International Shipholding Corporation (NYSE: ISH) today announced the financial results for the quarter ended March 31, 2012.
First Quarter 2012 Highlights
- Reported net income of $7.9 million for the three months ended March 31, 2012
- Generated a reportable gain of $3.8 million from transaction involving the sales of two International Flag Pure Car Truck Carriers
- The International Flag Pure Car Truck Carrier sales and a sale and leaseback of a United States Flag Pure Car Truck Carrier generated cash proceeds of $132.1 million enabling the company to pay down $90.6 million in debt
- Declared a first quarter dividend of $0.25 per share payable on June 1, 2012 to shareholders of record as of May 16, 2012
The Company reported net income of $7.9 million for the three months ended March 31, 2012, which included a gain on the sale of two International Flag Pure Car Truck Carriers of $3.8 million. For the comparable three months ended March 31, 2011, the Company reported net income of $24.1 million, which included a gain of $18.7 million on the Dry Bulk transaction. Excluding the non-recurring transactions, net income for the first quarter of 2012 was $4.1 million as compared to $5.4 million for the comparable quarter in 2011.Mr. Niels M. Johnsen, Chairman and Chief Executive Officer, stated: “During a time in which our fleet of diversified vessels continued to generate contract revenue, we enhanced our financial position by monetizing our investments in three Pure Car Truck Carriers. Importantly, one of these monetization transactions was a sale leaseback with early buy-out options that enables the Company to maintain commercial control of the vessel. Proceeds from these transactions provide us with significant capital to pay down debt and pursue accretive growth opportunities.”