SEACOR Holdings Announces Results for the Third Quarter Ended September 30, 2012

Tue Oct 30, 2012 6:28pm EDT

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

  FORT LAUDERDALE, FL, Oct 30 (Marketwire) -- 
SEACOR Holdings Inc. (NYSE: CKH) today announced its results for the
third quarter ended September 30, 2012. Net income attributable to SEACOR
Holdings Inc. for the quarter ended September 30, 2012 was $16.1 million,
or $0.78 per diluted share. For the nine months ended September 30, 2012,
net income attributable to SEACOR Holdings Inc. was $63.8 million, or
$3.06 per diluted share, including net income from discontinued
operations of $19.0 million, or $0.91 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 June 30, 2012, net income attributable to
SEACOR Holdings Inc. 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. A comparison of results for the quarter ended
September 30, 2012 with the preceding quarter ended June 30, 2012 is
included in the "Highlights for the Quarter" discussion below. 

    For the quarter ended September 30, 2011, net income attributable to
SEACOR Holdings Inc. was $3.8 million, or $0.18 per diluted share,
including a net loss from discontinued operations of $0.8 million, or
$0.03 per diluted share. For the nine months ended September 30, 2011,
net income attributable to SEACOR Holdings Inc. was $24.0 million, or
$1.12 per diluted share, including a net loss from discontinued
operations of $2.1 million, or $0.10 per diluted share. 

    Highlights for the Quarter 

    Offshore Marine Services - Operating income was $21.2 million on
operating revenues of $134.3 million compared with operating income of
$0.8 million on operating revenues of $123.3 million in the preceding
quarter. 

    In the U.S. Gulf of Mexico, operating income was $13.3 million higher in
the third quarter, of which $9.1 million was due to an increased
contribution from the Company's liftboat fleet and $4.6 million was due
to gains on asset dispositions, of which $4.1 million had been deferred
in prior periods. The liftboat fleet contributed an additional $6.8
million of time charter revenues primarily due to reduced drydocking
activity and the positive impact of seasonal market conditions. Time
charter revenues for the other vessel classes declined by $0.8 million in
total during the current quarter. In overall terms including liftboats,
fleet utilization was 77.3% compared with 71.1% in the preceding quarter
and average day rates increased from $12,610 per day to $13,394 per day.
During the quarter, the Company cold-stacked three anchor handling towing
supply vessels. As of June 30, 2012, the Company had no vessels in
cold-stack. Operating expenses were $3.0 million lower primarily due to
reduced drydocking activity. 

    In international regions, operating income was $7.1 million higher in the
third quarter, including higher gains on asset dispositions of $1.4
million. Time charter revenues were $5.0 million higher primarily due to
a seasonal time charter in Asia and reduced drydocking activity during
the third quarter. Excluding the Company's fleet of wind farm utility
vessels, utilization was 86.3% compared with 83.3% in the preceding
quarter and average day rates increased from $11,631 per day to $12,162
per day. Operating expenses were $2.2 million lower primarily due to
decreased drydocking activity and the cost of vessel mobilizations
between geographic regions during the preceding quarter. 

    In the third quarter, the total number of days available for charter for
the Company's fleet, excluding the wind farm utility vessels, decreased
by 197 days, or 2% primarily due to net fleet dispositions. Overall
utilization increased from 77.4% to 82.0% and overall average day rates
increased by 5% from $12,068 per day to $12,718 per day. Time charter
operating data by vessel class is presented in the table included herein.
During the third quarter, drydocking costs were $4.3 million compared
with $10.8 million in the preceding quarter.

    Administrative and general expenses were $1.6 million higher in the third
quarter primarily due to increased management bonus accruals and higher
legal expenses, and an allowance for doubtful accounts provided in
connection with a customer bankruptcy.

    Aviation Services - Operating income was $11.1 million on operating
revenues of $78.0 million compared with operating income of $7.4 million
on operating revenues of $63.0 million in the preceding quarter. Third
quarter results included $0.6 million in gains on asset dispositions
compared with $1.1 million in gains in the preceding quarter. 

    Operating revenues were $15.0 million higher primarily due to the
recognition of $6.2 million of previously deferred revenues, additional
charter flights in response to hurricane activity in the U.S. Gulf of
Mexico, additional helicopters placed on contract and seasonal activity
in Alaska. 

    Operating expenses were $7.2 million higher in the third quarter
primarily due to the recognition of $4.9 million in power-by-hour credits
in the preceding quarter and higher fuel, insurance and other operating
costs in line with increased activity levels.

    Administrative and general expenses were $3.1 million higher in the third
quarter primarily due to an allowance for doubtful accounts provided in
connection with a customer bankruptcy. Depreciation and amortization
expenses were $10.9 million in the third quarter, an increase of $0.4
million primarily due to net fleet additions.

    Inland River Services - Operating income was $7.7 million on operating
revenues of $53.3 million compared with operating income of $5.7 million
on operating revenues of $53.3 million in the preceding quarter. Third
quarter results included $3.5 million in gains on asset dispositions
compared with $0.9 million in gains in the preceding quarter. Operating
conditions for the pooled hopper barge fleet continued to be difficult in
the third quarter primarily due to poor river conditions and continuing
weak demand for barge freight primarily for grain exports. During the
third quarter, Inland River Services recognized $2.2 million of equity in
losses of 50% or less owned companies, net of tax, primarily from its
Argentinian joint venture as a result of difficult operating conditions
and provisions for uncertain insurance recoveries related to facility
damage sustained in 2011.

    Marine Transportation Services - Operating income was $2.0 million on
operating revenues of $27.4 million compared with operating income of
$0.5 million on operating revenues of $25.8 million in the preceding
quarter. Operating results for Marine Transportation Services' U.S.-flag
product tanker fleet were $2.3 million higher in the third quarter
primarily due to less out-of-service time and lower repair and
maintenance expenses. Operating results for its foreign flag
Roll-on/Roll-off vessels were $0.8 million lower primarily due to the
settlement of a legal dispute. 

    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 $1.3 million on operating revenues of $9.3
million compared with an operating loss of $2.1 million on operating
revenues of $8.4 million in the preceding quarter. The improvement in
operating results was primarily due to higher exercise and training
activities. 

    Commodity Trading and Logistics - Segment profit was $0.1 million on
operating revenues of $145.7 million compared with segment profit of $3.0
million on operating revenues of $206.7 million in the preceding quarter.
Segment profit decreased in the third quarter primarily due to lower
results from merchandising and trading activities.

    Other - Other reported a segment profit of $6.6 million on operating
revenues of $18.0 million compared with segment profit of $2.6 million on
operating revenues of $17.6 million in the preceding quarter. Third
quarter results included a termination payment of $7.0 million received
from one of Harbor and Offshore Towing Services customers following the
cancellation of a long-term charter, partially offset by a $1.2 million
impairment charge for an aircraft included in the Company's lending and
leasing activities.

    Corporate and Eliminations - Administrative and general expenses were
$8.4 million compared with $7.5 million in the preceding quarter. The
increase was primarily due to professional fees incurred in connection
with the Company's recently announced intention to spinoff of its
Aviation Services business segment.

    Stock Repurchases - During the third quarter, the Company purchased
130,368 shares of its common stock at an average price of $86.61 per
share. As of September 30, 2012, 20,850,751 shares of SEACOR's common
stock remained outstanding.

    5.875% Senior Notes due 2012 - On September 28, 2012, the Company made an
irrevocable deposit of $171.0 million to its trustee for the
extinguishment of the Company's 5.875% Senior Notes at their scheduled
maturity on October 1, 2012. As of September 30, 2012, the irrevocable
deposit held by the trustee was included in restricted cash.

    Equipment Acquisitions - During the nine months ended September 30, 2012,
capital expenditures were $257.0 million. Equipment deliveries during
that period included two offshore support vessel, one wind farm utility
vessel, three inland river dry cargo barges, four liquid tank barges, two
inland river towboats and seventeen helicopters.

    Capital Commitments - The Company's unfunded capital commitments as of
September 30, 2012 were $365.0 million and consisted of: twelve offshore
support vessels for $131.4 million; an interest in a jack-up drilling rig
for $30.3 million; twelve helicopters for $138.3 million; seven inland
river tank barges for $15.1 million; three inland river towboats for $9.4
million; four harbor tugs for $23.0 million; and other equipment and
improvements for $14.9 million. In addition, the Company notified the
lessee of its intent to purchase two harbor tugs currently operating
under capital leases for $2.6 million. Of these commitments, $58.6
million is payable during 2012 with the balance payable through 2016 and
$125.0 million may be terminated without further liability other than the
payment of liquidated damages of $3.3 million. As of September 30, 2012,
the Company held balances of cash, cash equivalents, restricted cash
(excluding an irrevocable deposit held by the Company's trustee of $171.0
million), marketable securities, construction reserve funds and Title XI
reserve funds totaling $430.4 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, 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, the ability to complete the previously
announced intention to spinoff the Aviation Services business, the
ability to realize the expected benefits of the intended spinoff of the
Aviation Services business 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.

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

                            Three Months Ended         Nine Months Ended
                               September 30,             September 30,
                         ------------------------  ------------------------ 
                             2012         2011         2012         2011
                         -----------  -----------  -----------  ----------- 
Operating Revenues       $   462,058  $   545,089  $ 1,454,365  $ 1,492,383 
                         -----------  -----------  -----------  ----------- 
Costs and Expenses:
    Operating                340,947      455,442    1,128,269    1,206,550 
    Administrative and
     general                  50,460       35,387      141,758      116,211 
    Depreciation and
     amortization             45,285       36,437      128,297      114,097 
                         -----------  -----------  -----------  ----------- 
                             436,692      527,266    1,398,324    1,436,858 
                         -----------  -----------  -----------  ----------- 
Gains on Asset
 Dispositions and
 Impairments, Net              9,677       10,986       19,638       28,542 
                         -----------  -----------  -----------  ----------- 

Operating Income              35,043       28,809       75,679       84,067 
                         -----------  -----------  -----------  ----------- 

Other Income (Expense):
  Interest income              4,144        5,462       14,761       12,491 
  Interest expense           (12,679)     (10,711)     (37,116)     (31,216)
  Debt extinguishment
   losses, net                    --          (51)        (160)         (99)
  Marketable security
   gains (losses), net        (1,730)         130       13,224       (3,090)
  Derivative losses, net      (4,649)     (25,954)      (5,281)     (35,873)
  Foreign currency gains
   (losses), net                 632       (3,126)       2,192        3,349 
  Other, net                   7,098          (39)       7,487         (273)
                         -----------  -----------  -----------  ----------- 
                              (7,184)     (34,289)      (4,893)     (54,711)
                         -----------  -----------  -----------  ----------- 
Income (Loss) from
 Continuing Operations
 Before Income Tax
 Expense (Benefit) and
 Equity In Earnings
 (Losses) of 50% or Less
 Owned Companies              27,859       (5,480)      70,786       29,356 
Income Tax Expense
 (Benefit)                    11,277         (669)      27,860       12,881 
                         -----------  -----------  -----------  ----------- 
Income (Loss) from
 Continuing Operations
 Before Equity in
 Earnings (Losses) of
 50% or Less Owned
 Companies                    16,582       (4,811)      42,926       16,475 
Equity in Earnings
 (Losses) of 50% or Less
 Owned Companies, Net of
 Tax                          (1,078)       9,655        1,215       10,569 
                         -----------  -----------  -----------  ----------- 
Income from Continuing
 Operations                   15,504        4,844       44,141       27,044 
Income (Loss) from
 Discontinued
 Operations, Net of Tax           --         (782)      19,035       (2,146)
                         -----------  -----------  -----------  ----------- 
Net Income                    15,504        4,062       63,176       24,898 
Net Income (Loss)
 attributable to
 Noncontrolling
 Interests in
 Subsidiaries                   (598)         247         (663)         882 
                         -----------  -----------  -----------  ----------- 
Net Income attributable
 to SEACOR Holdings Inc. $    16,102  $     3,815  $    63,839  $    24,016 
                         ===========  ===========  ===========  =========== 

Net Income (Loss)
 attributable to SEACOR
 Holdings Inc.:
  Continuing operations  $    16,102  $     4,597  $    44,804  $    26,162 
  Discontinued
   operations                     --         (782)      19,035       (2,146)
                         -----------  -----------  -----------  ----------- 
                         $    16,102  $     3,815  $    63,839  $    24,016 
                         ===========  ===========  ===========  =========== 
Basic Earnings (Loss)
 Per Common Share of
 SEACOR Holdings Inc.:
  Continuing operations  $      0.79  $      0.22  $      2.18  $      1.24 
  Discontinued
   operations                     --        (0.04)        0.93        (0.10)
                         -----------  -----------  -----------  ----------- 
                         $      0.79  $      0.18  $      3.11  $      1.14 
                         ===========  ===========  ===========  =========== 
Diluted Earnings (Loss)
 Per Common Share of
 SEACOR Holdings Inc.:
  Continuing operations  $      0.78  $      0.21  $      2.15  $      1.22 
  Discontinued
   operations                     --        (0.03)        0.91        (0.10)
                         -----------  -----------  -----------  ----------- 
                         $      0.78  $      0.18  $      3.06  $      1.12 
                         ===========  ===========  ===========  =========== 
Weighted Average Common
 Shares Outstanding:
  Basic                   20,432,997   21,202,480   20,512,118   21,158,110 
  Diluted                 20,740,456   21,565,149   20,838,468   21,508,457 

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

                                        Three Months Ended
                      ----------------------------------------------------- 
                       Sep. 30,   Jun. 30,   Mar. 31,   Dec. 31,   Sep. 30, 
                         2012       2012       2012       2011       2011
                      ---------  ---------  ---------  ---------  --------- 
Operating Revenues    $ 462,058  $ 494,422  $ 497,885  $ 518,954  $ 545,089 
                      ---------  ---------  ---------  ---------  --------- 
Costs and Expenses:
  Operating             340,947    403,210    384,112    412,042    455,442 
  Administrative and
   general               50,460     45,120     46,178     50,731     35,387 
  Depreciation and
   amortization          45,285     43,685     39,327     35,395     36,437 
                      ---------  ---------  ---------  ---------  --------- 
                        436,692    492,015    469,617    498,168    527,266 
                      ---------  ---------  ---------  ---------  --------- 
Gains on Asset
 Dispositions and
 Impairments, Net         9,677      4,419      5,542      5,469     10,986 
                      ---------  ---------  ---------  ---------  --------- 
Operating Income         35,043      6,826     33,810     26,255     28,809 
                      ---------  ---------  ---------  ---------  --------- 
Other Income
 (Expense):
  Interest income         4,144      7,641      2,976      1,127      5,462 
  Interest expense      (12,679)   (12,413)   (12,024)   (10,027)   (10,711)
  Debt extinguishment
   losses, net               --         --       (160)        --        (51)
  Marketable security
   gains (losses),
   net                   (1,730)    11,596      3,358     (4,803)       130 
  Derivative gains
   (losses), net         (4,649)     3,487     (4,119)      (262)   (25,954)
  Foreign currency
   gains (losses),
   net                      632       (992)     2,552     (2,600)    (3,126)
  Other, net              7,098        443        (54)     1,133        (39)
                      ---------  ---------  ---------  ---------  --------- 
                         (7,184)     9,762     (7,471)   (15,432)   (34,289)
                      ---------  ---------  ---------  ---------  --------- 
Income (Loss) from
 Continuing
 Operations Before
 Income Tax Expense
 (Benefit) and Equity
 In Earnings (Losses)
 of 50% or Less Owned
 Companies               27,859     16,588     26,339     10,823     (5,480)
Income Tax Expense
 (Benefit)               11,277      5,975     10,608      2,645       (669)
                      ---------  ---------  ---------  ---------  --------- 
Income (Loss) from
 Continuing
 Operations Before
 Equity in Earnings
 (Losses) of 50% or
 Less Owned Companies    16,582     10,613     15,731      8,178     (4,811)
Equity in Earnings
 (Losses) of 50% or
 Less Owned
 Companies, Net of
 Tax                     (1,078)     1,051      1,242       (579)     9,655 
                      ---------  ---------  ---------  ---------  --------- 
Income from
 Continuing
 Operations              15,504     11,664     16,973      7,599      4,844 
Income (Loss) from
 Discontinued
 Operations, Net of
 Tax                         --       (365)    19,400      9,653       (782)
                      ---------  ---------  ---------  ---------  --------- 
Net Income               15,504     11,299     36,373     17,252      4,062 
Net Income (Loss)
 attributable to
 Noncontrolling
 Interests in
 Subsidiaries              (598)        50       (115)       212        247 
                      ---------  ---------  ---------  ---------  --------- 
Net Income
 attributable to
 SEACOR Holdings Inc. $  16,102  $  11,249  $  36,488  $  17,040  $   3,815 
                      =========  =========  =========  =========  ========= 

Net Income (Loss)
 attributable to
 SEACOR Holdings
 Inc.:
  Continuing
   operations         $  16,102  $  11,614  $  17,088  $   7,387  $   4,597 
  Discontinued
   operations                --       (365)    19,400      9,653       (782)
                      ---------  ---------  ---------  ---------  --------- 
                      $  16,102  $  11,249  $  36,488  $  17,040  $   3,815 
                      =========  =========  =========  =========  ========= 
Basic Earnings (Loss)
 Per Common Share of
 SEACOR Holdings
 Inc.:
  Continuing
   operations         $    0.79  $    0.56  $    0.83  $    0.35  $    0.22 
  Discontinued
   operations                --      (0.01)      0.95       0.46      (0.04)
                      ---------  ---------  ---------  ---------  --------- 
                      $    0.79  $    0.55  $    1.78  $    0.81  $    0.18 
                      =========  =========  =========  =========  ========= 
Diluted Earnings
 (Loss) Per Common
 Share of SEACOR
 Holdings Inc.:
  Continuing
   operations         $    0.78  $    0.56  $    0.82  $    0.35  $    0.21 
  Discontinued
   operations                --      (0.02)      0.93       0.45      (0.03)
                      ---------  ---------  ---------  ---------  --------- 
                      $    0.78  $    0.54  $    1.75  $    0.80  $    0.18 
                      =========  =========  =========  =========  ========= 
Weighted Average
 Common Shares of
 Outstanding:
  Basic                  20,433     20,585     20,520     21,005     21,202 
  Diluted                20,740     20,871     20,893     21,354     21,565 
Common Shares
 Outstanding at
 Period End              20,851     20,948     21,114     20,933     21,715 

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

                                        Three Months Ended
                      ----------------------------------------------------- 
                       Sep. 30,   Jun. 30,   Mar. 31,   Dec. 31,   Sep. 30, 
                         2012       2012       2012       2011       2011
                      ---------  ---------  ---------  ---------  --------- 
Offshore Marine
 Services
Operating Revenues    $ 134,322  $ 123,276  $ 121,086  $ 109,781  $  93,277 
                      ---------  ---------  ---------  ---------  --------- 
Costs and Expenses:
  Operating              88,842     94,084     75,340     69,484     68,457 
  Administrative and
   general               14,795     13,146     11,856     13,666     10,687 
  Depreciation and
   amortization          16,051     15,859     12,882     11,954     11,785 
                      ---------  ---------  ---------  ---------  --------- 
                        119,688    123,089    100,078     95,104     90,929 
                      ---------  ---------  ---------  ---------  --------- 
Gains on Asset
 Dispositions             6,585        624      1,845      1,449      5,241 
                      ---------  ---------  ---------  ---------  --------- 
Operating Income         21,219        811     22,853     16,126      7,589 
                      ---------  ---------  ---------  ---------  --------- 
Other Income
 (Expense):
  Foreign currency
   gains (losses),
   net                      717       (354)     1,123     (1,290)    (2,129)
  Other, net                 --         11         --        272          6 
Equity in Earnings
 (Losses) of 50% or
 Less Owned
 Companies, Net of
 Tax                      1,238      1,001      1,829       (500)     8,754 
                      ---------  ---------  ---------  ---------  --------- 
Segment Profit        $  23,174  $   1,469  $  25,805  $  14,608  $  14,220 
                      =========  =========  =========  =========  ========= 

Aviation Services
Operating Revenues    $  77,989  $  62,985  $  61,052  $  61,696  $  71,804 
                      ---------  ---------  ---------  ---------  --------- 
Costs and Expenses:
  Operating              46,235     39,002     39,676     41,084     45,701 
  Administrative and
   general               10,338      7,195      9,677     11,803      6,841 
  Depreciation and
   amortization          10,937     10,464      9,630      9,210      9,093 
                      ---------  ---------  ---------  ---------  --------- 
                         67,510     56,661     58,983     62,097     61,635 
                      ---------  ---------  ---------  ---------  --------- 
Gains on Asset
 Dispositions and
 Impairments, Net           613      1,077      1,765      1,912      4,894 
                      ---------  ---------  ---------  ---------  --------- 
Operating Income         11,092      7,401      3,834      1,511     15,063 
                      ---------  ---------  ---------  ---------  --------- 
Other Income
 (Expense):
  Derivative losses,
   net                     (188)      (180)      (124)       (18)      (807)
  Foreign currency
   gains (losses),
   net                     (272)       (12)       917        (80)       (95)
  Other, net                 --         --         30          9         -- 
Equity in Earnings
 (Losses) of 50% or
 Less Owned
 Companies, Net of
 Tax                        219        756     (6,419)      (979)       106 
                      ---------  ---------  ---------  ---------  --------- 
Segment Profit (Loss) $  10,851  $   7,965  $  (1,762) $     443  $  14,267 
                      =========  =========  =========  =========  ========= 

Inland River Services
Operating Revenues    $  53,293  $  53,302  $  53,490  $  51,871  $  47,875 
                      ---------  ---------  ---------  ---------  --------- 
Costs and Expenses:
  Operating              38,320     37,463     35,183     31,702     31,196 
  Administrative and
   general                3,480      3,773      3,982      3,270      2,206 
  Depreciation and
   amortization           7,335      7,244      7,007      5,617      6,464 
                      ---------  ---------  ---------  ---------  --------- 
                         49,135     48,480     46,172     40,589     39,866 
                      ---------  ---------  ---------  ---------  --------- 
Gains on Asset
 Dispositions             3,503        858      1,927        986      1,303 
                      ---------  ---------  ---------  ---------  --------- 
Operating Income          7,661      5,680      9,245     12,268      9,312 
                      ---------  ---------  ---------  ---------  --------- 
Other Income
 (Expense):
  Foreign currency
   gains (losses),
   net                       33        (71)       (22)        --         -- 
Equity in Earnings
 (Losses) of 50% or
 Less Owned
 Companies, Net of
 Tax                     (2,227)       439        250        955      2,771 
                      ---------  ---------  ---------  ---------  --------- 
Segment Profit        $   5,467  $   6,048  $   9,473  $  13,223  $  12,083 
                      =========  =========  =========  =========  ========= 

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

                                        Three Months Ended
                      ----------------------------------------------------- 
                       Sep. 30,   Jun. 30,   Mar. 31,   Dec. 31,   Sep. 30, 
                         2012       2012       2012       2011       2011
                      ---------  ---------  ---------  ---------  --------- 
Marine Transportation
 Services
Operating Revenues    $  27,354  $  25,792  $  26,283  $  26,705  $  24,783 
                      ---------  ---------  ---------  ---------  --------- 
Costs and Expenses:
  Operating              15,584     16,722     15,758     15,338     15,194 
  Administrative and
   general                4,301      2,934      2,475      3,257      2,044 
  Depreciation and
   amortization           5,639      5,666      5,651      5,540      5,833 
                      ---------  ---------  ---------  ---------  --------- 
                         25,524     25,322     23,884     24,135     23,071 
                      ---------  ---------  ---------  ---------  --------- 
Gains on Asset
 Dispositions               145         --         --      1,125         -- 
                      ---------  ---------  ---------  ---------  --------- 
Operating Income          1,975        470      2,399      3,695      1,712 
                      ---------  ---------  ---------  ---------  --------- 
Other Income
 (Expense):
  Foreign currency
   gains (losses),
   net                       10         (3)         9        (15)       (18)
  Other, net                  4         49         30         87        131 
Equity in Losses of
 50% or Less Owned
 Companies, Net of
 Tax                       (551)      (774)      (217)       (74)        -- 
                      ---------  ---------  ---------  ---------  --------- 
Segment Profit (Loss) $   1,438  $    (258) $   2,221  $   3,693  $   1,825 
                      =========  =========  =========  =========  ========= 

Emergency and Crisis
 Services
Operating Revenues    $   9,267  $   8,439  $  10,215  $  16,763  $  14,080 
                      ---------  ---------  ---------  ---------  --------- 
Costs and Expenses:
  Operating               5,871      5,808      6,873     10,145      9,141 
  Administrative and
   general                4,256      4,211      3,254      3,030      2,961 
  Depreciation and
   amortization             483        491        484        486        655 
                      ---------  ---------  ---------  ---------  --------- 
                         10,610     10,510     10,611     13,661     12,757 
                      ---------  ---------  ---------  ---------  --------- 
Gains on Asset
 Dispositions                --         --          5         --          7 
                      ---------  ---------  ---------  ---------  --------- 
Operating Income
 (Loss)                  (1,343)    (2,071)      (391)     3,102      1,330 
                      ---------  ---------  ---------  ---------  --------- 
Other Income
 (Expense):
  Foreign currency
   gains (losses),
   net                       26        (20)        14        (14)        17 
Equity in Earnings
 (Losses) of 50% or
 Less Owned
 Companies, Net of
 Tax                         72        147         67         (4)        -- 
                      ---------  ---------  ---------  ---------  --------- 
Segment Profit (Loss) $  (1,245) $  (1,944) $    (310) $   3,084  $   1,347 
                      =========  =========  =========  =========  ========= 

Commodity Trading and
 Logistics
Operating Revenues    $ 145,725  $ 206,745  $ 209,696  $ 237,177  $ 279,178 
                      ---------  ---------  ---------  ---------  --------- 
Costs and Expenses:
  Operating             137,281    202,126    203,233    236,664    279,180 
  Administrative and
   general                2,236      3,411      3,141      1,598      1,944 
  Depreciation and
   amortization           1,641      1,591      1,060         20         12 
                      ---------  ---------  ---------  ---------  --------- 
                        141,158    207,128    207,434    238,282    281,136 
                      ---------  ---------  ---------  ---------  --------- 
Operating Income
 (Loss)                   4,567       (383)     2,262     (1,105)    (1,958)
                      ---------  ---------  ---------  ---------  --------- 
Other Income
 (Expense):
  Derivative gains
   (losses), net         (4,304)     3,393     (2,939)     1,251     (3,063)
  Foreign currency
   gains (losses),
   net                     (183)       (14)        79        (28)       153 
  Other, net                 --         --         --       (167)        -- 
Equity in Earnings
 (Losses) of 50% or
 Less Owned
 Companies, Net of
 Tax                         (1)        --      6,154      1,452     (2,267)
                      ---------  ---------  ---------  ---------  --------- 
Segment Profit (Loss) $      79  $   2,996  $   5,556  $   1,403  $  (7,135)
                      =========  =========  =========  =========  ========= 

    


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

                                        Three Months Ended
                      ----------------------------------------------------- 
                       Sep. 30,   Jun. 30,   Mar. 31,   Dec. 31,   Sep. 30, 
                         2012       2012       2012       2011       2011
                      ---------  ---------  ---------  ---------  --------- 
Other
Operating Revenues    $  17,986  $  17,555  $  19,944  $  17,730  $  16,741 
                      ---------  ---------  ---------  ---------  --------- 
Costs and Expenses:
  Operating              12,543     11,562     11,814     10,274      9,117 
  Administrative and
   general                2,655      2,996      2,817      3,589      2,523 
  Depreciation and
   amortization           2,345      1,904      2,158      2,119      2,129 
                      ---------  ---------  ---------  ---------  --------- 
                         17,543     16,462     16,789     15,982     13,769 
                      ---------  ---------  ---------  ---------  --------- 
Gains (Losses) on
 Asset Dispositions
 and Impairments, Net    (1,169)     1,860         --         (3)      (315)
                      ---------  ---------  ---------  ---------  --------- 
Operating Income
 (Loss)                    (726)     2,953      3,155      1,745      2,657 
                      ---------  ---------  ---------  ---------  --------- 
Other Income
 (Expense):
  Foreign currency
   gains (losses),
   net                        6         (7)       (16)        --        (75)
  Other, net              7,141        208         --        983         (1)
Equity in Earnings
 (Losses) of 50% or
 Less Owned
 Companies, Net of
 Tax                        172       (518)      (422)    (1,429)       291 
                      ---------  ---------  ---------  ---------  --------- 
Segment Profit        $   6,593  $   2,636  $   2,717  $   1,299  $   2,872 
                      =========  =========  =========  =========  ========= 

Corporate and
 Eliminations
Operating Revenues    $  (3,878) $  (3,672) $  (3,881) $  (2,769) $  (2,649)
                      ---------  ---------  ---------  ---------  --------- 
Costs and Expenses:
  Operating              (3,729)    (3,557)    (3,765)    (2,649)    (2,544)
  Administrative and
   general                8,399      7,454      8,976     10,518      6,181 
  Depreciation and
   amortization             854        466        455        449        466 
                      ---------  ---------  ---------  ---------  --------- 
                          5,524      4,363      5,666      8,318      4,103 
                      ---------  ---------  ---------  ---------  --------- 
Losses on Asset
 Impairments                 --         --         --         --       (144)
                      ---------  ---------  ---------  ---------  --------- 
Operating Loss        $  (9,402) $  (8,035) $  (9,547) $ (11,087) $  (6,896)
                      =========  =========  =========  =========  ========= 
Other Income
 (Expense):
  Derivative gains
   (losses), net      $    (157) $     274  $  (1,056) $  (1,495) $ (22,084)
  Foreign currency
   gains (losses),
   net                      295       (511)       448     (1,173)      (979)
  Other, net                (47)       175       (114)       (51)      (175)

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

                      Sep. 30,   Jun. 30,   Mar. 31,   Dec. 31,   Sep. 30,
                        2012       2012       2012       2011       2011
                     ---------- ---------- ---------- ---------- ---------- 
        ASSETS
Current Assets:
  Cash and cash
   equivalents       $  207,542 $  301,026 $  281,977 $  462,188 $  301,603 
  Restricted cash       191,782     18,347     25,958     21,281     19,474 
  Marketable
   securities            22,134     32,821     68,586     66,898     82,978 
  Receivables:
    Trade, net of
     allowance for
     doubtful
     accounts           312,993    278,917    299,484    303,843    280,434 
    Other                69,126     66,686     41,699     51,793     51,318 
  Inventories            77,858     72,929     94,329     69,109     70,623 
  Deferred income
   taxes                 11,123     11,123     11,123     11,123      5,136 
  Prepaid expenses
   and other             16,203     13,968     11,384      9,323     13,704 
  Discontinued
   operations             3,025      3,551      4,019     44,989     48,984 
                     ---------- ---------- ---------- ---------- ---------- 
    Total current
     assets             911,786    799,368    838,559  1,040,547    874,254 
                     ---------- ---------- ---------- ---------- ---------- 
Property and
 Equipment            3,379,826  3,304,524  3,314,759  3,018,145  2,900,843 
    Accumulated
     depreciation      (976,605)  (934,092)  (905,362)  (867,914)  (868,986)
                     ---------- ---------- ---------- ---------- ---------- 
    Net property and
     equipment        2,403,221  2,370,432  2,409,397  2,150,231  2,031,857 
                     ---------- ---------- ---------- ---------- ---------- 
Investments, at
 Equity, and Advances
 to 50% or Less Owned
 Companies              266,589    323,874    220,772    249,753    243,678 
Construction Reserve
 Funds & Title XI
 Reserve Funds          179,932    192,420    259,926    259,974    298,345 
Goodwill                 57,054     57,054     57,054     57,054     54,410 
Intangible Assets,
 Net                     19,931     21,116     22,132     21,528     16,055 
Other Assets             78,723     81,553     99,113    102,348     97,724 
Discontinued
 Operations                  --         --         --     46,699     45,995 
                     ---------- ---------- ---------- ---------- ---------- 
                     $3,917,236 $3,845,817 $3,906,953 $3,928,134 $3,662,318 
                     ========== ========== ========== ========== ========== 

   LIABILITIES AND
        EQUITY
Current Liabilities:
  Current portion of
   long-term debt    $  196,326 $   24,546 $   22,078 $   41,091 $   23,138 
  Current portion of
   capital lease
   obligations            4,442      4,719      2,289      2,368      1,081 
  Accounts payable
   and accrued
   expenses             152,948    131,130    142,410    185,156    170,680 
  Other current
   liabilities          143,255    160,198    176,558    150,864    191,475 
  Discontinued
   operations              (309)       (15)       650     22,047     55,093 
                     ---------- ---------- ---------- ---------- ---------- 
    Total current
     liabilities        496,662    320,578    343,985    401,526    441,467 
                     ---------- ---------- ---------- ---------- ---------- 
Long-Term Debt          813,322    940,910    976,872    995,450    669,573 
Capital Lease
 Obligations                 87        117      2,848      3,068      4,598 
Deferred Income Taxes   602,195    582,780    576,195    566,920    560,484 
Deferred Gains and
 Other Liabilities      121,486    132,248    135,695    143,390    137,783 
Discontinued
 Operations                  --         --         --      9,717      5,780 
                     ---------- ---------- ---------- ---------- ---------- 
    Total liabilities 2,033,752  1,976,633  2,035,595  2,120,071  1,819,685 
                     ---------- ---------- ---------- ---------- ---------- 
Equity:
  SEACOR Holdings
   Inc. stockholders'
   equity:
    Preferred stock          --         --         --         --         -- 
    Common stock            366        366        366        364        364 
    Additional paid-
     in capital       1,277,751  1,271,617  1,265,708  1,256,209  1,245,436 
    Retained earnings 1,576,518  1,560,416  1,549,167  1,512,679  1,495,639 
    Shares held in
     treasury, at
     cost              (997,541)  (987,485)  (970,023)  (971,687)  (900,225)
    Accumulated other
     comprehensive
     loss, net of tax    (3,604)    (5,831)    (5,369)    (7,958)    (9,644)
                     ---------- ---------- ---------- ---------- ---------- 
                      1,853,490  1,839,083  1,839,849  1,789,607  1,831,570 
  Noncontrolling
   interests in
   subsidiaries          29,994     30,101     31,509     18,456     11,063 
                     ---------- ---------- ---------- ---------- ---------- 
    Total equity      1,883,484  1,869,184  1,871,358  1,808,063  1,842,633 
                     ---------- ---------- ---------- ---------- ---------- 
                     $3,917,236 $3,845,817 $3,906,953 $3,928,134 $3,662,318 
                     ========== ========== ========== ========== ========== 

                            SEACOR HOLDINGS INC.
                                FLEET COUNTS
                                 (unaudited)

                                Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30,
                                  2012     2012     2012     2011     2011
                                -------- -------- -------- -------- --------
Offshore Marine Services
Anchor handling towing supply         19       19       19       19       19
Crew                                  48       48       48       49       50
Mini-supply                            9        9        9        8        8
Standby safety                        25       25       26       26       27
Supply                                25       28       28       30       29
Towing supply                          3        3        5        5        5
Liftboats                             20       20       20        2        2
Specialty                              9        9        9        9        9
Wind farm utility                     30       30       30       29       --
                                -------- -------- -------- -------- --------
                                     188      191      194      177      149
                                ======== ======== ======== ======== ========

Aviation Services
Light helicopters - single
 engine                               59       59       58       58       60
Light helicopters - twin engine       41       44       46       45       45
Medium helicopters                    69       68       66       65       65
Heavy helicopters                     10        9        8        7        7
                                -------- -------- -------- -------- --------
                                     179      180      178      175      177
                                ======== ======== ======== ======== ========

Inland River Services
Inland river dry-cargo barges      1,444    1,453    1,479    1,496    1,489
Inland river liquid tank barges       80       78       77       77       79
Inland river deck barges              20       20       20       20       20
Inland river towboats                 31       31       30       31       31
Dry-cargo vessel                       1        1        1        1        1
                                -------- -------- -------- -------- --------
                                   1,576    1,583    1,607    1,625    1,620
                                ======== ======== ======== ======== ========

Marine Transportation Services
U.S.-flag product tankers              7        7        7        7        8
Foreign flag RORO vessels              7        8        8        8        8
U.S.-flag deck barges                  5        5       --       --       --
U.S.-flag RORO barges                  2        2       --       --       --
U.S.-flag Articulated tug-barge        1        1       --       --       --
                                -------- -------- -------- -------- --------
                                      22       23       15       15       16
                                ======== ======== ======== ======== ========

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

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

                                        Three Months Ended
                      ----------------------------------------------------- 
                       Sep. 30,   Jun. 30,   Mar. 31,   Dec. 31,   Sep. 30, 
                         2012       2012       2012       2011       2011
                      ---------  ---------  ---------  ---------  --------- 
Rates Per Day Worked:
  Anchor handling
   towing supply      $  22,794  $  24,541  $  30,928  $  27,187  $  27,287 
  Crew                    7,267      7,134      7,803      7,166      6,728 
  Mini-supply             7,735      7,424      7,409      7,948      7,535 
  Standby safety          9,806      9,679      9,230      9,254      9,302 
  Supply                 16,567     14,354     16,662     15,755     15,459 
  Towing supply           8,265      9,269      9,301      8,497      8,809 
  Specialty              26,195     14,557     12,964     17,845     16,172 
  Liftboats              19,830     17,454         --         --         -- 
  Overall Average
   Rates Per Day
   Worked (excluding
   wind farm utility)    12,718     12,068     13,174     12,187     11,318 
  Wind farm utility       2,882      2,802      2,431         --         -- 
  Overall Average
   Rates Per Day
   Worked                10,552     10,019     10,839     12,187     11,318 

Utilization:
  Anchor handling
   towing supply             57%        63%        77%        70%        52%
  Crew                       94%        84%        79%        78%        75%
  Mini-supply                88%        98%        98%        96%        87%
  Standby safety             89%        87%        86%        90%        88%
  Supply                     77%        75%        84%        82%        70%
  Towing supply              54%        51%        48%        44%        43%
  Specialty                  59%        45%        62%        70%        48%
  Liftboats                  82%        70%        --%        --%        --%
  Overall Fleet
   Utilization
   (excluding wind
   farm utility)             82%        77%        81%        80%        72%
  Wind farm utility          96%        93%        86%        --%        --%
  Overall Fleet
   Utilization               85%        80%        82%        80%        72%

Available Days:
  Anchor handling
   towing supply          1,564      1,547      1,547      1,564      1,564 
  Crew                    3,233      3,276      3,363      3,418      3,487 
  Mini-supply               644        637        637        644        644 
  Standby safety          2,208      2,195      2,275      2,355      2,392 
  Supply                  1,631      1,649      1,705      1,798      1,748 
  Towing supply             184        360        364        368        368 
  Specialty                 276        273        273        276        276 
  Liftboats               1,656      1,656         --         --         -- 
                      ---------  ---------  ---------  ---------  --------- 
  Overall Fleet
   Available Days
   (excluding wind
   farm utility)         11,396     11,593     10,164     10,423     10,479 
                      ---------  ---------  ---------  ---------  --------- 
  Wind farm utility       2,760      2,730      2,647         --         -- 
                      ---------  ---------  ---------  ---------  --------- 
  Overall Fleet
   Available Days        14,156     14,323     12,811     10,423     10,479 
                      =========  =========  =========  =========  ========= 


    


For additional information, contact
Molly Hottinger
(954) 627-5278
www.seacorholdings.com 

Copyright 2012, Marketwire, All rights reserved.

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