INTERNATIONAL SHIPHOLDING CORP

CIK:0000278041|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Condensed Consolidated Statements of Operations [Abstract]
Revenues	$ 53,801	$ 68,026
Operating Expenses
Voyage Expenses	43,077	52,211
Amortization Expense	3,079	5,187
Vessel Depreciation	5,436	5,543
Other Depreciation	225	184
Administrative and General Expenses	4,513	5,022
Impairment Loss	1,934
Loss on Sale of Assets		68
Total Operating Expenses	58,264	68,215
Operating Loss	(4,463)	(189)
Interest and Other
Interest Expense	3,121	2,668
Derivative Loss	1,438	2,810
Loss on Extinguishment of Debt		95
Other Income from Vessel Financing	(449)	(445)
Investment Income	(3)	(7)
Foreign Exchange Loss		45
Total Interest and Other Income	4,107	5,166
Loss Before Provision for Income Taxes and Equity in Net Income of Unconsolidated Entities	(8,570)	(5,355)
Provision for Income Taxes	26	39
Equity in Net Income of Unconsolidated Entities, net	142	893
Net Loss	(8,454)	(4,501)
Preferred Stock Dividends	1,305	1,305
Net Loss Attributable to Common Stockholders	$ (9,759)	$ (5,806)
Loss Per Common Share:
Basic Loss per Share	$ (1.32)	$ (0.79)
Diluted Loss per Share	$ (1.32)	$ (0.79)
Weighted Average Shares of Common Stock Outstanding:
Basic	7,382,966	7,308,482
Diluted	7,382,966	7,308,482
Common Stock Dividends Per Share		$ 0.25

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash Flows from Operating Activities:
Net Loss	$ (8,454)	$ (4,501)
Adjustments to Reconcile Net Loss to Net Cash Provided by Operating Activities:
Depreciation	5,661	5,727
Amortization of Deferred Charges	3,575	4,840
Amortization of Intangible Assets		626
Non-Cash Share Based Compensation	233	2
Equity in Net Income of Unconsolidated Entities	(142)	(893)
Impairment Loss	1,934
Loss on Sale of Assets		68
Loss on Extinguishment of Debt		95
Loss on Foreign Currency Exchange		45
Loss on Derivatives	1,438	2,810
Amortization of Deferred Gains	(855)	(948)
Other Reconciling Items, net	(77)	110
Changes in operating assets and liabilities:
Deferred Drydocking Charges	(2,942)	(5,515)
Accounts Receivable	2,440	(878)
Inventory and Other Current Assets	140	3,906
Other Assets	(800)
Accounts Payable and Accrued Liabilities	2,618	(3,839)
Other Long-Term Liabilities	(229)	250
Net Cash Provided by Operating Activities	4,540	1,905
Cash Flows from Investing Activities:
Purchases of and Capital Improvements to Property and Equipment	(1,549)	(3,250)
Net Change in Restricted Cash Account	34	1,003
Cash Proceeds from the State of Louisiana		122
Cash Proceeds from Sale of Assets	5,093	2,861
Cash Proceeds from Receivable Settlement		3,890
Proceeds from Payments on Note Receivables	407	670
Net Cash Provided by Investing Activities	3,985	5,296
Cash Flows from Financing Activities:
Proceeds from Line of Credit		5,000
Payments on Line of Credit		(2,500)
Principal Payments on Debt	(12,010)	(5,890)
Additions to Deferred Financing Charges	(86)	(28)
Dividends Paid		(3,133)
Net Cash Provided by (Used In) Financing Activities	(12,096)	(6,551)
Net Increase (Decrease) in Cash and Cash Equivalents	(3,571)	650
Cash and Cash Equivalents at Beginning of Period	9,560	21,133
Cash and Cash Equivalents at End of Period	5,989	21,783
Supplemental disclosure of non-cash investing and financing activities:
Purchases of and Capital Improvements to Property and Equipment included in Accounts Payable and Accrued Liabilities	7,803	823
Proceeds from the Sale of Assets paid directly to lenders for Principal Payments on Debt	$ 30,765	$ 13,494

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
ASSETS
Cash and Cash Equivalents	$ 5,989	$ 9,560
Restricted Cash	1,496	1,530
Accounts Receivable, Net of Allowance for Doubtful Accounts	23,352	25,787
Prepaid Expenses	8,594	8,683
Deferred Tax Asset		309
Other Current Assets	340	400
Notes Receivable	3,028	1,628
Material and Supplies Inventory	6,839	7,035
Assets Held for Sale	9,761	51,846
Total Current Assets	59,399	106,778
Vessels, Property, and Other Equipment, Net of Accumulated Depreciation	181,720	188,577
Deferred Charges, Net of Accumulated Amortization	23,048	23,037
Due from Related Parties	1,419	1,415
Notes Receivable	36,333	24,140
Investment in Unconsolidated Entities	314	187
Other Long-Term Assets	2,854	2,168
Total Assets	305,087	346,302
LIABILITIES AND STOCKHOLDERS' EQUITY
Current maturities of long-term debt, net	113,721	156,807
Accounts Payable and Other Accrued Expenses	65,124	60,496
Total Current Liabilities	178,845	217,303
Incentive Obligation	2,302	2,455
Deferred Gains, net of Accumulated Amortization	21,347	14,944
Other	24,339	25,268
Stockholders' Equity:
Common Stock, $1.00 Par Value, 20,000,000 shares authorized, 7,393,406 and 7,333,406 shares outstanding at March 31, 2016 and December 31, 2015, respectively	8,811	8,783
Additional Paid-In Capital	141,691	141,497
Retained Deficit	(35,512)	(27,058)
Treasury Stock 1,388,078 shares at March 31, 2016 and December 31, 2015	(25,403)	(25,403)
Accumulated Other Comprehensive Loss	(11,899)	(12,053)
Total Stockholders' Equity	78,254	86,332
Total Liabilities and Stockholders' Equity	305,087	346,302
9.50% Series A Preferred Stock [Member]
Stockholders' Equity:
Preferred Stock, $1.00 Par Value, 2,000,000 Shares Authorized	250	250
9.00% Series B Preferred Stock [Member]
Stockholders' Equity:
Preferred Stock, $1.00 Par Value, 2,000,000 Shares Authorized	$ 316	$ 316