This Day On The Street
Continue to site
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

Administrative and general expenses were approximately $875,000 higher for the quarter ended September 30, 2012, compared to the same period in 2011. Non-recurring expenses associated with the United Ocean Services’ acquisition negotiations, as well as employee bonus accruals, not accrued during the 2011 comparable period, were the primary drivers. For the year to date period the Company’s 2012 administrative and general expenses are at 2011 levels.

Interest and Other

During the three month period ended September 30, 2012, the Japanese Yen strengthened in relation to the U.S. Dollar from 79.81 to 77.93, producing a non-cash charge to earnings of $1.1 million. Lower interest expense reflect debt retirement using proceeds from the sale of assets.

Unconsolidated Entities

The results from the Company’s investments in 50% or less owned ventures improved in the three months ended September 30, 2012, when compared to the same period in 2011. The results from the Company’s 25% investment in the company owning ten mini-bulkers had non-recurring mark to market adjustments on an ineffective interest rate swap contract reported in the 2011 period, while the current year’s results reflect operating income slightly above breakeven levels.

Balance Sheet

The Company’s working capital at September 30, 2012, was approximately $2.3 million. The lower working capital is attributable to the purchase of the rail repair yard during the quarter. Cash and cash equivalent balances were approximately $12.7 million at September 30, 2012.

Dividend Declaration

The Company’s Board of Directors declared a $0.25 dividend payable on December 3, 2012, for each share of common stock owned on the record date of November 16, 2012. All future dividend declarations and amounts remain subject to the discretion of the Company’s Board of Directors.


Commenting on the outlook for 2013, Manny Estrada, Chief Financial Officer, said, “Following the completion of our pending acquisition of U.S. United Ocean Services, LLC (“UOS”), we expect our full year 2013 pro forma net income will be $18 to $20 million and our EBITDA will be $65 to $75 million. Both measures represent a significant improvement over our expected full year 2012 results. When setting our 2013 guidance, management took into account the additional contracted revenue from the operations of UOS, as well as our expectations for conditions in the dry bulk market.”

3 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
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,757.82 -40.67 -0.23%
S&P 500 2,084.01 -6.10 -0.29%
NASDAQ 5,101.1230 -26.4020 -0.51%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs