International Shipholding Corporation (NYSE: ISH) today announced the financial results for the quarter ended December 31, 2011.
Fourth Quarter 2011 Highlights
- Generated net income of $1.8 million for the three months ended December 31, 2011
- Took delivery of a multi-purpose ice strengthened vessel to perform Military Sealift Command time charter contract
- Declares quarterly dividend of $0.375 per share payable on March 1, 2012 to shareholders of record as of February 15, 2012
The Company reported net income of $1.8 million for the three months ended December 31, 2011 as compared to $8.9 million for the three months ended December 31, 2010. The 2011 quarterly results included a loss of $967,000 on the sale of an investment in a warehouse previously used by the Rail Ferry Service, while the 2010 quarterly results included a one-time reversal of an income tax provision of $3.9 million. For the full year of 2011, net income was $31.5 million compared to $15.3 million for 2010. In addition to the non-recurring charges, full year 2011 results included a non-monetary gain of $18.8 million associated with the purchase of the remaining 50% interest in Drybulk Capeholding, Inc. (“Dry Bulk”), while 2010 results included an impairment charge of $25.4 million on the Rail Ferry Service.Mr. Niels M. Johnsen, Chairman and Chief Executive Officer, stated, “In 2011 we continued our strategy of operating a majority of our fleet on medium to long-term charters, enabling us to generate significant revenue during a challenging time for the shipping industry. During the year we acquired a 2000-built multi-purpose ice strengthened vessel to service a recently awarded MSC contract. We also completed transactions to increase the ownership interest of our fleet by acquiring 100% interests in two pure car truck carriers, one Capesize vessel and one newbuilding Handymax vessel. In addition, we strengthened our potential earnings power during the year with the delivery of three Handysize Bulk Carriers and five Mini Bulkers.