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International Shipholding Corporation Reports Third Quarter 2012 Results

Stocks in this article: ISH

International Shipholding Corporation (NYSE: ISH) today announced financial results for the quarter ended September 30, 2012.

Third Quarter 2012 Highlights

  • Reported adjusted net income of $2.9 million for the three months ended September 30, 2012, excluding a non-cash foreign currency exchange loss of $1.1 million.
  • Declared a third quarter dividend of $0.25 per share payable on December 3, 2012 to stockholders of record as of November 16, 2012.
  • Acquired a railroad car repair facility in Mobile, Alabama for approximately $4.5 million in cash.

October 2012 Highlights

  • As previously announced, entered into a definitive agreement to acquire U.S. United Ocean Services, LLC for approximately $111 million cash with the closing expected to occur in the fourth quarter of 2012, subject to the satisfaction of closing conditions.
  • As previously announced, acquired a 1999-built Pure Car Truck Carrier (“PCTC”) in a transaction valued at $27.5 million to be reflagged under the U.S. Flag and deployed on a long-term time charter with a strong, creditworthy counterparty.

Net Income

The Company reported net income of $1.8 million for the three months ended September 30, 2012, which included a non-cash foreign currency exchange loss of $1.1 million attributed to a yen-denominated loan facility. For the comparable three months ended September 30, 2011, the Company reported net income of $2.9 million, which included a non-cash foreign currency exchange loss of $2.7 million, also attributed to the yen-denominated loan facility.

Mr. Niels M. Johnsen, Chairman and Chief Executive Officer, stated, “In the third quarter, we continued our accretive growth strategies and took advantage of market opportunities. This month, we entered into an agreement to acquire United Ocean Services in a transaction that is expected provide us with additional fixed revenue and to be immediately accretive to our earnings and operating cash flow. Additionally, we added a modern, higher specification vessel to our fleet by acquiring a 1999-built PCTC while monetizing a legacy PCTC asset. Our recent transactions demonstrate our ability to identify opportunities that increase our contracted revenue stream, enhance our presence in niche markets and realize value in our fleet.”

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