(c)
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Exhibit
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99.1
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Press Release dated February 1, 2012
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·
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Generated net income of $1.8 million for the three months ended December 31, 2011
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·
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Took delivery of a multi-purpose ice strengthened vessel to perform Military Sealift Command time charter contract
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·
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Declares quarterly dividend of $0.375 per share payable on March 1, 2012 to shareholders of record as of February 15, 2012
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INTERNATIONAL SHIPHOLDING CORPORATION
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||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME
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||||||||||||||||
(All Amounts in Thousands Except Share Data)
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||||||||||||||||
Three Months Ended December 31,
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Twelve Months ended December 31,
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|||||||||||||||
2011
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2010
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2011
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2010
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|||||||||||||
Revenues
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$ | 61,814 | $ | 57,651 | $ | 263,196 | $ | 290,049 | ||||||||
Operating Expenses:
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||||||||||||||||
Voyage Expenses
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44,367 | 42,966 | 192,082 | 209,347 | ||||||||||||
Vessel Depreciation
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7,144 | 4,258 | 25,388 | 17,929 | ||||||||||||
Impairment Loss
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- | - | - | 25,430 | ||||||||||||
Administrative and General Expenses
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4,908 | 4,924 | 20,961 | 21,202 | ||||||||||||
Gain on Dry Bulk Transaction
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- | - | (18,844 | ) | - | |||||||||||
(Gain) Loss on Sale of Other Assets
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- | 4 | - | (42 | ) | |||||||||||
Total Operating Expenses
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56,419 | 52,152 | 219,587 | 273,866 | ||||||||||||
Operating Income
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5,395 | 5,499 | 43,609 | 16,183 | ||||||||||||
Interest and Other:
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||||||||||||||||
Interest Expense
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2,891 | 1,608 | 10,361 | 7,157 | ||||||||||||
Derivative Loss
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(8 | ) | 26 | 101 | 426 | |||||||||||
Loss (Gain) on Sale of Investment
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928 | (197 | ) | 747 | (213 | ) | ||||||||||
Other Income from Vessel Financing
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(639 | ) | (564 | ) | (2,653 | ) | (2,335 | ) | ||||||||
Investment (Income) Loss
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(115 | ) | (309 | ) | (637 | ) | (1,778 | ) | ||||||||
Foreign Exchange Loss
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(24 | ) | 1,652 | 3,051 | 8,196 | |||||||||||
3,033 | 2,216 | 10,970 | 11,453 | |||||||||||||
Income Before Provision (Benefit) for Income Taxes and
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||||||||||||||||
Equity in Net Income of Unconsolidated Entities
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2,362 | 3,283 | 32,639 | 4,730 | ||||||||||||
Provision (Benefit) for Income Taxes:
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||||||||||||||||
Current
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149 | 196 | 680 | 692 | ||||||||||||
Deferred
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- | (793 | ) | - | (1,982 | ) | ||||||||||
149 | (597 | ) | 680 | (1,290 | ) | |||||||||||
Equity in Net (Loss) Income of Unconsolidated
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||||||||||||||||
Entities (Net of Applicable Taxes)
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(432 | ) | 5,061 | (410 | ) | 9,282 | ||||||||||
Net Income
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$ | 1,781 | $ | 8,941 | $ | 31,549 | $ | 15,302 | ||||||||
Basic and Diluted Earnings Per Common Share:
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||||||||||||||||
Basic Earnings Per Common Share:
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$ | 0.25 | $ | 1.26 | $ | 4.42 | $ | 2.14 | ||||||||
Diluted Earnings Per Common Share:
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$ | 0.25 | $ | 1.25 | $ | 4.40 | $ | 2.12 | ||||||||
Weighted Average Shares of Common Stock Outstanding:
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||||||||||||||||
Basic
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7,140,752 | 7,075,659 | 7,131,820 | 7,158,439 | ||||||||||||
Diluted
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7,197,009 | 7,166,958 | 7,173,251 | 7,231,178 | ||||||||||||
Dividends Per Share
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$ | 0.375 | $ | 0.375 | $ | 1.500 | $ | 1.625 |
INTERNATIONAL SHIPHOLDING CORPORATION
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CONSOLIDATED BALANCE SHEETS
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(All Amounts in Thousands)
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December 31,
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December 31,
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|||||||
ASSETS
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2011
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2010
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||||||
Current Assets:
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Cash and Cash Equivalents
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$ | 21,437 | $ | 20,835 | ||||
Restricted Cash
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8,907 | - | ||||||
Marketable Securities
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12,827 | 15,776 | ||||||
Accounts Receivable, Net of Allowance for Doubtful Accounts
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||||||||
of $100 and $311 in 2011 and 2010:
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20,553 | 19,016 | ||||||
Federal Income Taxes Receivable
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242 | 242 | ||||||
Net Investment in Direct Financing Leases
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6,278 | 5,596 | ||||||
Other Current Assets
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4,037 | 3,375 | ||||||
Notes Receivable
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4,450 | 4,248 | ||||||
Material and Supplies Inventory
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5,034 | 3,774 | ||||||
Total Current Assets
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83,765 | 72,862 | ||||||
Investment in Unconsolidated Entities
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12,800 | 27,261 | ||||||
Net Investment in Direct Financing Leases
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43,837 | 50,102 | ||||||
Vessels, Property, and Other Equipment, at Cost:
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||||||||
Vessels
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581,705 | 365,797 | ||||||
Leasehold Improvements
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26,128 | 26,128 | ||||||
Construction in Progress
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20,729 | 78,355 | ||||||
Furniture and Equipment
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9,372 | 7,863 | ||||||
637,934 | 478,143 | |||||||
Less - Accumulated Depreciation
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(171,820 | ) | (143,667 | ) | ||||
466,114 | 334,476 | |||||||
Other Assets:
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||||||||
Deferred Charges, Net of Accumulated Amortization
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16,546 | 14,482 | ||||||
of $17,429 and $14,525 in 2011 and 2010, Respectively
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Intangible Assets, Net
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3,219 | - | ||||||
Due from Related Parties
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1,571 | 4,124 | ||||||
Notes Receivable
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37,714 | 40,142 | ||||||
Other
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13 | 682 | ||||||
59,063 | 59,430 | |||||||
TOTAL ASSETS
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$ | 665,579 | $ | 544,131 |
INTERNATIONAL SHIPHOLDING CORPORATION
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CONSOLIDATED BALANCE SHEETS
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||||||||
(All Amounts in Thousands)
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December 31,
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December 31,
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|||||||
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2011
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2010
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||||||
LIABILITIES AND STOCKHOLDERS' EQUITY
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|
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Current Liabilities:
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||||||||
Current Maturities of Long-Term Debt
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$ | 36,079 | $ | 21,324 | ||||
Accounts Payable and Accrued Liabilities
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28,343 | 33,802 | ||||||
Total Current Liabilities
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64,422 | 55,126 | ||||||
Long-Term Debt, Less Current Maturities
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286,014 | 200,241 | ||||||
Other Long-Term Liabilities:
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Lease Incentive Obligation
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6,640 | 7,022 | ||||||
Other
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59,148 | 47,992 | ||||||
TOTAL LIABILITIES
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416,224 | 310,381 | ||||||
Stockholders' Equity:
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||||||||
Common Stock, $1.00 Par Value, 10,000,000 Shares Authorized,
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8,606 | 8,564 | ||||||
7,140,752 And 7,075,659 Shares Issued at December 31, 2011 and
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December 31, 2010, Respectively
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Additional Paid-In Capital
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85,830 | 84,846 | ||||||
Retained Earnings
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204,109 | 183,541 | ||||||
Treasury Stock, 1,388,066 Shares at December 31, 2011
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(25,403 | ) | (25,403 | ) | ||||
and 2010, Respectively
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Accumulated Other Comprehensive (Loss)
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(23,787 | ) | (17,798 | ) | ||||
TOTAL STOCKHOLDERS' EQUITY
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249,355 | 233,750 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
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$ | 665,579 | $ | 544,131 |
INTERNATIONAL SHIPHOLDING CORPORATION
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CONSOLIDATED STATEMENTS OF CASH FLOWS
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(All Amounts in Thousands)
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Twelve Months Ended December 31,
|
|||||||
2011
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2010
|
|||||||
Cash Flows from Operating Activities:
|
||||||||
Net Income
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$ | 31,549 | $ | 15,302 | ||||
Adjustments to Reconcile Net Income to Net Cash Provided by
|
||||||||
Operating Activities:
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||||||||
Depreciation
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26,391 | 18,898 | ||||||
Amortization of Deferred Charges and Other Assets
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8,954 | 6,569 | ||||||
Deferred Benefit for Income Taxes
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- | (1,982 | ) | |||||
Gain on Acquisition
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(18,844 | ) | - | |||||
Impairment Loss
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- | 25,430 | ||||||
Non-Cash Stock Based Compensation
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1,801 | 2,341 | ||||||
Equity in Net Income of Unconsolidated Entities
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410 | (9,282 | ) | |||||
Distributions from Unconsolidated Entities
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750 | 3,000 | ||||||
Gain on Sale of Assets
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- | (42 | ) | |||||
Loss (Gain) on Sale of Investments
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747 | (213 | ) | |||||
Loss on Foreign Currency Exchange
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3,051 | 8,196 | ||||||
Changes in:
|
||||||||
Deferred Drydocking Charges
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(6,803 | ) | (2,516 | ) | ||||
Accounts Receivable
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(1,290 | ) | 4,737 | |||||
Inventories and Other Current Assets
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(1,200 | ) | (1,287 | ) | ||||
Other Assets
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669 | 1,337 | ||||||
Accounts Payable and Accrued Liabilities
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2,207 | (3,052 | ) | |||||
Other Long-Term Liabilities
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(3,045 | ) | (2,193 | ) | ||||
Net Cash Provided by Operating Activities
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45,347 | 65,243 | ||||||
Cash Flows from Investing Activities:
|
||||||||
Principal payments received under Direct Financing Leases
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5,583 | 5,522 | ||||||
Capital Improvements to Vessels and Other Assets
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(109,631 | ) | (123,146 | ) | ||||
Proceeds from Sale of Assets
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- | 3,853 | ||||||
Purchase of Marketable Securities
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(74 | ) | (10,938 | ) | ||||
Proceeds from Sale of Marketable Securities
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2,413 | 9,615 | ||||||
Investment in Unconsolidated Entities
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(2,545 | ) | (4,949 | ) | ||||
Acquisition of Unconsolidated Entity
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7,092 | - | ||||||
Net Increase in Restricted Cash Account
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(8,907 | ) | - | |||||
Proceeds from Sale of Unconsolidated Entity
|
526 | |||||||
Proceeds from Note Receivables
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4,735 | 5,167 | ||||||
Net Cash Used In Investing Activities
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(100,808 | ) | (114,876 | ) | ||||
Cash Flows from Financing Activities:
|
||||||||
Common Stock Repurchase
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- | (5,231 | ) | |||||
Proceeds from Issuance of Debt
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135,330 | 153,476 | ||||||
Repayment of Debt
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(66,498 | ) | (108,029 | ) | ||||
Additions to Deferred Financing Charges
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(1,788 | ) | (1,155 | ) | ||||
Common Stock Dividends Paid
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(10,981 | ) | (11,882 | ) | ||||
Net Cash Provided by Financing Activities
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56,063 | 27,179 | ||||||
Net Increase in Cash and Cash Equivalents
|
602 | (22,454 | ) | |||||
Cash and Cash Equivalents at Beginning of Period
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20,835 | 43,289 | ||||||
Cash and Cash Equivalents at End of Period
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$ | 21,437 | $ | 20,835 |