Page 35: of Maritime Reporter Magazine (August 15, 1978)

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Todd Reports Third

Successive Profitable Quarter

J.T. Gilbride, chairman of Todd Shipyards

Corporation, told the shareholders at the an- nual meeting- that he estimated profits for the first quarter ended June 30 would amount to approximately $1.9 million, equal to $1.28 per share. "This is the third successive profit- able quarter and would tend to indicate the company is entering a period of sustained profitability," he said.

Mr. Gilbride reported that work on the 17 guided missile frigates the company is con- structing for the Navy is progressing on schedule and within the target cost. The first three ships under the contracts are 55 per- cent, 50 percent and 43 percent completed, with the first vessel scheduled for delivery in January 1980.

Arthur W. Stout Jr., president, Robert J.

Farrington, vice president, Joseph H. Dugan, senior vice president-Finance, and Sir David

L. Nicolson were reelected to the board of directors for three-year terms expiring in 1980. William H. Todd, grandson of the com- pany's founder, was elected to a vacant posi- tion on the board for a remaining term of two years expiring in 1980. Shareholders also approved miscellaneous amendments to the company, certificate of incorporation, and rat- ified the selection of Arthur Young & Com- pany as the company's independent auditor for fiscal 1979.

General Electric Appoints

Brown & Ross Of New Jersey

The Silicone Products Department of Gen- eral Electric Company has announced the ap- pointment of Brown & Ross of New Jersey,

Inc. as a distributor of GE's one-part silicone sealants, lubricants and compounds.

Brown & Ross of New Jersey, Inc, is head- quartered at 40 Columbia Avenue, Jersey

City, N.J., and will distribute General Elec- tric Silicones to the marine industry from their headquarters location.

Vice president Paul S. Appel is well-known to the marine industry from his many years of association with General Electric's Marine & Defense Facilities Sales Operation in New

York City.

General Electric Silicone Products Depart- ment, manufacturer of silicone fluids, resins, specialties and rubber for construction, in- dustrial and consumer markets, is located in

Waterford, N.Y.


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August 15, 1978 39

Maritime Reporter

First published in 1881 Maritime Reporter is the world's largest audited circulation publication serving the global maritime industry.