Todd Shipyards Corporation, New York, N.Y., recently reported higher sales and earnings for its third quarter and 39 weeks ended December 26, 1982, compared with the same periods a year ago.
John T. Gilbride, chairman, attributed the improved results to increased revenues from continued construction of guided missile 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 international and domestic shipping activity 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 company has received contracts for the construction of 30 FFGs, of which 15 have already been delivered.
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 divisions ahead of schedule and below budget.
Naval repair sales, although lower than in last year's first nine months, showed improvement 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 facility has contributed a $50-million shiprepair backlog since November 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 dispersion policy is implemented in these three leading Pacific Coast ports," Mr. Gilbride noted.
The company's commercial ship repair revenues declined approximately 20 percent from last year's level, reflecting lower shipping activity.
Bender Shipbuilding & Repair Co., Inc., Mobile, Ala., recently purchased a 545-foot-long steel floating drydock formerly operated at Todd Shipyards Corporation's Galveston, Texas, facility. The drydock, which recently arrived in Mobile, has been named the Pete B in memory of a Bender superintendent
Concurrent with the National Council Congress and Exposition in Chicago, 111., October 17-20, Todd Shipyards Corporation held its own Safety Conference at the Oxford House Hotel in Chicago. Attending the Todd Conference were safety engineers, personnel managers and workers' compensation claims
Todd Shipyards Corporation, headquartered in Jersey City, N.J., recently reported a profitable fiscal 1987 first quarter and the appointment of two Todd executives to top management positions. Following the retirement of J.T. Gilbride chairman and chief executive officer, at a meeting held immediately
J.T. Gilbride, chairman, announced that Todd Shipyards Corporation will present to its stockholders William H. Todd, 54, financial advisor, as a nominee for election to the board of directors at the annual meeting on July 19, 1978. In commenting on the nomination, Mr. Gilbride said: "Over the years
to the company and the s h i p b u i l d i n g industry for more than 30 years. Mr. Meurk, who is also vice president-West Coast of Todd Shipyards Corporation, has been associated with Todd Seattle for 22 of his 33 years with Todd
Keel-laying ceremonies for the first guided missile frigate (FFG-7 Class) follow-on ship was held April 29 at Todd Shipyards, Seattle (Wash.) Division. This ship, designated FFG-10, is the first in a multi-ship Navy program which may run through the next 10 years. The principal speaker for the keel-
At a board of directors meeting of Todd Shipyards Corporation recently John T. Gilbride, 69, announced he will retire as chairman and chief executive officer immediately following the annual meeting on July 16, 1986. Mr. Gilbride, who has been chairman since 1975, will continue as a director of the
Steamship Co., and Chevron Shipping as well as representatives of the American Bureau of Shipping and of marine engineering firms. Four divisions of Todd Shipyards Corporation and the Todd corporate office were represented along with more than 20 persons from the Seattle Division. The consensus of the
Todd Shipyards Corporation reported recently that the U.S. Navy had exercised options amounting to $21.6 million authorizing Todd's Galveston Division to proceed with the modification of the S/S Great Republic, the second of two C5-6- 78A Seabridge Class roll-on/roll-off (RO/RO) container cargo type
maintenance of small ocean craft, inland waterway tugs, and barges of up to about 6,000 dwt was dedicated recently at the New Orleans Division of Todd Shipyards Corporation. The new 306-foot by 65- foot drydock, combined with the addition of a 450-foot wharf and the reconstruction of another 525- foot
to be commissioned in a United States shipyard. Todd Pacific Seattle is Washington State's major shipyard, a wholly owned subsidiary of Todd Shipyards Corporation, the largest independent shipbuilder and repairer in the United States. When Adelaide sails for Australia after extensive training
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