SEACOR Holdings Inc. Provides Historical Financial

FORT LAUDERDALE, FL--(Marketwired - Apr 11, 2013) - On January 31, 2013, SEACOR Holdings Inc. ("SEACOR") (NYSE: CKH) completed the spin-off of its former aviation services business segment by means of a dividend to SEACOR's stockholders of all the issued and outstanding common stock (the "Spin-off") of Era Group Inc. ("Era Group"). Era Group filed a Registration Statement on Form 10 with the Securities and Exchange Commission ("SEC") that was declared effective on January 14, 2013. Prior to the Spin-off, SEACOR and Era Group entered into a Distribution Agreement and several other agreements that govern the post-Spin-off relationship. Era Group is now an independent public company whose common stock is listed on the New York Stock Exchange under the symbol "ERA."

For informational purposes, the accompanying consolidated balance sheets of SEACOR as of December 31, 2012, 2011, 2010, 2009 and 2008, and the related consolidated statements of income and cash flows for each of the five years in the period ended December 31, 2012, present Era Group as a discontinued operation in addition to the operations previously reported as discontinued in SEACOR's most recent Annual Report on Form 10-K filed with the SEC on February 27, 2013.

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 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 following 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).


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

			December 31,
			2012			2011			2010			2009			2008
ASSETS
Current Assets:
	Cash and cash equivalents		$	248,204		$	381,482		$	354,563		$	451,041		$	264,761
	Restricted cash			28,285			21,281			12,651			34,014			20,787
	Marketable securities			21,668			66,898			147,409			68,139			53,817
	Receivables:
		Trade, net of allowance for doubtful accounts		224,944			231,288			216,297			231,698			204,814
		Other		45,334			43,631			63,442			68,817			33,680
	Inventories			25,787			12,958			9,927			36,837			44,716
	Deferred income taxes			3,530			9,007			4,127			3,158			4,363
	Prepaid expenses and other			12,719			7,311			7,729			6,470			6,559
	Discontinued operations			108,153			266,691			328,657			143,743			115,981
		Total current assets		718,624			1,040,547			1,144,802			1,043,917			749,478
Property and Equipment:
	Historical cost			2,238,383			1,986,731			1,873,001			2,050,713			1,988,093
	Accumulated depreciation			(763,803	)		(665,553	)		(620,161	)		(586,118	)		(473,571	)
				1,474,580			1,321,178			1,252,840			1,464,595			1,514,522
	Construction in progress			110,296			119,479			70,123			57,738			97,145
	Net property and equipment			1,584,876			1,440,657			1,322,963			1,522,333			1,611,667
Investments, at Equity, and Advances to 50% or Less Owned Companies				272,535			199,490			152,315			158,306			120,808
Construction Reserve Funds & Title XI Reserve Funds				195,629			259,974			323,885			289,750			305,757
Goodwill				17,978			56,702			53,413			46,205			43,119
Intangible Assets, Net				15,305			21,528			19,745			23,430			28,250
Other Assets				55,123			86,961			50,256			37,704			33,148
Discontinued Operations				840,724			822,275			693,010			601,974			567,427
			$	3,700,794		$	3,928,134		$	3,760,389		$	3,723,619		$	3,459,654
LIABILITIES AND EQUITY
Current Liabilities:
	Current portion of long-term debt		$	21,920		$	38,304		$	11,928		$	36,231		$	33,257
	Current portion of capital lease obligations			2,900			2,368			1,030			966			907
	Accounts payable and accrued expenses			107,892			133,743			146,479			113,049			80,819
	Accrued wages and benefits			19,303			26,924			27,053			21,164			26,187
	Accrued interest			5,226			7,722			7,611			8,364			9,938
	Accrued income taxes			8,089			15,842			15,042			16,977			16,862
	Short sales of marketable securities			8,277			22,612			36,076			18,442			2,938
	Accrued capital, repair and maintenance expenditures			8,013			7,490			7,462			7,522			15,528
	Deferred revenues			6,592			9,845			20,829			12,906			3,083
	Other current liabilities			37,593			47,112			49,003			37,723			44,052
	Discontinued operations			39,836			89,564			213,000			41,768			43,230
		Total current liabilities		265,641			401,526			535,513			315,112			276,801
Long-Term Debt				655,309			710,352			661,542			748,503			895,296
Capital Lease Obligations				59			3,068			5,493			6,624			7,685
Deferred Income Taxes				426,027			420,591			434,043			486,724			459,683
Deferred Gains and Other Liabilities				120,342			134,925			147,477			103,568			112,738
Discontinued Operations				490,741			449,609			178,956			97,197			65,223
		Total liabilities		1,958,119			2,120,071			1,963,024			1,757,728			1,817,426
Equity:
	SEACOR Holdings Inc. stockholders' equity:
		Preferred stock		--			--			--			--			--
		Common stock		367			364			361			356			324
		Additional paid-in capital		1,330,324			1,256,209			1,225,296			1,182,023			956,457
		Retained earnings		1,473,509			1,512,679			1,471,623			1,546,581			1,402,771
		Shares held in treasury, at cost		(1,088,560	)		(971,687	)		(903,004	)		(768,438	)		(724,357	)
		Accumulated other comprehensive loss, net of tax		(1,986	)		(7,958	)		(7,039	)		(3,260	)		(5,045	)
				1,713,654			1,789,607			1,787,237			1,957,262			1,630,150
	Noncontrolling interests in subsidiaries			29,021			18,456			10,128			8,629			12,078
		Total equity		1,742,675			1,808,063			1,797,365			1,965,891			1,642,228
			$	3,700,794		$	3,928,134		$	3,760,389		$	3,723,619		$	3,459,654


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

			For the years ended December 31,
			2012			2011			2010			2009			2008
Operating Revenues			$	1,308,297		$	1,032,497		$	1,173,502		$	1,109,641		$	1,218,013
Costs and Expenses:
		Operating		977,469			745,553			719,941			704,920			728,206
		Administrative and general		166,743			131,772			140,665			119,728			134,619
		Depreciation and amortization		131,667			106,873			113,774			117,419			114,910
				1,275,879			984,198			974,380			942,067			977,735
Gains on Asset Dispositions and Impairments, Net				23,987			18,839			43,977			27,557			84,256
Operating Income				56,405			67,138			243,099			195,131			324,534
Other Income (Expense):
	Interest income			17,360			12,879			8,740			4,148			19,470
	Interest expense			(37,891	)		(39,759	)		(43,776	)		(58,939	)		(59,729	)
	Debt extinguishment gains (losses), net			(160	)		(99	)		(1,460	)		(5,587	)		6,265
	Marketable security gains (losses), net			12,891			(7,893	)		(2,159	)		24,059			30,105
	Derivative gains (losses), net			(2,812	)		(30,055	)		6,842			7,288			(13,433	)
	Foreign currency gains (losses), net			1,631			540			(4,551	)		6,569			(7,798	)
	Other, net			7,148			1,018			3,659			244			275
				(1,833	)		(63,369	)		(32,705	)		(22,218	)		(24,845	)
Income from Continuing Operations Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies				54,572			3,769			210,394			172,913			299,689
Income Tax Expense (Benefit):
		Current		47,582			30,569			133,734			36,429			84,422
		Deferred		(23,401	)		(27,259	)		(53,929	)		30,056			19,218
				24,181			3,310			79,805			66,485			103,640
Income from Continuing Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies				30,391			459			130,589			106,428			196,049
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax				(5,764	)		9,908			12,633			12,843			11,914
Income from Continuing Operations				24,627			10,367			143,222			119,271			207,963
Income from Discontinued Operations, Net of Tax				35,832			31,783			102,762			25,832			11,460
Net Income				60,459			42,150			245,984			145,103			219,423
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries				(756	)		1,094			1,260			1,293			880
Net Income attributable to SEACOR Holdings Inc.			$	61,215		$	41,056		$	244,724		$	143,810		$	218,543

Net Income attributable to SEACOR Holdings Inc.:
	Continuing operations		$	25,343		$	9,273		$	141,962		$	117,978		$	207,083
	Discontinued operations			35,872			31,783			102,762			25,832			11,460
			$	61,215		$	41,056		$	244,724		$	143,810		$	218,543
Basic Earnings Per Common Share of SEACOR Holdings Inc.:
	Continuing operations		$	1.24		$	0.44		$	6.63		$	5.91		$	9.91
	Discontinued operations			1.76			1.50			4.80			1.30			0.55
			$	3.00		$	1.94		$	11.43		$	7.21		$	10.46
Diluted Earnings Per Common Share of SEACOR Holdings Inc.:
	Continuing operations		$	1.22		$	0.43		$	6.52		$	5.47		$	8.79
	Discontinued operations			1.73			1.48			4.73			1.10			0.46
			$	2.95		$	1.91		$	11.25		$	6.57		$	9.25
Weighted Average Common Shares Outstanding:
	Basic			20,426,770			21,119,461			21,402,441			19,950,702			20,893,390
	Diluted			20,775,896			21,466,843			21,757,217			23,388,168			24,699,181
Common Shares Outstanding at Period End				19,887,933			20,933,116			21,399,508			22,612,826			20,017,547
Special Cash Dividend Declared and Paid Per Common Share of SEACOR Holdings Inc.			$	5.00		$	--		$	15.00		$	--		$	--


SEACOR HOLDINGS INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands, unaudited)

					For the years ended December 31,
					2012			2011			2010			2009			2008
Cash Flows from Operating Activities of Continuing Operations:
	Income from Continuing Operations				$	24,627		$	10,367		$	143,222		$	119,271		$	207,963
	Adjustments to reconcile income from continuing operations to net cash provided by operating activities of continuing operations:
		Depreciation and amortization				131,667			106,873			113,774			117,419			114,910
		Amortization of deferred gains on sale and leaseback transactions				(16,652	)		(22,191	)		(17,819	)		(16,960	)		(16,552	)
		Debt discount amortization, net				1,266			828			768			7,448			5,852
		Amortization of share awards				32,930			21,589			19,254			12,993			12,199
		Director stock awards				357			359			303			380			450
		Bad debt expense (income)				1,311			(56	)		304			2,194			1,446
		Gains on asset dispositions and impairments, net				(23,987	)		(18,839	)		(43,977	)		(27,557	)		(84,256	)
		Debt extinguishment (gains) losses, net				160			99			1,460			5,587			(6,265	)
		Marketable security (gains) losses, net				(12,891	)		7,893			2,159			(24,059	)		(30,105	)
		Purchases of marketable securities				(40,396	)		(117,145	)		(107,716	)		(35,523	)		(60,288	)
		Proceeds from sale of marketable securities				36,537			178,016			44,992			61,595			24,168
		Derivative (gains) losses, net				2,812			30,055			(6,842	)		(7,288	)		13,433
		Cash settlements on derivative transactions, net				(11,868	)		(20,636	)		(6,858	)		5,956			(11,310	)
		Foreign currency (gains) losses, net				(1,631	)		(540	)		4,551			(6,569	)		7,798
		Deferred income tax expense (benefit)				(23,401	)		(27,259	)		(53,929	)		30,056			19,218
		Equity in (earnings) losses of 50% or less owned companies, net of tax				5,764			(9,908	)		(12,633	)		(12,843	)		(11,914	)
		Dividends received from 50% or less owned companies				6,606			8,346			17,912			15,920			10,384
		Other, net				542			484			(280	)		1,068			1,041
		Changes in operating assets and liabilities:
			(Increase) decrease in receivables			18,775			(18,562	)		25,147			(55,029	)		8,518
			(Increase) decrease in prepaid expenses and other assets			6,655			(1,672	)		26,536			11,618			19,271
			Increase (decrease) in accounts payable, accrued expenses and other liabilities			(57,696	)		(13,473	)		67,020			21,156			6,644
				Net cash provided by operating activities of continuing operations		81,487			114,628			217,348			226,833			232,605
Cash Flows from Investing Activities of Continuing Operations:
	Purchases of property and equipment					(239,350	)		(165,264	)		(112,629	)		(82,407	)		(198,913	)
	Proceeds from disposition of property and equipment					114,032			75,733			359,414			77,124			154,520
	Purchases of marketable securities					--			--			--			--			(212,590	)
	Proceeds from sale of marketable securities					--			--			--			--			141,886
	Cash settlements on derivative transactions, net					--			--			--			--			(1,245	)
	Investments in and advances to 50% or less owned companies					(45,572	)		(41,313	)		(55,462	)		(27,453	)		(14,043	)
	Return of investments and advances from 50% or less owned companies					87,275			22,422			14,160			1,922			2,212
	Proceeds on sale of investments in 50% or less owned companies					--			--			--			136			--
	Net advances on revolving credit line to 50% or less owned companies					(300	)		(4,339	)		(9,067	)		--			--
	(Advances) principal payments on third party notes receivable, net					32,634			(35,724	)		(5,342	)		2,433			(6,222	)
	Net (increase) decrease in restricted cash					(7,004	)		(8,630	)		21,363			(13,227	)		9,837
	Net (increase) decrease in construction reserve funds and title XI funds					64,345			63,911			(34,135	)		16,007			99,243
	Repayments on (investments in) leases, net					3,399			8,982			(15,031	)		(1,667	)		59
	Business acquisitions, net of cash acquired					(148,088	)		(90,588	)		(5,602	)		(4,112	)		(5,622	)
	Cash disposed on sale of subsidiary, net of cash proceeds on sale					--			--			--			(154	)		--
				Net cash provided by (used in) investing activities of continuing operations		(138,629	)		(174,810	)		157,669			(31,398	)		(30,878	)
Cash Flows from Financing Activities of Continuing Operations:
	Payments on long-term debt and capital lease obligations					(484,153	)		(36,898	)		(92,755	)		(311,814	)		(177,030	)
	Net borrowings (repayments) under inventory financing arrangements					(14,600	)		20,210			(21,647	)		2,200			--
	Proceeds from issuance of long-term debt, net of offering costs					414,051			52,877			--			349,297			111,250
	Purchase of conversion option in convertible debt					--			--			--			(2,030	)		--
	Proceeds from issuance of conversion option in convertible debt, net of offering costs					48,245			--			--			--			--
	Special Cash Dividend					(100,385	)		--			(319,682	)		--			--
	Common stock acquired for treasury					(119,551	)		(71,290	)		(137,068	)		(45,854	)		(240,069	)
	Proceeds and tax benefits from share award plans					11,683			11,888			26,225			5,742			6,655
	Purchase of subsidiary shares from noncontrolling interests					--			(1,149	)		(39	)		(1,210	)		--
	Cash received from (dividends paid to) noncontrolling interests, net					(2,818	)		(915	)		285			(2,257	)		1,632
				Net cash used in financing activities of continuing operations		(247,528	)		(25,277	)		(544,681	)		(5,926	)		(297,562	)
Effects of Exchange Rate Changes on Cash and Cash Equivalents						2,087			1,517			(6,314	)		2,169			(8,355	)
Net Increase (Decrease) in Cash and Cash Equivalents from Continuing Operations						(302,583	)		(83,942	)		(175,978	)		191,678			(104,190	)
Cash Flows from Discontinued Operations:
	Operating Activities					189,216			21,305			181,467			66,603			54,693
	Investing Activities					(7,665	)		(157,146	)		(138,441	)		(70,302	)		(215,546	)
	Financing Activities					(12,919	)		246,260			38,170			(401	)		(898	)
	Effect of Exchange Rate Changes on Cash and Cash Equivalents					673			442			(1,696	)		(1,298	)		(248	)
Net Increase (Decrease) in Cash and Cash Equivalents from Discontinued Operations						169,305			110,861			79,500			(5,398	)		(161,999	)
Net Increase (Decrease) in Cash and Cash Equivalents						(133,278	)		26,919			(96,478	)		186,280			(266,189	)
Cash and Cash Equivalents, Beginning of Year						381,482			354,563			451,041			264,761			530,950
Cash and Cash Equivalents, End of Year					$	248,204		$	381,482		$	354,563		$	451,041		$	264,761

Contact Information:

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

SEACOR Holdings Inc. Provides Historical Financial Information to Present Era Group Inc. as a Discontinued Operation