INTERNATIONAL SHIPHOLDING CORPORATION REPORTS SECOND QUARTER 2015 RESULTS
Declares second quarter dividend of $0.05 per share on its Common Stock
Mobile, Alabama, July 29, 2015 – International Shipholding Corporation (NYSE: ISH) today announced financial results for the quarter ended June 30, 2015.
Second Quarter 2015 Highlights
| · | | Declared a second quarter dividend of $0.05 per share of Common Stock payable on September 4, 2015 to shareholders of record as of August 14, 2015 |
| · | | Will pay a $2.375 per share and $2.25 per share dividend on its Series A and Series B Preferred Stock, respectively, on July 30, 2015 |
| · | | Completed the sale of a 1994-built Pure Car Truck Carrier (“PCTC”) |
Net Income
The Company reported a net loss of $167,000 for the three months ended June 30, 2015, while the comparable 2014 second quarter reported a net loss of $664,000. The 2015 second quarter results included a gain on the sale of a vessel of $4.7 million and an impairment loss of $1.8 million related to two handysize dry bulk vessels that had previously been held for sale but have now been returned to service.
Mr. Niels M. Johnsen, Chairman and Chief Executive Officer, stated, “In the second quarter of 2015, we continued to operate and manage a diverse fleet of oceangoing vessels across niche maritime markets. While our results for the quarter were impacted by both the continued weakness of the international dry bulk market and a longer-than-expected off-hire period for the modification and repair of a Jones Act vessel, we were successful in realizing a $4.7 million gain from the sale of our oldest PCTC. During this month, the dry bulk market has shown signs of improvement from its cyclically low levels, and our modified and repaired Jones Act vessel has fully re-entered service, enhancing operating margins in our Jones Act segment.”
Mr. Johnsen continued, “Looking across our diverse operating segments, we are focusing on a number of opportunities to improve results as we move into the second half of the year. In particular, we expect to see increased cargo volumes and voyage efficiency in our Jones Act segment and the continued strength of supplemental cargoes in our PCTC segment. At the same time, we remain focused on making the prudent decisions necessary to ensure that we are in a good position to benefit from market improvements.”
Gross Voyage Profit
The Company’s gross voyage profit, representing the results of its six reporting segments, was $9.8 million, compared to $13.4 million for the 2014 second quarter. The comparable results by operating segment are shown below.
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(All Amounts in Millions) | | | | | Pure Car | | | | | | | | | | | | | |
| | Jones Act | | Truck Carriers | | Dry Bulk Carriers | | Rail-Ferry | | Specialty Contracts | | Other | | Total |
Second Quarter, 2015 | | | | | | | | | | | | | | | | | | | | | |
Gross Voyage Profit | | $ | (0.3) | | $ | 4.4 | | $ | 1.2 | | $ | 2.2 | | $ | 2.1 | | $ | 0.2 | | $ | 9.8 |
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Depreciation | | | (1.7) | | | (2.2) | | | (0.9) | | | (0.4) | | | (0.4) | | | (0.1) | | | (5.7) |
Gross Profit (Loss) (After Depreciation) | | $ | (2.0) | | $ | 2.2 | | $ | 0.3 | | $ | 1.8 | | $ | 1.7 | | $ | 0.1 | | $ | 4.1 |
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EBITDA | | $ | 2.8 | | $ | 3.1 | | $ | 0.7 | | $ | 1.2 | | $ | 1.8 | | $ | 0.5 | | $ | 10.1 |
Number of non-operating days | | | 181 | | | - | | | - | | | - | | | - | | | - | | | 181 |
Number of operating days | | | 456 | | | 632 | | | 1,729 | | | 182 | | | 1,365 | | | - | | | 4,364 |
Number of Vessels | | | 7 | | | 6 | | | 19 | | | 2 | | | 15 | | | - | | | 49 |
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Second Quarter, 2014 | | | | | | | | | | | | | | | | | | | | | |
Gross Voyage Profit | | $ | 6.0 | | $ | 2.3 | | $ | 1.8 | | $ | 1.9 | | $ | 1.0 | | $ | 0.4 | | $ | 13.4 |
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Depreciation | | | (2.0) | | | (2.0) | | | (1.6) | | | (0.5) | | | (0.5) | | | (0.1) | | | (6.7) |
Gross Profit (After Depreciation) | | $ | 4.0 | | $ | 0.3 | | $ | 0.2 | | $ | 1.4 | | $ | 0.5 | | $ | 0.3 | | $ | 6.7 |
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EBITDA | | $ | 7.4 | | $ | 2.2 | | $ | 1.1 | | $ | 1.4 | | $ | 1.8 | | $ | 0.7 | | $ | 14.6 |
Number of non-operating days | | | 59 | | | 29 | | | 1 | | | - | | | - | | | - | | | 89 |
Number of operating days | | | 578 | | | 608 | | | 1,867 | | | 182 | | | 1,078 | | | - | | | 4,313 |
Number of Vessels | | | 7 | | | 7 | | | 20 | | | 2 | | | 15 | | | - | | | 51 |
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Variance | | | | | | | | | | | | | | | | | | | | | |
Gross Voyage Profit | | $ | (6.3) | | $ | 2.1 | | $ | (0.6) | | $ | 0.3 | | $ | 1.1 | | $ | (0.2) | | $ | (3.6) |
Depreciation | | | 0.3 | | $ | (0.2) | | $ | 0.7 | | $ | 0.1 | | $ | 0.1 | | $ | - | | $ | 1.0 |
Gross Profit (Loss) | | $ | (6.0) | | $ | 1.9 | | $ | 0.1 | | $ | 0.4 | | $ | 1.2 | | $ | (0.2) | | $ | (2.6) |
For a reconciliation of the gross voyage numbers presented above to GAAP figures, please see the attached Non-GAAP Reconciliation Statement.
The Jones Act segment reported a slight loss in gross voyage profit for the three months ended June 30, 2015. The year-over-year deterioration of $6.3 million was due primarily to unscheduled non-operating days and lower cargo volumes and freight rates. The Company deployed its belt self-unloading coal carrier to service its contracts in the Gulf of Mexico, and this vessel experienced unscheduled down time for modification and generator repairs. In addition, tonnage on one of the segment’s contracts was below normal levels. The combination of unscheduled down time and lower tonnage had a material impact on the segment’s gross margins. The belt self-unloading coal carrier is now fully operational, and tonnage levels for the segment have recovered from the temporary decrease experienced during the second quarter. Furthermore, the segment’s tonnage and gross voyage profit for the second half of the year are expected to be elevated above first half levels. Gross voyage profit on the Pure Car Truck Carriers segment improved year-over-year due to higher supplemental cargo volumes. The Dry Bulk segment reported lower gross voyage profit results, driven primarily by lower rates on its two remaining Handysize vessels, partially offset by improved results from its equity position in a fleet of mini bulkers. The Rail Ferry segment’s gross voyage profit results improved slightly
year-over-year. The Specialty segment reported higher gross voyage profits resulting from contributions from minority investments in ventures operating chemical and asphalt tankers and bareboat income from the multi-purpose ice-strengthened vessel, which operated at a loss in the comparable 2014 second quarter period.
Administrative and General (“A&G”)
A&G expenses in the second quarter of 2015 were approximately $300,000 lower than the 2014 second quarter period, due principally to lower insurance costs, partially offset by the Company’s wages and benefits on a year-over-year comparison being approximately 3% higher.
Interest and Other
Interest expense for the three-month period ended June 30, 2015 was $2.4 million, compared to $2.0 million for the second quarter of 2014. The increase is due primarily to the financing on one of the U.S. Flag PCTCs purchased from its Lessor in the third quarter of 2014. The 2015 second quarter period recorded a $260,000 non-cash charge on unamortized financing charges on refinanced debt.
Taxes
The Company reported a tax benefit of $7,000 in the 2015 second quarter, compared to a provision of $653,000 in the comparable 2014 period.
Balance Sheet
The Company’s working capital at June 30, 2015 was $0.2 million, a decrease of $6.1 million from March 31, 2015. Cash and cash equivalents were approximately $13.0 million. During the second quarter, the Company paid down $10.0 million on its Line of Credit and reduced its borrowing capacity under its revolver Facility by the same amount. The Company currently has $1.6 million of borrowing capacity available under the Line of Credit.
Dividend Declarations
On July 8, 2015, the Company’s Board of Directors approved per share dividend payments payable on July 30, 2015, of $2.375 and $2.25 on its Series A and Series B Preferred Stock, respectively, representing regular quarterly payments. Additionally, the Board of Directors declared a $0.05 dividend payable on September 4, 2015 for each share of common stock owned on the record date of August 14, 2015. All future dividend declarations and payments remain subject to the discretion of International Shipholding Corporation’s Board of Directors.
Outlook
As a result of lower than expected second quarter results in the Jones Act segment, the Company has revised its 2015 EBITDA guidance to a range of $50 to $55 million while maintaining its 2015 capital expenditures, excluding construction of the New Orleans headquarters, in a range of $35 to $40 million.
Conference Call
In connection with this earnings release, management will host an earnings conference call on Thursday, July 30, 2015, at 10:00 AM ET. To participate in the conference call, please dial (888) 455-2263 (domestic) or (719) 457-2648 (international). Participants can reference the International Shipholding Corporation Second Quarter 2015 Earnings Call or passcode 3700089. Please dial in approximately 5 minutes prior to the call.
The conference call will also be available via a live listen-only webcast and can be accessed through the Investor Relations section of the Company’s website, www.intship.com. Please allow extra time prior to the call to visit the Company’s website and download any software that may be needed to listen to the webcast.
A replay of the conference call will be available through August 6, 2015 at (877) 870-5176 (domestic) or (858) 384-5517 (international). The passcode for the replay is 3700089.
About International Shipholding
International Shipholding Corporation, through its subsidiaries, operates a diversified fleet of U.S. and International flag vessels that provide worldwide and domestic maritime transportation services to commercial and governmental customers primarily under medium to long-term charters and contracts. www.intship.com
Caution concerning forward-looking statements
Except for historical and factual information, the matters set forth in this release and future oral or written statements made by us or our management, including statements regarding our 2015 guidance, and other statements identified by words such as “estimates,” “expects,” “anticipates,” “plans,” and similar expressions, are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations only, and are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control. Actual events and results may differ materially from those anticipated, estimated, projected, expressed or implied by us if one or more of these risks or uncertainties materialize, or if our underlying assumptions prove incorrect. Factors that could affect actual results include, but are not limited to: our ability to maximize the usage of our vessels and other assets on favorable economic terms, including our ability to renew our time charters and contracts on favorable terms when they expire, to maximize our carriage of supplemental cargoes; and to improve the return on our dry bulk fleet if and when market conditions improve; our ability to effectively handle our leverage by servicing and complying with each of our debt instruments; changes in domestic or international transportation markets that reduce the demand for shipping generally or for our vessels in particular, including changes in the rates at which competitors add or scrap vessels; industry-wide changes in cargo freight rates, charter rates, vessel design, vessel utilization or vessel valuations, or in charter hire, fuel or other operating expenses; unexpected out-of-service days affecting our vessels, whether due to drydocking delays, unplanned maintenance, accidents, equipment failures, adverse weather, natural disasters, or other causes; our ability to access the credit markets or sell assets on terms reasonable to us or at all, including our ability to sell our vessel held for sale; political events in the United States and abroad; the appropriation of funds by the U.S. Congress, including the impact of any future cuts to federal spending similar to the U.S. Congress’ recent “sequestration” cuts; terrorism, piracy, quarantines and trade restrictions; changes in foreign currency rates or interest rates; the effects of more general factors, such as changes in tax laws or rates in pension or benefits costs, or in general market, labor or economic conditions; and each of the other economic, competitive, governmental, and technological factors detailed in our reports filed with the Securities and Exchange Commission. You should be aware that new factors may emerge from time to time and it is not possible for us to identify all such factors nor can we predict the impact of each such factors on our business or the extent to which any one or more factors may cause actual results to differ from those reflected in any forward-looking statements. Accordingly, you are cautioned not to place undue reliance upon any of our forward-looking statements, which are inherently speculative and speak only as of the date made. We undertake no obligation to update or revise, for any reason, any forward-looking statements made by us or on our behalf, whether as a result of new information, future events or developments, changed circumstances or otherwise.
Contact:
The IGB Group
Bryan Degnan
(646) 673-9701
bdegnan@igbir.com
Leon Berman
(212) 477-8438
lberman@igbir.com
International Shipholding Corporation
Niels M. Johnsen, Chairman (212) 943-4141
Erik L. Johnsen, President (251) 243-9221
Manny Estrada, V. P. and CFO (251) 243-9082
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Non-GAAP Reconciliation by Segment | | | | | | | | | | | | | | | | | | |
Quarter ended June 30, 2015 | | | | | | | | | | | | | | | | | | | | |
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(All Amounts in Millions) | | | | | | | | | | | | | | | | | | |
| | | | Pure Car | | | | | | | | | | | | | | | |
| Jones Act | | Truck Carriers | | Dry Bulk Carriers | | Rail-Ferry | | Specialty Contracts | | Other | | Total |
Second Quarter, 2015 | | | | | | | | | | | | | | | | | | | | |
Gross Voyage Profit (Loss) | $ | (0.3) | | $ | 4.4 | | $ | 1.2 | | $ | 2.2 | | $ | 2.1 | | $ | 0.2 | | $ | 9.8 |
*Add Back: Amortization & Drydock | | 3.1 | | | 0.8 | | | 0.1 | | | 0.1 | | | 0.2 | | | - | | | 4.3 |
A&G | | - | | | (2.1) | | | (0.6) | | | (1.1) | | | (1.0) | | | - | | | (4.8) |
Other | | - | | | - | | | - | | | - | | | 0.5 | | | 0.3 | | | 0.8 |
EBITDA | $ | 2.8 | | $ | 3.1 | | $ | 0.7 | | $ | 1.2 | | $ | 1.8 | | $ | 0.5 | | $ | 10.1 |
Depreciation | | (1.7) | | | (2.2) | | | (0.9) | | | (0.4) | | | (0.4) | | | (0.1) | | | (5.7) |
Impairment | | - | | | - | | | (1.8) | | | - | | | - | | | - | | | (1.8) |
Amortization | | (3.1) | | | (0.8) | | | (0.1) | | | (0.1) | | | (0.2) | | | - | | | (4.3) |
Other | | - | | | - | | | - | | | - | | | (0.5) | | | (0.3) | | | (0.8) |
Gain on Sale of Asset** | | - | | | 4.7 | | | - | | | - | | | - | | | - | | | 4.7 |
*Add Back: Unconsolidated Entities | | - | | | - | | | (0.2) | | | (0.1) | | | (0.3) | | | - | | | (0.6) |
Operating Income (Loss) | $ | (2.0) | | $ | 4.8 | | $ | (2.3) | | $ | 0.6 | | $ | 0.4 | | $ | 0.1 | | $ | 1.6 |
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Second Quarter, 2014 | | | | | | | | | | | | | | | | | | | | |
Gross Voyage Profit | $ | 6.0 | | $ | 2.3 | | $ | 1.8 | | $ | 1.9 | | $ | 1.0 | | $ | 0.4 | | $ | 13.4 |
*Add Back: Amortization & Drydock | | 3.7 | | | 0.8 | | | - | | | 0.2 | | | 0.7 | | | - | | | 5.4 |
A&G | | (2.3) | | | (0.9) | | | (0.7) | | | (0.7) | | | (0.4) | | | (0.1) | | | (5.1) |
Other | | - | | | - | | | - | | | - | | | 0.5 | | | 0.4 | | | 0.9 |
EBITDA | $ | 7.4 | | $ | 2.2 | | $ | 1.1 | | $ | 1.4 | | $ | 1.8 | | $ | 0.7 | | $ | 14.6 |
Depreciation | | (2.0) | | | (2.0) | | | (1.6) | | | (0.5) | | | (0.5) | | | (0.1) | | | (6.7) |
Amortization | | (3.7) | | | (0.8) | | | - | | | (0.2) | | | (0.7) | | | - | | | (5.4) |
Other | | - | | | - | | | - | | | - | | | (0.5) | | | (0.4) | | | (0.9) |
*Add Back: Unconsolidated Entities | | - | | | - | | | 0.1 | | | - | | | - | | | - | | | 0.1 |
Operating Income (Loss) | $ | 1.7 | | $ | (0.6) | | $ | (0.4) | | $ | 0.7 | | $ | 0.1 | | $ | 0.2 | | $ | 1.7 |
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* To remove the effect of including the results of the unconsolidated entities, drydock, and amortization in Gross Voyage Profit | | | |
**Gain on Sale of Asset not included in calculation of EBITDA | | | |
INTERNATIONAL SHIPHOLDING CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(All Amounts in Thousands Except Share Data)
(Unaudited)
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| | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2015 | | 2014 | | 2015 | | 2014 |
Revenues | $ | 67,308 | | $ | 76,752 | | $ | 135,334 | | $ | 149,446 |
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Operating Expenses | | | | | | | | | | | |
Voyage Expenses | | 53,809 | | | 57,802 | | | 106,020 | | | 115,235 |
Amortization Expense | | 4,348 | | | 5,486 | | | 9,535 | | | 10,649 |
Vessel Depreciation | | 5,490 | | | 6,516 | | | 11,033 | | | 13,237 |
Other Depreciation | | 187 | | | 180 | | | 371 | | | 364 |
Administrative and General Expenses | | 4,788 | | | 5,108 | | | 9,810 | | | 10,557 |
Impairment Loss | | 1,828 | | | - | | | 1,828 | | | - |
Gain on Sale of Assets | | (4,747) | | | - | | | (4,679) | | | - |
Total Operating Expenses | | 65,703 | | | 75,092 | | | 133,918 | | | 150,042 |
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Operating Income (Loss) | | 1,605 | | | 1,660 | | | 1,416 | | | (596) |
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Interest and Other | | | | | | | | | | | |
Interest Expense | | 2,444 | | | 2,041 | | | 5,112 | | | 4,186 |
Derivative Loss | | 181 | | | 18 | | | 2,991 | | | 32 |
Loss on Extinguishment of Debt | | 260 | | | - | | | 355 | | | - |
Other Income from Vessel Financing | | (470) | | | (472) | | | (915) | | | (961) |
Investment Income | | (17) | | | (5) | | | (24) | | | (24) |
Foreign Exchange Loss | | 46 | | | 9 | | | 91 | | | 93 |
| | 2,444 | | | 1,591 | | | 7,610 | | | 3,326 |
Income (Loss) Before Provision (Benefit) for Income Taxes and Equity in Net Income (Loss) of Unconsolidated Entities | | (839) | | | 69 | | | (6,194) | | | (3,922) |
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Provision (Benefit) for Income Taxes | | (7) | | | 653 | | | 32 | | | (229) |
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Equity in Net Income (Loss) of Unconsolidated Entities (Net of Applicable Taxes) | | 665 | | | (80) | | | 1,558 | | | (188) |
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Net Loss | $ | (167) | | $ | (664) | | $ | (4,668) | | $ | (3,881) |
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Preferred Stock Dividends | | 1,306 | | | 1,305 | | | 2,611 | | | 2,611 |
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Net Loss Attributable to Common Stockholders | $ | (1,473) | | $ | (1,969) | | $ | (7,279) | | $ | (6,492) |
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Loss Per Common Share: | | | | | | | | | | | |
Basic | $ | (0.20) | | $ | (0.27) | | $ | (0.99) | | $ | (0.89) |
Diluted | $ | (0.20) | | $ | (0.27) | | $ | (0.99) | | $ | (0.89) |
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Weighted Average Shares of Common Stock Outstanding: | | | | | | | | | | | |
Basic | | 7,324,050 | | | 7,281,807 | | | 7,316,309 | | | 7,267,023 |
Diluted | | 7,324,050 | | | 7,281,807 | | | 7,316,309 | | | 7,267,023 |
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Common Stock Dividends Per Share | $ | 0.05 | | $ | 0.25 | | $ | 0.30 | | $ | 0.50 |
INTERNATIONAL SHIPHOLDING CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(All Amounts in Thousands)
(Unaudited)
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| June 30, 2015 | | December 31, 2014 |
ASSETS | | | |
Cash and Cash Equivalents | $ | 12,956 | | $ | 21,133 |
Restricted Cash | | 1,156 | | | 1,394 |
Accounts Receivable, Net of Allowance for Doubtful Accounts | | 33,309 | | | 31,322 |
Prepaid Expenses | | 7,278 | | | 10,927 |
Deferred Tax Asset | | 200 | | | 408 |
Other Current Assets | | 651 | | | 370 |
Notes Receivable | | 1,628 | | | 3,204 |
Material and Supplies Inventory | | 9,163 | | | 9,760 |
Assets Held for Sale | | 6,435 | | | 6,976 |
Total Current Assets | | 72,776 | | | 85,494 |
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Investment in Unconsolidated Entities | | 22,956 | | | 21,837 |
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Vessels, Property, and Other Equipment, at Cost: | | | | | |
Vessels | | 526,186 | | | 520,026 |
Building | | 1,779 | | | 1,354 |
Land | | 623 | | | 623 |
Leasehold Improvements | | 26,348 | | | 26,348 |
Construction in Progress | | 5,830 | | | 2,371 |
Furniture and Equipment | | 11,014 | | | 10,461 |
| | 571,780 | | | 561,183 |
Less - Accumulated Depreciation | | (179,559) | | | (186,450) |
| | 392,221 | | | 374,733 |
Other Assets: | | | | | |
Deferred Charges, Net of Accumulated Amortization | | 27,460 | | | 25,787 |
Intangible Assets, Net of Accumulated Amortization | | 23,789 | | | 25,042 |
Due from Related Parties | | 1,500 | | | 1,660 |
Notes Receivable | | 24,955 | | | 24,455 |
Goodwill | | 2,735 | | | 2,735 |
Assets Held for Sale | | - | | | 48,701 |
Other | | 2,959 | | | 4,843 |
| | 83,398 | | | 133,223 |
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TOTAL ASSETS | $ | 571,351 | | $ | 615,287 |
INTERNATIONAL SHIPHOLDING CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(All Amounts in Thousands Except Share Data)
(Unaudited)
| | | | | |
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| June 30, 2015 | | December 31, 2014 |
LIABILITIES AND STOCKHOLDERS' EQUITY | | | |
Current Liabilities: | | | | | |
Current Maturities of Long-Term Debt | $ | 23,062 | | $ | 23,367 |
Accounts Payable and Other Accrued Expenses | | 49,488 | | | 52,731 |
Total Current Liabilities | | 72,550 | | | 76,098 |
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Long-Term Debt, Net | | 192,981 | | | 216,651 |
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Other Long-Term Liabilities: | | | | | |
Incentive Obligation | | 4,268 | | | 4,644 |
Other | | 39,825 | | | 50,284 |
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TOTAL LIABILITIES | | 309,624 | | | 347,677 |
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Stockholders' Equity: | | | | | |
Preferred Stock, $1.00 Par Value, 2,000,000 Shares Authorized: | | | | | |
9.50% Series A Cumulative Perpetual Preferred Stock, 250,000 Shares Issued and Outstanding at June 30, 2015 and December 31, 2014, Respectively | | 250 | | | 250 |
9.00% Series B Cumulative Perpetual Preferred Stock, 316,250 Shares Issued and Outstanding at June 30, 2015 and December 31, 2014, Respectively | | 316 | | | 316 |
Common Stock, $1.00 Par Value, 20,000,000 Shares Authorized, 7,333,406 and 7,301,657 Shares Outstanding at June 30, 2015 and December 31, 2014, Respectively | | 8,761 | | | 8,743 |
Additional Paid-In Capital | | 141,141 | | | 140,960 |
Retained Earnings | | 149,633 | | | 159,134 |
Treasury Stock 1,388,078 Shares at June 30, 2015 and December 31, 2014 | | (25,403) | | | (25,403) |
Accumulated Other Comprehensive Loss | | (12,971) | | | (16,390) |
TOTAL STOCKHOLDERS' EQUITY | | 261,727 | | | 267,610 |
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 571,351 | | $ | 615,287 |
INTERNATIONAL SHIPHOLDING CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(All Amounts in Thousands)
(Unaudited)
| | | | | |
| | | | | |
| Six Months Ended June 30, |
| | 2015 | | | 2014 |
Cash Flows from Operating Activities: | | | | | |
Net Loss | $ | (4,668) | | $ | (3,881) |
Adjustments to Reconcile Net Loss to Net Cash Provided by (Used In) Operating Activities: | | | | | |
Depreciation | | 11,404 | | | 13,601 |
Amortization of Deferred Charges | | 8,832 | | | 8,896 |
Amortization of Intangible Assets | | 1,253 | | | 2,058 |
Deferred Tax | | - | | | (271) |
Non-Cash Share Based Compensation | | 329 | | | 833 |
Equity in Net (Income) Loss of Unconsolidated Entities, Net | | (1,152) | | | 188 |
Impairment Loss | | 1,828 | | | - |
Gain on Sale of Assets | | (4,679) | | | - |
Non-Cash Loss on Extinguishment of Debt | | 346 | | | - |
Loss on Foreign Currency Exchange | | 91 | | | 93 |
Loss on Derivatives, Net of Cash Settlements | | 53 | | | 32 |
Amortization of Deferred Gains | | (1,921) | | | (2,712) |
Other Reconciling Items, net | | 345 | | | (86) |
Changes in operating assets and liabilities: | | | | | |
Deferred Drydocking Charges | | (9,285) | | | (4,098) |
Accounts Receivable | | (5,258) | | | 1,566 |
Inventory and Other Current Assets | | 4,329 | | | 904 |
Other Assets | | (45) | | | (500) |
Accounts Payable and Accrued Liabilities | | (3,934) | | | (3,727) |
Other Long-Term Liabilities | | (1,101) | | | (1,179) |
Net Cash Provided by (Used In) Operating Activities | | (3,233) | | | 11,717 |
| | | | | |
Cash Flows from Investing Activities: | | | | | |
Purchases of and Capital Improvements to Property and Equipment | | (6,500) | | | (6,547) |
Investment in Unconsolidated Entities | | - | | | (7,886) |
Net Change in Restricted Cash Account | | 238 | | | 2,499 |
Cash Proceeds from the State of Louisiana | | 591 | | | - |
Cash Proceeds from Sale of Assets | | 29,354 | | | - |
Cash Proceeds from Receivable Settlement | | 3,890 | | | - |
Proceeds from Payments on Note Receivables | | 1,076 | | | 2,124 |
Net Cash Provided by (Used In) Investing Activities | | 28,649 | | | (9,810) |
| | | | | |
Cash Flows from Financing Activities: | | | | | |
Proceeds from Line of Credit | | 5,000 | | | 18,000 |
�� Payments on Line of Credit | | (12,500) | | | (8,000) |
Proceeds from Issuance of Debt | | 32,000 | | | - |
Principal Payments on Long Term Debt | | (48,157) | | | (9,511) |
Cash Payments to Settle Foreign Currency Contract | | (4,033) | | | - |
Additions to Deferred Financing Charges | | (1,098) | | | (339) |
Dividends Paid | | (4,805) | | | (6,250) |
Net Cash Used In Financing Activities | | (33,593) | | | (6,100) |
| | | | | |
Net Decrease in Cash and Cash Equivalents | | (8,177) | | | (4,193) |
Cash and Cash Equivalents at Beginning of Period | | 21,133 | | | 20,010 |
| | | | | |
Cash and Cash Equivalents at End of Period | $ | 12,956 | | $ | 15,817 |
