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International Shipholding Corporation Reports Third Quarter 2011 Results

Stocks in this article: ISH

International Shipholding Corporation (NYSE: ISH) today announced the financial results for the quarter ended September 30, 2011.

Third Quarter 2011

  • Generated net income of $2.9 million for the three months ended September 30, 2011
  • Awarded time charter contract with the Military Sealift Command to transport supplies for one year with options for up to an additional three years and 11 months

Net Income

The Company reported Net Income of $2.9 million for the three months ended September 30, 2011. For the comparable three months ended September 30, 2010, the Company reported a loss of $13.8 million which included a $25.4 million non-cash impairment charge relating to the rail ferry service.

Mr. Niels M. Johnsen, chairman and chief executive officer, stated, “In the third quarter we were awarded a new time charter contract to transport supplies for the Military Sealift Command which increases our contracted revenue stream and demonstrates our ability to maintain long-standing customer relationships. This Military Sealift Command time charter contract will be performed by a newly acquired 2000-built multi-purpose ice strengthened vessel which is being reflagged to United States Flag.

“As we work to expand our fleet and develop new growth opportunities, we remain committed to providing our shareholders with a return through our dividend policy. Our Board declared a third quarter payment of $0.375 per share, this makes a total of $5.625 per share in dividends declared since reinstituting our dividend policy in the fourth quarter of 2008.”

Operating Income

In spite of continued challenges in world transportation markets, the Company’s Gross Voyage Profit, representing the operating results of its five segments, excluding the $25.4 non-cash impairment charge, decreased from $19.6 million to $13.4 million year-over-year. The lower results are attributable to reduced supplemental cargo volumes, fewer operating days on the U.S. Flag Coal Carrier, and lower results from the Rail Ferry service. The U.S. Flag Coal Carrier had a third party commercial voyage in the third quarter of 2010 in addition to her normal operations under her time charter. The Rail Ferry experienced an extraordinary, one-time increase in northbound cargo volumes in 2010 due to storm-related track outages. During the 2011 third quarter the Rail Ferry segment operated at 76% of capacity, a level that is generating our expected results. The Company’s U.S. Flag Time Charter segment, excluding the supplemental cargoes and Coal Carrier, had slightly lower results owing to a reduced number of full operating days of its vessels under contract to the Military Sealift Command. The International Time Charter segment results were higher compared to the prior year period as the three Handysize vessels and the Capesize vessel generated satisfactory results. Results from the Company’s Contract of Affreightment segment as well as its Other segment were comparable to the year ago period. Administrative and General Expenses during the third quarter of 2011 were slightly below the 2010 third quarter levels.

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