Page 20: of Maritime Reporter Magazine (March 1983)

Todd Reports Increase

In Sales And Earnings

Todd Shipyards Corporation,

New York, N.Y., recently report- ed higher sales and earnings for its third quarter and 39 weeks ended December 26, 1982, com- pared with the same periods a year ago.

John T. Gilbride, chairman, at- tributed the improved results to increased revenues from contin- ued construction of guided mis- sile frigates (FFGs) for the U.S.

Navy, which more than offset lower naval repair sales and a decline in commercial ship repair work reflecting reduced interna- tional and domestic shipping ac- tivity on all three coasts.

Sales in the third quarter of fiscal 1983 amounted to $201.5 million, compared with sales of $180.9 million in the same fiscal 1982 period. Third quarter net income totaled $8.8 million, or $1.85 per share, compared with earnings of $7.6 million, or $1.46 per share, in the same 13-week period last year.

Sales for the first 39 weeks of fiscal 1983 were $595.7 million, compared with $536.8 million in the same period in fiscal 1982.

Net income amounted to $25.0 million, or $5.09 per share, a gain of 9.9 percent over earnings of $22.7 million, or $4.26 per share, in the fiscal 1982 39-week period.

In the first nine months, Todd's ship construction revenues rose 22 percent over last year's figure as a result of the guided missile frigate (FFG) program. The com- pany has received contracts for the construction of 30 FFGs, of which 15 have already been de- livered. Five FFGs were delivered to date in fiscal 1983, the most recent of which, the Reid (FFG- 30), was delivered on December 30, five weeks ahead of schedule and below budget. The company expects to deliver all 15 FFGs still under construction by its

Los Angeles and Seattle divi- sions ahead of schedule and be- low budget.

Naval repair sales, although lower than in last year's first nine months, showed improve- ment in the third quarter as

Todd continued to aggressively compete for new business to more fully utilize its expanded

West Coast repair capacity. The newly acquired San Francisco fa- cility has contributed a $50-mil- lion shiprepair backlog since No- vember 1982. "San Francisco's excellent facilities, featuring a mammoth 65,000 displacement ton drydock and those of Seattle and Los Angeles, put Todd in a strong competitive position to obtain additional naval work, which is expected to increase as the Navy's new homeporting dis- persion policy is implemented in these three leading Pacific Coast ports," Mr. Gilbride noted.

The company's commercial ship repair revenues declined approxi- mately 20 percent from last year's level, reflecting lower shipping activity.

Whitehall Awarded Sixth

Marine Seismic System

Order From China

The Whitehall Corporation of

Dallas, Texas, recently reported that its subsidiary, Seismic En- gineering Company, has been awarded a contract by The Ori- ental Scientific Instruments Im- port and Export Corporation for the manufacture of the sixth ma- rine seismic system to be deliv- ered to the People's Republic of

China.

Total dollar value of the six systems, the first of which was delivered in 1981, amounts to approximately $3,300,000. The systems, utilized in offshore geo- physical exploration, consist of a seismic streamer array using

Seismic Engineering's patented

Multidyne hydrophones for the detection of sound waves reflected from beneath the ocean floor,

DSS-V electronic shipboard inter- face units, and automatic depth control systems. Delivery of the new order is scheduled in the third quarter of 1983.

Sleeve And Flanged Bearings . . . QUALITY ENGINEERED—QUALITY BUILT FOR RELIABLE PERFORMANCE

NAVAL BRASS

SHELL

TOUGH

NITRILE RUBBER

And they are backed by an interna- tional network of sales and service.

You will find Johnson Duramax Bearings installed on practically every type of vessel from fish boats and crew vessels to pilot vessels, harbor tugs, dredges and river work boats.

Nearly two decades of experience producing non- polluting, water lubricated rubber bearings has resulted in a superior combination of materials and design. The extremely tough chemical- resistant nitrile rubber is securely and precision molded to the naval brass shell. The advantages are a smoother and quieter running shaft, ease

SHAFT - WATER

GROOVE of installation and lowered main- tenance.

Johnson-Duramax Sleeve and Flanged

Bearings are available in a full range of shaft sizes from 3/4 inches through 15 inches.

Flanged Bearings are also available in split styles.

Bearings are also available with shells of Stain- less Steel, Carbon Steel, Aluminum and Monel.

Johnson-Duramax Sleeve and Flanged Naval

Brass Bearings meet military specification

MIL-B-17901A (Ships) Class II Full-Molded Type.

Write or Call for Data on Bearings / Keel Coolers / Stuffing Boxes / Tow-Knee Bumpers / Boat and Dock Fendering. division of The Johnson Rubber Company ®T M Beg 6-2009-580

Middlelleld, OH 44062 USA. Area Code: 216/632-1611

Telex: 98-0416 / Cable: "DURAMAX"

Dependable Products For Ships Throughout The World 22 Write 227 on Reader Service Card Maritime Reporter/Engineering News