Todd Shipyards Corporation Announces Quarterly Financial Results for September 27, 2009
Business Wire- 11/5/2009 4:01:00 PM EST
Todd Shipyards Corporation Announces Quarterly Financial Results for
September 27, 2009
( BW)(WA-TODD-SHIPYARDS)(TOD.NYSE) Todd Shipyards Corporation Announces Quarterly Financial Results for
September 27, 2009
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:
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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 manufacturing overhead
|
|
9,657
|
|
|
|
7,383
|
|
|
|
17,753
|
|
|
|
15,143
|
|
|
Other insurance settlements
|
|
(8
|
)
|
|
|
(30
|
)
|
|
|
(38
|
)
|
|
|
(44
|
)
|
|
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 income
|
|
308
|
|
|
|
1,218
|
|
|
|
833
|
|
|
|
2,172
|
|
|
|
|
|
|
|
|
|
|
|
Income before income tax expense
|
|
3,138
|
|
|
|
2,796
|
|
|
|
5,444
|
|
|
|
801
|
|
|
Income tax expense
|
|
(1,069
|
)
|
|
|
(936
|
)
|
|
|
(1,853
|
)
|
|
|
(268
|
)
|
|
Net income
|
$
|
2,069
|
|
|
$
|
1,860
|
|
|
$
|
3,591
|
|
|
$
|
533
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common share
|
|
|
|
|
|
|
|
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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
|
|
|
|
|
|
|
|
|
|
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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 on incomplete
contracts
|
|
20,735
|
|
|
|
12,326
|
|
|
|
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 on incomplete
contracts
|
|
7,891
|
|
|
|
8,619
|
|
|
|
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
outstanding 5,775,691 shares at September 27, 2009 and 5,766,071
shares at March 29, 2009
|
|
118
|
|
|
|
118
|
|
|
|
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, 2009 and 6,062,234
shares at March 29, 2009)
|
|
(43,857
|
)
|
|
|
(43,927
|
)
|
|
|
|
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.
|
CONTACT:
TODD SHIPYARDS CORPORATION
HILARY PICKEREL
SHAREHOLDER
RELATIONS
206-623-1635 Ext. 106
KEYWORDS: United States North America Washington
INDUSTRY KEYWORDS: Transport Maritime Public Policy/Government Other Government Logistics/Supply Chain Management
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