Delaware
|
36-2989662
|
|
(State or other jurisdiction of
|
(I.R.S. Employer Identification Number)
|
|
incorporation or organization)
|
11 North Water Street, Suite 18290
|
Mobile, Alabama
|
36602
|
(Address of principal executive offices)
|
(Zip Code)
|
(251) 243-9100
|
(Registrant’s telephone number, including area code)
|
(c)
|
Exhibit
|
99.1
|
Press Release dated February 06, 2013
|
·
|
Reported net income of $11.5 million for the three months ended December 31, 2012, which included a non-cash foreign currency exchange gain of $4.7 million and a gain of $12.2 million on the sale of a vessel
|
·
|
Closed on the acquisition of U.S. United Ocean Services, LLC (“UOS”) on November 30, 2012
|
·
|
As previously announced, acquired a 1999-built Pure Car Truck Carrier which has been deployed on a long-term time charter
|
·
|
Invested in four additional mini-bulkers as part of the 25% owned venture which now operates 14 mini-bulkers
|
·
|
Declared a fourth quarter dividend of $0.25 per share payable on March 4, 2013, to stockholders of record as of February 19, 2013
|
Jones Act
|
Pure Car Truck Carriers
|
Rail-Ferry
|
Dry Bulk Carriers
|
Specialty Contracts
|
Other
|
Total
|
||
(All Amounts in Millions)
|
||||||||
Fourth Quarter 2012 | ||||||||
Gross Voyage Profit | $4.0 |
$4.6
|
$0.6
|
$0.7
|
$0.3
|
$0.5
|
$10.7
|
|
Depreciation | ($0.9) |
($2.4)
|
($0.7)
|
($1.7)
|
($0.5)
|
$0.0
|
($6.2)
|
|
Gross Profit | $3.1 |
$2.2
|
($0.1)
|
($1.0)
|
($0.2)
|
$0.5
|
$4.5
|
|
(After Depreciation) | ||||||||
Fourth Quarter 2011 | ||||||||
Gross Voyage Profit
|
$0.8
|
$8.1
|
$1.5
|
$3.2
|
$3.3
|
$0.0
|
$16.9
|
|
Depreciation
|
($0.4)
|
($4.1)
|
($1.0)
|
($1.3)
|
($0.5)
|
($0.0)
|
($7.3)
|
|
Gross Profit
|
$0.4
|
$4.0
|
$0.5
|
$1.9
|
$2.8
|
$0.0
|
$9.6
|
|
(After Depreciation) | ||||||||
Variance
|
||||||||
Gross Voyage Profit
|
$3.2
|
($3.5)
|
($0.9)
|
($2.5)
|
($3.0)
|
$0.5
|
($6.2)
|
|
Depreciation
|
($0.5)
|
$1.7
|
$0.3
|
($0.4)
|
($0.0)
|
$0.0
|
$1.1
|
|
Gross Profit
|
$2.7
|
($1.8)
|
($0.6)
|
($2.9)
|
($3.0)
|
$0.5
|
($5.1)
|
Jones Act
|
Pure Car Truck Carriers
|
Rail-Ferry
|
Dry Bulk Carriers
|
Specialty Contracts
|
Other
|
Total
|
|||||
Fourth Quarter 2012
|
|||||||||||
Gross Profit
|
$3.1
|
$2.2
|
($0.1)
|
($1.0)
|
($0.3)
|
$0.5
|
$4.5
|
||||
Allocated Overhead
|
($0.5)
|
($2.9)
|
($0.5)
|
($1.7)
|
($1.0)
|
($0.7)
|
($7.3)
|
||||
Gain on Sale of Assets
|
$0.0
|
$12.2
|
$0.0
|
$0.0
|
$0.0
|
$0.0
|
$12.2
|
||||
*Add Back: Unconsolidated Entities
|
$0.0
|
$0.0
|
$0.0
|
$0.8
|
$0.0
|
$0.0
|
$0.8
|
||||
Operating Income (Loss)
|
$2.6
|
$11.5
|
($0.6)
|
($1.9)
|
($1.3)
|
($0.2)
|
$10.2
|
||||
Fourth Quarter 2011
|
|||||||||||
Gross profit
|
$0.4
|
$4.1
|
$0.6
|
$2.0
|
$2.8
|
$0.0
|
$9.9
|
||||
Allocated Overhead
|
($0.3)
|
($1.5)
|
($0.3)
|
($0.7)
|
($1.6)
|
($0.5)
|
($4.9)
|
||||
*Add Back: Unconsolidated Entities
|
$0.0
|
$0.0
|
$0.2
|
$0.2
|
$0.0
|
$0.0
|
$0.4
|
||||
Operating Income (Loss)
|
$0.1
|
$2.6
|
$0.5
|
$1.5
|
$1.2
|
($0.5)
|
$5.4
|
||||
* To remove the effect of including the results of the unconsolidated entities in Gross Voyage Profit
|
|||||||||||
Jones Act |
Self-Unloading Bulk Carrier (1)
|
Molten Sulphur Carrier (1)
|
|
UOS, LLC (7)
|
|
Pure Car Truck Carriers
|
U.S. Flag Vessels (6)
|
International Flag Vessel (1)
|
|
Rail-Ferry
|
Rail-Ferry Vessels (2)
|
Railcar Repair Facility
Rail Terminal
|
|
Dry Bulk Carriers
|
Handysize Bulk Carriers (5)
|
Capesize Bulk Carrier (1)
|
|
Handymax Bulk Carrier (1)
|
|
25% investment in the venture owning 14 mini-bulkers
|
|
Specialty Contracts
|
Vessels on contract servicing Indonesian mining company (7)
|
Container Vessels (2)
|
|
Multi-Purpose Vessel (1)
|
|
Multi-Purpose Ice-Strengthened Vessel (1)
|
|
Other
|
Ancillary Services (primarily brokerage)
|
INTERNATIONAL SHIPHOLDING CORPORATION
|
||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME
|
||||||||||||||||
(All Amounts in Thousands Except Share Data)
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
Three Months Ended December 31,
|
Twelve Months Ended December 31,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Revenues
|
$ | 56,810 | $ | 61,814 | $ | 243,496 | $ | 263,196 | ||||||||
Operating Expenses:
|
||||||||||||||||
Voyage Expenses
|
45,262 | 44,367 | 188,508 | 192,082 | ||||||||||||
Vessel Depreciation
|
6,186 | 7,144 | 24,366 | 25,388 | ||||||||||||
Impairment Loss
|
- | - | - | - | ||||||||||||
Other Depreciation
|
23 | - | 32 | - | ||||||||||||
Administrative and General Expenses
|
7,373 | 4,908 | 23,244 | 20,961 | ||||||||||||
Gain on Dry Bulk Transaction
|
- | - | - | (18,844 | ) | |||||||||||
Gain on Sale/Purchase of Other Assets
|
(12,162 | ) | - | (16,625 | ) | - | ||||||||||
Total Operating Expenses
|
46,682 | 56,419 | 219,525 | 219,587 | ||||||||||||
Operating Income
|
10,128 | 5,395 | 23,971 | 43,609 | ||||||||||||
Interest and Other:
|
||||||||||||||||
Interest Expense
|
3,257 | 2,891 | 10,409 | 10,361 | ||||||||||||
Derivative Loss (Gain)
|
388 | (8 | ) | 485 | 101 | |||||||||||
(Gain) Loss on Sale of Investment
|
(514 | ) | 928 | (580 | ) | 747 | ||||||||||
Other Income from Vessel Financing
|
(572 | ) | (639 | ) | (2,387 | ) | (2,653 | ) | ||||||||
Investment Income
|
(79 | ) | (115 | ) | (470 | ) | (637 | ) | ||||||||
Foreign Exchange (Gain) Loss
|
(4,735 | ) | (24 | ) | (5,506 | ) | 3,051 | |||||||||
(2,255 | ) | 3,033 | 1,951 | 10,970 | ||||||||||||
Income Before Provision for Income Taxes and
|
||||||||||||||||
Equity in Net (Loss) Income of Unconsolidated Entities
|
12,383 | 2,362 | 22,020 | 32,639 | ||||||||||||
(Benefit) Provision for Income Taxes:
|
||||||||||||||||
Current
|
16 | 149 | 296 | 680 | ||||||||||||
Deferred
|
(53 | ) | - | (453 | ) | - | ||||||||||
(37 | ) | 149 | (157 | ) | 680 | |||||||||||
Equity in Net Income (Loss) of Unconsolidated
|
||||||||||||||||
Entities (Net of Applicable Taxes)
|
(880 | ) | (432 | ) | (215 | ) | (410 | ) | ||||||||
Net Income
|
$ | 11,540 | $ | 1,781 | $ | 21,962 | $ | 31,549 | ||||||||
Basic and Diluted Earnings Per Common Share:
|
||||||||||||||||
Continuing Operations
|
$ | 1.60 | $ | 0.25 | $ | 3.05 | $ | 4.42 | ||||||||
Basic Earnings Per Common Share:
|
$ | 1.60 | $ | 0.25 | $ | 3.05 | $ | 4.42 | ||||||||
Continuing Operations
|
$ | 1.60 | $ | 0.25 | $ | 3.04 | $ | 4.40 | ||||||||
Diluted Earnings Per Common Share:
|
$ | 1.60 | $ | 0.25 | $ | 3.04 | $ | 4.40 | ||||||||
Weighted Average Shares of Common Stock Outstanding:
|
||||||||||||||||
Basic
|
7,203,911 | 7,140,752 | 7,195,606 | 7,131,820 | ||||||||||||
Diluted
|
7,226,436 | 7,190,082 | 7,213,288 | 7,176,647 | ||||||||||||
Dividends Per Share
|
$ | 0.250 | $ | 0.375 | $ | 1.000 | $ | 1.500 |
INTERNATIONAL SHIPHOLDING CORPORATION
|
||||||||
CONSOLIDATED BALANCE SHEETS
|
||||||||
(All Amounts in Thousands)
|
||||||||
(Unaudited)
|
||||||||
December 31,
|
December 31,
|
|||||||
ASSETS
|
2012
|
2011
|
||||||
|
||||||||
Cash and Cash Equivalents
|
$ | 19,868 | $ | 21,437 | ||||
Restricted Cash
|
8,000 | 8,907 | ||||||
Marketable Securities
|
- | 12,827 | ||||||
Accounts Receivable, Net of Allowance for Doubtful Accounts
|
||||||||
of $100 and $100 in 2012 and 2011:
|
32,891 | 20,553 | ||||||
Federal Income Taxes Receivable
|
- | 242 | ||||||
Net Investment in Direct Financing Leases
|
3,540 | 6,278 | ||||||
Other Current Assets
|
8,392 | 4,411 | ||||||
Notes Receivable
|
4,383 | 4,450 | ||||||
Material and Supplies Inventory
|
11,847 | 6,020 | ||||||
Total Current Assets
|
88,921 | 85,125 | ||||||
Investment in Unconsolidated Entities
|
12,676 | 12,800 | ||||||
Net Investment in Direct Financing Leases
|
13,461 | 43,837 | ||||||
Vessels, Property, and Other Equipment, at Cost:
|
||||||||
Vessels
|
525,172 | 581,705 | ||||||
Building
|
1,211 | - | ||||||
Land
|
623 | - | ||||||
Leasehold Improvements
|
26,348 | 26,128 | ||||||
Construction in Progress
|
10 | 20,729 | ||||||
Furniture and Equipment
|
11,614 | 9,372 | ||||||
564,978 | 637,934 | |||||||
Less - Accumulated Depreciation
|
(151,318 | ) | (171,820 | ) | ||||
413,660 | 466,114 | |||||||
Other Assets:
|
||||||||
Deferred Charges, Net of Accumulated Amortization
|
19,892 | 15,983 | ||||||
Intangible Assets, Net
|
45,784 | 3,219 | ||||||
Due from Related Parties
|
1,709 | 1,571 | ||||||
Notes Receivable
|
33,381 | 37,714 | ||||||
Goodwill
|
2,700 | - | ||||||
Other
|
5,509 | 202 | ||||||
108,975 | 58,689 | |||||||
TOTAL ASSETS
|
$ | 637,693 | $ | 666,565 |
INTERNATIONAL SHIPHOLDING CORPORATION
|
||||||||
CONSOLIDATED BALANCE SHEETS
|
||||||||
(All Amounts in Thousands)
|
||||||||
(Unaudited)
|
||||||||
December 31,
|
December 31,
|
|||||||
|
2012
|
2011
|
||||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
||||||
Current Liabilities:
|
||||||||
Current Maturities of Long-Term Debt
|
$ | 26,040 | $ | 36,079 | ||||
Accounts Payable and Accrued Liabilities
|
50,896 | 31,484 | ||||||
Total Current Liabilities
|
76,936 | 67,563 | ||||||
Long-Term Debt, Less Current Maturities
|
211,590 | 286,014 | ||||||
Other Long-Term Liabilities:
|
||||||||
Lease Incentive Obligation
|
6,150 | 6,640 | ||||||
Other
|
80,718 | 57,153 | ||||||
TOTAL LIABILITIES
|
375,394 | 417,370 | ||||||
Stockholders' Equity:
|
||||||||
Common Stock
|
8,632 | 8,606 | ||||||
Additional Paid-In Capital
|
86,362 | 85,830 | ||||||
Retained Earnings
|
217,654 | 204,109 | ||||||
Treasury Stock
|
(25,403 | ) | (25,403 | ) | ||||
Accumulated Other Comprehensive Loss
|
(24,946 | ) | (23,947 | ) | ||||
TOTAL STOCKHOLDERS' EQUITY
|
262,299 | 249,195 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
$ | 637,693 | $ | 666,565 |
INTERNATIONAL SHIPHOLDING CORPORATION
|
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
(All Amounts in Thousands)
|
||||||||
(Unaudited)
|
||||||||
|
Twelve Months Ended December 31,
|
|||||||
2012
|
2011
|
|||||||
Cash Flows from Operating Activities:
|
||||||||
Net Income
|
$ | 21,962 | $ | 31,549 | ||||
Adjustments to Reconcile Net Income to Net Cash Provided by
|
||||||||
Operating Activities:
|
||||||||
Depreciation
|
24,975 | 26,391 | ||||||
Amortization of Deferred Charges and Other Assets
|
11,034 | 8,954 | ||||||
Deferred Tax Liability
|
- | - | ||||||
Gain on Dry Bulk Transaction
|
- | (18,844 | ) | |||||
Impairment Loss
|
- | - | ||||||
Non-Cash Stock Based Compensation
|
1,216 | 1,801 | ||||||
Equity in Net Income of Unconsolidated Entities
|
215 | 410 | ||||||
Distributions from Unconsolidated Entities
|
- | 750 | ||||||
Non-Cash Acquisition of Consolidated Entity
|
- | - | ||||||
Gain on Purchase / Sale of Assets
|
(16,625 | ) | - | |||||
(Gain) Loss on Sale of Investments
|
(580 | ) | 747 | |||||
(Gain) Loss on Foreign Currency Exchange
|
(5,506 | ) | 3,051 | |||||
Changes in:
|
||||||||
Deferred Drydocking Charges
|
(11,304 | ) | (6,803 | ) | ||||
Accounts Receivable
|
(3,533 | ) | (1,290 | ) | ||||
Inventories and Other Current Assets
|
(2,734 | ) | (1,200 | ) | ||||
Other Assets
|
2,121 | 669 | ||||||
Accounts Payable and Accrued Liabilities
|
(6,925 | ) | 3,133 | |||||
Other Long-Term Liabilities
|
(4,599 | ) | (3,045 | ) | ||||
Net Cash Provided by Operating Activities
|
9,717 | 46,273 | ||||||
Cash Flows from Investing Activities:
|
||||||||
Principal payments received under Direct Financing Leases
|
3,877 | 5,583 | ||||||
Acquisition of Frascati Shops Inc and Tower, LLC
|
(620 | ) | - | |||||
Capital Improvements to Vessels and Other Assets
|
(50,729 | ) | (109,631 | ) | ||||
Proceeds from Sale of Assets
|
225,315 | - | ||||||
Purchase of Marketable Securities
|
- | (74 | ) | |||||
Proceeds from Sale of Marketable Securities
|
12,433 | 2,413 | ||||||
Investment in Unconsolidated Entities
|
(1,000 | ) | (2,545 | ) | ||||
Acquisition of Unconsolidated Entity
|
- | 7,092 | ||||||
Net Decrease/(Increase) in Restricted Cash Account
|
(1,093 | ) | (8,907 | ) | ||||
Proceeds from Sale of Unconsolidated Entities
|
- | 526 | ||||||
Acquisition of United Ocean Services, LLC
|
(112,242 | ) | - | |||||
Changes in Other Notes Receivables
|
239 | - | ||||||
Proceeds from Note Receivables
|
4,632 | 4,735 | ||||||
Payments on Related Party Note Receivables
|
- | - | ||||||
Net Cash Provided by (Used In) Investing Activities
|
80,812 | (100,808 | ) | |||||
Cash Flows from Financing Activities:
|
||||||||
Common Stock Repurchase
|
- | - | ||||||
Proceeds from Issuance of Debt
|
137,930 | 135,330 | ||||||
Repayment of Debt
|
(220,337 | ) | (66,498 | ) | ||||
Additions to Deferred Financing Charges
|
(1,275 | ) | (1,788 | ) | ||||
Common Stock Dividends Paid
|
(8,416 | ) | (10,981 | ) | ||||
Net Cash (Used In) Provided by Financing Activities
|
(92,098 | ) | 56,063 | |||||
Net (Decrease) / Increase in Cash and Cash Equivalents
|
(1,569 | ) | 1,528 | |||||
Cash and Cash Equivalents at Beginning of Period
|
21,437 | 19,909 | ||||||
Cash and Cash Equivalents at End of Period
|
$ | 19,868 | $ | 21,437 |