Todd Shipyards Report 2Q Results

Thursday, October 24, 2002
Todd Shipyards Corporation announced financial results for the second quarter ended September 29, 2002. For the quarter, the company reported net income of $2.0 million. For the six month period then ended, the company reported net income of $4.3 million. In the prior year second quarter ending September 30, 2001, the company reported net income of $3.0 million. Per share calculations for the second quarter and first six month period ended September 29, 2002 were impacted favorably by the company’s Dutch Auction share repurchase of 4.1 million shares of its common stock during the second quarter of the prior fiscal year. The company’s second quarter revenue of $40.6 million reflects an increase of $9.6 million (31%) from fiscal year 2002 second quarter levels. Fiscal year 2003 six month revenue of $89.8 million reflects an increase of $27.5 million (44%) from the comparable prior year period. Revenue increases for the second quarter and first six months ending September 29, 2002 are primarily due to the simultaneous execution of repair and overhaul work under the Company’s three U.S. Navy phased maintenance contracts. For the second quarter ending September 29, 2002, the Company reported operating income of $2.7 million, an increase of 27% from operating income of $2.2 million reported during the comparable prior year period. For the six month period then ended, the Company reported operating income of $6.0 million, an increase of 48% from operating income of $4.0 million reported during the comparable prior year six month period. Increases in operating income from levels reported in the second quarter and first six months of fiscal year 2002, are primarily attributable to the significant increase in U.S. Navy repair and overhaul volumes experienced during the first quarter and to a lesser extent during the second quarter of fiscal year 2003. For the second quarter and first six months ending September 29, 2002, the Company reported net gains on the sale of available-for-sale securities, investment income and other income of $0.3 million and $0.6 million, respectively. During the same periods ending September 30, 2001, the Company reported net gains on the sale of available-for-sale securities, investment income and other income of $2.4 million and $3.3 million, respectively. The decrease in fiscal year 2003 investment and other income from prior year levels primarily reflects the reduction in funds available for investment purposes following the above mentioned Dutch Auction share repurchase, as well as lower investment yields generally available in the market. In the second quarter and first six months ending September 29, 2002, the Company recorded $1.1 million and $2.3 million, respectively, in federal income tax expense. During the same periods ending September 30, 2001, the Company recorded $1.6 million and $2.6 million respectively, in federal income tax expense.
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