International Shipholding Corporation Reports First Quarter Results
International Shipholding via BizWire
NEW ORLEANS--(BUSINESS WIRE)--April 29, 2004--International
Shipholding Corporation (NYSE: ISH) today reported results for the
quarter ended March 31, 2004. Net income for the first quarter of 2004
was $2.897 million as compared to $2.994 million for the first quarter
of 2003 and $1.651 million for the fourth quarter of 2003.
During the first quarter of 2003, we realized a before tax gain of
approximately $1.26 million resulting from the retirement at a
discount of approximately $7.9 million of our 7.75% Unsecured Notes
scheduled to mature in 2007. Excluding this gain, first quarter 2003
net income was $2.175 million compared to 2004 first quarter net
income of $2.897 million, or an improvement of $722,000 in the current
quarter.
Improvement in the current quarter resulted from increased
earnings attributable to our 50 percent investment in two Capesize
bulk carriers which operate in an international bulk carrier pool and
improved volume and rates achieved in our U.S. flag and foreign flag
LASH liner services. General market conditions continue to be firm as
we enter the second quarter.
The aforementioned improvements were partially offset by lower
results from our U.S. flag pure car carriers in the first quarter of
2004 as compared to the same quarter of 2003. Additionally, our
multi-purpose vessel, GREEN WAVE, which previously operated under
charter to the U.S. Military Sealift Command, contributed to the first
quarter 2003 results. The vessel completed its charter in early 2003
and was sold shortly thereafter.
Regularly scheduled debt payments together with approximately $8.5
million of early debt retirements and the refinancing of approximately
$16.7 million of debt at lower rates during the past twelve months has
resulted in lower interest expense in the first quarter of 2004 as
compared to the same quarter of 2003. Additionally, in the first
quarter of 2004, we experienced a loss of $623,000 on the sale of
marketable securities as a result of our decision to redirect the
management of our captive insurance company's investment portfolio.
Certain statements made in this release on our behalf that are not
based on historical facts are intended to be forward-looking
statements within the meaning of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements are based on assumptions about future events and are
therefore subject to risks and uncertainties. We caution readers that
certain important factors have affected and may affect in the future
of our actual consolidated results of operations and may cause future
results to differ materially from those expressed in or implied by any
forward-looking statements made in this release on our behalf. A
description of certain of these important factors is contained in our
Form 10-K filed with the Securities and Exchange Commission for the
year ended December 31, 2003.
The common stock of International Shipholding Corporation is
traded on the New York Stock Exchange with the symbol ISH.
Unaudited results for the period indicated along with prior year
results are (in thousands except share and per share data):
Three Months Ended
March 31, March 31,
2004 2003
---------- ----------
Revenues $ 65,843 $ 64,806
Operating Expenses:
Voyage Expenses 51,215 49,618
Vessel and Barge Depreciation 4,627 4,654
---------- ----------
Gross Voyage Profit 10,001 10,534
---------- ----------
Administrative and General Expenses 4,106 4,011
Loss (Gain) on Sale of Other Assets 7 (4)
---------- ----------
Operating Income 5,888 6,527
---------- ----------
Interest and Other:
Interest Expense 2,722 3,481
Loss on Sale of Investment 623 -
Investment Income (168) (228)
Other Income - (22)
Loss (Gain) on Early Extinguishment of
Debt 31 (1,260)
---------- ----------
3,208 1,971
---------- ----------
Income Before Provision for Income Taxes and
Equity in Net Income of Unconsolidated
Entities 2,680 4,556
---------- ----------
Provision for Income Taxes 995 1,629
---------- ----------
Equity in Net Income of Unconsolidated
Entities (Net of Applicable Taxes) 1,212 67
---------- ----------
Net Income $ 2,897 $ 2,994
========== ==========
Basic and Diluted Earnings Per Share:
Net Income $ 0.48 $ 0.49
========== ==========
Weighted Average Shares of Common Stock
Outstanding:
Basic 6,082,887 6,082,887
Diluted 6,092,666 6,082,887