SEACOR Holdings Announces Results for the Second Quarter Ended June 30, 2012

Thu Jul 26, 2012 5:52pm EDT

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

  FORT LAUDERDALE, FL, Jul 26 (Marketwire) -- 
SEACOR Holdings Inc. (NYSE: CKH) today announced its results for the
second quarter ended June 30, 2012. Net income attributable to SEACOR
Holdings Inc. for the quarter ended June 30, 2012 was $11.2 million, or
$0.54 per diluted share, including a net loss from discontinued
operations of $0.4 million, or $0.02 per diluted share. For the six
months ended June 30, 2012, net income attributable to SEACOR Holdings
Inc. was $47.7 million, or $2.29 per diluted share, including net income
from discontinued operations of $19.0 million, or $0.92 per diluted
share. 

    On March 16, 2012, 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 and a gain of $20.8 million, net of tax, or
$1.00 per diluted share. Operating results for all periods presented have
been restated to reflect income (loss) from discontinued operations, net
of tax, for the part of the business that was sold.

    For the preceding quarter ended March 31, 2012, net income attributable
to SEACOR Holdings Inc. 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. A comparison of results for the quarter ended
June 30, 2012 with the preceding quarter ended March 31, 2012 is included
in the "Highlights for the Quarter" discussion below. 

    For the quarter ended June 30, 2011, net income attributable to SEACOR
Holdings Inc. was $9.0 million, or $0.42 per diluted share, including a
net loss from discontinued operations of $0.2 million, or $0.01 per
diluted share. For the six months ended June 30, 2011, net income
attributable to SEACOR Holdings Inc. was $20.2 million, or $0.94 per
diluted share, including a net loss from discontinued operations of $1.4
million, or $0.06 per diluted share. 

    Highlights for the Quarter 

    Offshore Marine Services - Operating income was $0.8 million on operating
revenues of $123.3 million compared with operating income of $22.9
million on operating revenues of $121.1 million in the preceding quarter.
Second quarter results included $0.6 million in gains on asset
dispositions compared with $1.8 million in gains in the preceding
quarter. 

    In the U.S. Gulf of Mexico, second quarter results included the results
of the Company's fleet of liftboats acquired on March 30, 2012. During
the second quarter, these vessels contributed operating revenues of $21.9
million and operating income of $3.4 million with an average day rate of
$17,454 per day and a utilization rate of 69.7%. Excluding liftboats,
operating income was $18.2 million lower in the second quarter. Time
charter revenues were $14.3 million lower primarily due to a decrease in
rig moving activity for the Company's large anchor handling towing supply
vessels. Utilization was 71.8% compared with 73.1% in the preceding
quarter and average day rates decreased from $14,964 per day to $10,649
per day. As of June 30, 2012, the Company had no vessels cold-stacked in
the U.S. Gulf of Mexico, compared with four as of March 31, 2012. 

    In international regions, operating income was $7.7 million lower in the
second quarter. Time charter revenues were $3.9 million lower primarily
due to reduced spot market activity and increased drydocking activity and
upgrade downtime in Brazil. Excluding the Company's fleet of wind farm
utility vessels, utilization was 83.3% compared with 85.6% in the
preceding quarter and average day rates decreased from $12,149 per day to
$11,631 per day. Operating expenses were $4.7 million higher primarily
due to increased drydocking activity and the cost of vessel mobilizations
between geographic regions. 

    In the second quarter, the total number of days available for charter for
the Company's fleet, excluding the wind farm utility vessels, increased
by 1,429 days, or 14%, primarily due to the liftboat acquisition. Overall
utilization decreased from 80.6% to 77.4% and overall average day rates
decreased by 8% from $13,174 per day to $12,068 per day. Time charter
operating data by vessel class is presented in the table included herein.
During the second quarter, drydocking and mobilization costs were $10.8
million and $1.2 million, respectively. In the preceding quarter,
drydocking and mobilization costs were $5.3 million and $0.6 million,
respectively.

    Administrative and general expenses were $1.3 million higher in the
second quarter primarily due to compensation costs for personnel added as
a result of the liftboat acquisition. Depreciation and amortization
expenses were $15.9 million in the second quarter, an increase of $3.0
million primarily due to depreciation on vessels and equipment added as a
result of the liftboat acquisition.

    Aviation Services - Operating income was $7.4 million on operating
revenues of $63.0 million compared with operating income of $3.8 million
on operating revenues of $61.1 million in the preceding quarter. Second
quarter results included $1.1 million in gains on asset dispositions
compared with $1.8 million in gains in the preceding quarter. 

    Operating revenues were $1.9 million higher primarily due to additional
aircraft on contract and increased flight hours in the U.S. Gulf of
Mexico and the start of seasonal activities in Alaska. Operating revenues
from contract-leasing activities were lower due to the deferral of
revenues from two customers as a result of the customers' short-term
liquidity issues. Operating revenues from air medical services were lower
due to the conclusion of a long-term hospital contract. 

    Operating expenses were lower in the second quarter primarily due to the
recognition of $4.9 million in power-by-hour credits, partially offset by
higher wage and benefit and fuel costs related to increased activity
levels as described above.

    Administrative and general expenses were $2.5 million lower in the second
quarter primarily due to the recognition in the first quarter of
previously deferred legal and professional expenses associated with a
contemplated public offering. Depreciation and amortization expenses were
$10.5 million in the second quarter, an increase of $0.8 million
primarily due to net fleet additions.

    Inland River Services - Operating income was $5.7 million on operating
revenues of $53.3 million compared with operating income of $9.2 million
on operating revenues of $53.5 million in the preceding quarter. Second
quarter results included $0.9 million in gains on asset dispositions
compared with $1.9 million in gains in the preceding quarter. Operating
results for the pooled hopper barge fleet were lower in the second
quarter primarily due to poor river conditions and continuing weak demand
for barge freight primarily on grain exports. 

    Marine Transportation Services - Operating income was $0.5 million on
operating revenues of $25.8 million compared with operating income of
$2.4 million on operating revenues of $26.3 million in the preceding
quarter. Operating results for the U.S.-flag product tanker fleet were
lower in the second quarter primarily due to 21 days of out-of-service
time and $1.6 million of expenses related to topside repairs on the
Seabulk Arctic. Operating results for the foreign flag Roll-on/Roll-off
vessels were lower primarily due to higher port charges and 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 $2.1 million on operating revenues of $8.4
million compared with an operating loss of $0.4 million on operating
revenues of $10.2 million in the preceding quarter. The reduction in
operating income was primarily due to higher legal and administrative
costs, including an investment in marketing and business development
activities, and a reduction in activity associated with the Deepwater
Horizon incident and debris monitoring. 

    Commodity Trading and Logistics - Segment profit was $3.0 million on
operating revenues of $206.7 million compared with segment profit of $5.6
million on operating revenues of $209.7 million in the preceding quarter.
Segment results in the preceding quarter included the recognition of a
$6.0 million gain, net of tax, arising from the Company's acquisition of
a controlling interest in its alcohol manufacturing joint venture.
Results from this joint venture were consolidated effective February 1,
2012. Excluding this gain, segment profit was higher in the second
quarter primarily due to improved results from merchandising and trading
activities.

    Other - Other, primarily Harbor and Offshore Towing Services, reported
operating income of $3.0 million on operating revenues of $17.6 million
compared with operating income of $3.2 million on operating revenues of
$19.9 million in the preceding quarter. Second quarter results included
$1.9 million in gains on asset dispositions relating to the sale of two
harbor tugs. Operating results were lower in the second quarter primarily
due to decreased port traffic and the conclusion of a short-term contract
on the U.S. West Coast.

    Corporate and Eliminations - Administrative and general expenses were
$7.5 million compared with $9.0 million in the preceding quarter. The
decrease was primarily due to lower management bonus accruals.

    Stock Repurchases - During the second quarter, the Company purchased
199,766 shares of its common stock at an average price of $87.22 per
share. As of June 30, 2012, 20,947,558 shares of SEACOR's common stock
remained outstanding.

    Equipment Acquisitions - During the six months ended June 30, 2012,
capital expenditures were $186.5 million. Equipment deliveries during
that period included one offshore support vessel, one wind farm utility
vessel, three inland river dry cargo barges, two liquid tank barges, one
inland river towboat and 13 helicopters.

    Capital Commitments - The Company's unfunded capital commitments as of
June 30, 2012 were $377.6 million and consisted of: eleven offshore
support vessels for $148.7 million; an interest in a jack-up drilling rig
for $31.2 million; twelve helicopters for $139.3 million; seven inland
river tank barges for $16.2 million; an interest in a river grain
terminal for $1.3 million; four harbor tugs for $28.5 million; and other
equipment and improvements for $12.4 million. Of these commitments,
$110.2 million is payable during 2012 with the balance payable through
2016 and $123.0 million may be terminated without further liability other
than the payment of liquidated damages of $3.3 million. Subsequent to
June 30, 2012, the Company committed to purchase three inland river
towboats for $11.4 million and notified the lessee of its intent to
purchase three harbor tugs currently operating under capital leases for
$3.9 million. As of June 30, 2012, the Company held balances of cash,
cash equivalents, restricted cash, marketable securities, construction
reserve funds and Title XI reserve funds totaling $544.6 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, crisis
and emergency management preparedness and response solutions, 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. SEACOR is publicly traded on the New
York Stock Exchange (NYSE) under the symbol CKH.

    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 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 a lack of
liquidity 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, dependence of emergency response revenue on the number and
size of events 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
emergency 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         Six Months Ended
                                 June 30,                  June 30,
                         ------------------------  ------------------------ 
                             2012         2011         2012         2011
                         -----------  -----------  -----------  ----------- 
Operating Revenues       $  494,422   $  509,283   $  992,307   $  947,294
                         -----------  -----------  -----------  ----------- 
Costs and Expenses:
    Operating                403,210      409,365      787,322      751,108 
    Administrative and
     general                  45,120       39,170       91,298       80,824 
    Depreciation and
     amortization             43,685       39,330       83,012       77,660 
                         -----------  -----------  -----------  ----------- 
                             492,015      487,865      961,632      909,592 
                         -----------  -----------  -----------  ----------- 
Gains on Asset
 Dispositions and
 Impairments, Net              4,419       10,301        9,961       17,556 
                         -----------  -----------  -----------  ----------- 

Operating Income               6,826       31,719       40,636       55,258 
                         -----------  -----------  -----------  ----------- 

Other Income (Expense):
  Interest income              7,641        3,297       10,617        7,029 
  Interest expense           (12,413)     (10,465)     (24,437)     (20,505)
  Debt extinguishment
   losses, net                    --           --         (160)         (48)
  Marketable security
   gains (losses), net        11,596       (4,754)      14,954       (3,220)
  Derivative gains
   (losses), net               3,487       (6,601)        (632)      (9,919)
  Foreign currency gains
   (losses), net                (992)       1,416        1,560        6,475 
  Other, net                     443          (56)         389         (234)
                         -----------  -----------  -----------  ----------- 
                               9,762      (17,163)       2,291      (20,422)
                         -----------  -----------  -----------  ----------- 
Income from Continuing
 Operations Before
 Income Tax Expense and
 Equity In Earnings of
 50% or Less Owned
 Companies                    16,588       14,556       42,927       34,836 
Income Tax Expense             5,975        5,877       16,583       13,550 
                         -----------  -----------  -----------  ----------- 
Income from Continuing
 Operations Before
 Equity in Earnings of
 50% or Less Owned
 Companies                    10,613        8,679       26,344       21,286 
Equity in Earnings of
 50% or Less Owned
 Companies, Net of Tax         1,051          872        2,293          914 
                         -----------  -----------  -----------  ----------- 
Income from Continuing
 Operations                   11,664        9,551       28,637       22,200 
Income (Loss) from
 Discontinued
 Operations, Net of Tax         (365)        (184)      19,035       (1,364)
                         -----------  -----------  -----------  ----------- 
Net Income                    11,299        9,367       47,672       20,836 
Net Income (Loss)
 attributable to
 Noncontrolling
 Interests in
 Subsidiaries                     50          336          (65)         635 
                         -----------  -----------  -----------  ----------- 
Net Income attributable
 to SEACOR Holdings Inc. $    11,249  $     9,031  $    47,737  $    20,201 
                         ===========  ===========  ===========  =========== 

Net Income (Loss)
 attributable to SEACOR
 Holdings Inc.:
  Continuing operations  $    11,614  $     9,215  $    28,702  $    21,565 
  Discontinued
   operations                   (365)        (184)      19,035       (1,364)
                         -----------  -----------  -----------  ----------- 
                         $    11,249  $     9,031  $    47,737  $    20,201 
                         ===========  ===========  ===========  =========== 
Basic Earnings (Loss)
 Per Common Share of
 SEACOR Holdings Inc.:
  Continuing operations  $      0.56  $      0.44  $      1.40  $      1.02 
  Discontinued
   operations                  (0.01)       (0.01)        0.92        (0.06)
                         -----------  -----------  -----------  ----------- 
                         $      0.55  $      0.43  $      2.32  $      0.96 
                         ===========  ===========  ===========  =========== 
Diluted Earnings (Loss)
 Per Common Share of
 SEACOR Holdings Inc.:
  Continuing operations  $      0.56  $      0.43  $      1.37  $      1.00 
  Discontinued
   operations                  (0.02)       (0.01)        0.92        (0.06)
                         -----------  -----------  -----------  ----------- 
                         $      0.54  $      0.42  $      2.29  $      0.94 
                         ===========  ===========  ===========  =========== 
Weighted Average Common
 Shares Outstanding:
  Basic                   20,584,567   21,166,037   20,552,114   21,135,557 
  Diluted                 20,871,380   21,517,725   20,883,570   21,478,759 

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

                                          Three Months Ended
                           ------------------------------------------------ 
                           Jun. 30,  Mar. 31,  Dec. 31,  Sep. 30,  Jun. 30, 
                             2012      2012      2011      2011      2011
                           --------  --------  --------  --------  -------- 
Operating Revenues         $494,422  $497,885  $518,954  $545,089  $509,283 
                           --------  --------  --------  --------  -------- 
Costs and Expenses:
  Operating                 403,210   384,112   412,042   455,442   409,365 
  Administrative and
   general                   45,120    46,178    50,731    35,387    39,170 
  Depreciation and
   amortization              43,685    39,327    35,395    36,437    39,330 
                           --------  --------  --------  --------  -------- 
                            492,015   469,617   498,168   527,266   487,865 
                           --------  --------  --------  --------  -------- 
Gains on Asset
 Dispositions and
 Impairments, Net             4,419     5,542     5,469    10,986    10,301 
                           --------  --------  --------  --------  -------- 
Operating Income              6,826    33,810    26,255    28,809    31,719 
                           --------  --------  --------  --------  -------- 
Other Income (Expense):
  Interest income             7,641     2,976     1,127     5,462     3,297 
  Interest expense          (12,413)  (12,024)  (10,027)  (10,711)  (10,465)
  Debt extinguishment
   losses, net                   --      (160)       --       (51)       -- 
  Marketable security
   gains (losses), net       11,596     3,358    (4,803)      130    (4,754)
  Derivative gains
   (losses), net              3,487    (4,119)     (262)  (25,954)   (6,601)
  Foreign currency gains
   (losses), net               (992)    2,552    (2,600)   (3,126)    1,416 
  Other, net                    443       (54)    1,133       (39)      (56)
                           --------  --------  --------  --------  -------- 
                              9,762    (7,471)  (15,432)  (34,289)  (17,163)
                           --------  --------  --------  --------  -------- 
Income (Loss) from
 Continuing Operations
 Before Income Tax Expense
 (Benefit) and Equity In
 Earnings (Losses) of 50%
 or Less Owned Companies     16,588    26,339    10,823    (5,480)   14,556 
Income Tax Expense
 (Benefit)                    5,975    10,608     2,645      (669)    5,877 
                           --------  --------  --------  --------  -------- 
Income (Loss) from
 Continuing Operations
 Before Equity in Earnings
 (Losses) of 50% or Less
 Owned Companies             10,613    15,731     8,178    (4,811)    8,679 
Equity in Earnings
 (Losses) of 50% or Less
 Owned Companies, Net of
 Tax                          1,051     1,242      (579)    9,655       872 
                           --------  --------  --------  --------  -------- 
Income from Continuing
 Operations                  11,664    16,973     7,599     4,844     9,551 
Income (Loss) from
 Discontinued Operations,
 Net of Tax                    (365)   19,400     9,653      (782)     (184)
                           --------  --------  --------  --------  -------- 
Net Income                   11,299    36,373    17,252     4,062     9,367 
Net Income (Loss)
 attributable to
 Noncontrolling Interests
 in Subsidiaries                 50      (115)      212       247       336 
                           --------  --------  --------  --------  -------- 
Net Income attributable to
 SEACOR Holdings Inc.      $ 11,249  $ 36,488  $ 17,040  $  3,815  $  9,031 
                           ========  ========  ========  ========  ======== 

Net Income (Loss) attributable to
 SEACOR Holdings Inc.:
  Continuing operations    $ 11,614  $ 17,088  $  7,387  $  4,597  $  9,215 
  Discontinued operations      (365)   19,400     9,653      (782)     (184)
                           --------  --------  --------  --------  -------- 
                           $ 11,249  $ 36,488  $ 17,040  $  3,815  $  9,031 
                           ========  ========  ========  ========  ======== 
Basic Earnings (Loss) Per Common
 Share of SEACOR Holdings Inc.:
  Continuing operations    $   0.56  $   0.83  $   0.35  $   0.22  $   0.44 
  Discontinued operations     (0.01)     0.95      0.46     (0.04)    (0.01)
                           --------  --------  --------  --------  -------- 
                           $   0.55  $   1.78  $   0.81  $   0.18  $   0.43 
                           ========  ========  ========  ========  ======== 
Diluted Earnings (Loss) Per Common
 Share of SEACOR Holdings Inc.:
  Continuing operations    $   0.56  $   0.82  $   0.35  $   0.21  $   0.43 
  Discontinued operations     (0.02)     0.93      0.45     (0.03)    (0.01)
                           --------  --------  --------  --------  -------- 
                           $   0.54  $   1.75  $   0.80  $   0.18  $   0.42 
                           ========  ========  ========  ========  ======== 
Weighted Average Common
 Shares of Outstanding:
  Basic                      20,585    20,520    21,005    21,202    21,166 
  Diluted                    20,871    20,893    21,354    21,565    21,518 
Common Shares Outstanding
 at Period End               20,948    21,114    20,933    21,715    21,679 

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

                                          Three Months Ended
                           ------------------------------------------------ 
                           Jun. 30,  Mar. 31,  Dec. 31,  Sep. 30,  Jun. 30, 
                             2012      2012      2011      2011      2011
                           --------  --------  --------  --------  -------- 
Offshore Marine Services
Operating Revenues         $123,276  $121,086  $109,781  $ 93,277  $ 93,386 
                           --------  --------  --------  --------  -------- 
Costs and Expenses:
  Operating                  94,084    75,340    69,484    68,457    68,242 
  Administrative and
   general                   13,146    11,856    13,666    10,687    11,078 
  Depreciation and
   amortization              15,859    12,882    11,954    11,785    12,205 
                           --------  --------  --------  --------  -------- 
                            123,089   100,078    95,104    90,929    91,525 
                           --------  --------  --------  --------  -------- 
Gains on Asset
 Dispositions                   624     1,845     1,449     5,241     3,607 
                           --------  --------  --------  --------  -------- 
Operating Income                811    22,853    16,126     7,589     5,468 
                           --------  --------  --------  --------  -------- 
Other Income (Expense):
  Foreign currency gains
   (losses), net               (354)    1,123    (1,290)   (2,129)     (408)
  Other, net                     11        --       272         6        -- 
Equity in Earnings
 (Losses) of 50% or Less
 Owned Companies, Net of
 Tax                          1,001     1,829      (500)    8,754       200 
                           --------  --------  --------  --------  -------- 
Segment Profit             $  1,469  $ 25,805  $ 14,608  $ 14,220  $  5,260 
                           ========  ========  ========  ========  ======== 

Aviation Services
Operating Revenues         $ 62,985  $ 61,052  $ 61,696  $ 71,804  $ 68,493 
                           --------  --------  --------  --------  -------- 
Costs and Expenses:
  Operating                  39,002    39,676    41,084    45,701    42,457 
  Administrative and
   general                    7,195     9,677    11,803     6,841     6,229 
  Depreciation and
   amortization              10,464     9,630     9,210     9,093    12,390 
                           --------  --------  --------  --------  -------- 
                             56,661    58,983    62,097    61,635    61,076 
                           --------  --------  --------  --------  -------- 
Gains on Asset
 Dispositions and
 Impairments, Net             1,077     1,765     1,912     4,894     6,172 
                           --------  --------  --------  --------  -------- 
Operating Income              7,401     3,834     1,511    15,063    13,589 
                           --------  --------  --------  --------  -------- 
Other Income (Expense):
  Derivative losses, net       (180)     (124)      (18)     (807)     (811)
  Foreign currency gains
   (losses), net                (12)      917       (80)      (95)      338 
  Other, net                     --        30         9        --        -- 
Equity in Earnings
 (Losses) of 50% or Less
 Owned Companies, Net of
 Tax                            756    (6,419)     (979)      106     1,054 
                           --------  --------  --------  --------  -------- 
Segment Profit (Loss)      $  7,965  $ (1,762) $    443  $ 14,267  $ 14,170 
                           ========  ========  ========  ========  ======== 

Inland River Services
Operating Revenues         $ 53,302  $ 53,490  $ 51,871  $ 47,875  $ 41,442 
                           --------  --------  --------  --------  -------- 
Costs and Expenses:
  Operating                  37,463    35,183    31,702    31,196    28,717 
  Administrative and
   general                    3,773     3,982     3,270     2,206     3,166 
  Depreciation and
   amortization               7,244     7,007     5,617     6,464     5,791 
                           --------  --------  --------  --------  -------- 
                             48,480    46,172    40,589    39,866    37,674 
                           --------  --------  --------  --------  -------- 
Gains (Losses) on Asset
 Dispositions                   858     1,927       986     1,303       (22)
                           --------  --------  --------  --------  -------- 
Operating Income              5,680     9,245    12,268     9,312     3,746 
                           --------  --------  --------  --------  -------- 
Other Income (Expense):
  Foreign currency losses,
   net                          (71)      (22)       --        --        -- 
  Other, net                     --        --        --        --         3 
Equity in Earnings of 50%
 or Less Owned Companies,
 Net of Tax                     439       250       955     2,771       666 
                           --------  --------  --------  --------  -------- 
Segment Profit             $  6,048  $  9,473  $ 13,223  $ 12,083  $  4,415 
                           ========  ========  ========  ========  ======== 

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

                                          Three Months Ended
                           ------------------------------------------------ 
                           Jun. 30,  Mar. 31,  Dec. 31,  Sep. 30,  Jun. 30, 
                             2012      2012      2011      2011      2011
                           --------  --------  --------  --------  -------- 
Marine Transportation
 Services
Operating Revenues         $ 25,792  $ 26,283  $ 26,705  $ 24,783  $ 24,336 
                           --------  --------  --------  --------  -------- 
Costs and Expenses:
  Operating                  16,722    15,758    15,338    15,194    13,584 
  Administrative and
   general                    2,934     2,475     3,257     2,044     2,146 
  Depreciation and
   amortization               5,666     5,651     5,540     5,833     5,728 
                           --------  --------  --------  --------  -------- 
                             25,322    23,884    24,135    23,071    21,458 
                           --------  --------  --------  --------  -------- 
Gains on Asset
 Dispositions                    --        --     1,125        --        -- 
                           --------  --------  --------  --------  -------- 
Operating Income                470     2,399     3,695     1,712     2,878 
                           --------  --------  --------  --------  -------- 
Other Income (Expense):
  Foreign currency gains
   (losses), net                 (3)        9       (15)      (18)        6 
  Other, net                     49        30        87       131        56 
Equity in Losses of 50% or
 Less Owned Companies, Net
 of Tax                        (774)     (217)      (74)       --        -- 
                           --------  --------  --------  --------  -------- 
Segment Profit (Loss)      $   (258) $  2,221  $  3,693  $  1,825  $  2,940 
                           ========  ========  ========  ========  ======== 

Emergency and Crisis
 Services
Operating Revenues         $  8,439  $ 10,215  $ 16,763  $ 14,080  $ 21,275 
                           --------  --------  --------  --------  -------- 
Costs and Expenses:
  Operating                   5,808     6,873    10,145     9,141    12,328 
  Administrative and
   general                    4,211     3,254     3,030     2,961     3,555 
  Depreciation and
   amortization                 491       484       486       655       498 
                           --------  --------  --------  --------  -------- 
                             10,510    10,611    13,661    12,757    16,381 
                           --------  --------  --------  --------  -------- 
Gains on Asset
 Dispositions                    --         5        --         7        -- 
                           --------  --------  --------  --------  -------- 
Operating Income (Loss)      (2,071)     (391)    3,102     1,330     4,894 
                           --------  --------  --------  --------  -------- 
Other Income (Expense):
  Foreign currency gains
   (losses), net                (20)       14       (14)       17        (7)
  Other, net                     --        --        --        --         2 
Equity in Earnings
 (Losses) of 50% or Less
 Owned Companies, Net
 ofTax                          147        67        (4)       --        -- 
                           --------  --------  --------  --------  -------- 
Segment Profit (Loss)      $ (1,944) $   (310) $  3,084  $  1,347  $  4,889 
                           ========  ========  ========  ========  ======== 

Commodity Trading and
 Logistics
Operating Revenues         $206,745  $209,696  $237,177  $279,178  $245,321 
                           --------  --------  --------  --------  -------- 
Costs and Expenses:
  Operating                 202,126   203,233   236,664   279,180   237,644 
  Administrative and
   general                    3,411     3,141     1,598     1,944     2,202 
  Depreciation and
   amortization               1,591     1,060        20        12        12 
                           --------  --------  --------  --------  -------- 
                            207,128   207,434   238,282   281,136   239,858 
                           --------  --------  --------  --------  -------- 
Operating Income (Loss)        (383)    2,262    (1,105)   (1,958)    5,463 
                           --------  --------  --------  --------  -------- 
Other Income (Expense):
  Derivative gains
   (losses), net              3,393    (2,939)    1,251    (3,063)      828 
  Foreign currency gains
   (losses), net                (14)       79       (28)      153       (16)
  Other, net                     --        --      (167)       --        -- 
Equity in Earnings
 (Losses) of 50% or Less
 Owned Companies, Net of
 Tax                             --     6,154     1,452    (2,267)   (1,051)
                           --------  --------  --------  --------  -------- 
Segment Profit (Loss)      $  2,996  $  5,556  $  1,403  $ (7,135) $  5,224 
                           ========  ========  ========  ========  ======== 

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

                                          Three Months Ended
                           ------------------------------------------------ 
                           Jun. 30,  Mar. 31,  Dec. 31,  Sep. 30,  Jun. 30, 
                             2012      2012      2011      2011      2011
                           --------  --------  --------  --------  -------- 
Other
Operating Revenues         $ 17,555  $ 19,944  $ 17,730  $ 16,741  $ 17,921 
                           --------  --------  --------  --------  -------- 
Costs and Expenses:
  Operating                  11,562    11,814    10,274     9,117     9,158 
  Administrative and
   general                    2,996     2,817     3,589     2,523     3,210 
  Depreciation and
   amortization               1,904     2,158     2,119     2,129     2,237 
                           --------  --------  --------  --------  -------- 
                             16,462    16,789    15,982    13,769    14,605 
                           --------  --------  --------  --------  -------- 
Gains (Losses) on Asset
 Dispositions                 1,860        --        (3)     (315)      544 
                           --------  --------  --------  --------  -------- 
Operating Income              2,953     3,155     1,745     2,657     3,860 
                           --------  --------  --------  --------  -------- 
Other Income (Expense):
  Foreign currency losses,
   net                           (7)      (16)       --       (75)      (24)
  Other, net                    208        --       983        (1)       -- 
Equity in Earnings
 (Losses) of 50% or Less
 Owned Companies, Net of
 Tax                           (518)     (422)   (1,429)      291         3 
                           --------  --------  --------  --------  -------- 
Segment Profit             $  2,636  $  2,717  $  1,299  $  2,872  $  3,839 
                           ========  ========  ========  ========  ======== 

Corporate and Eliminations
Operating Revenues         $ (3,672) $ (3,881) $ (2,769) $ (2,649) $ (2,891)
                           --------  --------  --------  --------  -------- 
Costs and Expenses:
  Operating                  (3,557)   (3,765)   (2,649)   (2,544)   (2,765)
  Administrative and
   general                    7,454     8,976    10,518     6,181     7,584 
  Depreciation and
   amortization                 466       455       449       466       469 
                           --------  --------  --------  --------  -------- 
                              4,363     5,666     8,318     4,103     5,288 
                           --------  --------  --------  --------  -------- 
Losses on Asset
 Dispositions and
 Impairments                               --        --      (144)       -- 
                           --------  --------  --------  --------  -------- 
Operating Loss             $ (8,035) $ (9,547) $(11,087) $ (6,896) $ (8,179)
                           ========  ========  ========  ========  ======== 
Other Income (Expense):
  Derivative gains
   (losses), net           $    274  $ (1,056) $ (1,495) $(22,084) $ (6,618)
  Foreign currency gains
   (losses), net               (511)      448    (1,173)     (979)    1,527 
  Other, net                    175      (114)      (51)     (175)     (117)


    

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

                      Jun. 30,   Mar. 31,   Dec. 31,   Sep. 30,   Jun. 30,
                        2012       2012       2011       2011       2011
                     ---------- ---------- ---------- ---------- ---------- 
        ASSETS
Current Assets:
  Cash and cash
   equivalents       $  301,026 $  281,977 $  462,188 $  301,603 $  362,825 
  Restricted cash        18,347     25,958     21,281     19,474     12,976 
  Marketable
   securities            32,821     68,586     66,898     82,978    105,608 
  Receivables:
    Trade, net of
     allowance for
     doubtful
     accounts           278,917    299,484    303,843    280,434    277,301 
    Other                66,686     41,699     51,793     51,318     47,852 
  Inventories            72,929     94,329     69,109     70,623     83,119 
  Deferred income
   taxes                 11,123     11,123     11,123      5,136      5,136 
  Prepaid expenses
   and other             13,968     11,384      9,323     13,704     23,461 
  Discontinued
   operations             3,551      4,019     44,989     48,984     54,740 
                     ---------- ---------- ---------- ---------- ---------- 
    Total current
     assets             799,368    838,559  1,040,547    874,254    973,018 
                     ---------- ---------- ---------- ---------- ---------- 
Property and
 Equipment            3,304,524  3,314,759  3,018,145  2,900,843  2,859,773 
    Accumulated
     depreciation      (934,092)  (905,362)  (867,914)  (868,986)  (852,648)
                     ---------- ---------- ---------- ---------- ---------- 
    Net property and
     equipment        2,370,432  2,409,397  2,150,231  2,031,857  2,007,125 
                     ---------- ---------- ---------- ---------- ---------- 
Investments, at
 Equity, and Advances
 to 50% or Less Owned
 Companies              323,874    220,772    249,753    243,678    208,021 
Construction Reserve
 Funds & Title XI
 Reserve Funds          192,420    259,926    259,974    298,345    314,679 
Goodwill                 57,054     57,054     57,054     54,410     54,454 
Intangible Assets,
 Net                     21,116     22,132     21,528     16,055     17,396 
Other Assets, net of
 allowance for
 doubtful accounts       81,553     99,113    102,348     97,724     84,588 
Discontinued
 Operations                  --         --     46,699     45,995     46,479 
                     ---------- ---------- ---------- ---------- ---------- 
                     $3,845,817 $3,906,953 $3,928,134 $3,662,318 $3,705,760 
                     ========== ========== ========== ========== ========== 

   LIABILITIES AND
        EQUITY
Current Liabilities:
  Current portion of
   long-term debt    $   24,546 $   22,078 $   41,091 $   23,138 $   20,568 
  Current portion of
   capital lease
   obligations            4,719      2,289      2,368      1,081      1,064 
  Accounts payable
   and accrued
   expenses             131,130    142,410    185,156    170,680    164,359 
  Other current
   liabilities          160,198    176,558    150,864    191,475    216,031 
  Discontinued
   operations               (15)       650     22,047     55,093     64,276 
                     ---------- ---------- ---------- ---------- ---------- 
    Total current
     liabilities        320,578    343,985    401,526    441,467    466,298 
                     ---------- ---------- ---------- ---------- ---------- 
Long-Term Debt          940,910    976,872    995,450    669,573    690,774 
Capital Lease
 Obligations                117      2,848      3,068      4,598      4,901 
Deferred Income Taxes   582,780    576,195    566,920    560,484    557,013 
Deferred Gains and
 Other Liabilities      132,248    135,695    143,390    137,783    145,815 
Discontinued
 Operations                  --         --      9,717      5,780      5,502 
                     ---------- ---------- ---------- ---------- ---------- 
    Total liabilities 1,976,633  2,035,595  2,120,071  1,819,685  1,870,303 
                     ---------- ---------- ---------- ---------- ---------- 
Equity:
  SEACOR Holdings
   Inc. stockholders'
   equity:
    Preferred stock          --         --         --         --         -- 
    Common stock            366        366        364        364        363 
    Additional paid-
     in capital       1,271,617  1,265,708  1,256,209  1,245,436  1,239,502 
    Retained earnings 1,560,416  1,549,167  1,512,679  1,495,639  1,491,824 
    Shares held in
     treasury, at
     cost              (987,485)  (970,023)  (971,687)  (900,225)  (901,460)
    Accumulated other
     comprehensive
     loss, net of tax    (5,831)    (5,369)    (7,958)    (9,644)    (6,843)
                     ---------- ---------- ---------- ---------- ---------- 
                      1,839,083  1,839,849  1,789,607  1,831,570  1,823,386 
  Noncontrolling
   interests in
   subsidiaries          30,101     31,509     18,456     11,063     12,071 
                     ---------- ---------- ---------- ---------- ---------- 
    Total equity      1,869,184  1,871,358  1,808,063  1,842,633  1,835,457 
                     ---------- ---------- ---------- ---------- ---------- 
                     $3,845,817 $3,906,953 $3,928,134 $3,662,318 $3,705,760 
                     ========== ========== ========== ========== ========== 

                            SEACOR HOLDINGS INC.
                                FLEET COUNTS
                                 (unaudited)

                            Jun. 30,  Mar. 31,  Dec. 31,  Sep. 30,  Jun. 30,
                              2012      2012      2011      2011      2011
                           --------- --------- --------- --------- ---------
Offshore Marine Services
Anchor handling towing
 supply                           19        19        19        19        19
Crew                              48        48        49        50        52
Mini-supply                        9         9         8         8         8
Standby safety                    25        26        26        27        26
Supply                            28        28        30        29        28
Towing supply                      3         5         5         5         6
Liftboats                         20        20         2         2         2
Specialty                          9         9         9         9         9
Wind farm utility                 30        30        29        --        --
                           --------- --------- --------- --------- ---------
                                 191       194       177       149       150
                           ========= ========= ========= ========= =========

Aviation Services
Light helicopters - single
 engine                           59        58        58        60        61
Light helicopters - twin
 engine                           44        46        45        45        44
Medium helicopters                68        66        65        65        65
Heavy helicopters                  9         8         7         7         7
                           --------- --------- --------- --------- ---------
                                 180       178       175       177       177
                           ========= ========= ========= ========= =========

Inland River Services
Inland river dry-cargo
 barges                        1,453     1,479     1,496     1,489     1,492
Inland river liquid tank
 barges                           78        77        77        79        80
Inland river deck barges          20        20        20        20        26
Inland river towboats             31        30        31        31        31
Dry-cargo vessel                   1         1         1         1         1
                           --------- --------- --------- --------- ---------
                               1,583     1,607     1,625     1,620     1,630
                           ========= ========= ========= ========= =========

Marine Transportation
 Services
U.S.-flag product tankers          7         7         7         8         8
Foreign flag RORO vessels          8         8         8         8         8
U.S.-flag deck barges              5        --        --        --        --
U.S.-flag RORO barges              2        --        --        --        --
U.S.-flag Articulated tug-
 barge                             1        --        --        --        --
                           --------- --------- --------- --------- ---------
                                  23        15        15        16        16
                           ========= ========= ========= ========= =========

Other
Harbor and offshore tugs          27        28        28        28        28
Ocean liquid tank barges           5         5         5         5         5
                           --------- --------- --------- --------- ---------
                                  32        33        33        33        33
                           ========= ========= ========= ========= =========


    

                            SEACOR HOLDINGS INC.
                          OFFSHORE MARINE SERVICES
                        TIME CHARTER OPERATING DATA
                                (unaudited)

                                          Three Months Ended
                           ------------------------------------------------ 
                           Jun. 30,  Mar. 31,  Dec. 31,  Sep. 30,  Jun. 30, 
                             2012      2012      2011      2011      2011
                           --------  --------  --------  --------  -------- 
Rates Per Day Worked:
  Anchor handling towing
   supply                  $ 24,541  $ 30,928  $ 27,187  $ 27,287  $ 32,179 
  Crew                        7,134     7,803     7,166     6,728     6,334 
  Mini-supply                 7,424     7,409     7,948     7,535     7,494 
  Standby safety              9,679     9,230     9,254     9,302     9,180 
  Supply                     14,354    16,662    15,755    15,459    13,561 
  Towing supply               9,269     9,301     8,497     8,809     8,484 
  Specialty                  14,557    12,964    17,845    16,172     9,351 
  Liftboats                  17,454        --        --        --        -- 
  Overall Average Rates
   Per Day Worked
   (excluding wind farm
   utility)                  12,068    13,174    12,187    11,318    11,142 
  Wind farm utility           2,802     2,431        --        --        -- 
  Overall Average Rates
   Per Day Worked
   (including wind Farm
   utility)                  10,019    10,839    12,187    11,318    11,142 

Utilization:
  Anchor handling towing
   supply                        63%       77%       70%       52%       53%
  Crew                           84%       79%       78%       75%       70%
  Mini-supply                    98%       98%       96%       87%       77%
  Standby safety                 87%       86%       90%       88%       89%
  Supply                         75%       84%       82%       70%       74%
  Towing supply                  51%       48%       44%       43%       33%
  Specialty                      45%       62%       70%       48%       63%
  Liftboats                      70%       --%       --%       --%       --%
  Overall Fleet
   Utilization (excluding
   wind farm utility)            77%       81%       80%       72%       71%
  Wind farm utility              93%       86%       --%       --%       --%
  Overall Fleet
   Utilization (including
   wind farm utility)            80%       82%       80%       72%       71%

Available Days:
  Anchor handling towing
   supply                     1,547     1,547     1,564     1,564     1,547 
  Crew                        3,276     3,363     3,418     3,487     3,933 
  Mini-supply                   637       637       644       644       728 
  Standby safety              2,195     2,275     2,355     2,392     2,291 
  Supply                      1,649     1,705     1,798     1,748     1,591 
  Towing supply                 360       364       368       368       494 
  Specialty                     273       273       276       276       353 
  Liftboats                   1,656        --        --        --        -- 
                           --------  --------  --------  --------  -------- 
  Overall Fleet Available
   Days (excluding wind
   farm utility)             11,593    10,164    10,423    10,479    10,937 
                           --------  --------  --------  --------  -------- 
  Wind farm utility           2,730     2,647        --        --        -- 
                           --------  --------  --------  --------  -------- 
  Overall Fleet Available
   Days (including wind
   farm utility)             14,323    12,811    10,423    10,479    10,937 
                           ========  ========  ========  ========  ======== 

    


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

Copyright 2012, Marketwire, All rights reserved.

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