SIGNIFICANT OPERATIONS (Tables)

12 Months Ended

Dec. 31, 2012

Revenues Attributable to Major Geographic Areas

We have operations in several principal markets, including international service between U.S. Gulf Coast, U.S. East Coast, and U.S. West Coast ports and ports in Mexico, the Middle East and the Far East, and domestic transportation services along the U.S. Gulf Coast and East Coast. Revenues attributable to the major geographic areas of the world are presented in the following table. Revenues for our Jones Act, Pure Car Truck Carriers (PCTC), Rail-Ferry, Dry Bulk Carriers, Specialty Contracts and Other segments are assigned to regions based on the location of the customer. Because we operate internationally, most of our assets are not restricted to specific locations. Accordingly, an allocation of identifiable assets to specific geographic areas is not applicable.

	Year Ended December 31,
(Amounts in thousands)	2012		2011		2010
United States	$	123,782	$	132,387	$	179,127
Asian Countries		63,860		86,342		84,146
Rail-Ferry Service Operating Between U.S. Gulf Coast and Mexico		32,479		36,422		26,768
South America		10,416
Europe		12,474		7,341		-
Other Countries		485		704		8
Total Revenues	$	243,496	$	263,196	$	290,049

Internally Restructured Business to Replace Prior Operating Segments

Following our acquisition of UOS in late 2012, we internally restructured our business to replace our prior operating segments (listed below) with the following new segments:

New Segments		Prior Segments
· Jones Act		· Time Charter Contracts – U.S. Flag
· Pure Car Truck Carriers		· Time Charter Contracts – International Flag
· Dry Bulk Carriers		· Contracts of Affreightment
· Rail-Ferry		· Rail-Ferry Service
· Specialty Contracts		· Other
· Other

Segment Reporting Information by Segment

The following table presents information about segment profit and loss and segment assets. We do not allocate administrative and general expenses, gains or losses on sales of investments, investment income, gains or losses on early extinguishment of debt, equity in net loss/income of unconsolidated entities, income taxes, or losses from discontinued operations to our segments. Intersegment revenues are based on market prices and include revenues earned by our subsidiaries that provide specialized services to the operating segments. Expenditures for segment assets represent cash outlays during the periods presented, including purchases of assets, improvements to assets, and drydock payments.

(All Amounts in Thousands)	Jones Act*			Pure Car Truck Carriers			Rail Ferry			Dry Bulk Carriers			Specialty Contracts			Other			Total
2012
Revenues from External Customers	$	33,721		$	113,521		$	33,335		$	26,080		$	35,526		$	1,313		$	243,496
Intersegment Revenues (Eliminated)																	18,638			18,638
Intersegment Expenses (Eliminated)		-			-			-			-			-			(18,638	)		(18,638	)
Voyage Expenses		27,230			85,688			29,522			19,135			26,871			62			188,508
Loss (Income) of Unconsolidated Entities		-			-			290			(75	)		-			-			215
Gross Voyage Profit		6,491			27,833			3,523			7,020			8,655			1,251			54,773
Gross Voyage Profit Margin Percentage		19	%		25	%		11	%		27	%		24	%		95	%		22	%
Vessel and Other Depreciation		2,120			11,059			2,861			6,297			2,061			-			24,398
Gross Profit	$	4,371		$	16,774		$	662		$	723		$	6,594		$	1,251		$	30,375
Interest Expense		1,614			2,933			768			3,923			628			543			10,409
Segment Profit (Loss)	$	2,757		$	13,841		$	(106	)	$	(3,200	)	$	5,966		$	708		$	19,966
Segment Assets		119,377			122,403			35,196			162,921			27,767			25,134			492,798
Expenditures for Segment Assets		90,319			5,969			3,766			21,899			23,695			540			146,188
2011
Revenues from External Customers	$	29,836		$	122,341		$	36,422		$	20,183		$	52,026		$	2,388		$	263,196
Intersegment Revenues Eliminated																	17,419			17,419
Intersegment Expenses (Eliminated)		-			-			-			-			-			(17,419	)		(17,419	)
Voyage Expenses		27,706			85,940			30,664			9,786			35,916			2,070			192,082
Loss of Unconsolidated Entities		-			-			347			63			-			-			410
Gross Voyage Profit		2,130			36,401			5,411			10,334			16,110			318			70,704
Gross Voyage Profit Margin Percentage		7	%		30	%		15	%		51	%		31	%		13	%		27	%
Vessel Depreciation		1,403			14,167			3,642			4,309			1,858			9			25,388
Gross Profit	$	727		$	22,234		$	1,769		$	6,025		$	14,252		$	309		$	45,316
Interest Expense		172			5,828			721			2,645			556			439			10,361
Segment Profit (Loss)	$	555		$	16,406		$	1,048		$	3,380		$	13,696		$	(130	)	$	34,955
Segment Assets		9,363			298,919			38,440			129,692			28,448			24,289			529,151
Expenditures for Segment Assets		158			86,077			4,483			74,603			1,120			99			166,540
2010
Revenues from External Customers	$	30,109		$	163,152		$	26,673		$	-		$	67,133		$	2,982		$	290,049
Intersegment Revenues Eliminated																	18,642			18,642
Intersegment Expenses (Eliminated)		-			-			-			-			-			(18,642	)		(18,642	)
Voyage Expenses		26,738			112,500			22,649			-			44,870			2,590			209,347
Loss (Income) of Unconsolidated Entities		-			-			48			(9,330	)		-			-			(9,282	)
Gross Voyage Profit		3,371			50,652			3,976			9,330			22,263			392			89,984
Gross Voyage Profit Margin Percentage		11	%		31	%		15	%		-			33	%		13	%		31	%
Vessel Depreciation		1,373			11,364			5,181			-			-			11			17,929
Impairment Loss		-			-			25,430			-			-			-			25,430
Gross Profit (Loss)	$	1,998		$	39,288		$	(26,635	)	$	9,330		$	22,263		$	381		$	46,625
Interest Expense		222			5,402			831			-			184			518			7,157
Segment Profit (Loss)	$	1,776		$	33,886		$	(27,466	)	$	9,330		$	22,079		$	(137	)	$	39,468
Segment Assets		12,516			313,360			40,511			-			7,951			24,722			399,060
Expenditures for Segment Assets		331			1,962			6,695			108,338			8,036			300			125,662

*2012 reflects one month of UOS.

Reconciliation from Segment Totals to Consolidated

Following is a reconciliation of the totals reported for the operating segments to the applicable line items in the consolidated financial statements:

(Amounts in thousands)	Year Ended December 31,
Profit or Loss:	2012			2011			2010
Total Profit for Reportable Segments	$	19,966		$	34,955		$	39,468
Unallocated Amounts:
Administrative and General Expenses		(23,244	)		(20,961	)		(21,202	)
Gain on Sale of Other Assets		16,625			-			42
Derivative Loss		(485	)		(101	)		(426	)
Gain (Loss) on Sale of Investment		580			(747	)		213
Investment Income		470			637			1,778
Other Income from Vessel Financing		2,387			2,653			2,335
Foreign Exchange Gain (Loss)		5,506			(3,051	)		(8,196	)
Gain on Dry Bulk Transaction		-			18,844			-
Benefit (Provision) for Income Taxes		157			(680	)		1,290

Net Income	$	21,962		$	31,549		$	15,302

(Amounts in thousands)	December 31,		December 31,
Assets:	2012		2011
Total Assets for Reportable Segments	$	492,797	$	529,153
Unallocated Amounts:
Current Assets		88,921		85,125
Investment in Unconsolidated Entities		12,676		12,800
Due from Related Parties		1,709		1,571
Other Assets		5,509		202
Goodwill		2,700		-
Notes Receivable		33,381		37,714
Total Assets	$	637,693	$	666,565

- Definition

Tabular disclosure of each significant reconciling item, other than profit (loss), revenues, or assets, in the reconciliation of totals of such items in reportable segments to the entity's corresponding consolidated amount.

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- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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