EX-99 2 ish-20131101xex99.htm EX-99 EarningsRelease103013

Exhibit 99.1

 

 

INTERNATIONAL SHIPHOLDING CORPORATION REPORTS THIRD QUARTER 2013 RESULTS

 

Declares third quarter dividend of $0.25 per share on its Common Stock

 

Mobile, Alabama, October 30, 2013 – International Shipholding Corporation (NYSE: ISH) today announced financial results for the quarter ended September 30, 2013.

 

Third Quarter 2013 Highlights

·

Reported adjusted net income of $1.4 million for the three months ended September 30, 2013 excluding non-recurring charges of $3.6 million

·

Completed a refinancing of its U.S. Flag fleet debt facilities, with a $45 million term loan and increasing its line of credit from $30 million up to $50 million.  The new Facility also adds an accordion feature for up to an additional $50 million Facility

·

Declared a third quarter dividend of $0.25 per share of common stock payable on December 3, 2013 to shareholders of record as of November 15, 2013

Paid a $2.375 per share and $2.25 per share dividend on its Series A and Series B Preferred Stock, respectively, on October 30, 2013

 

Net Income

The Company reported a net loss of $2.2 million for the three months ended September 30, 2013, which included a $2.0 million reduction from the impact of sequestration on the U.S. Maritime Security Program and $1.6 million charge from the refinancing of various U.S. Flag vessel collateralized loans into one senior $95 million debt facility.  The charge of $1.6 million is related to transaction fees and the unwinding of an interest rate swap.  Excluding these two items, the Company’s adjusted net income was $1.4 million for the three months ended September 30, 2013.  For the comparable three months ended September 30, 2012, the Company reported net income of $1.8 million.

Mr. Niels M. Johnsen, Chairman and Chief Executive Officer, stated: “During the third quarter, we continued to execute our strategy of operating a diversified fleet on medium to long-term contracts in niche markets while taking steps to strengthen our balance sheet.  Our recent refinancing has bolstered our financial flexibility and enhanced our ability to capitalize on further growth opportunities.  Additionally, we recently continued our commitment to maintaining our Company’s leadership position in the Jones Act dry bulk market by exercising the buy-out option on a Jones Act integrated tug/barge unit which we had previously operated under a sale and leaseback arrangement.”

“Given our stable cash flows and strong contract coverage, our Board of Directors has declared a common stock dividend of $0.25 per share for the third quarter.  We remain committed to returning value to our shareholders, and we continue to explore accretive acquisition opportunities as they arise in the current environment.”

 

 

 

 

 

Gross Voyage Profit

 

The Company’s third quarter 2013 gross voyage profit, representing the results of its six reporting segments was $12.7 million, compared to $15.9 million in the comparable 2012 three month period.  The comparable results by operating segment are shown below.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(All Amounts in Millions)

 

 

 

 

Pure Car

 

Dry Bulk

 

 

 

Specialty

 

 

 

 

 

 

 

Jones Act

 

Truck Carriers

 

Carriers

 

Rail-Ferry

 

Contracts

 

Other

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third Quarter, 2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Voyage Profit

 

$
6.6 

$
3.1 

$
0.4 

$
1.9 

$
0.5 

$
0.2 

$
12.7 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

 
(1.4)

 
(2.2)

 
(1.6)

 
(0.4)

 
(0.5)

 

 -

 
(6.1)

Gross Profit

 

$
5.2 

$
0.9 

$
(1.2)

$
1.5 

$

 -

$
0.2 

$
6.6 

(After Depreciation)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third, Quarter, 2012

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Voyage Profit

 

$
1.6 

$
7.8 

$
2.1 

$
0.5 

$
3.4 

$
0.5 

$
15.9 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

 
(0.6)

 
(2.6)

 
(1.7)

 
(0.7)

 
(0.5)

 

 -

 
(6.1)

Gross Profit

 

$
1.0 

$
5.2 

$
0.4 

$
(0.2)

$
2.9 

$
0.5 

$
9.8 

(After Depreciation)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Variance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Voyage Profit

 

$
5.0 

$
(4.7)

$
(1.7)

$
1.4 

$
(2.9)

$
(0.3)

$
(3.2)

Depreciation

 

$
(0.8)

$
0.4 

$
0.1 

$
0.3 

$
0.0 

$

 -

$
0.0 

Gross Profit

 

$
4.2 

$
(4.3)

$
(1.6)

$
1.7 

$
(2.9)

$
(0.3)

$
(3.2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For a reconciliation of the gross voyage numbers presented above to GAAP figures, please see the attached Non-GAAP Reconciliation Statement.

 

The higher year-over-year gross voyage profit for the Jones Act segment is a result of our acquisition of United Ocean Services (“UOS”) in November 2012.  However, UOS results were negatively impacted by 139 scheduled non-operating days while undergoing drydock requirements.  The negative impact on this segment from the non-operating days in the quarter is approximately $1.5 million.  Following the third quarter, remaining scheduled drydocking for 2013 involves only one ship for approximately 45 non-operating days.  Gross voyage profit on the Pure Car Truck Carrier (“PCTC”) segment, which was impacted by sequestration to the Maritime Security Program (“MSP”), decreased approximately $2 million compared to the third quarter of 2012. In mid October 2013, the President signed into law a Continuing Resolution that will fully fund the MSP through January 15, 2014. While Dry Bulk rates have shown some recent improvement across all of the Bulk sectors, the 2013 third quarter Dry Bulk Carrier segment results reflect lower rates in 2013 when compared to the same period in 2012.  The Rail Ferry segment reported higher northbound volumes than in the comparable period of 2012, which produced an improved gross voyage profit result.  The Specialty Contracts segment reported a decrease in gross voyage profit as our ice-strengthened vessel achieved relatively lower rates.  The Company’s other segment, consisting primarily of chartering brokerage and agency services, reported slightly lower brokerage revenues than in the comparable period of 2012.

 

Administrative and General

Administrative and general expenses in the third quarter of 2013 were $5.0 million as compared to $5.6 million in the same period of 2012.  There were no accrued bonus payments in the 2013 quarter, while the comparable period of 2012 included such accrued bonus payments.

 

Interest and Other

Interest expense for the three months ended September 30, 2013 was approximately $965,000 higher than in the comparable three months in 2012, primarily due to non-recurring fees related to the U.S. Flag refinancing.  The derivative loss of $768,000 recorded in the three months ended September 30, 2013 reflects the unwinding of an interest rate swap on one of the Company’s U.S. Flag PCTCs.  During the three months ended September 30, 2013, the Japanese Yen strengthened from 99.15 to 98.24 versus the U.S. Dollar, producing an exchange loss of $457,000.

 

Balance Sheet

The Company’s working capital at September 30, 2013 was $15.9 million, an increase of $400,000 from June 30, 2013.  Cash and cash equivalents balance was approximately $29.2 million, while capital expenditures during the nine month period were $42.4 million, which includes scheduled drydock costs of $14.5 million.  The Company’s total debt obligations at September 30, 2013 were approximately $205 million.

 

Dividend Declarations

The Company’s Board of Directors approved per-share dividend payments on October 30, 2013 of $2.375 and $2.25 on its Series A and Series B Preferred Stock, respectively, representing regular quarterly payments.  Additionally, the Board of Directors declared a $0.25 dividend payable on December 3, 2013 for each share of common stock owned on the record date of November 15, 2013.  All future dividend declarations remain subject to the discretion of International Shipholding Corporation’s Board of Directors.

 

Outlook

The Company’s projected 2013 net income, before preferred stock dividends, is expected to be between $14 and $16 million, which anticipates the reversal of the Company’s tax valuation allowance of approximately $10.5 million.  EBITDA is expected to be in the range of $60 to $63 million.

 

All 2013 outlook figures included in this release exclude the effects of special items, future changes in regulation, the impact of unforeseen litigation or unforeseen events or circumstances that reduce vessel deployment or rates, any changes in operating or capital plans, and any future acquisitions, divestitures, buybacks or other similar business transactions.  For purposes of this outlook section, EBITDA means earnings before interest, taxes, depreciation and amortization.  See “Caution concerning forward-looking statements” below.

 

Conference Call

In connection with this earnings release, management will host an earnings conference call on Thursday, October 31, 2013, at 10:00 AM ET.  To participate in the conference call, please dial (888) 428-9490 (domestic) or (719) 325-2458 (international).  Participants can reference the International Shipholding Corporation Third Quarter 2013 Earnings Call or passcode 3238687.  Please dial in approximately 5 minutes prior to the call.

The conference call will also be available via a live listen-only webcast and can be accessed through the Investor Relations section of the Company’s website, www.intship.com.  Please allow extra time prior to the call to visit the Company’s website and download any software that may be needed to listen to the webcast.

 

A replay of the conference call will be available through November 7, 2013 at (877) 870-5176 (domestic) or (858) 384-5517 (international).  The passcode for the replay is 3238687.       

 

About International Shipholding

International Shipholding Corporation, through its subsidiaries, operates a diversified fleet of U.S. and International flag vessels that provide worldwide and domestic maritime transportation services to commercial and governmental customers primarily under medium to long-term charters and contracts. www.intship.com

 

Caution concerning forward-looking statements

 

Except for the historical and factual information contained herein, the matters set forth in this release, including statements regarding our 2013 guidance, and other statements identified by words such as “estimates,” “expects,” “anticipates,” “plans,” and similar expressions, are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations only, and are subject to a number of risks and uncertainties, many of which are beyond our control.  Actual events and results may differ materially from those anticipated, estimated, projected, expressed or implied if one or more of these risks or uncertainties materialize, or if underlying assumptions prove incorrect. Factors that could affect actual results include, but are not limited to: our ability to maximize the usage of our newly-purchased and incumbent vessels and other assets on favorable economic terms, including our ability to renew our time charters and contracts when they expire and to maximize our carriage of supplemental cargoes; our ability to effectively handle our leverage by servicing and complying with each of our debt instruments; changes in domestic or international transportation markets that reduce the demand for shipping generally or for our vessels in particular; industry-wide changes in cargo freight rates, charter rates, vessel design, vessel utilization or vessel valuations, or in charter hire, fuel or other operating expenses; political events in the United States and abroad; the appropriation of funds by the U.S. Congress, including the impact of any future cuts to federal spending similar to the U.S. Congress’ recent “sequestration” cuts; terrorism, piracy and trade restrictions; changes in foreign currency rates or interest rates; the effects of more general factors, such as changes in tax laws or rates, or in general market, labor or economic conditions; and each of the other economic, competitive, governmental, and technological factors detailed in our reports filed with the Securities and Exchange Commission.  You should be aware that new factors may emerge from time to time and it is not possible for us to identify all such factors nor can we predict the impact of each such factors on our business or the extent to which any one or more factors may cause actual results to differ from those reflected in any forward-looking statements.  Accordingly, you are cautioned not to place undue reliance upon any of our forward-looking statements, which speak only as of the date made.  We undertake no obligation to update or revise, for any reason, any forward-looking statements made by us or on our behalf, whether as a result of new information, future events or developments, changed circumstances or otherwise.

 

 

 

Contact:

 

 

The IGB Group

Bryan Degnan

(646) 673-9701

 

 

The IGB Group

Leon Berman

(212) 477-8438

 

 

International Shipholding Corporation

Niels M. Johnsen, Chairman (212) 943-4141

Erik L. Johnsen, President (251) 243-9221

Manny Estrada, V. P. and CFO (251) 243-9082

 

Non-GAAP Reconciliation Statement

(By Segment)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(All Amounts in Millions)

 

 

 

Pure Car

 

 

 

 

 

Specialty

 

 

 

 

 

 

Jones Act

 

Truck Carriers

 

Dry Bulk

 

Rail-Ferry

 

Contracts

 

Other

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third Quarter, 2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross  Profit

$
5.2 

$
0.9 

$
(1.2)

$
1.5 

$

 -

$
0.2 

$
6.6 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allocated Overhead

 
(2.6)

 
(1.2)

 
(0.2)

 
(0.7)

 
(0.2)

 
(0.1)

 
(5.0)

*Add Back: Unconsolidated Entities

 

 -

 

 -

 
0.3 

 
0.1 

 

 -

 

 -

 
0.4 

Operating Income

$
2.6 

$
(0.3)

$
(1.0)

$
0.8 

$
(0.2)

$
0.1 

$
2.0 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third Quarter, 2012

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

$
1.0 

$
5.2 

$
0.4 

$
(0.2)

$
2.9 

$
0.5 

$
9.8 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allocated Overhead

 
(0.6)

 
(2.8)

 
(0.7)

 
(0.2)

 
(1.2)

 
(0.2)

 
(5.7)

*Add Back: Unconsolidated Entities

 

 -

 

 -

 

 -

 
(0.3)

 
0.2 

 

 -

 
(0.1)

Operating Income

$
0.4 

$
2.4 

$
(0.3)

$
(0.7)

$
1.9 

$
0.3 

$
4.0 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

* To remove the effect of including the results of the unconsolidated entities in Gross Voyage Profit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INTERNATIONAL SHIPHOLDING CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(All Amounts in Thousands Except Share Data)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

2013

 

 

2012

 

 

2013

 

 

2012

Revenues

$
77,938 

 

$
61,162 

 

$
233,959 

 

$
186,686 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

        Voyage Expenses

 
64,832 

 

 
45,394 

 

 
195,931 

 

 
143,246 

        Vessel Depreciation

 
6,130 

 

 
6,100 

 

 
17,705 

 

 
18,180 

        Other Depreciation

 
17 

 

 
9 

 

 
51 

 

 
9 

        Administrative and General Expenses

 
4,994 

 

 
5,643 

 

 
16,597 

 

 
15,871 

        Gain on Dry Bulk Transaction

 

 -

 

 

 -

 

 

 -

 

 

 

        Loss/(Gain) on Sale of Other Assets

 
6 

 

 
3 

 

 
6 

 

 
(4,463)

 

 

 

 

 

 

 

 

 

 

 

 

Total Operating Expenses

 
75,979 

 

 
57,149 

 

 
230,290 

 

 
172,843 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income

 
1,959 

 

 
4,013 

 

 
3,669 

 

 
13,843 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and Other:

 

 

 

 

 

 

 

 

 

 

 

         Interest Expense

 
3,109 

 

 
2,144 

 

 
7,387 

 

 
7,152 

         Derivative Loss

 
768 

 

 
129 

 

 
486 

 

 
97 

         Gain on Sale of Investment

 

 -

 

 

 -

 

 

 -

 

 
(66)

         Other Income from Vessel Financing

 
(522)

 

 
(588)

 

 
(1,616)

 

 
(1,815)

         Investment Income

 
(9)

 

 
(117)

 

 
(91)

 

 
(391)

         Foreign Exchange Loss/(Gain)

 
457 

 

 
1,143 

 

 
(4,560)

 

 
(771)

 

 
3,803 

 

 
2,711 

 

 
1,606 

 

 
4,206 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) Income Before Provision (Benefit) for Income Taxes

 

 

 

 

 

 

 

 

 

 

 

     and Equity in (Loss) Income of Unconsolidated Entities

 
(1,844)

 

 
1,302 

 

 
2,063 

 

 
9,637 

 

 

 

 

 

 

 

 

 

 

 

 

Provision/(Benefit) for Income Taxes:

 

 

 

 

 

 

 

 

 

 

 

        Current

 
18 

 

 
4 

 

 
68 

 

 
280 

        Deferred

 

 -

 

 
(400)

 

 

 -

 

 
(400)

 

 
18 

 

 
(396)

 

 
68 

 

 
(120)

 

 

 

 

 

 

 

 

 

 

 

 

Equity in Net (Loss) Income of Unconsolidated

 

 

 

 

 

 

 

 

 

 

 

   Entities (Net of Applicable Taxes)

 
(360)

 

 
84 

 

 
(705)

 

 
665 

 

 

 

 

 

 

 

 

 

 

 

 

Net (Loss) Income

$
(2,222)

 

$
1,782 

 

$
1,290 

 

$
10,422 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Stock Dividends

 
1,076 

 

 

 -

 

 
1,920 

 

 

 -

 

 

 

 

 

 

 

 

 

 

 

 

Net (Loss) Income Available to Common Stockholders

$
(3,298)

 

$
1,782 

 

$
(630)

 

$
10,422 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and Diluted Earnings Per Common Share:

 

 

 

 

 

 

 

 

 

 

 

Basic Earnings Per Common Share:

$
(0.46)

 

$
0.25 

 

$
(0.09)

 

$
1.45 

Diluted Earnings Per Common Share:

$
(0.46)

 

$
0.25 

 

$
(0.09)

 

$
1.45 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Shares of Common Stock Outstanding:

 

 

 

 

 

 

 

 

 

 

 

        Basic

 
7,248,350 

 

 
7,203,860 

 

 
7,233,807 

 

 
7,192,818 

        Diluted

 
7,248,350 

 

 
7,220,901 

 

 
7,233,807 

 

 
7,208,886 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock Dividends Per Share

$
0.250 

 

$
0.250 

 

$
0.750 

 

$
0.750 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INTERNATIONAL SHIPHOLDING CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(All Amounts in Thousands Except Shares)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

September 30,

 

December 31,

ASSETS

2013

 

2012

 

 

 

 

 

 

                                                                                                                                   

 

 

 

 

 

        Cash and Cash Equivalents

$
29,224 

 

$
19,868 

        Restricted Cash

 
15,825 

 

 
8,000 

        Accounts Receivable, Net of Allowance for Doubtful Accounts

 
29,040 

 

 
32,891 

        Net Investment in Direct Financing Leases

 

 -

 

 
3,540 

        Other Current Assets

 
9,021 

 

 
8,392 

        Notes Receivable

 
4,248 

 

 
4,383 

        Material and Supplies Inventory

 
11,289 

 

 
11,847 

Total Current Assets

 
98,647 

 

 
88,921 

 

 

 

 

 

 

Investment in Unconsolidated Entities

 
12,698 

 

 
12,676 

 

 

 

 

 

 

Net Investment in Direct Financing Leases

 

 -

 

 
13,461 

 

 

 

 

 

 

Vessels, Property, and Other Equipment, at Cost:

 

 

 

 

 

        Vessels

 
578,516 

 

 
525,172 

        Building

 
1,211 

 

 
1,211 

        Land

 
623 

 

 
623 

        Leasehold Improvements

 
26,348 

 

 
26,348 

        Construction in Progress

 
2,836 

 

 
10 

        Furniture and Equipment

 
11,535 

 

 
11,614 

 

 
621,069 

 

 
564,978 

Less -  Accumulated Depreciation

 
(167,809)

 

 
(151,318)

 

 
453,260 

 

 
413,660 

 

 

 

 

 

 

Other Assets:

 

 

 

 

 

        Deferred Charges, Net of Accumulated Amortization

 
31,328 

 

 
19,892 

             of $17,262 and $15,821 in 2013 and 2012, Respectively

 

 

 

 

 

        Intangible Assets, Net of Accumulated Amortization

 
29,785 

 

 
45,784 

        Due from Related Parties

 
1,688 

 

 
1,709 

        Notes Receivable

 
28,460 

 

 
33,381 

        Goodwill

 
2,771 

 

 
2,700 

        Other

 
7,721 

 

 
5,509 

 

 
101,753 

 

 
108,975 

 

 

 

 

 

 

TOTAL ASSETS

$
666,358 

 

$
637,693 

 

 

 

 

 

 

 

 

 

 

 

INTERNATIONAL SHIPHOLDING CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(All Amounts in Thousands Except Shares)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

September 30,

 

December 31,

 

2013

 

2012

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

        Current Maturities of Long-Term Debt

$
19,164 

 

$
26,040 

        Accounts Payable and Accrued Liabilities

 
63,539 

 

 
50,896 

Total Current Liabilities

 
82,703 

 

 
76,936 

 

 

 

 

 

 

Long-Term Debt, Less Current Maturities

 
186,118 

 

 
211,590 

 

 

 

 

 

 

Other Long-Term Liabilities:

 

 

 

 

 

        Lease Incentive Obligation

 
5,585 

 

 
6,150 

        Other

 
77,750 

 

 
80,718 

 

 

 

 

 

 

TOTAL LIABILITIES

 
352,156 

 

 
375,394 

 

 

 

 

 

 

Stockholders' Equity:

 

 

 

 

 

    Preferred Stock, $1.00 Par Value, 9.50% Series A Cumulative Perpetual

 

 

 

 

 

         Preferred Stock, 650,000 Shares Authorized, 250,000 Shares Issued

 

 

 

 

 

         and Outstanding at September 30, 2013

 
250 

 

 

 -

    Preferred Stock, $1.00 Par Value, 9.00% Series B Cumulative Perpetual

 

 

 

 

 

         Preferred Stock, 350,000 Shares Authorized, 316,250 Shares Issued

 

 

 

 

 

         and Outstanding at September 30, 2013

 
316 

 

 

 -

    Common Stock, $1.00 Par Value, 20,000,000 Shares Authorized,

 
8,669 

 

 
8,632 

         7,248,350 and 7,203,935 Shares Outstanding at

 

 

 

 

 

       September 30, 2013 and December 31, 2012, Respectively

 

 

 

 

 

    Additional Paid-In Capital

 
139,744 

 

 
86,362 

    Retained Earnings

 
212,418 

 

 
217,654 

    Treasury Stock, 1,388,066 Shares at September 30, 2013

 

 

 

 

 

        and December 31, 2012, Respectively

 
(25,403)

 

 
(25,403)

    Accumulated Other Comprehensive Loss

 
(21,792)

 

 
(24,946)

TOTAL STOCKHOLDERS' EQUITY

 
314,202 

 

 
262,299 

 

 

 

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$
666,358 

 

$
637,693 

 

 

 

 

 

 

 

INTERNATIONAL SHIPHOLDING CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW

(All Amounts in Thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30,

 

 

2013

 

 

2012

 

 

 

 

 

 

Cash Flows from Operating Activities:

 

 

 

 

 

   Net Income

$
1,290 

 

$
10,422 

   Adjustments to Reconcile Net Income to Net Cash Provided by

 

 

 

 

 

      Operating Activities:

 

 

 

 

 

             Depreciation

 
18,068 

 

 
18,394 

             Amortization of Deferred Charges

 
7,525 

 

 
6,380 

             Amortization of Intangible Assets

 
4,669 

 

 
1,932 

             Deferred Tax Liability

 

 -

 

 
(400)

             Non-Cash Share Based Compensation

 
1,023 

 

 
881 

             Equity in Net (Loss) Income of Unconsolidated Entities

 
705 

 

 
(665)

             Loss (Gain) on Sale of Assets

 
6 

 

 
(4,463)

             Gain on Sale of Investments

 

 -

 

 
(66)

             Gain on Foreign Currency Exchange

 
(4,560)

 

 
(771)

     Changes in:

 

 

 

 

 

             Deferred Drydocking Charges

 
(14,445)

 

 
(8,021)

             Accounts Receivable

 
3,415 

 

 
1,057 

             Inventories and Other Current Assets 

 
257 

 

 
(3,168)

             Other Assets

 
760 

 

 
61 

             Accounts Payable and Accrued Liabilities

 
2,375 

 

 
(5,076)

             Other Long-Term Liabilities

 
4,561 

 

 
(3,148)

Net Cash Provided by Operating Activities

 
25,649 

 

 
13,349 

 

 

 

 

 

 

Cash Flows from Investing Activities:

 

 

 

 

 

             Principal payments received under Direct Financing Leases

 
558 

 

 
3,064 

             Acquisition of Frascati Shops Inc and Tower, LLC

 

 -

 

 
(620)

             Capital Improvements to Vessels and Other Assets

 
(27,963)

 

 
(45,992)

             Proceeds from Sale of Assets

 

 -

 

 
130,315 

             Proceeds of Marketable Securities

 

 -

 

 
207 

             Investment in Unconsolidated Entities

 
(500)

 

 
(1,000)

             Net Decrease (Increase) in Restricted Cash Account

 
(7,825)

 

 
6,907 

             Acquisition of United Ocean Services, LLC

 
(2,475)

 

 

 -

             Proceeds from Note Receivables

 
4,895 

 

 
3,610 

Net Cash (Used In) Provided by Investing Activities

 
(33,310)

 

 
96,491 

 

 

 

 

 

 

Cash Flows from Financing Activities:

 

 

 

 

 

             Issuance of Preferred Stock

 
53,336 

 

 

 -

             Proceeds from Issuance of Debt

 
67,000 

 

 
51,175 

             Repayment of Debt

 
(94,788)

 

 
(162,375)

             Additions to Deferred Financing Charges

 
(2,005)

 

 
(751)

             Dividends Paid

 
(6,526)

 

 
(6,612)

Net Cash Provided by (Used In) Financing Activities

 
17,017 

 

 
(118,563)

 

 

 

 

 

 

Net Increase (Decrease) in Cash and Cash Equivalents

 
9,356 

 

 
(8,723)

Cash and Cash Equivalents at Beginning of Period

 
19,868 

 

 
21,437 

 

 

 

 

 

 

Cash and Cash Equivalents at End of Period

$
29,224 

 

$
12,714