SEACOR Holdings Announces First Quarter Results

FORT LAUDERDALE, FL -- (MARKET WIRE) -- April 26, 2007 -- SEACOR Holdings Inc. (NYSE: CKH) announced net income for the first quarter ended March 31, 2007 of $38.2 million, or $1.40 per diluted share, on operating revenues of $310.8 million. For the quarter ended March 31, 2006, net income was $50.1 million, or $1.80 per diluted share, on operating revenues of $305.9 million.

For the preceding quarter ended December 31, 2006, net income was $58.4 million, or $2.12 per diluted share, on operating revenues of $337.2 million.

Highlights for the Quarter

Offshore Marine Services - Operating income in the first quarter was $56.7 million on operating revenues of $170.9 million compared to operating income of $75.2 million on operating revenues of $174.8 million in the preceding quarter. First quarter results included $8.3 million in gains on asset dispositions compared to $13.8 million in gains in the preceding quarter.

The number of days available for charter in the first quarter decreased by 860 or 4.4% as a result of a net decrease in fleet count and a shorter quarter. Overall utilization fell from 82.3% to 79.2% primarily due to a higher level of downtime for repairs and dockings than in the preceding quarter, predominantly in the U.S. Gulf of Mexico. The resulting decline in operating revenues was partially offset by an improvement in overall average day rates from $10,447 to $11,209 per day.

Operating income was also adversely affected by higher repair and maintenance costs, mainly in the U.S. Gulf of Mexico, increased mobilization costs and higher insurance costs.

Marine Transportation Services - Marine Transportation Services reported an operating loss in the first quarter of $1.6 million on operating revenues of $30.6 million compared to operating income of $2.2 million on operating revenues of $34.4 million in the preceding quarter.

Operating results in the first quarter were significantly affected by three vessels being off-hire for various periods. Two vessels were undergoing conversion to a double-hull configuration, one of which was off-hire for the entire quarter while the other was off-hire beginning in early March. These vessels are expected to return to service in April and September, respectively. The remaining vessel was off-hire while undergoing survey and repairs prior to commencing a multi-year bareboat charter in March.

Inland River Services - Operating income in the first quarter was $13.7 million on operating revenues of $26.7 million compared to operating income of $16.1 million on operating revenues of $37.8 million in the preceding quarter. First quarter results included $3.6 million in gains on asset dispositions compared to $0.1 million in gains in the preceding quarter.

The decrease in operating income was due to lower spot rates for grain and non-grain cargoes and fewer barges in service following the disposition of equipment. In addition, extremely cold conditions resulted in ice delays and closures on the upper river systems for much of February resulting in fewer tons loaded.

Aviation Services - Aviation Services reported an operating loss in the first quarter of $1.2 million on operating revenues of $45.4 million compared to operating income of $3.4 million on operating revenues of $38.9 million in the preceding quarter. First quarter results included $0.2 million in gains on asset dispositions compared to $7.1 million in gains in the preceding quarter.

The increase in operating revenues was primarily due to the addition of a medical flight services business which contributed $7.6 million. Operating revenues from the support of oil and gas activities decreased due to fewer flight hours as a consequence of adverse weather conditions in the U.S. Gulf of Mexico.

Excluding gains on asset dispositions in the current and preceding quarters, operating results improved primarily due to lower repair and maintenance costs.

Environmental Services - Environmental Services reported an operating loss in the first quarter of $0.5 million on operating revenues of $26.5 million compared to operating income of $4.6 million on operating revenues of $40.8 million in the preceding quarter.

The decrease in operating results was primarily due to a reduction in project management and spill response activity. In addition, operating results were impacted by lower revenues from retainer service contracts, consulting activity and equipment sales.

Derivative Transactions - Derivative transactions, primarily consisting of interest rate swaps and foreign currency contracts, resulted in gains of $0.1 million in the first quarter compared to gains of $3.3 million in the preceding quarter.

Marketable Security Transactions - Marketable security transactions resulted in losses of $4.7 million in the first quarter compared to losses of $6.6 million in the preceding quarter.

Equity in Earnings (Losses) of 50% or Less Owned Companies - Equity earnings from joint ventures were $2.4 million in the first quarter compared to losses of $0.2 million in the preceding quarter.

Capital Commitments - The Company's unfunded capital commitments as of March 31, 2007, consisted primarily of marine service vessels, harbor tugs, helicopters, barges and capital improvements to certain of the existing marine transportation fleet and totaled $560.1 million, of which $290.0 million is payable during the remainder of 2007 and the balance payable through 2009. Of these commitments, approximately $159.3 million may be terminated without further liability other than the payment of liquidated damages of $3.0 million in the aggregate. Subsequent to the end of the quarter the Company committed to purchase additional property and equipment for $26.5 million. As of March 31, 2007, the Company held balances of Cash, Cash Equivalents, Restricted Cash, Securities, Construction Reserve Funds and Title XI Reserve Funds totaling $815.9 million.

SEACOR is a global provider of marine support and transportation service, primarily to the energy and chemical industries. SEACOR and its subsidiaries provide customers with a full suite of marine-related services including offshore services, U.S. coastwise shipping, inland river services, helicopter services, environmental services, and offshore and harbor towing services. SEACOR is uniquely 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 cyclical nature of the oil and gas industry, activity in foreign countries and changes in foreign political, military and economic conditions, the dependence of Offshore Marine Services, Marine Transportation Services and Aviation Services on several customers, industry fleet capacity, consolidation of our customer base, the ongoing need to replace aging vessels, 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, safety record requirements related to Offshore Marine Services and Aviation Services, changes in foreign and domestic oil and gas exploration and production activity, operational risks of Offshore Marine Services, Marine Transportation Services, Harbor and Offshore Towing Services and Aviation Services, effects of adverse weather conditions and seasonality on 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, future phase-out of our single-hull tankers, dependence of spill response revenue on the number and size of spills and upon continuing government regulation in this area and our ability to comply with such regulation and other governmental regulation, changes in NRC's OSRO classification, liability in connection with providing spill response services, effects of adverse weather and river conditions and seasonality on Inland River 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 Service's operations, adequacy of insurance coverage, compliance with government regulation, including environmental laws and regulations, currency exchange fluctuations, the attraction and retention of qualified personnel by the Company and various other matters, many of which are beyond the Company's control and other factors. In addition, these statements constitute our cautionary statements under the Private Securities Litigation Reform Act of 1995. You should understand that it is not possible to predict or identify all such factors. Consequently, you should not consider the following to be 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. We disclaim any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in our 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 our businesses, particularly those mentioned under "Forward-Looking Statements" in Item 7 of our Form 10-K and SEACOR's periodic reporting on Form 10-Q and Form 8-K (if any), which we incorporate by reference.

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


 Three Months Ended
 March 31,
 --------------------
 2007 2006
 --------- ---------

Operating Revenues $ 310,763 $ 305,915
 --------- ---------

Costs and Expenses:
 Operating expenses 188,658 169,644
 Administrative and general 34,400 31,493
 Depreciation and amortization 38,875 43,260
 --------- ---------
 261,933 244,397
 --------- ---------

Gains on Asset Dispositions and Impairments, Net 12,157 20,877
 --------- ---------

Operating Income 60,987 82,395
 --------- ---------

Other Income (Expense):
 Interest income 12,224 7,136
 Interest expense (13,268) (14,068)
 Derivative transaction gains (losses), net 130 (2,812)
 Foreign currency transaction gains (losses), net (590) 159
 Marketable security transaction losses, net (4,688) (3,585)
 Other, net (43) 28
 --------- ---------
 (6,235) (13,142)
 --------- ---------
Income Before Income Tax Expense, Minority Interest
 in Income of Subsidiaries and Equity In Earnings of
 50% or Less Owned Companies 54,752 69,253
Income Tax Expense 18,842 25,431
 --------- ---------
Income Before Minority Interest in Income of
 Subsidiaries and Equity in Earnings of 50% or Less
 Owned Companies 35,910 43,822
Minority Interest in Income of Subsidiaries (178) (83)
Equity in Earnings of 50% or Less Owned Companies 2,420 6,369
 --------- ---------
Net Income $ 38,152 $ 50,108
 ========= =========

Basic Earnings Per Common Share $ 1.57 $ 2.02

Diluted Earnings Per Common Share $ 1.40 $ 1.80

Weighted Average Common Shares Outstanding:
 Basic 24,354 24,767
 Diluted 28,077 28,495




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


 Three Months Ended
 -----------------------------------------------------
 Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
 2007 2006 2006 2006 2006
 --------- --------- --------- --------- ---------

Operating Revenues $ 310,763 $ 337,183 $ 349,361 $ 330,986 $ 305,915
 --------- --------- --------- --------- ---------

Costs and Expenses:
 Operating expenses 188,658 189,799 196,608 187,149 169,644
 Administrative and
 general 34,400 35,522 30,880 32,865 31,493
 Depreciation and
 amortization 38,875 40,159 40,977 42,318 43,260
 --------- --------- --------- --------- ---------
 261,933 265,480 268,465 262,332 244,397
 --------- --------- --------- --------- ---------

Gains on Asset
 Dispositions and
 Impairments, Net 12,157 20,957 12,054 24,089 20,877
 --------- --------- --------- --------- ---------

Operating Income 60,987 92,660 92,950 92,743 82,395
 --------- --------- --------- --------- ---------

Other Income
 (Expense):
 Interest income 12,224 11,492 10,279 9,086 7,136
 Interest expense (13,268) (13,457) (13,307) (12,847) (14,068)
 Derivative
 transaction gains
 (losses), net 130 3,258 2,813 3,084 (2,812)
 Foreign currency
 transaction gains
 (losses), net (590) 332 650 1,217 159
 Marketable
 security
 transaction gains
 (losses), net (4,688) (6,626) 4,549 (3,341) (3,585)
 Other, net (43) 207 117 595 28
 --------- --------- --------- --------- ---------
 (6,235) (4,794) 5,101 (2,206) (13,142)
 --------- --------- --------- --------- ---------
Income Before Income
 Tax Expense,
 Minority Interest
 in Income of
 Subsidiaries and
 Equity In Earnings
 (Losses) of 50% or
 Less Owned
 Companies 54,752 87,866 98,051 90,537 69,253
Income Tax Expense 18,842 28,949 37,037 33,703 25,431
 --------- --------- --------- --------- ---------
Income Before
 Minority Interest
 in Income of
 Subsidiaries and
 Equity in Earnings
 (Losses) of 50% or
 Less Owned
 Companies 35,910 58,917 61,014 56,834 43,822
Minority Interest in
 Income of
 Subsidiaries (178) (367) (451) (104) (83)
Equity in Earnings
 (Losses) of 50% or
 Less Owned
 Companies 2,420 (195) 2,607 6,031 6,369
 --------- --------- --------- --------- ---------
Net Income $ 38,152 $ 58,355 $ 63,170 $ 62,761 $ 50,108
 ========= ========= ========= ========= =========

Basic Earnings Per
 Common Share $ 1.57 $ 2.40 $ 2.57 $ 2.52 $ 2.02

Diluted Earnings Per
 Common Share $ 1.40 $ 2.12 $ 2.28 $ 2.24 $ 1.80

Weighted Average
 Common Shares
 Outstanding:
 Basic 24,354 24,311 24,575 24,869 24,767
 Diluted 28,077 28,053 28,282 28,568 28,495
Common Shares
 Outstanding at
 Period End 24,181 24,519 24,457 24,801 25,076



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


 Three Months Ended
 -----------------------------------------------------
 Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
 2007 2006 2006 2006 2006
 --------- ---------- ---------- --------- ---------

Offshore Marine
 Services
Operating Revenues $ 170,928 $ 174,753 $ 179,687 $ 168,285 $ 159,852
 --------- ---------- ---------- --------- ---------
Costs and Expenses:
 Operating expenses 92,999 82,988 89,791 86,695 79,506
 Administrative and
 general 13,023 13,101 10,118 11,470 11,688
 Depreciation and
 amortization 16,524 17,239 19,353 21,793 23,127
 --------- ---------- ---------- --------- ---------
 122,546 113,328 119,262 119,958 114,321
 --------- ---------- ---------- --------- ---------

Gains on Asset
 Dispositions and
 Impairments, Net 8,294 13,797 10,168 22,489 20,552
 --------- ---------- ---------- --------- ---------
Operating Income $ 56,676 $ 75,222 $ 70,593 $ 70,816 $ 66,083
 ========= ========== ========== ========= =========

Marine
 Transportation
 Services
Operating Revenues $ 30,556 $ 34,408 $ 35,617 $ 37,446 $ 37,724
 --------- ---------- ---------- --------- ---------
Costs and Expenses:
 Operating expenses 20,849 20,941 21,017 18,064 21,471
 Administrative and
 general 1,186 1,096 1,064 1,049 964
 Depreciation and
 amortization 10,158 10,159 10,159 10,162 10,185
 --------- ---------- ---------- --------- ---------
 32,193 32,196 32,240 29,275 32,620
 --------- ---------- ---------- --------- ---------

Gains on Asset
 Dispositions -- -- -- -- --
 --------- ---------- ---------- --------- ---------
Operating Income
 (Loss) $ (1,637) $ 2,212 $ 3,377 $ 8,171 $ 5,104
 ========= ========== ========== ========= =========

Inland River
 Services
Operating Revenues $ 26,722 $ 37,841 $ 38,798 $ 36,339 $ 34,488
 --------- ---------- ---------- --------- ---------
Costs and Expenses:
 Operating expenses 12,305 16,752 18,563 18,649 15,395
 Administrative and
 general 877 1,330 1,013 829 816
 Depreciation and
 amortization 3,499 3,755 3,804 3,267 3,474
 --------- ---------- ---------- --------- ---------
 16,681 21,837 23,380 22,745 19,685
 --------- ---------- ---------- --------- ---------

Gains on Asset
 Dispositions 3,622 84 -- -- --
 --------- ---------- ---------- --------- ---------
Operating Income $ 13,663 $ 16,088 $ 15,418 $ 13,594 $ 14,803
 ========= ========== ========== ========= =========

Aviation Services
Operating Revenues $ 45,433 $ 38,858 $ 43,799 $ 39,903 $ 33,454
 --------- ---------- ---------- --------- ---------
Costs and Expenses:
 Operating expenses 36,225 32,818 33,269 29,137 26,345
 Administrative and
 general 4,521 3,880 3,413 4,158 3,494
 Depreciation and
 amortization 6,079 5,847 5,264 4,591 4,254
 --------- ---------- ---------- --------- ---------
 46,825 42,545 41,946 37,886 34,093
 --------- ---------- ---------- --------- ---------

Gains on Asset
 Dispositions 227 7,065 1,880 1,818 325
 --------- ---------- ---------- --------- ---------
Operating Income
 (Loss) $ (1,165) $ 3,378 $ 3,733 $ 3,835 $ (314)
 ========= ========== ========== ========= =========

Environmental
 Services
Operating Revenues $ 26,492 $ 40,762 $ 38,885 $ 36,946 $ 27,923
 --------- ---------- ---------- --------- ---------
Costs and Expenses:
 Operating expenses 20,753 29,931 26,370 26,345 20,508
 Administrative and
 general 5,301 5,101 5,931 5,156 4,405
 Depreciation and
 amortization 909 1,153 731 741 733
 --------- ---------- ---------- --------- ---------
 26,963 36,185 33,032 32,242 25,646
 --------- ---------- ---------- --------- ---------

Gains (Losses) on
 Asset Dispositions
 and Impairments,
 Net (16) 11 6 (215) --
 --------- ---------- ---------- --------- ---------
Operating Income
 (Loss) $ (487) $ 4,588 $ 5,859 $ 4,489 $ 2,277
 ========= ========== ========== ========= =========



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


 Three Months Ended
 ------------------------------------------------
 Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
 2007 2006 2006 2006 2006
 -------- -------- -------- -------- --------

Harbor and Offshore
 Towing Services
Operating Revenues $ 11,682 $ 11,632 $ 12,552 $ 12,156 $ 12,884
 -------- -------- -------- -------- --------
Costs and Expenses:
 Operating expenses 6,568 7,252 7,744 8,336 6,841
 Administrative and
 general 2,182 2,089 1,662 1,851 1,604
 Depreciation and
 amortization 1,264 1,264 1,265 1,275 1,259
 -------- -------- -------- -------- --------
 10,014 10,605 10,671 11,462 9,704
 -------- -------- -------- -------- --------

Gains on Asset
 Dispositions 30 -- -- -- --
 -------- -------- -------- -------- --------
Operating Income $ 1,698 $ 1,027 $ 1,881 $ 694 $ 3,180
 ======== ======== ======== ======== ========

Corporate, Other and
 Eliminations
Operating Revenues $ (1,050) $ (1,071) $ 23 $ (89) $ (410)
 -------- -------- -------- -------- --------
Costs and Expenses:
 Operating expenses (1,041) (883) (146) (77) (422)
 Administrative and
 general 7,310 8,925 7,679 8,352 8,522
 Depreciation and
 amortization 442 742 401 489 228
 -------- -------- -------- -------- --------
 6,711 8,784 7,934 8,764 8,328
 -------- -------- -------- -------- --------

Losses on Asset
 Dispositions -- -- -- (3) --
 -------- -------- -------- -------- --------
Operating Loss $ (7,761) $ (9,855) $ (7,911) $ (8,856) $ (8,738)
 ======== ======== ======== ======== ========




 SEACOR HOLDINGS INC.
 SELECTED CONSOLIDATED BALANCE SHEET DATA
 (in thousands, unaudited)

 Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
 2007 2006 2006 2006 2006
 ---------- ---------- ---------- ---------- ----------
Cash, Cash
 Equivalents,
 Restricted Cash,
 Securities,
 Construction
 Reserve Funds and
 Title XI Reserve
 Funds $ 815,928 $ 925,725 $ 839,057 $ 803,360 $ 764,649
Receivables 300,847 312,956 282,040 278,000 270,794
Current Assets 815,534 938,369 893,813 915,245 900,488
Net Property and
 Equipment 1,882,731 1,770,210 1,764,990 1,737,811 1,733,757
Total Assets 3,271,047 3,252,982 3,076,296 3,014,963 2,961,627
Current Portion of
 Long-term Debt and
 Capital Lease
 Obligations 11,736 11,708 10,443 8,970 10,420
Current Liabilities 314,012 295,509 287,872 287,797 280,279
Long-term Debt &
 Capital Lease
 Obligations 959,007 961,003 964,567 955,567 964,096
Stockholders' Equity 1,554,233 1,557,078 1,493,036 1,458,302 1,418,190