JOC Staff | Oct 26, 2012 10:40AM EDT
International Shipholding Corporation reported its net income in the third quarter plummeted 37.5 percent year-over-year to $1.78 million, from $2.85 million in the same quarter of 2011.
Profit in the first nine months of 2012 was $10.42 million, down 65.0 percent from $29.77 million for the same period last year.
Quarterly revenue was $61.16 million, down 8.8 percent from $67.09 million last year. Revenue from January to September was $186.69 million, a decrease of 7.3 percent from $201.38 million.
The company expects full year 2013 income to be between $18 million and $20 million, CFO Manny Estrada said in a written statement, after completion of its pending acquisition of U.S. United Ocean Services.