International Shipholding Corporation Reports First Quarter Results.Business Editors NEW ORLEANS--(BUSINESS WIRE)--April 29, 2004 International Shipholding Corporation (NYSE NYSE See: New York Stock Exchange : ISH ISH In Situ Hybridization ISH Isolated Systolic Hypertension ISH Irish Sport Horse ISH Intermediate System Hello ISH International Society of Hypnosis ISH Information Super Highway ISH International Superhits (Green Day album) ) 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 lash the horsehair or thin leather tag attached to the end of a stockwhip and which is responsible for the pistol shot-like report produced by the gun whip crackers. liner liner /lin·er/ (lin´er) material applied to the inside of the walls of a cavity or container for protection or insulation of the surface. liner see teat cup liner. services. General market conditions continue to be firm as we enter the second quarter. The aforementioned a·fore·men·tioned adj. Mentioned previously. n. The one or ones mentioned previously. aforementioned Adjective mentioned before Adj. 1. 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 A major command of the US Navy, and the US Transportation Command's component command responsible for designated common-user sealift transportation services to deploy, employ, sustain, and redeploy US forces on a global basis. Also called MSC. See also transportation component 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 Refinancing An extension and/or increase in amount of existing debt. 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 Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has as a result of our decision to redirect re·di·rect tr.v. re·di·rect·ed, re·di·rect·ing, re·di·rects To change the direction or course of. n. A redirect examination. re the management of our captive insurance Captive insurance companies are limited purpose insurance companies established with the specific objective of financing risks emanating from their parent group or groups, they sometimes also insure risks of the parent company's customers. 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 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 New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. 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
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Revenues $ 65,843 $ 64,806
Operating Expenses:
Voyage Expenses 51,215 49,618
Vessel and Barge Depreciation 4,627 4,654
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Gross Voyage Profit 10,001 10,534
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Administrative and General Expenses 4,106 4,011
Loss (Gain) on Sale of Other Assets 7 (4)
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Operating Income 5,888 6,527
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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)
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3,208 1,971
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Income Before Provision for Income Taxes and
Equity in Net Income of Unconsolidated
Entities 2,680 4,556
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Provision for Income Taxes 995 1,629
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Equity in Net Income of Unconsolidated
Entities (Net of Applicable Taxes) 1,212 67
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Net Income $ 2,897 $ 2,994
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Basic and Diluted Earnings Per Share:
Net Income $ 0.48 $ 0.49
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Weighted Average Shares of Common Stock
Outstanding:
Basic 6,082,887 6,082,887
Diluted 6,092,666 6,082,887
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