mm04-2310_8k991.htm

EXHIBIT 99.1

PRESS RELEASE

SEACOR HOLDINGS ANNOUNCES FIRST QUARTER RESULTS

Fort Lauderdale, Florida

April 22, 2010

FOR IMMEDIATE RELEASE — SEACOR Holdings Inc. (NYSE:CKH) today announced its results for the first quarter of 2010. Net income attributable to SEACOR Holdings Inc. for the quarter ended March 31, 2010 was $3.6 million, or $0.16 per diluted share, on operating revenues of $394.6 million.

For the 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.

For the preceding quarter ended December 31, 2009, net income attributable to SEACOR Holdings Inc. was $22.2 million, or $1.04 per diluted share, on operating revenues of $476.5 million. During the preceding quarter, the Company called and settled all of its outstanding 2.875% Convertible Senior Debentures due 2024 resulting in a debt extinguishment loss of $6.1 million, net of tax, or $0.26 per diluted share. Comparison of results for the quarter ended March 31, 2010 with the preceding quarter ended December 31, 2009 is included in the discussion below.

Highlights for the Quarter

Offshore Marine Services - Operating income in the first quarter was $20.1 million on operating revenues of $107.2 million compared with operating income of $26.3 million on operating revenues of $121.2 million in the preceding quarter. First quarter results included $12.7 million in gains on asset dispositions compared with $3.8 million in gains in the preceding quarter. Excluding the impact of gains on asset dispositions, operating income was $15.0 million lower in the first quarter.

Overall operating revenues were $14.0 million lower in the first quarter. Time charter revenues decreased by $11.0 million, primarily due to lower average day rates, a shorter quarter and increased downtime due to vessel drydockings and conversions. Downtime due to vessel drydockings in the first quarter was 371 days compared with 157 days in the preceding quarter. Other operating revenues decreased by $3.0 million primarily due to a reduction in third party brokered vessel activity in the Middle East. As of March 31, 2010, the Company had 14 vessels cold-stacked in the U.S. Gulf of Mexico compared with 19 as of December 31, 2009. During the first quarter, one additional vessel was cold-stacked, and six vessels were returned to active service.

As of March 31, 2010, the Company had deferred $15.7 million of vessel charter hire scheduled to be paid through the conveyance of a limited net profit interest in developmental oil and gas producing properties owned by a customer. Of this amount, $4.7 million was deferred in the first quarter. The Company expects to defer an additional $1.7 million of vessel charter hire under this arrangement through May 2010. The customer has provided payout estimates indicating the Company will receive payments of $10.8 million in 2010 and $6.6 million in 2011. Such payments are contingent upon future production. Production from these properties commenced in April 2010. The Company will recognize revenues as cash is received or earlier should future payments become determinable.

Operating expenses were $1.6 million higher in the first quarter primarily due to a $4.2 million increase in regulatory drydocking costs and a $3.3 million accrual for the settlement of litigation, which is pending court approval. These increases were partially offset by decreased repair and maintenance costs and reductions in insurance premiums, insurance deductibles and brokered vessel activity.

The number of days available for charter in the first quarter decreased by 1,172, or 8.7%. Overall utilization increased from 68.0% to 71.5% and overall average day rates, based on time charter revenues recognized, decreased by 6.2% from $12,093 per day to $11,339 per day.

Marine Transportation Services – Marine Transportation Services reported an operating loss in the first quarter of $2.8 million on operating revenues of $19.5 million compared with operating income of $0.9 million on operating revenues of $20.5 million in the preceding quarter. The decrease in operating income was primarily due to a $3.6 million increase in drydocking expenses. During the first quarter, two of the Company’s tankers underwent regulatory drydockings, one of which was completed during the quarter and the other being completed in April. A third tanker had a 5-day handover drydocking in January before commencing a long-term bareboat charter. The remaining drydocking program for 2010 consists of two drydockings in the third quarter; one regulatory and the other a short handover for a tanker prior to commencing a long-term bareboat charter. As of March 31, 2010, three of the Company’s eight tankers were operating under long-term bareboat charters, four were operating under time charters and one was operating in the spot market.

Inland River Services - Operating income in the first quarter was $7.8 million on operating revenues of $33.4 million compared with operating income of $15.9 million on operating revenues of $53.6 million in the preceding quarter. First quarter results included $0.9 million in gains on asset dispositions compared with $1.2 million in gains in the preceding quarter.

Excluding the impact of gains on asset dispositions, operating income was $7.7 million lower in the first quarter primarily due to softer freight rates in response to continuing weak demand for non-grain shipments, difficult weather-related operating conditions in January and February, and decreased freight loadings as seasonal harvest activity wound down.

Aviation Services - Operating income in the first quarter was $2.5 million on operating revenues of $50.3 million compared with operating income of $8.1 million on operating revenues of $54.3 million in the preceding quarter.

Operating revenues were lower primarily due to fewer flight hours in support of offshore oil and gas activities in the U.S. Gulf of Mexico and Alaska, a reduction in patient transports and lower revenues from air medical services, and reduced flight activity at the fixed base operation in Alaska. Revenues from leasing activities improved due to the start up of new contracts in Indonesia and Brazil. Operating expenses were lower in the preceding quarter primarily due to the impact of a $3.0 million receipt of insurance proceeds related to damages sustained in hurricanes Gustav and Ike. Excluding the impact of the hurricane proceeds, operating expenses decreased in the current quarter due to lower fuel expenses in line with the reductions in flight hours and flight activity at the FBO.

Environmental Services – Environmental Services reported an operating loss in the first quarter of $0.2 million on operating revenues of $28.2 million compared with operating income of $3.5 million on operating revenues of $44.5 million in the preceding quarter. A reduction in emergency response activity accounted for $14.4 million of the change in operating revenues and $2.8 million of the change in operating income. Retainer services revenues and operating income were $0.8 million lower than in the preceding quarter.

Commodity Trading and Logistics - Commodity Trading and Logistics reported a segment loss in the first quarter of $4.6 million on operating revenues of $143.0 million compared with a segment loss of $0.4 million on operating revenues of $171.4 million in the preceding quarter. The segment loss in the first quarter included $0.7 million in foreign currency transaction losses, net and a $0.6 million inventory market write-down. In addition, the Company’s first quarter losses in its alcohol manufacturing facility joint venture of $1.0 million, net of tax were primarily related to start-up activities.

Harbor and Offshore Towing Services - Operating income in the first quarter was $2.7 million on operating revenues of $17.4 million compared with operating income of $0.1 million on operating revenues of $16.2 million in the preceding quarter. The improvement in operating income was primarily due to an 9.5 percent increase in the number of harbor jobs and lower regulatory docking costs.

Interest Expense – Interest expense in the first quarter was lower primarily due to the redemption and conversion of the Company’s 2.875% Convertible Notes in the preceding quarter.

Marketable Securities - Marketable security gains were $2.0 million in the first quarter compared with gains of $9.3 million in the preceding quarter.

Foreign Currency Losses, net – Foreign currency losses, net were $2.7 million in the first quarter primarily due to the weakening of the euro and pound sterling versus the U.S. dollar.

Stock Repurchases – During the first quarter, the Company purchased 249,700 shares of its common stock at an average price of $79.44 per share. At the end of the quarter, 22,552,459 shares of SEACOR’s common stock remained outstanding.

Stock Repurchase Authority – During the first quarter, the Company’s Board of Directors increased the Company’s authority to purchase its common stock up to $250.0 million. At the end of the quarter, $230.2 million of repurchase authority remained.

Title XI Debt – On March 30, 2010, the Company notified the holders of the outstanding bonds on two of the Company’s double-hull product tankers of its intention of redeem all of the outstanding bonds, in the principal amount of $61.9 million, as of April 30, 2010.

Capital Commitments - The Company's unfunded capital commitments as of March 31, 2010 consisted primarily of offshore support vessels, helicopters and inland river dry cargo barges and totaled $174.1 million, of which $91.0 million is payable during 2010 and the balance payable through 2013. Of the total unfunded capital commitments, $3.5 million may be terminated without further liability. As of March 31, 2010, the Company held balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and title XI reserve funds totaling $803.9 million. Subsequent to March 31, 2010, the Company committed to purchase additional equipment, primarily helicopters, for $51.7 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, marine transportation, inland river, aviation, environmental, commodity trading and logistics and offshore and harbor towing. SEACOR is focused on providing highly responsive local service combined with the highest safety standards, innovative technology, modern, efficient equipment and dedicated professional employees.

This release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements concerning management's expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of results to differ materially from any future results, performance or achievements discussed or implied by such forward-looking statements. Such risks, uncertainties and other important factors include, among others: decreased demand for the Company’s services as a result of declines in the global economy, declines in valuations in the global financial markets and illiquidity in the credit sectors, including, interest rate fluctuations, availability of credit, inflation rates, change in laws, trade barriers, commodity prices and currency exchange fluctuations, the cyclical nature of the oil and gas industry, 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, sudden and unexpected changes in commodity prices, futures and options, global weather conditions, political instability, changes in currency exchanges rates, and product availability in Commodity Trading and Logistics activities, adequacy of insurance coverage, the attraction and retention of qualified personnel by the Company and various other matters and factors, many of which are beyond the Company's control. In addition, these statements constitute the Company's cautionary statements under the Private Securities Litigation Reform Act of 1995. It is not possible to predict or identify all such factors. Consequently, the 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.[Missing Graphic Reference]

For additional information, contact Molly Hottinger at (954) 627-5278 or visit SEACOR’s website at www.seacorholdings.com.

SEACOR HOLDINGS INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except share data, unaudited)

	Three Months Ended March 31,
	2010			2009

Operating Revenues	$	394,575		$	399,516

Costs and Expenses:
Operating		312,305			248,412
Administrative and general		40,891			38,682
Depreciation and amortization		41,397			39,264
		394,593			326,358

Gains on Asset Dispositions		13,659			16,760

Operating Income		13,641			89,918

Other Income (Expense):
Interest income		1,363			1,043
Interest expense		(12,324			(14,337	)
Debt extinguishment gains (losses), net		(4	)		1,363
Marketable security gains (losses), net		1,961			(3,981	)
Derivative gains, net		2,776			3,611
Foreign currency gains (losses), net		(2,701	)		658
Other, net		600			190
		(8,329	)		(11,453	)
Income Before Income Tax Expense and Equity In Earnings of 50% or Less Owned Companies		5,312			78,465
Income Tax Expense		2,316			28,199
Income Before Equity in Earnings of 50% or Less Owned Companies		2,996			50,266
Equity in Earnings of 50% or Less Owned Companies, Net of Tax		869			3,527
Net Income		3,865			53,793
Net Income attributable to Noncontrolling Interests in Subsidiaries		264			799
Net Income attributable to SEACOR Holdings Inc.	$	3,601		$	52,994

Basic Earnings Per Common Share of SEACOR Holdings Inc.	$	0.16		$	2.68

Diluted Earnings Per Common Share of SEACOR Holdings Inc.	$	0.16		$	2.36

Weighted Average Common Shares of Outstanding:
Basic		22,269,771			19,761,776
Diluted		22,474,651			23,507,459

SEACOR HOLDINGS INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share data, unaudited)

	Three Months Ended
	Mar. 31, 2010			Dec. 31, 2009			Sep. 31, 2009			Jun. 30, 2009			Mar. 31, 2009

Operating Revenues	$	394,575		$	476,510		$	446,079		$	389,233		$	399,516

Costs and Expenses:
Operating		312,305			352,951			327,602			256,131			248,412
Administrative and general		40,891			41,332			41,926			40,058			38,682
Depreciation and amortization		41,397			40,728			40,272			39,828			39,264
		394,593			435,011			409,800			336,017			326,358

Gains (Losses) on Asset Dispositions and Impairments, Net		13,659			5,147			5,783			(15	)		16,760

Operating Income		13,641			46,646			42,062			53,201			89,918

Other Income (Expense):
Interest income		1,363			2,056			789			578			1,043
Interest expense		(12,324	)		(16,364	)		(14,267	)		(14,075	)		(14,337	)
Debt extinguishment gains (losses), net		(4	)		(9,659	)		2,787			(78	)		1,363
Marketable security gains (losses), net		1,961			9,263			6,948			11,829			(3,981	)
Derivative gains, net		2,776			1,257			2,328			3,765			3,611
Foreign currency gains (losses), net		(2,701	)		1,521			(939	)		6,847			658
Other, net		600			112			(57	)		(1	)		190
		(8,329	)		(11,814	)		(2,411	)		8,865			(11,453	)
Income Before Income Tax Expense and Equity In Earnings of 50% or Less Owned Companies		5,312			34,832			39,651			62,066			78,465
Income Tax Expense		2,316			15,626			15,751			22,916			28,199
Income Before Equity in Earnings of 50% or Less Owned Companies		2,996			19,206			23,900			39,150			50,266
Equity in Earnings of 50% or Less Owned Companies, Net of Tax		869			3,223			2,340			3,491			3,527
Net Income		3,865			22,429			26,240			42,641			53,793
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries		264			203			(42	)		333			799
Net Income attributable to SEACOR Holdings Inc.	$	3,601		$	22,226		$	26,282		$	42,308		$	52,994

Basic Earnings Per Common Share of SEACOR Holdings Inc.	$	0.16		$	1.09		$	1.32		$	2.13		$	2.68

Diluted Earnings Per Common Share of SEACOR Holdings Inc.	$	0.16		$	1.04		$	1.23		$	1.91		$	2.36

Weighted Average Common Shares of Outstanding:
Basic		22,270			20,324			19,867			19,845			19,762
Diluted		22,475			23,417			23,458			23,528			23,507
Common Shares Outstanding at Period End		22,552			22,613			20,230			20,201			20,191

SEACOR HOLDINGS INC.

SEGMENT PROFIT (LOSS) BY LINE OF BUSINESS

(in thousands, unaudited)

	Three Months Ended
	Mar. 31, 2010			Dec. 31, 2009			Sep. 30, 2009			Jun. 30, 2009			Mar. 31, 2009
Offshore Marine Services
Operating Revenues	$	107,186		$	121,203		$	129,839		$	146,466		$	164,783
Costs and Expenses:
Operating		73,764			72,205			76,982			81,609			78,839
Administrative and general		12,449			12,770			13,128			10,935			10,198
Depreciation and amortization		13,478			13,770			13,608			13,802			13,689
		99,691			98,745			103,718			106,346			102,726

Gains on Asset Dispositions and Impairments, Net		12,651			3,831			3,852			361			14,446
Operating Income		20,146			26,289			29,973			40,481			76,503
Other Income (Expense):
Derivative losses, net		—			(157	)		—			(18	)		—
Foreign currency gains (losses), net		374			1,781			(1,174	)		479			1,365
Other, net		—			—			14			(4	)		172
Equity in Earnings of 50% or Less Owned Companies, Net of Tax		2,251			1,774			2,322			3,380			2,391
Segment Profit	$	22,771		$	29,687		$	31,135		$	44,318		$	80,431

Marine Transportation Services
Operating Revenues	$	19,452		$	20,497		$	21,737		$	24,095		$	26,537
Costs and Expenses:
Operating		13,432			10,585			11,420			11,792			16,771
Administrative and general		837			1,043			953			942			1,184
Depreciation and amortization		8,008			8,005			8,003			7,999			7,999
		22,277			19,633			20,376			20,733			25,954
Operating Income (Loss)		(2,825	)		864			1,361			3,362			583
Other Income (Expense):
Foreign currency gains (losses), net		15			1			7			25			(34	)
Segment Profit (Loss)	$	(2,810	)	$	865		$	1,368		$	3,387		$	549

Inland River Services
Operating Revenues	$	33,436		$	53,607		$	34,314		$	30,163		$	37,014
Costs and Expenses:
Operating		19,554			32,052			20,144			17,839			19,409
Administrative and general		2,061			2,137			2,443			2,048			2,136
Depreciation and amortization		4,876			4,756			4,785			4,950			4,866
		26,491			38,945			27,372			24,837			26,411

Gains on Asset Dispositions		887			1,236			813			396			2,261
Operating Income		7,832			15,898			7,755			5,722			12,864
Other Income (Expense):
Other, net		10			—			—			—			—
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax		(98	)		1,868			140			702			1,172
Segment Profit	$	7,744		$	17,766		$	7,895		$	6,424		$	14,036

SEACOR HOLDINGS INC.

SEGMENT PROFIT (LOSS) BY LINE OF BUSINESS (continued)

(in thousands, unaudited)

	Three Months Ended
	Mar. 31, 2010			Dec. 31, 2009			Sep. 30, 2009			Jun. 30, 2009			Mar. 31, 2009
Aviation Services
Operating Revenues	$	50,275		$	54,323		$	64,259		$	57,700		$	59,385
Costs and Expenses:
Operating		32,026			30,667			39,659			37,312			40,317
Administrative and general		5,391			5,972			5,624			5,649			4,151
Depreciation and amortization		10,447			9,876			9,706			9,070			8,706
		47,864			46,515			54,989			52,031			53,174

Gains (Losses) on Asset Dispositions and Impairments, Net		90			313			1,062			(1,104	)		45
Operating Income		2,501			8,121			10,332			4,565			6,256
Other Income (Expense):
Derivative gains (losses), net		(100	)		33			(80	)		(78	)		391
Foreign currency gains (losses), net		135			(223	)		296			937			429
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax		(275	)		(297	)		(186	)		270			(274	)
Segment Profit	$	2,261		$	7,634		$	10,362		$	5,694		$	6,802

Environmental Services
Operating Revenues	$	28,158		$	44,531		$	33,827		$	33,175		$	34,234
Costs and Expenses:
Operating		20,337			32,822			23,206			23,656			24,077
Administrative and general		6,037			6,155			6,090			5,966			7,241
Depreciation and amortization		1,983			1,811			1,846			1,739			1,754
		28,357			40,788			31,142			31,361			33,072

Gains (Losses) on Asset Dispositions		(17	)		(208	)		(1	)		4			8
Operating Income (Loss)		(216	)		3,535			2,684			1,818			1,170
Other Income (Expense):
Foreign currency gains (losses), net		30			(11	)		—			53			(33	)
Equity in Earnings of 50% or Less Owned Companies, Net of Tax		38			90			34			15			86
Segment Profit (Loss)	$	(148	)	$	3,614		$	2,718		$	1,886		$	1,223

Commodity Trading and Logistics
Operating Revenues	$	142,992		$	171,354		$	150,866		$	85,852		$	64,503
Costs and Expenses:
Operating		147,372			168,694			150,983			79,165			61,871
Administrative and general		2,744			3,632			3,705			3,468			1,839
Depreciation and amortization		20			20			7			2			—
		150,136			172,346			154,695			82,635			63,710
Operating Income (Loss)		(7,144	)		(992	)		(3,829	)		3,217			793
Other Income (Expense):
Derivative gains, net		4,308			802			1,689			588			949
Foreign currency gains (losses), net		(717	)		49			177			289			(17	)
Other, net		—			(1	)		—			26			—
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax		(1,022	)		(282	)		—			32			155
Segment Profit (Loss)	$	(4,575	)	$	(424	)	$	(1,963	)	$	4,152		$	1,880

SEACOR HOLDINGS INC.

SEGMENT PROFIT (LOSS) BY LINE OF BUSINESS (continued)

(in thousands, unaudited)

	Three Months Ended
	Mar. 31, 2010			Dec. 31, 2009			Sep. 30, 2009			Jun. 30, 2009			Mar. 31, 2009
Harbor and Offshore Towing Services
Operating Revenues	$	17,440		$	16,153		$	15,574		$	16,241		$	16,346
Costs and Expenses:
Operating		10,039			11,110			9,544			9,214			10,704
Administrative and general		2,497			2,698			2,035			2,228			2,020
Depreciation and amortization		2,183			2,197			2,049			1,973			1,952
		14,719			16,005			13,628			13,415			14,676

Gains (Losses) on Asset Dispositions		—			(25	)		58			330			—
Operating Income		2,721			123			2,004			3,156			1,670
Other Income (Expense):
Foreign currency gains (losses), net		(12	)		(2	)		12			128			—
Segment Profit	$	2,709		$	121		$	2,016		$	3,284		$	1,670

Other
Operating Revenues	$	—		$	40		$	—		$	—		$	—
Costs and Expenses:
Operating		—			—			—			—			—
Administrative and general		348			513			343			379			206
Depreciation and amortization		—			1			—			—			—
		348			514			343			379			206
Operating Loss		(348	)		(474	)		(343	)		(379	)		(206	)
Other Income (Expense):
Foreign currency gains (losses), net		(6	)		(3	)		(2	)		—			3
Other, net		—			—			(1	)		—			(53	)
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax		(25	)		70			30			(908	)		(3	)
Segment Loss	$	(379	)	$	(407	)	$	(316	)	$	(1,287	)	$	(259	)

Corporate and Eliminations
Operating Revenues	$	(4,364	)	$	(5,198	)	$	(4,337	)	$	(4,459	)	$	(3,286	)
Costs and Expenses:
Operating		(4,219	)		(5,184	)		(4,336	)		(4,456	)		(3,576	)
Administrative and general		8,527			6,412			7,605			8,443			9,707
Depreciation and amortization		402			292			268			293			298
		4,710			1,520			3,537			4,280			6,429

Gains (Losses) on Asset Dispositions		48			—			(1	)		(2	)		—
Operating Loss	$	(9,026	)	$	(6,718	)	$	(7,875	)	$	(8,741	)	$	(9,715	)
Other Income (Expense):
Derivative gains (losses), net	$	(1,432	)	$	579		$	719		$	3,273		$	2,271
Foreign currency gains (losses), net		(2,520	)		(71	)		(255	)		4,936			(1,055	)
Other, net		590			113			(70	)		(23	)		71

SEACOR HOLDINGS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, unaudited)

	Mar. 31, 2010			Dec. 31, 2009			Sep. 30, 2009			Jun. 30, 2009			Mar. 31, 2009
ASSETS
Current Assets:
Cash and cash equivalents	$	452,161		$	465,904		$	620,045		$	415,626		$	376,720
Restricted cash		35,924			34,014			29,353			20,838			23,984
Marketable securities		63,171			68,139			52,897			47,305			50,785
Receivables:
Trade, net of allowance for doubtful accounts		288,074			301,143			266,537			251,111			262,170
Other		69,892			78,689			74,378			60,373			41,515
Inventories		76,453			76,949			52,502			68,082			62,065
Deferred income taxes		3,354			3,354			5,164			5,164			5,164
Prepaid expenses and other		21,733			15,725			21,121			14,734			11,286
Total current assets		1,010,762			1,043,917			1,121,997			883,233			833,689
Property and Equipment		2,886,410			2,833,011			2,794,067			2,801,446			2,761,837
Accumulated depreciation		(785,119	)		(754,263	)		(718,749	)		(692,084	)		(649,971	)
Net property and equipment		2,101,291			2,078,748			2,075,318			2,109,362			2,111,866
Investments, at Equity, and Receivables from 50% or Less Owned Companies		186,605			186,814			166,878			150,862			158,066
Construction Reserve Funds & Title XI Reserve Funds		252,672			289,750			290,871			265,586			297,681
Goodwill		54,443			54,571			53,990			53,581			52,919
Intangible Assets		22,369			23,554			24,762			26,018			27,230
Other Assets, net of allowance for doubtful accounts		55,430			46,265			49,920			48,053			36,086
	$	3,683,572		$	3,723,619		$	3,783,736		$	3,536,695		$	3,517,537

LIABILITIES AND EQUITY
Current Liabilities:
Current portion of long-term debt	$	22,731		$	36,436		$	23,765		$	11,834		$	12,301
Current portion of capital lease obligations		982			966			951			921			921
Accounts payable and accrued expenses		98,984			135,425			105,981			93,908			104,023
Other current liabilities		178,112			142,285			156,800			157,030			145,421
Total current liabilities		300,809			315,112			287,497			263,693			262,666
Long-Term Debt		747,787			748,704			1,027,496			861,096			910,156
Capital Lease Obligations		6,348			6,624			6,895			7,178			7,426
Deferred Income Taxes		574,390			575,440			565,321			543,075			530,825
Deferred Gains and Other Liabilities		100,835			111,848			122,041			111,939			111,714
Total liabilities		1,730,169			1,757,728			2,009,250			1,786,981			1,822,787
Equity:
SEACOR Holdings Inc. stockholders’ equity:
Preferred stock		—			—			—			—			—
Common stock		357			356			326			326			325
Additional paid-in capital		1,186,871			1,182,023			966,895			962,990			959,092
Retained earnings		1,550,182			1,546,581			1,524,355			1,498,073			1,455,765
Shares held in treasury, at cost		(786,992	)		(768,438	)		(722,569	)		(723,650	)		(723,154	)
Accumulated other comprehensive income (loss)		(5,862	)		(3,260	)		(3,577	)		2,318			(5,614	)
		1,944,556			1,957,262			1,765,430			1,740,057			1,686,414
Noncontrolling interests in subsidiaries		8,847			8,629			9,056			9,657			8,336
Total equity		1,953,403			1,965,891			1,774,486			1,749,714			1,694,750
	$	3,683,572		$	3,723,619		$	3,783,736		$	3,536,695		$	3,517,537

SEACOR HOLDINGS INC.

EQUIPMENT BY LINE OF BUSINESS


	Mar. 31, 2010	Dec. 31, 2009	Sep. 30, 2009	Jun. 30, 2009	Mar. 31, 2009

Offshore Marine Services
Anchor handling towing supply	20	23	21	21	21
Crew	57	57	68	68	71
Mini-supply	11	11	11	12	15
Standby safety	25	25	24	24	28
Supply	26	27	27	28	28
Towing supply	10	13	13	13	13
Specialty	12	9	9	9	9
	161	165	173	175	185

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

Inland River Services
Inland river dry-cargo barges	1,419	1,395	1,385	959	962
Inland river liquid tank barges	87	87	87	87	87
Inland river deck barges	26	26	26	26	26
Inland river towboats	29	29	28	23	23
Dry-cargo vessel	1	1	1	1	1
	1,562	1,538	1,527	1,096	1,099

Aviation Services
Light helicopters – single engine	60	60	60	60	64
Light helicopters – twin engine	48	47	50	50	55
Medium helicopters	59	59	58	61	63
Heavy helicopters	9	8	9	8	6
	176	174	177	179	188

Harbor and Offshore Towing Services
Harbor and offshore tugs	31	31	31	33	35
Ocean liquid tank barges	6	6	6	3	3
	37	37	37	36	38