TODD SHIPYARDS CORP - FORM 10-K - EX-99.1 CHARTER - EXHIBIT 99.1 EARNINGS RELEASE - June 10, 2010

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10-K - FORM 10-K - TODD SHIPYARDS CORPform10kfy2010.htm
EX-32 - EXHIBIT 32.2 - TODD SHIPYARDS CORPexhibit322.htm
EX-31 - EXHIBIT 31.2 - TODD SHIPYARDS CORPexhibit312.htm
EX-32 - EXHIBIT 32.1 - TODD SHIPYARDS CORPexhibit321.htm
EX-23 - EXHIBIT 23.1 - TODD SHIPYARDS CORPexhibit231.htm
EX-31 - EXHIBIT 31.1 - TODD SHIPYARDS CORPexhibit311.htm

Exhibit 99.1

TODD SHIPYARDS CORPORATION ANNOUNCES FINANCIAL RESULTS FOR MARCH 29, 2009

CONTACT: HILARY PICKEREL

TOTAL PAGES - 4

SHAREHOLDER RELATIONS
 

(206) 623-1635 Ext. 106

SEATTLE, WASHINGTON...June 10, 2010...Todd Shipyards Corporation ("we", "us" or "our") (NYSE:TOD) announced financial results for the fiscal year and fourth quarter ended March 28, 2010.

For the fiscal year, we reported net income of $7.8 million, or $1.35 per diluted share, on revenue of $180.0 million. In the prior fiscal year ended March 29, 2009, we reported net income of $4.8 million, or $0.83 per diluted share, on revenue of $113.5 million. For the quarter ended March 28, 2010, we reported net income of $2.6 million, or $0.46 per diluted share, on revenue of $48.7 million which compares to net income of $1.6 million, or $0.28 per diluted share, on revenue of $33.2 million reported for the same quarter in the prior year.

Our fiscal year 2010 revenue of $180.0 million reflects an increase of $66.5 million, or 59%, from fiscal year 2009 levels, while fourth quarter revenue of $48.7 million reflects an increase of $15.5 million, or 47%, compared to fiscal year 2009 fourth quarter results. The revenue increase in fiscal year 2010 was primarily attributable to higher volumes of ship repair activity for the U.S. Navy and U.S. Coast Guard, and the construction of new 64-Auto Ferries for the Washington State Department of Transportation.

For the fiscal year and fourth quarter ended March 28, 2010, we reported operating income of $10.5 million and $3.6 million, respectively. For the preceding fiscal year and fourth quarter ended March 29, 2009, we reported operating income of $3.5 million and $2.2 million, respectively. The year on year increase in operating income from fiscal year 2009 to fiscal year 2010 resulted from the increased business volumes discussed above and less-than-proportionate increases in corresponding operating costs.

We reported investment and other income of $1.6 million for the fiscal year ended March 28, 2010 and $0.7 million for the quarter then ended. In the prior fiscal year ended March 29, 2009, we reported investment and other income of $4.2 million and $0.8 million for the quarter then ended. The decrease in investment and other income from fiscal year 2009 to fiscal year 2010 was primarily driven by the conclusion in early fiscal 2010 of a multi-year facility lease associated with the construction of the new Hood Canal Floating Bridge.

For the fiscal year ended March 28, 2010, we reported $12.1 million of income before income taxes of $4.3 million. For the quarter then ended, we reported $4.3 million of income before income taxes of $1.7 million. For the prior fiscal year and fourth quarter ended March 29, 2009, we reported $7.8 million of income before income taxes of $3.0 million, and $3.0 million of income before income taxes of $1.4 million, respectively.

"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.

 

TODD SHIPYARDS CORPORATION
AUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
Periods ended March 28, 2010 and March 29, 2009
(In thousands of dollars, except per share data)

  Quarter Ended    Year Ended
  2010   2009   2010   2009
Revenues  $   48,688    $  33,232    $  180,023    $    113,518
Operating expenses              
  Cost of revenues       33,952        21,337        131,377            76,554
Administrative and manufacturing overhead        11,183          9,699          38,248            33,545
  Other insurance settlements            (49)             (24)              (112)                  (90)
Total operating expenses       45,086        31,012        169,513          110,009
                 
Operating income          3,602          2,220          10,510              3,509
                 
Total Investment and other income            729             792            1,630              4,248
                 
Income before income taxes         4,331          3,012          12,140              7,757
Income tax expense                              (1,696)        (1,370)           (4,331)             (2,975)
Net income                                 $     2,635    $    1,642    $      7,809    $        4,782
                 
Net income per Common Share:              
 Diluted                                              $       0.46    $      0.28    $        1.35    $          0.83
Number of shares used in calculation of               
  earnings per share (in thousands):         5,776          5,786            5,787              5,780
                 

A copy of our financial statements for the year ended March 28, 2010 will be filed with the Securities & Exchange Commission as part of our Annual Report on Form 10-K. Our Form 10-K should be read in conjunction with this earnings report.

 

TODD SHIPYARDS CORPORATION
AUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
Periods ended March 28, 2010 and March 29, 2009
(In thousands of dollars)

                                                  2010   2009  
         
ASSETS        
Cash and cash equivalents                          $           8,171    $          4,551  
Securities available-for-sale             20,021              19,003  
Accounts receivable        
  U.S. Government               6,689                5,035  
Other, net             15,592                8,878  
Costs and estimated profits in excess of billings on incomplete contracts             20,675              12,326  
Inventory               1,491                1,523  
Insurance receivable                  447                   382  
Other current assets               2,068                3,457  
Deferred taxes                  402                     66  
Total current assets             75,556              55,221  
Property, plant and equipment, net                               29,716              32,045  
Restricted cash               5,627                3,807  
Deferred pension assets                11,657                7,942  
Insurance receivable                 7,180                8,622  
Intangible assets, net               1,553                1,859  
Goodwill               1,109                1,109  
Other long-term assets                           898                3,635  
Total assets  $       133,296    $      114,240  
LIABILITIES AND STOCKHOLDERS' EQUITY        
Accounts payable and accruals  $         16,635    $        13,403  
Accrued payroll and related liabilities               3,586                2,142  
Billings in excess of costs and estimated profits on incomplete contracts             13,624                8,619  
Environmental and other reserves                  447                   382  
Taxes payable other than income taxes               1,559                1,376  
Income taxes payable                  676                1,199  
Total current liabilities             36,527              27,121  
Environmental and other reserves             10,415              10,703  
Accrued post retirement health benefits               6,171                8,701  
Deferred taxes               2,648                1,171 (1)
Other non-current liabilities               2,133                2,413  
  Total liabilities             57,894              50,109  
Stockholders' equity        
Common stock $.01 par value, authorized 19,500,000 shares,        
issued 11,828,305 shares in 2010 and 2009, and outstanding        
5,775,691 in 2010 and 5,766,071 in 2009                  118                   118  
Paid-in capital             38,885              38,690  
Retained earnings             86,564              80,056 (1)
Accumulated other comprehensive loss             (6,308)            (10,806)  
Treasury stock (6,052,614 shares in 2010 and 6,062,234 shares in 2009)           (43,857)            (43,927)  
Total stockholders' equity             75,402              64,131  
  Total liabilities and stockholders' equity  $       133,296    $      114,240  
               

(1) Revised due to prior period corrections. See Note 20 of the Notes to Consolidated Financial Statements.

A copy of our financial statements for the year ended March 28, 2010 will be filed with the Securities & Exchange Commission as part of our Annual Report on Form 10-K. Our Form 10-K should be read in conjunction with this balance sheet information.

TODD SHIPYARDS CORP Reports