TODD SHIPYARDS CORPORATION CONTINUED LISTING PROPOSAL
ACCEPTED BY THE NEW YORK STOCK EXCHANGE
VIA FACSIMILE | CONTACT: HILARY PICKEREL |
Total Pages - 1 | SHAREHOLDER RELATIONS |
206-623-1635 Ext. 106 |
SEATTLE, WASHINGTON...February 4, 2009...Todd Shipyards Corporation (NYSE:TOD) ("Todd" or the "Company") announced today that the New York Stock Exchange (the "NYSE") has notified the Company that it has accepted the Company's proposal for continued listing on the NYSE. As a result of its acceptance, the Company's common stock will continue to be listed on the NYSE pending quarterly reviews by the NYSE's Listing and Compliance Committee to monitor progress against the proposal.
As previously announced in a press release and Form 8-K filed on November 6, 2008, the Company was notified by the NYSE that it is no longer in compliance with the NYSE's continued listing standards. Todd is considered below criteria since the Company's market capitalization was less the $75 million over a 30 trading-day period and its shareholders' equity was less than $75 million.
About Todd
Todd Pacific performs a substantial amount of repair and maintenance work on commercial and federal government vessels engaged in various seagoing trade activities in the Pacific Northwest and provides new construction and industrial fabrication services for a wide variety of customers. Its customers include the U.S. Navy, the U.S. Coast Guard, NOAA, the Washington State Ferry system, the Alaska Marine Highway System, and various other commercial and governmental customers. Todd has operated a shipyard in Seattle since 1916.
Forward-Looking Statements
Statements contained in this Report, 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. 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. Furthermore, market trends are subject to changes, which could adversely affect future results. See additional discussion in our Annual Report on Form 10-K for the fiscal year ended March 30, 2008, and other factors detailed from time to time on our other filings with the Securities and Exchange Commission.
