ISC reports third quarter loss
International Shipholding Corp. reported a net loss for the three months ended Sept. 30 of $936,000, compared to a net loss of $845,000 for the year-earlier quarter.
Third-quarter revenue improved to $77.6 million from $63.5 million.
The company said the recent third quarter saw improved results in its time charter and rail ferry segments, but lower results from liner services.
For the first nine months of 2006, the net loss was $5.3 million, compared to net income of $7.2 million for the year-earlier period.
The 2006 results include a non-cash charge of $8.9 million before taxes and $5.8 million after taxes associated with the impairment of its investment in a New Orleans terminal for its Mexico/U.S. rail ferry. Because of silting in the Mississippi River Gulf Outlet caused by Hurricane Katrina, the company is moving its rail ferry operations from New Orleans to Mobile.
Revenue for the nine-month period improved to $216 million from $200.1 million
The company said its transatlantic LASH (“lighter aboard ship”) service continued to be impacted by lower eastbound cargo volumes while the U.S.-flag LASH service was affected by time out of service for unscheduled repairs to that service’s vessel during the quarter. Repairs are completed and the vessel is now operating satisfactorily.
ISC reports third quarter loss
