Todd Shipyards Releases First Quarter Results

Todd Shipyards Corporation announced financial results for the first quarter ending June 30, 2002. For the quarter, the company reported net income of $2.3 million or $0.41 per diluted share on revenue of $49.3 million. For the prior year first quarter ending July 1, 2001, the company reported net income of $1.8 million on revenue of $31.2 million. Per share calculations for the first quarter ended June 30, 2002 were impacted favorably by the company’s Dutch Auction share repurchase of 4.1 million shares of its common stock that occurred during the second quarter of the prior fiscal year. The company’s first quarter revenue of $49.3 million reflects an increase of $18.0 million, 58 percent from the prior year’s first quarter levels, due to the simultaneous execution of repair and overhaul work under the company’s three U.S. Navy phased maintenance contracts. In announcing the results, Stephen G. Welch, Chief Executive Officer of Todd, stated that “The unprecedented concentration of U.S. Navy work volumes experienced during the first quarter will not be indicative of planned work volumes for the remainder of the fiscal year.” For the quarter ending June 30, 2002, the company reported operating income of $3.2 million. In the prior year quarter ending July 1, 2001, the company reported operating income of $1.9 million. Increases in operating income from levels reported in the first quarter of fiscal year 2002 are primarily attributable to the significant increase in U. S. Navy repair and overhaul volumes experienced during the first quarter of fiscal year 2003.