Seeking Alpha
We cover over 5K calls/quarter
Profile| Send Message|
( followers)

International Shipholding (NYSE:ISH)

Q1 2013 Earnings Call

April 25, 2013 10:00 am ET

Executives

Manuel G. Estrada - Chief Financial Officer and Vice President

Niels M. Johnsen - Executive Chairman and Chief Executive Officer

Erik L. Johnsen - President and Director

Analysts

Mark Suarez - Euro Pacific Capital, Inc., Research Division

Katja Jancic - Sidoti & Company, LLC

Doug Ruth

Ryan R. Adkerson - Iberia Capital Partners, Research Division

Operator

Good morning, everyone, and welcome to the International Shipholding Corp. First Quarter 2013 Earnings Conference Call. Please be aware that today's conference is being recorded and is now being webcast at the company's website, www.intship.com. [Operator Instructions] Now, I would like to introduce Manny Estrada, Chief Financial Officer. Please go ahead, sir.

Manuel G. Estrada

Thank you. Good morning, everyone, and thank you for joining us today for International Shipholding Corp.'s First Quarter 2013 Earnings Call. I am Manny Estrada, the company's Chief Financial Officer. With me today are Niels M. Johnsen, our Executive Chairman and CEO; and Erik L. Johnsen, our President.

Niels will start the presentation today by providing insight on market trends. Erik will provide an overview of the quarter. I will return at the end of the call to briefly review our first quarter results, and then we will welcome your questions.

Before we begin, I would like to point out that statements made today, which are not historical facts, may be deemed forward-looking statements. Actual results may differ materially from the estimates or expectations expressed in those statements, and certain factors that could cause actual results to differ significantly from our expectations are detailed in our SEC reports. I direct you to our earnings release for the full Safe Harbor statement. Now, I'd like to turn the call over to Niels. Niels?

Niels M. Johnsen

Thank you, Manny, and thank you, all, for joining us today. I am pleased to welcome all of you to our first quarter 2013 earnings call. Before Erik's comments and Manny's review of our financial results, I will make a few introductory comments.

In the first quarter of this year, we continue to implement our strategy and take steps to enhance the company's position for growth and long-term success. In particular, we completed the capital raise, acquired a new vessel and began the process of reactivating a vessel that we acquired in our UOS transaction. Erik and Manny will speak to these events in more detail later on in the call.

But needless to say, we remain active and will maintain our focus on taking advantage of near-term uncertainty in the shipping industry, which has created compelling acquisition opportunities for companies with access to capital.

As we all know, the global financial system continues to face headwinds and continues to impact the ability of banks to lend capital for ship financing. Therefore, companies such as International Shipholding Corporation, that have a proven ability to finance acquisitions, stand to benefit from current market trends. During a time when many companies have had to decrease their fleet sizes, we have successfully taken advantage of the environment to expand our operations through accretive transactions. Our company has a unique focus on identifying maritime transportation needs in niche markets, which has served us well throughout our history and we will maintain this focus as we further grow our fleet.

While the near-term outlook remains challenging, we believe that our strategy of operating a diversified fleet, primarily on medium- to long-term contracts, will continue to benefit the company and its shareholders. Although freight rates remain at depressed levels, and supply continues to outweigh demand, a majority of our revenues are fixed, and therefore, unaffected by volatility and spot rates. With stability in our cash flows, we are able to provide our shareholders with value through a quarterly dividend payment. Yesterday, our Board of Directors declared a first quarter dividend payment of $0.25 per each share of common stock. This is the 19th consecutive dividend payment since reinstituting our policy in the fourth quarter of 2008, representing a cumulative payout of $7.25 per share since that time. I would now like to turn the call over to Erik for a review of our operations. Erik?

Erik L. Johnsen

Thank you, Niels, and good morning. We are pleased with the performance of our fleet during the first quarter, as all of our vessels operated as expected. A majority of our revenues for the fourth -- for the quarter were generated from fixed contracts, which consist primarily of our Jones Act Vessels, Pure Car Truck Carriers and our Indonesian operations. In particular, our Jones Act segment benefited from the first full quarter of contributions from the -- our United Ocean Services operations.

We continue to achieve notable progress integrating UOS into our existing platform. We have begun renaming the vessels and intend to rebrand these operations under a new name, Coastal Carriers, going forward. We have been working on the reactivation of one of the 2 laid-up tug-barge units that we acquired as part of the UOS transaction, which is expected to be deployed by the end of this month. The reactivation of this unit will ensure that we will have no interruption in our service, while 2 other units in the fleet are undergoing dry docking later this year. While this additional tug-barge will not increase tonnage in 2013, beyond what we currently anticipate, it will position us well in 2014.

Within our PCTC fleet, we have renamed the CSAV Rio Geike, our international flag PCTC, which will now be called Glovis Countess. This vessel was recently placed on a long-term contract at favorable rates.

In our Variable business, we improved our results for supplemental cargoes as we successfully booked cargoes above historic levels. In addition, our Rail Ferry Service results were strong, as demand remained stable, enabling us to achieve better cargo capacity both southbound and northbound during the quarter. Importantly, we recently concluded a life extension study for our 2 Rail Ferries that are now expected to operate through 2025, compared to previous expectations of useful life lasting only through 2020.

Our dry bulk operations continue to face challenging conditions during the quarter, as the near-term supply and demand fundamentals remain unfavorable. However, as we have said many times before, the medium to long-term prospects for the bulk carrier market remain positive. Therefore, we have maintained our focus on developing opportunities to selectively increase our Handysize bulk carrier portfolio and enhance our strategic position in this market niche. During the first quarter, we acquired a resale of an existing new building contract for one eco-design Handysize bulk carrier that we'll deliver in the first half of 2015. This acquisition, which demonstrates our ability to take advantage of compelling opportunities in the current environment, strengthens the earning potential of our existing Handysize bulk carrier fleet for the cargo portfolio of the revenue sharing agreement, in which our Handysize bulk carriers operate.

Additionally, we have recently completed the scheduled dry docking of the Green Wave, at which time, we renamed her Oslo Bulk. She will now operate as part of the Oslo Bulk group. Finally, we remain focused on enhancing the efficiencies of our business, while also pursuing growth opportunities. We are constantly working to improve the operations of our vessels, as well as our onshore facilities in order to increase our profitability, and we continue to make progress in this effort. With that, I would like to turn the call over to Manny for a review of our financials for the quarter.

Manuel G. Estrada

Thank you, Erik. I'd like to provide some details on our financials for the first quarter ended March 31, 2013. We reported net income of $1.7 million for the 3 months ended March 31, 2013, which included a nonoperating gain of $3.2 million from our yen-denominated loan. For the comparable 3 months ended March 31, 2012, net income was $7.9 million, which included nonoperating gains of $3.8 million and $3.6 million, from the sale of our 2 international flag Pure Car Truck Carriers and the yen-denominated loan, respectively.

For the first quarter of the year, revenues increased to $81.1 million, or approximately 24.4% year-over-year. This was driven primarily by the additional revenues from a full quarter of contribution from our UOS operations. The company's gross voyage profit, representing the results of its 6 reporting segments was $11.3 million, compared to $14.4 million in the 2012 three-month period. Our gross voyage profit was impacted by the weaker results from our Pure Car Truck Carriers, Specialty Contracts and the Dry Bulk segment. This was partially offset by the results of our Jones Act operations.

Operating income for the 3 months ended March 31, 2013 was $306,000 as compared to $2.5 million, excluding the gain on the sale of the 2 previously mentioned PCTC assets in the first quarter of 2012. We generated approximately $55.9 million of revenue during the first quarter from our fixed contracts, which represents approximately 69% of our total revenue, while variable revenue was $25.1 million, or 31% of total revenue. This compares to fixed and variable revenues in the first quarter of 2012 of $40 million and $25 million, respectively.

To briefly review our quarterly gross profit results from each of our operating segments for the quarter, as a reminder, beginning with our fourth quarter 2012, results after the UOS acquisition, we have realigned our reporting segments to more closely support the operations of the vessels in each segment. Improved gross voyage profit for the Jones Act segment reflects the results of the full quarter of operation for United Ocean Services, which was acquired in late 2012 as well as slightly higher tonnage levels moved by the sulfur carrier vessel in the first quarter of 2013. Gross voyage profit on the PCTC segment declined due primarily to the fewer number of vessels operating in this segment, and a lower charter hire rate on one of our U.S. flag PCTCs, which was partially offset by slightly better supplemental cargo volumes.

Gross voyage profit on our Rail Ferry segment improved due to slightly better margins, and the results of our rail car repair facility, which we acquired in the latter part of 2012. The lower results of the dry bulk carrier segment reflect the overall depressed dry bulk market, as well as the termination during the quarter of the charter on our Capesize vessel, which is now operating under a lending sharing agreement. In addition, one-time delivery and positioning cost on the newly acquired, 4 additional mini-bulkers is reflected in the quarter results.

Our specialty contract segment reported a decrease in gross voyage profit due primarily to the termination of the 3 operating contracts with the government, which occurred in the first quarter of 2012, and a one-time cost associated with the redelivery and positioning of the ice-strengthened vessel renamed Azul [ph] Wave from its government contract. The company's other segment reported comparable year-over-year results.

Administrative and general expenses incurred in the first quarter of 2013 were at comparable levels to the same period of 2012. Higher expenses associated with the integration of UOS were offset by lower professional fees during the period. Interest expense for the 3 months ended March 31, 2013, was approximately $526,000 lower than the comparable 3 months in 2012. That service was reduced from the proceeds on the sale of the 2 international flag PCTCs, and the 2 U.S. flag PCTCs sold and leased back, as well as regularly scheduled debt payments.

During the 3 months ended March 31, 2013, the Japanese yen weakened in relation to the U.S. dollar from JPY 86.74 to JPY 94.22. This produced an exchange gain of $3.2 million.

During this quarter, we issued $25 million of 9 1/2% Series A Cumulative Redeemable Perpetual preferred stock, which, after deducting underwriting discounts, provided net proceeds of $23,750,000. This capital raise helped to strengthen our balance sheet and has provided the capital to reactivate a tug-barge unit which Erik previously discussed. The company's working capital increased $3 million from the year-end 2012, to $15 million at March 31, 2013, primarily driven by cash flow generated from a prepayment of the charter hire in the company's self-loading coal carrier, and the net proceeds from the Series A preferred stock.

Our cash and cash equivalents balance was approximately $31 million. The company's total debt obligations at March 31, 2013 was approximately $216 million, while EBITDA generated during the 12 month period ended March 31, 2013 was approximately $65.5 million. The company's Board of Directors on April 10, 2013, approved a dividend payment of $1.79 on its Series A preferred stock. In addition, the Board declared a $0.25 dividend payable on June 3, 2013 for each share of common stock owned on the record date of May 16, 2013. All future Common Stock dividend declarations and amounts remain subject to the discretion of company's Board of Directors.

We are reaffirming our 2013 net income guidance between $10 million and $12 million, and EBITDA within a $63 million to $67 million range. This ends our prepared remarks, we would now like to open the call for questions. Operator?

Question-and-Answer Session

Operator

[Operator Instructions] And we will take our first question from Mark Suarez, Euro Pacific Capital.

Mark Suarez - Euro Pacific Capital, Inc., Research Division

Just to go back on the capital rates of $25 million, now that you have reactivated the tug-barge unit within your UOS business, how much of that -- of an additional contribution should we expect from the UOS business for the remainder of the year? Do you have any sense as to would it be material, in addition to the numbers we're currently forecasting?

Manuel G. Estrada

No, I think as Erik mentioned in his segment, the reactivation of this unit in this year is really to help support the operations as they exist today, because of the fact that we have 2 units that are going to dry docked in the second half of the year. So Mark, for this year, the reactivation of the unit is really incrementally not going to add margins. But as Erik mentioned, it positions us well for 2014.

Mark Suarez - Euro Pacific Capital, Inc., Research Division

Got you. Okay, just to be clear. And then going back to the acquisition of the existing new building contract, I know you had acquired the -- an eco Handysize vessel, can you talk a little bit about how that and how that transaction came about? Did the source came from one of your lenders or brokers, just to give us a bit of background on how that came about?

Niels M. Johnsen

The transaction is confidential. And therefore, we haven't reported any details of that transaction. However, the opportunity developed as a result of our activities in that segment, within our revenue sharing agreement, where we are routinely in contact with all of the various constituencies in that market segment. So it's really -- it's a result of our ongoing aggressive commercial activities in that market segment.

Mark Suarez - Euro Pacific Capital, Inc., Research Division

Okay. And just to -- and actually we talked about this before, but is this strategy here within the Dry Bulk segment take care of these vessels out as you acquire them, or to enter to revenue sharing, I just want to get a better sense as to what the strategy is going forward, as you buy more of these vessels, if that's the case, going forward?

Niels M. Johnsen

The strategy is, as we've said before, is to continue to place the vessels in revenue sharing agreements. Those revenue-sharing agreements, which I think you understand, allows for a larger fleet of vessels to better service the various customers that the revenue sharing agreement works with. That agreement concludes the various contractual businesses and spot businesses that the vessels are deployed on. So our strategy is to continue to work in these revenue sharing agreements for the Handysize, Handymax and Capesize vessels in our fleet.

Mark Suarez - Euro Pacific Capital, Inc., Research Division

Okay, and so would it be first to say that assuming you have the opportunities available and the opportunities say it's attractive enough that you would consider expanding your Dry Bulk segment before the Jones Act segment? Or am I getting that wrong? I just want to -- so is there some sense if you want to prioritize which segment will you expand first, would it be fair to say that the dry bulk would be #1?

Niels M. Johnsen

Not necessarily. I think when we -- when we're looking at accretive opportunities for the company, we look at the perspective future value of each one of those opportunities. And we pursue that opportunity, if it is in a segment, where we think the fundamentals are placed for growth in the future. So I would not characterize our process going forward as focusing on dry bulk exclusively, that would not be the case.

Erik L. Johnsen

And I'd add, Mark, that when we -- our structure's set up, where we are trying to balance different segments in the market, so clearly, we always have to take into consideration also, how much we have invested in any given segment. And our strategy has shown to date, that the reason we diversified that we do, is when there is a weak segment, we're able take over and help us through those periods. So we have to balance that as well as we go forward with expansion.

Mark Suarez - Euro Pacific Capital, Inc., Research Division

Got it. And now just turning to dividends for a moment. Do you have -- do guys have like a cash level in your mind, that you need to have in your balance sheet before the board begins to consider the possibility of raising dividends, going forward, or is that mostly a function as to your potential acquisition strategy?

Niels M. Johnsen

Mark, we to be -- to answer the question directly, no, we don't have a set amount. I mean, clearly, we need a certain level of working capital to be able to pay the bills and certainly, we have that available to us right now in the balance sheet. The strategy and the policy on the dividend is, it gets evaluated every quarter, and the Board of Directors then determines, going forward, that the payment of the dividend. But there is no set minimum amount of working capital, no set payout ratio, but again, it's a product of where we are today, and the vision we have going forward.

Operator

And next we will go to Katja Jancic with Sidoti & Company.

Katja Jancic - Sidoti & Company, LLC

Could talk a little bit about the Maritime Security Act, do you have any information if it's going to be impacted by the governmental cuts? And if so, what is your plan to offset the revenue loss?

Niels M. Johnsen

The program will be impacted by sequestration. And obviously, the final impact that we might see for the current fiscal year, which ends the end of September 2013, will depend a lot on what the Congress eventually does. What we do know is that if the Congress does nothing, that there will be some impact. However, we are carefully reviewing, right now, what steps we might need to take in order to mitigate that impact. We don't expect that the overall impact for this year to be more than 10%. And looking at next year, we've received advices at this point, that the program will be a fully funded, as per President Barack Obama's budget. So I don't -- we don't expect a significant -- I mean it's a problem, but we think that we can work through that.

Katja Jancic - Sidoti & Company, LLC

Is there any timeline by when you will know how exactly it's going to work out?

Niels M. Johnsen

I would say, at this point, within 2 or 3 months, we'll know what will be going on through the end of the fiscal year.

Katja Jancic - Sidoti & Company, LLC

So basically, you're saying this year is going to be impacted to some extent, but then next year, it should be back in full mode?

Niels M. Johnsen

I -- we can't say that for sure. But we've been told that, that is going to be the case. And we've been told that by the Department of Defense and the Department of Transportation.

Operator

[Operator Instructions] And next, we will go to Doug Ruth with Lenox Financial Services.

Doug Ruth

We're hearing of strong car sales in America, and I'm wondering why is the PCTC business down, based on the strong car sales.

Niels M. Johnsen

The car sales, generally, have increased in the United States. If you drill down on that information, however, you will note, and if you look at the imported car sales from Japan and Korea, they are actually down marginally, comparing the first quarter of this year with the first quarter of last year. However, as we have said before, our underlying commercial contracts for our Pure Car Truck Carriers are not impacted by the volume of automobiles being transported, but given the nature of our contracts. So the main impact is the composition of our car carrier fleet. Now, as it was in the quarter that we're comparing it to, implemented and supplemented by the supplemental cargo that we carry.

Manuel G. Estrada

Yes, Doug, you may recall that we sold 2 international flag car carriers subsequent to first quarter of last year. So quarter-over-quarter or year-over-year comparison, when you're looking at the PCTC drop, that's the driver, the fact that we've got 2 less vessels.

Doug Ruth

Okay. With the dry bulk market, does the company disclose the name of the European partners?

Niels M. Johnsen

No.

Doug Ruth

And is there a benefit to have 2 partners? I mean, would one partner be sufficient? Or do you want more than 2 partners?

Niels M. Johnsen

It varies according to the circumstance, we have no definitive parameter on how many partners or how many participants we might have in a revenue sharing agreement, over time. And we've been in these revenue sharing agreements for many, many years. Sometimes we have 1 partner, sometimes we may have as many as 5 or 6 in a revenue sharing agreement.

Doug Ruth

Could you give us a sense of the type of partner -- are these people -- would these be competitors? Are these financial people that are your partners? Can you give us a little sense of that?

Niels M. Johnsen

They're not competitors, they're not financial people, they're generally companies similar as to ours.

Doug Ruth

Any idea? Is that -- by each partner is able to help finance the size of the fleet, so the overall fleet could be bigger?

Niels M. Johnsen

Well, it's not a question of financing, because each partner functions independently in that respect, the important commercial impact of a revenue sharing agreement is that it allows a larger fleet and a larger ability to service our customers' cargo requirements.

Doug Ruth

So by you having more vessels potentially, any one of them might be able to be -- a special vessel might be able to be called into service, is that...

Niels M. Johnsen

It provides worldwide service. The larger number of vessels under commercial operation provides a greater basis for expanding cargo activities.

Doug Ruth

Okay, how will you build on the success of the UOS business, now that you have it -- is there obvious new opportunities with that business that you're seeing?

Erik L. Johnsen

The Jones Act business is pretty much of a contract business. So we were buying contract revenues in a sense with equipment that is existing. Pretty high barrier of entry, because of the cost of new buildings, and also UOS has very quality customer base. So where you go in Jones Act really depends on contract business that could come available and it may not come available. We didn't buy it to necessarily say that, that's a tremendous growth area. We bought it because they were consistent contract revenues, and that ties into our strategy.

Doug Ruth

Okay. With -- one of the things that's in the annual report, you talk about with the Rail Ferry, some of the customers potentially may not want to cross the Texas/Mexico border. And that's why they're willing to put the rail car on the ship, why would customers not want across the Mexican/Texas border?

Erik L. Johnsen

Time. Time and customs. Anything east of the Mississippi River, from a time point of view, it's one -- it's a 2/3 savings in time to go via our Rail Ferry as opposed to go across the Texas border.

Doug Ruth

Can you give us that in like, hours or how -- days, how you measure that, exactly?

Erik L. Johnsen

Yes, I think, Doug, in all -- to be more efficient on this discussion, and I'm more than happy to field all those questions, it may be better if you give us a call off-line, and please feel free to do that and we'd be happy to discuss those in greater detail.

Doug Ruth

Maybe -- I got 2 general questions that maybe you could answer now, and then I...did brokerage business that you have, could that business be expanded?

Niels M. Johnsen

Yes and it's been larger in the past.

Doug Ruth

Okay. Because it seems like it's really profitable, and it just seems like that would be a really good use of the company's time.

Niels M. Johnsen

We've done that kind of business as part of our company's activities, almost since the company was formed.

Doug Ruth

I'm very -- as a financial person, I'm very impressed with the results. It's really a nice contributor to profits. And the last question, some of the leases on the offices are coming up, if you -- are you staying in the same facilities, or you're looking for different office space?

Manuel G. Estrada

Doug, the only facility that's coming up would be Tampa, and we're evaluating that right now.

Operator

And next we will go to Ryan Adkerson with Iberia Capital Markets.

Ryan R. Adkerson - Iberia Capital Partners, Research Division

Two quick questions. One, investors, obviously, have very different outlooks on preferred stock, we tend to view it as a debt instrument. All right, could you kind of talk about why you use preferred stock relative to other options? And I guess specifically, you canceled an equity deal when your stock broke below $15 when recently it's traded towards $20, is there any chance you'd like to raise equity here, or is a preferred raise enough for you guys?

Manuel G. Estrada

You know that debt -- you raised a very good question. The strategy that we use going into the preferred market is, we wanted to have some exposure in that market so that, as we continue to grow, it would be another source of capital for us. That's why when we went in, we went in for a fairly small amount of $25 million, we really wanted to be exposed to the market that had not been exposed to us for quite some time. As to whether we would go back on a common equity raise, never say never, but even today, at the $18 levels that we're trading at right now, it's still has a significant discount to book, so I would tell you that, that well it would still be a source, it would not be a primary source.

Ryan R. Adkerson - Iberia Capital Partners, Research Division

Understood, I agree. And secondly, as it's more of a general question, just in reference to your Capesize going to the spot market, we're just trying to get a handle on, I know you, where you guys operate or how you have certain macro shipping factors, like ore, coal or grain shipment quad-Capesize rates, how that might impact y'all's business with the Capesize?

Erik L. Johnsen

As you know from our other quarters, we had 2 ships, 2 capes, on long-term charters that came off in the first quarter. With the depressed rates for capes, what we are trying to do, is take one of those ships and place it on a period basis. If the rates are, I would -- I don't know how to describe this, are significantly better than spot, and the other vessel, we continue to run on spot, but because of the revenue sharing agreement, we're averaging the results. And in this marketplace, when you have Capesize spot market at $4,000, $4,200 a day, you're not fixing, long-term, on those type of bases. So our average between the ships, I would tell you is significantly better than spot. But we're not very happy about those results, but we've got to wait until the -- that market recovers. On the Handysize, which we have a bigger participation on, where -- because of the revenue sharing agreement, and the number of ships we have in that agreement, we are able to outperform the index. And every $1,000 improvement in the index, we should be able to improve our net results on an annualized basis, somewhere between $1.7 million and $2 million a year. So if you take the position in that the -- that market is pretty stable, and actually is a negative growth market, the -- that market and the Handys should come back, quicker than maybe the other markets. And if we are in fact, close to the bottom, and we think we are at the bottom, the improvement, quarter-over-quarter, as that market increases is going to be pretty significant to us.

Niels M. Johnsen

And just to be specific, the -- if you look at the Handysize spot index, that index improved from the beginning of March, it was around $6,700 a day, and yesterday, it was trading at over $8,000 a day. Whereas the Capesize segment, as Erik commented, was more or less flat during that period.

Operator

And it appears there are no further questions at this time. I would like to turn the conference over to Mr. Niels Johnsen for closing remarks.

Niels M. Johnsen

We thank you all again for participating in the call today. We always appreciate this opportunity to have discussions with interested parties and our shareholders. And we look forward to speaking to you again next quarter. Have a good day. Thank you.

Operator

And that does conclude today's conference. We do thank you for your participation.

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

Source: International Shipholding Management Discusses Q1 2013 Results - Earnings Call Transcript

Check out Seeking Alpha’s new Earnings Center »

This Transcript
All Transcripts