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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ship Repair & Conversion

Ferry Drydocking Completed on 2-day Turnaround

Great Lakes Shipyard hauled out the Kelleys Island Ferry Kayla Marie on April 18 for its USCG five-year inspection survey. The yard completed all work, and refloated the vessel two days later,

Crane Upgrade for Jack-up Vessel Sea Installer

Major modification work will bring A2SEA-owned vessel into line with growing demands of offshore wind industry   Damen Shiprepair Amsterdam (DSAm), part of Damen Shiprepair & Conversion,

Saga Shipholding’s Optimarin Experience Drives BWT Orders

Ballast water treatment (BWT) specialist Optimarin has signed a contract with Saga Shipholding for the provision of three of its Optimarin Ballast Systems (OBS).

Finance

Pirates Switch to Kidnapping Crew as Oil Fetches Less

Pirate gangs in West Africa are switching to kidnapping sailors and demanding ransom rather than stealing oil cargoes as low oil prices have made crude harder to sell and less profitable,

Baltic Index Down for Third Straight Session

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Tuesday for the third straight session, as demand for bigger vessels weakened.

Kongsberg, DNV GL Partner to Reduce Training Costs

Kongsberg Maritime has entered a partnership with class society DNV GL to issue Product Certificates for Maritime Simulator Systems required by maritime training

 
 
Maritime Standards Naval Architecture Offshore Oil Pipelines Port Authority Salvage Ship Electronics 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: 0.0700 sec (14 req/sec)