ISC Reports Negative Impacts of Sequestration in Q3 2013

MarineLink.com
Thursday, October 31, 2013
ISC Jones Act vessel: Photo courtesy of ISC

International Shipholding Corporation (ISC)  reported a net loss of $2.2 million for the three months ended September 30, 2013, which included a $2.0 million reduction from the impact of sequestration on the U.S. Maritime Security Program and $1.6 million charge from the refinancing of various U.S. Flag vessel collateralized loans into one senior $95 million debt facility.

Third quarter 2013 highlights

  • Reported adjusted net income of $1.4 million for the three months ended September 30, 2013 excluding non-recurring charges of $3.6 million
  • Completed a refinancing of its U.S. Flag fleet debt facilities, with a $45 million term loan and increasing its line of credit from $30 million up to $50 million. The new Facility also adds an accordion feature for up to an additional $50 million Facility
  • Declared a third quarter dividend of $0.25 per share of common stock payable on December 3, 2013 to shareholders of record as of November 15, 2013
  • Paid a $2.375 per share and $2.25 per share dividend on its Series A and Series B Preferred Stock, respectively, on October 30, 2013

Mr. Niels M. Johnsen, Chairman and Chief Executive Officer, stated:
“During the third quarter, we continued to execute our strategy of operating a diversified fleet on medium to long-term contracts in niche markets while taking steps to strengthen our balance sheet. Our recent refinancing has bolstered our financial flexibility and enhancedour ability to capitalize on further growth opportunities. Additionally, we recently continued our commitment to maintaining our Company’s leadership position in the Jones Act dry bulk market by exercising the buy-out option on a Jones Act integrated tug/barge unit which we had previously operated under a sale and leaseback arrangement.

“Given our stable cash flows and strong contract coverage, our Board of Directors has declared a common stock dividend of $0.25 per share for the third quarter. We remain committed to returning value to our shareholders, and we continue to explore accretive acquisition opportunities as they arise in the current environment.”
 

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