Page 39: of Maritime Reporter Magazine (May 1974)

Trctcor, Inc. Names

Robert M. St. Pierre

Robert M. St. Pierre has been appointed division vice president and general manager for the Ap- plied Technology Division, Sci- ences & Systems Group of Tracor,

Inc., Austin, Texas, according to

Tracor Group vice president Dr.

Wayne Rudmose.

Mr. St. Pierre had been president of Astro-Science Corporation, a

Tracor company sold in 1973. He has been associated with Tracor since 1969, when he left his posi- tion of project business manage- ment director of AVCO Corpora- tion's missile system division.

Mr. St. Pierre holds a Bachelor of Arts degree from De Paul Uni- versity in Chicago, and is a mem- ber of the National Contract Man- agement Association, American

Ordnance Association, Council of

Defense and Space Industries Asso- ciations. and the National Security

Industrial Association.

Maritime Fruit Reports

On Shipbuilding Sales

Contracts Completed

Maritime Fruit Carriers Com- pany Limited, worldwide shipping concern, has reported financial re- sults for the year ended December 31, 1973.

At the same time, the company announced that sales of a number of shipbuilding contracts, which had been agreed upon in late 1973, were consummated in early 1974.

In addition, MFC has reached agreements in principle for the sale of other shipbuilding contracts.

As a result of the consummated sales, the company will realize gains, net of minority interests, and attributable deferred taxes of ap- proximately $21.5 million and in addition, upon finalization of the agreements in principle, an addi- tional $20 million of after-tax gains will be realized. A substantial por- tion of these gains will be reported in 1974, with the balance deferred and taken into income through 1977.

MFC's revenues for 1973 rose to $98,909,000, compared to $57,137,- 000 in 1972. Net income for 1973 amounted to $13,004,000, equal to $2.72 per fully diluted share. In 1972, the company had net income of $13,121,000, or $2.82 per fully diluted share.

Gross revenues do not include $6,698,000 in 1973, and $25,048,000 in 1972 of income from surrender of tax benefits. Net income attrib- utable to this source in 1973 was only $533,000, compared with $8,385,000 in 1972. Net income fig- ures are net of direct costs and de- ferred taxes associated with this income. These deferred taxes, amounting to $6.2 million in 1973 and $16.7 million in 1972, represent cash received and utilized by the company.

Consolidated revenues for 1973 include gains on the sale of ship- building contracts, consummated during the year and amounting to

May 1, 1974 41 approximately $9 million. After allowing for minority interests and other deductions directly attributa- ble to this source, income from these operations amounted to ap- proximately $7.9 million in 1973.

There were no such sales in 1972.

The company estimates that profits from operations other than gains on the sale of shipbuilding contracts and surrender of tax benefits amounted to approximate- ly $6.2 million in 1973, compared with $6.0 million in 1972. These estimates assume the allocation against these operations of all the company's net financial charges, but exclude other operating and general expenses in the amounts of $1,583,000 in 1973 and $1,267,000 in 1972.

The shipbuilding contract sales which were consummated in early 1974 include one liquefied petrole- um gas carrier sold by MFC's sub- sidiary Universal Gas and Oil, and the sale of approximately 752,000 deadweight tons of crude and re- fined product carrying capacity.

The newly announced agreements in principle involve the sale of a 50 percent interest in two very large crude carriers, aggregating over 650,000 deadweight tons presently under construction and due for de- livery in 1977, as well as the out- right sale of contracts for the con- struction of 372,000 deadweight tons of crude carrying capacity.

Puzzled by the

Pacific Ocean?

Dillingham's group of maritime companies can fit all the pieces together for you. We haul cargo, dock ships, repair vessels and plumb the ocean depths from Alaska to New Zealand . . . and most stops in between. Everyday in the year, Dillingham offers the greatest combination of maritime services available in the Pacific. With 150 tugs and 5 shipyards*our people are always ready to help you. Just call the Dillingham company nearest you. They're listed below.

VI127 Dillingham •ALBINA ENGINE

AND MACHINE WORKS 2100 N. Albina.Ave.

Portland, OR 97208

Phone (503) 284-1131 •K0DIAK SHIPYARD

P.O. Box 2368

Kodiak, AK 99615

Phone (907) 486-3193 •PACIFIC SHIPYARD

P.O. Box 218

Anacortes, WA 98221

Phone (206) 293-2931

F0SS LAUNCH

AND TUG CO. 660 West Ewing St.

Seattle, WA 98119

Phone (206) 285-0150 1901 Tidewater Road

Anchorage, AK 99501

Phone (907) 274-1577

FOSS ALASKA LINE 6694 W. Marginal Way S.W.

Seattle WA 98109

Phone (206) 762-6000

HAWAIIAN TUG

AND BARGE

Pier 24

Honolulu, HI 96801

Phone (808) 531-7011

YOUNG BROTHERS LTD.

Pier 24

Honolulu, HI 96801

Phone (808) 531-7011

PACIFIC TOWBOAT

AND SALVAGE CO.

Pier "D", Berth 35

Long Beach, CA 90802

Phone (213) 432-6487 1839 Water St.

San Diego, CA 92113

Phone (714) 234-8228 'DILLINGHAM SHIPYARD

Pier 41

P.O. Box 3288

Honolulu, HI 96801

Phone (808) 845-2911 •DILLINGHAM CORP.

OF GUAM

P.O. Box FN

Agana, Guam 96910

Phone 772-8515