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International Shipholding Corporation Reports Third Quarter 2011 Results

The conference call will also be available via a live listen-only webcast and can be accessed through the Investor Relations section of the Company’s website, www.intship.com. Please allow extra time prior to the call to visit the Company’s website and download any software that may be needed to listen to the webcast.

A replay of the conference call will be available through November 3, 2011, at (877) 870-5176 (domestic) or (858) 384-5517 (international). The passcode for the replay is 5271974.

About International Shipholding Corporation

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.

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 OPERATIONS
(All Amounts in Thousands Except Share Data)
(Unaudited)
 
  Three Months Ended September 30,     Nine Months ended September 30,
2011   2010 2011   2010
Revenues $ 67,087 $ 74,400 $ 201,382 $ 232,398
Operating Expenses:
Voyage Expenses 46,911 49,925 147,715 166,381
Vessel Depreciation 6,775 4,923 18,244 13,671
Impairment Loss - 25,430 - 25,430
Administrative and General Expenses 4,769 4,844 16,053 16,278
Gain on Dry Bulk Transaction - - (18,844 ) -
Loss (Gain) on Sale of Other Assets   -     29     -     (46 )
 
Total Operating Expenses   58,455     85,151     163,168     221,714  
 
Operating Income (Loss)   8,633     (10,751 )   38,215     10,684  
Interest and Other:
Interest Expense 2,850 1,745 7,470 5,549
Derivative Loss 124 172 109 400
Gain on Sale of Investment (67 ) - (181 ) (16 )
Other Income from Vessel Financing (654 ) (577 ) (2,014 ) (1,771 )
Investment (Income) (137 ) (303 ) (522 ) (1,469 )
Foreign Exchange Loss   2,664     3,396     3,075     6,544  
  4,780     4,433     7,937     9,237  

Income Before Provision (Benefit) for Income Taxes and Equity in Net Income of Unconsolidated Entities

  3,853     (15,184 )   30,278     1,447  
Provision (Benefit) for Income Taxes:
Current 150 173 518 496
Deferred - (224 ) - (1,189 )
State   -     -     13     -  
  150     (51 )   531     (693 )
 

Equity in Net (Loss) Income of Unconsolidated Entities (Net of Applicable Taxes)

  (852 )   1,310     22     4,221  
 
Net Income (Loss) $ 2,850   $ (13,823 ) $ 29,768   $ 6,361  
 
Basic and Diluted Earnings Per Common Share:
Continuing Operations $ 0.40   $ (1.95 ) $ 4.18   $ 0.89  
Basic Earnings Per Common Share: $ 0.40   $ (1.95 ) $ 4.18   $ 0.89  
Continuing Operations $ 0.40   $ (1.95 ) $ 4.15   $ 0.88  
Diluted Earnings Per Common Share: $ 0.40   $ (1.95 ) $ 4.15   $ 0.88  
 
Weighted Average Shares of Common Stock Outstanding:
Basic 7,140,752 7,075,659 7,128,810 7,186,335
Diluted 7,190,082 7,075,659 7,165,298 7,252,888
Dividends Per Share $ 0.375 $ 0.375 $ 1.125 $ 1.250
 
INTERNATIONAL SHIPHOLDING CORPORATION
CONSOLIDATED BALANCE SHEETS
(All Amounts in Thousands)
(Unaudited)
 
  September 30,   December 31,
ASSETS 2011 2010
 
Current Assets:
Cash and Cash Equivalents $ 16,646 $ 24,158
Restricted Cash 6,175 -
Marketable Securities 8,525 11,527

Accounts Receivable, Net of Allowance for Doubtful Accounts of $342 and $311 in 2011 and 2010:

19,044 16,474
Federal Income Taxes Receivable 22 242
Net Investment in Direct Financing Leases 6,104 5,596
Other Current Assets 3,893 2,513
Notes Receivable 4,248 4,248
Material and Supplies Inventory, at Lower of Cost or Market 4,945   3,774  
Total Current Assets 69,591   68,532  
 
Investment in Unconsolidated Entities 14,452   27,261  
 
Net Investment in Direct Financing Leases 45,462   50,102  
 
Vessels, Property, and Other Equipment, at Cost:
Vessels 561,219 365,797
Leasehold Improvements 26,128 26,128
Construction in Progress 13,812 78,355
Furniture and Equipment 9,367   7,863  
610,526 478,143
Less - Accumulated Depreciation (163,976 ) (143,667 )
446,550   334,476  
 
Other Assets:

Deferred Charges, Net of Accumulated Amortization of $15,628 and $14,525 in 2011 and 2010, Respectively

16,013 14,482
Intangible Assets, Net 3,863 -
Due from Related Parties 3,837 4,124
Notes Receivable 36,956 40,142
Other 4,980   5,004  
65,649   63,752  
 
$ 641,715   $ 544,123  
 
INTERNATIONAL SHIPHOLDING CORPORATION
CONSOLIDATED BALANCE SHEETS
(All Amounts in Thousands)
(Unaudited)
 
  September 30,   December 31,
2011 2010
LIABILITIES AND STOCKHOLDERS' EQUITY
 
Current Liabilities:
Current Maturities of Long-Term Debt $ 35,111 $ 21,324
Accounts Payable and Accrued Liabilities 22,628   32,114  
Total Current Liabilities 57,739   53,438  
 
Long-Term Debt, Less Current Maturities 264,314   200,241  
 
Other Long-Term Liabilities:
Deferred Income Taxes 135 -
Lease Incentive Obligation 6,675 7,022
Other 57,544   49,672  
 
TOTAL LIABILITIES 386,407   310,373  
 
Stockholders' Equity:
Common Stock 8,590 8,564
Additional Paid-In Capital 85,449 84,846
Retained Earnings 205,006 183,541
Treasury Stock (25,403 ) (25,403 )
Accumulated Other Comprehensive (Loss) (18,334 ) (17,798 )
TOTAL STOCKHOLDERS' EQUITY 255,308   233,750  
 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 641,715   $ 544,123  
 
INTERNATIONAL SHIPHOLDING CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(All Amounts in Thousands)
 
  Nine Months Ended September 30,
2011   2010
Cash Flows from Operating Activities:
Net Income $ 29,768 $ 6,361

Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:

Depreciation 18,988 14,400
Amortization of Deferred Charges and Other Assets 6,438 7,095
Deferred Benefit for Income Taxes - (1,189 )
Gain on Acquisition (18,844 ) -
Impairment Loss - 25,430
Non-Cash Stock Based Compensation 1,404 1,926
Equity in Net Income of Unconsolidated Entities (22 ) (4,221 )
Distributions from Unconsolidated Entities 750 2,250
Gain on Sale of Assets - (46 )
Gain on Sale of Investments (181 ) (16 )
Loss on Foreign Currency Exchange 3,075 6,544
Changes in:
Deferred Drydocking Charges (5,370 ) (765 )
Accounts Receivable (2,570 ) (2,474 )
Inventories and Other Current Assets (1,129 ) (12 )
Other Assets 25 640
Accounts Payable and Accrued Liabilities (2,190 ) (5,074 )
Other Long-Term Liabilities   (174 )   (314 )
Net Cash Provided by Operating Activities   29,968     50,535  
 
Cash Flows from Investing Activities:
Principal payments received under Direct Financing Leases 4,131 4,213
Capital Improvements to Vessels and Other Assets (82,199 ) (80,065 )
Proceeds from Sale of Assets - 3,853
Purchase of Marketable Securities (79 ) (8,806 )
Proceeds from Sale of Marketable Securities 2,523 598
Investment in Unconsolidated Entities (2,046 ) (3,334 )
Acquisition of Unconsolidated Entity 7,092 -
Net Increase in Restricted Cash Account (6,175 ) -
Proceeds from Note Receivables   3,101     4,422  
Net Cash Used In Investing Activities   (73,651 )   (79,119 )
 
Cash Flows from Financing Activities:
Common Stock Repurchase - (5,231 )
Proceeds from Issuance of Debt 103,979 132,185
Repayment of Debt (57,748 ) (103,094 )
Additions to Deferred Financing Charges (1,757 ) (1,103 )
Common Stock Dividends Paid   (8,303 )   (9,228 )
Net Cash Provided by Financing Activities   36,171     13,529  
Net Increase in Cash and Cash Equivalents (7,512 ) (15,055 )
Cash and Cash Equivalents at Beginning of Period   24,158     47,468  
 
Cash and Cash Equivalents at End of Period $ 16,646   $ 32,413  




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