International Shipholding Corp. has a market cap of $198.9 million; its shares were traded at around $27.47 with a P/E ratio of 4.6 and P/S ratio of 0.5. The dividend yield of International Shipholding Corp. stocks is 5.5%.ISH is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:The Company reported a loss of $13.8 million for the third quarter of 2010 reflecting an impairment charge of $25.4 million associated with the write down of our Rail-Ferry assets. Excluding the impairment charge, the net income is $11.6 million as compared to $11.3 million for the same period in 2009. Overall consolidated revenues decreased by $17.9 million primarily as a result of lower supplemental cargoes partially offset by an increase in operating days on our Coal Carrier and the three vessels we operate for the Military Sealift Command (“MSC”). Total consolidated gross profits improved from $15.5 million to $19.5 million after excluding the impairment charge of $25.4 million this quarter primarily due to prior year voyage cost reimbursements of $3.2 million associated with our supplemental cargoes and extending the depreciable life on our Coal Carrier, partially offset by lower supplemental cargo volumes. Other events in the third quarter include:
§ Improvement in gross profits from $700,000 to $3.0 million.
The increase in the segment s gross voyage profit from $12.7 million in the third quarter of 2009 to $14.0 million in the third quarter of 2010 was primarily due to a reduction in depreciation costs of $1.4 million associated with extending the life of our Coal Carrier in the first quarter 2010 to match the length of a new contract and collection of reimbursable port costs of $3.2 million associated with our supplemental cargoes.
Time Charter Contracts-International Flag: Revenues decreased from $12.2 million in the third quarter of 2009 to $10.7 million in the third quarter of 2010 due to the sale of two container vessels in 2009. Gross voyage profit increased $2.4 million in the third quarter of 2010. The improvement in gross voyage profit was primarily due to more operating days on vessels servicing our Indonesian customer and the initial employment of the PCTC Newbuilding commencing in late March, 2010.
Rail-Ferry Service: Gross voyage profit increased from $94,000 in the third quarter of 2009 to $2.2 million in the third quarter of 2010, excluding a $25.4 million impairment loss taken on the segment s two Roll-on/Roll-off Special Purpose double deck vessels. Revenues for this segment increased from $7.4 million in the third quarter of 2009 to $9.7 million in the third quarter of 2010, reflecting an increase in our Northbound cargo. The improvements in our Northbound results were partially driven by our service being used as an alternative source of transportation resulting from outages in Mexico s cross border rail service and a negotiated retroactive settlement to reduce port cost.
Administrative and general expenses decreased from $5.5 million in the third quarter of 2009 to $4.8 million in the third quarter of 2010 primarily due to an adjustment of $465,000 to pension cost and overhead costs allocated to our International Flag operations.
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