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TheStreet Open House

International Shipholding Corporation Reports Fourth Quarter And Year-End 2011 Results

Stock quotes in this article: ISH

Mr. Johnsen noted, “Our fixed-rate contract coverage has enabled us to provide our shareholders with dividend payments despite the shipping industry’s difficult environment. For the quarter we announced a dividend of $0.375 per share and achieved our full year 2011 target of $1.50 per share. Based on our fixed-rate contract business and several factors, including market conditions and potential growth opportunities, the Board of Directors has established a quarterly dividend target of $0.25 per share for the 2012 fiscal year. The 2012 dividend target provides our shareholders with a sustainable dividend while ensuring the company maintains an appropriate level of financial flexibility.”

Conference Call

In connection with this earnings release, management will host an earnings conference call on Thursday, February 2, 2012 at 10:00 AM ET. To participate in the conference call, please dial (888) 427-9419 (domestic) or (719) 325-2172 (international). Participants can reference the International Shipholding Corporation Fourth Quarter 2011 Earnings Call or passcode 9261934. Please dial in approximately 5 minutes prior to the call.

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 February 9, 2012, at (877) 870-5176 (domestic) or (858) 384-5517 (international). The passcode for the replay is 9261934.

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 INCOME
(All Amounts in Thousands Except Share Data)
 
      Three Months Ended December 31,       Twelve Months ended December 31,
2011       2010 2011       2010
Revenues $ 61,814 $ 57,651 $ 263,196 $ 290,049
 
Operating Expenses:
Voyage Expenses 44,367 42,966 192,082 209,347
Vessel Depreciation 7,144 4,258 25,388 17,929
Impairment Loss - - - 25,430
Administrative and General Expenses 4,908 4,924 20,961 21,202
Gain on Dry Bulk Transaction - - (18,844 ) -
(Gain) Loss on Sale of Other Assets   -     4     -     (42 )
 
Total Operating Expenses   56,419     52,152     219,587     273,866  
 
Operating Income   5,395     5,499     43,609     16,183  
 
Interest and Other:
Interest Expense 2,891 1,608 10,361 7,157
Derivative Loss (8 ) 26 101 426
Loss (Gain) on Sale of Investment 928 (197 ) 747 (213 )
Other Income from Vessel Financing (639 ) (564 ) (2,653 ) (2,335 )
Investment (Income) Loss (115 ) (309 ) (637 ) (1,778 )
Foreign Exchange Loss   (24 )   1,652     3,051     8,196  
  3,033     2,216     10,970     11,453  
 
 
Income Before Provision (Benefit) for Income Taxes and
Equity in Net Income of Unconsolidated Entities   2,362     3,283     32,639     4,730  
 
Provision (Benefit) for Income Taxes:
Current 149 196 680 692
Deferred   -     (793 )   -     (1,982 )
  149     (597 )   680     (1,290 )
 
Equity in Net (Loss) Income of Unconsolidated
Entities (Net of Applicable Taxes)   (432 )   5,061     (410 )   9,282  
 
Net Income $ 1,781   $ 8,941   $ 31,549   $ 15,302  
 
Basic and Diluted Earnings Per Common Share:
       
Basic Earnings Per Common Share: $ 0.25   $ 1.26   $ 4.42   $ 2.14  
 
Diluted Earnings Per Common Share: $ 0.25   $ 1.25   $ 4.40   $ 2.12  
 
Weighted Average Shares of Common Stock Outstanding:
Basic 7,140,752 7,075,659 7,131,820 7,158,439
Diluted 7,197,009 7,166,958 7,173,251 7,231,178
 
Dividends Per Share $ 0.375 $ 0.375 $ 1.500 $ 1.625
 
 
INTERNATIONAL SHIPHOLDING CORPORATION
CONSOLIDATED BALANCE SHEETS
(All Amounts in Thousands)
 
 
      December 31,       December 31,
ASSETS 2011 2010
 
Current Assets:
Cash and Cash Equivalents $ 21,437 $ 20,835
Restricted Cash 8,907 -
Marketable Securities 12,827 15,776
Accounts Receivable, Net of Allowance for Doubtful Accounts
of $100 and $311 in 2011 and 2010: 20,553 19,016
Federal Income Taxes Receivable 242 242
Net Investment in Direct Financing Leases 6,278 5,596
Other Current Assets 4,037 3,375
Notes Receivable 4,450 4,248
Material and Supplies Inventory 5,034 3,774
Total Current Assets 83,765 72,862
 
Investment in Unconsolidated Entities 12,800 27,261
 
Net Investment in Direct Financing Leases 43,837 50,102
 
Vessels, Property, and Other Equipment, at Cost:
Vessels 581,705 365,797
Leasehold Improvements 26,128 26,128
Construction in Progress 20,729 78,355
Furniture and Equipment 9,372 7,863
637,934 478,143
Less - Accumulated Depreciation (171,820) (143,667)
466,114 334,476
 
Other Assets:
Deferred Charges, Net of Accumulated Amortization 16,546 14,482
of $17,429 and $14,525 in 2011 and 2010, Respectively
Intangible Assets, Net 3,219 -
Due from Related Parties 1,571 4,124
Notes Receivable 37,714 40,142
Other 13 682
59,063 59,430
 
TOTAL ASSETS $ 665,579 $ 544,131
 
 
INTERNATIONAL SHIPHOLDING CORPORATION
CONSOLIDATED BALANCE SHEETS
(All Amounts in Thousands)
 
 
    December 31,       December 31,
2011 2010
LIABILITIES AND STOCKHOLDERS' EQUITY
 
Current Liabilities:
Current Maturities of Long-Term Debt $ 36,079 $ 21,324
Accounts Payable and Accrued Liabilities 28,343 33,802
Total Current Liabilities 64,422 55,126
 
Long-Term Debt, Less Current Maturities 286,014 200,241
 
Other Long-Term Liabilities:
Lease Incentive Obligation 6,640 7,022
Other 59,148 47,992
 
TOTAL LIABILITIES 416,224 310,381
 
Stockholders' Equity:
Common Stock, $1.00 Par Value, 10,000,000 Shares Authorized, 8,606 8,564
7,140,752 And 7,075,659 Shares Issued at December 31, 2011 and
December 31, 2010, Respectively
Additional Paid-In Capital 85,830 84,846
Retained Earnings 204,109 183,541
Treasury Stock, 1,388,066 Shares at December 31, 2011 (25,403) (25,403)
and 2010, Respectively
Accumulated Other Comprehensive (Loss) (23,787) (17,798)
TOTAL STOCKHOLDERS' EQUITY 249,355 233,750
 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 665,579 $ 544,131
 
 
INTERNATIONAL SHIPHOLDING CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS

(All Amounts in Thousands)

 

      Twelve Months Ended December 31,
2011       2010
Cash Flows from Operating Activities:
Net Income $ 31,549 $ 15,302
Adjustments to Reconcile Net Income to Net Cash Provided by
Operating Activities:
Depreciation 26,391 18,898
Amortization of Deferred Charges and Other Assets 8,954 6,569
Deferred Benefit for Income Taxes - (1,982 )
Gain on Acquisition (18,844 ) -
Impairment Loss - 25,430
Non-Cash Stock Based Compensation 1,801 2,341
Equity in Net Income of Unconsolidated Entities 410 (9,282 )
Distributions from Unconsolidated Entities 750 3,000
Gain on Sale of Assets - (42 )
Loss (Gain) on Sale of Investments 747 (213 )
Loss on Foreign Currency Exchange 3,051 8,196
Changes in:
Deferred Drydocking Charges (6,803 ) (2,516 )
Accounts Receivable (1,290 ) 4,737
Inventories and Other Current Assets (1,200 ) (1,287 )
Other Assets 669 1,337
Accounts Payable and Accrued Liabilities 2,207 (3,052 )
Other Long-Term Liabilities   (3,045 )   (2,193 )
Net Cash Provided by Operating Activities   45,347     65,243  
 
Cash Flows from Investing Activities:
Principal payments received under Direct Financing Leases 5,583 5,522
Capital Improvements to Vessels and Other Assets (109,631 ) (123,146 )
Proceeds from Sale of Assets - 3,853
Purchase of Marketable Securities (74 ) (10,938 )
Proceeds from Sale of Marketable Securities 2,413 9,615
Investment in Unconsolidated Entities (2,545 ) (4,949 )
Acquisition of Unconsolidated Entity 7,092 -
Net Increase in Restricted Cash Account (8,907 ) -
Proceeds from Sale of Unconsolidated Entity 526
Proceeds from Note Receivables   4,735     5,167  
Net Cash Used In Investing Activities   (100,808 )   (114,876 )
 
Cash Flows from Financing Activities:
Common Stock Repurchase - (5,231 )
Proceeds from Issuance of Debt 135,330 153,476
Repayment of Debt (66,498 ) (108,029 )
Additions to Deferred Financing Charges (1,788 ) (1,155 )
Common Stock Dividends Paid   (10,981 )   (11,882 )
Net Cash Provided by Financing Activities   56,063     27,179  
 
Net Increase in Cash and Cash Equivalents 602 (22,454 )
Cash and Cash Equivalents at Beginning of Period   20,835     43,289  
 
Cash and Cash Equivalents at End of Period $ 21,437   $ 20,835  
 




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