International Shipholding earnings boosted by asset sales

International Shipholding earnings boosted by asset sales International Shipholding Corp. said it had net income of $22.4 million on revenue of $58.8 million in the final quarter of 2006 versus a loss of $225,000 on revenue of $62.0 million in the same period of 2005. That loss in 2005 reflected a $1.1 million loss attributable to Hurricanes Katrina and Rita.
   Earnings in the most recent quarter included pre-tax gains of $22.6 million on the sale of a minority investment a company that owns cement carrier vessels and $4.9 million for the sale of a LASH vessel and related LASH barges.
   In November 2006 the company sold a 26.1 percent investment in Belden Shipholding Pte Ltd, a company that owns and operates cement carrier vessels, for $27.5 million. The sale was pursuant to an unsolicited offer.
   For the full year 2006, net income was $17.0 million, including the reported gains, compared to net income of $7.0 million for the full year 2005. The prior year included after-tax losses associated with the hurricanes of $2.1 million and losses from discontinued operations of $1.3 million.