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International Shipholding Corporation Reports First Quarter 2014 Results

Stocks in this article: ISH

International Shipholding Corporation (NYSE:ISH) today announced financial results for the quarter ended March 31, 2014.

First Quarter 2014 Highlights

  • Declared a first quarter dividend of $0.25 per share of Common Stock payable on June 3, 2014 to shareholders of record as of May 16, 2014
  • Paid a $2.375 per share and $2.25 per share dividend on its Series A and Series B Preferred Stock, respectively, on April 30, 2014

Net Loss

The Company reported a net loss of $3.2 million for the three months ended March 31, 2014. For the comparable three months ended March 31, 2013, the Company reported a net loss of $1.5 million after deducting a $3.2 million non-operating foreign exchange gain on its Yen denominated loan.

Mr. Niels M. Johnsen, Chairman and Chief Executive, commented, “In the first quarter, we continued to execute our strategy of partnering with experienced, high quality counterparties, deploying our diversified fleet on primarily medium to long-term contracts. In addition, as reported in our April 14, 2014, press release, we have taken steps to address the factors that impacted our results for this quarter.”

Mr. Johnsen concluded, “ISH remains well positioned to create value for our shareholders by taking advantage of our strong contract coverage, our strategic and financial flexibility, and our ability to pursue accretive acquisitions across niche maritime markets. Similarly, we remain focused on returning value to our shareholders. Our Board of Directors has thus declared a $0.25 per share dividend for the first quarter of 2014, in line with our $1.00 per share target for the full year 2014.”

Gross Voyage Profit

The Company’s gross voyage profit, representing the results of its six reporting segments, was $9.9 million, for the first quarter of 2014, compared to $11.3 million in the 2013 three month period. The comparable results by operating segment are shown below.

(All Amounts in Millions)
    Jones Act  

Pure Car Truck

Carriers

  Dry Bulk   Rail-Ferry  

Specialty

Contracts

  Other   Total
First Quarter, 2014
Gross Voyage Profit $ 4.2 $ 2.4 $ 1.4 $ 0.8 $ 0.7 $ 0.4 $ 9.9
 
Depreciation   (1.9)   (2.2)   (1.6)   (0.5)   (0.5)   -   (6.7)
Gross Profit $ 2.3 $ 0.2 $ (0.2) $ 0.3 $ 0.2 $ 0.4 $ 3.2
(After Depreciation)
 
EBITDA $ 7.9 $ 2.9 $ 1.5 $ 1.0 $ 2.0 $ (4.7) $ 10.6
Number of non-operating days 58 5 1 - - - 64
Number of operating days 572 625 1,889 180 990 - 4,256
Number of Vessels 7 7 21 2 11 - 48
 
First Quarter, 2013
Gross Voyage Profit $ 6.3 $ 4.2 $ (1.3) $ 1.5 $ 0.2 $ 0.4 $ 11.3
 
Depreciation   (1.1)   (2.0)   (1.7)   (0.5)   (0.5)   -   (5.8)
Gross Profit (Loss) $ 5.2 $ 2.2 $ (3.0) $ 1.0 $ (0.3) $ 0.4 $ 5.5
(After Depreciation)
 
EBITDA $ 8.1 $ 8.5 $ (0.6) $ 1.8 $ 1.0 $ (4.7) $ 14.1
Number of non-operating days 23 - 21 - 18 - 61
Number of operating days 517 630 1,870 180 972 - 4,169
Number of Vessels 6 7 21 2 11 - 47
 
Variance
Gross Voyage Profit $ (2.1) $ (1.8) $ 2.7 $ (0.7) $ 0.5 $ - $ (1.4)
Depreciation $ (0.8) $ (0.2) $ 0.1 $ - $ - $ - $ (0.9)
Gross Profit (Loss) $ (2.9) $ (2.0) $ 2.8 $ (0.7) $ 0.5 $ - $ (2.3)
 

The year-over-year drop in gross voyage profit for the Jones Act segment was driven primarily by the increased non-operating days for the Company’s United Ocean Services (“UOS”) fleet. The UOS fleet results were impacted by 21 adverse weather days and 25 days due to a machinery casualty for which repairs were completed during the first quarter. Gross voyage profit on the Pure Car Truck Carrier (“PCTC”) segment was lower due to a reduction in the charter rate on one of our International Flag PCTCs, which took effect April 2013, and lower supplemental cargo volumes. The Dry Bulk segment reflects improved results year-over-year due primarily to the results of our cape size vessel, which is on charter throughout 2014 at a rate in the high teens. The Rail Ferry segment reported lower results than the comparable 2013 first quarter due primarily to lower northbound volumes. The Specialty Contracts segment’s improved results are due primarily to increased operating days in the quarter, as our ice-strengthened vessel experienced several non-operating days in the first quarter of 2013 after redelivery from a government contract. The Company’s Other segment experienced slightly lower chartering brokerage revenues.

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