-----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, G2QivHl3f83ZnRvlbEoPQnpI/E0exFjJihU01sgt04/9on5xs8hTjCCTKigTyYcl C/waTwVPMBtDApsLLMH/4g== 0001157523-07-003971.txt : 20070424 0001157523-07-003971.hdr.sgml : 20070424 20070424162045 ACCESSION NUMBER: 0001157523-07-003971 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070424 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070424 DATE AS OF CHANGE: 20070424 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: 07784703 BUSINESS ADDRESS: STREET 1: 650 POYDRAS ST STE 1700 CITY: NEW ORLEANS STATE: LA ZIP: 70130 BUSINESS PHONE: 5045295470 8-K 1 a5385474.txt INTERNATIONAL SHIPHOLDING CORPORATION 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 24, 2007 ------------------------------------------------- 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) 11 North Water Street, Suite 18290 Mobile, Alabama 36602 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) (251) 243-9100 - -------------------------------------------------------------------------------- (Registrant's telephone number, including area code) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act Item 2.02. Results of Operations and Financial Condition. On April 24, 2007, International Shipholding Corporation issued a press release reporting it's financial results for the first quarter of 2007. A copy of the press release is furnished as Exhibit 99.1 and incorporated herein by reference. Item 9.01. Financial Statements and Exhibits. (c) Exhibit Exhibit Number Document -------------- ---------------------------------- 99.1 Press Release dated April 24, 2007 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/ Manuel G. Estrada ------------------------------------------ Manuel G. Estrada Vice President and Chief Financial Officer Date April 24, 2007 -------------- 3 EX-99.1 2 a5385474ex991.txt EXHIBIT 99.1 Exhibit 99.1 International Shipholding Corporation Reports First Quarter Results MOBILE, Ala.--(BUSINESS WIRE)--April 24, 2007--International Shipholding Corporation (NYSE: ISH) today reported results for the quarter ended March 31, 2007. The Company reported net income of $4.740 million for the three months ended March 31, 2007, which included a pre-tax gain of $4.528 million on the sale of a feeder LASH vessel and LASH barges. For the comparable three months ended March 31, 2006, the Company reported net income of $2.086 million. Net income available to common stockholders, after dividends on our preferred stock, was $4.140 million and $1.486 million for the first quarter 2007 and 2006, respectively. The Company's Liner segment results, consisting of our U.S. flag LASH service and the TransAtlantic LASH service, were negatively impacted by lower cargo tonnage as compared to the same period in 2006. In April of 2007, the Company entered into a memorandum of agreement to sell its U.S. flag LASH vessel along with a complement of 76 LASH barges for delivery to a scrap yard. It is expected that delivery will take place in the beginning of May. The Company's Time Charter segment, reported improved results over the comparable quarterly period. This was primarily a result of higher volumes of supplemental cargoes and the operation of its U.S. flag Coal Carrier for the full period. This vessel was out of service during the first quarter of 2006. The Company's Contract of Affreightment and Rail Ferry segments results were slightly lower in the first quarter of 2007 when compared to the same period in 2006. Construction on the Rail Ferry's vessels' second deck and terminals progressed satisfactorily during the quarter. It is expected that construction will be completed by the end of the second quarter of this year. The Company's increase in administrative and general expenses from $4.266 million in the first quarter of 2006 to $5.973 million in the first quarter 2007 reflects $1.5 Million in expenditures associated with relocating the corporate headquarters from New Orleans, Louisiana to Mobile, Alabama. Of this amount in relocation costs, $1 million has been billed to the respective Alabama agencies as part of the relocation incentive agreements in effect. This $1 million reimbursement is included in the Company's first quarter revenues. The reduction in the Company's interest expense reflects the early repurchasing of our Senior Notes during the last three quarters of 2006. The Company's tax benefit decreased from the comparable first quarter period primarily as a result of the improved results from its U. S. flag Coal Carrier which had a net loss in the first quarter of 2006. This operation is taxed at the U.S. corporate statutory rate. 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 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, 2006. The common stock of International Shipholding Corporation is traded on the New York Stock Exchange with the symbol ISH. The Company's preferred stock is traded on the NYSE with the symbol "ISH Pr." 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, 2007 2006 ---------- ---------- Revenues $65,086 $68,330 Operating Expenses: Voyage Expenses 52,483 55,863 Vessel and Barge Depreciation 5,813 5,729 ---------- ---------- Gross Voyage Profit 6,790 6,738 ---------- ---------- Administrative and General Expenses 5,973 4,266 Gain on Sale of Assets (4,528) (5) ---------- ---------- Operating Income 5,345 2,477 ---------- ---------- Interest and Other: Interest Expense 2,610 2,868 (Gain) Loss on Sale of Investments - (301) Investment Income (659) (456) ---------- ---------- 1,951 2,111 ---------- ---------- Income Before Provision (Benefit) for Income Taxes and Equity in Net Income of Unconsolidated Entities 3,394 366 ---------- ---------- Provision (Benefit) for Income Taxes: Current - 35 Deferred (313) (773) State 3 2 ---------- ---------- (310) (736) ---------- ---------- Equity in Net Income of Unconsolidated Entities (Net of Applicable Taxes) 1,036 984 ---------- ---------- Net Income $4,740 $2,086 ---------- ---------- Preferred Stock Dividends 600 600 ---------- ---------- Net Income Available to Common Stockholders $4,140 $1,486 ========== ========== Basic and Diluted Earnings Per Common Share: Net Income Available to Common Stockholders - Basic Continuing Operations $0.68 $0.24 ---------- ---------- $0.68 $0.24 ========== ========== Net Income Available to Common Stockholders - Diluted Continuing Operations $0.67 $0.24 $0.67 $0.24 ========== ========== Weighted Average Shares of Common Stock Outstanding: Basic 6,119,187 6,106,418 Diluted 6,153,039 6,132,584 CONTACT: International Shipholding Corporation Niels M. Johnsen, Chairman, 212-943-4141 or Erik L. Johnsen, President, 251-243-9221 -----END PRIVACY-ENHANCED MESSAGE-----