Key Developments: International Shipholding Corp (ISH)
18.98USD
20 May 2013
$0.29 (+1.55%)
$18.69
$18.75
$19.00
$18.75
16,422
20,703
$20.93
$13.00
Latest Key Developments (Source: Significant Developments)
International Shipholding Corp Reaffirms FY 2013 Earnings Guidance
International Shipholding Corp reaffirmed its fiscal 2013 net Income, before preferred stock dividends, between $10 million and $12 million and EBITDA within a $63 million and $67 million range. Full Article
International Shipholding Corp Declares Dividend
International Shipholding Corp announced the Company’s Board of Directors on April 10, 2013, approved a dividend payment of a $1.79 on its Series A Preferred Stock. The Board of Directors 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. Full Article
International Shipholding Corp Declares Dividend on Series A Preferred Stock
International Shipholding Corp announced that the Company`s Board of Directors has declared a dividend of $1.79 per share representing a pro-rata payment for the partial Dividend Period from February 21, 2013, to April 29, 2013, on its Series A Cumulative Redeemable Perpetual Preferred Stock. The dividend will be paid on April 30, 2013 to preferred shareholders as of record on April 29, 2013. Full Article
International Shipholding Corp Updates FY 2013 Earnings Guidance-Conference Call
International Shipholding Corp updated guidance for fiscal 2013, expects net income between $10 and $12 million and EBITDA between $63 and $67 million. The Company currently anticipates that approximately 68% of its 2013 revenues will be generated by fixed contracts. According to I/B/E/S Estimates, analysts are expecting the Company to report EBIDA of $65 million for fiscal 2013. Full Article
International Shipholding Corp Announces Closing Of Public Offering Of $25 Million Of Its 9.50% Series A Cumulative Redeemable Perpetual Preferred Stock
International Shipholding Corp announced the closing of its previously-announced sale of $25 million of its Series A Cumulative Redeemable Perpetual Preferred Stock at $100 per share. Dividends will be payable on the Series A Preferred Shares at an initial rate of 9.50% per annum of the stated liquidation preference when, as and if declared by ISH`s board of directors. The Company received net proceeds from the offering of $23.750 million after deducting underwriting discounts but excluding other related expenses. ISH intends to use the net proceeds from the offering for general corporate purposes, including working capital and the reactivation of a tug-barge unit which is scheduled to be deployed in April. The Company is completing the application process to list the Series A Preferred Shares on the NYSE under the symbol ISHPRA. The shares are expected to be listed by February 25. Incapital LLC and DNB Markets, Inc. acted as joint book-running managers and Incapital LLC was the sole structuring agent for the offering. Full Article
International Shipholding Corp Announces Pricing Of $25 Million Public Offering Of 9.50% Series A Cumulative Redeemable Perpetual Preferred Shares
International Shipholding Corp announced that it has priced its $25 million public offering of shares of its Series A Cumulative Redeemable Perpetual Preferred Stock (the Series A Preferred Shares) at $100 per share. ISH has granted the underwriters a 30-day option to purchase up to an additional $3.75 million of Series A Preferred Shares on the same terms and conditions. Dividends will be payable on the Series A Preferred Shares at an initial rate of 9.50% per annum of the stated liquidation preference when, as and if declared by ISH`s board of directors. The offering is expected to close on February 21, 2013. ISH intends to use the net proceeds from the offering for general corporate purposes, including working capital and potential deployments of currently inactive vessels. ISH intends to apply to list the Series A Preferred Shares on the New York Stock Exchange. Incapital LLC and DNB Markets, Inc. are acting as joint book-running managers and Incapital LLC is the sole structuring agent for the offering. Full Article
International Shipholding Corp Declares Dividend
International Shipholding Corp announced that the Board of Directors declared a $0.25 dividend payable on March 4, 2013, for each share of common stock owned on the record date of February 19, 2013. Full Article
International Shipholding Corp Announces Closing Of United Ocean Services Acquisition
International Shipholding Corp announced that the closing of the previously announced acquisition of U.S. United Ocean Services, LLC (UOS), a provider of marine transportation services for dry bulk and break-bulk commodities in the United States. The acquisition was completed for a total purchase price of $111 million cash and is expected to be immediately accretive to earnings and operating cash flow. Full Article
International Shipholding Corp Announces Termination Of Common Stock Offering
International Shipholding Corp announced that, in light of current market conditions, it has decided not to proceed with its previously-announced common stock offering at this time. The acquisition of U.S. United Ocean Services, LLC (UOS) continues on course for closing later this month through alternative financing sources. Full Article
International Shipholding Corp Announces Commencement Of Common Stock Offering
International Shipholding Corp announced that it intends, subject to market conditions, to offer and sell up to $40,000,000 of its common shares in an underwritten public offering. ISH further intends to grant the underwriters a 30-day option to purchase additional shares of its common shares to cover over-allotments, if any. The actual amount of shares sold will depend on market conditions. ISH intends to use the net proceeds from the offering for general corporate purposes including, but not limited to, using a portion of such net proceeds in connection with its pending acquisition of U.S. United Ocean Services, LLC ("UOS"). However, ISH currently expects to fund the UOS acquisition price and related transaction expenses through alternative financing sources. The underwriters for the offering are BB&T Capital Markets, a division of Scott & Stringfellow, LLC, and DNB Markets, Inc. Full Article
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