Todd Shipyards Releases First Quarter Results

Wednesday, August 14, 2002
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.
Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ship Repair & Conversion

Engine Refit for Mersey Pilot Boat

James Troop supplies two new Volvo Penta engines to upgrade Mersey pilot boat   Merseyside-based engine specialist James Troop & Co has secured a deal to supply

BAE Systems Awards Software Contract to SENER

The Spanish company SENER, Ingeniería y Sistemas S.A has closed a contract with U.K.-based BAE Systems PLC for the integration between FORAN CAD/CAM System and

Self-lubricating Bearing Polymer: Safe, Easy to Machine

Many plastics and metallic alloys present machining challenges as some deform and are difficult to maintain exacting tolerances, while others require strict and

Finance

WGMA Urges Participation in Menhaden Survey

The West Gulf Maritime Association (WGMA) is urging its members with ships arriving at any port in the western US Gulf to participate in the Menhaden survey.

ExxonMobil 3Q Dividend Unchanged

The Board of Directors of Exxon Mobil Corporation today declared a cash dividend of 73 cents per share on the Common Stock, payable on September 10, 2015 to

South Korea Okays Casinos on Cruise Ships

South Korea has given the go-ahead for cruise ships to operate onboard casinos for foreign guests, , reports the Korea Joongang Daily newspaper.   South Korean

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Offshore Oil Pipelines Salvage Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1130 sec (9 req/sec)