TODD SHIPYARDS CORPORATION 

ANNOUNCES QUARTERLY FINANCIAL RESULTS FOR 

JULY 4, 2010

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

SEATTLE, WASHINGTON...August 12, 2010...Todd Shipyards Corporation (NYSE:TOD) announced financial results for the first quarter ended July 4, 2010.  For the quarter, we reported net income of $2.6 million or $0.44 per diluted share on revenue of $70.2 million.  For the prior year first quarter ended June 28, 2009, we reported net income of $1.5 million or $0.26 per diluted share on revenue of $34.6 million.The Company's fiscal year consists of 52 or 53 weeks, ending on the Sunday closest to March 31. The 2010 fiscal year consisted of 52 weeks ending on March 28, 2010 while the 2011 fiscal year consists of 53 weeks ending April 3, 2011.  All quarters of both fiscal years 2010 and 2011 consist of 13 weeks, except for the first quarter of 2011, which consisted of 14 weeks.  The additional week did not materially affect the comparability of operating results between the first quarters of fiscal years 2011 and 2010.  All references to years relate to fiscal years rather than calendar years.  
Our first quarter revenue of $70.2 million reflects an increase of $35.6 million or 103% from the same period last fiscal year.  The quarter to quarter increase largely results from higher volumes of Coast Guard and Navy vessel maintenance and repair activity and new construction activity for Washington State Ferries. 

For the quarter ended July 4, 2010, we reported operating income of $3.8 million.  In the prior year quarter ended June 28, 2009, we reported operating income of $1.8million.  The increase in operating income in the first quarter of fiscal 2011 versus the first quarter of the prior year primarily results from higher business volumes noted above.  
We reported investment and other income of $0.2 million and $0.5 million for the quarters ended July 4, 2010 and June 28, 2009, respectively.  

For the first quarter ended July 4, 2010, we reported income before income taxes of $4.0 million and recorded $1.4 million of federal income tax expense, resulting in net income for the period of $2.6 million.  For the prior year first quarter ended June 28, 2009, we reported net income before income taxes of $2.3 million and recorded federal income tax expense of $0.8 million, resulting in net income for the period of $1.5 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**