Mobile, Alabama – May 4, 2016– International Shipholding Corporation (OTCQX:ISHC) today announced financial results for the quarter ended March 31, 2016.
First Quarter 2016 Highlights
- Reduced gross debt obligations to $117.1 million at March 31, 2016 from $159.8 million at December 31, 2015.
- Completed the sale of remaining dry bulk vessels
- Completed the sale of minority interest in mini bulkers, 2 chemical and 2 asphalt tankers
- Improved results in Jones Act segment, reporting gross voyage profit of $3.5 million.
- Exchanged our minority interest in mini bulkers for one mini bulker which was subsequently sold to a foreign partner.
- Concluded extension of a long term bareboat charter on multipurpose ice strengthened vessel
The Company reported a net loss of $8.5 million for the three months ended March 31, 2016, which included non-cash charges of $1.9 million related to impairment losses mainly involving the write down of assets held for sale and $1.4 million related to the recognition of an additional premium on our Series A and Series B Preferred Share dividends. Excluding these non-cash charges, our net loss for the first quarter of 2016 was $5.2 million compared to a net loss of $1.7 million, excluding non-cash charges of $2.8 million, for the first quarter of 2015.
Gross Voyage Profit
The Company’s gross voyage profit was $7.8 million and $11.5 million for the first quarter of 2016 and 2015, respectively.