INTERNATIONAL SHIPHOLDING LOSSES CONTINUE
International Shipholding Corp., reported a net loss of $1.13 million for its third quarter ended Sept. 30, compared to a net loss of $165,000 in the year-earlier period.
Revenue declined 35.5 percent to $47.8 million and operating income was off 63.3 percent to $1.93 million.
However, the New Orleans-based company sharply reduced losses for the first nine months of its fiscal year. Through Sept. 30, the company reported a net loss of $929,000, compared to $62.92 million for the first nine months of 2001. While revenue was down 28.8 percent to $159.4 million, operating income was $9.28 million, compared to an operating loss of $76.93 million for the first nine months of 2001.
ISC said the shift in results was due to the company's decision, announced in the second quarter of 2001, to terminal unprofitable operations and dispose of related assets, including the company's U.S.-flag LASH service that operated between the U.S. Gulf and Atlantic coasts and the Middle East, East Africa, Indian subcontinent and Southeast Asia.
The company has recently decided to upgrade one of its foreign-flag LASH vessels, which has been idle and scheduled for disposal, along with a number of LASH barges, to enter the company's transatlantic LASH operation, replacing one of the vessels operating in the service. The replaced vessel will be transferred to the U.S. flag for use in the renewed U.S.-flag service to start in the fourth quarter.