International Shipholding Corp. (ISH, Financial) filed Quarterly Report for the period ended 2011-05-05.
Intl Shipholding Corp. has a market cap of $174.3 million; its shares were traded at around $24.06 with a P/E ratio of 3.2 and P/S ratio of 0.6. The dividend yield of Intl Shipholding Corp. stocks is 6.2%.
Time Charter Contracts-International Flag: Revenues decreased from $11.8 million in the first quarter of 2010 to $11.2 million in the first quarter of 2011 and gross voyage profit decreased $1.3 million in the first quarter of 2011, both primarily due to lower results from our Indonesian operation. Our fixed revenues of $8.7 million in the first quarter of 2011 represents revenues derived from our fixed time charter contracts. Our variable revenues of $2.5 million in the first quarter of 2011 represents voyages on three new Handy-Size Bulk Carriers pursuant to a revenue sharing agreement which commenced in January 2011. All revenues in the first quarter of 2010 were derived under fixed revenue time charter contracts.
The results were primarily driven by our 50% investment in Dry Bulk, which as of December 31, 2010 owned two Capesize Bulk Carriers and has two Handymax Bulk Carrier Newbuildings on order for delivery in 2012. Dry Bulk contributed $2.2 million in the first quarter of 2010 as compared to $1.3 million in the first quarter of 2011. Included in the 2010 results is a gain of $1.4 million on the sale of a Panamax Bulk Carrier by a Dry Bulk subsidiary. Offsetting Dry Bulk s positive contributions were 2011 losses of $88,000 and $99,000 attributable to our 25% investments in Oslo and Tony Bulkers, respectively.
Our working capital (which we define as the difference between our total current assets and total current liabilities) increased from $15.1 million at December 31, 2010, to $37.3 million at March 31, 2011. Cash and cash equivalents increased during the first three months of 2011 by $27.8 million to a total of $52.0 million at March 31, 2011. The increase in cash and cash equivalents was a result of cash provided by operating activities of $7.0 million, cash provided by investing activities of $4.8 million and by cash provided by financing activities of $16.1 million. Total current liabilities of $70.9 million as of March 31, 2011 included current maturities of long-term debt of $24.2 million.
Net cash provided by operating activities for the first three months of 2011 was $7.0 million after adjusting net income of $24.1 million for the first three months of 2011 for non-cash provisions such as depreciation and amortization and cash dividends of $750,000 from our investment in unconsolidated entities, partially offset by, among other things, the deduction of the non-cash $1.2 million of net income from our equity in net income of these unconsolidated entities, foreign exchange gain of $1.5 million on the Yen denominated loan and a $18.7 million non-cash gain on the acquisition of an unconsolidated entity, net of the original investment amount (See Note 5).
Net cash provided by financing activities of $16.1 million included outflows of regularly scheduled debt payments of $4.9 million, a line of credit payment of $10 million and cash dividends paid of $2.9 million. These cash outflows were offset by proceeds of $34.0 million from the final bank draw on the facility agreement to finance the construction and delivery of three Handy-Size dry bulk carriers delivered in January 2011.
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Intl Shipholding Corp. has a market cap of $174.3 million; its shares were traded at around $24.06 with a P/E ratio of 3.2 and P/S ratio of 0.6. The dividend yield of Intl Shipholding Corp. stocks is 6.2%.
Highlight of Business Operations:
Time Charter Contracts-U.S. Flag: Overall revenues decreased by 24% or $12.4 million when comparing the first quarter of 2011 to the first quarter of 2010. The decrease was driven primarily by a drop in the carriage of supplemental cargoes on our U.S. Flag Pure Car Truck Carriers, as volume returns to more historic levels. The segment s gross voyage profit decreased from $12.4 million in the first quarter of 2010 to $6.5 million in the first quarter of 2011 primarily as a result of the decrease in supplemental cargoes. Our fixed revenues of $27.4 million and $30.5 million in the first quarter of 2011 and 2010, respectively, represent revenues derived from our fixed time charter contracts, and our variable revenues of $11.7 million and $21.0 million for the same periods in 2011 and 2010, respectively, represent revenues derived from our supplemental cargoes.Time Charter Contracts-International Flag: Revenues decreased from $11.8 million in the first quarter of 2010 to $11.2 million in the first quarter of 2011 and gross voyage profit decreased $1.3 million in the first quarter of 2011, both primarily due to lower results from our Indonesian operation. Our fixed revenues of $8.7 million in the first quarter of 2011 represents revenues derived from our fixed time charter contracts. Our variable revenues of $2.5 million in the first quarter of 2011 represents voyages on three new Handy-Size Bulk Carriers pursuant to a revenue sharing agreement which commenced in January 2011. All revenues in the first quarter of 2010 were derived under fixed revenue time charter contracts.
The results were primarily driven by our 50% investment in Dry Bulk, which as of December 31, 2010 owned two Capesize Bulk Carriers and has two Handymax Bulk Carrier Newbuildings on order for delivery in 2012. Dry Bulk contributed $2.2 million in the first quarter of 2010 as compared to $1.3 million in the first quarter of 2011. Included in the 2010 results is a gain of $1.4 million on the sale of a Panamax Bulk Carrier by a Dry Bulk subsidiary. Offsetting Dry Bulk s positive contributions were 2011 losses of $88,000 and $99,000 attributable to our 25% investments in Oslo and Tony Bulkers, respectively.
Our working capital (which we define as the difference between our total current assets and total current liabilities) increased from $15.1 million at December 31, 2010, to $37.3 million at March 31, 2011. Cash and cash equivalents increased during the first three months of 2011 by $27.8 million to a total of $52.0 million at March 31, 2011. The increase in cash and cash equivalents was a result of cash provided by operating activities of $7.0 million, cash provided by investing activities of $4.8 million and by cash provided by financing activities of $16.1 million. Total current liabilities of $70.9 million as of March 31, 2011 included current maturities of long-term debt of $24.2 million.
Net cash provided by operating activities for the first three months of 2011 was $7.0 million after adjusting net income of $24.1 million for the first three months of 2011 for non-cash provisions such as depreciation and amortization and cash dividends of $750,000 from our investment in unconsolidated entities, partially offset by, among other things, the deduction of the non-cash $1.2 million of net income from our equity in net income of these unconsolidated entities, foreign exchange gain of $1.5 million on the Yen denominated loan and a $18.7 million non-cash gain on the acquisition of an unconsolidated entity, net of the original investment amount (See Note 5).
Net cash provided by financing activities of $16.1 million included outflows of regularly scheduled debt payments of $4.9 million, a line of credit payment of $10 million and cash dividends paid of $2.9 million. These cash outflows were offset by proceeds of $34.0 million from the final bank draw on the facility agreement to finance the construction and delivery of three Handy-Size dry bulk carriers delivered in January 2011.
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