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International Shipholding Corporation Reports Fourth Quarter And Year-End 2012 Results

Stocks in this article: ISH

International Shipholding Corporation (NYSE: ISH) today announced financial results for the quarter ended December 31, 2012.

Fourth Quarter 2012 Highlights

  • Reported net income of $11.5 million for the three months ended December 31, 2012, which included a non-cash foreign currency exchange gain of $4.7 million and a gain of $12.2 million on the sale of a vessel
  • Closed on the acquisition of U.S. United Ocean Services, LLC (“UOS”) on November 30, 2012
  • As previously announced, acquired a 1999-built Pure Car Truck Carrier which has been deployed on a long-term time charter
  • Invested in four additional mini-bulkers as part of the 25% owned venture which now operates 14 mini-bulkers
  • Declared a fourth quarter dividend of $0.25 per share payable on March 4, 2013, to stockholders of record as of February 19, 2013

Net Income

The Company reported net income of $11.5 million for the fourth quarter of 2012, which included non-operating gains of $4.7 million from its Yen denominated loan and $12.2 million from the sale of a vessel, partially offset by approximately $2.0 million of fees associated with the UOS acquisition. For the full year 2012, net income was $22 million which included non-operating gains of $5.5 million on the Yen facility and $16.6 million on asset sales. For the full year of 2011, net income was $31.5 million which included a non-monetary gain of $18.8 million on the purchase of the 50% interest in our bulk joint venture entity.

Mr. Niels M. Johnsen, Chairman and Chief Executive Officer, stated, “In 2012, we successfully executed our long-standing strategies in three important areas during a challenging environment for the shipping industry. First, we diversified and expanded our fleet to 50 vessels, including the recently closed acquisition of United Ocean Services in the fourth quarter. Second, we increased our fixed revenues by adding long-term contracts with creditworthy customers. Finally, through transactions involving our Pure Car Truck Carriers, we were able to add a modern vessel to our fleet and enhance our financial flexibility.”

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