[X]
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
|
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 No. 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 No.)
|
11 North Water Street, Suite 18290, | Mobile, Alabama | 36602 |
(Address of principal executive offices) | (Zip Code) |
|
Registrant's telephone number,
including area code: (251)
243-9100
|
Yes þ | No ☐ |
Large accelerated filer ☐ | Accelerated filer þ | Non-accelerated filer ☐ | Smaller Reporting Company ☐ |
Yes ☑
|
No þ |
INTERNATIONAL SHIPHOLDING CORPORATION
|
||||||||||||||||
CONSOLIDATED
STATEMENTS OF INCOME
|
||||||||||||||||
(All
Amounts in Thousands Except Share Data)
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
Three
Months Ended June 30,
|
Six
Months Ended June 30
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
Revenues
|
$ | 58,123 | $ | 47,311 | $ | 113,927 | $ | 95,658 | ||||||||
Operating
Expenses:
|
||||||||||||||||
Voyage
Expenses
|
45,876 | 34,922 | 90,083 | 71,518 | ||||||||||||
Vessel
and Barge Depreciation
|
5,059 | 5,037 | 10,140 | 10,073 | ||||||||||||
Gross
Voyage Profit
|
7,188 | 7,352 | 13,704 | 14,067 | ||||||||||||
Administrative
and General Expenses
|
4,869 | 4,406 | 9,906 | 9,178 | ||||||||||||
Operating
Income
|
2,319 | 2,946 | 3,798 | 4,889 | ||||||||||||
Interest
and Other:
|
||||||||||||||||
Interest
Expense
|
1,576 | 2,555 | 3,631 | 5,165 | ||||||||||||
Loss
on Redemption of Preferred Stock
|
- | - | 1,371 | - | ||||||||||||
(Gain)
Loss on Sale of Investment
|
91 | (350 | ) | 91 | (350 | ) | ||||||||||
Investment
Income
|
(192 | ) | (552 | ) | (437 | ) | (1,211 | ) | ||||||||
1,475 | 1,653 | 4,656 | 3,604 | |||||||||||||
Income
(Loss) from Continuing Operations Before (Benefit)
|
||||||||||||||||
Provision
for Income Taxes and Equity in Net Income
|
||||||||||||||||
of
Unconsolidated Entities
|
844 | 1,293 | (858 | ) | 1,285 | |||||||||||
(Benefit)
Provision for Income Taxes:
|
||||||||||||||||
Deferred
|
(614 | ) | (586 | ) | (1,814 | ) | (899 | ) | ||||||||
State
|
9 | (7 | ) | 25 | (4 | ) | ||||||||||
(605 | ) | (593 | ) | (1,789 | ) | (903 | ) | |||||||||
Equity
in Net Income of Unconsolidated
|
||||||||||||||||
Entities
(Net of Applicable Taxes)
|
16,576 | 1,580 | 17,782 | 2,616 | ||||||||||||
Income
from Continuing Operations
|
18,025 | 3,466 | 18,713 | 4,804 | ||||||||||||
Gain
from Discontinued Operations
|
||||||||||||||||
(Loss)
before benefits for income taxes
|
- | (929 | ) | - | (2,055 | ) | ||||||||||
(Loss)
Gain on Sale of Liner Assets
|
(9 | ) | 4,425 | 4,588 | 8,953 | |||||||||||
(Provision)
for Income Taxes
|
- | (9 | ) | (471 | ) | (9 | ) | |||||||||
Net
(Loss) Income from Discontinued Operations
|
(9 | ) | 3,487 | 4,117 | 6,889 | |||||||||||
Net
Income
|
$ | 18,016 | $ | 6,953 | $ | 22,830 | $ | 11,693 | ||||||||
Preferred
Stock Dividends
|
- | 600 | 88 | 1,200 | ||||||||||||
Net
Income Available to Common Stockholders
|
$ | 18,016 | $ | 6,353 | $ | 22,742 | $ | 10,493 | ||||||||
Basic
and Diluted Earnings Per Common Share:
|
||||||||||||||||
Net
Income Available to Common Stockholders
|
||||||||||||||||
Continuing
Operations
|
$ | 2.38 | $ | 0.46 | $ | 2.51 | $ | 0.58 | ||||||||
Discontinued
Operations
|
$ | 0.00 | $ | 0.55 | 0.55 | 1.11 | ||||||||||
$ | 2.38 | $ | 1.01 | $ | 3.06 | $ | 1.69 | |||||||||
Net
Income Available to Common Stockholders - Diluted
|
||||||||||||||||
Continuing
Operations
|
$ | 2.37 | $ | 0.42 | $ | 2.41 | $ | 0.58 | ||||||||
Discontinued
Operations
|
$ | 0.00 | $ | 0.42 | 0.53 | 0.84 | ||||||||||
$ | 2.37 | $ | 0.84 | $ | 2.94 | $ | 1.42 | |||||||||
Weighted
Average Shares of Common Stock Outstanding:
|
||||||||||||||||
Basic
|
7,585,207 | 6,277,955 | 7,433,281 | 6,199,010 | ||||||||||||
Diluted
|
7,602,314 | 8,281,163 | 7,775,169 | 8,217,540 |
INTERNATIONAL SHIPHOLDING CORPORATION
|
||||||||
CONSOLIDATED
BALANCE SHEETS
|
||||||||
(All
Amounts in Thousands Except Share Data)
|
||||||||
(Unaudited)
|
||||||||
June
30,
|
December
31,
|
|||||||
ASSETS
|
2008
|
2007
|
||||||
Current
Assets:
|
||||||||
Cash
and Cash Equivalents
|
$ | 16,971 | $ | 14,103 | ||||
Marketable
Securities
|
3,511 | 5,578 | ||||||
Accounts
Receivable, Net of Allowance for Doubtful Accounts
|
||||||||
of
$182 and $227 in 2008 and 2007:
|
||||||||
Traffic
|
5,989 | 9,637 | ||||||
Agents'
|
2,919 | 1,804 | ||||||
Other
|
8,864 | 9,233 | ||||||
Net
Investment in Direct Financing Leases
|
7,761 | 7,391 | ||||||
Other
Current Assets
|
2,211 | 2,327 | ||||||
Material
and Supplies Inventory, at Lower of Cost or Market
|
2,666 | 2,665 | ||||||
Current
Assets Held for Disposal
|
- | 9,105 | ||||||
Total
Current Assets
|
50,892 | 61,843 | ||||||
Investment
in Unconsolidated Entities
|
32,023 | 16,326 | ||||||
Net
Investment in Direct Financing Leases
|
105,380 | 107,208 | ||||||
Vessels,
Property, and Other Equipment, at Cost:
|
||||||||
Vessels
and Barges
|
337,197 | 335,511 | ||||||
Leasehold
Improvements
|
26,128 | 29,530 | ||||||
Other
Equipment
|
2,076 | 2,077 | ||||||
Furniture
and Equipment
|
5,600 | 6,009 | ||||||
371,001 | 373,127 | |||||||
Less
- Accumulated Depreciation
|
(159,282 | ) | (147,484 | ) | ||||
211,719 | 225,643 | |||||||
Other
Assets:
|
||||||||
Deferred
Charges, Net of Accumulated Amortization
|
12,986 | 15,337 | ||||||
of
$17,594 and $9,781 in 2008 and 2007, Respectively
|
||||||||
Acquired
Contract Costs, Net of Accumulated Amortization
|
2,547 | 3,274 | ||||||
of
$27,979 and $27,251 in 2008 and 2007, Respectively
|
||||||||
Due
from Related Parties
|
6,205 | 5,897 | ||||||
Other
|
5,023 | 5,127 | ||||||
26,761 | 29,635 | |||||||
$ | 426,775 | $ | 440,655 |
INTERNATIONAL
SHIPHOLDING CORPORATION
|
||||||||
CONSOLIDATED
BALANCE SHEETS
|
||||||||
(All
Amounts in Thousands Except Share Data)
|
||||||||
(Unaudited)
|
||||||||
June
30,
|
December
31,
|
|||||||
2008
|
2007
|
|||||||
LIABILITIES
AND STOCKHOLDERS' INVESTMENT
|
||||||||
Current
Liabilities:
|
||||||||
Current
Maturities of Long-Term Debt
|
$ | 12,842 | $ | 12,681 | ||||
Accounts
Payable and Accrued Liabilities
|
27,985 | 23,546 | ||||||
Current
Liabilities on Assets Held for Disposal
|
- | 2,427 | ||||||
Total
Current Liabilities
|
40,827 | 38,654 | ||||||
Billings
in Excess of Income Earned and Expenses Incurred
|
(335 | ) | (363 | ) | ||||
Long-Term
Debt, Less Current Maturities
|
126,164 | 130,523 | ||||||
Other
Long-Term Liabilities:
|
||||||||
Deferred
Income Taxes
|
7,309 | 9,072 | ||||||
Lease
Incentive Obligation
|
8,979 | 13,789 | ||||||
Other
|
32,170 | 37,724 | ||||||
48,458 | 60,585 | |||||||
Commitments
and Contingent Liabilities
|
||||||||
Convertible
Exchangeable Preferred Stock
|
- | 37,554 | ||||||
Stockholders'
Investment:
|
||||||||
Common
Stock
|
8,357 | 7,193 | ||||||
Additional
Paid-In Capital
|
80,834 | 60,177 | ||||||
Retained
Earnings
|
139,750 | 117,008 | ||||||
Treasury
Stock
|
(15,377 | ) | (8,704 | ) | ||||
Accumulated
Other Comprehensive (Loss)
|
(1,903 | ) | (1,972 | ) | ||||
211,661 | 173,702 | |||||||
$ | 426,775 | $ | 440,655 |
INTERNATIONAL SHIPHOLDING CORPORATION
|
||||||||
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
||||||||
(All
Amounts in Thousands)
|
||||||||
(Unaudited)
|
||||||||
Six
Months Ended June 30,
|
||||||||
2008
|
2007
|
|||||||
Cash
Flows from Operating Activities:
|
||||||||
Net
Income
|
$ | 22,830 | $ | 11,693 | ||||
Adjustments
to Reconcile Net Income to Net Cash Provided by
|
||||||||
Operating
Activities:
|
||||||||
Depreciation
|
10,329 | 12,136 | ||||||
Amortization
of Deferred Charges and Other Assets
|
4,307 | 4,665 | ||||||
Benefit
for Deferred Federal Income Taxes
|
(1,343 | ) | (899 | ) | ||||
Loss
on Early Redemption of Preferred Stock
|
1,371 | - | ||||||
Equity
in Net Income of Unconsolidated Entities
|
(17,782 | ) | (2,616 | ) | ||||
Distributions
from Unconsolidated Entities
|
2,500 | 1,000 | ||||||
(Gain)
on Sale of Assets
|
(4,588 | ) | (8,941 | ) | ||||
(Gain)
Loss on Sale of Investments
|
91 | (357 | ) | |||||
Deferred
Drydocking Charges
|
(1,473 | ) | (3,330 | ) | ||||
Changes
in:
|
||||||||
Accounts
Receivable
|
2,902 | 4,656 | ||||||
Inventories
and Other Current Assets
|
2,001 | (298 | ) | |||||
Other
Assets
|
19 | 206 | ||||||
Accounts
Payable and Accrued Liabilities
|
1,923 | 67 | ||||||
Billings
in Excess of Income Earned and Expenses Incurred
|
28 | (701 | ) | |||||
Other
Long-Term Liabilities
|
(3,379 | ) | (1,081 | ) | ||||
Net
Cash Provided by Operating Activities
|
19,736 | 16,200 | ||||||
Cash
Flows from Investing Activities:
|
||||||||
Principal
payments received under Direct Financing Leases
|
3,686 | 2,133 | ||||||
Capital
Improvements to Vessels, Leasehold Improvements, and Other
Assets
|
(2,414 | ) | (11,657 | ) | ||||
Proceeds
from Sale of Assets
|
10,799 | 14,745 | ||||||
Purchase
of and Proceeds from Short Term Investments
|
2,040 | 480 | ||||||
Investment
in Unconsolidated Entities
|
- | 11 | ||||||
Decrease
in Related Party Note Receivables
|
15 | 15 | ||||||
Net
Cash Provided by Investing Activities
|
14,126 | 5,727 | ||||||
Cash
Flows from Financing Activities:
|
||||||||
Redemption
of Preferred Stock
|
(17,306 | ) | - | |||||
Common
Stock Repurchase
|
(6,673 | ) | ||||||
Proceeds
from Issuance of Common Stock
|
- | 5,429 | ||||||
Repayment
of Debt
|
(6,443 | ) | (6,156 | ) | ||||
Additions
to Deferred Financing Charges
|
(484 | ) | (97 | ) | ||||
Preferred
Stock Dividends Paid
|
(88 | ) | (1,200 | ) | ||||
Other
Financing Activities
|
- | (8 | ) | |||||
Net
Cash Used by Financing Activities
|
(30,994 | ) | (2,032 | ) | ||||
Net
Increase in Cash and Cash Equivalents
|
2,868 | 19,895 | ||||||
Cash
and Cash Equivalents at Beginning of Period
|
14,103 | 44,273 | ||||||
Cash
and Cash Equivalents at End of Period
|
$ | 16,971 | $ | 64,168 |
(All
Amounts in Thousands)
|
||||||||||||||||
Three
Months Ended June 30,
|
Six
Months Ended June 30,
|
|||||||||||||||
Components
of net periodic benefit cost:
|
2008
|
2007
|
2008
|
2007
|
||||||||||||
Service
cost
|
$ | 146 | $ | 156 | $ | 292 | $ | 312 | ||||||||
Interest
cost
|
351 | 333 | 702 | 666 | ||||||||||||
Expected
return on plan assets
|
(440 | ) | (424 | ) | (880 | ) | (848 | ) | ||||||||
Net
periodic benefit cost
|
$ | 57 | $ | 65 | $ | 114 | $ | 130 |
(All
Amounts in Thousands)
|
||||||||||||||||
Three
Months Ended June 30,
|
Six
Months Ended June 30,
|
|||||||||||||||
Components
of net periodic benefit cost:
|
2008
|
2007
|
2008
|
2007
|
||||||||||||
Service
cost
|
$ | 3 | $ | 15 | $ | 6 | $ | 30 | ||||||||
Interest
cost
|
109 | 112 | 218 | 224 | ||||||||||||
Amortization
of prior service cost
|
(3 | ) | (4 | ) | (6 | ) | (8 | ) | ||||||||
Net
periodic benefit cost
|
$ | 109 | $ | 123 | $ | 218 | $ | 246 | ||||||||
Time
Charter
|
Rail-Ferry
|
|||||||||||||||||||
(All
Amounts in Thousands)
|
Contracts
|
COA
|
Service
|
Other
|
Total
|
|||||||||||||||
2008
|
||||||||||||||||||||
Revenues
from External Customers
|
$ | 41,526 | $ | 5,011 | $ | 10,889 | $ | 697 | $ | 58,123 | ||||||||||
Intersegment
Revenues (Eliminated)
|
- | - | - | 3,122 | 3,122 | |||||||||||||||
Intersegment
Expenses (Eliminated)
|
- | - | - | (3,122 | ) | (3,122 | ) | |||||||||||||
Voyage
Expenses
|
32,116 | 4,992 | 8,632 | 136 | 45,876 | |||||||||||||||
Vessel
and Barge Depreciation
|
3,713 | - | 1,342 | 4 | 5,059 | |||||||||||||||
Gross
Voyage Profit
|
5,697 | 19 | 915 | 557 | 7,188 | |||||||||||||||
Interest
Expense
|
1,190 | - | 389 | (3 | ) | 1,576 | ||||||||||||||
Segment
Profit
|
4,507 | 19 | 526 | 560 | 5,612 | |||||||||||||||
2007
|
||||||||||||||||||||
Revenues
from External Customers
|
$ | 40,214 | $ | 4,236 | $ | 2,798 | $ | 63 | $ | 47,311 | ||||||||||
Intersegment
Revenues Eliminated
|
- | - | - | 2,856 | 2,856 | |||||||||||||||
Intersegment
Expenses (Eliminated)
|
- | - | - | (2,856 | ) | (2,856 | ) | |||||||||||||
Voyage
Expenses
|
28,987 | 2,827 | 3,256 | (148 | ) | 34,922 | ||||||||||||||
Vessel
and Barge Depreciation
|
3,572 | 605 | 860 | - | 5,037 | |||||||||||||||
Gross
Voyage (Loss) Profit
|
7,655 | 804 | (1,318 | ) | 211 | 7,352 | ||||||||||||||
Interest
Expense
|
1,775 | 335 | 528 | (83 | ) | 2,555 | ||||||||||||||
Segment
(Loss) Profit
|
5,880 | 469 | (1,846 | ) | 294 | 4,797 |
Time
Charter
|
Rail-Ferry
|
|||||||||||||||||||
(All
Amounts in Thousands)
|
Contracts
|
COA
|
Service
|
Other
|
Total
|
|||||||||||||||
2008
|
||||||||||||||||||||
Revenues
from External Customers
|
$ | 83,048 | $ | 9,860 | $ | 19,138 | $ | 1,881 | $ | 113,927 | ||||||||||
Intersegment
Revenues (Eliminated)
|
- | - | - | 6,248 | 6,248 | |||||||||||||||
Intersegment
Expenses (Eliminated)
|
- | - | - | (6,248 | ) | (6,248 | ) | |||||||||||||
Voyage
Expenses
|
64,199 | 9,027 | 16,210 | 647 | 90,083 | |||||||||||||||
Vessel
and Barge Depreciation
|
7,426 | - | 2,707 | 7 | 10,140 | |||||||||||||||
Gross
Voyage Profit
|
11,423 | 833 | 221 | 1,227 | 13,704 | |||||||||||||||
Interest
Expense
|
2,752 | - | 879 | - | 3,631 | |||||||||||||||
Segment
(Loss) Profit
|
8,671 | 833 | (658 | ) | 1,227 | 10,073 | ||||||||||||||
2007
|
||||||||||||||||||||
Revenues
from External Customers
|
$ | 79,551 | $ | 8,517 | $ | 6,571 | $ | 1,019 | $ | 95,658 | ||||||||||
Intersegment
Revenues Eliminated
|
- | - | - | 3,887 | 3,887 | |||||||||||||||
Intersegment
Expenses (Eliminated)
|
- | - | - | (3,887 | ) | (3,887 | ) | |||||||||||||
Voyage
Expenses
|
58,214 | 5,441 | 7,054 | 809 | 71,518 | |||||||||||||||
Vessel
and Barge Depreciation
|
7,143 | 1,209 | 1,721 | - | 10,073 | |||||||||||||||
Gross
Voyage Profit (Loss)
|
14,194 | 1,867 | (2,204 | ) | 210 | 14,067 | ||||||||||||||
Interest
Expense
|
3,445 | 647 | 1,011 | 62 | 5,165 | |||||||||||||||
Segment
(Loss) Profit
|
10,749 | 1,220 | (3,215 | ) | 148 | 8,902 |
(All
Amounts in Thousands)
|
Three
Months Ended June 30,
|
Six
Months Ended June 30,
|
||||||||||||||
Profit
or Loss:
|
2008
|
2007
|
2008
|
2007
|
||||||||||||
Total
Profit for Reportable Segments
|
$ | 5,612 | $ | 4,797 | $ | 10,073 | $ | 8,902 | ||||||||
Unallocated
Amounts:
|
||||||||||||||||
Administrative
and General Expenses
|
(4,869 | ) | (4,406 | ) | (9,906 | ) | (9,178 | ) | ||||||||
Gain
(Loss) on Sale of Investment
|
(91 | ) | 350 | (91 | ) | 350 | ||||||||||
Investment
Income
|
192 | 552 | 437 | 1,211 | ||||||||||||
Loss
on Redemption of Preferred Stock
|
- | - | (1,371 | ) | - | |||||||||||
Income
(Loss) from Continuing Operations Before (Benefit) Provision
for
|
||||||||||||||||
Income
Taxes and Equity in Net Income of Unconsolidated Entities
|
$ | 844 | $ | 1,293 | $ | (858 | ) | $ | 1,285 |
Three
Months Ended June 30,
|
Six
Months Ended June 30,
|
|||||||||||||||
(Amounts
in Thousands)
|
2008
|
2007
|
2008
|
2007
|
||||||||||||
Operating
Revenues
|
$ | 6,761 | $ | 7,774 | $ | 13,408 | $ | 14,096 | ||||||||
Operating
Income
|
$ | 3,669 | $ | 4,701 | $ | 7,184 | $ | 7,977 | ||||||||
Net
Income
|
$ | 32,811 | $ | 3,129 | $ | 34,937 | $ | 4,729 |
Three
Months Ended June 30,
|
Six
Months Ended June 30,
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
Numerator
|
||||||||||||||||
Net
Income (Loss) Available to Common Stockholders –
Basic
|
||||||||||||||||
Continuing
*
|
$ | 18,025 | $ | 2,866 | $ | 18,625 | $ | 3,604 | ||||||||
Discontinued
|
(9 | ) | 3,487 | 4,117 | 6,889 | |||||||||||
$ | 18,016 | $ | 6,353 | $ | 22,742 | $ | 10,493 | |||||||||
Net
Income (Loss) - Diluted
|
||||||||||||||||
Continuing
|
$ | 18,025 | $ | 3,466 | $ | 18,713 | $ | 4,804 | ||||||||
Discontinued
|
(9 | ) | 3,487 | 4,117 | 6,889 | |||||||||||
$ | 18,016 | $ | 6,953 | $ | 22,830 | $ | 11,693 | |||||||||
Denominator
|
||||||||||||||||
Weighted
Avg Share of Common Stock Outstanding:
|
||||||||||||||||
Basic
|
7,585,207 | 6,277,955 | 7,433,281 | 6,199,010 | ||||||||||||
Plus:
|
||||||||||||||||
Effect
of dilutive restrictive stock
|
17,107 | - | 8,554 | - | ||||||||||||
Effect
of dilutive stock options
|
- | 3,208 | - | 18,530 | ||||||||||||
Effect
of dilutive convertible shares from preferred
stock
|
- | 2,000,000 | 333,334 | 2,000,000 | ||||||||||||
Diluted
|
7,602,314 | 8,281,163 | 7,775,169 | 8,217,540 | ||||||||||||
Basic
and Diluted Earnings Per Common Share
|
||||||||||||||||
Net
Income Available to Common Stockholders - Basic
|
||||||||||||||||
Continuing
Operations
|
$ | 2.38 | $ | 0.46 | $ | 2.51 | $ | 0.58 | ||||||||
Discontinued
Operations
|
0.00 | 0.55 | 0.55 | 1.11 | ||||||||||||
$ | 2.38 | $ | 1.01 | $ | 3.06 | $ | 1.69 | |||||||||
Net
Income Available to Common Stockholders - Diluted
|
||||||||||||||||
Continuing
Operations
|
$ | 2.37 | $ | 0.42 | $ | 2.41 | $ | 0.58 | ||||||||
Discontinued
Operations
|
0.00 | 0.42 | 0.53 | 0.84 | ||||||||||||
$ | 2.37 | $ | 0.84 | $ | 2.94 | $ | 1.42 | |||||||||
*
Income from Continuing Operations less Preferred Stock
Dividends
|
Three
Months Ended June 30,
|
||||||||
(Amounts
in Thousands)
|
2008
|
2007
|
||||||
Net
Income
|
$ | 18,016 | $ | 6,953 | ||||
Other
Comprehensive Income (Loss):
|
||||||||
Unrealized
Holding Loss on Marketable Securities, Net of
Deferred
Taxes of $107 and ($348), Respectively
|
199 | (646 | ) | |||||
Net
Change in Fair Value of Derivatives, Net of Deferred Taxes
of
$184 and $97, Respectively
|
4,716 | 689 | ||||||
Total
Comprehensive Income
|
$ | 22,931 | $ | 6,996 |
Six
Months Ended June 30,
|
||||||||
(Amounts
in Thousands)
|
2008
|
2007
|
||||||
Net
Income
|
$ | 22,830 | $ | 11,693 | ||||
Other
Comprehensive Income (Loss):
|
||||||||
Unrealized
Holding (Loss) on Marketable Securities, Net of
Deferred
Taxes of ($23) and ($202), Respectively
|
(46 | ) | (375 | ) | ||||
Net
Change in Fair Value of Derivatives, Net of Deferred Taxes
of
$27 and $9, Respectively
|
115 | 355 | ||||||
Total
Comprehensive Income
|
$ | 22,899 | $ | 11,673 |
w
|
Level 3 Inputs -
Unobservable inputs for determining the fair values of assets or
liabilities that reflect an entity's own assumptions about the assumptions
that market participants would use in pricing the assets or
liabilities.
|
(Amounts
in thousands)
|
Level
1 Inputs
|
Level
2 Inputs
|
Level
3 Inputs
|
Total
Fair Value
|
||||||||||||
Marketable
securities
|
3,511 | - | - | 3,511 | ||||||||||||
Derivative
assets
|
- | 94 | - | 94 | ||||||||||||
Derivative
liabilities
|
- | (1,381 | ) | - | (1,381 | ) |
Shares
|
Weighted
Avg. Fair Value Per Share
|
|||||||
Non-vested
- April 1, 2008
|
- | - | ||||||
Shares
Granted
|
175,000 | $ | 18.40 | |||||
Shares
Vested
|
- | - | ||||||
Shares
Forfeited
|
- | - | ||||||
Non-vested
- June 30, 2008
|
175,000 | $ | 18.40 |
Grant
Date
|
2008
|
2009
|
2010
|
2011
|
2012
|
Total
|
||||||||||||||||||
April
30, 2008
|
$ | 757,000 | $ | 1,135,000 | $ | 894,000 | $ | 401,000 | $ | 33,000 | $ | 3,220,000 | ||||||||||||
Time
Charter
|
Rail-Ferry
|
|||||||||||||||||||
(All
Amounts in Thousands)
|
Contracts
|
COA
|
Service
|
Other
|
Total
|
|||||||||||||||
2008
|
||||||||||||||||||||
Revenues
from External Customers
|
$ | 83,048 | $ | 9,860 | $ | 19,138 | $ | 1,881 | $ | 113,927 | ||||||||||
Voyage
Expenses
|
64,199 | 9,027 | 16,210 | 647 | 90,083 | |||||||||||||||
Vessel
and Barge Depreciation
|
7,426 | - | 2,707 | 7 | 10,140 | |||||||||||||||
Gross
Voyage Profit
|
11,423 | 833 | 221 | 1,227 | 13,704 | |||||||||||||||
2007
|
||||||||||||||||||||
Revenues
from External Customers
|
$ | 79,551 | $ | 8,517 | $ | 6,571 | $ | 1,019 | $ | 95,658 | ||||||||||
Voyage
Expenses
|
58,214 | 5,441 | 7,054 | 809 | 71,518 | |||||||||||||||
Vessel
and Barge Depreciation
|
7,143 | 1,209 | 1,721 | - | 10,073 | |||||||||||||||
Gross
Voyage (Loss) Profit
|
14,194 | 1,867 | (2,204 | ) | 210 | 14,067 |
(Amounts
in Thousands)
|
Year
to Date as of
June
30,
|
|||||||||||
A&G
Account
|
2008
|
2007
|
Variance
|
|||||||||
Wages
& Benefits
|
$ | 5,037 | $ | 4,520 | $ | 517 | ||||||
Legal/Accounting
Fees
|
760 | 540 | 220 | |||||||||
Office
Building (Leases)
|
506 | 510 | (4 | ) | ||||||||
Relocation
Expenses
|
459 | 630 | (171 | ) | ||||||||
Other
|
3,144 | 2,978 | 166 | |||||||||
TOTAL:
|
$ | 9,906 | $ | 9,178 | $ | 728 |
Time
Charter
|
Rail-Ferry
|
|||||||||||||||||||
(All
Amounts in Thousands)
|
Contracts
|
COA
|
Service
|
Other
|
Total
|
|||||||||||||||
2008
|
||||||||||||||||||||
Revenues
from External Customers
|
$ | 41,526 | $ | 5,011 | $ | 10,889 | $ | 697 | $ | 58,123 | ||||||||||
Voyage
Expenses
|
32,116 | 4,992 | 8,632 | 136 | 45,876 | |||||||||||||||
Vessel
and Barge Depreciation
|
3,713 | - | 1,342 | 4 | 5,059 | |||||||||||||||
Gross
Voyage Loss Profit
|
5,697 | 19 | 915 | 557 | 7,188 | |||||||||||||||
2007
|
||||||||||||||||||||
Revenues
from External Customers
|
$ | 40,214 | $ | 4,236 | $ | 2,798 | $ | 63 | $ | 47,311 | ||||||||||
Voyage
Expenses
|
28,987 | 2,827 | 3,256 | (148 | ) | 34,922 | ||||||||||||||
Vessel
and Barge Depreciation
|
3,572 | 605 | 860 | - | 5,037 | |||||||||||||||
Gross
Voyage (Loss) Profit
|
7,655 | 804 | (1,318 | ) | 211 | 7,352 |
(Amounts in
Thousands)
|
Three
Months Ended
June
30,
|
|||||||||||
A&G
Account
|
2008
|
2007
|
Variance
|
|||||||||
Wages
& Benefits
|
$ | 2,605 | $ | 2,308 | $ | 297 | ||||||
Legal/Accounting
Fees
|
348 | 278 | 70 | |||||||||
Office
Building (Leases)
|
233 | 291 | (58 | ) | ||||||||
Relocation
Expenses
|
197 | 115 | 82 | |||||||||
Other
|
1,486 | 1,414 | 72 | |||||||||
TOTAL:
|
$ | 4,869 | $ | 4,406 | $ | 463 |
ISSUER
PURCHASES OF EQUITY SECURITIES
|
||||||||||||||||
Period
|
(a)
Total Number of Shares Purchased
|
(b)
Average Price Paid per Share
|
(c)
Total Number of Shares Purchased as Part of Publicly Announced
Plan
|
(d)
Maximum Number of Shares that May Yet Be Purchased Under the
Plan
|
||||||||||||
May
1, 2008 - May 31, 2008
|
136,200 | $ | 22.098 | 136,200 | 863,800 | |||||||||||
June
1, 2008 - June 30, 2008
|
153,141 | $ | 24.053 | 153,141 | 710,659 |
3.1
|
Restated
Certificate of Incorporation of the Registrant (filed with the Securities
and Exchange Commission as Exhibit 3.1 to the Registrant's Form 10-Q for
the quarterly period ended September 30, 2004 and incorporated herein by
reference)
|
3.2*
|
By-Laws
of the Registrant
|
4.1
|
Specimen
of Common Stock Certificate (filed as an exhibit to the Registrant's Form
8-A filed with the Securities and Exchange Commission on April 25, 1980
and incorporated herein by
reference)
|
10.1
|
Credit
Agreement, dated as of September 30, 2003, by and among LCI Shipholdings,
Inc. and Central Gulf Lines, Inc., as Joint and Several Borrowers, the
banks and financial institutions listed therein, as Lenders, Deutsche
Schiffsbank Aktiengesellschaft as Facility Agent and Security Trustee, DnB
NOR Bank ASA, as Documentation Agent, and the Registrant, as Guarantor
(filed with the Securities and Exchange Commission as Exhibit 10.2 to
Pre-Effective Amendment No. 2, dated December 10, 2004 and filed with the
Securities and Exchange Commission on December 10, 2004, to the
Registrant's Registration Statement on Form S-1 (Registration No.
333-120161) and incorporated herein by
reference)
|
10.2
|
Credit
Agreement, dated as of December 6, 2004, by and among LCI Shipholdings,
Inc., Central Gulf Lines, Inc. and Waterman Steamship Corporation, as
Borrowers, the banks and financial institutions listed therein, as
Lenders, Whitney National Bank, as Administrative Agent, Security Trustee
and Arranger, and the Registrant, Enterprise Ship Company, Inc., Sulphur
Carriers, Inc., Gulf South Shipping PTE Ltd. and CG Railway, Inc., as
Guarantors (filed with the Securities and Exchange Commission as Exhibit
10.3 to Pre-Effective Amendment No. 2, dated December 10, 2004 and filed
with the Securities and Exchange Commission on December 10, 2004, to the
Registrant's Registration Statement on Form S-1 (Registration No.
333-120161) and incorporated herein by
reference)
|
10.3
|
Credit
Agreement, dated September 26, 2005, by and among Central Gulf Lines,
Inc., as Borrower, the banks and financial institutions listed therein, as
Lenders, DnB NOR Bank ASA, as Facility Agent and Arranger, and Deutsche
Schiffsbank Aktiengesellschaft, as Security Trustee and Arranger, and the
Registrant, as Guarantor (filed with the Securities and Exchange
Commission as Exhibit 10.1 to the Registrant's Current Report on Form 8-K
dated September 30, 2005 and incorporated herein by
reference)
|
10.4
|
Credit
Agreement, dated December 13, 2005, by and among CG Railway, Inc., as
Borrower, the investment company, Liberty Community Ventures III, L.L.C.,
as Lender, and the Registrant, as Guarantor (filed with the Securities and
Exchange Commission as Exhibit 10.4 to the Registrant's Form 10-K for the
annual period ended December 31, 2005 and incorporated herein by
reference)
|
10.5
|
Consulting
Agreement, dated January 1, 2006, between the Registrant and Niels W.
Johnsen (filed with the Securities and Exchange Commission as Exhibit 10.5
to the Registrant's Form 10-K for the annual period ended December 31,
2005 and incorporated herein by
reference)
|
10.6
|
Consulting
Agreement, dated April 30, 2007, between the Registrant and Erik F.
Johnsen (filed with the Securities and Exchange Commission as Exhibit 10.6
to the Registrant’s Form 10-K for the annual period ended December 31,
2007 and incorporated herein by
reference)
|
10.7
|
International
Shipholding Corporation Stock Incentive Plan (filed with the Securities
and Exchange Commission as Exhibit 10.5 to the Registrant's Form 10-K for
the annual period ended December 31, 2004 and incorporated herein by
reference)
|
10.8
|
Form
of Stock Option Agreement for the Grant of Non-Qualified Stock Options
under the International Shipholding Corporation Stock Incentive Plan
(filed with the Securities and Exchange Commission as Exhibit 10.6 to the
Registrant's Form 10-K for the annual period ended December 31, 2004 and
incorporated herein by
reference)
|
10.9
|
Description
of Life Insurance Benefits Provided by the Registrant to Niels W. Johnsen
and Erik F. Johnsen Plan (filed with the Securities and Exchange
Commission as Exhibit 10.8 to the Registrant's Form 10-K for the annual
period ended December 31, 2004 and incorporated herein by
reference)
|
10.10
|
Memorandum
of Agreement of the Registrant, dated as of August 24, 2007, providing for
the Registrant’s purchase of one 6400 CEU Panamanian flagged pure car and
truck carrier (filed with the Securities and Exchange Commission as
Exhibit 10.10 to the Registrant's Form 10-K for the annual period ended
December 31, 2007 and incorporated herein by reference) (Confidential
treatment requested on certain portions of this exhibit. An
unredacted version of this exhibit has been filed separately with the
Securities and Exchange
Commission.)
|
10.11
|
Loan
Agreement, dated as of September 10, 2007, by and amongWaterman Steamship
Corporation, as borrower, the Registrant, as guarantor, DnB NOR Bank ASA,
as facility agent and security trustee. (filed with the Securities and
Exchange Commission as Exhibit 10.11 to the Registrant's Form 10-K for the
annual period ended December 31, 2007 and incorporated herein by
reference)
|
10.12
|
SHIPSALES
Agreement, dated as of September 21, 2007, by and between East Gulf
Shipholding, Inc., as buyer, and Clio Marine Inc., as seller. (filed with
the Securities and Exchange Commission as Exhibit 10.12 to the
Registrant's Form 10-K for the annual period ended December 31, 2007 and
incorporated herein by reference) (Confidential treatment requested on
certain portions of this exhibit. An unredacted version of this
exhibit has been filed separately with the Securities and Exchange
Commission.)
|
10.13
|
Facility
Agreement, dated as of January 23, 2008, by and among East Gulf
Shipholding, Inc., as borrower, the Registrant, as guarantor, the banks
and financial institutions party thereto, as lenders, DnB NOR Bank ASA, as
facility agent, and Deutsche Schiffsbank Aktiengesellschaft, as security
trustee. (filed with the Securities and Exchange Commission as Exhibit
10.13 to the Registrant's Form 10-K for the annual period ended December
31, 2007 and incorporated herein by
reference)
|
10.14*
|
Change
of Control Agreement, by and between the registrant and Niels M. Johnsen,
effective as of August 6,
2008.
|
10.15*
|
Change
of Control Agreement, by and between the registrant and Erik L. Johnsen,
effective as of August 6,
2008.
|
10.16*
|
Change
of Control Agreement, by and between the registrant and Manuel G. Estrada,
effective as of August 6,
2008.
|
31.1*
|
Certification
of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002
|
31.2*
|
Certification
of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002
|
32.1*
|
Certification
of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350 as Adopted
Pursuant to Section 906 of the Sarbanes-Oxley Act of
2002
|
32.2*
|
Certification
of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350 as Adopted
Pursuant to Section 906 of the Sarbanes-Oxley Act of
2002
|
*
filed with this report
|