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 June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Container Equipment Costs at Record Low

Low material costs and stable demand has driven the price of new container equipment down to record lows where it is forecast to stay, according to the latest edition

KPA: Striking Mombasa Port Workers Must Return by Friday

The Kenya Ports Authority said on Thursday striking workers at the Mombasa port should resume work by Friday morning or lose their jobs, and that normal activities

Qatar Navigation Absorbs Balance of SocGen Gasships

Qatar Navigation (Milaha) said on Thursday its unit Qatar Shipping Company had acquired the remaining 60 percent interest in two firms which own Liquefied Natural

Coatings & Corrosion

PPG Debuts New Antifoulings

Low-friction, self-lubricating coatings use patented technology to deliver reduced fuel consumption and improved tolerance to idle time.   PPG Protective and

UK Navy’s Ice Patrol Ship Gets a New Coating

U.K. Royal Navy Ice Patrol Ship HMS Protector is deployed on operations for 330 days a year, mostly in the Antarctic region, making it essential that her underwater

Jotun to Update Performance Guarantees

The 17 National Standardization Bodies represented on ISO’s Marine Environment Protection Sub-committee (ISO-TC8-SC2) has voted in favor of circulating ISO 19030

 
 
Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Ship Electronics Ship Repair Ship Simulators Sonar
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: 0.2127 sec (5 req/sec)