Todd Shipyards Corporation Announces Quarterly Financial Results For July 3, 2005
VIA FACSIMILE | CONTACT: SUMMER O'CONNOR |
TOTAL PAGES - 3 | SHAREHOLDER RELATIONS |
(206) 623-1635 Ext. 106 |
SEATTLE, WASHINGTON...August 9, 2005...Todd Shipyards Corporation (the "Company") announced financial results for the first quarter ended July 3, 2005. For the quarter, the Company reported net income of $2.5 million or $0.44 per diluted share on revenue of $66.9 million. For the prior year first quarter ended June 27, 2004, the Company reported net income of $1.2 million or $0.22 per diluted share on revenue of $32.1 million.
The Company's first quarter revenue of $66.9 million reflects an increase of $34.8 million (108%) from the same period last fiscal year. The quarter to quarter increase in revenue and net income is primarily attributable to work for the Navy on the NIMITZ CLASS Aircraft Carrier USS STENNIS and work on submarines under contracts with Electric Boat Company.
For the quarter ended July 3, 2005, the Company reported operating income of $3.4 million. In the prior year quarter ended June 27, 2004, the Company reported operating income of $1.7 million. The increase in operating income for the first quarter of fiscal year 2006 from levels reported in the first quarter of fiscal year 2005 is attributable to the above mentioned increase in volume.
The Company reported investment and other income of $0.3 million and $0.2 million for the quarters ended July 3, 2005 and June 27, 2004, respectively.
For the first quarter ended July 3, 2005, the Company reported income before income taxes of $3.7 million and recorded $1.3 million in federal income tax expense, resulting in net income reported for the period of $2.5 million. In the prior year period ended June 27, 2004, the Company reported income before income taxes of $1.9 million and recorded $0.7 million federal income tax expense, resulting in net income for the period of $1.2 million.
The results of operations are as follows:
TODD SHIPYARDS CORPORATION
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
Periods ended July 3, 2005 and June 27, 2004
(in thousands of dollars, except per share data)
Quarter Ended | |||||||||
7/03/05 | 6/27/04 | ||||||||
Revenue | $ 66,884 | $ 32,095 | |||||||
Operating expenses: | |||||||||
Cost of revenue | 49,836 | 21,387 | |||||||
Administrative and manufacturing | |||||||||
overhead expenses | 13,673 | 9,016 | |||||||
Other - Insurance settlements | (63 | ) | (17 | ) | |||||
-------- | -------- | ||||||||
Total operating expenses | 63,446 | 30,386 | |||||||
-------- | -------- | ||||||||
Operating income | 3,438 | 1,709 | |||||||
Investment and other income | 285 | 186 | |||||||
Gain on sales of | |||||||||
available-for-sale securities | 13 | - | |||||||
-------- | -------- | ||||||||
Income before income taxes | 3,736 | 1,895 | |||||||
Income tax expense | (1,273 | ) | ( 673 | ) | |||||
-------- | -------- | ||||||||
Net income | $ 2,463 | $ 1,222 | |||||||
======== | ======== | ||||||||
Net income per common share: | |||||||||
Diluted | $0.44 | $0.22 | |||||||
Number of shares used in the | |||||||||
calculation of earnings per share | |||||||||
(thousands) | 5,590 | 5,638 | |||||||
A copy of the Company's financial statements for the quarter ended July 3, 2005 will be filed with the Securities & Exchange Commission as part of its quarterly report on Form 10-Q. The Company's Form 10-Q should be read in conjunction with this earnings report.
TODD SHIPYARDS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
July 3, 2005 and April 3, 2005
(in thousands of dollars)
Period Ended | ||||
07/03/05 | 04/03/05 | |||
(unaudited) | (audited) | |||
ASSETS | ||||
Cash and cash equivalents | $ 1,950 | $ 3,823 | ||
Securities available-for-sale | 35,134 | 34,964 | ||
Accounts receivable, net | 22,447 | 17,664 | ||
Insurance receivable - current | 9,388 | 14,328 | ||
Other | 18,959 | 16,850 | ||
-------- | -------- | |||
Total Current Assets | 87,878 | 87,629 | ||
Property, plant and equipment, net | 27,500 | 27,333 | ||
Deferred pension asset | 27,931 | 28,127 | ||
Insurance receivable | 9,566 | 9,401 | ||
Other long term assets | 4,006 | 3,961 | ||
-------- | -------- | |||
Total Assets | $156,881 | $156,451 | ||
======== | ======== | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Accounts payable and accruals | ||||
including taxes payable | $ 27,248 | $ 22,430 | ||
Environmental and other reserves - current | 9,457 | 14,328 | ||
Other | 3,371 | 4,676 | ||
-------- | -------- | |||
Total Current Liabilities | 40,076 | 41,434 | ||
Environmental and other reserves | 12,310 | 12,408 | ||
Accrued postretirement benefits | 14,812 | 14,957 | ||
Other non-current | 8,785 | 8,845 | ||
-------- | -------- | |||
Total Liabilities | 75,983 | 77,644 | ||
Total stockholders' equity | 80,898 | 78,807 | ||
-------- | -------- | |||
Total liabilities and stockholders' equity | $156,881 | $156,451 | ||
======== | ======== | |||
A copy of the Company's financial statements for the quarter ended July 3, 2005 will be filed with the Securities & Exchange Commission as part of its quarterly report on Form 10-Q. The Company's Form 10-Q should be read in conjunction with this earnings report.
