TODD SHIPYARDS CORPORATION 

ANNOUNCES QUARTERLY FINANCIAL RESULTS FOR 

JUNE 28, 2009

VIA FACSIMILE
CONTACT: HILARY PICKEREL
TOTAL PAGES - 3
SHAREHOLDER RELATIONS 
(206) 623-1635 Ext. 106

SEATTLE, WASHINGTON...August 06, 2009...Todd Shipyards Corporation (NYSE:TOD) announced financial results for the first quarter ended June 28, 2009.  For the quarter, we reported net income of $1.5 million or $0.26 per diluted share on revenue of $34.6 million.  For the prior year first quarter ended June 29, 2008, we reported a net loss of $1.3 million or $0.23 per diluted share on revenue of $18.2 million.

Our first quarter revenue of $34.6 million reflects an increase of $16.4 million or 90% from the same period last fiscal year.  The quarter to quarter increase largely results from higher volumes of ship repair and new construction activity for Government and commercial customers. Net income in the first quarter of fiscal year 2009 was unfavorably impacted by lower Navy repair volumes, primarily due to the lack of a major aircraft carrier availability in fiscal year 2009 due to timing of deployments, and lower new construction volumes.  In addition, we established a $3.1 million reserve during the first quarter of fiscal year 2009 related to questioned subcontractor costs incurred during our 2005 project on the Navy aircraft carrier, USS John C. Stennis.

For the quarter ended June 28, 2009, we reported operating income of $1.8 million.  In the prior year quarter ended June 29, 2008, we reported an operating loss of $2.9million.  The increase in operating income in the first quarter of fiscal 2010 versus the first quarter of the prior year primarily results from the changes in revenue noted above.
We reported investment and other income of $0.5 million and $1.0 million for the quarters ended June 28, 2009 and June 29, 2008, respectively.

For the first quarter ended June 28, 2009, we reported income before income taxes of $2.3million and recorded $0.8 million of federal income tax expense, resulting in net income for the period of $1.5 million.  For the prior year first quarter ended June 29, 2008, we reported a loss before income taxes of $2.0 million and recorded federal income tax benefitof $0.7 million, resulting in a net loss reported for the period of $1.3 million.
 

 

"SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

Statements contained in this Release which are not historical facts or information are "forward-looking statements."  Words such as "believe," "expect," "intend," "will," "should," and other expressions that indicate future events and trends identify such forward-looking statements.  These forward-looking statements involve risks and uncertainties, which could cause the outcome to be materially different than stated.  Such risks and uncertainties include matters which relate directly to the Company's operations and properties and are discussed in the Company's filings with the Securities & Exchange Commission, as well as general economic risks and uncertainties.  The Company cautions that any forward-looking statement reflects only the belief of the Company or its management at the time the statement was made.  Although the Company believes such forward-looking statements are based upon reasonable assumptions, such assumptions may ultimately prove to be inaccurate or incomplete.  The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement was made.

 

The results of operations are as follows:
**TODD SHIPYARDS CORPORATION**