INTERNATIONAL SHIPHOLDING SEES FIRST-QUARTER REBOUND
International Shipholding Corp. reported first-quarter net income of $3.0 million, rebounding from a net loss of $920,000 for the year-earlier quarter.
The New Orleans-based vessel operator saw improvement in the company's liner services and its rail-ferry services, due to higher cargo volumes in the quarter.
The company's coal carrier unit operated in coastwise trade for the full quarter, compared to last year when vessel time charters were out of service for two weeks due to repairs.
During the quarter, the company also reported a pre-tax gain of $1.26 million resulting from the early retirement of unsecured notes. International Shipholding results have also benefited from the retirement of other debts over the past year.
The company reported first-quarter operating income of $6.53 million up 363.2 percent from the year-earlier quarter. Revenue was $64.8 million, up 7.2 percent.