Hurricanes force Int’l Shipholding’s 3rd-quarter results into red
International Shipholding Corp. said Hurricanes Katrina and Rita negatively impacted the New Orleans-based company's third quarter results, reporting a net loss of $845,000, compared to a net income of $220,000 in the same quarter last year.
Operating income declined 81 percent to $320,000 from $1.69 million, with revenue down 6 percent to $63.6 million from $67.6 million in the corresponding quarter 2004.
International Shipholding said its foreign-flag transatlantic and U.S.-flag Lighter Aboard Ships (LASH) liner services both saw a continuation of strong cargo volumes. International Shipholding subsidiaries Waterman Steamship and Forest Lines operate the LASH vessels.
For the year to date, International Shipholding posted a net income of $7.2 million, up 46 percent from $4.9 million after nine months in 2004. Operating income dropped 12 percent to $10.3 million from $11.6 million. Revenue was up 2 percent to $200.1 million from $196.1 million.