<PAGE 1>
INTERNATIONAL SHIPHOLDING CORPORATION AND SUBSIDIARIES
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1995
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to _________
Commission file number 2-63322
INTERNATIONAL SHIPHOLDING CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 36-2989662
(State or other jurisdiction of (I.R.S. Employer Identification Number)
incorporation or organization)
650 Poydras Street New Orleans, Louisiana 70130
(Address of principal executive offices) (Zip Code)
(504) 529-5461
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of
the Securities Exchange Act of 1934 during the preceding 12
months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to
such filing for the past 90 days. YES X NO
Indicate the number of shares outstanding of each of the
issuer's classes of common stock, as of the latest
practicable date.
Common Stock $1 Par Value 5,346,611 shares (September 29, 1995)
<PAGE 2>
INTERNATIONAL SHIPHOLDING CORPORATION
CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands)
(Unaudited)
<TABLE>
<CAPTION>
September 30, December 31,
1995 1994
<C> <C>
------------- ------------
<S>
ASSETS
Current Assets:
Cash and Cash Equivalents $ 35,122 $ 29,611
Marketable Securities 7,364 7,096
Accounts Receivable, Net 41,679 46,844
Federal Income Tax Receivable 896 0
Net Investment in Direct
Financing Leases 2,129 2,186
Other Current Assets 3,099 3,847
Material and Supplies
Inventory, At Cost 9,782 8,954
--------- --------
Total Current Assets 100,071 98,538
Investments In and Advances to
Unconsolidated Entities 0 33,160
Marketable Equity Securities 44,155 0
Net Investment in Direct
Financing Leases 25,006 26,588
Vessels, Property and
Other Equipment, At Cost:
Vessels and Barges 588,071 484,354
Other Marine Equipment 6,692 3,999
Terminal Facilities 18,859 18,116
Land 2,317 2,317
Furniture and Equipment 15,437 14,071
--------- ---------
631,376 522,857
Less - Accumulated Depreciation (237,046) (214,395)
--------- ---------
394,330 308,462
Other Assets:
Deferred Charges in Process of
Amortization 27,620 30,613
Acquired Contract Costs,
Net of Accumulated 22,346 24,185
Amortization
Due from Related Parties 8,973 6,174
Other 10,280 19,371
----------- ----------
69,219 80,343
----------- ----------
$ 632,781 $ 547,091
=========== ==========
<FN>
The accompanying notes are an integral part of these statements.
</TABLE>
<PAGE 3>
INTERNATIONAL SHIPHOLDING CORPORATION
CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands)
(Unaudited)
<TABLE>
<CAPTION>
September 30, December 31,
1995 1994
------------ ------------
LIABILITIES AND STOCKHOLDERS' INVESTMENT
<S> <C> <C>
Current Liabilities:
Current Maturities of
Long-Term Debt $ 33,697 $ 26,755
Current Maturities of Capital
Lease Obligations 1,469 1,329
Accounts Payable and
Accrued Liabilities 46,031 53,061
Federal Income Tax Payable 0 260
Current Deferred Income
Tax Liability 1,378 314
--------- ---------
Total Current Liabilities 82,575 81,719
Billings in Excess of Income Earned
and Expenses Incurred 4,815 4,471
Long-Term Capital Lease Obligations,
Less Current Maturities 19,623 21,092
Long-Term Debt, Less Current Maturities 304,117 230,852
Reserves and Deferred Credits:
Deferred Income Taxes 42,661 39,414
Claims and Other 18,937 23,227
---------- ----------
61,598 62,641
Stockholders' Investment:
Common Stock 6,756 5,405
Additional Paid-in Capital 54,450 54,450
Retained Earnings 91,738 87,757
Less - Treasury Stock (1,133) (1,133)
Unrealized Holding Gain (Loss)
on Marketable Securities 8,242 (163)
------------ -----------
160,053 146,316
$ 632,781 $ 547,091
============ ===========
<FN>
The accompanying notes are an integral part of these statements.
</TABLE>
<PAGE 4>
INTERNATIONAL SHIPHOLDING CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(Dollars in Thousands Except Share Data)
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30, September 30,
1995 1994 1995 1994
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Revenues $ 78,518 $ 76,434 $235,844 $238,367
Operating Differential Subsidy 5,590 5,134 16,410 15,710
-------- -------- -------- --------
84,108 81,568 252,254 254,077
-------- -------- -------- --------
Operating Expenses:
Voyage Expenses 62,339 58,698 188,157 189,421
Vessel and Barge Depreciation 6,194 6,094 18,488 18,324
-------- -------- -------- -------
Gross Voyage Profit 15,575 16,776 45,609 46,332
-------- -------- -------- -------
Administrative and
General Expenses 6,489 6,549 19,163 19,917
Gain (Loss) on Sale of Assets 6 (98) 8 (91)
-------- --------- -------- --------
Operating Income 9,092 10,129 26,454 26,324
-------- --------- -------- --------
Interest:
Interest Expense 6,318 5,078 19,130 15,472
Investment Income (563) (766) (2,079) (2,240)
-------- -------- -------- --------
5,755 4,312 17,051 13,232
-------- -------- -------- --------
Unconsolidated Entities
(Net of Applicable Taxes):
Equity in Net
Income (Loss) of
Unconsolidated Entities 0 (199) 331 87
(Allowance) for Doubtful
Accounts 0 0 0 900
------- -------- -------- --------
0 (199) 331 987
Income Before Provision
for Income Taxes 3,337 5,618 9,734 14,079
Provision for Income Taxes:
Current 1,725 1,044 3,816 3,767
Deferred (518) 954 (497) 747
State 101 122 280 229
-------- ------- -------- --------
1,308 2,120 3,599 4,743
Net Income $ 2,029 $ 3,498 $ 6,135 $ 9,336
Earnings Per Common Share:
Net Income $ 0.30* $ 0.52* $ 0.92*$ 1.40*
Weighted Average Shares of
Common Stock Outstanding 6,683,264* 6,683,264*6,683,264* 6,683,264*
<FN>
The accompanying notes are an integral part of these statements.
* Restated for November 17, 1995, twenty-five percent stock split
effected in the form of a stock dividend.
</TABLE>
<PAGE 5>
INTERNATIONAL SHIPHOLDING CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS' INVESTMENT
(Dollars in Thousands)
(Unaudited)
<TABLE>
<CAPTION>
Net
Additional Unrealized
Common Paid-In Retained Treasury Holding
Stock Capital Earnings Stock Gain/(Loss) Total
-----------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Balance at
December 31,
1993 $5,405 $54,450 $75,775 ($1,133) $ -- $134,497
Net Income for
the Year Ended
December 31,
1994 -- -- 13,051 -- -- 13,051
Cash Dividends -- -- (1,069) -- -- (1,069)
Unrealized
Holding Loss
on Marketable
Securities,
Net of
Deferred Taxes -- -- -- -- (163) (163)
-----------------------------------------------------------
Balance at
December 31,
1994 $5,405 $54,450 $87,757 ($1,133) ($163) $146,316
Net Income for
the Nine
Months Ended
September 30,
1995 -- -- 6,135 -- -- 6,135
Cash Dividends -- -- (803) -- -- (803)
Stock Dividend
Payable
November 17,
1995 1,351 -- (1,351) -- -- --
Unrealized
Holding Gain
on Marketable
Securities,
Net of
Deferred Taxes -- -- -- -- 8,405 8,405
----------------------------------------------------------
Balance at
September 30,
1995 $6,756 $54,450 $91,738 ($1,133) $8,242 $160,053
==========================================================
<FN>
The accompanying notes are an integral part of these statements.
</TABLE>
<PAGE 6>
INTERNATIONAL SHIPHOLDING CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
(Unaudited)
<TABLE>
<CAPTION>
Nine Months
Ended
September 30,
1995 1994
------ -------
<S> <C> <C>
Cash Flows from Operating Activities:
Net Income $ 6,135 9,336
Adjustments to Reconcile Net
Income to Net Cash Provided
by Operating Activities:
Depreciation 19,762 19,227
Amortization of Deferred
Charges and Other Assets 12,909 12,197
Provision for Deferred
Income Taxes 3,319 1,399
(Gain) Loss on Sale of Assets (8) 91
Net Investment in Direct
Financing Leases 1,639 1,696
Unearned Income 344 2,078
Equity in Unconsolidated
Subsidiaries (331) (987)
Reserve for Claims and Other
Deferred Credits (4,908) (679)
Other Assets 1,619 (1,754)
Change in Working Capital:
Accounts Receivable 5,698 (3,308)
Inventories and Other
Current Assets (149) 1,766
Federal Income Taxes
Payable (4,933) 0
Current Deferred Tax Asset 0 (652)
Accounts Payable and
Accrued Liabilities (8,157) 5,418
------- -------
Net Cash Provided by
Operating Activities 32,939 45,828
Cash Flows from Investing Activities:
Purchase of Vessels and
Other Property (104,965) (36,548)
Additions to Deferred Charges (8,943) (4,605)
Investments In and Advances to
Unconsolidated Subsidiaries (11) 1,049
Proceeds from Sale of Assets 8 623
Proceeds from Short Term
Investments 0 14,808
Other Investing Activities 8,408 0
--------- --------
Net Cash Used by
Investing Activities (105,503) (24,673)
Cash Flows from Financing Activities:
Proceeds from Issuance
of Debt and Capital Lease
Obligations 104,420 21,109
Reduction of Debt and Capital
Lease Obligations (25,542) (21,221)
Common Stock Dividends (803) (802)
--------- --------
Net Cash Provided by
Financing Activities 78,075 (914)
Net Increase in Cash and
Cash Equivalents 5,511 20,241
Cash and Cash Equivalents
at Beginning of Period 29,611 13,492
--------- --------
Cash and Cash Equivalents
at End of Period $ 35,122 $33,733
========= ========
The accompanying notes are an integral part of these statements.
</TABLE>
<PAGE 7>
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
SEPTEMBER 30, 1995
(Unaudited)
Note 1. Basis of Preparation
The accompanying unaudited interim financial
statements have been prepared pursuant to the
rules and regulations of the Securities and
Exchange Commission. Certain information and
footnote disclosures required by generally
accepted accounting principles for complete
financial statements have been omitted. It is
suggested that these interim statements be read in
conjunction with the financial statements and
notes thereto included in the Form 10-K of
International Shipholding Corporation for the year
ended December 31, 1994. Certain
reclassifications have been made to prior period
financial information in order to conform to
current year presentations.
Interim statements are subject to possible
adjustments in connection with the annual audit of
the Company's accounts for the full year 1995; in
the opinion of management, all adjustments
(consisting of only normal recurring adjustments)
necessary for a fair presentation of the
information shown have been included.
The foregoing 1995 interim results are not
necessarily indicative of the results of the
operations for the full year 1995.
The Company's policy is to consolidate all
subsidiaries in which it holds greater than 50%
voting interest. All significant intercompany
accounts and transactions have been eliminated.
The Company uses the cost method to account
for investments in entities in which it holds less
than 20% voting interest and in which the Company
cannot exercise significant influence over
operating and financial activities. The Company
uses the equity method to account for investments
in entities in which it holds a 20% to 50% voting
interest.
As of December 31, 1994 these investments
were classified on the Balance Sheet as
Investments In and Advances to Unconsolidated
Entities. The more significant of the investments
were interests in Havtor AS, A/S Havtor Management
and Bulkowners 1984. During the first half of
1995, A/S Havtor Management and the gas carrier
activities of Kvaerner,
<PAGE 8>
an unrelated Norwegian company, were merged with
Havtor AS. In addition, Havtor AS agreed to
acquire other vessels and vessel interests,
including the interest held by the Company in two
PROBO vessels held through Bulkowners 1984.
Subsequent to these transactions, the Company's
interest in Havtor AS, a publicly listed company
on the Oslo Stock Exchange, approximated 7.7%.
Due to the liquidity of these shares, this
investment is reflected in the Balance Sheet at
September 30, 1995, as Marketable Equity
Securities and is stated at fair market value.
Unrealized holding gains, net of tax, are excluded
from earnings and reported as a separate component
of shareholders' equity.
Note 2. Subsequent Events
On October 18, 1995 the Board of Directors declared
a 25% stock split to be effected in the form of a stock
dividend payable November 17, 1995 to shareholders of
record at the close of business on November 3, 1995.
Earnings Per Share and Weighted Average Shares of Common
Stock Outstanding have been restated for all periods
presented to give effect to the dividend. Stockholders'
Investment as of September 30, 1995 has also been adjusted
for the dividend.
<PAGE 9>
INTERNATIONAL SHIPHOLDING CORPORATION AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
The Company's vessels are operated under a
variety of charters, liner services and contracts.
The nature of these arrangements is such that,
without a material variation in gross voyage
profits (total revenues less voyage expenses and
vessel and barge depreciation), the revenues and
expenses attributable to a vessel deployed under
one type of charter or contract can differ
substantially from those attributable to the same
vessel if deployed under a different type of
charter or contract. Accordingly, depending on
the mix of charters or contracts in place during a
particular accounting period, the Company's
revenues and expenses can fluctuate substantially
from one period to another even though the number
of vessels deployed, the number of voyages
completed, the amount of cargo carried and the
gross voyage profit derived from the vessels
remain relatively constant. As a result,
fluctuations in voyage revenues and expenses are
not necessarily indicative of trends in
profitability, and management believes that gross
voyage profit is a more appropriate measure of
performance than revenues. Accordingly, the
discussion below addresses variations in gross
voyage profits rather than variations in revenues.
RESULTS OF OPERATIONS
Nine Months Ended September 30, 1995
Compared to the Nine Months Ended September 30, 1994
Gross Voyage Profit. Gross voyage profit
decreased slightly to $45.6 million in the first
nine months of 1995 as compared to $46.3 million
in the same period of 1994. Gross voyage profit
was negatively impacted by lower freight rates and
higher operating costs such as fuel and voyage
time experienced by the Company's LASH vessels
employed in liner service between ports on the
U.S. Gulf/U.S. Atlantic Coast and South Asia
(Trade Routes 18 and 17). In addition a scheduled
rate reduction on one of the Company's vessels
chartered to the Military Sealift Command (the
"MSC") negatively impacted the current year.
Partially offsetting these reductions were the
addition of the Sulphur Enterprise in early fourth
quarter of 1994 and improved charter rates on the
Amazon, a cape-size bulk carrier.
Vessel and barge depreciation for the first
nine months of 1995 was consistent with the amount
in the same period of 1994. An increase in
depreciation due to the addition of the
<PAGE 10>
Sulphur Enterprise in early fourth quarter of 1994
was offset by a reduction resulting from the life
extension of two LASH vessels which were purchased
in 1994 upon the termination of the capital lease
of these vessels.
Other Income and Expenses. Administrative
and general expenses decreased by 3.8% to $19.2
million in the first nine months of 1995 from
$19.9 million in the comparable period of 1994 due
to continued cost reduction efforts.
Interest expense increased from $15.5 million
in the first nine months of 1994 to $19.1 million
in the same period of 1995 primarily due to debt
incurred in late 1994 when the Sulphur Enterprise
delivered from the shipyard and commenced
operation. Additionally impacting interest
expense was interest on $12 million received in
early 1995 from a medium term loan with a
commercial bank for general corporate purposes and
interest incurred under interest rate conversion
agreements. These increases were partially offset
by reductions resulting from regularly scheduled
payments on other outstanding debt.
Investment income decreased slightly from
$2.2 million in the first nine months of 1994 to
$2.1 million in the same period of 1995 reflecting
a reduction in the balance of invested funds.
Income Taxes. The Company provided $3.3
million for federal income taxes in the first nine
months of 1995 at the statutory rate of 35% as
compared to $4.5 million in the first nine months
of 1994 at the same rate. Income of
unconsolidated entities is shown net of applicable
taxes.
Third Quarter Ended September 30, 1995
Compared to Third Quarter Ended September 30, 1994
Gross Voyage Profit. Gross voyage profit
decreased 7.2% to $15.6 million in the third
quarter of 1995 as compared to $16.8 million in
the same period of 1994. Gross voyage profit was
negatively impacted by lower freight rates and
higher operating costs, as explained in the nine
month comparison above, for the Company's LASH
vessels employed in liner service between ports
on the U.S. Gulf/U.S. Atlantic Coast and South
Asia (Trade Routes 18 and 17). Positively
impacting the current period results was the
addition of the Sulphur Enterprise to the
Company's fleet in early fourth quarter of 1994.
Vessel and barge depreciation for the third
quarter of 1995 was consistent with the amount in
the same period of 1994. An increase in
depreciation due to the addition of the Sulphur
Enterprise in early fourth quarter of 1994 was
offset by a reduction resulting from the
<PAGE 11>
life extension of two LASH vessels which were
purchased in 1994 upon the termination of the
capital lease of these vessels.
Other Income and Expenses. Administrative
and general expenses were approximately $6.5
million in both the third quarter of 1994 and
1995.
Interest expense increased from $5.1 million
in the third quarter of 1994 to $6.3 million in
the same period of 1995 primarily due to debt
incurred in late 1994 when the Sulphur Enterprise
delivered from the shipyard and commenced
operation. Additionally impacting interest
expense was interest on $12 million received in
early 1995 from a medium term loan with a
commercial bank for general corporate purposes and
interest incurred under interest rate conversion
agreements. These increases were partially offset
by reductions resulting from regularly scheduled
payments on other outstanding debt.
Investment income decreased slightly from $.8
million in the third quarter of 1994 to $.6
million in the same period of 1995 reflecting a
reduction in the balance of invested funds.
Income Taxes. The Company provided $1.2
million for federal income taxes in the third
quarter of 1995 at the statutory rate of 35% as
compared to $2.0 million in the third quarter of
1994 at the same rate. Income of unconsolidated
entities is shown net of applicable taxes.
LIQUIDITY AND CAPITAL RESOURCES
The Company's working capital increased from
$16.8 million at December 31, 1994, to $17.5
million at September 30, 1995, after provision for
current maturities of long-term debt of $33.7
million and capital lease obligations of $1.5
million. Cash and cash equivalents increased
during the first nine months of 1995 by $5.5
million to a total of $35.1 million.
Positive cash flows were achieved from
operating activities in the first nine months of
1995 in the amount of $32.9 million. The major
source of cash from operations was net income,
adjusted for non-cash provisions such as
depreciation and amortization.
Net cash used for investing activities
amounted to $105.5 million during the first nine
months of 1995. Capital investments included
$60.3 million for the purchase of the Energy
Enterprise, $39.4 million for the purchase and
conversion of two semi-submersible vessels and
related cargo barges, $2.2 million for the
purchase of a towboat, $2.2 million for
information systems development and upgrades, and
approximately $900,000 for other miscellaneous
items. Other uses of cash included the addition
of $9.0 million of deferred charge items,
primarily for
<PAGE 12>
vessel drydocking. Proceeds included $8.4 million
received from other investing activities,
primarily the liquidation of long-term investments
which had been placed in escrow for the purchase
of the Energy Enterprise and the purchase of cargo
barges.
Net cash provided by financing activities
during the first nine months of 1995 totaled $78.1
million. Proceeds from the issuance of debt
obligations of $104.4 million included $50.0
million from a medium term loan used for the
purchase of the Energy Enterprise, $22.9 million
received from a long-term loan associated with the
acquisition and conversion of two semi-submersible
vessels, $19.5 million drawn under the Company's
lines of credit and $12.0 million from a medium
term loan which was used for general corporate
purposes. Cash used for financing activities
included regularly scheduled principal payments of
$14.6 million for debt and capital lease
obligations, repayment of $10.0 million drawn
under lines of credit and $909,000 to prepay a
portion of the Senior Notes issued in 1993.
Additionally, $803,000 was used to meet common
stock dividend requirements.
The Company has entered into a long-term
contract with a major copper and gold mining
company to provide transportation services for
supplies associated with the operation of a copper
and gold mine on the Indonesian Island of Irian
Jaya. The Company has acquired and is converting
two semi-submersible barge carrying vessels and is
having 26 cargo barges built to be used with the
aforementioned vessels. As of September 30, 1995,
the Company had paid approximately $ 42.7 million
of the total cost of approximately $79.0 million.
The Company will also charter a small container
vessel to fulfill the requirements of the contract
which is expected to commence in late 1995. The
Company has arranged financing for approximately
60% of the cost of these acquisitions through a
long-term loan with a commercial bank. The
Company anticipates using internally generated funds
and/or amounts available under lines of credit to
cover the balance of the purchase price in the near
term. Draws under this loan totaled $22.9 million as of
September 30, 1995, with additional draws
anticipated in fourth quarter of 1995.
During third quarter of 1995, the Company
took delivery of a U. S. Flag Coal Carrier, the
Energy Enterprise. As of September 30, 1995, the
vessel was in a shipyard undergoing work to meet
classification requirements and preventative
maintenance prior to entering service early in
December, 1995, under a long-term contract to a
major electric utility company. The vessel will
carry coal from loading ports on the United States
East Coast to Massachusetts in addition to
performing other domestic transportation services
from time to time.
<PAGE 13>
As of December 31, 1994, the Company held an
approximate 9% interest in Havtor AS, a publicly
listed company on the Oslo Stock Exchange, and a
14.2% equity interest in A/S
Havtor Management, a privately held Norwegian ship
management company. In addition, the Company held
a 50% interest in a foreign entity, Bulkowners
1984, which was formed to own and operate two
combination dry cargo/petroleum products, PROBO
vessels. The Company also held a 10% interest in
a limited partnership with certain Norwegian
interests to construct and own a liquified
petroleum gas carrier which delivered in 1993.
During the first quarter of 1995, the Company
signed an agreement whereby A/S Havtor Management
and the gas carrier activities of Kvaerner, an
unrelated Norwegian company, would be merged into
Havtor AS. In addition, Havtor AS agreed to
acquire other vessels and vessel interests,
including the 50% interest held by the Company in
two PROBO vessels and the 10% interest held in a
liquified petroleum gas carrier. The merger was
approved by shareholders of Havtor AS in a general
meeting held in April, 1995.
Subsequent to the merger, the Company's
interest in Havtor AS approximated 6.4%. In
addition, Havtor AS stock was held by the Company
as collateral for a promissory note which matures
in mid-1996. During the second quarter of 1995,
the Company purchased the Norwegian interest which
held this promissory note. After the acquisition
the Company's interest in Havtor AS approximated
7.7%. Due to the liquidity of the shares held in
Havtor AS, the investment is reflected in the
financial statements at fair market value with
unrealized holding gains of approximately $8.2
million, net of tax, excluded from earnings and
reported as a separate component of shareholders'
equity in accordance with the required accounting
treatment for investments in equity securities
that have readily determinable fair values.
To meet short-term requirements when fluctuations
occur in working capital, the Company has available four
lines of credit totaling $35.0 million of which $19.5
million was drawn at September 30, 1995.
In March 1995 the Financial Accounting Standards
Board issued Statement No. 121, "Accounting for the
Impairment of Long-Lived Assets to Be Disposed Of".
Adoption of the statement, which is required in 1996,
is not anticipated to have a material effect on the
Company's financial position or results of operations.
The Company has not been notified that it is
a potentially responsible party in connection with
any environmental matters.
<PAGE 14>
At a regular meeting held October 18, 1995,
the Board of Directors voted to implement a five-
for-four stock split to be effected as a 25%
common stock dividend for distribution on November
17, 1995 to the shareholders of record at the
close of business on November 3, 1995. In lieu of
fractional shares a cash payment will be made for
such shares based on the closing price of the
common stock on November 3, 1995.
At the same meeting, the Board of Directors
declared a quarterly dividend of $.0625 per common
share payable on December 15, 1995, to
shareholders of record on December 1, 1995
(including the newly issued shares from the 25%
stock dividend mentioned above).
<PAGE 15>
PART II-OTHER INFORMATION
Item 6.
Exhibits and Reports on form 8-K
(b) No reports on Form 8-K have been filed for
the three months ended September 30, 1995.
SIGNATURES
Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its
behalf by the undersigned thereunto duly
authorized.
INTERNATIONAL SHIPHOLDING CORPORATION
/s/ Gary L. Ferguson
____________________________________________
Gary L. Ferguson
Vice President and Chief Financial Officer
Date November 13, 1995
________________
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> SEP-30-1995
<CASH> 35,122
<SECURITIES> 7,364
<RECEIVABLES> 41,679
<ALLOWANCES> 0
<INVENTORY> 9,782
<CURRENT-ASSETS> 100,071
<PP&E> 631,376
<DEPRECIATION> 237,046
<TOTAL-ASSETS> 632,781
<CURRENT-LIABILITIES> 82,575
<BONDS> 323,740
<COMMON> 6,756
0
0
<OTHER-SE> 153,297
<TOTAL-LIABILITY-AND-EQUITY> 632,781
<SALES> 0
<TOTAL-REVENUES> 252,254
<CGS> 0
<TOTAL-COSTS> 225,808
<OTHER-EXPENSES> 19,130
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 19,130
<INCOME-PRETAX> 9,734
<INCOME-TAX> 3,599
<INCOME-CONTINUING> 6,135
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 6,135
<EPS-PRIMARY> .92
<EPS-DILUTED> .92
</TABLE>
