INTERNATIONAL SHIPHOLDING RESULTS REBOUND

INTERNATIONAL SHIPHOLDING RESULTS REBOUND

   International Shipholding Corp. said Friday its second-quarter and first half of 2002 results rebounded from year-earlier losses, due to cost cutting efforts.

   The New Orleans-based company reported second-quarter net income of $1.1 million, after seeing a $57.4-million loss in the year earlier quarter. Operating income was $5.9 million, compared to an operating loss of 81.4 million in the second quarter of 2001. These gains came despite a 25.8-percent drop in revenues, to $56.7 million.

   Cost-cutting efforts included disposal of its U.S.-flag LASH (lighter aboard ship) vessels operated by Waterman Steamship Corp. and Forest Lines, as well as a Cape-size bulk carrier and purpose-built barges no longer required for current operations. The company said it still has one LASH vessel and a few LASH and special-purpose barges remaining. The LASH vessel is idle, pending review of alternative deployment.

   Cuts also include staff reductions, restructuring of certain financial arrangements through the sale and leaseback of certain vessels.

   For the first six months of 2002, net income was $196,000 compared to a net loss of $62.8 million in 2001, while revenues fell 25.3 percent to $117.1 million. Operating income was $7.4 million, compared to an operating loss of $82.2 million in 2001.