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

Finance

Pirates Switch to Kidnapping Crew as Oil Fetches Less

Pirate gangs in West Africa are switching to kidnapping sailors and demanding ransom rather than stealing oil cargoes as low oil prices have made crude harder to sell and less profitable,

Baltic Index Down for Third Straight Session

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Tuesday for the third straight session, as demand for bigger vessels weakened.

Kongsberg, DNV GL Partner to Reduce Training Costs

Kongsberg Maritime has entered a partnership with class society DNV GL to issue Product Certificates for Maritime Simulator Systems required by maritime training

Coatings & Corrosion

PPG Unveils Subsea Coating System

The PPG protective and marine coatings business is introducing and highlight the new PHENGUARD Subsea coating system.   The new product combination of PHENGUARD

Hempel’s Fouling Defence Product Hempaguard Applied to 500 Vessels

Leading marine coatings manufacturer, Hempel, announces - after only two and a half years on the market -  its award winning innovative fouling defence product

Torqeedo to Showcase Cruise Engine at Seawork

Torqeedo will debut its innovative new electric motor at this year’s Seawork International.   The new generation, the Cruise 10.0R, is equivalent to a 20HP combustion engine.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Pod Propulsion Port Authority Ship Electronics Ship Simulators 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: 0.0781 sec (13 req/sec)