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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Scorpio Bulkers books Net Loss

USA-Monaco based bulk carrier Scorpio Bulkers has reported a loss of $24.7 million in its second quarter of 2016, pushing the carrier's deficit up to $ 83 million.

Diana Containerships in Red, Suspends Dividend

Greece-based Diana Containerships Inc. has reported a second-quarter loss of $8 million, after reporting a profit in the same period a year earlier.   The shipping

DP World Eyes Taiwan Port

Global marine container terminal operator DP World  will help to expand the development of Kaohsiung Port’s Terminal 7, which is owned by the state run Taiwan International Ports Corporation (TIPC),

Coatings & Corrosion

Ecofix Filler Coat Cuts Rudder Repairs Cost

With an increasing trend for thruster and rudder manufacturers finishing their products with self-cleaning protective hard coatings, Antwerp headquartered Subsea

SCIGRIP Transforms Hovercraft Assembly Process

Griffon Hoverwork, a designer and manufacturer of technically advanced hovercrafts, has collaborated with SCIGRIP, the global supplier of smarter adhesive solutions,

Ecospeed Demonstrator Vessel on Display

Shipowners, shipbuilders and representatives from the Green Award Foundation  attended the first in a series of planned ‘roadshows’ Subsea Industries has initiated

 
 
Maritime Contracts Maritime Standards Pipelines Port Authority Salvage Ship Electronics 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: 0.0746 sec (13 req/sec)