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
Date of Report (Date of Earliest Event Reported): July 26, 2006
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INTERNATIONAL SHIPHOLDING CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware 2-63322 36-2989662
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
650 Poydras Street, New Orleans, Louisiana 70130
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (504) 529-5461
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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 July 28, 2006, International Shipholding Corporation issued a press
release reporting its financial results for the second quarter of 2006. A copy
of the press release is furnished as Exhibit 99.1 and incorporated herein by
reference.
Item 2.06. Material Impairments
On June 27, 2006, International Shipholding Corporation filed a Form 8-K to
report the announcement of our intention to relocate the U.S. terminal
operations of our Rail-Ferry Service from New Orleans, Louisiana to Mobile,
Alabama during the first quarter of 2007. The relocation of the terminal is the
result of the closure of the Mississippi River Gulf Outlet ("MR-GO") where the
terminal is located to deep-draft shipping subsequent to Hurricane Katrina.
At the time of that filing, we were reviewing our options for future
utilization of the assets that will remain at the New Orleans terminal. The
Company's management has since determined that our net investment in those
assets of $8.866 million has been fully impaired as a result of the closure of
the MR-GO to deep-draft shipping. Management reported this conclusion to the
Board of Directors on July 26, 2006, and the Board agrees with management's
determination. Accordingly, an impairment loss of $8.866 million was recorded
during the second quarter of 2006. The circumstances associated with the
impairment loss are further described in the press release reporting our
financial results for the second quarter of 2006, which is included as Exhibit
99.1 of this filing.
Item 9.01. Financial Statements and Exhibits.
(c) Exhibit
Exhibit Number Document
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99.1 Press Release dated July 28, 2006
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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
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Manuel G. Estrada
Vice President and Chief Financial Officer
Date July 28, 2006
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