| Related Stories • ISC to end Forest Line's LASH service |
The latest quarterly result for the New York listed company contrasts with a $22.4 million net income posted in the same quarter in 2006 when the company gained $17.9 million from the sale of a minority investment in another company and $2.7 million from its now discontinued LASH (Lighter Aboard Ship) operations.
The company this month sold for scrap its one remaining LASH vessel that was operated on a transatlantic service by Forest Lines, and most of the remaining LASH barges. The sales have generated cash proceeds of $11.3 million and a gain of $5 million, which will be reported in the company's 2008 first quarter results.
Fourth quarter operating income soared 158 percent to $2.4 million, which ISC attributed primarily to “improved cargo levels” at its Mobile, Ala.-based subsidiary CG Railway that offers rail-ferry services between Mexico, the United States and Canada. Revenue improved 9.8 percent to $51.9 million from $47.3 million.
The company’s full-year net income was up 2.2 percent to $17.4 million. Operating income for the year was $10.6 million, up from $1.5 million, while annual revenue gained 6.3 percent to $197.1 million.
