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International Shipholding Corporation Reports First Quarter 2012 Results

Stocks in this article: ISH

“In addition, we continue to focus on providing attractive returns to our shareholders through a quarterly dividend. Consistent with our policy, our Board of Directors declared a first quarter dividend of $0.25 per share, increasing the cumulative declared payment to $6.25 per share since reinstituting our dividend policy in the fourth quarter of 2008.”

Operating Income

Operating income for the three months ended March 31, 2012, was $6.3 million. Excluding the gains from the sale of assets, operating income was $2.5 million in this first quarter of 2012 as compared to $4.1 for the comparable period in 2011. The Company’s gross voyage profit, which represents the operating results of its five reporting segments was $14.4 million compared to $15.3 million in the 2011 three month period. The comparable results by reporting segment are shown below:

                       
International Rail Ferry
U.S. Flag    

Flag

   

COA

    Service     Other     Totals
(all amounts in millions)

2012

Gross Voyage Profit $ 7.926 $

6.159

$

(.892

)

$ .833 $ .352 $ 14.378
 
Depreciation (2.565 )

(3.092

)

--

(.698 ) (.002 ) (6.357 )
Gross Profit $ 5.361 $

3.067

$

(.892

)

$ .135 $ .350 $ 8.021
(After Depreciation)
 

2011

Gross Voyage Profit $ 9.018 $

4.324

$

(.079

)

$ 1.423 $ .658 $ 15.344
 
Depreciation (2.509 )

(1.990

)

--

(.872 ) (.003 ) (5.374 )
Gross Profit $ 6.509 $

2.334

$

(.079

)

$ .551 $ .655 $ 9.970
(After Depreciation)
 

Gross profit for the U. S Flag Time Charter segment was lower due to the expiration of the three operating contracts with the Military Sealift Command (MSC) during the quarter and lower supplemental cargo volumes. These were partially offset by the results of the multi-purpose ice strengthened vessel placed under contract to the MSC in late 2011. The International Flag Time Charter segment reported improved results primarily from the operation of its Dry Bulk vessels. The Contract of Affreightment segment reported a greater loss from lower tonnage carried in the quarter. The Rail Ferry segment results were negatively impacted by higher operating costs in the quarter. These costs are expected to come in line with prior year operating cost levels over the remainder of the year. The Company’s Other segment results, consisting mainly of chartering brokerage and agency services, were adversely impacted by work stoppage in Indonesia affecting a large chartering customer. As these operations return to normal, charter levels are expected to return to 2011 levels for the remainder of 2012.

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