International Shipholding maintains profits
International Shipholding Corp., the New Orleans-based diversified shipping company, reported largely unchanged operating and net profits for the first quarter, despite changes in exceptional items.
Net income for the first quarter was $2.9 million compared to $3 million in the first quarter of last year. Operating income dropped to $5.9 million from $6.5 million, and revenue rose marginally to $65.8 million from $64.8 million.
International Shipholding, the parent company of Waterman Steamship and Forest Lines, said a $1.3-million exceptional profit on the retirement of debt, booked in the first quarter of last year, did not recur in the latest quarter. However, the first quarter of this year includes a loss of $623,000 on the sale of marketable securities.
The company reported a lower income tax provision of $1 million for the first quarter, as compared to $1.6 million a year ago. It also booked a profit of $1.2 million from equity in net income of unconsolidated entities, compared to only $67,000 this time last year.
“Improvement in the current quarter resulted from increased earnings attributable to our 50 percent investment in two Capesize bulk carriers, which operate in an international bulk carrier pool, and improved volume and rates achieved in our U.S.-flag and foreign-flag Lighter Aboard Ship liner services,” the company said. “General market conditions continue to be firm as we enter the second quarter.”
International Shipholding also recorded lower results from its U.S.-flag pure-car-carriers in the first quarter and its multipurpose vessel, the “Green Wave,” which previously operated under charter to the U.S. Military Sealift Command, and was sold last year.