-----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, BF9PHx7411Bwao462xuLqT2/3+9to8/4TBRTmAF6JonFXRaJYWum2hwzPtLBpcxm G3x69hsUoWKi4JKLocwJhQ== 0000278041-96-000018.txt : 19961113 0000278041-96-000018.hdr.sgml : 19961113 ACCESSION NUMBER: 0000278041-96-000018 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960930 FILED AS OF DATE: 19961112 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: 96660088 BUSINESS ADDRESS: STREET 1: 650 POYDRAS ST STE 1700 CITY: NEW ORLEANS STATE: LA ZIP: 70130 BUSINESS PHONE: 5045295461 10-Q 1 THIRD QUARTER 1996 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, 1996 ------------------ 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 (September 30, 1996) ---------------- Part I - Financial Information INTERNATIONAL SHIPHOLDING CORPORATION CONSOLIDATED BALANCE SHEETS (All Amounts in Thousands) (Unaudited)
September 30, December 31, ASSETS 1996 1995 ------------ ----------- Current Assets: Cash and Cash Equivalents $ 42,701 $ 54,281 Marketable Securities 2,718 4,630 Accounts Receivable, Net 49,877 46,834 Federal Income Taxes Receivable 1,190 - Deferred Income Taxes 298 - Net Investment in Direct Financing Leases 2,041 2,104 Other Current Assets 5,110 3,521 Material and Supplies Inventory, At Cost 11,052 10,545 ------------ ----------- Total Current Assets 114,987 121,915 ------------ ----------- Net Investment in Direct Financing Leases 22,964 24,482 ------------ ----------- Vessels, Property and Other Equipment, At Cost: Vessels and Barges 663,821 634,905 Other Marine Equipment 7,499 7,570 Terminal Facilities 18,440 18,126 Land 2,317 2,317 Furniture and Equipment 17,012 15,892 ------------ ----------- 709,089 678,810 Less - Accumulated Depreciation (267,270) (243,929) ------------ ----------- 441,819 434,881 ------------ ----------- Other Assets: Deferred Charges in Process of Amortization 42,561 26,952 Acquired Contract Costs, Net of Accumulated Amortization of $18,334 and $16,496 in 1996 and 1995, Respectively 19,894 21,733 Due from Related Parties 462 535 Other 5,799 17,082 ------------ ----------- 68,716 66,302 ------------ ----------- $ 648,486 $ 647,580 ============ =========== The accompanying notes are an integral part of these statements.
INTERNATIONAL SHIPHOLDING CORPORATION CONSOLIDATED BALANCE SHEETS (All Amounts in Thousands Except Share Data) (Unaudited)
September 30, December 31, 1996 1995 ----------- ----------- LIABILITIES AND STOCKHOLDERS' INVESTMENT Current Liabilities: Current Maturities of Long-Term Debt $ 40,982 $ 40,785 Current Maturities of Capital Lease Obligations 1,981 1,469 Accounts Payable and Accrued Liabilities 61,083 77,481 Federal Income Tax Payable - 6,520 Current Deferred Income Tax Liability - 1,283 Current Liabilities to be Refinanced (10,907) (19,030) ---------- ---------- Total Current Liabilities 93,139 108,508 ---------- ---------- Current Liabilities to be Refinanced 10,907 19,030 ---------- ---------- Billings in Excess of Income Earned and Expenses Incurred 6,637 4,639 ---------- ---------- Long-Term Capital Lease Obligations, Less Current Maturities 17,642 19,623 ---------- ---------- Long-Term Debt, Less Current Maturities 289,218 269,872 ---------- ---------- Reserves and Deferred Credits: Deferred Income Taxes 41,624 38,668 Claims and Other 17,316 20,979 ---------- ---------- 58,940 59,647 ---------- ---------- Commitments and Contingent Liabilities Stockholders' Investment: Common Stock 6,756 6,756 Additional Paid-In Capital 54,450 54,450 Retained Earnings 111,891 106,158 Less - Treasury Stock (1,133) (1,133) Unrealized Holding Gain on Marketable Securities 39 30 --------- --------- 172,003 166,261 --------- --------- $ 648,486 $ 647,580 =========== =========== The accompanying notes are an integral part of these statements.
INTERNATIONAL SHIPHOLDING CORPORATION CONSOLIDATED CONDENSED STATEMENTS OF INCOME (All Amounts in Thousands Except Per Share Data) (Unaudited)
Three Months Ended Nine Months Ended September 30, September 30, 1996 1995 1996 1995 -------- --------- --------- --------- Revenues $ 83,148 $ 78,518 $ 263,773 $ 235,844 Operating Differential Subsidy 7,270 5,590 19,655 16,410 -------- --------- --------- --------- 90,418 84,108 283,428 252,254 -------- --------- --------- --------- Operating Expenses: Voyage Expenses 65,409 62,339 207,778 188,157 Vessel and Barge Depreciation 8,246 6,194 24,281 18,488 -------- --------- --------- --------- Gross Voyage Profit 16,763 15,575 51,369 45,609 -------- --------- --------- --------- Administrative and General Expenses 7,048 6,483 20,353 19,155 -------- --------- --------- --------- Operating Income 9,715 9,092 31,016 26,454 -------- --------- --------- --------- Interest: Interest Expense 7,102 6,318 21,478 19,130 Investment Income (512) (563) (1,516) (2,079) -------- --------- --------- --------- 6,590 5,755 19,962 17,051 -------- --------- --------- --------- Equity in Net Income of Unconsolidated Entities (Net of Applicable Taxes) - - - 331 -------- --------- --------- --------- Income Before Provision for Income Taxes 3,125 3,337 11,054 9,734 -------- --------- --------- --------- Provision for Income Taxes: Current 409 1,725 2,405 3,816 Deferred 608 (518) 1,430 (497) State 55 101 233 280 -------- --------- --------- --------- 1,072 1,308 4,068 3,599 Net Income $ 2,053 $ 2,029 $ 6,986 $ 6,135 ========= ========== ========== ========= Earnings Per Common Share: Net Income $ 0.31 $ 0.30* $ 1.05 $ 0.92* ========= ========== ========== ========= Weighted Average Shares of Common Stock Outstanding 6,682,887 6,682,887 6,682,887 6,682,887 *Restated for November 17, 1995, twenty-five percent stock dividend. The accompanying notes are an integral part of these statements.
INTERNATIONAL SHIPHOLDING CORPORATION CONSOLIDATED 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, 1994 $5,405 $54,450 $87,757 ($1,133) ($163) $146,316 Net Income for Year Ended December 31, 1995 - - 20,980 - - 20,980 Cash Dividends - - (1,228) - - (1,228) 25% Stock Dividend 1,351 - (1,351) - - - Unrealized Holding Gain on Marketable Securities, Net of Deferred Taxes - - - - 193 193 ---------------------------------------------------------- Balance at December 31, 1995 $6,756 $54,450 $106,158 ($1,133) $30 $166,261 Net Income for Nine Months Ended September 30, 1996 - - 6,986 - - 6,986 Cash Dividends - - (1,253) - - (1,253) Unrealized Holding Gain on Marketable Securities, Net of Deferred Taxes - - - - 9 9 -------------------------------------------------------- Balance at September 30, 1996 $6,756 $54,450 $111,891 ($1,133) $39 $172,003 ========================================================= 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, 1996 1995 -------- -------- Cash Flows from Operating Activities: Net Income $ 6,986 $ 6,135 Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Depreciation 25,962 19,762 Amortization of Deferred Charges and Other Assets 14,043 12,909 Provision for Deferred Income Taxes 3,835 3,319 Equity in Unconsolidated Entities - (331) Gain on Sale of Assets (11) (8) Unearned Income 1,998 344 Reserve for Claims and Other Deferred Credits (3,655) (4,908) Changes in: Accounts Receivable (3,472) 5,698 Net Investment in Direct Financing Leases 1,581 1,639 Other Assets (439) 1,619 Inventories and Other Current Assets (2,096) (149) Accounts Payable and Accrued Liabilities 620 (8,157) Federal Income Taxes Payable (9,570) (4,933) --------- -------- Net Cash Provided by Operating Activities 35,782 32,939 --------- -------- Cash Flows from Investing Activities: Purchase of Vessels and Other Property (54,813) (104,965) Additions to Deferred Charges (25,380) (8,496) Proceeds from Sale of Assets 2,512 8 Proceeds from Short-Term Investments 1,799 - Investment in and Advances to Unconsolidated Entities - (11) Other Investing Activities 13,175 8,408 --------- --------- Net Cash Used by Investing Activities (62,707) (105,056) --------- --------- Cash Flows from Financing Activities: Proceeds from Issuance of Debt and Capital Lease Obligations 104,376 104,420 Reduction of Debt and Capital Lease Obligations (86,302) (25,542) Additions to Deferred Financing Charges (1,476) (447) Common Stock Dividends Paid (1,253) (803) --------- --------- Net Cash Provided by Financing Activities 15,345 77,628 --------- --------- Net (Decrease) Increase in Cash and Cash Equivalents (11,580) 5,511 Cash and Cash Equivalents at Beginning of Period 54,281 29,611 --------- --------- Cash and Cash Equivalents at End of Period $ 42,701 $ 35,122 ========= ========= The accompanying notes are an integral part of these statements.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS SEPTEMBER 30, 1996 (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, 1995. 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 1996. 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 1996 interim results are not necessarily indicative of the results of operations for the full year 1996. 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. Note 2. Current Liabilities to be Refinanced In the third quarter of 1996, the Company committed to the refinancing of $22,000,000 of long-term notes payable, of which $8,500,000 was due within one year as of September 30, 1996, through a medium-term, commercial bank loan to be funded in the fourth quarter of 1996. Additionally, the Company has $2,407,000 remaining to be drawn on a long-term commercial bank loan obtained to finance the purchase and conversion of two Special Purpose Vessels ("SPV's") and related barges. The remaining costs of this project are expected to be paid within one year and are included in "Accounts Payable and Accrued Liabilities" on the Company's September 30, 1996, balance sheet. To properly reflect the Company's "Current Liabilities" as of September 30, 1996, the amounts to be refinanced of $8,500,000 and $2,407,000 discussed above were reclassified as long-term liabilities and included in the balance sheet item "Current Liabilities to be Refinanced". 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, 1996 COMPARED TO THE NINE MONTHS ENDED SEPTEMBER 30, 1995 Gross Voyage Profit - ------------------- Gross voyage profit increased 12.6% to $51.4 million in the first nine months of 1996 as compared to $45.6 million in the same period of 1995. Gross voyage profit was favorably impacted by the commencement in February, 1996, of operations of the Energy Enterprise, a U. S. Flag Coal Carrier under contract to a major U. S. utility company, and the full commencement of operations in early 1996 of two SPV's under contract to provide transportation services to a major mining company in Indonesia. Improved freight rates 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) and increased charterhire rates for two of the Company's LASH vessels under contract with the Military Sealift Command ("MSC") also positively impacted gross voyage profit. Partially offsetting these increases in gross voyage profit were increased fuel prices which impacted the Company's liner services, lower charter rates on the Company's cape-size bulk carrier, and the redelivery of one of the Company's vessels at the end of its MSC contract in late 1995. This vessel is currently being operated in the spot market awaiting long-term employment. Additionally, the Company's fleet experienced 226 more out of service days in the first nine months of 1996 as compared to the same period in 1995. This increase was primarily due to regularly scheduled drydockings, shipyard work required to prepare the two LASH vessels for their contract with the MSC, and a propeller shaft accident sustained by one of the vessels operating in the Waterman service requiring an unscheduled drydock of approximately two months duration. This vessel has been fully repaired and returned to service about mid-July. Results of our insurance subsidiary were also negatively impacted by this accident. Vessel and barge depreciation for the nine months of 1996 increased to $24.3 million as compared to $18.5 million in the same period of 1995 due to the addition of the Energy Enterprise and the two SPV's and related barges. Other Income and Expenses - ------------------------- Administrative and general expenses increased 6.3% to $20.4 million in the first nine months of 1996 from $19.2 million in the comparable period of 1995 due to additional administrative services required to support new business. Interest expense increased 12.3% from $19.1 million in the first nine months of 1995 to $21.5 million in the same period of 1996 primarily due to interest incurred on the financing of the Energy Enterprise and the two SPV's and related barges. These increases were partially offset by reductions resulting from regularly scheduled payments on other outstanding debt. Investment income decreased from $2.1 million in the first nine months of 1995 to $1.5 million in the same period of 1996 reflecting a reduction in the balance of invested funds. Income Taxes - ------------ The Company provided $3.8 million for federal income taxes in the first nine months of 1996 at the statutory rate of 35% as compared to $3.3 million in the first nine months of 1995 at the same rate. Income of unconsolidated entities is shown net of applicable taxes. THIRD QUARTER ENDED SEPTEMBER 30, 1996 COMPARED TO THIRD QUARTER ENDED SEPTEMBER 30, 1995 Gross Voyage Profit - ------------------- Gross voyage profit increased 7.6% to $16.8 million in the third quarter of 1996 as compared to $15.6 million in third quarter of 1995. Gross voyage profit was favorably impacted by the commencement of operations in February, 1996, of the Energy Enterprise, a U. S. Flag Coal Carrier under contract to a major U. S. utility company, and the full commencement of operations in early 1996 of the two SPV's. Improved freight rates 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) and increased charterhire rates for two of the Company's LASH vessels under contract with the MSC also positively impacted gross voyage profit. The aforementioned favorable variances were partially offset by increased fuel prices which impacted the Company's liner services. Additionally, the Company's fleet experienced 159 more out of service days in the third quarter of 1996 as compared to the same period in 1995. This increase was primarily due to a bunching of regularly scheduled drydockings and to shipyard work required to prepare one LASH vessel for its contract with the MSC. Vessel and barge depreciation for the third quarter of 1996 increased to $8.2 million as compared to $6.2 million in the same period of 1995 due to the addition of the Energy Enterprise and the two SPV's and related barges. Other Income and Expenses - ------------------------- Administrative and general expenses increased 8.7% to $7.0 million in the third quarter of 1996 from $6.5 million in the comparable period of 1995 due to additional administrative services required to support new business. Interest expense increased 12.4% from $6.3 million in the third quarter of 1995 to $7.1 million in the same period of 1996 primarily due to interest incurred on the financing of the Energy Enterprise and the two SPV's and related barges. These increases were partially offset by reductions resulting from regularly scheduled payments on other outstanding debt. Income Taxes - ------------ The Company provided $1.0 million for federal income taxes in the third quarter of 1996 at the statutory rate of 35% as compared to $1.2 million in the third quarter of 1995 at the same rate. Operating Differential Subsidy Agreements - ----------------------------------------- On October 8, 1996, the "Maritime Security Act" ("MSA") was signed into law. MSA will provide a new subsidy program for up to 47 U.S. Flag vessels. The Company's four LASH vessels currently employed in its Waterman liner service operating between ports on the U.S. Gulf/U.S. Atlantic Cost and South Asia (Trade Routes 18 and 17) and certain other vessels in our fleet are expected to participate in this program. MSA will eliminate the trade route restrictions imposed by the existing Operating Differential Subsidy ("ODS") program and will allow flexibility to operate freely in the competitive market. MSA will provide for annual subsidy payments of $2.1 million per year per vessel for a total of ten years. These subsidy payments are subject to appropriation each year and are not guaranteed. The existing ODS program provides subsidy payments of approximately $5.8 million per ship per year. To overcome the decrease in the amount of subsidy payments to be provided under MSA as compared to ODS, the Company will be required to pursue various options such as reduction of crew size and wages and other expenses. The Company is currently negotiating with its seafaring unions to accomplish this goal. LIQUIDITY AND CAPITAL RESOURCES The Company's working capital increased from $13.4 million at December 31, 1995, to $22.8 million at September 30, 1996, after provision for current maturities of long- term debt of $41.0 million and capital lease obligations of $2.0 million. Cash and cash equivalents decreased during the first nine months of 1996 by $11.6 million to a total of $42.7 million. Positive cash flows were achieved from operating activities in the first nine months of 1996 in the amount of $35.8 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 $62.7 million during the first nine months of 1996. Major capital investments included $24.1 million for the conversion of two SPV's, $10.8 million for upgrade work on the Energy Enterprise to meet classification requirements, $11.0 million for the purchase and refurbishment of a LASH vessel, the Atlantic Forest, and 82 LASH barges, and $5.7 million for the purchase of a container vessel, the Java Sea, to be operated in conjunction with the two SPV's. Other uses of cash included the addition of $25.4 million in deferred vessel drydocking charges. Proceeds from investing activities included $8.1 million received from the payment of a long-term note receivable, the release of $3.7 million previously held in escrow as collateral for loans, $2.5 million from the sale of our Semi-Submersible Barge, the Caps Express, and $1.8 million from the maturity of short- term investments. Net cash provided by financing activities during the first nine months of 1996 totaled $15.3 million. Proceeds from the issuance of debt obligations of $104.4 million included $81.5 million received from draws on lines of credit of which $26.0 million was outstanding as of September 30, 1996, $14.4 million associated with the conversion of the two SPV's, and $8.5 million associated with the purchase of the Atlantic Forest and related LASH barges. Cash used for financing activities included $55.5 million to repay amounts drawn under lines of credit, $21.3 million for regularly scheduled payments on debt and capital lease obligations, and $9.5 million for prepayment of a long- term debt. Other uses of cash for financing activities included $1.5 million for deferred financing charges, and $1.3 million to meet common stock dividend requirements. During the third quarter of 1996, the Company purchased a LASH vessel and 82 LASH barges for approximately $9.4 million. Certain additional costs estimated to total approximately $12.8 million will be incurred to bring the vessel and barges up to the Company's operating standards. It is anticipated that this vessel will deliver from the shipyard in the fourth quarter of 1996 and will begin operations in the Company's Trans-Atlantic service or one of its other services, depending upon demand, when the ship is ready for delivery. Financing for approximately 80% of the total purchase price and upgrading costs of the aforementioned vessel and barges was obtained through a medium-term loan with a commercial bank. The Company purchased a small container vessel for $5.7 million during the third quarter of 1996 which will replace a similar vessel previously on charter and operating in conjunction with the aforementioned SPV's. Initial financing for this vessel was provided by draws on the Company's lines of credit. Permanent financing was obtained in the fourth quarter of 1996 through a medium-term loan with a commercial bank. 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 $26.0 was drawn at September 30, 1996. The drawn amount was reduced to $16.8 million when proceeds of new financing were received in early November. 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 16, 1996, the Board of Directors declared a quarterly dividend of $.0625 per common share payable on December 20, 1996, to shareholders of record on December 6, 1996. 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, 1996. 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 ___________________________ EX-27 2 FINANCIAL DATA SCHEDULE
5 1000 9-MOS DEC-31-1996 SEP-30-1996 42701 2718 49877 236 11052 114987 709089 267270 648486 93139 317767 0 0 6756 165247 648486 0 283428 0 252412 21478 0 21478 11054 4068 6986 0 0 0 6986 1.05 1.05
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