-----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, UEw3BG6LlLBAhVrD8YObuF4M/aR0JcRySYFnePAu0oPwGoAqR4liLvk5MXTNI24r OIm2cHP2+S1EBlHDoHGMwA== 0000278041-98-000009.txt : 19980814 0000278041-98-000009.hdr.sgml : 19980814 ACCESSION NUMBER: 0000278041-98-000009 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980630 FILED AS OF DATE: 19980813 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: SEC FILE NUMBER: 001-10852 FILM NUMBER: 98684761 BUSINESS ADDRESS: STREET 1: 650 POYDRAS ST STE 1700 CITY: NEW ORLEANS STATE: LA ZIP: 70130 BUSINESS PHONE: 5045295461 10-Q 1 SECOND QUARTER 1998 FORM 10-Q 1 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 June 30, 1998 ----------------- __ 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 (June 30, 1998) ------------------ 2 PART I - FINANCIAL INFORMATION ITEM I-FINANCIAL STATEMENTS INTERNATIONAL SHIPHOLDING CORPORATION CONSOLIDATED CONDENSED STATEMENTS OF INCOME (All Amounts in Thousands Except Per Share Data) (Unaudited)
Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 1998 1997 1998 1997 ---------- ---------- ---------- --------- Revenues $ 91,402 $ 99,774 $ 181,779 $ 183,293 Subsidy Revenue 3,586 2,746 6,707 9,221 ---------- ---------- ---------- ---------- 94,988 102,520 188,486 192,514 ---------- ---------- ---------- ---------- Operating Expenses: Voyage Expenses 69,088 79,394 139,747 146,292 Vessel and Barge Depreciation 9,345 8,627 18,121 17,149 ---------- ---------- ---------- ---------- Gross Voyage Profit 16,555 14,499 30,618 29,073 ---------- ---------- ---------- ---------- Administrative and General Expenses 6,734 6,651 13,014 13,529 ---------- ---------- ---------- ---------- Operating Income 9,821 7,848 17,604 15,544 ---------- ---------- ---------- ---------- Interest: Interest Expense 7,344 6,941 14,331 13,942 Investment Income (392) (363) (896) (735) ---------- ---------- ---------- ---------- 6,952 6,578 13,435 13,207 ---------- ---------- ---------- ---------- Income Before Provision (Benefit) for Income Taxes and Extraordinary Item 2,869 1,270 4,169 2,337 ---------- ---------- ---------- ---------- Provision (Benefit) for Income Taxes: Current (14) 379 1,417 872 Deferred 1,021 57 55 (47) State 85 157 152 242 ----------- --------- ---------- ---------- 1,092 593 1,624 1,067 ----------- --------- ---------- ---------- Income Before Extraordinary Item $ 1,777 $ 677 $ 2,545 $ 1,270 ----------- --------- ---------- ---------- Extraordinary Loss on Early Extinguishment of Debt (Net of Income Tax Benefit of $554) - - (1,029) - ---------- ---------- ---------- ---------- Net Income $ 1,777 $ 677 $ 1,516 $ 1,270 =========== ========== ========== ========== Basic and Diluted Earnings Per Share: Income Before Extraordinary Loss $ 0.27 $ 0.10 $ 0.38 $ 0.19 Extraordinary Loss - - (0.15) - ----------- ---------- ---------- ---------- Net Income $ 0.27 $ 0.10 $ 0.23 $ 0.19 =========== ========== ========== ========== Weighted Average Shares of Common Stock Outstanding 6,682,887 6,682,887 6,682,887 6,682,887 The accompanying notes are an integral part of these statements.
3 INTERNATIONAL SHIPHOLDING CORPORATION CONSOLIDATED CONDENSED BALANCE SHEETS (All Amounts in Thousands) (Unaudited)
June 30, December 31, 1998 1997 ------------- ------------- ASSETS Current Assets: Cash and Cash Equivalents $ 26,096 $ 32,002 Marketable Securities 11,161 10,758 Accounts Receivable, Net of Allowance for Doubtful Accounts of $105 and $208 in 1998 and 1997, Respectively: Traffic 36,994 35,442 Agents' 4,432 7,128 Claims and Other 4,262 3,031 Federal Income Taxes Receivable 719 43 Net Investment in Direct Financing Leases 1,857 1,913 Other Current Assets 2,440 4,187 Material and Supplies Inventory, at Cost 14,214 13,296 ------------- ------------- Total Current Assets 102,175 107,800 ------------- ------------- Marketable Equity Securities 372 582 ------------- ------------- Investment in Unconsolidated Entity 650 - ------------- ------------- Net Investment in Direct Financing Leases 19,641 20,552 ------------- ------------- Vessels, Property, and Other Equipment, at Cost: Vessels and Barges 744,056 689,856 Other Marine Equipment 7,733 7,590 Terminal Facilities 18,472 18,377 Land 2,317 2,317 Furniture and Equipment 16,655 16,853 ------------- ------------- 789,233 734,993 Less - Accumulated Depreciation (330,530) (311,557) ------------- ------------- 458,703 423,436 ------------- ------------- Other Assets: Deferred Charges, Net of Accumulated Amortization of $65,445 and $53,913 in 1998 and 1997, Respectively 35,727 38,960 Acquired Contract Costs, Net of Accumulated Amortization of $13,427 and $12,699 in 1998 and 1997, Respectively 17,099 17,826 Due from Related Parties 332 369 Other 7,337 8,679 ------------- ------------- 60,495 65,834 ------------- ------------- $ 642,036 $ 618,204 ============= ============= The accompanying notes are an integral part of these statements.
4 INTERNATIONAL SHIPHOLDING CORPORATION CONSOLIDATED CONDENSED BALANCE SHEETS (All Amounts in Thousands) (Unaudited)
June 30, December 31, LIABILITIES AND STOCKHOLDERS' INVESTMENT 1998 1997 ------------- ------------- Current Liabilities: Current Maturities of Long-Term Debt $ 13,972 $ 35,865 Current Maturities of Capital Lease Obligations 2,915 2,579 Accounts Payable and Accrued Liabilities 53,956 51,735 Current Deferred Income Tax Liability 587 171 Current Liabilities to be Refinanced - (22,511) ------------- ------------- Total Current Liabilities 71,430 67,839 ------------- ------------- Current Liabilities to be Refinanced - 22,511 ------------- ------------- Billings in Excess of Income Earned and Expenses Incurred 8,342 5,903 ------------- ------------- Long-Term Capital Lease Obligations, Less Current Maturities 12,333 14,994 ------------- ------------- Long-Term Debt, Less Current Maturities 314,901 271,835 ------------- ------------- Reserves and Deferred Credits: Deferred Income Taxes 37,552 39,494 Claims and Other 24,046 22,823 ------------- ------------- 61,598 62,317 ------------- ------------- Commitments and Contingent Liabilities Stockholders' Investment: Common Stock 6,756 6,756 Additional Paid-In Capital 54,450 54,450 Retained Earnings 113,475 112,794 Less - Treasury Stock (1,133) (1,133) Accumulated Other Comprehensive Loss (116) (62) ------------- ------------- 173,432 172,805 ------------- ------------- $ 642,036 $ 618,204 ============= ============= The accompanying notes are an integral part of these statements.
5 INTERNATIONAL SHIPHOLDING CORPORATION CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' INVESTMENT (All Amounts in Thousands) (Unaudited)
Accumulated Additional Other Common Paid-in Retained Treasury Comprehensive Stock Capital Earnings Stock Income (Loss) Total --------- --------- --------- --------- --------- -------- Balance at December 31, 1996 $ 6,756 $ 54,450 $ 112,310 ($ 1,133) $ 24 $172,407 Comprehensive Income: Net Income for Year Ended December 31, 1997 - - 2,155 - - 2,155 Other Comprehensive Income: Unrealized Holding Loss on Marketable Securities, Net of Deferred Taxes of ($46) - - - - (86) (86) ------- Total Comprehensive Income 2,069 Cash Dividends - - (1,671) - - (1,671) -------- -------- --------- -------- -------- -------- Balance at December 31, 1997 $ 6,756 $ 54,450 $112,794 ($1,133) ($62) $172,805 ======== ======== ======== ======== ========= ======== Comprehensive Income: Net Income for the Period Ended June 30, 1998 - - 1,516 - - 1,516 Other Comprehensive Income: Unrealized Holding Loss on Marketable Securities, Net of Deferred Taxes of ($29) - - - - (54) (54) -------- Total Comprehensive Income 1,462 Cash Dividends - - (835) - - (835) -------- -------- -------- -------- -------- -------- Balance at June 30, 1998 $ 6,756 $ 54,450 $113,475 ($1,133) ($116) $173,432 ======== ======== ======== ======== ======== ======== The accompanying notes are an integral part of these statements.
6 INTERNATIONAL SHIPHOLDING CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (All Amounts in Thousands) (Unaudited) For Six Months Ended June 30, 1998 1997 ------------ ------------ Cash Flows from Operating Activities: Net Income $ 1,516 $ 1,270 Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Depreciation 19,403 18,541 Amortization of Deferred Charges and Other Assets 12,290 11,660 Provision (Benefit) for Deferred Income Taxes 55 (47) Loss on Sale of Assets 3 - Extraordinary Loss 1,029 - Changes in: Accounts Receivable 101 10,101 Net Investment in Direct Financing Leases 967 1,366 Inventories and Other Current Assets 847 (1,683) Other Assets 1,094 (778) Accounts Payable and Accrued Liabilities (1,264) 142 Federal Income Taxes Payable (1,760) 504 Unearned Income 2,439 (3,068) Reserve for Claims and Other Deferred Credits (367) 2,750 ------------ ------------- Net Cash Provided by Operating Activities 36,353 40,758 ------------ ------------ Cash Flows from Investing Activities: Purchase of Vessels and Other Property (51,819) (12,627) Additions to Deferred Charges (4,324) (9,081) Proceeds from Sale of Assets 111 5 Purchase of Short-Term Investments (306) - Investment in Unconsolidated Entity (650) - Other Investing Activities 37 612 ------------ ------------ Net Cash Used by Investing Activities (56,951) (21,091) ------------ ------------ Cash Flows from Financing Activities: Proceeds from Issuance of Debt 156,435 59,632 Reduction of Debt and Capital Lease Obligations (137,587) (78,148) Additions to Deferred Financing Charges (2,889) (26) Other Financing Activities (432) - Common Stock Dividends Paid (835) (835) ------------ ------------ Net Cash Provided (Used) by Financing Activities 14,692 (19,377) ------------ ------------ Net (Decrease) Increase in Cash and Cash Equivalents (5,906) 290 Cash and Cash Equivalents at Beginning of Period 32,002 43,020 ------------ ------------ Cash and Cash Equivalents at End of Period $ 26,096 $ 43,310 ============ ============ The accompanying notes are an integral part of these statements.
7 NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS JUNE 30, 1998 (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, 1997. 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 1998. 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 1998 interim results are not necessarily indicative of the results of operations for the full year 1998. 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. Note 2. New Accounting Standards In June of 1998, the Financial Accounting Standards Board issued Statement of Financial Acounting Standards (SFAS) No. 133, "Accounting for Derivative Instruments and Hedging Activities." SFAS No. 133 establishes accounting and reporting standards for derivative instruments, including certain derivative instruments embedded in other contracts, and for hedging activities. It requires that an entity recognize all derivatives as either assets or liabilities in the statement of financial position and measure those instruments at fair value. SFAS No. 133 is effective for all fiscal quarters of fiscal years beginning after June 15, 1999. The Company has not chosen early adoption and, as it is not possible to predict the Company's derivative position at the time this standard will become effective, it is unknown what effect, if any, SFAS No. 133 will have on its financial statements once adopted. 8 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Certain statements made in this report or elsewhere by, or on behalf of, the Company that are not based on historical facts are intended to be forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions about future events and are therefore subject to risks and uncertainties. The Company cautions readers that certain important factors have affected and may affect in the future the Company's actual consolidated results of operations and may cause future results to differ materially from those expressed in or implied by any forward-looking statements made in this report or elsewhere by, or on behalf of, the Company. A description of certain of these important factors is contained in the Company's Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 1997. 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. 9 RESULTS OF OPERATIONS SIX MONTHS ENDED JUNE 30, 1998 COMPARED TO SIX MONTHS ENDED JUNE 30, 1997 Gross Voyage Profit - ------------------- Gross voyage profit increased from $29.1 Million in the first six months of 1997 to $30.6 Million in the first six months of 1998 primarily due to improved market share and lower operating costs for the Company's liner services. Early in the second quarter of 1998, the Company purchased a 1994-built Pure Car/Truck Carrier. After being reflagged to U.S. registry and renamed Green Point, the vessel commenced a long-term contract. The Green Point also contributed to the increase in gross voyage profit during 1998 as compared to 1997. These favorable variances were partially offset by reduced cargo volume on the Company's domestic and Indonesian services, and scheduled reductions in charterhire rates on three of the Company's LASH vessels chartered to the Military Sealift Command ("MSC"). Gross voyage profit also compares favorably for the first six months of this year as compared to last year because the second quarter of 1997 was negatively impacted by the Company's decision to discontinue development of a new LASH service between the U.S. Gulf and Brazil which resulted in a charge to operating expense of approximately $1.2 Million for termination costs and the repositioning of equipment. Vessel and barge depreciation for the first six months of 1998 increased 5.7% to $18.1 Million as compared to $17.1 Million in the same period of 1997 primarily due to the purchase and commencement of operations early in the second quarter of 1998 of the Green Point. Also, depreciation for the Company's U.S. Flag Coal Carrier and one of the LASH vessels in its Waterman Liner Service increased due to capital improvements made during the second quarter of 1997. Other Income and Expenses - ------------------------- Administrative and general expenses decreased slightly from $13.5 Million in the first six months of 1997 to $13.0 Million in the same period in 1998. 10 Interest expense was $14.3 Million for the first six months of 1998 as compared to $13.9 Million for the same period in 1997. The increase was primarily the result of financing associated with the acquisition of the Green Point early in the second quarter of 1998 with proceeds from draws on the Company's line of credit. On January 22, 1998, the Company issued $110 Million of 7 3/4% Senior Notes due 2007 (the "Notes"), the proceeds of which were used to repay shorter-term amortizing bank debt. Interest expense on these Notes was substantially offset by the aforementioned early repayment of debt and regularly scheduled principal payments. Investment income increased from $735,000 for the first six months of 1997 to $896,000 for the first six months of 1998 due to slightly higher interest rates. Income Taxes - ------------ The Company provided $1.5 Million for Federal income taxes in the first six months of 1998 and $825,000 in the first six months of 1997 at the statutory rate of 35% for both periods. Extraordinary Loss on the Early Extinguishment of Debt - ------------------------------------------------------ The Company incurred an after tax extraordinary loss of approximately $1 Million during the first six months of 1998 related to the early extinguishment of debt. This loss resulted primarily from the write-off of previously deferred financing costs related to the loans repaid early with the proceeds of the aforementioned Notes and a make-whole premium on one of those loans. SECOND QUARTER ENDED JUNE 30, 1998 COMPARED TO SECOND QUARTER ENDED JUNE 30, 1997 Gross Voyage Profit - ------------------- Gross voyage profit increased from $14.5 Million in the second quarter of 1997 to $16.6 Million in the second quarter of 1998 primarily due to improved market share and lower operating costs for the Company's liner services. Additionally, the Company added the Green Point to its fleet early in the second quarter of 1998 which contributed to the increase in gross voyage profit. These favorable variances were partially offset by reduced cargo volume on the Company's domestic and Indonesian services, and scheduled reductions in charterhire rates on three of the Company's LASH vessels chartered to the MSC. Gross voyage profit also compares 11 favorably for the second quarter of this year as compared to last year because the second quarter of 1997 was negatively impacted by the Company's decision to discontinue development of a new LASH service between the U.S. Gulf and Brazil as discussed earlier in this report. Vessel and barge depreciation for the second quarter of 1998 increased 8.3% to $9.3 Million as compared to $8.6 Million in the same period of 1997 primarily due to the commencement of operations in the second quarter of 1998 of the Green Point. Also, depreciation on the Company's U.S. Flag Coal Carrier and one of the LASH vessels in its Waterman Liner Service increased due to capital improvements made during the second quarter of 1997. Other Income and Expenses - ------------------------- Administrative and general expenses for the second quarters of 1998 and 1997 were comparable at $6.7 Million each. Interest expense increased approximately 5.8% to $7.3 Million in the second quarter of 1998 from $6.9 Million in the second quarter of 1997 primarily resulting from the financing of the Green Point with proceeds from draws on the Company's line of credit during the second quarter of 1998. Investment income increased slightly from $363,000 for the second quarter of 1997 to $392,000 for the second quarter of 1998 due to slightly higher interest rates. Income Taxes - ------------ The Company provided $1 Million for Federal income taxes in the second quarter of 1998 and $436,000 in the second quarter of 1997 at the statutory rate of 35% for both periods. LIQUIDITY AND CAPITAL RESOURCES The Company's working capital decreased from $40 Million at December 31, 1997, to $30.7 Million at June 30, 1998, after provision for current maturities of long-term debt and capital lease obligations of $16.9 Million. Cash and cash equivalents decreased during the first six months of 1998 by $5.9 Million to a total of $26.1 Million. This decrease, which resulted primarily from cash used for investing activities of $57 Million, was partially offset by operating cash flows of $36.4 Million and financing cash flows of $14.7 Million. 12 The major source of cash from operations was net income adjusted for non-cash provisions such as depreciation, amortization, and the write-off of unamortized deferred financing costs related to loans repaid with the proceeds of the Notes. Investing activities during the period included the purchase of the Green Point, the Hickory (a recently built LASH vessel), 82 LASH barges, and two special purpose barges for a total cost of about $50.5 Million. Additionally, cash of $4.3 Million was used for the cost of drydocking of certain vessels. The net cash provided by financing activities of $14.7 Million included the net proceeds from the Company's sale of the Notes in January of 1998 of approximately $109.4 Million and draws against the Company's line of credit totaling approximately $47 Million. The proceeds from the Notes were used primarily to repay certain indebtedness of the Company's subsidiaries and for related transaction costs. A portion of the draws on the line of credit was used to finance part of the purchase of the Green Point. These sources of cash from financing activities were offset by reductions of debt and capital lease obligations of $120 Million for early repayment of debt as discussed above, scheduled principal payments, and repayments of amounts drawn under lines of credit. Additionally, $2.9 Million was used for transaction costs of issuing the Notes, $835,000 was used to meet common stock dividend requirements, and $432,000 was used to pay a make-whole premium on one of the loans repaid early with the proceeds of the Notes. In the first quarter of 1998, the Company purchased a 1989-built LASH vessel renamed Hickory. The purchase price was financed through draws on the Company's line of credit. As reported in the third quarter of 1997, the Company also purchased a 1987-built LASH vessel renamed Willow. Both of these vessels are now in reserve pending a decision on their conversion/deployment. On an interim basis, the Hickory is being employed as a feeder vessel for LASH barge movements in Southeast Asia. The Company is making plans to refurbish at least one of these vessels, after which that vessel will likely replace one of the older vessels in the Company's TransAtlantic LASH liner service. At December 31, 1997, the Company had available three lines of credit totaling $35.0 Million to meet short-term requirements when fluctuations occur in working capital. Early in the first quarter of 1998, the Company entered into a $25 Million revolving credit facility that replaced these lines of credit. At the end of the first quarter of 1998, the Company increased this revolving credit facility to $50 Million. Additional draws were made against this increased line 13 of credit early in the second quarter for part of the financing cost of the Green Point. At June 30, 1998, $29 Million was outstanding on this credit facility. Management believes that normal operations will provide sufficient working capital and cash flows to meet debt service and dividend requirements during the foreseeable future. The Company has not been notified that it is a potentially responsible party in connection with any environmental matters. At a regular meeting held July 15, 1998, the Board of Directors declared a quarterly dividend of 6.25 cents per Common Share payable on September 18, 1998, to shareholders of record on September 4, 1998. 14 PART II - OTHER INFORMATION ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS The matters voted upon and results of the voting at the Company's annual meeting of shareholders held April 15, 1998, were reported in response to Item 4 of the Company's Form 10-Q filed with the Securities and Exchange Commission for the quarterly period ended March 31, 1998, and are incorporated herein by reference. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) EXHIBIT INDEX Exhibit Number Description -------------- ----------- Part I Exhibits: 27 Financial Data Schedule Part II Exhibits: 3 Restated Certificate of Incorporation, as amended, and By-Laws of the Registrant (filed with the Securities and Exchange Commission as Exhibit 3 to the Registrant's Form 10-Q for the quarterly period ended June 30, 1996, and incorporated herein by reference) (b) No reports on Form 8-K were filed for the three month period ended June 30, 1998. 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 August 12, 1998 -------------------- EX-27 2 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM FINANCIAL STATEMENTS FOR THE PERIOD ENDED JUNE 30, 1998 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 6-MOS DEC-31-1998 JUN-30-1998 26,096 11,161 45,688 105 14,214 102,175 789,233 330,530 642,036 71,430 327,234 0 0 6,756 166,676 642,036 0 188,486 0 170,882 14,331 0 14,331 4,169 1,624 2,545 0 (1,029) 0 1,516 0.23 0.23 AMOUNTS INAPLICABLE OR NOT DISCLOSED AS A SEPARATE LINE ON THE BALANCE SHEET OR STATEMENT OF INCOME ARE REPORTED AS 0 HEREIN. NOTES AND ACCOUNTS RECEIVABLE- TRADE ARE REPORTED NET OF ALLOWANCES FOR DOUBTFUL ACCOUNTS IN THE BALANCE SHEET.
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