International Shipholding Reports Fourth Quarter Results

Thursday, January 17, 2002
International Shipholding Corporation reported results for the year and quarter ended December 31, 2001. Net loss for the fourth quarter was $1.5 million as compared to net income of $775,000 for the fourth quarter of 2000. For the year ended December 31, 2001, the Company reported a net loss of $64.4 million as compared to net income of $836,000 during the year ended December 31, 2000. The annual results for 2001 reflect a previously reported asset write-down on "Assets Held-for-Disposal" of approximately $51.1 million, net of taxes, in accordance with FASB 121, "Accounting for the Impairment of Long-lived Assets". This non-cash charge was made to write down certain assets to estimated market value as part of the Board of Directors previously announced plan to separate the Company's LASH (Lighter Aboard SHip) service, one 1981-built Cape-size Bulk Carrier and certain special purpose barges from the balance of its operations and to reclassify these assets in the Company's balance sheet as "Assets Held-for-Disposal". Since the second quarter announcement of the Company's intent to dispose of certain of its assets, the Company's above mentioned Cape-Size Bulk Carrier was sold during the third quarter. During the fourth quarter of 2001, LASH assets associated with the Company's Foreign Flag LASH service were reinstated as assets held for use as a result of extended cargo commitments from a major shipper. Additionally, the carrying value of certain other assets held for disposal were reduced to current market values. The net effect of these transactions was not material. The process of disposing of the remaining LASH assets and the special purpose barges is continuing. Excluding the aforementioned $51.1 million asset write-down, net loss for the year ended December 31, 2001 was $13.3 million as compared to net income of $836,000 for the year ended December 31, 2000. The major reason for the unfavorable comparisons in 2001 was lower results in the Company's U.S. Flag LASH service caused by unplanned shipyard work early in the year and reduced cargo volume during the second half of the year.
Maritime Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Norwegian Car Carriers to Buy Two from Hyundai Samho

Oslo-listed Norwegian Car Carriers (NOCC) has signed a contract with Hyundai Samho Heavy Industries for the construction of two 6500 ceu Pure Car Truck Carrier (OCTCs).

Long Beach, Los Angeles ports host forum to gather input

More than 100 cargo owners, trucking firm leaders, longshore labor, marine terminals and other goods movement industry representatives turned out Wednesday for

Venezuela Probes ex-minister accused of corruption in Ferry Deals

A former minister in President Nicolas Maduro's government denied in an interview published on Friday accusations of corruption during the purchase of three

Coatings & Corrosion

EUROPA 2 Undergoes First Scheduled Docking

As part of its first scheduled docking, Hapag-Lloyd Cruises’ EUROPA 2 underwent technical maintenance at Blohm + Voss in Hamburg from April 11-24, 2015.   At the same time,

Great Lakes Shipyard Awarded Ferry Repair Contract

Great Lakes Shipyard has been awarded a drydocking contract for Miller Boat Line’s M/V Put-In-Bay.   The ferry was hauled out using the 770-ton capacity Marine Travelift at Great Lakes Shipyard.

GAC's Hull Cleaning Solution Debuts in Singapore

GAC EnvironHull’s eco-friendly, diver-free hull cleaning technology makes its Asian debut at this year’s Sea Asia exhibition, marking its introduction at one of the world’s busiest ports, Singapore.

 
 
Maritime Contracts Naval Architecture Navigation Pod Propulsion Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1584 sec (6 req/sec)