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International Shipholding Corporation Reports First Quarter 2011 Results

About International Shipholding

International Shipholding Corporation, through its subsidiaries, operates a diversified fleet of U. S. and foreign flag vessels that provide international and domestic maritime transportation services to commercial and governmental customers primarily under medium to long-term charters and contracts. www.intship.com

Caution concerning forward-looking statements

This press release contains forward-looking statements within the meaning of the U.S. federal securities laws. These forward-looking statements are based on assumptions and opinions concerning a variety of known and unknown risks. Please refer to ISH’s Annual Report on form 10-K for the year ended December 31, 2010 as well as its future filings and reports filed with or furnished to the Securities and Exchange Commission for a description of the business environment in which ISH operates and the important factors, risks and uncertainties that may affect its business and financial results. If any assumptions or opinions prove materially incorrect, any forward-looking statements made on that basis may also prove to be materially incorrect. ISH is not under any obligation to (and expressly disclaims any such obligations to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.

 
 
INTERNATIONAL SHIPHOLDING CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(All Amounts in Thousands Except Share Data)
(Unaudited)
        Three Months ended March 31,
2011     2010
Revenues $ 64,334 $ 72,914
 
Operating Expenses:
Voyage Expenses 48,990 54,943
Vessel Depreciation   5,374     3,764  
 
Gross Voyage Profit   9,970     14,207  
 
Administrative and General Expenses 5,829 6,019
Gain on Dry Bulk Transaction (18,714 ) -
Gain on Sale of Other Assets   -     (121 )
 
Operating Income   22,855     8,309  
 
Interest and Other:
Interest Expense 2,290 1,599
Derivative Income (121 ) -
Other Income from Vessel Financing (688 ) (604 )
Investment Income (200 ) (179 )
Foreign Exchange Gain   (1,489 )   -  
  (208 )   816  
Income Before Provision (Benefit) for Income Taxes and
Equity in Net Income of Unconsolidated Entities   23,063     7,493  
 
Provision (Benefit) for Income Taxes:
Current 207 170
Deferred - (765 )
State   1     (17 )
  208     (612 )
Equity in Net Income of Unconsolidated
Entities (Net of Applicable Taxes)   1,225     2,463  
 
Net Income $ 24,080   $ 10,568  
 
Basic and Diluted Earnings Per Common Share:    
Basic Earnings Per Common Share: $ 3.33   $ 1.46  
 
Diluted Earnings Per Common Share: $ 3.32   $ 1.44  
 
Weighted Average Shares of Common Stock Outstanding:
Basic 7,232,834 7,249,198
Diluted 7,256,129 7,321,198
 
Dividends Per Share $ 0.375 $ 0.500
 
 
INTERNATIONAL SHIPHOLDING CORPORATION
CONSOLIDATED BALANCE SHEETS
(All Amounts in Thousands)
(Unaudited)
 
        March 31,     December 31,
ASSETS 2011 2010
 
Current Assets:
Cash and Cash Equivalents $ 51,986 $ 24,158
Marketable Securities 11,293 11,527
Accounts Receivable, Net of Allowance for Doubtful Accounts
of $324 and $311 in 2011 and 2010, Respectively
Traffic 6,902 6,364
Agents' 2,943 1,555
Other 15,894 8,555
Federal Income Taxes Receivable 155 242
Net Investment in Direct Financing Leases 5,770 5,596
Other Current Assets 5,004 2,513
Notes Receivable 4,248 4,248
Material and Supplies Inventory 4,088   3,774  
Total Current Assets 108,283   68,532  
 
Investment in Unconsolidated Entities 15,033   27,261  
 
Net Investment in Direct Financing Leases 48,597   50,102  
 
Vessels, Property, and Other Equipment, at Cost:
Vessels 497,889 365,797
Leasehold Improvements 26,128 26,128
Construction in Progress 7,907 78,355
Furniture and Equipment 9,338   7,863  
541,262 478,143
Less - Accumulated Depreciation (149,728 ) (143,667 )
Net Vessels, Property, and Other Equipment 391,534   334,476  
 
Other Assets:
Deferred Charges, Net of Accumulated Amortization 14,498 14,482
of $15,987 and $14,525 in 2011 and 2010, Respectively
Intangible Assets, Net 2,576 -
Due from Related Parties 4,322 4,124
Notes Receivable 39,080 40,142
Other 4,933   5,004  
65,409   63,752  
 
$ 628,856   $ 544,123  
           
 
 
INTERNATIONAL SHIPHOLDING CORPORATION
CONSOLIDATED BALANCE SHEETS
(All Amounts in Thousands)
(Unaudited)
 
March 31, December 31,
2011 2010
LIABILITIES AND STOCKHOLDERS' EQUITY
 
Current Liabilities:
Current Maturities of Long-Term Debt $ 24,161 $ 21,324
Accounts Payable and Accrued Liabilities 46,755 32,114
Federal Income Taxes Payable 19   -  
Total Current Liabilities 70,935   53,438  
 
Long-Term Debt, Less Current Maturities 243,562   200,241  
 
Other Long-Term Liabilities:
Lease Incentive Obligation 6,972 7,022
Other 51,604   49,672  
58,576   56,694  
 
 
Stockholders' Equity:
Common Stock 8,555 8,564
Additional Paid-In Capital 84,657 84,846
Retained Earnings 204,674 183,541
Treasury Stock (25,403 ) (25,403 )
Accumulated Other Comprehensive Loss (16,700 ) (17,798 )
255,783   233,750  
 
$ 628,856   $ 544,123  
 
 
INTERNATIONAL SHIPHOLDING CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(All Amounts in Thousands)
(Unaudited)            
Three Months Ended March 31,
2011 2010
Cash Flows from Operating Activities:
Net Income $ 24,080 $ 10,568
Adjustments to Reconcile Net Income to Net Cash Provided by
Operating Activities:
Depreciation 5,621 3,905
Amortization of Deferred Charges and Other Assets 1,571 2,865
Deferred Benefit for Income Taxes - (765 )
Gain on Dry Bulk Transaction (18,714 ) -
Non-Cash Stock Based Compensation 577 734
Equity in Net Income of Unconsolidated Entities (1,225 ) (2,463 )
Distributions from Unconsolidated Entities 750 750
Gain on Sale of Assets - (121 )
Gain on Foreign Currency Exchange (1,489 ) -
Deferred Drydocking Charges (3,338 ) (125 )
Changes in:
Accounts Receivable (9,265 ) (2,214 )
Inventories and Other Current Assets 867 (406 )
Other Assets 71 610
Accounts Payable and Accrued Liabilities 5,563 (2,371 )
Other Long-Term Liabilities   1,905     1,511  
Net Cash Provided by Operating Activities   6,974     12,478  
 
Cash Flows from Investing Activities:
Principal payments received under Direct Financing Leases 1,330 1,700
Capital Improvements to Vessels, Leasehold Improvements, and Other Assets (12,800 ) (54,215 )
Proceeds from/Cash Paid on Sale of Assets - (15 )
Purchase of Marketable Securities (1,120 ) (8,649 )
Proceeds from Sale of Marketable Securities 1,150 598
Investment in Unconsolidated Entities (1,646 ) (315 )
Acquisition of Unconsolidated Entity 16,861 -
Payments on Related Party Note Receivables   1,002     950  
Net Cash Provided by (Used In) Investing Activities   4,777     (59,946 )
 
Cash Flows from Financing Activities:
Proceeds from Issuance of Debt 34,029 70,305
Repayment of Debt (14,936 ) (4,322 )
Additions to Deferred Financing Charges (69 ) (185 )
Common Stock Dividends Paid   (2,947 )   (3,743 )
Net Cash Provided by Financing Activities   16,077     62,055  
 
Net Increase in Cash and Cash Equivalents 27,828 14,587
Cash and Cash Equivalents at Beginning of Period   24,158     47,468  
 
Cash and Cash Equivalents at End of Period $ 51,986   $ 62,055  




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