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
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.
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