INTERNATIONAL SHIPHOLDING REPORTS $64.4-MILLION LOSS IN 2001

INTERNATIONAL SHIPHOLDING REPORTS $64.4-MILLION LOSS IN 2001

   International Shipholding Corp. reported a loss of $64.4 million in 2001, due largely to the company's disposal of its LASH (lighter aboard ship) service.

   The company took a non-cash charge of about $51.1 million, net of taxes, to write down the assets of the LASH service, including one 1981-built Cape-size bulk carrier and special purpose barges from the balance of its operations. The carrier was sold in the third quarter.

   Excluding the charge, International Shipholding reported a net loss of $13.3 million, compared to net income of $836,000 in 2000. The loss was due to lower results from the company's U.S.-flag LASH service, which had to undergo unplanned shipyard work early in the year, and reduced cargo volumes in the second half, the company said.

   The company reported a fourth-quarter loss of $1.5 million, compared to net income of $775,000 in the year-earlier period. Revenue for the quarter was $65.96 million, down from $89.13 million in the fourth quarter of 2000. For the year, revenue was $289.91 million, compared to $342.39 million in the fourth quarter of 2000.

   The company reported an operating loss of $73.89 million for 2001, compared to operating income of $32.52 million for 2000. fourth quarter operating income was $3.05 million, down from $8.37 million in the year-earlier period.