HomeCorporate InfoBusiness UnitsMediaInvestorsContact Us

alerts Alerts

Investor Relations

Press Releases

SEACOR Holdings Announces Second Quarter Results

Download PDF

FORT LAUDERDALE, FL--(Marketwire - July 22, 2009) - SEACOR Holdings Inc. (NYSE: CKH) announced net income attributable to its stockholders for the second quarter ended June 30, 2009 of $42.3 million, or $1.91 per diluted share, on operating revenues of $389.2 million. For the six months ended June 30, 2009, net income attributable to SEACOR Holdings Inc. was $95.3 million, or $4.27 per diluted share, on operating revenues of $788.7 million.

For the quarter ended June 30, 2008, net income attributable to SEACOR Holdings Inc. was $37.1 million, or $1.57 per diluted share, on operating revenues of $409.0 million. For the six months ended June 30, 2008, net income attributable to SEACOR Holdings Inc. was $73.7 million, or $3.06 per diluted share, on operating revenues of $763.4 million. See explanation below on the retrospective application of FSP APB 14-1.

For the preceding quarter ended March 31, 2009, net income attributable to SEACOR Holdings Inc. was $53.0 million, or $2.36 per diluted share, on operating revenues of $399.5 million. Comparison of results for the second quarter ended June 30, 2009 with the preceding quarter ended March 31, 2009 is included in the discussion below.

Highlights for the Quarter

Offshore Marine Services -- Operating income in the second quarter was $40.5 million on operating revenues of $146.5 million compared with operating income of $76.5 million on operating revenues of $164.8 million in the preceding quarter. Second quarter results included $0.4 million in gains on asset dispositions compared with $14.4 million in gains in the preceding quarter. Excluding the impact of gains on asset dispositions, operating income was $21.9 million lower in the second quarter.

Overall operating revenues were $18.3 million lower in the second quarter primarily due to a reduction in rig moving activity in the U.S. Gulf of Mexico and lower overall utilization primarily due to cold-stacking additional vessels. As of June 30, 2009, 23 vessels were cold-stacked, all in the U.S. Gulf of Mexico. In addition, as of June 30, 2009, $10.9 million of vessel charter hire billed to three customers has been deferred due to uncertainty of collection. The Company will recognize the amounts as operating revenues if and when collection is reasonably assured. Overall operating expenses were $2.8 million higher in the second quarter primarily due to increased regulatory drydocking and maintenance costs, higher insurance costs and higher brokered vessel activity in the Middle East. These increases were partially offset by reductions in operating expenses due to the effect of cold-stacking vessels and lower mobilization costs.

The number of days available for charter in the second quarter decreased by 224, or 1.6%. Overall utilization decreased from 80.9% to 75.0% and overall average day rates decreased by 5.8% from $12,777 per day to $12,030 per day.

Marine Transportation Services -- Operating income in the second quarter was $3.4 million on operating revenues of $24.1 million compared with operating income of $0.6 million on operating revenues of $26.5 million in the preceding quarter.

The increase in operating income was primarily due to the Seabulk Energy returning to service after completing a regulatory drydocking on February 22, 2009.

Inland River Services -- Operating income in the second quarter was $5.7 million on operating revenues of $30.2 million compared with operating income of $12.9 million on operating revenues of $37.0 million in the preceding quarter. Second quarter results included $0.4 million in gains on asset dispositions compared with $2.3 million in gains in the preceding quarter.

Excluding the impact of gains on asset dispositions, operating income was $5.3 million lower in the second quarter primarily due to weaker demand for non-grain shipments.

Aviation Services -- Operating income in the second quarter was $4.6 million on operating revenues of $57.7 million compared with operating income of $6.3 million on operating revenues of $59.4 million in the preceding quarter. Second quarter results included $1.1 million in net losses on asset dispositions and impairments.

Excluding the impact of asset dispositions and impairments, operating income was $0.5 million lower in the second quarter. The start of seasonal activity in Alaska and collection of insurance proceeds related to damage incurred in hurricanes Gustav and Ike were partially offset by reduced activity in the U.S. Gulf of Mexico. Administrative and general expenses were higher due to a recovery in the preceding quarter of a receivable balance from a major Alaska-based customer. Depreciation expense increased as new assets were placed in service.

Environmental Services -- Operating income in the second quarter was $1.8 million on operating revenues of $33.2 million compared with operating income of $1.2 million on operating revenues of $34.2 million in the preceding quarter.

Commodity Trading -- Operating income in the second quarter was $3.2 million on operating revenues of $85.9 million compared with operating income of $0.8 million on operating revenues of $64.5 million in the preceding quarter. Operating results in the second quarter were positively impacted by higher sales volumes at improved margins, partially offset by higher insurance expenses and bonus accruals.

Harbor and Offshore Towing Services -- Operating income in the second quarter was $3.2 million on operating revenues of $16.2 million compared with operating income of $1.7 million on operating revenues of $16.3 million in the preceding quarter. Operating results improved primarily due to gains on asset dispositions and lower drydocking costs as a result of the completion of several drydockings in the previous quarter.

Interest Income -- Interest income was $0.6 million in the second quarter compared with $1.0 million in the preceding quarter.

Interest Expense -- Interest expense was $14.1 million in the second quarter compared with $14.3 million in the preceding quarter. The decrease was primarily due to the Company's second quarter purchases of $45.1 million in principal amount of certain of its Senior Notes and Convertible Debentures partially offset by lower capitalized interest.

Debt Extinguishment -- During the second quarter, the Company recorded losses of $0.1 million on the purchases of $45.1 million in principal amount of certain of its Senior Notes and Convertible Debentures compared with gains of $1.4 million on the purchases of $16.9 million in principal amount of certain of its Senior Notes and Convertible Debentures in the preceding quarter.

Marketable Securities -- Marketable security gains were $11.8 million in the second quarter compared with losses of $4.0 million in the preceding quarter.

Derivatives -- Derivative gains were $3.8 million in the second quarter compared with gains of $3.6 million in the preceding quarter.

Foreign Currencies -- Foreign currency gains were $6.8 million in the second quarter compared with gains of $0.7 million in the preceding quarter. Second quarter gains were primarily due to a weakening of the U.S. dollar against foreign currencies underlying certain of the Company's cash positions and intercompany notes receivable.

Equity in Earnings of 50% or Less Owned Companies -- Equity in earnings from joint ventures was $3.5 million in the second quarter, the same as in the preceding quarter.

Capital Commitments -- The Company's unfunded capital commitments as of June 30, 2009 consisted primarily of offshore marine vessels, helicopters, ocean liquid tank barges and inland river towboats and totaled $117.4 million, of which $48.1 million is payable during 2009 and the balance payable through 2011. Of the total unfunded capital commitments, $20.9 million may be terminated without further liability other than the payment of liquidated damages of $3.0 million in the aggregate. As of June 30, 2009, the Company held balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and title XI reserve funds totaling $749.4 million.

FSP APB 14-1 -- Effective January 1, 2009, the Company adopted Financial Accounting Standards Board Staff Position, Accounting Principles Board 14-1, Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement) ("FSP APB 14-1"). FSP APB 14-1 requires issuers of convertible debt to account separately for the liability and equity components in a manner that reflects the issuers' non-convertible debt borrowing rate. The resulting debt discount is amortized over the period the debt is expected to be outstanding as additional non-cash interest expense. Upon adopting FSP APB 14-1, the Company recorded the impact on a retrospective basis for all relevant periods and adjusted previously reported equity as of December 31, 2008 by increasing additional paid-in capital $33.9 million and reducing retained earnings $18.9 million. Previously reported diluted earnings per common share remained unchanged.

SEACOR Holdings 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, marine transportation, inland river, aviation, environmental, commodity trading and offshore and harbor towing. SEACOR is focused on providing highly responsive local service combined with the highest safety standards, innovative technology, modern, efficient equipment and dedicated, professional employees.

This release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements concerning management's expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of results to differ materially from any future results, performance or achievements discussed or implied by such forward-looking statements. Such risks, uncertainties and other important factors include, among others: the unprecedented decline in valuations in the global financial markets and illiquidity in the credit sectors, including, interest rate fluctuations, availability of credit, inflation rates, change in laws, trade barriers, commodity prices and currency exchange fluctuations, the cyclical nature of the oil and gas industry, loss of U.S. coastwise endorsement for the Seabulk Trader and Seabulk Challenge, retrofitted double-hull tankers, if the Company is unsuccessful in litigation instructing the U.S. Coast Guard to revoke their coastwise charters, 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, 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, increased competition if the Jones Act is repealed, operational risks of Offshore Marine Services, Marine Transportation Services, Harbor and Offshore Towing Services and Aviation Services, effects of adverse weather conditions and seasonality, future phase-out of Marine Transportation Services' double-bottom tanker, dependence of spill response revenue on the number and size of spills and upon continuing government regulation in this area and Environmental Services' ability to comply with such regulation and other governmental regulation, changes in National Response Corporations' Oil Spill Removal Organization classification, liability in connection with providing spill response services, the level of grain export volume, the effect of fuel prices on barge towing costs, variability in freight rates for inland river barges, the effect of international economic and political factors in Inland River Services' operations, 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 following 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,
                            ----------------------  ----------------------
                               2009        2008        2009        2008
                            ----------  ----------  ----------  ----------

Operating Revenues          $  389,233  $  408,967  $  788,749  $  763,422
                            ----------  ----------  ----------  ----------

Costs and Expenses:
  Operating                    256,131     274,304     504,543     509,344
  Administrative and
   general                      40,058      45,095      78,740      84,100
  Depreciation and
   amortization                 39,828      37,728      79,092      75,528
                            ----------  ----------  ----------  ----------
                               336,017     357,127     662,375     668,972
                            ----------  ----------  ----------  ----------

Gains (Losses) on Asset
 Dispositions and
 Impairments, Net                  (15)     19,274      16,745      31,180
                            ----------  ----------  ----------  ----------

Operating Income                53,201      71,114     143,119     125,630
                            ----------  ----------  ----------  ----------

Other Income (Expense):
  Interest income                  578       5,373       1,621      12,849
  Interest expense             (14,075)    (14,625)    (28,412)    (28,116)
  Debt extinguishment gains
   (losses), net                   (78)         (1)      1,285          (1)
  Marketable security gains
   (losses), net                11,829         383       7,848      (5,301)
  Derivative gains
   (losses), net                 3,765      (7,113)      7,376        (646)
  Foreign currency gains,
   net                           6,847         604       7,505       3,214
  Other, net                        (1)        162         189         326
                            ----------  ----------  ----------  ----------
                                 8,865     (15,217)     (2,588)    (17,675)
                            ----------  ----------  ----------  ----------
Income Before Income Tax
 Expense and Equity In
 Earnings of 50% or Less
 Owned Companies                62,066      55,897     140,531     107,955
Income Tax Expense              22,916      19,933      51,115      39,723
                            ----------  ----------  ----------  ----------
Income Before Equity in
 Earnings of 50% or Less
 Owned Companies                39,150      35,964      89,416      68,232
Equity in Earnings of 50%
 or Less Owned Companies,
 Net of Tax                      3,491       1,315       7,018       5,894
                            ----------  ----------  ----------  ----------
Net Income                      42,641      37,279      96,434      74,126
Net Income attributable to
 Noncontrolling Interests
 in Subsidiaries                   333         191       1,132         393
                            ----------  ----------  ----------  ----------
Net Income attributable to
 SEACOR Holdings Inc.       $   42,308  $   37,088  $   95,302  $   73,733
                            ==========  ==========  ==========  ==========

Basic Earnings Per Common
 Share of SEACOR Holdings
 Inc.                       $     2.13  $     1.74  $     4.81  $     3.37

Diluted Earnings Per Common
 Share of SEACOR Holdings
 Inc.                       $     1.91  $     1.57  $     4.27  $     3.06

Weighted Average Common
 Shares Outstanding:
  Basic                     19,844,579  21,363,065  19,803,406  21,853,360
  Diluted                   23,528,365  25,170,903  23,511,361  25,691,551





                           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,
                            2009      2009      2008      2008      2008
                         --------- --------- --------- --------- ---------

Operating Revenues       $ 389,233 $ 399,516 $ 454,926 $ 437,608 $ 408,967
                         --------- --------- --------- --------- ---------

Costs and Expenses:
  Operating                256,131   248,412   291,898   269,874   274,304
  Administrative and
   general                  40,058    38,682    49,291    41,487    45,095
  Depreciation and
   amortization             39,828    39,264    41,300    39,598    37,728
                         --------- --------- --------- --------- ---------
                           336,017   326,358   382,489   350,959   357,127
                         --------- --------- --------- --------- ---------

Gains (Losses) on Asset
 Dispositions and
 Impairments, Net              (15)   16,760    37,899    20,074    19,274
                         --------- --------- --------- --------- ---------

Operating Income            53,201    89,918   110,336   106,723    71,114
                         --------- --------- --------- --------- ---------

Other Income (Expense):
  Interest income              578     1,043     2,610     4,329     5,373
  Interest expense         (14,075)  (14,337)  (15,291)  (16,409)  (14,625)
  Debt extinguishment
   gains (losses), net         (78)    1,363     6,266        --        (1)
  Marketable security
   gains (losses), net      11,829    (3,981)     (544)   35,950       383
  Derivative gains
   (losses), net             3,765     3,611    (4,512)   (8,430)   (7,113)
  Foreign currency gains
   (losses), net             6,847       658    (4,368)   (6,683)      604
  Other, net                    (1)      190        83       (89)      162
                         --------- --------- --------- --------- ---------
                             8,865   (11,453)  (15,756)    8,668   (15,217)
                         --------- --------- --------- --------- ---------
Income Before Income Tax
 Expense and Equity In
 Earnings of 50% or Less
 Owned Companies            62,066    78,465    94,580   115,391    55,897
Income Tax Expense          22,916    28,199    28,000    42,849    19,933
                         --------- --------- --------- --------- ---------
Income Before Equity in
 Earnings of 50% or Less
 Owned Companies            39,150    50,266    66,580    72,542    35,964
Equity in Earnings of
 50% or Less Owned
 Companies, Net of Tax       3,491     3,527     4,015     2,160     1,315
                         --------- --------- --------- --------- ---------
Net Income                  42,641    53,793    70,595    74,702    37,279
Net Income attributable
 to Noncontrolling
 Interests in
 Subsidiaries                  333       799       124       363       191
                         --------- --------- --------- --------- ---------
Net Income attributable
 to SEACOR Holdings Inc. $  42,308 $  52,994 $  70,471 $  74,339 $  37,088
                         ========= ========= ========= ========= =========

Basic Earnings Per
 Common Share of
 SEACOR Holdings Inc.    $    2.13 $    2.68 $    3.58 $    3.68 $    1.74

Diluted Earnings Per
 Common Share of
 SEACOR Holdings Inc.    $    1.91 $    2.36 $    3.11 $    3.20 $    1.57

Weighted Average Common
 Shares of Outstanding:
  Basic                     19,845    19,762    19,704    20,183    21,363
  Diluted                   23,528    23,507    23,471    23,999    25,171
Common Shares
 Outstanding at Period
 End                        20,201    20,191    20,018    19,976    21,117




                           SEACOR HOLDINGS INC.
                OPERATING INCOME (LOSS) BY LINE OF BUSINESS
                        (in thousands, unaudited)



                                      Three Months Ended
                    -------------------------------------------------------
                     Jun. 30,   Mar. 31,   Dec. 31,    Sep. 30,   Jun. 30,
                       2009       2009       2008        2008       2008
                    ---------- ---------- ----------  ---------- ----------

Offshore Marine
 Services
Operating Revenues  $  146,466 $  164,783 $  185,956  $  196,911 $  171,214
                    ---------- ---------- ----------  ---------- ----------
Costs and Expenses:
  Operating             81,609     78,839     93,443      97,790    104,599
  Administrative and
   general              10,935     10,198     15,344      14,473     15,801
  Depreciation and
   amortization         13,802     13,689     14,146      13,689     13,674
                    ---------- ---------- ----------  ---------- ----------
                       106,346    102,726    122,933     125,952    134,074
                    ---------- ---------- ----------  ---------- ----------

Gains on Asset
 Dispositions and
 Impairments, Net          361     14,446     34,200      13,516     14,352
                    ---------- ---------- ----------  ---------- ----------
Operating Income    $   40,481 $   76,503 $   97,223  $   84,475 $   51,492
                    ========== ========== ==========  ========== ==========

Marine
 Transportation
 Services
Operating Revenues  $   24,095 $   26,537 $   28,776  $   27,535 $   28,764
                    ---------- ---------- ----------  ---------- ----------
Costs and Expenses:
  Operating             11,792     16,771     16,874      22,391     16,762
  Administrative and
   general                 942      1,184      1,771       1,486      1,607
  Depreciation and
   amortization          7,999      7,999      7,997       7,997      8,039
                    ---------- ---------- ----------  ---------- ----------
                        20,733     25,954     26,642      31,874     26,408
                    ---------- ---------- ----------  ---------- ----------
Operating Income
 (Loss)             $    3,362 $      583 $    2,134  $   (4,339)$    2,356
                    ========== ========== ==========  ========== ==========

Inland River
 Services
Operating Revenues  $   30,163 $   37,014 $   44,038  $   36,517 $   33,322
                    ---------- ---------- ----------  ---------- ----------
Costs and Expenses:
  Operating             17,839     19,409     21,304      23,079     21,310
  Administrative and
   general               2,048      2,136      2,048       1,800      1,916
  Depreciation and
   amortization          4,950      4,866      4,440       4,146      4,032
                    ---------- ---------- ----------  ---------- ----------
                        24,837     26,411     27,792      29,025     27,258
                    ---------- ---------- ----------  ---------- ----------

Gains on Asset
 Dispositions              396      2,261      4,138       4,073      1,472
                    ---------- ---------- ----------  ---------- ----------
Operating Income    $    5,722 $   12,864 $   20,384  $   11,565 $    7,536
                    ========== ========== ==========  ========== ==========

Aviation Services
Operating Revenues  $   57,700 $   59,385 $   57,557  $   73,483 $   63,795
                    ---------- ---------- ----------  ---------- ----------
Costs and Expenses:
  Operating             37,312     40,317     44,931      49,991     46,697
  Administrative and
   general               5,649      4,151      5,432       5,174      4,895
  Depreciation and
   amortization          9,070      8,706     10,379       9,571      8,672
                    ---------- ---------- ----------  ---------- ----------
                        52,031     53,174     60,742      64,736     60,264
                    ---------- ---------- ----------  ---------- ----------

Gains (Losses) on Asset
 Dispositions and
 Impairments, Net       (1,104)        45        (26)      1,307      3,208
                    ---------- ---------- ----------  ---------- ----------
Operating Income
 (Loss)             $    4,565 $    6,256 $   (3,211) $   10,054 $    6,739
                    ========== ========== ==========  ========== ==========

Environmental
 Services
Operating Revenues  $   33,175 $   34,234 $   45,360  $   42,177 $   37,984
                    ---------- ---------- ----------  ---------- ----------
Costs and Expenses:
  Operating             23,656     24,077     30,253      29,904     26,571
  Administrative and
   general               5,966      7,241      7,471       5,924      8,423
  Depreciation and
   amortization          1,739      1,754      2,161       2,033      1,414
                    ---------- ---------- ----------  ---------- ----------
                        31,361     33,072     39,885      37,861     36,408
                    ---------- ---------- ----------  ---------- ----------

Gains on Asset
 Dispositions                4          8          5          --         84
                    ---------- ---------- ----------  ---------- ----------
Operating Income    $    1,818 $    1,170 $    5,480  $    4,316 $    1,660
                    ========== ========== ==========  ========== ==========



                           SEACOR HOLDINGS INC.
          OPERATING INCOME (LOSS) BY LINE OF BUSINESS (continued)
                        (in thousands, unaudited)

                                       Three Months Ended
                     -----------------------------------------------------
                     Jun. 30,   Mar. 31,   Dec. 31,   Sep. 30,   Jun. 30,
                       2009       2009       2008       2008       2008
                     ---------  ---------  ---------  ---------  ---------

Commodity Trading
Operating Revenues   $  85,852  $  64,503  $  79,881  $  44,290  $  55,419
                     ---------  ---------  ---------  ---------  ---------
Costs and Expenses:
  Operating             79,165     61,871     78,425     37,746     46,977
  Administrative and
   general               3,468      1,839      5,231      1,358      1,644
  Depreciation and
   amortization              2         --         --         --         --
                     ---------  ---------  ---------  ---------  ---------
                        82,635     63,710     83,656     39,104     48,621
                     ---------  ---------  ---------  ---------  ---------
Operating Income
 (Loss)              $   3,217  $     793  $  (3,775) $   5,186  $   6,798
                     =========  =========  =========  =========  =========

Harbor and Offshore
 Towing Services
Operating Revenues   $  16,241  $  16,346  $  16,792  $  19,529  $  19,929
                     ---------  ---------  ---------  ---------  ---------
Costs and Expenses:
  Operating              9,214     10,704      9,812     11,941     12,959
  Administrative and
   general               2,228      2,020      2,654      2,571      2,398
  Depreciation and
   amortization          1,973      1,952      1,940      1,884      1,648
                     ---------  ---------  ---------  ---------  ---------
                        13,415     14,676     14,406     16,396     17,005
                     ---------  ---------  ---------  ---------  ---------

Gains (Losses) on
 Asset Dispositions        330         --         (5)        --        158
                     ---------  ---------  ---------  ---------  ---------
Operating Income     $   3,156  $   1,670  $   2,381  $   3,133  $   3,082
                     =========  =========  =========  =========  =========

Other
Operating Revenues   $      --  $      --  $      --  $     270  $     104
                     ---------  ---------  ---------  ---------  ---------
Costs and Expenses:
  Operating                 --         --         --         --         --
  Administrative and
   general                 379        206        122        117        131
  Depreciation and
   amortization             --         --         --          3          8
                     ---------  ---------  ---------  ---------  ---------
                           379        206        122        120        139
                     ---------  ---------  ---------  ---------  ---------

Gains (Losses) on
 Asset Dispositions         --         --        (16)     1,178         --
                     ---------  ---------  ---------  ---------  ---------
Operating Income
 (Loss)              $    (379) $    (206) $    (138) $   1,328  $     (35)
                     =========  =========  =========  =========  =========

Corporate and
 Eliminations
Operating Revenues   $  (4,459) $  (3,286) $  (3,434) $  (3,104) $  (1,564)
                     ---------  ---------  ---------  ---------  ---------
Costs and Expenses:
  Operating             (4,456)    (3,576)    (3,144)    (2,968)    (1,571)
  Administrative and
   general               8,443      9,707      9,218      8,584      8,280
  Depreciation and
   amortization            293        298        237        275        241
                     ---------  ---------  ---------  ---------  ---------
                         4,280      6,429      6,311      5,891      6,950
                     ---------  ---------  ---------  ---------  ---------

Losses on Asset
 Dispositions and
 Impairments, Net           (2)        --       (397)        --         --
                     ---------  ---------  ---------  ---------  ---------
Operating Loss       $  (8,741) $  (9,715) $ (10,142) $  (8,995) $  (8,514)
                     =========  =========  =========  =========  =========





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

                  Jun. 30,   Mar. 31,    Dec. 31,    Sep. 30,    Jun. 30,
                    2009       2009        2008        2008        2008
                ----------  ----------  ----------  ----------  ----------
     ASSETS
Current Assets:
  Cash and cash
   equivalents  $  415,626  $  376,720  $  275,442  $  326,143  $  422,569
  Restricted
   cash             20,838      23,984      20,787      23,659      30,072
  Marketable
   securities       47,305      50,785      53,817      72,862      97,920
  Receivables:
   Trade, net
    of allowance
    for doubtful
    accounts       251,111     262,170     277,350     294,330     272,291
   Other            60,373      41,515      40,141      57,892      54,520
  Inventories       68,082      62,065      66,278      50,234      42,063
  Deferred
   income taxes      5,164       5,164       5,164       9,929       9,929
  Prepaid expenses
   and other        14,734      11,286      10,499       8,943      12,067
                ----------  ----------  ----------  ----------  ----------
   Total
    current
    assets         883,233     833,689     749,478     843,992     941,431
                ----------  ----------  ----------  ----------  ----------
Property and
 Equipment       2,801,446   2,761,837   2,741,322   2,706,500   2,665,956
   Accumulated
    depreciation  (692,084)   (649,971)   (601,806)   (596,017)   (578,100)
                ----------  ----------  ----------  ----------  ----------
  Net property
   and equipment 2,109,362   2,111,866   2,139,516   2,110,483   2,087,856
                ----------  ----------  ----------  ----------  ----------
Investments, at
 Equity, and
 Receivables
 from 50% or
 Less Owned
 Companies         150,862     158,066     150,062     143,190     115,701
Construction
 Reserve Funds &
 Title XI
 Reserve Funds     265,586     297,681     305,757     265,586     270,357
Goodwill            53,581      52,919      51,496      61,401      63,101
Intangible Assets   26,018      27,230      28,478      29,707      28,079
Other Assets, net
 of allowance for
 doubtful
 accounts           48,053      36,086      34,867      30,606      39,430
                ----------  ----------  ----------  ----------  ----------
                $3,536,695  $3,517,537  $3,459,654  $3,484,965  $3,545,955
                ==========  ==========  ==========  ==========  ==========

    LIABILITIES
    AND EQUITY
Current Liabilities:
  Current
   portion of
   long-term
   debt         $   11,834  $   12,301  $   33,671  $   10,301  $   10,385
  Current portion
   of capital
   lease
   obligations         921         921         907      15,074      33,682
  Accounts
   payable and
   accrued
   expenses         93,908     104,023     102,798     105,496     101,942
  Other current
   liabilities     157,030     145,421     139,425     226,395     273,185
                ----------  ----------  ----------  ----------  ----------
   Total current
    liabilities    263,693     262,666     276,801     357,266     419,194
                ----------  ----------  ----------  ----------  ----------
Long-Term Debt     861,096     910,156     895,689     904,072     898,265
Capital Lease
 Obligations         7,178       7,426       7,685       7,940       8,192
Deferred Income
 Taxes             543,075     530,825     515,455     520,871     501,602
Deferred Gains
 and Other
 Liabilities       111,939     111,714     121,796     126,281     127,217
                ----------  ----------  ----------  ----------  ----------
   Total
    liabilities  1,786,981   1,822,787   1,817,426   1,916,430   1,954,470
                ----------  ----------  ----------  ----------  ----------
Equity:
 SEACOR Holdings Inc.
  stockholders'
  equity:
   Preferred
    stock               --          --          --          --          --
   Common stock        326         325         324         323         323
   Additional
    paid-in
    capital        962,990     959,092     956,457     951,109     947,791
   Retained
    earnings     1,498,073   1,455,765   1,402,771   1,332,300   1,257,961
   Shares held
    in treasury,
    at cost       (723,650)   (723,154)   (724,357)   (724,165)   (628,041)
   Accumulated
    other
    comprehensive
    income (loss)    2,318      (5,614)     (5,045)     (2,977)      1,470
                ----------  ----------  ----------  ----------  ----------
                 1,740,057   1,686,414   1,630,150   1,556,590   1,579,504
 Noncontrolling
  interests in
  subsidiaries       9,657       8,336      12,078      11,945      11,981
                ----------  ----------  ----------  ----------  ----------
  Total equity   1,749,714   1,694,750   1,642,228   1,568,535   1,591,485
                ----------  ----------  ----------  ----------  ----------
                $3,536,695  $3,517,537  $3,459,654  $3,484,965  $3,545,955
                ==========  ==========  ==========  ==========  ==========




                           SEACOR HOLDINGS INC.
                      EQUIPMENT BY LINE OF BUSINESS

                               Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30,
                                 2009     2009     2008     2008     2008
                               -------- -------- -------- -------- --------
Offshore Marine Services
Anchor handling towing supply        21       21       20       20       20
Crew                                 68       71       75       77       76
Mini-supply                          12       15       16       19       20
Standby safety                       24       28       29       29       29
Supply                               28       28       27       27       28
Towing supply                        13       13       14       15       16
Specialty                             9        9        9       10       13
                               -------- -------- -------- -------- --------
                                    175      185      190      197      202
                               ======== ======== ======== ======== ========

Marine Transportation Services
U.S.-flag product tankers             8        8        8        8        8
                               ======== ======== ======== ======== ========

Inland River Services
Inland river dry cargo
 barges-open                        333      333      345      338      318
Inland river dry cargo
 barges-covered                     626      629      632      637      659
Inland river liquid tank
 barges                              87       87       86       75       75
Inland river deck barges             26       26       26       26       26
Inland river towboats                23       23       22       21       20
Dry-cargo vessel                      1        1       --       --       --
                               -------- -------- -------- -------- --------
                                  1,096    1,099    1,111    1,097    1,098
                               ======== ======== ======== ======== ========

Aviation Services
Light helicopters - single
 engine                              60       64       63       62       62
Light helicopters - twin
 engine                              50       55       55       53       55
Medium helicopters                   61       63       62       58       57
Heavy helicopters                     8        6        7        6        5
                               -------- -------- -------- -------- --------
                                    179      188      187      179      179
                               ======== ======== ======== ======== ========

Harbor and Offshore Towing
 Services
Harbor and offshore tugs             33       35       35       35       35
Ocean liquid tank barges              3        3        3        3        2
                               -------- -------- -------- -------- --------
                                     36       38       38       38       37
                               ======== ======== ======== ======== ========
For additional information, contact:
Molly Hottinger
(954) 627-5278
www.seacorholdings.com