This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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.

2 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,740.97 +121.46 0.69%
S&P 500 2,075.81 +12.70 0.62%
NASDAQ 5,019.5620 +32.6950 0.66%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs