-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, OUjdGADmCa6M04epPjbtcvEmbh2ccRRVjk8rwNRGycJjfM+SqTLd7kRsM19kzJg4 sVrH50WAyI73V32ebvb1hw== 0000278041-97-000011.txt : 19970814 0000278041-97-000011.hdr.sgml : 19970814 ACCESSION NUMBER: 0000278041-97-000011 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970630 FILED AS OF DATE: 19970813 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: INTERNATIONAL SHIPHOLDING CORP CENTRAL INDEX KEY: 0000278041 STANDARD INDUSTRIAL CLASSIFICATION: DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412] IRS NUMBER: 362989662 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-10852 FILM NUMBER: 97658045 BUSINESS ADDRESS: STREET 1: 650 POYDRAS ST STE 1700 CITY: NEW ORLEANS STATE: LA ZIP: 70130 BUSINESS PHONE: 5045295461 10-Q 1 SECOND QUARTER 1997 FORM 10-Q INTERNATIONAL SHIPHOLDING CORPORATION AND SUBSIDIARIES UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 X For the quarterly period ended June 30,1997 ------------ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from_________to_________ Commission file number 2-63322 ---------------------------------- INTERNATIONAL SHIPHOLDING CORPORATION - ------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Delaware 36-2989662 - -------------------------------- ------------------------------------- (State or other jurisdiction of (I.R.S.Employer Identification Number) incorporation or organization) 650 Poydras Street New Orleans, Louisiana 70130 - ------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) (504) 529-5461 - ------------------------------------------------------------------------- (Registrant's telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing for the past 90 days. YES____X_____ NO__________ Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Common Stock $1 Par Value 6,682,887 shares (June 30, 1997) ------------------ Part I - Financial Information INTERNATIONAL SHIPHOLDING CORPORATION CONSOLIDATED CONDENSED BALANCE SHEETS (All Amounts in Thousands) (Unaudited)
June 30, December 31, ASSETS 1997 1996 --------------- -------------- Current Assets: Cash and Cash Equivalents $ 43,310 $ 43,020 Marketable Securities 2,204 2,727 Accounts Receivable, Net of Allowance for Doubtful Accounts of $226 and $256 in 1997 and 1996, Respectively: Traffic 33,154 42,404 Agents' 9,213 10,343 Claims and Other 3,064 3,048 Federal Income Taxes Receivable 446 1,366 Net Investment in Direct Financing Leases 1,966 2,033 Other Current Assets 6,512 6,216 Material and Supplies Inventory, at Cost 13,485 12,043 --------------- --------------- Total Current Assets 113,354 123,200 --------------- --------------- Net Investment in Direct Financing Leases 21,497 22,797 --------------- --------------- Vessels, Property and Other Equipment, at Cost: Vessels and Barges 683,370 676,267 Other Marine Equipment 7,543 7,500 Terminal Facilities 18,284 18,535 Land 2,317 2,317 Furniture and Equipment 18,340 17,401 --------------- --------------- 729,854 722,020 Less - Accumulated Depreciation (294,759) (276,222) --------------- --------------- 435,095 445,798 --------------- --------------- Other Assets: Deferred Charges in Process of Amortization 44,276 43,318 Acquired Contract Costs, Net of Accumulated Amortization of $11,972 and $18,706 in 1997 and 1996, Respectively 18,554 19,523 Due from Related Parties 406 443 Other 7,880 6,517 --------------- --------------- 71,116 69,801 --------------- --------------- $ 641,062 $ 661,596 =============== =============== The accompanying notes are an integral part of these statements.
INTERNATIONAL SHIPHOLDING CORPORATION CONSOLIDATED CONDENSED BALANCE SHEETS (All Amounts in Thousands) (Unaudited)
June 30, December 31, 1997 1996 ---------------- --------------- LIABILITIES AND STOCKHOLDERS' INVESTMENT Current Liabilities: Current Maturities of Long-Term Debt $ 33,774 $ 33,470 Current Maturities of Capital Lease Obligations 2,579 1,981 Accounts Payable and Accrued Liabilities 65,567 67,690 Current Deferred Income Tax Liability 1,475 811 Current Liabilities to be Refinanced (5,935) (7,680) ---------------- --------------- Total Current Liabilities 97,460 96,272 ---------------- --------------- Current Liabilities to be Refinanced 5,935 7,680 ---------------- --------------- Billings in Excess of Income Earned and Expenses Incurred 5,567 8,635 ---------------- --------------- Long-Term Capital Lease Obligations, Less Current Maturities 15,313 17,642 ---------------- --------------- Long-Term Debt, Less Current Maturities 282,345 299,434 ---------------- --------------- Reserves and Deferred Credits: Deferred Income Taxes 39,967 40,673 Claims and Other 21,603 18,853 ---------------- --------------- 61,570 59,526 ---------------- --------------- Commitments and Contingent Liabilities Stockholders' Investment: Common Stock 6,756 6,756 Additional Paid-in Capital 54,450 54,450 Retained Earnings 112,745 112,310 Less - Treasury Stock (1,133) (1,133) Unrealized Holding Gain on Marketable Securities 54 24 ---------------- --------------- 172,872 172,407 ---------------- --------------- $ 641,062 $ 661,596 ================ =============== The accompanying notes are an integral part of these statements.
INTERNATIONAL SHIPHOLDING CORPORATION CONSOLIDATED CONDENSED STATEMENTS OF INCOME (All Amounts in Thousands Except Share and Per Share Data) (Unaudited)
Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 1997 1996 1997 1996 ---------- ---------- ---------- ---------- Revenues $ 99,774 $ 91,135 $ 183,293 $ 180,625 Subsidy Revenue 2,746 6,640 9,221 12,385 ---------- ---------- ---------- ---------- 102,520 97,775 192,514 193,010 ---------- ---------- ---------- ---------- Operating Expenses: Voyage Expenses 79,394 72,276 146,292 142,369 Vessel and Barge Depreciation 8,627 8,040 17,149 16,035 ---------- ---------- ---------- ---------- Gross Voyage Profit 14,499 17,459 29,073 34,606 ---------- ---------- ---------- ---------- Administrative and General Expenses 6,651 6,615 13,529 13,305 ---------- ---------- ---------- ---------- Operating Income 7,848 10,844 15,544 21,301 ---------- ---------- ---------- ---------- Interest: Interest Expense 6,941 7,081 13,942 14,376 Investment Income (363) (578) (735) (1,004) ---------- ---------- ---------- ---------- 6,578 6,503 13,207 13,372 ---------- ---------- ---------- ---------- Income Before Provision for Income Taxes 1,270 4,341 2,337 7,929 ---------- ---------- ---------- ---------- Provision for Income Taxes: Current 379 114 872 1,996 Deferred 57 1,414 (47) 822 State 157 128 242 178 ---------- ---------- ---------- ---------- 593 1,656 1,067 2,996 ---------- ---------- ---------- ---------- Net Income $ 677 $ 2,685 $ 1,270 $ 4,933 ========== ========== ========== ========== Earnings Per Common Share: Net Income $ 0.10 $ 0.40 $ 0.19 $ 0.74 ========== ========== ========== ========== Weighted Average Shares of Common Stock Outstanding 6,682,887 6,682,887 6,682,887 6,682,887 The accompanying notes are an integral part of these statements.
INTERNATIONAL SHIPHOLDING CORPORATION CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' INVESTMENT (All Amounts in Thousands) (Unaudited)
Net Additional Unrealized Common Paid-In Retained Treasury Holding Stock Capital Earnings Stock Gain/(Loss) Total -------- -------- -------- -------- -------- -------- Balance at December 31, 1995 $6,756 $54,450 $106,158 ($1,133) $30 $166,261 Net Income for Year Ended December 31, 1996 - - 7,823 - - 7,823 Cash Dividends - - (1,671) - - (1,671) Unrealized Holding Loss on Marketable Securities, Net of Deferred Taxes - - - - (6) (6) -------- -------- -------- -------- -------- -------- Balance at December 31, 1996 $6,756 $54,450 $112,310 ($1,133) $24 $172,407 ======== ======== ======== ======== ======== ======== Net Income for the Period Ended June 30, 1997 - - 1,270 - - 1,270 Cash Dividends - - (835) - - (835) Unrealized Holding Gain on Marketable Securities, Net of Deferred Taxes - - - - 30 30 -------- -------- -------- -------- -------- -------- Balance at June 30, 1997 $6,756 $54,450 $112,745 ($1,133) $54 $172,872 ======== ======== ======== ======== ======== ======== The accompanying notes are an integral part of these statements.
INTERNATIONAL SHIPHOLDING CORPORATION CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (All Amounts in Thousands) (Unaudited)
Six Months Ended June 30, 1997 1996 ----------- ----------- Cash Flows from Operating Activities: Net Income $ 1,270 $ 4,933 Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Depreciation 18,541 17,097 Amortization of Deferred Charges and Other Assets 11,660 9,002 Provision for Deferred Income Taxes 825 2,887 Gain on Sale of Assets - (87) Changes in: Accounts Receivable 10,101 (2,055) Net Investment in Direct Financing Leases 1,366 1,060 Inventories and Other Current Assets (1,683) 1,509 Other Assets (778) 147 Accounts Payable and Accrued Liabilities 142 4,513 Federal Income Taxes Payable (368) (9,570) Unearned Income (3,068) 1,084 Reserve for Claims and Other Deferred Credits 2,750 (206) ----------- ---------- Net Cash Provided by Operating Activities 40,758 30,314 ----------- ---------- Cash Flows from Investing Activities: Purchase of Vessels and Other Property (12,627) (28,688) Additions to Deferred Charges (9,081) (2,604) Proceeds from Sale of Assets 5 97 Proceeds from Short-Term Investments - 1,799 Other Investing Activities 612 9,503 ----------- ----------- Net Cash Used by Investing Activities (21,091) (19,893) ----------- ----------- Cash Flows from Financing Activities: Proceeds from Issuance of Debt 59,632 44,628 Reduction of Debt and Capital Lease Obligations (78,148) (39,646) Additions to Deferred Financing Charges (26) (1,465) Common Stock Dividends Paid (835) (835) ------------ ----------- Net Cash (Used) Provided by Financing Activities (19,377) 2,682 ------------ ----------- Net Increase in Cash and Cash Equivalents 290 13,103 Cash and Cash Equivalents at Beginning of Period 43,020 54,281 ------------ ----------- Cash and Cash Equivalents at End of Period $ 43,310 $ 67,384 ============ =========== The accompanying notes are an integral part of these statements.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS JUNE 30, 1997 (Unaudited) Note 1. Basis of Preparation The accompanying unaudited interim financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures required by generally accepted accounting principles for complete financial statements have been omitted. It is suggested that these interim statements be read in conjunction with the financial statements and notes thereto included in the Form 10-K of International Shipholding Corporation for the year ended December 31, 1996. Certain reclassifications have been made to prior period financial information in order to conform to current year presentations. Interim statements are subject to possible adjustments in connection with the annual audit of the Company's accounts for the full year 1997. In the opinion of management, all adjustments (consisting of only normal recurring adjustments) necessary for a fair presentation of the information shown have been included. The foregoing 1997 interim results are not necessarily indicative of the results of operations for the full year 1997. The Company's policy is to consolidate all subsidiaries in which it holds greater than 50% voting interest. All significant intercompany accounts and transactions have been eliminated. Note 2. Current Liabilities to be Refinanced During the second quarter of 1997, the Company performed extensive drydock work on one of its Ice-Strengthened Multi-Purpose vessels to prepare that vessel for the commencement of a Military Sealift Command contract. As of June 30, 1997, the Company had committed to financing this drydock through a $5,000,000 long-term loan with a commercial bank. As of June 30, 1997, the Company also had $953,000 remaining to be drawn on a long-term loan with a commercial bank obtained to finance the purchase and refurbishment of a LASH vessel. The costs remaining to be paid for the aforementioned drydock and refurbishment are expected to be paid within one year and are included in "Accounts Payable and Accrued Liabilities" on the Company's June 30, 1997, consolidated balance sheet. To properly reflect the Company's "Current Liabilities" as of June 30, 1997, these amounts to be refinanced which totaled $5,935,000 were reclassified as long-term liabilities and included in "Current Liabilities to be Refinanced". Note 3. Comprehensive Income In June of 1997, the Financial Accounting Standards Board issued Statement No. 130 (FAS 130), "Reporting Comprehensive Income," which requires that comprehensive income be reported in a financial statement that is displayed with the same prominence as other financial statements with an aggregate amount of comprehensive income reported in that same financial statement. FAS 130 is effective for financial statements issued for periods beginning after December 15, 1997, and requires restatement for all prior period comparative financial statements. The effect on the Company of implementing FAS 130 will not be material. INTERNATIONAL SHIPHOLDING CORPORATION AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Certain statements made in this report or elsewhere by, or on behalf of, the Company 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. The Company cautions readers that certain important factors have affected and may affect in the future the Company's 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 report or elsewhere by, or on behalf of, the Company. For a description of certain of these important factors, refer to the Company's Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 1996. The Company's vessels are operated under a variety of charters, liner services and contracts. The nature of these arrangements is such that, without a material variation in gross voyage profits (total revenues less voyage expenses and vessel and barge depreciation), the revenues and expenses attributable to a vessel deployed under one type of charter or contract can differ substantially from those attributable to the same vessel if deployed under a different type of charter or contract. Accordingly, depending on the mix of charters or contracts in place during a particular accounting period, the Company's revenues and expenses can fluctuate substantially from one period to another even though the number of vessels deployed, the number of voyages completed, the amount of cargo carried and the gross voyage profit derived from the vessels remain relatively constant. As a result, fluctuations in voyage revenues and expenses are not necessarily indicative of trends in profitability, and management believes that gross voyage profit is a more appropriate measure of performance than revenues. Accordingly, the discussion below addresses variations in gross voyage profits rather than variations in revenues. RESULTS OF OPERATIONS SIX MONTHS ENDED JUNE 30, 1997 COMPARED TO THE SIX MONTHS ENDED JUNE 30, 1996 Gross Voyage Profit - ------------------- Gross voyage profit decreased 16.0% to $29.1 Million in the first six months of 1997 as compared to $34.6 Million in the same period of 1996. Gross voyage profit was primarily impacted by 65 more out of service days in 1997 than 1996 for scheduled drydocking and repairs. The Company's gross voyage profit was also negatively impacted when the Company decided to discontinue development of a new LASH service between the U.S. Gulf and Brazil. During the second quarter of this year, previously deferred costs of approximately $1.2 Million were charged to operating expense for termination costs and the repositioning of equipment. Scheduled charterhire rate reductions, effective January 1, 1997, for the Company's three Roll-On/Roll-Off vessels employed in the Military Prepositioning Service also contributed to the decrease in gross voyage profit. Early in the first quarter of 1997, the Company added the newly acquired and refurbished LASH vessel, Atlantic Forest, to its TransAtlantic liner service. This added capacity coinciding with a soft spot in the market complicated by a strengthened dollar that tended to reduce U.S. exports resulted in a lower gross voyage profit from this service during the first half of 1997 as compared to the same period of 1996. The Company's Operating Differential Subsidy (ODS) agreements for its four LASH vessels in Waterman's liner service expired for each of the vessels as their respective 1996 year-end cross-over voyages terminated during the first and second quarters of 1997. Upon the expiration of the ODS agreements, these vessels began participation in the Maritime Security Program (MSP), which provides for subsidy payments of approximately $2.1 Million per vessel per year, as compared to approximately $5.8 Million per vessel per year under the ODS. In order to partially overcome the decrease in the amount of subsidy payments provided under MSP, as compared to ODS, the Company was able to reduce its shipboard and shoreside costs. MSP payments received on the Company's U.S. Flag Pure Car Carriers, which became participants in the MSP during October of 1996, and an increase in the amount of cargo moved by the Company's Special Purpose Vessels ("SPV") and barges, under long-term contract providing transportation services to a major mining company in Indonesia, partially offset the aforementioned decreases in gross voyage profit. Additionally, the first six months of 1996 were negatively impacted by a damage claim made against the Company's insurance subsidiary causing an increase in gross profit for this subsidiary for the first six months of 1997. Vessel and barge depreciation for the first six months of 1997 increased 6.9% to $17.1 Million as compared to $16.0 Million in the same period of 1996 due to the commencement of operations of the Energy Enterprise, Atlantic Forest and associated LASH barges, and a container vessel, Java Sea, operating in conjunction with the two SPV's in February of 1996, September of 1996, and January of 1997, respectively. These increases were partially offset by a decrease resulting from the sale, in mid-1996, of the Company's semi-submersible barge, the Caps Express. Other Income and Expenses - ------------------------- In its continuing effort to decrease overhead expenses, the Company effected a small reduction in force at the end of the first quarter of this year. Severance payments resulting from this reduction were the primary reason for the increase in administrative and general expenses from $13.3 Million in the first six months of 1996 to $13.5 Million in the same period in 1997. Interest expense decreased 3.0% from $14.4 Million in the first six months of 1996 to $13.9 Million in the same period of 1997 primarily due to regularly scheduled payments on outstanding debt, the expiration last year of an interest rate swap agreement on which the Company had incurred interest during the first half of 1996, and the early repayment of a $9.5 Million long-term debt at the end of the first quarter of 1996. These decreases were partially offset by increases resulting from interest incurred on higher outstanding balances drawn on lines of credit, additional draws on the long-term financing of the SPV's, the financing of the Atlantic Forest and associated barges, and the financing of the Java Sea. Investment income decreased from $1.0 Million in the first six months of 1996 to $735,000 in the same period of 1997 reflecting a reduction in the balance of invested funds. Income Taxes - ------------ The Company provided $825,000 for Federal income taxes in the first six months of 1997 as compared to $2.8 Million in the first six months of 1996. The statutory rate was 35% for both periods. SECOND QUARTER ENDED JUNE 30, 1997 COMPARED TO SECOND QUARTER ENDED JUNE 30, 1996 Gross Voyage Profit - ------------------- Gross voyage profit decreased 17.0% to $14.5 Million in the second quarter of 1997 as compared to $17.5 Million in the same period of 1996. Gross voyage profit was primarily affected by increased out of service days for the Company's Waterman LASH vessels and its U.S. Flag Coal Carrier, Energy Enterprise. In addition, the strength of the dollar tended to reduce U.S. exports resulting in a lower gross voyage profit from the Company's TransAtlantic liner service during the first half of 1997 as compared to the same period of 1996. The charterhire rate reductions for the Company's three Roll-On/Roll-Off vessels and the costs related to the discontinued development of the Brazil LASH service also reduced the second quarter gross voyage profit of this year as compared to the same period last year. MSP payments received on the Company's U.S. Flag Pure Car Carriers and a damage claim made in the second quarter of last year against the Company's insurance subsidiary caused an increase in gross profit for the first six months of 1997 as compared to the same period of 1996. Vessel and barge depreciation for the second quarter of 1997 increased 7.3% to $8.6 Million as compared to $8.0 Million in the same period of 1996 primarily due to the commencement of operations of the Atlantic Forest and associated LASH barges as well as the Java Sea in January of 1997 and September of 1996, respectively. Other Income and Expenses - ------------------------- Administrative and general expenses for the second quarter of this year were comparable to the same period last year. Interest expense decreased slightly from $7.1 Million in the second quarter of 1996 to $6.9 Million in the same period of 1997 primarily due to regularly scheduled payments on outstanding debt and the expiration last year of an interest rate swap agreement. These decreases were partially offset by the increases described in the six months comparison above. Investment income decreased from $578,000 in the second quarter of 1996 to $363,000 in the same period of 1997 reflecting a reduction in the balance of invested funds. Income Taxes - ------------ The Company provided $436,000 for Federal income taxes in the second quarter of 1997 as compared to $1.5 Million in the second quarter of 1996. The statutory rate was 35% for both periods. LIQUIDITY AND CAPITAL RESOURCES The Company's working capital decreased from $26.9 Million at December 31, 1996, to $15.9 Million at June 30, 1997. Cash and cash equivalents increased during the first six months of 1997 by $290,000 to a total of $43.3 Million. Positive cash flows were achieved from operating activities in the first six months of 1997 in the amount of $40.8 Million. The major sources of cash from operations were net income, adjusted for non-cash provisions such as depreciation and amortization, and collections on accounts receivable. Net cash used for investing activities amounted to $21.1 Million during the first six months of 1997. Major investments included the purchase for $3.1 Million of a new LASH vessel, Willow, and capital improvements on the following: Atlantic Forest and associated LASH barges; Energy Enterprise; one of the LASH vessels operating in the Waterman liner service; and the SPV's which amounted to $4.3 Million, $2.0 Million, $1.8 Million, and $581,000, respectively. Other uses of cash included the addition of $9.1 Million in deferred vessel drydocking charges. Proceeds from investing activities included $573,000 received upon the maturity of certain marketable securities. Net cash used by financing activities during the first six months of 1997 totaled $19.4 Million. Proceeds from the issuance of debt obligations of $59.6 Million included $48.0 Million drawn under the Company's lines of credit, of which $19.3 Million was outstanding as of June 30, 1997; $6.5 Million from the refinancing of balloon notes due on certain of the Company's debt early this year; and $5.1 Million associated with the refurbishment of the Atlantic Forest and associated LASH barges. Cash used for financing activities included $58.7 Million to repay amounts which were drawn under lines of credit in late 1996 and in 1997, $19.4 Million for regularly scheduled payments on other outstanding debt and capital lease obligations, and $835,000 to meet common stock dividend requirements. Late in the second quarter of this year, the Company purchased a LASH vessel renamed Willow for $2.6 Million. This vessel will be refurbished at a cost of approximately $10 Million and will join the Company's LASH fleet later this year as a possible replacement for one of the Company's older LASH vessels. The purchase was financed with draws on the Company's lines of credit. The Company has committed to the purchase of two additional LASH vessels for a total of approximately $16.9 Million in the third quarter of this year. These vessels will also be refurbished for approximately $10 Million each and will also likely replace older LASH vessels in the Company's fleet. The Company is currently investigating various options for the financing of the purchase of these two additional vessels in the third quarter and for the refurbishment of all three vessels. To meet short-term requirements when fluctuations occur in working capital, the Company has available three lines of credit totaling $35.0 Million. As of June 30, 1997, $19.3 Million was drawn on these lines of credit, of which $8.0 Million was repaid early in the third quarter of 1997. The Company has not been notified that it is a potentially responsible party in connection with any environmental matters. At a regular meeting held July 16, 1997, the Board of Directors declared a quarterly dividend of 6.25 cents per Common Share payable on September 19, 1997, to shareholders of record on September 5, 1997. PART II - OTHER INFORMATION ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS The matters voted upon and results of the voting at the Company's annual meeting of shareholders held April 16, 1997, were reported in response to Item 4 of the Company's Form 10-Q filed with the Securities and Exchange Commission for the quarterly period ended March 31, 1997, and are incorporated herein by reference. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) EXHIBIT INDEX Exhibit Number Description -------------- ------------------------ Part I Exhibits: 27 Financial Data Schedule Part II Exhibits: 3 Restated Certificate of Incorporation, as amended, and By-Laws of the Registrant (filed with the Securities and Exchange Commission as Exhibit 3 to the Registrant's Form 10-Q for the quarterly period ended June 30, 1996, and incorporated herein by reference) (b) No reports on Form 8-K have been filed for the three months ended June 30, 1997. SIGNATURES Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. INTERNATIONAL SHIPHOLDING CORPORATION /s/ Gary L. Ferguson _____________________________________________ Gary L. Ferguson Vice President and Chief Financial Officer Date August 12, 1997 __________________________ EX-27 2 FINANCIAL DATA SCHEDULE
5 1000 6-MOS DEC-31-1997 JUN-30-1997 43310 2204 45431 226 13485 113354 729854 294759 641062 97460 303593 0 0 6756 166116 641062 0 192514 0 176970 13942 0 13942 2337 1067 1270 0 0 0 1270 0.19 0.19 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM FINANCIAL STATEMENTS FOR THE PERIOD ENDED JUNE 30, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMEMTS. Amounts inapplicable or not disclosed as a separate line on the Balance Sheet or Statement of Income are reported as 0 herein. Notes and accounts receivable-trade are reported net of allowances for doubtful accounts in the Balance Sheet.
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