-----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, ATIykletudyQ4IH0af5UNz9MlZnqy9BVOCLPC6s+vJ7JnZKY8OuV43ZPBrd7ibB0 jHOwbibfuqL3GoI9Wi/QBQ== 0000278041-95-000016.txt : 19951119 0000278041-95-000016.hdr.sgml : 19951119 ACCESSION NUMBER: 0000278041-95-000016 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950930 FILED AS OF DATE: 19951113 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: 95590518 BUSINESS ADDRESS: STREET 1: 650 POYDRAS ST STE 1700 CITY: NEW ORLEANS STATE: LA ZIP: 70130 BUSINESS PHONE: 5045295461 10-Q 1 THIRD QUARTER 1995 FORM 10-Q INTERNATIONAL SHIPHOLDING CORPORATION AND SUBSIDIARIES UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 1995 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 5,346,611 shares (September 29, 1995) INTERNATIONAL SHIPHOLDING CORPORATION CONSOLIDATED BALANCE SHEETS (Dollars in Thousands) (Unaudited)
September 30, December 31, 1995 1994 ------------- ------------ ASSETS Current Assets: Cash and Cash Equivalents $ 35,122 $ 29,611 Marketable Securities 7,364 7,096 Accounts Receivable, Net 41,679 46,844 Federal Income Tax Receivable 896 0 Net Investment in Direct Financing Leases 2,129 2,186 Other Current Assets 3,099 3,847 Material and Supplies Inventory, At Cost 9,782 8,954 --------- -------- Total Current Assets 100,071 98,538 Investments In and Advances to Unconsolidated Entities 0 33,160 Marketable Equity Securities 44,155 0 Net Investment in Direct Financing Leases 25,006 26,588 Vessels, Property and Other Equipment, At Cost: Vessels and Barges 588,071 484,354 Other Marine Equipment 6,692 3,999 Terminal Facilities 18,859 18,116 Land 2,317 2,317 Furniture and Equipment 15,437 14,071 --------- --------- 631,376 522,857 Less - Accumulated Depreciation (237,046) (214,395) --------- --------- 394,330 308,462 Other Assets: Deferred Charges in Process of Amortization 27,620 30,613 Acquired Contract Costs, Net of Accumulated 22,346 24,185 Amortization Due from Related Parties 8,973 6,174 Other 10,280 19,371 ----------- ---------- 69,219 80,343 ----------- ---------- $ 632,781 $ 547,091 =========== ========== The accompanying notes are an integral part of these statements.
INTERNATIONAL SHIPHOLDING CORPORATION CONSOLIDATED BALANCE SHEETS (Dollars in Thousands) (Unaudited)
September 30, December 31, 1995 1994 ------------ ------------ LIABILITIES AND STOCKHOLDERS' INVESTMENT Current Liabilities: Current Maturities of Long-Term Debt $ 33,697 $ 26,755 Current Maturities of Capital Lease Obligations 1,469 1,329 Accounts Payable and Accrued Liabilities 46,031 53,061 Federal Income Tax Payable 0 260 Current Deferred Income Tax Liability 1,378 314 --------- --------- Total Current Liabilities 82,575 81,719 Billings in Excess of Income Earned and Expenses Incurred 4,815 4,471 Long-Term Capital Lease Obligations, Less Current Maturities 19,623 21,092 Long-Term Debt, Less Current Maturities 304,117 230,852 Reserves and Deferred Credits: Deferred Income Taxes 42,661 39,414 Claims and Other 18,937 23,227 ---------- ---------- 61,598 62,641 Stockholders' Investment: Common Stock 6,756 5,405 Additional Paid-in Capital 54,450 54,450 Retained Earnings 91,738 87,757 Less - Treasury Stock (1,133) (1,133) Unrealized Holding Gain (Loss) on Marketable Securities 8,242 (163) ------------ ----------- 160,053 146,316 $ 632,781 $ 547,091 ============ =========== The accompanying notes are an integral part of these statements.
INTERNATIONAL SHIPHOLDING CORPORATION CONSOLIDATED CONDENSED STATEMENTS OF INCOME (Dollars in Thousands Except Share Data) (Unaudited)
Three Months Ended Nine Months Ended September 30, September 30, 1995 1994 1995 1994 -------- -------- -------- -------- Revenues $ 78,518 $ 76,434 $235,844 $238,367 Operating Differential Subsidy 5,590 5,134 16,410 15,710 -------- -------- -------- -------- 84,108 81,568 252,254 254,077 -------- -------- -------- -------- Operating Expenses: Voyage Expenses 62,339 58,698 188,157 189,421 Vessel and Barge Depreciation 6,194 6,094 18,488 18,324 -------- -------- -------- ------- Gross Voyage Profit 15,575 16,776 45,609 46,332 -------- -------- -------- ------- Administrative and General Expenses 6,489 6,549 19,163 19,917 Gain (Loss) on Sale of Assets 6 (98) 8 (91) -------- --------- -------- -------- Operating Income 9,092 10,129 26,454 26,324 -------- --------- -------- -------- Interest: Interest Expense 6,318 5,078 19,130 15,472 Investment Income (563) (766) (2,079) (2,240) -------- -------- -------- -------- 5,755 4,312 17,051 13,232 -------- -------- -------- -------- Unconsolidated Entities (Net of Applicable Taxes): Equity in Net Income (Loss) of Unconsolidated Entities 0 (199) 331 87 (Allowance) for Doubtful Accounts 0 0 0 900 ------- -------- -------- -------- 0 (199) 331 987 Income Before Provision for Income Taxes 3,337 5,618 9,734 14,079 Provision for Income Taxes: Current 1,725 1,044 3,816 3,767 Deferred (518) 954 (497) 747 State 101 122 280 229 -------- ------- -------- -------- 1,308 2,120 3,599 4,743 Net Income $ 2,029 $ 3,498 $ 6,135 $ 9,336 Earnings Per Common Share: Net Income $ 0.30* $ 0.52* $ 0.92*$ 1.40* Weighted Average Shares of Common Stock Outstanding 6,683,264* 6,683,264*6,683,264* 6,683,264* The accompanying notes are an integral part of these statements. * Restated for November 17, 1995, twenty-five percent stock split effected in the form of a stock dividend.
INTERNATIONAL SHIPHOLDING CORPORATION CONSOLIDATED CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS' INVESTMENT (Dollars in Thousands) (Unaudited)
Net Additional Unrealized Common Paid-In Retained Treasury Holding Stock Capital Earnings Stock Gain/(Loss) Total ----------------------------------------------------------- Balance at December 31, 1993 $5,405 $54,450 $75,775 ($1,133) $ -- $134,497 Net Income for the Year Ended December 31, 1994 -- -- 13,051 -- -- 13,051 Cash Dividends -- -- (1,069) -- -- (1,069) Unrealized Holding Loss on Marketable Securities, Net of Deferred Taxes -- -- -- -- (163) (163) ----------------------------------------------------------- Balance at December 31, 1994 $5,405 $54,450 $87,757 ($1,133) ($163) $146,316 Net Income for the Nine Months Ended September 30, 1995 -- -- 6,135 -- -- 6,135 Cash Dividends -- -- (803) -- -- (803) Stock Dividend Payable November 17, 1995 1,351 -- (1,351) -- -- -- Unrealized Holding Gain on Marketable Securities, Net of Deferred Taxes -- -- -- -- 8,405 8,405 ---------------------------------------------------------- Balance at September 30, 1995 $6,756 $54,450 $91,738 ($1,133) $8,242 $160,053 ========================================================== The accompanying notes are an integral part of these statements.
INTERNATIONAL SHIPHOLDING CORPORATION CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Dollars in Thousands) (Unaudited)
Nine Months Ended September 30, 1995 1994 ------ ------- Cash Flows from Operating Activities: Net Income $ 6,135 9,336 Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Depreciation 19,762 19,227 Amortization of Deferred Charges and Other Assets 12,909 12,197 Provision for Deferred Income Taxes 3,319 1,399 (Gain) Loss on Sale of Assets (8) 91 Net Investment in Direct Financing Leases 1,639 1,696 Unearned Income 344 2,078 Equity in Unconsolidated Subsidiaries (331) (987) Reserve for Claims and Other Deferred Credits (4,908) (679) Other Assets 1,619 (1,754) Change in Working Capital: Accounts Receivable 5,698 (3,308) Inventories and Other Current Assets (149) 1,766 Federal Income Taxes Payable (4,933) 0 Current Deferred Tax Asset 0 (652) Accounts Payable and Accrued Liabilities (8,157) 5,418 ------- ------- Net Cash Provided by Operating Activities 32,939 45,828 Cash Flows from Investing Activities: Purchase of Vessels and Other Property (104,965) (36,548) Additions to Deferred Charges (8,943) (4,605) Investments In and Advances to Unconsolidated Subsidiaries (11) 1,049 Proceeds from Sale of Assets 8 623 Proceeds from Short Term Investments 0 14,808 Other Investing Activities 8,408 0 --------- -------- Net Cash Used by Investing Activities (105,503) (24,673) Cash Flows from Financing Activities: Proceeds from Issuance of Debt and Capital Lease Obligations 104,420 21,109 Reduction of Debt and Capital Lease Obligations (25,542) (21,221) Common Stock Dividends (803) (802) --------- -------- Net Cash Provided by Financing Activities 78,075 (914) Net Increase in Cash and Cash Equivalents 5,511 20,241 Cash and Cash Equivalents at Beginning of Period 29,611 13,492 --------- -------- Cash and Cash Equivalents at End of Period $ 35,122 $33,733 ========= ======== The accompanying notes are an integral part of these statements.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS SEPTEMBER 30, 1995 (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, 1994. 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 1995; 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 1995 interim results are not necessarily indicative of the results of the operations for the full year 1995. 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. The Company uses the cost method to account for investments in entities in which it holds less than 20% voting interest and in which the Company cannot exercise significant influence over operating and financial activities. The Company uses the equity method to account for investments in entities in which it holds a 20% to 50% voting interest. As of December 31, 1994 these investments were classified on the Balance Sheet as Investments In and Advances to Unconsolidated Entities. The more significant of the investments were interests in Havtor AS, A/S Havtor Management and Bulkowners 1984. During the first half of 1995, A/S Havtor Management and the gas carrier activities of Kvaerner, an unrelated Norwegian company, were merged with Havtor AS. In addition, Havtor AS agreed to acquire other vessels and vessel interests, including the interest held by the Company in two PROBO vessels held through Bulkowners 1984. Subsequent to these transactions, the Company's interest in Havtor AS, a publicly listed company on the Oslo Stock Exchange, approximated 7.7%. Due to the liquidity of these shares, this investment is reflected in the Balance Sheet at September 30, 1995, as Marketable Equity Securities and is stated at fair market value. Unrealized holding gains, net of tax, are excluded from earnings and reported as a separate component of shareholders' equity. Note 2. Subsequent Events On October 18, 1995 the Board of Directors declared a 25% stock split to be effected in the form of a stock dividend payable November 17, 1995 to shareholders of record at the close of business on November 3, 1995. Earnings Per Share and Weighted Average Shares of Common Stock Outstanding have been restated for all periods presented to give effect to the dividend. Stockholders' Investment as of September 30, 1995 has also been adjusted for the dividend. INTERNATIONAL SHIPHOLDING CORPORATION AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 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 Nine Months Ended September 30, 1995 Compared to the Nine Months Ended September 30, 1994 Gross Voyage Profit. Gross voyage profit decreased slightly to $45.6 million in the first nine months of 1995 as compared to $46.3 million in the same period of 1994. Gross voyage profit was negatively impacted by lower freight rates and higher operating costs such as fuel and voyage time experienced by the Company's LASH vessels employed in liner service between ports on the U.S. Gulf/U.S. Atlantic Coast and South Asia (Trade Routes 18 and 17). In addition a scheduled rate reduction on one of the Company's vessels chartered to the Military Sealift Command (the "MSC") negatively impacted the current year. Partially offsetting these reductions were the addition of the Sulphur Enterprise in early fourth quarter of 1994 and improved charter rates on the Amazon, a cape-size bulk carrier. Vessel and barge depreciation for the first nine months of 1995 was consistent with the amount in the same period of 1994. An increase in depreciation due to the addition of the Sulphur Enterprise in early fourth quarter of 1994 was offset by a reduction resulting from the life extension of two LASH vessels which were purchased in 1994 upon the termination of the capital lease of these vessels. Other Income and Expenses. Administrative and general expenses decreased by 3.8% to $19.2 million in the first nine months of 1995 from $19.9 million in the comparable period of 1994 due to continued cost reduction efforts. Interest expense increased from $15.5 million in the first nine months of 1994 to $19.1 million in the same period of 1995 primarily due to debt incurred in late 1994 when the Sulphur Enterprise delivered from the shipyard and commenced operation. Additionally impacting interest expense was interest on $12 million received in early 1995 from a medium term loan with a commercial bank for general corporate purposes and interest incurred under interest rate conversion agreements. These increases were partially offset by reductions resulting from regularly scheduled payments on other outstanding debt. Investment income decreased slightly from $2.2 million in the first nine months of 1994 to $2.1 million in the same period of 1995 reflecting a reduction in the balance of invested funds. Income Taxes. The Company provided $3.3 million for federal income taxes in the first nine months of 1995 at the statutory rate of 35% as compared to $4.5 million in the first nine months of 1994 at the same rate. Income of unconsolidated entities is shown net of applicable taxes. Third Quarter Ended September 30, 1995 Compared to Third Quarter Ended September 30, 1994 Gross Voyage Profit. Gross voyage profit decreased 7.2% to $15.6 million in the third quarter of 1995 as compared to $16.8 million in the same period of 1994. Gross voyage profit was negatively impacted by lower freight rates and higher operating costs, as explained in the nine month comparison above, for the Company's LASH vessels employed in liner service between ports on the U.S. Gulf/U.S. Atlantic Coast and South Asia (Trade Routes 18 and 17). Positively impacting the current period results was the addition of the Sulphur Enterprise to the Company's fleet in early fourth quarter of 1994. Vessel and barge depreciation for the third quarter of 1995 was consistent with the amount in the same period of 1994. An increase in depreciation due to the addition of the Sulphur Enterprise in early fourth quarter of 1994 was offset by a reduction resulting from the life extension of two LASH vessels which were purchased in 1994 upon the termination of the capital lease of these vessels. Other Income and Expenses. Administrative and general expenses were approximately $6.5 million in both the third quarter of 1994 and 1995. Interest expense increased from $5.1 million in the third quarter of 1994 to $6.3 million in the same period of 1995 primarily due to debt incurred in late 1994 when the Sulphur Enterprise delivered from the shipyard and commenced operation. Additionally impacting interest expense was interest on $12 million received in early 1995 from a medium term loan with a commercial bank for general corporate purposes and interest incurred under interest rate conversion agreements. These increases were partially offset by reductions resulting from regularly scheduled payments on other outstanding debt. Investment income decreased slightly from $.8 million in the third quarter of 1994 to $.6 million in the same period of 1995 reflecting a reduction in the balance of invested funds. Income Taxes. The Company provided $1.2 million for federal income taxes in the third quarter of 1995 at the statutory rate of 35% as compared to $2.0 million in the third quarter of 1994 at the same rate. Income of unconsolidated entities is shown net of applicable taxes. LIQUIDITY AND CAPITAL RESOURCES The Company's working capital increased from $16.8 million at December 31, 1994, to $17.5 million at September 30, 1995, after provision for current maturities of long-term debt of $33.7 million and capital lease obligations of $1.5 million. Cash and cash equivalents increased during the first nine months of 1995 by $5.5 million to a total of $35.1 million. Positive cash flows were achieved from operating activities in the first nine months of 1995 in the amount of $32.9 million. The major source of cash from operations was net income, adjusted for non-cash provisions such as depreciation and amortization. Net cash used for investing activities amounted to $105.5 million during the first nine months of 1995. Capital investments included $60.3 million for the purchase of the Energy Enterprise, $39.4 million for the purchase and conversion of two semi-submersible vessels and related cargo barges, $2.2 million for the purchase of a towboat, $2.2 million for information systems development and upgrades, and approximately $900,000 for other miscellaneous items. Other uses of cash included the addition of $9.0 million of deferred charge items, primarily for vessel drydocking. Proceeds included $8.4 million received from other investing activities, primarily the liquidation of long-term investments which had been placed in escrow for the purchase of the Energy Enterprise and the purchase of cargo barges. Net cash provided by financing activities during the first nine months of 1995 totaled $78.1 million. Proceeds from the issuance of debt obligations of $104.4 million included $50.0 million from a medium term loan used for the purchase of the Energy Enterprise, $22.9 million received from a long-term loan associated with the acquisition and conversion of two semi-submersible vessels, $19.5 million drawn under the Company's lines of credit and $12.0 million from a medium term loan which was used for general corporate purposes. Cash used for financing activities included regularly scheduled principal payments of $14.6 million for debt and capital lease obligations, repayment of $10.0 million drawn under lines of credit and $909,000 to prepay a portion of the Senior Notes issued in 1993. Additionally, $803,000 was used to meet common stock dividend requirements. The Company has entered into a long-term contract with a major copper and gold mining company to provide transportation services for supplies associated with the operation of a copper and gold mine on the Indonesian Island of Irian Jaya. The Company has acquired and is converting two semi-submersible barge carrying vessels and is having 26 cargo barges built to be used with the aforementioned vessels. As of September 30, 1995, the Company had paid approximately $ 42.7 million of the total cost of approximately $79.0 million. The Company will also charter a small container vessel to fulfill the requirements of the contract which is expected to commence in late 1995. The Company has arranged financing for approximately 60% of the cost of these acquisitions through a long-term loan with a commercial bank. The Company anticipates using internally generated funds and/or amounts available under lines of credit to cover the balance of the purchase price in the near term. Draws under this loan totaled $22.9 million as of September 30, 1995, with additional draws anticipated in fourth quarter of 1995. During third quarter of 1995, the Company took delivery of a U. S. Flag Coal Carrier, the Energy Enterprise. As of September 30, 1995, the vessel was in a shipyard undergoing work to meet classification requirements and preventative maintenance prior to entering service early in December, 1995, under a long-term contract to a major electric utility company. The vessel will carry coal from loading ports on the United States East Coast to Massachusetts in addition to performing other domestic transportation services from time to time. As of December 31, 1994, the Company held an approximate 9% interest in Havtor AS, a publicly listed company on the Oslo Stock Exchange, and a 14.2% equity interest in A/S Havtor Management, a privately held Norwegian ship management company. In addition, the Company held a 50% interest in a foreign entity, Bulkowners 1984, which was formed to own and operate two combination dry cargo/petroleum products, PROBO vessels. The Company also held a 10% interest in a limited partnership with certain Norwegian interests to construct and own a liquified petroleum gas carrier which delivered in 1993. During the first quarter of 1995, the Company signed an agreement whereby A/S Havtor Management and the gas carrier activities of Kvaerner, an unrelated Norwegian company, would be merged into Havtor AS. In addition, Havtor AS agreed to acquire other vessels and vessel interests, including the 50% interest held by the Company in two PROBO vessels and the 10% interest held in a liquified petroleum gas carrier. The merger was approved by shareholders of Havtor AS in a general meeting held in April, 1995. Subsequent to the merger, the Company's interest in Havtor AS approximated 6.4%. In addition, Havtor AS stock was held by the Company as collateral for a promissory note which matures in mid-1996. During the second quarter of 1995, the Company purchased the Norwegian interest which held this promissory note. After the acquisition the Company's interest in Havtor AS approximated 7.7%. Due to the liquidity of the shares held in Havtor AS, the investment is reflected in the financial statements at fair market value with unrealized holding gains of approximately $8.2 million, net of tax, excluded from earnings and reported as a separate component of shareholders' equity in accordance with the required accounting treatment for investments in equity securities that have readily determinable fair values. To meet short-term requirements when fluctuations occur in working capital, the Company has available four lines of credit totaling $35.0 million of which $19.5 million was drawn at September 30, 1995. In March 1995 the Financial Accounting Standards Board issued Statement No. 121, "Accounting for the Impairment of Long-Lived Assets to Be Disposed Of". Adoption of the statement, which is required in 1996, is not anticipated to have a material effect on the Company's financial position or results of operations. The Company has not been notified that it is a potentially responsible party in connection with any environmental matters. At a regular meeting held October 18, 1995, the Board of Directors voted to implement a five- for-four stock split to be effected as a 25% common stock dividend for distribution on November 17, 1995 to the shareholders of record at the close of business on November 3, 1995. In lieu of fractional shares a cash payment will be made for such shares based on the closing price of the common stock on November 3, 1995. At the same meeting, the Board of Directors declared a quarterly dividend of $.0625 per common share payable on December 15, 1995, to shareholders of record on December 1, 1995 (including the newly issued shares from the 25% stock dividend mentioned above). PART II-OTHER INFORMATION Item 6. Exhibits and Reports on form 8-K (b) No reports on Form 8-K have been filed for the three months ended September 30, 1995. SIGNATURES Pursuant to the requirements of the Securities 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 November 13, 1995 ________________ EX-27 2 FINANCIAL DATA SCHEDULE
5 1000 9-MOS DEC-31-1995 SEP-30-1995 35,122 7,364 41,679 0 9,782 100,071 631,376 237,046 632,781 82,575 323,740 6,756 0 0 153,297 632,781 0 252,254 0 225,808 19,130 0 19,130 9,734 3,599 6,135 0 0 0 6,135 .92 .92
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