---------  ---------  --------- 
                      $  36,488  $  17,040  $   3,815  $   9,031  $  11,170 
                      =========  =========  =========  =========  ========= 
Basic Earnings (Loss)
 Per Common Share of
 SEACOR Holdings
 Inc.:
  Continuing
   operations         $    0.83  $    0.35  $    0.22  $    0.44  $    0.59 
  Discontinued
   operations              0.95       0.46      (0.04)     (0.01)     (0.06)
                      ---------  ---------  ---------  ---------  --------- 
                      $    1.78  $    0.81  $    0.18  $    0.43  $    0.53 
                      =========  =========  =========  =========  ========= 
Diluted Earnings
 (Loss) Per Common
 Share of SEACOR
 Holdings Inc.:
  Continuing
   operations         $    0.82  $    0.35  $    0.21  $    0.43  $    0.58 
  Discontinued
   operations              0.93       0.45      (0.03)     (0.01)     (0.06)
                      ---------  ---------  ---------  ---------  --------- 
                      $    1.75  $    0.80  $    0.18  $    0.42  $    0.52 
                      =========  =========  =========  =========  ========= 
Weighted Average
 Common Shares of
 Outstanding:
  Basic                  20,520     21,005     21,202     21,166     21,105 
  Diluted                20,893     21,354     21,565     21,518     21,439 
Common Shares
 Outstanding at
 Period End              21,114     20,933     21,715     21,679     21,652 

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

                                        Three Months Ended
                      ----------------------------------------------------- 
                       Mar. 31,   Dec. 31,   Sep. 30,   Jun. 30,   Mar. 31, 
                         2012       2011       2011       2011       2011
                      ---------  ---------  ---------  ---------  --------- 

Offshore Marine
 Services
Operating Revenues    $ 121,086  $ 109,781  $  93,277  $  93,386  $  80,344 
                      ---------  ---------  ---------  ---------  --------- 
Costs and Expenses:
  Operating              75,340     69,484     68,457     68,242     63,020 
  Administrative and
   general               11,856     13,666     10,687     11,078     11,770 
  Depreciation and
   amortization          12,882     11,954     11,785     12,205     12,533 
                      ---------  ---------  ---------  ---------  --------- 
                        100,078     95,104     90,929     91,525     87,323 
                      ---------  ---------  ---------  ---------  --------- 

Gains on Asset
 Dispositions             1,845      1,449      5,241      3,607      4,364 
                      ---------  ---------  ---------  ---------  --------- 
Operating Income
 (Loss)                  22,853     16,126      7,589      5,468     (2,615)
                      ---------  ---------  ---------  ---------  --------- 
Other Income
 (Expense):
  Foreign currency
   gains (losses),
   net                    1,123     (1,290)    (2,129)      (408)       725 
  Other, net                 --        272          6         --         -- 
Equity in Earnings
 (Losses) of 50% or
 Less Owned
 Companies, Net of
 Tax                      1,829       (500)     8,754        200        735 
                      ---------  ---------  ---------  ---------  --------- 
Segment Profit (Loss) $  25,805  $  14,608  $  14,220  $   5,260  $  (1,155)
                      =========  =========  =========  =========  ========= 

Aviation Services
Operating Revenues    $  61,052  $  61,696  $  71,804  $  68,493  $  56,155 
                      ---------  ---------  ---------  ---------  --------- 
Costs and Expenses:
  Operating              39,676     41,084     45,701     42,457     33,465 
  Administrative and
   general                9,677     11,803      6,841      6,229      7,020 
  Depreciation and
   amortization           9,630      9,210      9,093     12,390     11,919 
                      ---------  ---------  ---------  ---------  --------- 
                         58,983     62,097     61,635     61,076     52,404 
                      ---------  ---------  ---------  ---------  --------- 

Gains on Asset
 Dispositions and
 Impairments, Net         1,765      1,912      4,894      6,172      2,194 
                      ---------  ---------  ---------  ---------  --------- 
Operating Income          3,834      1,511     15,063     13,589      5,945 
                      ---------  ---------  ---------  ---------  --------- 
Other Income
 (Expense):
  Derivative gains
   (losses), net           (124)       (18)      (807)      (811)       310 
  Foreign currency
   gains (losses),
   net                      917        (80)       (95)       338        353 
  Other, net                 30          9         --         --         -- 
Equity in Earnings
 (Losses) of 50% or
 Less Owned
 Companies, Net of
 Tax                     (6,419)      (979)       106      1,054        (99)
                      ---------  ---------  ---------  ---------  --------- 
Segment Profit (Loss) $  (1,762) $     443  $  14,267  $  14,170  $   6,509 
                      =========  =========  =========  =========  ========= 

Inland River Services
Operating Revenues    $  53,490  $  51,871  $  47,875  $  41,442  $  46,469 
                      ---------  ---------  ---------  ---------  --------- 
Costs and Expenses:
  Operating              35,183     31,702     31,196     28,717     27,884 
  Administrative and
   general                3,982      3,270      2,206      3,166      2,697 
  Depreciation and
   amortization           7,007      5,617      6,464      5,791      5,622 
                      ---------  ---------  ---------  ---------  --------- 
                         46,172     40,589     39,866     37,674     36,203 
                      ---------  ---------  ---------  ---------  --------- 

Gains (Losses) on
 Asset Dispositions       1,927        986      1,303        (22)       697 
                      ---------  ---------  ---------  ---------  --------- 
Operating Income          9,245     12,268      9,312      3,746     10,963 
                      ---------  ---------  ---------  ---------  --------- 
Other Income
 (Expense):
  Foreign currency
   losses, net              (22)        --         --         --         -- 
  Other, net                 --         --         --          3          1 
Equity in Earnings
 (Losses) of 50% or
 Less Owned
 Companies, Net of
 Tax                        250        955      2,771        666       (256)
                      ---------  ---------  ---------  ---------  --------- 
Segment Profit        $   9,473  $  13,223  $  12,083  $   4,415  $  10,708 
                      =========  =========  =========  =========  ========= 

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

                                        Three Months Ended
                      ----------------------------------------------------- 
                       Mar. 31,   Dec. 31,   Sep. 30,   Jun. 30,   Mar. 31, 
                         2012       2011       2011       2011       2011
                      ---------  ---------  ---------  ---------  --------- 

Marine Transportation
 Services
Operating Revenues    $  26,283  $  26,705  $  24,783  $  24,336  $  17,312 
                      ---------  ---------  ---------  ---------  --------- 
Costs and Expenses:
  Operating              15,758     15,338     15,194     13,584      8,979 
  Administrative and
   general                2,475      3,257      2,044      2,146      1,417 
  Depreciation and
   amortization           5,651      5,540      5,833      5,728      4,978 
                      ---------  ---------  ---------  ---------  --------- 
                         23,884     24,135     23,071     21,458     15,374 
                      ---------  ---------  ---------  ---------  --------- 

Gains on Asset
 Dispositions                --      1,125         --         --         -- 
                      ---------  ---------  ---------  ---------  --------- 
Operating Income          2,399      3,695      1,712      2,878      1,938 
                      ---------  ---------  ---------  ---------  --------- 
Other Income
 (Expense):
  Foreign currency
   gains (losses),
   net                        9        (15)       (18)         6         16 
  Other, net                 30         87        131         56         -- 
Equity in Losses of
 50% or Less Owned
 Companies, Net of
 Tax                       (217)       (74)        --         --         -- 
                      ---------  ---------  ---------  ---------  --------- 
Segment Profit        $   2,221  $   3,693  $   1,825  $   2,940  $   1,954 
                      =========  =========  =========  =========  ========= 

Emergency and Crisis
 Services
Operating Revenues    $  10,215  $  16,763  $  14,080  $  21,275  $  28,833 
                      ---------  ---------  ---------  ---------  --------- 
Costs and Expenses:
  Operating               6,873     10,145      9,141     12,328     14,776 
  Administrative and
   general                3,254      3,030      2,961      3,555      2,811 
  Depreciation and
   amortization             484        486        655        498        502 
                      ---------  ---------  ---------  ---------  --------- 
                         10,611     13,661     12,757     16,381     18,089 
                      ---------  ---------  ---------  ---------  --------- 

Gains on Asset
 Dispositions                 5         --          7         --         -- 
                      ---------  ---------  ---------  ---------  --------- 
Operating Income
 (Loss)                    (391)     3,102      1,330      4,894     10,744 
                      ---------  ---------  ---------  ---------  --------- 
Other Income
 (Expense):
  Foreign currency
   gains (losses),
   net                       14        (14)        17         (7)       (51)
  Other, net                 --         --         --          2         -- 
Equity in Earnings
 (Losses) of 50% or
 Less Owned
 Companies, Net of
 Tax                         67         (4)        --         --         -- 
                      ---------  ---------  ---------  ---------  --------- 
Segment Profit (Loss) $    (310) $   3,084  $   1,347  $   4,889  $  10,693 
                      =========  =========  =========  =========  ========= 

Commodity Trading and
 Logistics
Operating Revenues    $ 209,696  $ 237,177  $ 279,178  $ 245,321  $ 194,012 
                      ---------  ---------  ---------  ---------  --------- 
Costs and Expenses:
  Operating             203,233    236,664    279,180    237,644    187,018 
  Administrative and
   general                3,141      1,598      1,944      2,202      2,660 
  Depreciation and
   amortization           1,060         20         12         12         13 
                      ---------  ---------  ---------  ---------  --------- 
                        207,434    238,282    281,136    239,858    189,691 
                      ---------  ---------  ---------  ---------  --------- 
Operating Income
 (Loss)                   2,262     (1,105)    (1,958)     5,463      4,321 
                      ---------  ---------  ---------  ---------  --------- 
Other Income
 (Expense):
  Derivative gains
   (losses), net         (2,939)     1,251     (3,063)       828     (4,750)
  Foreign currency
   gains (losses),
   net                       79        (28)       153        (16)        (5)
  Other, net                 --       (167)        --         --         -- 
Equity in Earnings
 (Losses) of 50% or
 Less Owned
 Companies, Net of
 Tax                      6,154      1,452     (2,267)    (1,051)        51 
                      ---------  ---------  ---------  ---------  --------- 
Segment Profit (Loss) $   5,556  $   1,403  $  (7,135) $   5,224  $    (383)
                      =========  =========  =========  =========  ========= 

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

                                        Three Months Ended
                      ----------------------------------------------------- 
                       Mar. 31,   Dec. 31,   Sep. 30,   Jun. 30,   Mar. 31, 
                         2012       2011       2011       2011       2011
                      ---------  ---------  ---------  ---------  --------- 

Other
Operating Revenues    $  19,944  $  17,730  $  16,741  $  17,921  $  17,536 
                      ---------  ---------  ---------  ---------  --------- 
Costs and Expenses:
  Operating              11,814     10,274      9,117      9,158      9,142 
  Administrative and
   general                2,817      3,589      2,523      3,210      2,620 
  Depreciation and
   amortization           2,158      2,119      2,129      2,237      2,289 
                      ---------  ---------  ---------  ---------  --------- 
                         16,789     15,982     13,769     14,605     14,051 
                      ---------  ---------  ---------  ---------  --------- 

Gains (Losses) on
 Asset Dispositions          --         (3)      (315)       544         -- 
                      ---------  ---------  ---------  ---------  --------- 
Operating Income          3,155      1,745      2,657      3,860      3,485 
                      ---------  ---------  ---------  ---------  --------- 
Other Income
 (Expense):
  Foreign currency
   gains (losses),
   net                      (16)        --        (75)       (24)         1 
  Other, net                 --        983         (1)        --         (1)
Equity in Earnings
 (Losses) of 50% or
 Less Owned
 Companies, Net of
 Tax                       (422)    (1,429)       291          3       (389)
                      ---------  ---------  ---------  ---------  --------- 
Segment Profit        $   2,717  $   1,299  $   2,872  $   3,839  $   3,096 
                      =========  =========  =========  =========  ========= 

Corporate and
 Eliminations
Operating Revenues    $  (3,881) $  (2,769) $  (2,649) $  (2,891) $  (2,650)
                      ---------  ---------  ---------  ---------  --------- 
Costs and Expenses:
  Operating              (3,765)    (2,649)    (2,544)    (2,765)    (2,541)
  Administrative and
   general                8,976     10,518      6,181      7,584     10,659 
  Depreciation and
   amortization             455        449        466        469        474 
                      ---------  ---------  ---------  ---------  --------- 
                          5,666      8,318      4,103      5,288      8,592 
                      ---------  ---------  ---------  ---------  --------- 

Losses on Asset
 Dispositions and
 Impairments                 --         --       (144)        --         -- 
                      ---------  ---------  ---------  ---------  --------- 
Operating Loss        $  (9,547) $ (11,087) $  (6,896) $  (8,179) $ (11,242)
                      =========  =========  =========  =========  ========= 
Other Income
 (Expense):
  Derivative gains
   (losses), net      $  (1,056) $  (1,495) $ (22,084) $  (6,618) $   1,122 
  Foreign currency
   gains (losses),
   net                      448     (1,173)      (979)     1,527      4,020 
  Other, net               (114)       (51)      (175)      (117)      (178)

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

                  Mar. 31,    Dec. 31,    Sep. 30,    Jun. 30,    Mar. 31,
                    2012        2011        2011        2011        2011
                 ----------  ----------  ----------  ----------  ---------- 
     ASSETS
Current Assets:
 Cash and cash
  equivalents    $  281,977  $  462,188  $  301,603  $  362,825  $  405,818 
 Restricted cash     25,958      21,281      19,474      12,976      19,545 
 Marketable
  securities         68,586      66,898      82,978     105,608     149,026 
 Receivables:
  Trade, net of
   allowance for
   doubtful
   accounts         299,484     303,843     280,434     277,301     227,639 
  Other              41,699      51,793      51,318      47,852      54,669 
 Inventories         94,329      69,109      70,623      83,119      92,523 
 Deferred income
  taxes              11,123      11,123       5,136       5,136       5,136 
 Prepaid
  expenses and
  other              11,384       9,323      13,704      23,461      21,355 
 Discontinued
  operations          4,019      44,989      48,984      54,740     107,910 
                 ----------  ----------  ----------  ----------  ---------- 
  Total current
   assets           838,559   1,040,547     874,254     973,018   1,083,621 
                 ----------  ----------  ----------  ----------  ---------- 
Property and
 Equipment        3,314,759   3,018,145   2,900,843   2,859,773   2,781,655 
  Accumulated
   depreciation    (905,362)   (867,914)   (868,986)   (852,648)   (828,295)
                 ----------  ----------  ----------  ----------  ---------- 
  Net property
   and equipment  2,409,397   2,150,231   2,031,857   2,007,125   1,953,360 
                 ----------  ----------  ----------  ----------  ---------- 
Investments, at
 Equity, and
 Advances to 50%
 or Less Owned
 Companies          220,772     249,753     243,678     208,021     188,325 
Construction
 Reserve Funds &
 Title XI
 Reserve Funds      259,926     259,974     298,345     314,679     331,689 
Goodwill             57,054      57,054      54,410      54,454      53,851 
Intangible
 Assets              22,132      21,528      16,055      17,396      18,572 
Other Assets,
 net of
 allowance for
 doubtful
 accounts            99,113     102,348      97,724      84,588      59,387 
Discontinued
 Operations              --      46,699      45,995      46,479      45,893 
                 ----------  ----------  ----------  ----------  ---------- 
                 $3,906,953  $3,928,134  $3,662,318  $3,705,760  $3,734,698 
                 ==========  ==========  ==========  ==========  ========== 

 LIABILITIES AND
      EQUITY
Current
 Liabilities:
 Current portion
  of long-term
  debt           $   22,078  $   41,091  $   23,138  $   20,568  $   18,106 
 Current portion
  of capital
  lease
  obligations         2,289       2,368       1,081       1,064       1,047 
 Accounts
  payable and
  accrued
  expenses          142,410     185,156     170,680     164,359     189,392 
 Other current
  liabilities       176,558     150,864     191,475     216,031     191,967 
 Discontinued
  operations            650      22,047      55,093      64,276     100,178 
                 ----------  ----------  ----------  ----------  ---------- 
  Total current
   liabilities      343,985     401,526     441,467     466,298     500,690 
                 ----------  ----------  ----------  ----------  ---------- 
Long-Term Debt      976,872     995,450     669,573     690,774     694,872 
Capital Lease
 Obligations          2,848       3,068       4,598       4,901       5,200 
Deferred Income
 Taxes              576,195     566,920     560,484     557,013     558,134 
Deferred Gains
 and Other
 Liabilities        135,695     143,390     137,783     145,815     149,211 
Discontinued
 Operations              --       9,717       5,780       5,502       6,271 
                 ----------  ----------  ----------  ----------  ---------- 
  Total
   liabilities    2,035,595   2,120,071   1,819,685   1,870,303   1,914,378 
                 ----------  ----------  ----------  ----------  ---------- 
Equity:
 SEACOR Holdings
  Inc.
  stockholders'
  equity:
  Preferred
   stock                 --          --          --          --          -- 
  Common stock          366         364         364         363         363 
  Additional
   paid-in
   capital        1,265,708   1,256,209   1,245,436   1,239,502   1,233,250 
  Retained
   earnings       1,549,167   1,512,679   1,495,639   1,491,824   1,482,793 
  Shares held in
   treasury, at
   cost            (970,023)   (971,687)   (900,225)   (901,460)   (901,386)
  Accumulated
   other
   comprehensive
   loss              (5,369)     (7,958)     (9,644)     (6,843)     (5,724)
                 ----------  ----------  ----------  ----------  ---------- 
                  1,839,849   1,789,607   1,831,570   1,823,386   1,809,296 
 Noncontrolling
  interests in
  subsidiaries       31,509      18,456      11,063      12,071      11,024 
                 ----------  ----------  ----------  ----------  ---------- 
  Total equity    1,871,358   1,808,063   1,842,633   1,835,457   1,820,320 
                 ----------  ----------  ----------  ----------  ---------- 
                 $3,906,953  $3,928,134  $3,662,318  $3,705,760  $3,734,698 
                 ==========  ==========  ==========  ==========  ========== 

                            SEACOR HOLDINGS INC.
                                FLEET COUNTS
                                 (unaudited)

                                Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
                                  2012     2011     2011     2011     2011
                                -------- -------- -------- -------- --------

Offshore Marine Services
Anchor handling towing supply         19       19       19       19       19
Crew                                  48       49       50       52       52
Mini-supply                            9        8        8        8        9
Standby safety                        26       26       27       26       26
Supply                                28       30       29       28       26
Towing supply                          5        5        5        6        7
Liftboats                             20        2        2        2        2
Specialty                              9        9        9        9       10
Wind farm utility                     30       29       --       --       --
                                -------- -------- -------- -------- --------
                                     194      177      149      150      151
                                ======== ======== ======== ======== ========

Aviation Services
Light helicopters - single
 engine                               58       58       60       61       61
Light helicopters - twin engine       46       45       45       44       44
Medium helicopters                    66       65       65       65       63
Heavy helicopters                      8        7        7        7        9
                                -------- -------- -------- -------- --------
                                     178      175      177      177      177
                                ======== ======== ======== ======== ========

Inland River Services
Inland river dry-cargo barges      1,479    1,496    1,489    1,492    1,497
Inland river liquid tank barges       77       77       79       80       80
Inland river deck barges              20       20       20       26       26
Inland river towboats                 30       31       31       31       32
Dry-cargo vessel                       1        1        1        1        1
                                -------- -------- -------- -------- --------
                                   1,607    1,625    1,620    1,630    1,636
                                ======== ======== ======== ======== ========

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

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

    


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

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