<PAGE 1>
INTERNATIONAL SHIPHOLDING CORPORATION AND SUBSIDIARIES
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
X For the quarterly period ended June 30,1997
------------
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 6,682,887 shares (June 30, 1997)
------------------
<PAGE 2>
<TABLE>
Part I - Financial Information
INTERNATIONAL SHIPHOLDING CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS
(All Amounts in Thousands)
(Unaudited)
<CAPTION>
June 30, December 31,
ASSETS 1997 1996
--------------- --------------
<S> <C> <C>
Current Assets:
Cash and Cash Equivalents $ 43,310 $ 43,020
Marketable Securities 2,204 2,727
Accounts Receivable, Net of Allowance
for Doubtful Accounts of $226 and $256
in 1997 and 1996, Respectively:
Traffic 33,154 42,404
Agents' 9,213 10,343
Claims and Other 3,064 3,048
Federal Income Taxes Receivable 446 1,366
Net Investment in Direct Financing Leases 1,966 2,033
Other Current Assets 6,512 6,216
Material and Supplies Inventory, at Cost 13,485 12,043
--------------- ---------------
Total Current Assets 113,354 123,200
--------------- ---------------
Net Investment in Direct Financing Leases 21,497 22,797
--------------- ---------------
Vessels, Property and Other Equipment, at Cost:
Vessels and Barges 683,370 676,267
Other Marine Equipment 7,543 7,500
Terminal Facilities 18,284 18,535
Land 2,317 2,317
Furniture and Equipment 18,340 17,401
--------------- ---------------
729,854 722,020
Less - Accumulated Depreciation (294,759) (276,222)
--------------- ---------------
435,095 445,798
--------------- ---------------
Other Assets:
Deferred Charges in Process of
Amortization 44,276 43,318
Acquired Contract Costs, Net of
Accumulated Amortization of $11,972 and
$18,706 in 1997 and 1996, Respectively 18,554 19,523
Due from Related Parties 406 443
Other 7,880 6,517
--------------- ---------------
71,116 69,801
--------------- ---------------
$ 641,062 $ 661,596
=============== ===============
<FN>
The accompanying notes are an integral part of these statements.
</TABLE>
<PAGE 3>
<TABLE>
INTERNATIONAL SHIPHOLDING CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS
(All Amounts in Thousands)
(Unaudited)
<CAPTION>
June 30, December 31,
1997 1996
---------------- ---------------
<S> <C> <C>
LIABILITIES AND STOCKHOLDERS' INVESTMENT
Current Liabilities:
Current Maturities of Long-Term Debt $ 33,774 $ 33,470
Current Maturities of Capital Lease
Obligations 2,579 1,981
Accounts Payable and Accrued Liabilities 65,567 67,690
Current Deferred Income Tax Liability 1,475 811
Current Liabilities to be Refinanced (5,935) (7,680)
---------------- ---------------
Total Current Liabilities 97,460 96,272
---------------- ---------------
Current Liabilities to be Refinanced 5,935 7,680
---------------- ---------------
Billings in Excess of Income Earned
and Expenses Incurred 5,567 8,635
---------------- ---------------
Long-Term Capital Lease Obligations,
Less Current Maturities 15,313 17,642
---------------- ---------------
Long-Term Debt, Less Current Maturities 282,345 299,434
---------------- ---------------
Reserves and Deferred Credits:
Deferred Income Taxes 39,967 40,673
Claims and Other 21,603 18,853
---------------- ---------------
61,570 59,526
---------------- ---------------
Commitments and Contingent Liabilities
Stockholders' Investment:
Common Stock 6,756 6,756
Additional Paid-in Capital 54,450 54,450
Retained Earnings 112,745 112,310
Less - Treasury Stock (1,133) (1,133)
Unrealized Holding Gain on
Marketable Securities 54 24
---------------- ---------------
172,872 172,407
---------------- ---------------
$ 641,062 $ 661,596
================ ===============
<FN>
The accompanying notes are an integral part of these statements.
</TABLE>
<PAGE 4>
<TABLE>
INTERNATIONAL SHIPHOLDING CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(All Amounts in Thousands Except Share and Per Share Data)
(Unaudited)
<CAPTION>
Three Months Ended Six Months Ended
June 30, June 30, June 30, June 30,
1997 1996 1997 1996
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Revenues $ 99,774 $ 91,135 $ 183,293 $ 180,625
Subsidy Revenue 2,746 6,640 9,221 12,385
---------- ---------- ---------- ----------
102,520 97,775 192,514 193,010
---------- ---------- ---------- ----------
Operating Expenses:
Voyage Expenses 79,394 72,276 146,292 142,369
Vessel and Barge
Depreciation 8,627 8,040 17,149 16,035
---------- ---------- ---------- ----------
Gross Voyage Profit 14,499 17,459 29,073 34,606
---------- ---------- ---------- ----------
Administrative and General
Expenses 6,651 6,615 13,529 13,305
---------- ---------- ---------- ----------
Operating Income 7,848 10,844 15,544 21,301
---------- ---------- ---------- ----------
Interest:
Interest Expense 6,941 7,081 13,942 14,376
Investment Income (363) (578) (735) (1,004)
---------- ---------- ---------- ----------
6,578 6,503 13,207 13,372
---------- ---------- ---------- ----------
Income Before Provision for
Income Taxes 1,270 4,341 2,337 7,929
---------- ---------- ---------- ----------
Provision for Income Taxes:
Current 379 114 872 1,996
Deferred 57 1,414 (47) 822
State 157 128 242 178
---------- ---------- ---------- ----------
593 1,656 1,067 2,996
---------- ---------- ---------- ----------
Net Income $ 677 $ 2,685 $ 1,270 $ 4,933
========== ========== ========== ==========
Earnings Per Common Share:
Net Income $ 0.10 $ 0.40 $ 0.19 $ 0.74
========== ========== ========== ==========
Weighted Average Shares of
Common Stock Outstanding 6,682,887 6,682,887 6,682,887 6,682,887
<FN>
The accompanying notes are an integral part of these statements.
</TABLE>
<PAGE 5>
<TABLE>
INTERNATIONAL SHIPHOLDING CORPORATION
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' INVESTMENT
(All Amounts in Thousands)
(Unaudited)
<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, 1995 $6,756 $54,450 $106,158 ($1,133) $30 $166,261
Net Income for Year Ended
December 31, 1996 - - 7,823 - - 7,823
Cash Dividends - - (1,671) - - (1,671)
Unrealized Holding Loss on
Marketable Securities,
Net of Deferred
Taxes - - - - (6) (6)
-------- -------- -------- -------- -------- --------
Balance at
December 31, 1996 $6,756 $54,450 $112,310 ($1,133) $24 $172,407
======== ======== ======== ======== ======== ========
Net Income for the Period
Ended June 30, 1997 - - 1,270 - - 1,270
Cash Dividends - - (835) - - (835)
Unrealized Holding Gain on
Marketable Securities,
Net of Deferred
Taxes - - - - 30 30
-------- -------- -------- -------- -------- --------
Balance at
June 30, 1997 $6,756 $54,450 $112,745 ($1,133) $54 $172,872
======== ======== ======== ======== ======== ========
<FN>
The accompanying notes are an integral part of these statements.
</TABLE>
<PAGE 6>
<TABLE>
INTERNATIONAL SHIPHOLDING CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(All Amounts in Thousands)
(Unaudited)
<CAPTION>
Six Months Ended
June 30,
1997 1996
----------- -----------
<S> <C> <C>
Cash Flows from Operating Activities:
Net Income $ 1,270 $ 4,933
Adjustments to Reconcile Net Income to Net
Cash Provided by Operating Activities:
Depreciation 18,541 17,097
Amortization of Deferred Charges and
Other Assets 11,660 9,002
Provision for Deferred Income Taxes 825 2,887
Gain on Sale of Assets - (87)
Changes in:
Accounts Receivable 10,101 (2,055)
Net Investment in Direct Financing Leases 1,366 1,060
Inventories and Other Current Assets (1,683) 1,509
Other Assets (778) 147
Accounts Payable and Accrued Liabilities 142 4,513
Federal Income Taxes Payable (368) (9,570)
Unearned Income (3,068) 1,084
Reserve for Claims and Other
Deferred Credits 2,750 (206)
----------- ----------
Net Cash Provided by Operating Activities 40,758 30,314
----------- ----------
Cash Flows from Investing Activities:
Purchase of Vessels and Other Property (12,627) (28,688)
Additions to Deferred Charges (9,081) (2,604)
Proceeds from Sale of Assets 5 97
Proceeds from Short-Term Investments - 1,799
Other Investing Activities 612 9,503
----------- -----------
Net Cash Used by Investing Activities (21,091) (19,893)
----------- -----------
Cash Flows from Financing Activities:
Proceeds from Issuance of Debt 59,632 44,628
Reduction of Debt and Capital Lease
Obligations (78,148) (39,646)
Additions to Deferred Financing Charges (26) (1,465)
Common Stock Dividends Paid (835) (835)
------------ -----------
Net Cash (Used) Provided by Financing Activities (19,377) 2,682
------------ -----------
Net Increase in Cash and Cash Equivalents 290 13,103
Cash and Cash Equivalents at Beginning of Period 43,020 54,281
------------ -----------
Cash and Cash Equivalents at End of Period $ 43,310 $ 67,384
============ ===========
<FN>
The accompanying notes are an integral part of these statements.
</TABLE>
<PAGE 7>
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
JUNE 30, 1997
(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, 1996. 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 1997. 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 1997 interim results are not necessarily indicative of the
results of operations for the full year 1997.
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.
Note 2. Current Liabilities to be Refinanced
During the second quarter of 1997, the Company performed extensive
drydock work on one of its Ice-Strengthened Multi-Purpose vessels to prepare
that vessel for the commencement of a Military Sealift Command contract. As of
June 30, 1997, the Company had committed to financing this drydock through a
$5,000,000 long-term loan with a commercial bank. As of June 30, 1997, the
Company also had $953,000 remaining to be drawn on a long-term loan with a
commercial bank obtained to finance the purchase and refurbishment of a LASH
vessel. The costs remaining to be paid for the aforementioned drydock and
refurbishment are expected to be paid within one year and are included in
"Accounts Payable and Accrued Liabilities" on the Company's June 30, 1997,
<PAGE 8>
consolidated balance sheet. To properly reflect the Company's "Current
Liabilities" as of June 30, 1997, these amounts to be refinanced which totaled
$5,935,000 were reclassified as long-term liabilities and included in
"Current Liabilities to be Refinanced".
Note 3. Comprehensive Income
In June of 1997, the Financial Accounting Standards Board issued
Statement No. 130 (FAS 130), "Reporting Comprehensive Income," which requires
that comprehensive income be reported in a financial statement that is
displayed with the same prominence as other financial statements with an
aggregate amount of comprehensive income reported in that same financial
statement. FAS 130 is effective for financial statements issued for periods
beginning after December 15, 1997, and requires restatement for all prior
period comparative financial statements. The effect on the Company of
implementing FAS 130 will not be material.
<PAGE 9>
INTERNATIONAL SHIPHOLDING CORPORATION AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
Certain statements made in this report or elsewhere by, or on behalf of,
the Company that are not based on historical facts are intended to be
forward-looking statements within the meaning of the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995. Forward-looking
statements are based on assumptions about future events and are therefore
subject to risks and uncertainties. The Company cautions readers that certain
important factors have affected and may affect in the future the Company's
actual consolidated results of operations and may cause future results to
differ materially from those expressed in or implied by any forward-looking
statements made in this report or elsewhere by, or on behalf of, the Company.
For a description of certain of these important factors, refer to the
Company's Form 10-K filed with the Securities and Exchange Commission for the
year ended December 31, 1996.
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.
<PAGE 10>
RESULTS OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 1997
COMPARED TO THE SIX MONTHS ENDED JUNE 30, 1996
Gross Voyage Profit
- -------------------
Gross voyage profit decreased 16.0% to $29.1 Million in the first six
months of 1997 as compared to $34.6 Million in the same period of 1996.
Gross voyage profit was primarily impacted by 65 more out of service days in
1997 than 1996 for scheduled drydocking and repairs. The Company's gross
voyage profit was also negatively impacted when the Company decided to
discontinue development of a new LASH service between the U.S. Gulf and
Brazil. During the second quarter of this year, previously deferred costs
of approximately $1.2 Million were charged to operating expense for
termination costs and the repositioning of equipment.
Scheduled charterhire rate reductions, effective January 1, 1997,
for the Company's three Roll-On/Roll-Off vessels employed in the Military
Prepositioning Service also contributed to the decrease in gross voyage profit.
Early in the first quarter of 1997, the Company added the newly
acquired and refurbished LASH vessel, Atlantic Forest, to its TransAtlantic
liner service. This added capacity coinciding with a soft spot in the market
complicated by a strengthened dollar that tended to reduce U.S. exports
resulted in a lower gross voyage profit from this service during the first
half of 1997 as compared to the same period of 1996.
The Company's Operating Differential Subsidy (ODS) agreements for its
four LASH vessels in Waterman's liner service expired for each of the vessels
as their respective 1996 year-end cross-over voyages terminated during the
first and second quarters of 1997. Upon the expiration of the ODS agreements,
these vessels began participation in the Maritime Security Program (MSP),
which provides for subsidy payments of approximately $2.1 Million per vessel
per year, as compared to approximately $5.8 Million per vessel per year under
the ODS. In order to partially overcome the decrease in the amount of subsidy
payments provided under MSP, as compared to ODS, the Company was able to
reduce its shipboard and shoreside costs.
MSP payments received on the Company's U.S. Flag Pure Car Carriers,
which became participants in the MSP during October of 1996, and an increase
in the amount of cargo moved by the Company's Special Purpose Vessels ("SPV")
and barges, under long-term contract providing transportation services to a
major mining company in Indonesia, partially offset the aforementioned
decreases in gross voyage profit. Additionally, the first six months of 1996
<PAGE 11>
were negatively impacted by a damage claim made against the Company's
insurance subsidiary causing an increase in gross profit for this subsidiary
for the first six months of 1997.
Vessel and barge depreciation for the first six months of 1997 increased
6.9% to $17.1 Million as compared to $16.0 Million in the same period of 1996
due to the commencement of operations of the Energy Enterprise, Atlantic
Forest and associated LASH barges, and a container vessel, Java Sea,
operating in conjunction with the two SPV's in February of 1996, September of
1996, and January of 1997, respectively. These increases were partially
offset by a decrease resulting from the sale, in mid-1996, of the Company's
semi-submersible barge, the Caps Express.
Other Income and Expenses
- -------------------------
In its continuing effort to decrease overhead expenses, the Company
effected a small reduction in force at the end of the first quarter of this
year. Severance payments resulting from this reduction were the primary
reason for the increase in administrative and general expenses from $13.3
Million in the first six months of 1996 to $13.5 Million in the same period
in 1997.
Interest expense decreased 3.0% from $14.4 Million in the first six
months of 1996 to $13.9 Million in the same period of 1997 primarily due to
regularly scheduled payments on outstanding debt, the expiration last year of
an interest rate swap agreement on which the Company had incurred
interest during the first half of 1996, and the early repayment of a $9.5
Million long-term debt at the end of the first quarter of 1996. These
decreases were partially offset by increases resulting from interest
incurred on higher outstanding balances drawn on lines of credit, additional
draws on the long-term financing of the SPV's, the financing of the Atlantic
Forest and associated barges, and the financing of the Java Sea.
Investment income decreased from $1.0 Million in the first six months of
1996 to $735,000 in the same period of 1997 reflecting a reduction in the
balance of invested funds.
Income Taxes
- ------------
The Company provided $825,000 for Federal income taxes in the first six
months of 1997 as compared to $2.8 Million in the first six months of 1996.
The statutory rate was 35% for both periods.
<PAGE 12>
SECOND QUARTER ENDED JUNE 30, 1997
COMPARED TO SECOND QUARTER ENDED JUNE 30, 1996
Gross Voyage Profit
- -------------------
Gross voyage profit decreased 17.0% to $14.5 Million in the second
quarter of 1997 as compared to $17.5 Million in the same period of 1996.
Gross voyage profit was primarily affected by increased out of service days
for the Company's Waterman LASH vessels and its U.S. Flag Coal Carrier,
Energy Enterprise. In addition, the strength of the dollar tended to
reduce U.S. exports resulting in a lower gross voyage profit from the
Company's TransAtlantic liner service during the first half of 1997 as
compared to the same period of 1996.
The charterhire rate reductions for the Company's three Roll-On/Roll-Off
vessels and the costs related to the discontinued development of the Brazil
LASH service also reduced the second quarter gross voyage profit of this year
as compared to the same period last year.
MSP payments received on the Company's U.S. Flag Pure Car Carriers and a
damage claim made in the second quarter of last year against the Company's
insurance subsidiary caused an increase in gross profit for the first six
months of 1997 as compared to the same period of 1996.
Vessel and barge depreciation for the second quarter of 1997 increased
7.3% to $8.6 Million as compared to $8.0 Million in the same period of 1996
primarily due to the commencement of operations of the Atlantic Forest and
associated LASH barges as well as the Java Sea in January of 1997 and
September of 1996, respectively.
Other Income and Expenses
- -------------------------
Administrative and general expenses for the second quarter of this
year were comparable to the same period last year.
Interest expense decreased slightly from $7.1 Million in the second
quarter of 1996 to $6.9 Million in the same period of 1997 primarily due to
regularly scheduled payments on outstanding debt and the expiration last
year of an interest rate swap agreement. These decreases were partially
offset by the increases described in the six months comparison above.
Investment income decreased from $578,000 in the second quarter of 1996
to $363,000 in the same period of 1997 reflecting a reduction in the balance
of invested funds.
<PAGE 13>
Income Taxes
- ------------
The Company provided $436,000 for Federal income taxes in the second
quarter of 1997 as compared to $1.5 Million in the second quarter of 1996.
The statutory rate was 35% for both periods.
LIQUIDITY AND CAPITAL RESOURCES
The Company's working capital decreased from $26.9 Million at
December 31, 1996, to $15.9 Million at June 30, 1997. Cash and cash
equivalents increased during the first six months of 1997 by $290,000 to a
total of $43.3 Million.
Positive cash flows were achieved from operating activities in the
first six months of 1997 in the amount of $40.8 Million. The major sources
of cash from operations were net income, adjusted for non-cash provisions
such as depreciation and amortization, and collections on accounts receivable.
Net cash used for investing activities amounted to $21.1 Million
during the first six months of 1997. Major investments included the purchase
for $3.1 Million of a new LASH vessel, Willow, and capital improvements
on the following: Atlantic Forest and associated LASH barges; Energy
Enterprise; one of the LASH vessels operating in the Waterman liner service;
and the SPV's which amounted to $4.3 Million, $2.0 Million, $1.8 Million,
and $581,000, respectively. Other uses of cash included the addition of
$9.1 Million in deferred vessel drydocking charges. Proceeds from investing
activities included $573,000 received upon the maturity of certain marketable
securities.
Net cash used by financing activities during the first six months of
1997 totaled $19.4 Million. Proceeds from the issuance of debt obligations
of $59.6 Million included $48.0 Million drawn under the Company's lines of
credit, of which $19.3 Million was outstanding as of June 30, 1997;
$6.5 Million from the refinancing of balloon notes due on certain of the
Company's debt early this year; and $5.1 Million associated with the
refurbishment of the Atlantic Forest and associated LASH barges. Cash used
for financing activities included $58.7 Million to repay amounts which
were drawn under lines of credit in late 1996 and in 1997, $19.4
Million for regularly scheduled payments on other outstanding debt and
capital lease obligations, and $835,000 to meet common stock dividend
requirements.
Late in the second quarter of this year, the Company purchased a LASH
vessel renamed Willow for $2.6 Million. This vessel will be refurbished at
a cost of approximately $10 Million and will join the Company's LASH fleet
later this year as a possible replacement for one of the Company's
<PAGE 14>
older LASH vessels. The purchase was financed with draws on the Company's
lines of credit. The Company has committed to the purchase of two additional
LASH vessels for a total of approximately $16.9 Million in the third
quarter of this year. These vessels will also be refurbished for
approximately $10 Million each and will also likely replace older LASH vessels
in the Company's fleet. The Company is currently investigating various
options for the financing of the purchase of these two additional vessels in
the third quarter and for the refurbishment of all three vessels.
To meet short-term requirements when fluctuations occur in working
capital, the Company has available three lines of credit totaling $35.0
Million. As of June 30, 1997, $19.3 Million was drawn on these lines of
credit, of which $8.0 Million was repaid early in the third quarter of 1997.
The Company has not been notified that it is a potentially responsible
party in connection with any environmental matters.
At a regular meeting held July 16, 1997, the Board of Directors declared
a quarterly dividend of 6.25 cents per Common Share payable on September
19, 1997, to shareholders of record on September 5, 1997.
<PAGE 15>
PART II - OTHER INFORMATION
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
The matters voted upon and results of the voting at the Company's annual
meeting of shareholders held April 16, 1997, were reported in response to
Item 4 of the Company's Form 10-Q filed with the Securities and Exchange
Commission for the quarterly period ended March 31, 1997, and are
incorporated herein by reference.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) EXHIBIT INDEX
Exhibit Number Description
-------------- ------------------------
Part I Exhibits: 27 Financial Data Schedule
Part II Exhibits: 3 Restated Certificate of
Incorporation, as amended,
and By-Laws of the Registrant
(filed with the Securities
and Exchange Commission as
Exhibit 3 to the Registrant's
Form 10-Q for the quarterly
period ended June 30, 1996,
and incorporated herein by
reference)
(b) No reports on Form 8-K have been filed for the three months ended June
30, 1997.
SIGNATURES
Pursuant to the requirements of the Securities and 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 August 12, 1997
__________________________
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<CASH> 43310
<SECURITIES> 2204
<RECEIVABLES> 45431
<ALLOWANCES> 226
<INVENTORY> 13485
<CURRENT-ASSETS> 113354
<PP&E> 729854
<DEPRECIATION> 294759
<TOTAL-ASSETS> 641062
<CURRENT-LIABILITIES> 97460
<BONDS> 303593
0
0
<COMMON> 6756
<OTHER-SE> 166116
<TOTAL-LIABILITY-AND-EQUITY> 641062
<SALES> 0
<TOTAL-REVENUES> 192514
<CGS> 0
<TOTAL-COSTS> 176970
<OTHER-EXPENSES> 13942
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 13942
<INCOME-PRETAX> 2337
<INCOME-TAX> 1067
<INCOME-CONTINUING> 1270
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1270
<EPS-PRIMARY> 0.19
<EPS-DILUTED> 0.19
<FN>
<F1>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM FINANCIAL
STATEMENTS FOR THE PERIOD ENDED JUNE 30, 1997 AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMEMTS.
<F2>
Amounts inapplicable or not disclosed as a separate line on the Balance Sheet
or Statement of Income are reported as 0 herein.
<F3>
Notes and accounts receivable-trade are reported net of allowances for doubtful
accounts in the Balance Sheet.
</FN>
</TABLE>
