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


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Press Release Source: Todd Shipyards Corporation On Thursday November 5, 2009, 4:01 pm EST

SEATTLE--(BUSINESS WIRE)--Todd Shipyards Corporation (NYSE:TOD - News) 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 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
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 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

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