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International Shipholding Corporation Reports Third Quarter 2012 Results

“During a quarter in which we continued to successfully execute our accretive growth strategies for the benefit of our shareholders, we also continued to provide returns through a quarterly dividend payment. In line with our 2012 annual dividend target of $1.00 per share, our Board of Directors declared a third quarter payment of $0.25 per share.”

Operating Income

Operating income for the three months ended September 30, 2012, was $4.0 million as compared to $8.6 million for the comparable 2011 period. The Company’s gross voyage profit representing the operating results of its five reporting segments was $15.8 million compared to $20.2 million in the 2011 three month period. The comparable results by reporting segment are shown below:

                                   

 

U.S. Flag

Time

Charter

     

International Flag

Time Charter

     

 

COA

     

Rail Ferry Service

     

 

Other

     

 

Totals

( all amounts in millions)

Third Quarter 2012

Gross Voyage Profit $9.124 $4.179 $1.278 $.896 $.291 $15.768
 
Depreciation (2.301) (2.789) (.304) (.715) -- (6.109)
Gross Profit $6.823 $1.390 $.974 $.181 $.291 $9.659

(AfterDepreciation)

 

Third Quarter 2011

Gross VoyageProfit

$10.835 $7.437 $.081 $1.436 $.387 $20.176
 
Depreciation (2.707) (3.151) -- (.915) (.002) (6.775)
Gross Profit $8.128 $4.286 $.081 $.521 $.385 $13.401

(AfterDepreciation)

 

(See below Exhibit 99.2 to reconcile numbers presented above to GAAP figures.)

Gross voyage profit for the U.S. Flag Time Charter segment was lower due primarily to the expiration of three operating contracts with the Military Sealift Command (MSC) which occurred near the end of the first quarter of 2012 and scheduled off-hire maintenance periods. This was partially offset by higher supplemental cargo volumes and the results of the ice strengthened multipurpose vessel which operated on time charter to the MSC. In mid-September 2012, the MSC terminated this contract at the convenience of the government. The Company is currently evaluating its available employment options for this vessel. The lower International Flag Time Charter segment results reflect the fleet reduction following the first quarter sale of two of its Pure Car Truck Carriers. In addition, the depressed rate levels in the dry bulk market continue to impact this segment. The Contract of Affreightment segment reported higher results from lower operating costs while the Rail Ferry segment results were lower primarily driven by rail outages in Mexico from inclement weather conditions.

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