-----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, MFP8uNm6s0sqLZIO3S7nL5vOD44UphimAVlMDMLsATgP27Ii9JS2shCSvb1uZk1c dx7315NDrlrqjA/TfKsjvg== 0001157523-04-004114.txt : 20040429 0001157523-04-004114.hdr.sgml : 20040429 20040429131821 ACCESSION NUMBER: 0001157523-04-004114 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040429 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040429 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: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10852 FILM NUMBER: 04763787 BUSINESS ADDRESS: STREET 1: 650 POYDRAS ST STE 1700 CITY: NEW ORLEANS STATE: LA ZIP: 70130 BUSINESS PHONE: 5045295470 8-K 1 a4628851.txt INTERNATIONAL SHIPHOLDING 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 April 29, 2004 -------------- Date of Report (Date of Earliest Event Reported) 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) Item 7. Financial Statements and Exhibits (c) Exhibit Regulation S-K Exhibit Number Document -------------- ------------------------------------ 99.1 Press Release dated April 29, 2004 Item 12. Results of Operations and Financial Condition On April 29, 2004, International Shipholding Corporation issued a press release reporting its financial results for the first quarter of 2004. A copy of the press release is furnished as Exhibit 99.1 and incorporated herein by reference. 2 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 April 29, 2004 -------------- 3 EX-99.1 2 a4628851ex99.txt EXHIBIT 99.1 PRESS RELEASE Exhibit 99.1 International Shipholding Corporation Reports First Quarter Results NEW ORLEANS--(BUSINESS WIRE)--April 29, 2004--International Shipholding Corporation (NYSE: ISH) today reported results for the quarter ended March 31, 2004. Net income for the first quarter of 2004 was $2.897 million as compared to $2.994 million for the first quarter of 2003 and $1.651 million for the fourth quarter of 2003. During the first quarter of 2003, we realized a before tax gain of approximately $1.26 million resulting from the retirement at a discount of approximately $7.9 million of our 7.75% Unsecured Notes scheduled to mature in 2007. Excluding this gain, first quarter 2003 net income was $2.175 million compared to 2004 first quarter net income of $2.897 million, or an improvement of $722,000 in the current quarter. Improvement in the current quarter resulted from increased earnings attributable to our 50 percent investment in two Capesize bulk carriers which operate in an international bulk carrier pool and improved volume and rates achieved in our U.S. flag and foreign flag LASH liner services. General market conditions continue to be firm as we enter the second quarter. The aforementioned improvements were partially offset by lower results from our U.S. flag pure car carriers in the first quarter of 2004 as compared to the same quarter of 2003. Additionally, our multi-purpose vessel, GREEN WAVE, which previously operated under charter to the U.S. Military Sealift Command, contributed to the first quarter 2003 results. The vessel completed its charter in early 2003 and was sold shortly thereafter. Regularly scheduled debt payments together with approximately $8.5 million of early debt retirements and the refinancing of approximately $16.7 million of debt at lower rates during the past twelve months has resulted in lower interest expense in the first quarter of 2004 as compared to the same quarter of 2003. Additionally, in the first quarter of 2004, we experienced a loss of $623,000 on the sale of marketable securities as a result of our decision to redirect the management of our captive insurance company's investment portfolio. Certain statements made in this release on our behalf 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. We caution readers that certain important factors have affected and may affect in the future of our 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 release on our behalf. A description of certain of these important factors is contained in our Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 2003. The common stock of International Shipholding Corporation is traded on the New York Stock Exchange with the symbol ISH. Unaudited results for the period indicated along with prior year results are (in thousands except share and per share data): Three Months Ended March 31, March 31, 2004 2003 ---------- ---------- Revenues $ 65,843 $ 64,806 Operating Expenses: Voyage Expenses 51,215 49,618 Vessel and Barge Depreciation 4,627 4,654 ---------- ---------- Gross Voyage Profit 10,001 10,534 ---------- ---------- Administrative and General Expenses 4,106 4,011 Loss (Gain) on Sale of Other Assets 7 (4) ---------- ---------- Operating Income 5,888 6,527 ---------- ---------- Interest and Other: Interest Expense 2,722 3,481 Loss on Sale of Investment 623 - Investment Income (168) (228) Other Income - (22) Loss (Gain) on Early Extinguishment of Debt 31 (1,260) ---------- ---------- 3,208 1,971 ---------- ---------- Income Before Provision for Income Taxes and Equity in Net Income of Unconsolidated Entities 2,680 4,556 ---------- ---------- Provision for Income Taxes 995 1,629 ---------- ---------- Equity in Net Income of Unconsolidated Entities (Net of Applicable Taxes) 1,212 67 ---------- ---------- Net Income $ 2,897 $ 2,994 ========== ========== Basic and Diluted Earnings Per Share: Net Income $ 0.48 $ 0.49 ========== ========== Weighted Average Shares of Common Stock Outstanding: Basic 6,082,887 6,082,887 Diluted 6,092,666 6,082,887 CONTACT: International Shipholding Corporation, New Orleans Erik F. Johnsen, 504-529-5461 or Niels M. Johnsen, 212-943-4141 -----END PRIVACY-ENHANCED MESSAGE-----