Page 13: of Maritime Reporter Magazine (August 1980)

Improved Sales And

Earnings Reported By

Todd Shipyards—Has $1,5-Billion Backlog

Todd Shipyards Corporation has reported improved sales and earnings for the first quarter ended June 29, 1980. Todd cur- rently has a backlog of $1.5 bil- lion, and a good earnings trend is expected to continue, the company reported.

At its Annual Shareholders

Meeting, held in New York re- cently, John T. Gilbride, chairman and chief executive officer, said that estimated sales for the quar- ter totaled $147.6 million, a 23- percent increase over $119.9 mil- lion the year before. Net income rose 31 percent to approximately $6.5 million, or $1.63 per share, compared with $5 million, or $1.90 per share, in 1979 which included an extraordinary item of $951,000, or $.43 per share, from the sale of land.

Income per share in the first quarter of 1980 was reduced com- pared with the same three months in 1979 by the dilutive effect of the sale of 600,000 shares of com- mon stock and $25 million of 10y2 percent convertible subordinated debentures (602,410 common share equivalents) sold in Decem- ber 1979 and March 1980, re- spectively.

The Todd chairman told share- holders that several national is- sues should be considered crucial to the future of this nation. Cit- ing increased U.S. dependence on foreign trade and raw materials,

Mr. Gilbride said our nation is already involved in "a new kind of conflict: a non-shooting compe- tion for the world's raw material resources. The antagonists are the free world and the Communist world, and the struggle is for sur- vival." Soviet strategy has been to build up its seap'ower to be ca- pable of challenging Western na- val control of the sea lanes and disrupting the flow of materials from third world countries by po- litical and military pressure, he contended.

Mr. Gilbride pointed out that maintenance of a healthy ship- building capability and a signifi- cant expansion of the U.S. Naval and maritime fleet are both achievable and desirable, at ac- ceptable bottom line returns to the U.S. Treasury. "The U.S. shipbuilding industry is capable of supporting and implementing any Government policy aimed at strengthening our country's sea- power, but we can no longer do it on a stop-and-start basis. We urgently need a firm decision in

Washington to reverse the pres- ent trend of declining maritime strength by funding a U.S. mer- chant and Naval fleet of unques- tioned superiority," Mr. Gilbride concluded.

Todd Shipyards Corporation, the nation's largest independent shipbuilding company, operates shipyards on three coasts in Los

Angeles, Seattle, San Francisco,

New Orleans, Galveston, Houston and Brooklyn. It is presently en- gaged in the construction of 23 guided missile frigates (FFGs) for the U.S. Navy.

Blount Marine To Build $500,000 Excursion-

Commuter Vessel

Blount Marine Corporation an- nounces the signing of a contract with Bay State-Spray & Province- town Steamship Company, Inc. of

Boston, Mass., for the construc- tion of an excursion-commuter vessel.

The 350-passenger, 97-foot ves- sel will be used in Boston Harbor.

Power will be furnished by two 270-bhp diesel engines. Construc- tion cost will be approximately $500,000. The new vessel will join four other Blount-built vessels op- erating in Boston Harbor.

Luther Blount, president of

Blount Marine, made the an- nouncement.

PREVENT FLOODED CHAIN LOCKERS

Lockstad Superior Chain Pipe Covers are Proven at Sea

Over 250 of the world's finest ships now use Lockstad equipment

Keystone Shipping Co.

Lykes Bros. Steamship

Margate

American Export

American President Lines

Atlantic Richfield Co.

Burmah Oil Co.

Calmar Steamship

Central Gulf

Cities Service Oil Co.

Delta Steamship Lines

El Paso Natural Gas

Esso Standard Oil of Ohio

Isthmian Lines

Maritime Overseas Co.

Marine Transport Lines

Mathiasen's Tanker Ind.

Matson

Military Sealift Command

Moore McCormack Lines

Pacific Far East Line

Pocahontas Fuel Co.

Prudential-Grace

Sea Land

Seatrain

South African Marine

States Marine Corp.

Trinidad Corp.

United Fruit Co.

U.S. Coast Guard

Waterman Steamship Co.

CHAIN PIPE COVERS

Now in use by all leading vessel operating com- panies. Prevent flooded chain lockers, eliminate hazardous and expensive methods of pouring concrete. Lockstad developed cover secures in place in matter of minutes and can be removed in seconds. Cover makes a complete thorough seal around the ring of the chain pipe. Used for vertical or caspen type windlasses. Our company will supervise each initial installation. lockstaflj

R D 2 Burnett Road, Mendham. N.J. 07945 * (201) 543-75891 HVDRAUIIC (IPTDOCKI &TRAftSP£R rufTcmi

Excellence in Engineering

Safe • Reliable • Economical • Lift-Docks

Hydraulic Pullers • Winches • Lifting Equipment cud NORTH AMERICAN HYDRAULICS A Division of Maple Engineering & Construction Co Ltd

P.O. Box 278 Brampton, Ontario, Canada L6V 2L1

Tel: 416-457-6444 Telex: 06-97830

Building a new boat? «»MATTON

FIRST

Repairs • Conversions • Overhaul

Matton Shipyard Company, Inc. offers complete facilities for all new construction of vessels up

V«« to 200 feet in length frEXaccT For your next new vessel or repair job. call Matton first. mikfT MATTON

SHIPYARD CO. INC.

P.O.Box 645, Cohoes. New York 12047

Tel: (518) 237-3911

August 1, 1980 ZIDELL 15