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Todd Shipyards Corporation News

24 Apr 2008

Maritime Administration Awards $9.8m in Shipyard Grants

The U.S. Department of Transportation’s Maritime Administration announced $9.8m in grants to 19 small shipyards in the . The grants are part of the new Assistance to Small Shipyards program, set up under the National Defense Authorization Act for Fiscal Year 2006. “Small shipyards are vitally important for the health of the maritime industry, and for the economy of the Nation,” said Maritime Administrator Sean T. Connaughton. The purpose of the grants is to make capital and infrastructure improvements that facilitate the efficiency, cost-effectiveness and quality of domestic ship construction, conversion or repair for commercial and federal government use. The grants cover a maximum of 75-percent of the estimated cost of improvements. The companies are responsible for the remainder.

17 Sep 2003

Admiral Jeremiah Joins Todd Shipyards Corporation Board of Directors

Todd Shipyards Corporation announced that Admiral David E. Jeremiah, U.S. Navy (Ret.) was elected to the Board of Directors of the Company at its annual meeting of shareholders on Friday, September 12, 2003. Admiral Jeremiah is President of Technology Strategies & Alliances Corporation, a strategic advisory and investment banking firm engaged primarily in the aerospace, defense, telecommunications and electronics industries. Prior to his retirement from the U.S. Navy in 1994, he was Vice Chairman, Joint Chiefs of Staff from 1990 to 1994 and Commander-in-Chief of the United States Pacific Fleet from 1987 to 1990. Admiral Jeremiah serves as Chairman of the Board of Directors of Wackenhut Services, Inc.

29 Oct 2003

Todd Shipyards Announce Quarterly Results

Todd Shipyards Corporation announced financial results for the second quarter ended Sept. 28, 2003. For the quarter, the Company reported net income of $2.0 million or $0.35 per diluted share on revenue of $44.4 million. For the six month period then ended, the Company reported a net loss of $0.2 million or $0.05 per diluted share on revenue of $65.6 million. In the prior year second quarter ended Sept. 28, 2002, the Company reported net income of $2.0 million or $0.36 per diluted share on revenue of $40.6 million. For the six month period then ended, the Company reported net income of $4.3 million or $0.77 per diluted share on revenue of $89.8 million. The Company's second quarter revenue of $44.4 million reflects an increase of $3.9 million (9%) from the same period last fiscal year.

22 Dec 2003

Todd Shipyards Corporation Announces Dividend

Todd Shipyards Corporation announced that at a meeting conducted on December 17, 2003, its Board of Directors declared a dividend of ten cents ($0.10) per share to be paid March 23, 2004, to all shareholders of record as of March 8, 2004. The Company had previously announced its intent to pay a dividend of ten cents ($0.10) per share payable on December 23, 2003, to all shareholders of record as of December 8, 2003, and quarterly thereafter. Todd Shipyards Corporation is traded on the New York Stock Exchange (symbol TOD). Its wholly owned subsidiary, Todd Pacific Shipyards Corporation, performs a substantial amount of repair and maintenance work on commercial and federal government vessels engaged in various seagoing trade activities in the Pacific Northwest.

29 Dec 2003

Todd Shipyards to Reduce in Scope of Navy Repair Availability

Todd Shipyards Corporation announced today that the US Navy has reduced the scope of work requested to be performed by its wholly owned subsidiary, Todd Pacific Shipyards Corporation ("Todd Pacific"), on the USS Sacramento (AOE 1) during an upcoming availability originally scheduled to begin in the fourth quarter of the Company's current fiscal year. The availability, originally scheduled for 12 weeks, was to include a dry docking of the ship. The current plan is for a five-week, pier-side availability, the dollar value of which is not yet determined. The Sacramento is one of the four AOE class ships originally covered by the Company's six-year, cost-type contract with the Navy, under which the Navy has options to have Todd perform maintenance work on the ships.

18 Aug 2000

Contracts

Bollinger Shipyards, Inc., Lockport, La., has signed a contract to build two, 250-ft., double hull, jumbo coastwise service, single rake hopper barges for Tide Leasing, LLC, Birmingham, Ala. Construction has begun on the first barge and building of the second vessel will begin in August. Both are scheduled for delivery in November 2000. Overall, each barge will be 250 ft. in length, with a 52.5-ft. beam and 14-ft. depth and 11.5 ft. maximum draft. They will be built with .75-in. steel at the hopper bottoms and .625-in. steel at the hopper sides plus .5-in. T-1 liner plates on the bottom and upper sides of the hopper. Each will be able to carry up to 3,000 metric tons of coal and will operate out of Santa Marta, Colombia. Shearer and Associates, Inc., Metairie, La.

26 Apr 2005

Todd Shipyards to Overhaul and Drydock USCGC Polar Star

Todd Shipyards Corporation announced that the U.S. Coast Guard has awarded to its wholly owned subsidiary, Todd Pacific Shipyards Corporation ("Todd Pacific" or the "Company"), a $8,777,829 modification to previously awarded contract HSCG85-04-C-625509 in support of repairs and alterations performed during the Dry-Docked Planned Maintenance Availability ("DPMA") of the icebreaker USCG Polar Star (WAGB-10). The contract modification provides for the alteration and repair of ship's systems, shipboard equipment and ship hull preservation. The work will be accomplished at the Company's shipyard in Seattle and is expected to be completed in August 2005.

14 Jun 2007

Todd Pacific, Martinac and Nicols Brothers to Submit Joint Proposal to WSF

Todd Shipyards Corporation announced that its wholly owned subsidiary, Todd Pacific Shipyards Corporation has reached an agreement with J.M. Martinac Shipbuilding Corp. and Nichols Brothers Boat Builders, Inc., to submit a Joint Single Proposal to build ferries for the Washington State Ferry System (WSF). A bill (SHB 2378) approved by the Washington State Legislature and signed into law by Governor Chris Gregoire earlier this year created a 30-day period during which "pre-qualified" and "best-qualified" shipyards -- Todd, Martinac and Nichols -- could seek to come to agreement on a Joint Single Proposal for the construction of four New 144-Auto Ferries for WSF. The discussions, which were moderated by the Governor's Office, concluded with an agreement to submit a proposal.

22 May 2007

Todd Shipyards to Overhaul USCGC Polar Sea

Todd Shipyards Corporation said that the U.S. Coast Guard has awarded to its wholly owned subsidiary, Todd Pacific Shipyards Corporation a $7.5m modification to previously awarded contract HSCG85-04-C-625509 in support of repairs and alterations performed during the Planned Maintenance Availability (PMA) of the icebreaker USCGC Polar Sea (WAGB-11). The contract modification provides for the alteration and repair of the ship's systems, engines and shipboard equipment. The work will be accomplished at Todd Pacific's shipyard in Seattle beginning immediately and is expected to be completed in August 2007. The PMA of the Polar Sea is being…

26 Mar 2007

Former Chairman of Todd Shipyard Dies

John T. Gilbride, a former chairman and chief executive of the Todd Shipyards Corporation, once the largest independent shipbuilding company in the country, died on March 17 at his home in Stamford, Conn. He was 90. The cause was lung disease, his son Frank said, as reported in the New York Times. Gilbride, who started as a pipe fitter’s helper at the Todd shipyard in Brooklyn when he was 14, was president of the company from 1958 to 1975, and its chairman and chief executive until his retirement in 1986. Founded by William H. Todd in 1916, the company built destroyers, cargo carriers and troop ships during both world wars. In World War II, it had 150,000 workers, most at its yard in Brooklyn. Well into the 1980s, more than 80 percent of the company’s business was with the Navy.

15 Aug 2006

Todd Shipyards to Overhaul CVN-72

Todd Shipyards Corporation said that the U.S. Navy has awarded to its wholly owned subsidiary, Todd Pacific Shipyards Corporation, a $10,949,272 modification to previously awarded contract N00024-00-C-4152. This modification represents the exercise of an option for the Docking Planned Incremental Availability ("DPIA") for USS Abraham Lincoln (CVN- 72), at Puget Sound Naval Shipyard commencing on September 5, 2006 and is expected to be completed March 15, 2007. Todd Pacific's workforce will perform pier side maintenance, repairs and alterations of various ships systems and equipment throughout the Lincoln. The DPIA of the Lincoln is being…

06 Jul 2006

Todd Shipyards Wins Navy Contract

Todd Shipyards Corporation announced that the U.S. Navy has awarded to its wholly owned subsidiary, Todd Pacific Shipyards Corporation, a delivery order under its Multiple Award Contract in the amount of $5m for the in-drydock repairs and preservation of Caisson #4 at Drydock #2 at Puget Sound Naval Shipyard in Bremerton, Wash. Work will be accomplished by the Todd Pacific workforce and selected subcontractors commencing in August 2006 with completion scheduled for November 2006. The work includes interior and exterior preservation, structural repairs and miscellaneous maintenance items including ballast valve repairs.

14 Aug 2002

Todd Shipyards Releases First Quarter Results

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…

31 Jul 2003

Todd Shipyards Reports 2Q Results

Todd Shipyards Corporation announced financial results for the first quarter ended June 29, 2003. For the quarter, the Company reported a net loss of $2.2 million or $0.42 per diluted share on revenue of $21.1 million. For the prior year first quarter ended June 30, 2002, the Company reported net income of $2.3 million or $0.41 per diluted share on revenue of $49.3 million. The company's first quarter revenue of $21.1 million reflects a decrease of $28.1 million (57%) from the prior year's first quarter levels. The period to period decrease is primarily attributable to the relative levels of Navy repair and overhaul projects and reflects…

24 Oct 2002

Todd Shipyards Report 2Q Results

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.

25 Aug 2005

Todd Shipyards to Overhaul NOAA Vessel

Todd Shipyards Corporation announced that the National Oceanic and Atmospheric Administration (NOAA) has awarded to its wholly owned subsidiary, Todd Pacific Shipyards Corporation, a $13,176,066 contract for the overhaul and conversion of the Ex USNS Capable (T-AGOS 16) which was transferred to NOAA by the United States Navy in September 2004. The overhaul and conversion when completed will allow the Capable to accomplish its new mission of research and deep ocean exploration. The contract period, during which the design, manufacturing, overhaul and conversion will be completed, is from August 2005 through July 2007. Initial design is anticipated to be completed by February 2006, which will coincide with the vessel's arrival at Todd Pacific's Seattle shipyard.

21 Sep 2005

Todd Awarded Navy Contract

Todd Shipyards Corporation announced today that the U.S. Navy has awarded to its wholly owned subsidiary, Todd Pacific Shipyards Corporation ("Todd Pacific"), a modification to previously awarded contract N00024-00-C-8514 in support of repairs and alterations performed during the Selected Restricted Availabilities ("SRA's"), the Docking Selected Restricted Availabilities ("DSRA's"), and the Continuous Maintenance Availabilities ("CMA's") of the surface combatants (frigates and destroyers) stationed at Naval Station Everett. This modification extends by approximately five years the Company's Combatant Maintenance Team Contract ("CMT") originally awarded to Todd Pacific by the Navy in 2000. This modification also provides for a cost-plus-award-fee contract.