SEACOR HOLDINGS INC /NEW/ - FORM 8-K - EX-99.1 - EXHIBIT

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8-K - 8-K - SEACOR HOLDINGS INC /NEW/	seacorholdingsinc8-kq213ea.htm

PRESS RELEASE

SEACOR HOLDINGS ANNOUNCES RESULTS FOR ITS

SECOND QUARTER ENDED JUNE 30, 2013

Fort Lauderdale, Florida

July 30, 2013

FOR IMMEDIATE RELEASE - SEACOR Holdings Inc. (NYSE:CKH) today announced its results for its second quarter ended June 30, 2013. For the quarter ended June 30, 2013, net income attributable to SEACOR Holdings Inc. was $19.3 million, or $0.91 per diluted share. For the six months ended June 30, 2013, net income attributable to SEACOR Holdings Inc. was $8.4 million, or $0.42 per diluted share.

For the preceding quarter ended March 31, 2013, the Company reported a net loss attributable to SEACOR Holdings Inc. of $10.9 million, or $0.55 per diluted share.

A comparison of results for the quarter ended June 30, 2013 with the preceding quarter ended March 31, 2013 is included in "Highlights for the Quarter" discussion below.

For the quarter ended June 30, 2012, net income attributable to SEACOR Holdings Inc. was $11.2 million, or $0.54 per diluted share, including income from continuing operations of $6.4 million, or $0.31 per diluted share. For the six months ended June 30, 2012, net income attributable to SEACOR Holdings Inc. was $47.7 million, or $2.29 per diluted share, including income from continuing operations of $27.7 million, or $1.33 per diluted share.

Highlights for the Quarter

Offshore Marine Services - Operating income was $18.3 million on operating revenues of $138.7 million compared with operating income of $5.2 million on operating revenues of $124.0 million in the preceding quarter.

In the U.S. Gulf of Mexico, operating revenues were $2.3 million higher in the second quarter. Time charter revenues for the Company's liftboat fleet were $5.4 million higher primarily due to the seasonal upturn in activity levels. Time charter revenues for the Company's anchor handling towing supply vessels were $6.4 million lower primarily due to increased out-of-service days for drydockings. Time charter revenues for other vessel classes were $2.9 million higher primarily due to improved utilization and higher day rates for the Company's supply vessels. Utilization in the U.S Gulf of Mexico was 78.6% compared with 73.7% in the preceding quarter and average day rates increased from $15,119 per day to $15,267 per day. As of June 30, 2013, the Company had no vessels cold-stacked in the U.S. Gulf of Mexico.

In International regions, excluding the contribution of the wind farm utility vessels, operating revenues were $11.0 million higher in the second quarter. In Mexico, Central and South America, time charter revenues were $5.5 million higher primarily due to the commencement of contracts for three vessels mobilized from the U.S. Gulf of Mexico and $3.3 million higher primarily due to reduced drydocking activity and improved spot market conditions in Brazil. In Asia, time charter revenues were $1.9 million higher primarily due to the commencement of a term charter in Sakhalin. In other international regions, time charter revenues were lower primarily due to increased drydocking activity in West Africa. Utilization was 85.0% compared with 83.2% in the preceding quarter and average day rates increased from $10,942 per day to $12,177 per day.

Operating expenses were $7.6 million higher in the second quarter primarily due to vessels mobilizing between geographic regions, a general increase in activity levels and increased drydocking expenses. During the second quarter, drydocking costs were $14.8 million compared with $11.2 million in the preceding quarter. The number of out-of-service days attributable to drydockings was 994 days compared with 645 days in the preceding quarter.

In the second quarter, the total number of days available for charter for the Company's fleet, excluding wind farm utility vessels, decreased by 70 days, or 1% primarily due to net fleet dispositions. Overall utilization, excluding wind farm utility vessels, increased from 79.0% to 82.0% and overall average day rates, excluding wind farm utility vessels, increased by 6% from $12,878 per day to $13,588 per day. Time charter operating data by vessel class is presented in the table included herein.

During the second quarter, the Company sold six offshore support vessels and other equipment for net proceeds of $14.7 million and gains of $7.9 million. During the preceding quarter, the Company sold two offshore support vessels and other equipment for net proceeds of $60.6 million and gains of $2.3 million.

During the second quarter, the Company acquired a 100% controlling interest in its C-Lift joint venture through the acquisition of its partner's 50% interest and recognized a $4.2 million gain, net of tax, included in equity in earnings of 50% or less owned companies upon marking its investment to fair value.

Inland River Services - Operating income was $5.5 million on operating revenues of $47.4 million compared with operating income of $3.3 million on operating revenues of $50.1 million in the preceding quarter. Second quarter results included $4.3 million of gains on asset dispositions compared with $0.7 million in gains in the preceding quarter. Operating results for the pooled hopper barge fleet were lower in the second quarter primarily due to difficult river operating conditions combined with continuing weak demand for barge freight. Operating results for the Company's fleeting operation improved primarily due to the impact of the opening of the Upper Mississippi and increased traffic through the Port of St. Louis. Operating results for the Company's terminal operations improved primarily due to higher throughput volumes of crude oil at the Company's Gateway terminal in Sauget, Illinois.

Shipping Services - Operating income was $4.6 million on operating revenues of $48.1 million compared with operating income of $3.8 million on operating revenues of $46.5 million in the preceding quarter. Operating results for petroleum transportation were $2.2 million lower in the second quarter primarily due to more days out-of-service for drydocking and higher drydocking expenses partially offset by an increase in time charter rates for two U.S.-flag product tankers. Operating results for harbor towing and bunkering were $2.7 million higher in the second quarter primarily due to an impairment charge of $3.0 million for two harbor tugs in the preceding quarter. Operating results for short-sea and liner transportation were $0.7 million higher primarily due to increased cargo shipping demand. Equity in losses were lower in the second quarter primarily due to improved results from the Company's Jones Act liner transportation joint venture.

Ethanol and Industrial Alcohol - Ethanol and Industrial Alcohol reported segment profit of $0.5 million on operating revenues of $61.4 million compared with a segment loss of $3.3 million on operating revenues of $32.8 million in the preceding quarter. The improvement in segment profit was primarily due to higher fuel ethanol margins.

Other - Other reported a segment profit of $0.1 million during the second quarter. In the preceding quarter, segment profit of $2.4 million was primarily due to a gain on the sale of real property.

Capital Commitments - As of June 30, 2013, the Company's unfunded capital commitments were $150.1 million and included: 17 offshore support vessels for $128.2 million; two inland river tank barges for $2.9 million; five inland river towboats for $10.9 million; one U.S.-flag harbor tug for $1.6 million; and other equipment and improvements for $6.5 million. Of these commitments, $55.6 million is payable during 2013 with the balance payable through 2015. These unfunded capital commitments exclude $139.4 million related to two Liquefied Petroleum Gas tankers (Very Large Gas Carriers, otherwise known as "VLGC's") that the Company's Shipping Services business segment committed to construct during the second quarter. Subsequent to June 30, 2013, the Company contributed $42.1 million in net cash and other consideration valued at $14.9 million that included certain progress payments made toward the construction of the two VLGC's, the construction contracts for the VLGC's and the related options to construct additional VLGC's to Dorian LPG Ltd. in exchange for a noncontrolling ownership interest.

As of June 30, 2013, the Company held balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and Title XI reserve funds totaling $589.2 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, inland river and shipping. 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.

Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,” “plan,” “target,” “forecast” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management's expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. These statements are not guarantees of future performance and actual events or results may differ significantly from these statements. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, including 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 or failures to finalize commitments to charter vessels 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 the provision of 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 and Shipping Services, decreased demand for Shipping 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 and Shipping Services on several customers, consolidation of the Company's customer base, the ongoing need to replace aging vessels, industry fleet capacity, restrictions imposed by the Shipping Acts on the amount of foreign ownership of the Company's Common Stock, operational risks of Offshore Marine Services, Inland River Services and Shipping Services, effects of adverse weather conditions and seasonality, 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 agriculture commodity trading and logistics activities, adequacy of insurance coverage, the attraction and retention of qualified personnel by the Company, and various other matters and factors, many of which are beyond the Company's control as well as those discussed in Item 1A (Risk Factors) of the Company's Annual report on Form 10-K. In addition, these statements constitute the Company's cautionary statements under the Private Securities Litigation Reform Act of 1995. It should be understood that it is not possible to predict or identify all such factors. Consequently, the preceding should not be considered to be a complete discussion of all potential risks or uncertainties. 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, except as required by law. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the Securities and Exchange Commission, including Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any).

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,
	2013			2012			2013			2012
Operating Revenues	$	315,563		$	309,225		$	582,627		$	607,074
Costs and Expenses:
Operating	240,113			244,545			441,026			452,964
Administrative and general	34,718			36,301			70,363			71,292
Depreciation and amortization	33,783			33,220			67,331			62,922
	308,614			314,066			578,720			587,178
Gains on Asset Dispositions and Impairments, Net	12,305			3,342			14,320			7,119
Operating Income (Loss)	19,254			(1,499		)	18,227			27,015
Other Income (Expense):
Interest income	3,218			7,392			6,385			10,035
Interest expense	(7,922		)	(10,012		)	(20,762		)	(19,999		)
Debt extinguishment losses, net	—			—			—			(160		)
Marketable security gains, net	6,557			11,596			10,552			14,954
Derivative gains (losses), net	(825		)	2,554			(2,932		)	(404		)
Foreign currency gains (losses), net	(916		)	(1,024		)	(4,927		)	637
Other, net	195			443			198			359
	307			10,949			(11,486		)	5,422
Income from Continuing Operations Before Income Tax Expense and Equity in Earnings from 50% or Less Owned Companies	19,561			9,450			6,741			32,437
Income Tax Expense	7,975			3,250			5,322			12,710
Income from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies	11,586			6,200			1,419			19,727
Equity in Earnings of 50% or Less Owned Companies, Net of Tax	7,710			295			6,841			7,956
Income from Continuing Operations	19,296			6,495			8,260			27,683
Income (Loss) from Discontinued Operations, Net of Tax	—			4,804			(211		)	19,989
Net Income	19,296			11,299			8,049			47,672
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries	25			50			(348		)	(65		)
Net Income attributable to SEACOR Holdings Inc.	$	19,271		$	11,249		$	8,397		$	47,737

Net Income (Loss) attributable to SEACOR Holdings Inc.:
Continuing operations	$	19,271		$	6,445		$	8,508		$	27,748
Discontinued operations	—			4,804			(111		)	19,989
	$	19,271		$	11,249		$	8,397		$	47,737
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
Continuing operations	$	0.97		$	0.31		$	0.43		$	1.35
Discontinued operations	—			0.24			(0.01		)	0.97
	$	0.97		$	0.55		$	0.42		$	2.32
Diluted Earnings Per Common Share of SEACOR Holdings Inc.:
Continuing operations	$	0.91		$	0.31		$	0.42		$	1.33
Discontinued operations	—			0.23			—			0.96
	$	0.91		$	0.54		$	0.42		$	2.29
Weighted Average Common Shares Outstanding:
Basic	19,825,229			20,584,567			19,782,318			20,552,114
Diluted	24,392,312			20,871,380			20,114,904			20,883,570

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

	Three Months Ended
	Jun. 30, 2013			Mar. 31, 2013			Dec. 31, 2012			Sep. 30, 2012			Jun. 30, 2012
Operating Revenues	$	315,563		$	267,064		$	362,368		$	338,855		$	309,225
Costs and Expenses:
Operating	240,113			200,913			270,500			254,005			244,545
Administrative and general	34,718			35,645			55,942			39,509			36,301
Depreciation and amortization	33,783			33,548			34,398			34,347			33,220
	308,614			270,106			360,840			327,861			314,066
Gains on Asset Dispositions and Impairments, Net	12,305			2,015			7,804			9,064			3,342
Operating Income (Loss)	19,254			(1,027		)	9,332			20,058			(1,499		)
Other Income (Expense):
Interest income	3,218			3,167			3,435			3,890			7,392
Interest expense	(7,922		)	(12,840		)	(7,816		)	(10,076		)	(10,012		)
Marketable security gains (losses), net	6,557			3,995			(333		)	(1,730		)	11,596
Derivative gains (losses), net	(825		)	(2,107		)	(378		)	(2,030		)	2,554
Foreign currency gains (losses), net	(916		)	(4,011		)	(34		)	1,028			(1,024		)
Other, net	195			3			(309		)	7,098			443
	307			(11,793		)	(5,435		)	(1,820		)	10,949
Income (Loss) from Continuing Operations Before Income Tax Expense (Benefit) and Equity In Earnings (Losses) of 50% or Less Owned Companies	19,561			(12,820		)	3,897			18,238			9,450
Income Tax Expense (Benefit)	7,975			(2,653		)	3,769			7,702			3,250
Income (Loss) from Continuing Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies	11,586			(10,167		)	128			10,536			6,200
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax	7,710			(869		)	(12,423		)	(1,297		)	295
Income (Loss) from Continuing Operations	19,296			(11,036		)	(12,295		)	9,239			6,495
Income (Loss) from Discontinued Operations, Net of Tax	—			(211		)	9,578			6,265			4,804
Net Income (Loss)	19,296			(11,247		)	(2,717		)	15,504			11,299
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries	25			(373		)	(93		)	(598		)	50
Net Income (Loss) attributable to SEACOR Holdings Inc.	$	19,271		$	(10,874	)	$	(2,624	)	$	16,102		$	11,249

Net Income (Loss) attributable to SEACOR Holdings Inc.:
Continuing operations	$	19,271		$	(10,763	)	$	(12,242	)	$	9,837		$	6,445
Discontinued operations	—			(111		)	9,618			6,265			4,804
	$	19,271		$	(10,874	)	$	(2,624	)	$	16,102		$	11,249
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
Continuing operations	$	0.97		$	(0.55	)	$	(0.61	)	$	0.48		$	0.31
Discontinued operations	—			—			0.48			0.31			0.24
	$	0.97		$	(0.55	)	$	(0.13	)	$	0.79		$	0.55
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:
Continuing operations	$	0.91		$	(0.55	)	$	(0.61	)	$	0.47		$	0.31
Discontinued operations	—			—			0.48			0.31			0.23
	$	0.91		$	(0.55	)	$	(0.13	)	$	0.78		$	0.54
Weighted Average Common Shares of Outstanding:
Basic	19,825			19,739			20,173			20,433			20,585
Diluted	24,392			19,739			20,173			20,740			20,871
Common Shares Outstanding at Period End	20,184			20,106			19,888			20,851			20,948
Special Cash Dividend Declared and Paid Per Common Share of SEACOR Holdings Inc.	$	—		$	—		$	5.00		$	—		$	—

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

	Three Months Ended
	Jun. 30, 2013			Mar. 31, 2013			Dec. 31, 2012			Sep. 30, 2012			Jun. 30, 2012
Offshore Marine Services
Operating Revenues	$	138,678		$	124,016		$	141,133		$	134,322		$	123,276
Costs and Expenses:
Operating	97,581			90,031			91,414			88,842			94,084
Administrative and general	14,235			14,827			19,456			14,795			13,146
Depreciation and amortization	16,460			16,287			16,750			16,051			15,859
	128,276			121,145			127,620			119,688			123,089
Gains on Asset Dispositions	7,895			2,339			5,822			6,585			624
Operating Income	18,297			5,210			19,335			21,219			811
Other Income (Expense):
Derivative gains (losses), net	175			150			(243		)	—			—
Foreign currency gains (losses), net	(833		)	(3,264		)	(409		)	717			(354		)
Other, net	11			—			(9		)	—			11
Equity in Earnings of 50% or Less Owned Companies, Net of Tax	7,694			1,313			1,146			1,238			1,001
Segment Profit	$	25,344		$	3,409		$	19,820		$	23,174		$	1,469

OIBDA⁽¹⁾	$	34,757		$	21,497		$	36,085		$	37,270		$	16,670
Drydocking expenditures (included in operating costs and expenses)	$	14,804		$	11,225		$	7,261		$	4,343		$	10,810
Out-of-service days for drydockings	994			645			323			315			795

Inland River Services
Operating Revenues	$	47,357		$	50,077		$	66,476		$	53,293		$	53,302
Costs and Expenses:
Operating	35,193			36,389			47,630			38,320			37,463
Administrative and general	3,921			4,024			4,689			3,480			3,773
Depreciation and amortization	7,078			7,084			6,684			7,335			7,244
	46,192			47,497			59,003			49,135			48,480
Gains on Asset Dispositions	4,296			697			1,378			3,503			858
Operating Income	5,461			3,277			8,851			7,661			5,680
Other Income (Expense):
Foreign currency gains (losses), net	219			(137		)	144			33			(71		)
Other, net	—			—			(1		)	—			—
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax	1			(2,387		)	(1,772		)	(2,227		)	439
Segment Profit	$	5,681		$	753		$	7,222		$	5,467		$	6,048

OIBDA⁽¹⁾	$	12,539		$	10,361		$	15,535		$	14,996		$	12,924

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

	Three Months Ended
	Jun. 30, 2013			Mar. 31, 2013			Dec. 31, 2012			Sep. 30, 2012			Jun. 30, 2012
Shipping Services
Operating Revenues	$	48,103		$	46,476		$	46,322		$	45,157		$	42,824
Costs and Expenses:
Operating	29,554			26,614			28,250			28,089			28,214
Administrative and general	6,124			5,177			5,614			6,567			5,505
Depreciation and amortization	7,907			7,797			7,880			7,776			7,362
	43,585			39,588			41,744			42,432			41,081
Gains (Losses) on Asset Dispositions and Impairments, Net	114			(3,069		)	1,123			145			1,860
Operating Income	4,632			3,819			5,701			2,870			3,603
Other Income (Expense):
Foreign currency gains (losses), net	(8		)	(7		)	(11		)	8			(4		)
Other, net	188			14			20			7,145			257
Equity in Losses of 50% or Less Owned Companies, Net of Tax	(403		)	(1,505		)	(2,606		)	(551		)	(774		)
Segment Profit	$	4,409		$	2,321		$	3,104		$	9,472		$	3,082

OIBDA⁽¹⁾	$	12,539		$	11,616		$	13,581		$	10,646		$	10,965
Drydocking expenditures for U.S.-flag product tankers (included in operating costs and expenses)	$	2,884		$	74		$	2,137		$	—		$	—
Out-of-service days for drydockings of U.S.-flag product tankers	34			1			27			—			—

Ethanol and Industrial Alcohol
Operating Revenues	$	61,378		$	32,849		$	42,280		$	47,813		$	58,938
Costs and Expenses:
Operating	59,402			34,045			43,364			45,472			57,201
Administrative and general	477			661			516			545			434
Depreciation and amortization	1,489			1,489			1,549			1,578			1,578
	61,368			36,195			45,429			47,595			59,213
Operating Income (Loss)	10			(3,346		)	(3,149		)	218			(275		)
Other Income (Expense):
Derivative gains (losses), net	473			39			900			(1,035		)	(236		)
Segment Profit (Loss)	$	483		$	(3,307	)	$	(2,249	)	$	(817	)	$	(511	)

OIBDA⁽¹⁾	$	1,499		$	(1,857	)	$	(1,600	)	$	1,796		$	1,303

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

	Three Months Ended
	Jun. 30, 2013			Mar. 31, 2013			Dec. 31, 2012			Sep. 30, 2012			Jun. 30, 2012
Other
Operating Revenues	$	20,652		$	14,324		$	68,394		$	58,336		$	30,893
Costs and Expenses:
Operating	18,960			14,488			62,027			53,287			27,566
Administrative and general	1,323			1,656			7,492			5,635			5,899
Depreciation and amortization	96			99			721			753			711
	20,379			16,243			70,240			59,675			34,176
Gains (Losses) on Asset Dispositions and Impairments, Net	—			1,907			(363		)	(1,169		)	—
Operating Income (Loss)	273			(12		)	(2,209		)	(2,508		)	(3,283		)
Other Income (Expense):
Derivative gains (losses), net	(450		)	842			649			(838		)	2,516
Foreign currency gains (losses), net	(169		)	(167		)	12			(25		)	(84		)
Other, net	—			54			—			—			—
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax	418			1,710			(9,191		)	243			(371		)
Segment Profit (Loss)	$	72		$	2,427		$	(10,739	)	$	(3,128	)	$	(1,222	)

OIBDA⁽¹⁾	$	369		$	87		$	(1,488	)	$	(1,755	)	$	(2,572	)

Corporate and Eliminations
Operating Revenues	$	(605	)	$	(678	)	$	(2,237	)	$	(66	)	$	(8	)
Costs and Expenses:
Operating	(577		)	(654		)	(2,185		)	(5		)	17
Administrative and general	8,638			9,300			18,175			8,487			7,544
Depreciation and amortization	753			792			814			854			466
	8,814			9,438			16,804			9,336			8,027
Gains (Losses) on Asset Dispositions and Impairments, Net	—			141			(156		)	—			—
Operating Loss	$	(9,419	)	$	(9,975	)	$	(19,197	)	$	(9,402	)	$	(8,035	)
Other Income (Expense):
Derivative gains (losses), net	$	(1,023	)	$	(3,138	)	$	(1,684	)	$	(157	)	$	274
Foreign currency gains (losses), net	(125		)	(436		)	230			295			(511		)
Other, net	(4		)	(65		)	(319		)	(47		)	175

______________________

(1)

Non-GAAP Financial Measure. The Company, from time to time, discloses and discusses OIBDA, a non-GAAP financial measure, in its public releases and other filings with the Securities and Exchange Commission. The Company defines OIBDA as operating income (loss) plus depreciation and amortization. The Company's measure of OIBDA may not be comparable to similarly titled measures presented by other companies. Other companies may calculate OIBDA differently than the Company, which may limit its usefulness as a comparative measure. OIBDA is a financial metric used by management (i) as a supplemental internal measure for planning and forecasting overall expectations and for evaluating actual results against such expectations; (ii) as a criteria for annual incentive bonuses paid to the Company's executive officers and other shore-based employees; (iii) to compare to the OIBDA of other companies when evaluating potential acquisitions; and (iv) to assess the Company's ability to service existing fixed charges and incur additional indebtedness.

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

	Jun. 30, 2013			Mar. 31, 2013			Dec. 31, 2012			Sep. 30, 2012			Jun. 30, 2012
ASSETS
Current Assets:
Cash and cash equivalents	$	394,783		$	312,977		$	248,204		$	198,068		$	289,851
Restricted cash	16,776			27,129			28,285			191,782			18,347
Marketable securities	27,264			22,568			21,668			22,134			32,821
Receivables:
Trade, net of allowance for doubtful accounts	188,128			172,889			224,944			216,861			199,049
Other	37,204			41,139			45,334			61,486			55,701
Inventories	22,955			31,966			25,787			22,356			27,248
Deferred income taxes	3,530			3,530			3,530			9,007			9,007
Prepaid expenses and other	11,715			8,834			12,719			14,256			10,883
Discontinued operations	—			384			108,153			175,836			156,461
Total current assets	702,355			621,416			718,624			911,786			799,368
Property and Equipment:
Historical cost	2,212,929			2,186,892			2,238,383			2,220,488			2,168,106
Accumulated depreciation	(806,672		)	(785,765		)	(763,803		)	(745,503		)	(714,730		)
	1,406,257			1,401,127			1,474,580			1,474,985			1,453,376
Construction in progress	133,985			113,381			110,296			150,520			143,100
Net property and equipment	1,540,242			1,514,508			1,584,876			1,625,505			1,596,476
Investments, at Equity, and Advances to 50% or Less Owned Companies	293,793			299,778			272,535			230,834			281,992
Construction Reserve Funds & Title XI Reserve Funds	150,375			194,477			195,629			179,932			192,420
Goodwill	17,978			17,978			17,978			56,702			56,702
Intangible Assets, Net	14,594			15,754			15,305			19,931			21,116
Other Assets	48,996			51,576			55,123			63,235			66,861
Discontinued Operations	—			—			840,724			829,311			830,882
	$	2,768,333		$	2,715,487		$	3,700,794		$	3,917,236		$	3,845,817

LIABILITIES AND EQUITY
Current Liabilities:
Current portion of long-term debt	$	25,109		$	15,435		$	21,920		$	193,539		$	21,759
Current portion of capital lease obligations	10			2,711			2,900			4,442			4,719
Accounts payable and accrued expenses	73,185			69,008			107,892			101,455			96,929
Other current liabilities	112,310			109,300			93,093			120,500			137,415
Discontinued operations	—			300			39,836			76,726			59,756
Total current liabilities	210,614			196,754			265,641			496,662			320,578
Long-Term Debt	674,444			655,384			655,309			592,314			649,206
Capital Lease Obligations	24			36			59			87			117
Deferred Income Taxes	421,623			422,719			426,027			452,482			436,589
Deferred Gains and Other Liabilities	115,078			116,572			120,342			112,661			124,273
Discontinued Operations	—			2,599			490,741			379,546			445,870
Total liabilities	1,421,783			1,394,064			1,958,119			2,033,752			1,976,633
Equity:
SEACOR Holdings Inc. stockholders’ equity:
Preferred stock	—			—			—			—			—
Common stock	370			369			367			366			366
Additional paid-in capital	1,347,909			1,340,875			1,330,324			1,277,751			1,271,617
Retained earnings	1,066,697			1,047,426			1,473,509			1,576,518			1,560,416
Shares held in treasury, at cost	(1,089,061		)	(1,089,064		)	(1,088,560		)	(997,541		)	(987,485		)
Accumulated other comprehensive loss, net of tax	(4,243		)	(4,321		)	(1,986		)	(3,604		)	(5,831		)
	1,321,672			1,295,285			1,713,654			1,853,490			1,839,083
Noncontrolling interests in subsidiaries	24,878			26,138			29,021			29,994			30,101
Total equity	1,346,550			1,321,423			1,742,675			1,883,484			1,869,184
	$	2,768,333		$	2,715,487		$	3,700,794		$	3,917,236		$	3,845,817

SEACOR HOLDINGS INC. FLEET COUNTS (unaudited)

	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012
Offshore Marine Services
Anchor handling towing supply	18	19	19	19	19
Crew	45	47	47	48	48
Mini-supply	8	9	9	9	9
Standby safety	25	25	25	25	25
Supply	26	26	26	25	28
Towing supply	3	3	3	3	3
Liftboats	17	20	20	20	20
Specialty	12	11	10	9	9
Wind farm utility	32	31	30	30	30
	186	191	189	188	191

Inland River Services
Inland river dry-cargo barges	1,413	1,434	1,444	1,444	1,453
Inland river liquid tank barges	75	80	81	80	78
Inland river deck barges	20	20	20	20	20
Inland river towboats	31	31	31	31	31
Dry-cargo vessel	1	1	1	1	1
	1,540	1,566	1,577	1,576	1,583

Shipping Services⁽¹⁾
U.S.-flag:
Product tankers	7	7	7	7	7
RORO/deck barges	7	7	7	7	7
Dry bulk articulated tug-barge	1	1	1	1	1
Harbor tugs	24	22	22	23	23
Ocean liquid tank barges	5	5	5	5	5
Foreign-flag:
Harbor tugs	4	4	4	4	4
Short Sea Container/RORO	8	7	7	7	8
	56	53	53	54	55

______________________


⁽¹⁾	For each of the periods presented, the Company provided technical management services for two additional vessels.

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

	Three Months Ended
	Jun. 30, 2013			Mar. 31, 2013			Dec. 31, 2012			Sep. 30, 2012			Jun. 30, 2012
Rates Per Day Worked:
Anchor handling towing supply	$	23,635		$	26,683		$	25,059		$	22,794		$	24,541
Crew	7,719			7,664			7,231			7,267			7,134
Mini-supply	7,721			7,666			7,664			7,735			7,424
Standby safety	9,621			9,642			10,001			9,806			9,679
Supply	16,864			14,915			16,599			16,567			14,354
Towing supply	9,156			9,349			9,573			8,265			9,269
Specialty	24,822			12,950			20,635			26,195			14,557
Liftboats	22,062			18,573			20,673			19,830			17,454
Overall Average Rates Per Day Worked (excluding wind farm utility)	13,588			12,878			13,306			12,718			12,068
Wind farm utility	2,302			2,142			2,653			2,882			2,802
Overall Average Rates Per Day Worked	11,010			10,657			11,160			10,552			10,019

Utilization:
Anchor handling towing supply	74		%	74		%	63		%	57		%	63		%
Crew	90		%	91		%	91		%	94		%	84		%
Mini-supply	97		%	74		%	85		%	88		%	98		%
Standby safety	86		%	88		%	87		%	89		%	87		%
Supply	83		%	72		%	87		%	77		%	75		%
Towing supply	79		%	100		%	94		%	54		%	51		%
Specialty	54		%	25		%	57		%	59		%	45		%
Liftboats	69		%	64		%	80		%	82		%	70		%
Overall Fleet Utilization (excluding wind farm utility)	82		%	79		%	83		%	82		%	77		%
Wind farm utility	93		%	82		%	88		%	96		%	93		%
Overall Fleet Utilization	84		%	79		%	84		%	85		%	80		%

Available Days:
Anchor handling towing supply	1,547			1,530			1,632			1,564			1,547
Crew	3,057			3,060			3,220			3,233			3,276
Mini-supply	565			630			644			644			637
Standby safety	2,184			2,160			2,208			2,208			2,195
Supply	1,538			1,581			1,656			1,631			1,649
Towing supply	182			180			184			184			360
Specialty	364			360			329			276			273
Liftboats	1,614			1,620			1,656			1,656			1,656
Overall Fleet Available Days (excluding wind farm utility)	11,051			11,121			11,529			11,396			11,593
Wind farm utility	2,889			2,790			2,760			2,760			2,730
Overall Fleet Available Days	13,940			13,911			14,289			14,156			14,323

SEACOR HOLDINGS INC /NEW/ - FORM 8-K - EX-99.1 - EXHIBIT - July 30, 2013

Attached files

SEACOR HOLDINGS INC /NEW/ Reports