13
1
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1994
OR
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
incorporation or organization) Identification Number)
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 requirements 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 5,346,611 shares (September 30, 1994)
2
PART I - FINANCIAL INFORMATION
INTERNATIONAL SHIPHOLDING CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS
(Dollars in Thousands)
(Unaudited)
September 30, December 31,
1994 1993
ASSETS ____________ _____________
Current Assets:
Cash and Cash Equivalents $ 26,025 $ 13,492
Marketable Securities 4,470 19,278
Accounts Receivable, Net 49,477 46,134
Net Investment in Direct
Financing Leases 2,205 2,257
Current Deferred Income Taxes 2,593 1,955
Other Current Assets 4,075 6,666
Material and Supplies Inventory, At Cost 8,678 7,853
____________ ____________
Total Current Assets 97,523 97,635
____________ ____________
Investments In and Advances
to Unconsolidated Entities 33,834 34,905
____________ ____________
Net Investment in Direct
Financing Leases 27,131 28,775
____________ ____________
Vessels, Property and
Other Equipment, At Cost:
Vessels and Barges 465,482 432,429
Other Marine Equipment 4,006 3,842
Terminal Facilities 18,049 17,521
Land 2,317 2,317
Furniture and Equipment 13,093 9,676
____________ ____________
502,947 465,785
Less - Accumulated Depreciation (209,126) (189,924)
____________ ____________
293,821 275,861
____________ ____________
Other Assets:
Deferred Charges in Process of Amortization 33,373 41,992
Acquired Contract Costs, Net of
Accumulated Amortization 24,798 26,781
Due from Related Parties 6,091 4,360
Other 14,407 12,929
____________ ____________
78,669 86,062
____________ ____________
$ 530,978 $ 523,238
============ ============
<FN>
The accompanying notes are an integral part of these statements.
3
INTERNATIONAL SHIPHOLDING CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS
(Dollars in Thousands)
(Unaudited)
September 30, December 31,
1994 1993
LIABILITIES AND STOCKHOLDERS' INVESTMENT _____________ ____________
Current Liabilities:
Current Maturities of Long-Term Debt $ 25,009 $ 25,879
Current Maturities of Capital Lease Obligations 9,474 5,000
Accounts Payable and
Accrued Liabilities 44,080 49,447
Current Liabilities to be
Refinanced (5,905) (340)
_____________ ____________
Total Current Liabilities 72,658 79,986
_____________ ____________
Current Liabilities to be
Refinanced 5,905 340
_____________ ____________
Billings in Excess of Income
Earned and Expenses Incurred 6,423 4,133
_____________ ____________
Long-Term Capital Lease Obligations,
Less Current Maturities 21,092 27,020
_____________ ____________
Long-Term Debt, Less Current Maturities 216,924 213,112
_____________ ____________
Reserves and Deferred Credits:
Deferred Income Taxes 41,812 40,151
Claims and Other 23,320 23,999
_____________ ____________
65,132 64,150
_____________ ____________
Stockholders' Investment:
Common Stock 5,405 5,405
Additional Paid-in Capital 54,450 54,450
Retained Earnings 84,309 75,775
Less - Shares of Common Stock in
Treasury, at Cost (1,133) (1,133)
Net Unrealized Holding Loss on
Marketable Securities (187) --
_____________ ____________
142,844 134,497
_____________ ____________
$ 530,978 $ 523,238
============= ============
<FN>
The accompanying notes are an integral part of these statements.
4
INTERNATIONAL SHIPHOLDING CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(Dollars in Thousands Except Per Share Data)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
1994 1993 1994 1993
_______________________________________
Revenues $ 76,434 $ 77,345 $238,367 $241,130
Operating Differential Subsidy 5,134 4,869 15,710 14,924
_______________________________________
81,568 82,214 254,077 256,054
_______________________________________
Operating Expenses:
Voyage Expenses 58,698 60,813 189,421 189,953
Vessel and Barge Depreciation 6,094 6,063 18,324 17,812
_______________________________________
Gross Voyage Profit 16,776 15,338 46,332 48,289
_______________________________________
Administrative and General Expenses 6,549 6,631 19,917 19,994
(Loss) Gain on Sale of Assets (98) -- (91) 87
_______________________________________
Operating Income 10,129 8,707 26,324 28,382
_______________________________________
Interest:
Interest Expense 5,078 5,772 15,472 15,574
Investment Income (766) (414) (2,240) (807)
_______________________________________
4,312 5,358 13,232 14,767
_______________________________________
Unconsolidated Entities
(Net of Applicable Taxes):
Equity in Net Income (Loss) of
Unconsolidated Entities (199) 62 87 (2,184)
Gain on Sale of Equity Interests -- -- -- 900
(Allowance) for Doubtful Accounts -- -- 900 (900)
_______________________________________
(199) 62 987 (2,184)
_______________________________________
Income Before Provision
for Income Taxes and
Extraordinary Gain (Loss) 5,618 3,411 14,079 11,431
_______________________________________
Provision for Income Taxes:
Current 1,044 454 3,767 2,371
Deferred 954 1,441 747 2,978
State 122 51 229 378
_______________________________________
2,120 1,946 4,743 5,727
_______________________________________
Income Before Extraordinary
Gain (Loss) $ 3,498 $ 1,465 $ 9,336 $ 5,704
_______________________________________
Extraordinary Gain (Loss)
(Net of Income Tax
(Provision) Benefit of ($57),
and $820, respectively) -- 110 -- (1,592)
_______________________________________
Net Income $ 3,498 $ 1,575 $ 9,336 $ 4,112
=======================================
Less:
Preferred Stock Dividends -- 154 -- 868
Accretion of Discount
on Preferred Stock -- 75 -- 202
---------------------------------------
Net Income Applicable to Common
and Common Equivalent Shares $ 3,498 $ 1,346 $ 9,336 $ 3,042
=======================================
Earnings Per Share:
Income Before Extraordinary
Gain (Loss) $ 0.65 $ 0.24 $ 1.75 $ 0.90
Extraordinary Gain (Loss) -- 0.02 -- (0.31)
Net Income $ 0.65 $ 0.26 $ 1.75 $ 0.59
=======================================
Common and Common
Equivalent Shares 5,346,611 5,256,511 5,346,611 5,180,384
<FN>
The accompanying notes are an integral part of these statements.
5
INTERNATIONAL SHIPHOLDING CORPORATION
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS'
INVESTMENT
(Dollars in Thousands)
(Unaudited)
Additional Net
Common Paid-In Retained Treasury Unrealized
Stock Capital Earnings Stock Holding Loss Total
_______ _________ ________ ________ _____________ _______
Balance
at
December 31,
1992 $4,978 $48,216 $71,943 $ (1,133) $ -- $124,004
Net Income
for Year Ended
December 31,
1993 5,929 5,929
Preferred Stock
Dividends (868) (868)
Accretion of
Discount on
Preferred Stock (202) (202)
Cash Dividends (1,027) (1,027)
Issuance of Stock,
427,500 Shares
Pursuant to
Exercise of
Warrants 427 6,234 6,661
___________________________________________________________
Balance at
December 31,
1993 $5,405 $ 54,450 $ 75,775 $ (1,133) $ -- $ 134,497
Net Income for
Nine Months
Ended September 30,
1994 9,336 9,336
Cash Dividends (802) (802)
Unrealized Holding
Loss on Marketable
Securities, Net of
Deferred Taxes (187) (187)
_________________________________________________________
Balance at
September 30,
1994 $5,405 $ 54,450 $ 84,309 $ (1,133) $ (187) $142,844
=========================================================
<FN>
The accompanying notes are an integral part of these statements.
6
INTERNATIONAL SHIPHOLDING CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
(Unaudited)
Nine Months Ended
September 30,
1994 1993
___________________
Cash Flows from Operating Activities:
Net Income $ 9,336 $ 4,112
Adjustments to Reconcile Net Income to
Net Cash Provided by Operating Activities:
Depreciation 19,227 18,471
Amortization of Deferred Charges and
Other Assets 12,197 13,651
Provision for Deferred Income Taxes 747 2,978
Equity in Unconsolidated Entities (987) 2,184
Loss (Gain) on Sale of Vessels
and Other Property 91 (87)
Extraordinary Item -- 2,450
Changes in:
Reserve for Claims and Other
Deferred Credits (679) (7,635)
Net Investment in Direct Financing Leases 1,696 1,737
Unearned Income 2,078 (8,021)
Other Assets (1,754) 1,222
Accounts Receivable (3,308) 8,733
Inventories and Other Current Assets 1,766 99
Accounts Payable and Accrued Liabilities (2,290) 3,716
__________________
Net Cash Provided by Operating Activities 38,120 43,610
__________________
Cash Flows from Investing Activities:
Purchase of Vessels and Other Property (36,548) (9,855) Additions to
Additions to Deferred Charges (4,605) (14,559)
Proceeds from Sale of Vessels and Other Property 623 2,472
Proceeds from (Purchase of)
Short-Term Investments 14,808 (15,055)
Investment in and Advances to
Unconsolidated Entities 1,049 664
Purchase of LITCO -- (1,606)
Other Investing Activities -- (4,997)
__________________
Net Cash Used by Investing Activities (24,673) (42,936)
__________________
Cash Flows from Financing Activities:
Proceeds from Issuance of Debt
and Capital Lease Obligations 21,109 138,248
Reduction of Debt and Capital
Lease Obligations (21,221) (128,236)
Preferred and Common Stock Dividends Paid (802) (1,627)
Proceeds from Issuance of Common Stock -- 4,278
Redemption of Preferred Stock -- (13,750)
_________________
Net Cash Used by Financing Activities (914) (1,087)
_________________
Net Increase (Decrease) in Cash
and Cash Equivalents 12,533 (413)
Cash and Cash Equivalents at Beginning of Period 13,492 30,879
__________________
Cash and Cash Equivalents at End of Period $ 26,025 $ 30,466
==================
<FN>
The accompanying notes are an integral part of these statements.
7
INTERNATIONAL SHIPHOLDING CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
SEPTEMBER 30, 1994
(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,
1993. 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 1994; 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 1994 interim results are not necessarily
indicative of the results of operations for the full
year 1994.
The Company's policy is to consolidate all
subsidiaries in which it holds a greater than 50%
voting interest. All significant intercompany accounts
and transactions have been eliminated.
The Company uses the cost method to account for
investments in entities in which it holds less than a
20% voting interest and in which the Company cannot
exercise significant influence over operating and
financial activities. The Company uses the
equity method to account for investments in entities in
which it holds a 20% to 50% voting interest.
Certain investments previously accounted for under the
equity method are currently accounted for under the
cost method as a result of a sale of partial interests
as further discussed in the "Results of Operations".
8
INTERNATIONAL SHIPHOLDING CORPORATION AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
The Company's vessels are operated under a variety of
charters 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 atttibutable 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.
Gross Voyage Profit. Gross voyage profit increased by
9.4% to $16.8 million in the Third Quarter of 1994 as
compared to $15.3 million in the same period in 1993.
Contributing to this increase was improved freight rates and
increased volume on westbound cargo in the Company's Trans-
Atlantic LASH liner service. In addition, extended
maintenance was carried out on one of the Company's vessels
causing it to be out-of-service during most of the Third
Quarter of 1993. That vessel had no out-of-service days in
the same period of 1994. Partially offsetting these revenue
increases was lower gross voyage profit generated by the
Company's LASH vessels employed in liner service between
ports on the U.S. Gulf/U.S. Atlantic Coast and South Asia
(Trade Routes 18 and 17) as a result of lower freight rates
and cargo volume on the Eastbound leg of this service.
Results in 1994 also reflect 17 days out-of-service for the
scheduled drydocking of a vessel chartered to the Military
Sealift Command (the "MSC").
Gross voyage profit decreased by 4.1% to $46.3 million
in the first nine months of 1994 as compared to $48.3
million for the same period of 1993. Contributing to this
decrease was the aforementioned reduction in gross voyage
profit generated by the LASH vessels employed on Trade
Routes 18 and 17. Partially offsetting this negative
variance was the drydocking of ten
9
vessels for approximately 250 days in the first nine months
of 1993 as compared to the drydocking of only three vessels
in the comparable period in 1994 for approximately 50 days.
Vessel and barge depreciation during the Third Quarter
of 1994 approximated the amount during the comparable
period of 1993. Depreciation increased slightly in the nine
months ended September 30, 1994 as compared to the
comparable period in 1993 due to amortization of costs
associated with the Company's barge refurbishment program,
costs associated with vessel upgrade work done on the AMAZON
and the acquisition in June 1993 of the remaining 50%
interest in a company which operates a LASH barge intermodal
terminal.
Other Income and Expense. Administrative and general
expense during the Third Quarter of 1994 and the first nine
months of 1994 was consistent with that of the comparable
periods of 1993.
Interest expense decreased by 12.1% to $5.1 million in
the Third Quarter of 1994 as compared to $5.8 million in the
same period in 1993 primarily due to the prepayment of
approximately $63.8 million of debt during 1993 from the
issuance of $100 million 9% Senior Unsecured Notes in July,
1993 and reduced balances on other outstanding debt.
Interest expense during the first nine months of 1994 was
consistent with that of the comparable period in 1993
reflecting increases due to the issuance of the
aforementioned $100 million Senior Notes in mid 1993 offset
by reductions due to early prepayments made from these funds
and regularly scheduled payments on other outstanding debt.
Investment income increased from $414,000 in the Third
Quarter of 1993 to $766,000 in the Third Quarter of 1994.
This increase reflected higher interest rates earned on
invested funds and the recognition of interest earned on a
promissory note related to the sale of an 18.5% interest in
A/S Havtor as further discussed below. These items also
contributed to the increase from $807,000 in the first nine
months of 1993 to $2,240,000 in the comparable period of
1994. Additionally impacting the favorable variance was a
higher average balance of invested funds during the first
nine months of 1994.
The Company's share of earnings from unconsolidated
entities decreased from net income of $62,000 in the Third
Quarter of 1993 to a net loss of $199,000 in the Third
Quarter of 1994. This reduction resulted primarily from the
drydocking of one of the PROBO vessels for approximately 14
days in the Third Quarter of 1994. The Company's share of
earnings from unconsolidated entities increased from a net
loss of $2.2 million in the first nine months of 1993 to net
income of $1 million in the first nine months of 1994. The
loss in the first nine months of 1993
10
resulted primarily from the Company's investment in A/S
Havtor and A/S Havtor Management, Norwegian companies in
which the Company had an interest. During the First Quarter
of 1993 the Company sold an 18.5% direct interest in A/S
Havtor for $7.6 million, of which $2.8 million was received
in cash and $4.8 million was received in the form of a
promissory note. The transaction reduced the Company's
direct interest in A/S Havtor to 14.8% and resulted in a
gain before taxes of approximately $1.4 million. A
provision for doubtful accounts was recorded in 1993 to
reflect the deferral of the gain until receipt of the
proceeds from the promissory note, which matures in mid-
1996. In the Second Quarter of 1994, A/S Havtor and
associated Norwegian companies merged with a publicly
listed company on the Oslo Stock Exchange. This new public
company, Havtor A/S, operates mainly Liquified Petroleum Gas
(LPG) Carriers. In substitution for the A/S Havtor stock
held as collateral under the aforementioned promissory note,
the Company received shares in the publicly listed Havtor
A/S. Due to the liquidity of these shares, deferral of the
gain is no longer necessary, therefore in the Second Quarter
of 1994 the related allowance was reversed resulting in
income after tax of $900,000. Since the Company has no
substantive control regarding their operations and holds
direct and indirect ownership interests in each that are
less than 20%, the investments have been accounted for since
April 1, 1993 under the cost method of accounting, which
calls for recognition of income only upon the distribution
of dividends.
Also contributing to the improved results for the non-
consolidated entities in the first nine months of 1994 as
compared to the comparable period in 1993 was an additional
11% interest acquired in the first quarter of 1993 in two
PROBO vessels increasing the Company's interest to 50% and
improved charter rates on these two vessels. This
improvement was partially offset by 14 days out-of-service
for one of the vessels for scheduled drydocking in the Third
Quarter of 1994.
Income Taxes. The Company provided $2 million for
federal income taxes in the Third Quarter of 1994 at the
statutory rate of 35% as compared to $1.9 million in the
Third Quarter of 1993 at the same rate. Income of
unconsolidated entities and extraordinary items are shown
net of applicable taxes. The Revenue Reconciliation Act of
1993 which was passed in August, 1993 provided a retroactive
tax rate of 35% on taxable income in excess of $10 million
per year beginning January 1, 1993. The higher tax rate
resulted in an adjustment to the Company's current provision
for income taxes in the Third Quarter of 1993 of $101,000
for income earned in 1993 as well as an adjustment of
$764,000 required by FASB Statement No. 109 for tax
provisions made prior to 1993. During the first nine months
of 1994, the Company provided $4.5 million for
11
federal income taxes at the statutory rate of 35% as
compared to a provision of $5.3 million at the same rate in
the first nine months of 1993.
During the first nine months of 1993 the Company
recognized an extraordinary loss of $1.6 million, net of
taxes, resulting from prepayment penalties and the write-
off of deferred loan costs associated with the early payment
of high interest debt and the redemption of preferred stock
from the proceeds of the Company's $100 million Senior Notes
issued in July 1993.
LIQUIDITY AND CAPITAL RESOURCES
The Company's working capital increased from $17.6
million at December 31, 1993 to $24.9 million at September
30, 1994, after provision for current maturities of long-
term debt of $25 million and capital lease obligations of
$9.5 million. Cash and cash equivalents increased during
the first nine months of 1994 by $12.5 million to a total of
$26 million at September 30, 1994.
Positive cash flows were achieved from operating
activities in the first nine months of 1994 in the amount of
$38.1 million. The major source of cash from operations was
net income, adjusted for non-cash provisions such as
depreciation and amortization.
Net cash used for investing activities amounted to
$24.7 million during the first nine months of 1994. Capital
investments included $28.5 million for construction costs of
a molten sulphur carrier, $1.5 million for the refurbishment
of barges, $3.3 million for computer software development
and upgrades, $1.4 million for upgrade work on one of the
Company's vessels and $1.8 million in other miscellaneous
items. Also, the Company added $4.6 million of deferred
charge items, primarily drydocking and vessel survey
expenditures. The Company received approximately $14.8
million from the liquidation of securities, $1 million from
its investments in unconsolidated entities and $623,000 from
the sales of property.
Net cash used by financing activities during the first
nine months of 1994 was $900,000. Uses of cash included
regularly scheduled principal payments of $21.2 million for
debt and lease obligations and $802,000 used to meet
common stock dividend requirements. Partially offsetting
these uses of cash were proceeds in the amount of $21.1
million drawn under an interim financing agreement for the
construction of the Company's molten sulphur carrier.
The Company's molten sulphur carrier was delivered in
early October, 1994 and was named "SULPHUR ENTERPRISE". She
entered a long-term contract with Freeport-McMoRan Resource
Partners ("FRP") carrying molten sulphur between Louisiana
and Westcoast Florida, iN
12
support of FRP production of agricultural fertilizers. As
of September 30, 1994, the Company had paid $43.8 million of
the total cost of approximately $60 million. Of these
costs, $28.8 million was paid during the first nine months
of 1994 and the balance was paid during 1993 and 1992.
Capitalized interest related to this construction totaled
$654,000 for the first nine months of 1994. Interim
construction financing was received through a pool of
commercial banks and was repaid with permanent financing in
October. The Company received financing in the amount of
$43.4 million through U.S. Government Guaranteed Ship
Financing Bonds to cover the permanent fixed rate financing
of approximately 75% of the cost of the vessel.
The Company has entered a long-term contract with P.T.
Freeport Indonesia Company (an affiliate of Freeport-McMoRan
Copper and Gold, Inc.) to provide transportation services
for supplies associated with the operation of a copper and
gold mine on the Indonesian Island of Irian Jaya. The
Company will acquire and convert two semi-submersible barge
carrying vessels and will have 26 cargo barges built to be
used with the aforementioned vessels. The cost of these
capital expenditures is expected to approximate $70 million.
The Company will also charter or acquire a small container
vessel in order to fulfill the requirements of the contract
which is expected to commence late 1995. The Company
anticipates financing a major portion of the cost of these
acquisitions through medium-to long-term loans with
commercial banks.
Two U.S. Flag LASH vessels operating in the Company's
LASH liner service, "ROBERT E. LEE" and "STONEWALL JACKSON",
have been operating under leases since their delivery from
the builders in 1974. These leases provided the Company
with the option to purchase the vessels at the termination
of the leases in October 1994. The Company exercised its
option to purchase these vessels for fair market value as
determined by an appraisal panel organized under the terms
of the lease. The Company has received a commitment for
medium-term financing for approximately 80% of the purchase
and anticipates receipt of the funds during the Fourth
Quarter of 1994.
The Financial Accounting Standards Board issued
Statement No. 112, "Employers' Accounting for Postemployment
Benefits", during 1992. This statement will be adopted in
1994 and is not expected to have a material effect on the
Company's financial position or results of operations.
The Financial Accounting Standards Board issued
Statement No. 115, "Accounting for Certain Investments in
Debt and Equity Securities", during 1993. The Company has
adopted this
13
statement during 1994 and it has not had a material effect
on the Company's financial position or results of
operations.
To meet short-term requirements when fluctuations occur
in working capital, the Company has available three lines of
credit totaling $15 million. At September 30, 1994, these
lines were undrawn.
The Company has not been notified that it is a
potentially responsible party in connection with any
environmental matters.
At a regular meeting held October 19, 1994, the Board
of Directors declared a quarterly dividend of five cents per
share of common stock to be paid on December 16, 1994 to its
stockholders of record as of December 2, 1994.
PART II - OTHER INFORMATION
Item 6.
Exhibits and Reports on Form 8-K
(b) No reports on Form 8-k have been filed for the
nine months ended September 30, 1994.
SIGNATURES
Pursuant to the requirements of the Securities 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
___________________________________
Gary L. Ferguson
Vice President and Chief Financial
Officer
Date: November 10, 1994