Todd Shipyards Corporation Announces Quarterly Financial Results for September 27, 2009

November 5, 2009 4:01 PM EST

SEATTLE--(BUSINESS WIRE)-- Todd Shipyards Corporation (NYSE: TOD) announced financial results for the second quarter ended September 27, 2009. For the quarter, we reported net income of $2.1 million or $0.36 per diluted share on revenue of $49.6 million. For the prior year second quarter ended September 28, 2008, we reported net income of $1.9 million or $0.32 per diluted share on revenue of $28.6 million.

Our second quarter revenue of $49.6 million reflects an increase of $20.9 million or 73% 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 federal and Washington State Government customers.

For the quarter ended September 27, 2009, we reported operating income of $2.8 million. In the prior year quarter ended September 28, 2008, we reported operating income of $1.6 million. The increase in operating income in the second quarter of fiscal 2010 versus the second quarter of the prior year primarily results from the changes in revenue noted above.

We reported investment and other income of $0.3 million and $1.2 million for the quarters ended September 27, 2009 and September 28, 2008, respectively. The decrease in investment and other income is due primarily to the completion of contracts to lease certain facilities and provide related services to Kiewit-General in connection with their construction of the Hood Canal Floating Bridge.

For the second quarter ended September 27, 2009, we reported income before income taxes of $3.1 million and recorded $1.1 million of federal income tax expense, resulting in net income for the period of $2.1 million. For the prior year second quarter ended September 28, 2008, we reported net income before income taxes of $2.8 million and recorded federal income tax expense of $0.9 million, resulting in net income for the period of $1.9 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 September 27, 2009 and September 28, 2008

(in thousands of dollars, except per share data)

                         Three Months Ended          Six Months Ended

                           09/27/09      09/28/08      09/27/09      09/28/08

Revenues                 $ 49,571      $ 28,622      $ 84,206      $ 46,814

Operating expenses:

Cost of revenue            37,092        19,691        61,880        33,086

Administrative and         9,657         7,383         17,753        15,143
manufacturing overhead

Other insurance            (8       )    (30      )    (38      )    (44      )
settlements

Total operating expenses   46,741        27,044        79,595        48,185

Operating income/(loss)    2,830         1,578         4,611         (1,371   )

Investment and other       308           1,218         833           2,172
income

Income before income tax   3,138         2,796         5,444         801
expense

Income tax expense         (1,069   )    (936     )    (1,853   )    (268     )

Net income               $ 2,069       $ 1,860       $ 3,591       $ 533

Net income per common
share

Diluted                  $ 0.36        $ 0.32        $ 0.62        $ 0.09

Weighted average shares
outstanding

Diluted                    5,790         5,777         5,785         5,776

A copy of our financial statements for the quarter ended September 27, 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

September 27, 2009 and March 29, 2009

(in thousands of dollars)

                                                    09/27/09      03/29/09

ASSETS

Cash and cash equivalents                         $ 3,963       $ 4,551

Securities available-for-sale                       18,114        19,003

Accounts receivable

 U.S. Government                                    11,872        5,035

 Other, net                                         5,668         8,878

Costs and estimated profits in excess of billings   20,735        12,326
on incomplete contracts

Inventory                                           1,496         1,523

Insurance receivable                                382           382

Other current assets                                2,535         3,457

Deferred taxes                                      458           66

 Total current assets                               65,223        55,221

Property, plant, and equipment, net                 30,934        32,045

Restricted cash                                     4,347         3,807

Deferred pension assets                             6,865         7,942

Insurance receivable                                8,541         8,622

Intangible assets, net                              1,706         1,859

Goodwill                                            1,109         1,109

Other long-term assets                              914           3,635

 Total assets                                     $ 119,639     $ 114,240

LIABILITIES AND STOCKHOLDERS' EQUITY

Accounts payable and accruals                     $ 19,232      $ 13,403

Accrued payroll and related liabilities             2,649         2,142

Billings in excess of costs and estimated profits   7,891         8,619
on incomplete contracts

Environmental and other reserves                    382           382

Taxes payable other than income taxes               1,384         1,376

Income taxes payable                                734           1,199

 Total current liabilities                          32,272        27,121

Environmental and other reserves                    10,430        10,703

Accrued post retirement health benefits             6,959         8,701

Deferred taxes                                      1,071         1,171      (1)

Other non-current liabilities                       1,674         2,413

 Total liabilities                                  52,406        50,109

Stockholders' equity

Common stock $.01 par value, authorized
19,500,000 shares, issued 11,828,305 shares at
September 27, 2009 and March 29, 2009, and          118           118
outstanding 5,775,691 shares at September 27,
2009 and 5,766,071 shares at March 29, 2009

Paid-in capital                                     38,749        38,690

Retained earnings                                   83,068        80,056     (1)

Accumulated other comprehensive loss                (10,845  )    (10,806  )

Treasury stock (6,052,614 shares at September 27,   (43,857  )    (43,927  )
2009 and 6,062,234 shares at March 29, 2009)

 Total stockholders' equity                         67,233        64,131

 Total liabilities and stockholders' equity       $ 119,639     $ 114,240

A copy of our financial statements for the quarter ended September 27, 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.

(1) Revised due to prior period corrections. See Note 12 of the Notes to
Consolidated Financial Statements of our 10Q filed November 5, 2009.

    Source: Todd Shipyards Corporation

Related Categories

Press Releases

Stocks Mentioned

Add Your Comment

Name

Subject

Body

Verification can't see the text?
click here to refresh the image.
what's this?