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Todd Shipyards 10-Q 2009
TODD SHIPYARDS CORPORATION

TODD SHIPYARDS CORPORATION

ANNOUNCES QUARTERLY FINANCIAL RESULTS FOR

JUNE 28, 2009

VIA FACSIMILE

CONTACT: HILARY PICKEREL

TOTAL PAGES - 3

SHAREHOLDER RELATIONS

 

(206) 623-1635 Ext. 106

SEATTLE, WASHINGTON...August 06, 2009...Todd Shipyards Corporation (NYSE:TOD) announced financial results for the first quarter ended June 28, 2009. For the quarter, we reported net income of $1.5 million or $0.26 per diluted share on revenue of $34.6 million. For the prior year first quarter ended June 29, 2008, we reported a net loss of $1.3 million or $0.23 per diluted share on revenue of $18.2 million.

Our first quarter revenue of $34.6 million reflects an increase of $16.4 million or 90% from the same period last fiscal year. The quarter to quarter increase largely results from higher volumes of ship repair and new construction activity for Government and commercial customers. Net income in the first quarter of fiscal year 2009 was unfavorably impacted by lower Navy repair volumes, primarily due to the lack of a major aircraft carrier availability in fiscal year 2009 due to timing of deployments, and lower new construction volumes. In addition, we established a $3.1 million reserve during the first quarter of fiscal year 2009 related to questioned subcontractor costs incurred during our 2005 project on the Navy aircraft carrier, USS John C. Stennis.

For the quarter ended June 28, 2009, we reported operating income of $1.8 million. In the prior year quarter ended June 29, 2008, we reported an operating loss of $2.9 million. The increase in operating income in the first quarter of fiscal 2010 versus the first quarter of the prior year primarily results from the changes in revenue noted above.

We reported investment and other income of $0.5 million and $1.0 million for the quarters ended June 28, 2009 and June 29, 2008, respectively.

For the first quarter ended June 28, 2009, we reported income before income taxes of $2.3 million and recorded $0.8 million of federal income tax expense, resulting in net income for the period of $1.5 million. For the prior year first quarter ended June 29, 2008, we reported a loss before income taxes of $2.0 million and recorded federal income tax benefit of $0.7 million, resulting in a net loss reported for the period of $1.3 million.

 

 

"SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

Statements contained in this Release which are not historical facts or information are "forward-looking statements." Words such as "believe," "expect," "intend," "will," "should," and other expressions that indicate future events and trends identify such forward-looking statements. These forward-looking statements involve risks and uncertainties, which could cause the outcome to be materially different than stated. Such risks and uncertainties include matters which relate directly to the Company's operations and properties and are discussed in the Company's filings with the Securities & Exchange Commission, as well as general economic risks and uncertainties. The Company cautions that any forward-looking statement reflects only the belief of the Company or its management at the time the statement was made. Although the Company believes such forward-looking statements are based upon reasonable assumptions, such assumptions may ultimately prove to be inaccurate or incomplete. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement was made.

 

The results of operations are as follows:

TODD SHIPYARDS CORPORATION
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME

Periods ended June 28, 2009 and June 29, 2008
(in thousands of dollars, except per share data)


  Three Months Ended
  06/28/09   06/29/08
       
Revenues  $           34,635    $           18,192
Operating expenses:      
Cost of revenue               24,788                 13,394
Administrative and manufacturing overhead                  8,096                   7,760
Other insurance settlements                     (30)                       (14)
Total operating expenses               32,854                 21,140
Operating income/(loss)                 1,781                  (2,948)
Investment and other income                    525                      955
Income/(loss) before income tax expense                 2,306                  (1,993)
Income tax (expense)/benefit                   (784)                      668
Net income/(loss)  $             1,522    $            (1,325)
     
Net income/(loss) per common share      
Diluted  $               0.26    $              (0.23)
Weighted average shares outstanding      
Diluted                 5,783                   5,758

A copy of our financial statements for the quarter ended June 28, 2009 will be filed with the Securities & Exchange Commission as part of our quarterly report on Form 10-Q. Our Form 10-Q should be read in conjunction with this earnings report.

 

TODD SHIPYARDS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS

June 28, 2009 and March 29, 2009
(in thousands of dollars)

                                                  06/28/09   03/29/09
       
ASSETS      
Cash and cash equivalents                          $                         5,111    $                         4,551
Securities available-for-sale                           20,097                             19,003
Accounts receivable      
  U.S. Government                             6,522                               5,035
Other, net                             5,880                               8,878
Costs and estimated profits in excess of billings on incomplete contracts                           15,426                             12,326
Inventory                             1,511                               1,523
Insurance receivable                                382                                  382
Other current assets                             2,282                               3,457
Deferred taxes                                  63                                    66
Total current assets                           57,274                             55,221
Property, plant, and equipment, net                                             31,746                             32,045
Restricted cash                             3,903                               3,807
Deferred pension assets                                7,404                               7,942
Insurance receivable                               8,652                               8,622
Intangible assets, net                             1,783                               1,859
Goodwill                             1,109                               1,109
Other long-term assets                                      1,670                               3,635
Total assets  $                     113,541    $                     114,240
       
LIABILITIES AND STOCKHOLDERS' EQUITY      
Accounts payable and accruals  $                       14,703    $                       13,403
Accrued payroll and related liabilities                             1,896                               2,142
Billings in excess of costs and estimated profits on incomplete contracts                             8,349                               8,619
Environmental and other reserves                                382                                  382
Taxes payable other than income taxes                             1,257                               1,376
Income taxes payable                             1,123                               1,199
Total current liabilities                           27,710                             27,121
Environmental and other reserves                           10,698                             10,703
Accrued post retirement health benefits                             6,941                               8,701
Deferred taxes                             1,061                               1,171
Other non-current liabilities                             1,666                               2,413
  Total liabilities                           48,076                             50,109
Stockholders' equity      
Common stock $.01 par value, authorized 19,500,000 shares,      
issued 11,828,305 shares at June 28, 2009 and March 29, 2009,      
and outstanding 5,766,071 shares at June 28, 2009 and  March 29, 2009                                118                                  118
Paid-in capital                           38,738                             38,690
Retained earnings                           81,288                             80,056
Accumulated other comprehensive loss                         (10,752)                           (10,806)
Treasury stock (6,062,234 shares at June 28, 2009 and March 29, 2009)                         (43,927)                           (43,927)
  Total stockholders' equity                           65,465                             64,131
Total liabilities and stockholders' equity  $                     113,541    $                     114,240
         

A copy of our financial statements for the quarter ended June 28, 2009 will be filed with the Securities & Exchange Commission as part of our quarterly report on Form 10-Q. Our Form 10-Q should be read in conjunction with this earnings report.

 

 

 

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