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International Shipholding Corporation Reports First Quarter 2012 Results

Stocks in this article: ISH

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 May 3, 2012, at (877) 870-5176 (domestic) or (858) 384-5517 (international). The passcode for the replay is 3269834.

About International Shipholding

International Shipholding Corporation, through its subsidiaries, operates a diversified fleet of U.S. and International flag vessels that provide worldwide and domestic maritime transportation services to commercial and governmental customers primarily under medium to long-term charters and contracts. www.intship.com

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, 2011 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)
(Unaudited)
 
    Three Months ended March 31,
2012     2011
Revenues $ 65,204 $ 64,334
 
Operating Expenses:
Voyage Expenses 50,826 48,990
Vessel Depreciation 6,357 5,374
Administrative and General Expenses 5,508 5,829
Gain on Dry Bulk Transaction - (18,714 )
Gain on Sale of Other Assets   (3,799 )   -  
 
Total Operating Expenses   58,892     41,479  
 
Operating Income   6,312     22,855  
 
Interest and Other:
Interest Expense 2,727 2,290
Derivative Income (149 ) (121 )
Gain on Sale of Investment (42 ) -
Other Income from Vessel Financing (622 ) (688 )
Investment Income (128 ) (200 )
Foreign Exchange Gain   (3,648 )   (1,489 )
  (1,862 )   (208 )
 
Income Before Provision for Income Taxes and
Equity in Net (Loss) Income of Unconsolidated Entities   8,174     23,063  
 
Provision for Income Taxes:
Current 168 207
State   -     1  
  168     208  
Equity in Net (Loss) Income of Unconsolidated
Entities (Net of Applicable Taxes)   (70 )   1,225  
 
Net Income $ 7,936   $ 24,080  
 
Basic and Diluted Earnings Per Common Share:
Basic Earnings Per Common Share: $ 1.11   $ 3.33  
 
Diluted Earnings Per Common Share: $ 1.11   $ 3.32  
 
Weighted Average Shares of Common Stock Outstanding:
Basic 7,170,611 7,232,834
Diluted 7,170,611 7,256,129
 
Dividends Per Share $ 0.250 $ 0.375
 
 
INTERNATIONAL SHIPHOLDING CORPORATION
CONSOLIDATED BALANCE SHEETS
(All Amounts in Thousands)
(Unaudited)
 
  March 31,     December 31,
ASSETS 2012 2011
 
Current Assets:
Cash and Cash Equivalents $ 34,190 $ 21,437
Restricted Cash - 8,907
Marketable Securities 13,086 12,827
Accounts Receivable, Net of Allowance for Doubtful Accounts
of $100 and $100 in 2012 and 2011: 24,190 20,553
Federal Income Taxes Receivable 2 242
Net Investment in Direct Financing Leases 3,201 6,278
Other Current Assets 4,612 4,037
Notes Receivable 4,537 4,450
Material and Supplies Inventory 3,838   5,034  
Total Current Assets 87,656   83,765  
 
Investment in Unconsolidated Entities 13,571   12,800  
 
Net Investment in Direct Financing Leases 16,160   43,837  
 
Vessels, Property, and Other Equipment, at Cost:
Vessels 538,226 581,705
Leasehold Improvements 26,128 26,128
Construction in Progress 413 20,729
Furniture and Equipment 9,430   9,372  
574,197 637,934
Less - Accumulated Depreciation (172,929 ) (171,820 )
401,268   466,114  
 
Other Assets:
Deferred Charges, Net of Accumulated Amortization 15,083 16,546
of $18,495 and $17,429 in 2012 and 2011, Respectively
Intangible Assets, Net 2,576 3,219
Due from Related Parties 1,747 1,571
Notes Receivable 36,529 37,714
Other 4,755   13  
60,690   59,063  
 
TOTAL ASSETS $ 579,345   $ 665,579  
 
 
INTERNATIONAL SHIPHOLDING CORPORATION
CONSOLIDATED BALANCE SHEETS
(All Amounts in Thousands)
(Unaudited)
 
    March 31,     December 31,
2012 2011
LIABILITIES AND STOCKHOLDERS' EQUITY
 
Current Liabilities:
Current Maturities of Long-Term Debt $ 27,991 $ 36,079
Accounts Payable and Accrued Liabilities 35,247   28,343  
Total Current Liabilities 63,238   64,422  
 
Long-Term Debt, Less Current Maturities 187,336   286,014  
 
Other Long-Term Liabilities:
Lease Incentive Obligation 6,606 6,640
Other 66,779   59,148  
 
TOTAL LIABILITIES 323,959   416,224  
 
Stockholders' Equity:
Common Stock 8,590 8,606
Additional Paid-In Capital 85,506 85,830
Retained Earnings 209,041 204,109
Treasury Stock (25,403 ) (25,403 )
Accumulated Other Comprehensive Loss (22,348 ) (23,787 )
TOTAL STOCKHOLDERS' EQUITY 255,386   249,355  
 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 579,345   $ 665,579  
 
 
INTERNATIONAL SHIPHOLDING CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(All Amounts in Thousands)
(Unaudited)
    Three Months Ended March 31,
2012     2011
Cash Flows from Operating Activities:
Net Income $ 7,936 $ 24,080
Adjustments to Reconcile Net Income to Net Cash Provided by
Operating Activities:
Depreciation 6,521 5,621
Amortization of Deferred Charges and Other Assets 2,432 1,571
Gain on Dry Bulk Transaction - (18,714 )
Non-Cash Stock Based Compensation 332 577
Equity in Net Income of Unconsolidated Entities 70 (1,225 )
Distributions from Unconsolidated Entities - 750
Gain on Sale of Assets (3,799 ) -
Loss (Gain) on Sale of Investments (42 ) -
Non-Cash Gain on Foreign Currency Exchange (3,648 ) (1,489 )
Changes in:
Deferred Drydocking Charges (1,924 ) (3,338 )
Accounts Receivable (3,637 ) (9,265 )
Inventories and Other Current Assets 121 867
Other Assets 1,714 71
Accounts Payable and Accrued Liabilities 437 5,563
Other Long-Term Liabilities   (3,627 )   1,905  
Net Cash Provided by Operating Activities   2,886     6,974  
 
Cash Flows from Investing Activities:
Principal payments received under Direct Financing Leases 1,518 1,330
Capital Improvements to Vessels and Other Assets (22,885 ) (12,800 )
Proceeds from Sale of Assets 130,315 -
Purchase of Marketable Securities 5 (1,120 )
Proceeds from Sale of Marketable Securities (135 ) 1,150
Investment in Unconsolidated Entities (750 ) (1,646 )
Acquisition of Unconsolidated Entity - 16,861
Net Increase in Restricted Cash Account 6,907 -
Proceeds from Note Receivables   1,185     1,002  
Net Cash Provided by Investing Activities   116,160     4,777  
Cash Flows from Financing Activities:
Proceeds from Issuance of Debt 31,175 34,029
Repayment of Debt (134,292 ) (14,936 )
Additions to Deferred Financing Charges (172 ) (69 )
Common Stock Dividends Paid   (3,004 )   (2,947 )
Net Cash (Used In) Provided by Financing Activities   (106,293 )   16,077  
 
Net Increase in Cash and Cash Equivalents 12,753 27,828
Cash and Cash Equivalents at Beginning of Period   21,437     24,158  
Cash and Cash Equivalents at End of Period $ 34,190   $ 51,986  
 




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