This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

International Shipholding Corporation Reports Fourth Quarter And Year-End 2013 Results

Stocks in this article: ISH

International Shipholding Corporation (NYSE:ISH) today announced financial results for the quarter ended December 31, 2013.

Fourth Quarter 2013 Highlights

  • Reported net income of $16.9 million for the three months ended December 31, 2013, which included a non-cash foreign currency exchange gain of $1.4 million and a non-cash gain of $14.0 million on the reversal of the Company’s tax valuation allowance
  • Concluded a multi year extension of its contract with The Mosaic Company
  • Invested in a Joint Venture to own 30% of two International flag Chemical Tankers scheduled for delivery in the first quarter of 2014
  • Entered into a time charter on its Capesize Bulk Carrier through 2014.
  • Fixed the currency risk of its Yen-denominated loan facility at an exchange rate of 102.53 per US Dollar

Net Income

The Company reported net income of $16.9 million for the fourth quarter of 2013, which included non-operating gains of $1.4 million from fixing its Yen-denominated loan facility and $14.0 million from the reversal of the Company’s Federal tax valuation allowance. Excluding these non-operating items, net income for the fourth quarter was $1.5 million as compared to a 2012 fourth quarter loss, excluding non-operating items, of $5.4 million.

Mr. Niels M. Johnsen, Chairman and Chief Executive Officer, stated, “In 2013, we have made significant progress in strengthening our balance sheet, identifying attractive opportunities to solidify our leadership position in the niche segments in which we operate, and securing our strong and stable cash flows from medium to long-term contracts with high-quality counterparties. We successfully accessed the capital markets twice in 2013, raising a total of $56.6 million through two preferred stock offerings. This new capital enabled us to reactivate a Jones Act tug/barge unit, acquire the contract for a newbuilding 'eco' Handysize Bulkcarrier, and invest in a joint venture for two Chemical Tankers. Finally, we have continued to sign and renew medium to long-term contracts with creditworthy counterparties like The Mosaic Company, with whom we have reached a multi year extension of the contract, maintaining our strong contract coverage.

1 of 5

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,778.15 +421.28 2.43%
S&P 500 2,061.23 +48.34 2.40%
NASDAQ 4,748.3960 +104.0840 2.24%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs