UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report
Commission File Number 1-5109
TODD SHIPYARDS CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE 91-1506719
(State or other jurisdiction of (IRS Employer I.D. No.)
incorporation or organization)
1801- 16th AVENUE SW, SEATTLE, WASHINGTON 98134-1089
(Street address of principal executive offices - Zip
Code)
Registrant's telephone number: (206) 623-1635
<PAGE>
Item 5. Other Events
On June 1, 1995 the Company issued a press release
announcing that the Company, through its subsidiaries TSI
Management, Inc. and Elettra Broadcasting, Inc., signed
contracts to purchase three FM radio stations in the
Monterey, California market for a total consideration of
$3.5 million.
Item 7. Financial Statements and Exhibits
(c) Exhibits
28-1 Press Release dated June 1, 1995.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly
authorized.
Dated: June 1, 1995
/s/ Michael G. Marsh
By: Michael G. Marsh
On Behalf of the Registrant as
Secretary and General Counsel
SEATTLE, WASHINGTON ... June 1, 1995 ... Todd Shipyards
Corporation ("Todd") announced today that it has organized
Elettra Broadcasting, Inc. ("Elettra") through its wholly
owned subsidiary, TSI Management, Inc. (TSI). Elettra has
signed contracts to purchase three FM radio stations in the
Monterey, California market for a total consideration of
$3.5 million. The three stations are KXDC (FM), KAXT (FM)
and KPIG (FM) licensed to Hollister, Carmel and Freedom,
California, respectively.
The investment will be managed by Stephen G. Welch, Chief
Operating Officer of TSI and Ken Dennis, President and Chief
Operating Officer of Elettra. Both Welch and Dennis were
formerly executives with King Broadcasting Company. The
Board of Directors of Elettra will include Welch, as well as
four members of the Company's Board of Directors, several of
whom have significant media and broadcasting experience.
The effect of the transaction on revenues and earnings of
the Company is not expected to be material in the near term.
The Company currently has no plans to make significant
additional equity contributions to Elettra, though Elettra
may investigate additional acquisition opportunities.
