Todd Shipyards Corporation Announces Quarterly Financial Results For December 27, 2009

Tuesday, Feb 09, 2010

Todd Shipyards Corporation  announced financial results for the third quarter ended December 27, 2009. For the quarter, we reported net income of $1.6 million or $0.27 per diluted share on revenue of $47.1 million. For the prior year third quarter ended December 28, 2008, we reported net income of $2.6 million or $0.45 per diluted share on revenue of $33.5 million.

Our third quarter revenue of $47.1 million reflects an increase of $13.7 million or 41% from the same period last fiscal year. The quarter to quarter increase largely results from higher volumes of Coast Guard and Navy work and new construction activity for Washington State Ferries.

For the quarter ended December 27, 2009, we reported operating income of $2.3 million. In the prior year quarter ended December 28, 2008, we reported operating income of $2.7 million. The decrease in operating income in the third quarter of fiscal 2010 versus the third quarter of the prior year primarily results from a $1.3 million charge against cost of revenue resulting from the contingent settlement of a lawsuit with the Port of Tacoma for contribution to an environmental cleanup of Commencement Bay where one of our subsidiaries operated a shipyard during World War II.

We reported investment and other income of $0.1 million and $1.3 million for the quarters ended December 27, 2009 and December 28, 2008, respectively. The decrease in investment and other income versus the prior year is due primarily to the completion of contracts to lease certain facilities and provide related services to Kiewit-General in connection with their construction of the Hood Canal Floating Bridge.

For the third quarter ended December 27, 2009, we reported income before income taxes of $2.4 million and recorded $0.8 million of federal income tax expense, resulting in net income for the period of $1.6 million. For the prior year third quarter ended December 28, 2008, we reported net income before income taxes of $3.9 million and recorded federal income tax expense of $1.3 million, resulting in net income for the period of $2.6 million.

Source: Todd Shipyards