ISC reports net loss of $3.2m in Q1 2014
International Shipholding Corporation (NYSE: ISH) in its financial results report for the first quarter ended March 31, 2014 announced dividend of $0.25 per share of Common Stock payable on June 3, 2014 to shareholders of record as of May 16, 2014. Paid a $2.375 per share and $2.25 per share dividend on its Series A and Series B Preferred Stock, respectively, on April 30, 2014.
The Company reported a net loss of $3.2 million for the three months ended March 31, 2014. For the comparable three months ended March 31, 2013, the Company reported a net loss of $1.5 million after deducting a $3.2 million non-operating foreign exchange gain on its Yen denominated loan.
Mr. Niels M. Johnsen, Chairman and Chief Executive, commented, “In the first quarter, we continued to execute our strategy of partnering with experienced, high quality counterparties, deploying our diversified fleet on primarily medium to long-term contracts. In addition, as reported in our April 14, 2014, press release, we have taken steps to address the factors that impacted our results for this quarter.”
Mr. Johnsen concluded, “ISH remains well positioned to create value for our shareholders by taking advantage of our strong contract coverage, our strategic and financial flexibility, and our ability to pursue accretive acquisitions across niche maritime markets. Similarly, we remain focused on returning value to our shareholders. Our Board of Directors has thus declared a $0.25 per share dividend for the first quarter of 2014, in line with our $1.00 per share target for the full year 2014.”
Gross Voyage Profit
The Company’s gross voyage profit, representing the results of its six reporting segments, was $9.9 million, for the first quarter of 2014, compared to $11.3 million in the 2013 three month period.
About International Shipholding
International Shipholding Corporation, through its subsidiaries, operates a diversified fleet of U.S. and International flag vessels that provide worldwide and domestic maritime transportation services to commercial and governmental customers primarily under medium to long-term charters and contracts.
