UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[X] Quarterly Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
For the quarterly period ended December 27, 1998
[ ] Transition Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
For the transition period from ____ to ____
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
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. [X]
There were 9,910,180 shares of the corporation's $.01 par value common stock
outstanding at December 27, 1998.
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PART I FINANCIAL INFORMATION
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS
TODD SHIPYARDS CORPORATION
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND RETAINED EARNINGS
(In thousands of dollars, except per share data)
Quarter Ended Nine Months Ended
12/27/98 12/28/97 12/27/98 12/28/97
Revenues $ 14,023 $27,177 $ 60,503 $ 88,681
Operating expenses:
Cost of revenue 15,288 20,841 53,689 72,249
Administrative and
manufacturing overhead
expense 6,119 6,371 19,629 22,912
Contract reserve 368 (1,515) (4,044) (5,453)
Total operating expenses 21,775 25,697 69,274 89,708
Operating income(loss) (7,752) 1,480 (8,771) (1,027)
Investment and other income 5,451 1,346 6,272 2,370
Gain on sale of available-
for-sale security 455 190 770 190
Income (loss) before
income taxes (1,846) 3,016 (1,729) 1,533
Income tax expense - - - -
Net income (loss) $ (1,846) $ 3,016 $ (1,729) $ 1,533
Basic EPS $ (0.19) $ 0.30 $ (0.17) $ 0.16
Diluted EPS $ (0.19) $ 0.30 $ (0.17) $ 0.16
Retained earnings at
beginning of period $ 27,953 $18,698 $ 28,129 $ 19,256
Income (loss) for the period (1,846) 3,016 (1,729) 1,533
Unrealized gain (loss) on
available-for-sale securities (298) (660) (591) 265
Retained earnings at
end of period $ 25,809 $21,054 $ 25,809 $ 21,054
The accompanying notes are an integral part of this statement.
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TODD SHIPYARDS CORPORATION
CONSOLIDATED BALANCE SHEETS
Periods Ended December 27, 1998 and March 29, 1998
(in thousands of dollars)
12/27/98 03/29/98
ASSETS: (Unaudited) (Audited)
Cash and cash equivalents $ 2,290 $ 5,317
Restricted cash 5,109 7,011
Securities available for sale 25,269 29,524
Accounts receivable, less allowance for
losses of $662 at December 27, 1998
and $662 at March 29, 1998:
Government 1,722 2,930
Commercial and other 9,666 4,203
Costs and estimated profits in excess
of billings on incomplete contracts 11,209 16,193
Inventories 3,048 1,308
Other 620 292
Total current assets 58,933 66,778
Property, plant and equipment, net of
accumulated depreciation 19,639 21,565
Deferred pension asset 22,788 21,786
Other 6,711 6,744
Total assets $108,071 $116,873
LIABILITIES:
Accounts payable and accruals $ 5,419 $ 7,304
Accrual for loss on contract 1,400 5,444
Payrolls and vacations 3,800 4,090
Income taxes 1,783 1,844
Billings in excess of costs and estimated
profits on incomplete contracts 3,752 2,351
Taxes other than income taxes 448 1,345
Total current liabilities 16,602 22,378
Accrued post retirement health benefits 21,330 21,617
Environmental reserves 15,646 16,065
Total liabilities 53,578 60,060
STOCKHOLDERS' EQUITY:
Common stock, $.01 par value - authorized
19,500,000 shares,issued 11,956,033 shares
at December 27, 1998 and March 29, 1998, and
outstanding 9,910,180 at December 27,1998
and March 29,1998 120 120
Additional paid-in capital 38,181 38,181
Retained earnings 25,809 28,129
Less treasury stock 9,617 9,617
Total stockholders' equity 54,493 56,813
Total liabilities and stockholders' equity $108,071 $116,873
The accompanying notes are an integral part of this statement.
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TODD SHIPYARDS CORPORATION
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine Month Periods Ended December 27,1998 and December 28,1997
(in thousands of dollars)
Period Ended
12/27/98 12/28/97
Cash flows from operating activities:
Net income (loss) $(1,729) $ 1,533
Adjustments to reconcile net income (loss) to
net cash used in operating activities:
Depreciation and amortization 2,520 2,497
Decrease (increase)in costs and estimated
profits in excess of billings 4,984 (9,482)
Contract reserve activity (4,044) (5,453)
Decrease (increase) in accounts receivable (4,255) 368
Decrease in accounts payable and accruals (1,885) (82)
Increase in deferred pension asset (1,002) (1,002)
Decrease in other accrued taxes (898) (686)
Increase in other current assets (328) (132)
Decrease in environmental reserves (420) (190)
Decrease in payroll and vacations (290) (972)
Decrease in other assets 33 3,367
Increase in billings in excess of profits 1,401 597
Decrease in retiree medical liability (287) (288)
Decrease in income taxes (61) (53)
Other, net (1,740) (72)
Total adjustments (6,272) (11,583)
Net cash used in operating activities (8,001) (10,050)
Cash flows from investing activities:
Purchases of marketable securities (9,795) (9,287)
Sales of marketable securities 9,564 16,654
Maturities of marketable securities 4,670 2,556
Capital expenditures (717) (1,015)
Disposal of assets 123 449
Other (773) 257
Net cash provided by investing activities 3,072 9,615
Cash flows from financing activities:
Decrease (increase) in restricted cash 1,902 (4,591)
Net cash used in financing activities: 1,902 (4,591)
Net change in cash and cash equivalents (3,027) (5,026)
Cash and cash equivalents at beginning of period 5,317 4,232
Cash and cash equivalents at end of period 2,290 (794)
Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest 100 38
Income taxes $ - $ -
The accompanying notes are an integral part of this statement.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Todd Shipyards Corporation (the "Company") filed its Consolidated Financial
Statements for the fiscal year ended March 29, 1998 with the Securities and
Exchange Commission on Form 10-K. That report should be read in connection
with this Form 10-Q.
1. BASIS OF PRESENTATION
The accompanying Consolidated Financial Statements are unaudited but in the
opinion of management reflect all adjustments necessary for a fair
presentation of financial position and results of operations.
2. CONTRACTS
During the third quarter of fiscal year 1999 the Company completed production
work on the $181 million contract to construct three Jumbo Mark II ("Mark II")
ferries for the Washington State Ferry System (the "Ferry System"). The Mark
II ferries are designed to transport 218 automobiles and 2,500 passengers each
and are the largest ferries in the Ferry System fleet.
The first ferry, the MV Tacoma, successfully completed its warranty period
during the second quarter of fiscal year 1999. The second ferry, the MV
Wenatchee, was delivered in the first quarter of fiscal year 1999; and the
third ferry, the MV Puyallup, was delivered on December 28, 1998, two months
ahead of the contractual delivery date of February 28, 1999.
The Company experienced contract cost growth in both labor hours and material
totaling $3.4 million during the third quarter of fiscal 1999 in completing
the third ferry. Previously, the Company had estimated that total contract
costs would exceed contract prices by $18.0 million. The Company also
anticipates an additional $1.4 million in various contract related costs to be
incurred over the next year. These anticipated costs of $1.4 million have
been reserved as of December 28, 1998. The Company currently estimates that
total contract costs will now exceed contract prices by $22.8 million.
The Company believes that a significant portion of the increased contract
costs relate to high levels of engineering and production change orders
directed by the Ferry System. These customer-directed change orders, most of
which have not been settled, continued throughout the production process and
into the Company's fiscal year 1999, and caused production rework, delays and
disruption. These change orders have resulted in increased production costs
for the entire three ship ferry construction project.
The Company has completed an extensive cost analysis of both the direct costs
and related production schedule impact costs which resulted from these
customer-directed change orders. This analysis concludes that the cost impact
to the current Mark II contract for customer-directed changes is approximately
$43 million plus the cost of capital. This amount is in addition to the
original contract amount of $181 million.
The Company plans to pursue full recovery of these costs and has advised the
Ferry System of the amounts involved. The Company is currently supporting the
Ferry System's fact finding efforts that began during the third quarter of
fiscal year 1999. This fact finding phase will provide the Ferry System an
opportunity to discuss and review in more detail the basis for the Company's
cost analysis. No assurances can be made that these preliminary discussions
will lead to a formal stage of negotiation and settlement with the Ferry
System. Since the Company cannot predict the outcome of any future
negotiations with the Ferry System, it has not included any estimates of
possible recoveries above the original contract amount in its above mentioned
Mark II Ferry program loss estimates. In addition, the Company cannot
reasonably estimate the cost associated with pursing full recovery from the
State at this time. Therefore, these costs will be recognized as they are
incurred in future accounting periods.
As the remaining post delivery activities continue over the next year, the
Company will continue to review and revise its estimates of the long term
contract sales values and costs at completion. Changes in these estimates
will be made based upon the facts then known to the Company and may be a
result of change order pricing, material and warranty costs. Depending on the
outcome of these various post delivery activities, the Company's $22.8 million
program loss recorded to date could change.
In the second quarter of fiscal year 1999 the Company commenced work on a new
contruction contract with an estimated price of approximately $20.0 million.
The contract calls for the construction of a floating electrical powerplant
(the "Margarita"), 206 feet long and capable of developing 70 mega-watts of
electricity.
Work on the Margarita continued throughout the third quarter as scheduled. On
January 9, 1999, the Company launched the Margarita and anticipates delivery
of the vessel early in the first quarter of fiscal year 2000.
3. INCOME TAXES
The Company did not have net taxable income during the first nine months of
fiscal year 1999. During the first nine months of fiscal 1998 the Company did
not have net taxable income due to available net operating loss carryforwards.
Accordingly, the Company did not recognize income tax expense during these
periods.
4. ENVIRONMENTAL MATTERS
As discussed in the Company's Form 10-K for fiscal year ended March 29, 1998,
the Company faces significant potential liabilities in connection with the
alleged presence of hazardous waste materials at certain of its closed
shipyards, at its Seattle shipyard and at several sites used by the Company
for disposal of alleged hazardous waste. The Company has been named as a
defendant in civil actions by parties alleging damages from past exposure to
toxic substances at Company facilities.
Harbor Island Site
As discussed further in the Company's Form 10-K for the year ending March 29,
1998, the Company and several other parties have been named as potential
responsible parties by the Environmental Protection Agency ("EPA") pursuant to
the Comprehensive Environmental, Response, Compensation, and Liability Act in
connection with the documented release of hazardous substances, pollutants,
and contaminants at the Harbor Island Superfund Site upon which the Seattle
Shipyard is located.
Other Environmental Matters
The Company also is currently involved, together with other companies in some
cases, in 14 other Superfund and Non-Superfund remediation sites and
environmental legal issues. In certain instances, the Company's liability and
proportionate share of costs have not been determined due to uncertainties as
to the nature and extent of site conditions and the Company's involvement.
Based on the Company's previous experience, its allocated share of multi-
participant remediation sites has often been minimal, in certain instances
less than 1 percent.
The actual costs relating to environmental remediation and settlements will
depend upon numerous factors, including the number of parties found liable at
each environmental site, the method of remediation, outcome of negotiations
with regulatory authorities, outcome of litigation, technological developments
and changes in environmental laws and regulations.
The Company's financial statements as of December 27, 1998 reflect aggregate
reserves for environmental matters of $15.6 million. The Company is
negotiating with its insurance carriers and certain prior landowners and
operators for past and future remediation costs. The Company has recorded a
non-current asset of $3.7 million to reflect a contractual arrangement with an
insurance company to share costs for certain environmental matters. No
assurance can be given that the Company's reserves are adequate to cover all
potential environmental costs the Company could incur.
5. SUPPLEMENTAL CASH FLOW DISCLOSURE
During the nine months ending December 27, 1998, the Company paid $100
thousand in interest. During the prior year period ending December 28, 1997,
the Company paid $38 thousand in interest.
6. RECOGNITION OF GAIN ON SALE
In December 1993, the Company received $5.4 million of special project revenue
bonds ("Revenue Bonds") from the Board of Trustees of the Galveston Wharves
upon the sale of its Galveston shipyard facilities. The Revenue Bonds
contained provisions for annual principal payments of $216 thousand beginning
on January 1, 1995 with a balloon payment of $3.5 million due on January 1,
2004. The Company recognized the gain on the sale of the facility as each
payment was received. As of March 29, 1998, the Company had received four
annual principal payments. As of December 27, 1998 the Company received
notice that all of the outstanding Revenue Bonds would be called for
redemption at a redemption price of 100% of the principal amount.
Accordingly, during the period ending December 27, 1998, the Company has
recognized the remaining $4.5 million gain on the sale of its Galveston
facility.
7. SUBSEQUENT EVENT
Subsequent to the Company's third quarter ending December 27, 1998, the
Company was awarded a five year cost type contract for phased maintenance work
by the Department of Navy. The notional value of the contract is
approximately $100 million and gives the Navy options to have the Company
perform repair and maintenance work on three separate nuclear aircraft
carriers at Puget Sound Naval Shipyard in Bremerton, Washington. Since work
under this contract is at the option of the Navy, the Company cannot provide
assurance as to the timing or level of work that may be performed as part of
this contract. The first ship availablility is scheduled for April, 1999.
ITEM 2. MANAGEMENT'S DISCUSSION & ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
The Notes to Consolidated Financial Statements are an integral part of
Management's Discussion and Analysis of Financial Condition and Results of
Operations and should be read in conjunction herewith.
OPERATING RESULTS
All comparisons within the following discussion are with the corresponding
periods in the previous year, unless otherwise stated.
<page break>
Revenue - The Company's third quarter revenue of $14.0 million reflects a
decrease of $13.2 million (49%) from last year's level of $27.2 million. This
decrease is primarily attributable to a $12.1 million decrease in Mark II
revenue reflecting the completion and delivery of all three ferries, as well
as a $0.8 million revenue adjustment for price estimates on completed
government contracts resulting from recently conducted overhead rate audits.
Fiscal year 1999 nine month revenue of $60.5 million reflects a decrease of
$28.2 million (32%) compared to last year's nine month results of $88.7
million. This decrease is also attributable to a significant decrease in Mark
II revenue. Mark II revenue decreased $36.8 million during the first nine
months of fiscal year 1999 when compared to the same period last year.
However, increases in commercial and government repair and construction
activities of $8.6 million during this same period partially offset the
decreases in Mark II revenues.
Cost of Revenue - Cost of revenue during the third quarter of fiscal year 1999
was $15.3 million, or 109% of revenue. Cost of revenue during the third
quarter of fiscal year 1998 was $20.8 million, or 77% of revenue. This
decrease of $5.5 million (26%) is the result of lower levels of Mark II
construction activities partially offset by increases in commercial and
government repair and construction activities which are reflected in the
reduced third quarter revenue figures. The increase in cost of revenue as a
percentage of revenue in the third quarter of fiscal year 1999 is the result
of increased costs on the Mark II contract coupled with the Company's
inability to recognize additional revenue on the contract beyond the current
contract price.
Cost of revenue during the first nine months of fiscal year 1999 was $53.7
million, or 89% of revenue, which reflects a $18.5 million (26%) decrease from
the previous fiscal year. Cost of revenue during the first nine months of
fiscal year 1998 was $72.2 million, or 81% of revenue. This reduction also
reflects the lower levels of shipyard activities primarily attributable to
lower levels of Mark II activities reflected in the reduced first nine month
revenue totals. The increase in cost of revenue as a percentage of revenue in
the first nine months of fiscal year 1999 is also due to increased costs on
the Mark II contract coupled with the Company's inability to recognize
additional revenue on the contract beyond the current contract price.
Administrative and manufacturing overhead expense - Overhead costs for
administrative and manufacturing activities were $6.1 million, or 44% of
revenue for fiscal year 1999 third quarter and $19.6 million, or 32% of
revenue for the first nine months of fiscal 1999.
Administrative and manufacturing overhead costs for the third quarter and
first nine months of fiscal year 1998 were $6.4 million and $22.9 million,
respectively. The reduction in third quarter fiscal year 1999 administrative
and manufacturing overhead of $0.3 million (5%), as well as the reduction in
first nine months of fiscal year 1999 of $3.3 million (14%) results from lower
levels of Mark II construction activities during these respective time
periods. The Company continues to emphasize overhead cost control as
production levels fluctuate throughout the fiscal year.
Contract reserve activity - During the third quarter of fiscal year 1999 the
Company utilized the remaining $1.0 million of the previously recognized $18.0
million forward loss reserve recorded on the MK II Ferry project. However,
this was fully offset by an additional $1.4 million charge, resulting in the
net activity reported for the period of $0.4 million. During the first nine
months of fiscal year 1999, the Company utilized $5.4 million in previously
recorded forward loss reserves which was also partially offset by the
additional $1.4 million charge taken during the third quarter of fiscal year
1999.
During the third quarter and first nine months of fiscal year 1998, the
Company utilized $3.0 million and $10.0 million, respectively, of previously
recognized forward loss reserves. The reserve utilization for the third
quarter and first nine months of fiscal year 1998 were partially offset by an
additional $1.5 million charge and $4.5 million charge, respectively,
resulting in the net activity reported of $1.5 million and $5.5 million,
respectively.
Provision for environmental reserves - The Company did not report any changes
to the provision for environmental reserves during the third quarter or first
nine months of either fiscal year 1999 or 1998.
Investment and other income - Investment and other income for the third
quarter and first nine months of fiscal year 1999 was $5.5 million and $6.3
million, respectively. Investment and other income for fiscal year 1998 third
quarter and for the first nine months were $1.3 million and $2.4 million,
respectively. The increase in Investment and Other Income for both the third
quarter and first nine months of fiscal year 1999 are the result of the
Company recognizing $4.5 million on the sale of its Galveston shipyard
facilities (see Note 6, Notes to the Consolidated Financial Statements).
Gain on sale of available-for-sale security - During the third quarter and
first nine months of fiscal year 1999 the Company reported a gain from the
sale of an available-for-sale security of $0.5 million and $0.8 million,
respectively. During the third quarter and first nine months of fiscal year
1998 the Company reported gains from the sale of an available for sale
security of $0.2 million, respectively.
Income taxes - The Company did not have net taxable income during the third
quarter and first nine months of fiscal year 1999. Accordingly, the Company
has recognized no income tax expenses during these periods.
LIQUIDITY AND CAPITAL RESOURCES
Working capital - Working capital during the first nine months of fiscal year
1999 remained relatively unchanged from the beginning of the fiscal year.
Working capital for the period ending December 27, 1998 was $42.3 million,
which represents a decrease of $2.1 million from the working capital reported
at the end of fiscal year 1998.
Unbilled receivables - As of December 27, 1998 unbilled items on completed
contracts totaled $0.9 million compared with $0.9 million at the end of the
third quarter of fiscal year 1998 and $1.3 million at the beginning of fiscal
year 1999.
Capital Resources - Capital expenditures for the third quarter of fiscal 1999
were $0.6 million compared to $0.3 million in the third quarter of fiscal year
1998. Capital expenditures for the first nine months of fiscal year 1999 were
$0.9 million compared to $1.0 million for the same period in fiscal 1998. The
Company's capital expenditures for the past several years have remained
relatively constant, having achieved completion of capital improvements
necessary to complete the Mark II Ferry project. Fiscal year 1999 capital
expenditures are planned to remain relatively consistent with last year's
level.
Based upon its current cash position described above and anticipated fiscal
year 1999 cash flow, the Company believes it has sufficient liquidity to fund
operations for this fiscal year. Accordingly, shipyard capital expenditures
are expected to be financed out of working capital. A change in the
composition or timing of projected work could cause capital expenditures and
repair and maintenance expenditures to change.
YEAR 2000
The Company's comprehensive Year 2000 initiative is being managed by a team of
internal staff. The team's activities are designed to ensure that there is no
adverse effect on the Company's core business operations and that transactions
with customers, suppliers, and financial institutions are fully supported.
During fiscal 1999 the Company continued efforts to upgrade its payroll
system; parallels of one of the three major payroll functions has been
successfully tested. Completion of the remaining payroll upgrade is now
planned for fourth quarter. Other remaining custom program upgrades and
server operating system upgrades will be completed by the first quarter of
fiscal 2000. The Company has received written assurance from most of its
significant suppliers that they will be Year 2000 compliant. Financial
institutions and utilities have also assured the Company that they have
appropriate plans to remediate Year 2000 issues.
While the Company believes its planned efforts are adequate to address its
Year 2000 concerns, there can be no assurance that the systems of other
companies on which the Company's systems and operations rely will be converted
on a timely basis and will not have a material effect on the Company's
operation. Costs incurred to date on the Company's Year 2000 upgrades have
not been significant, nor does the Company expect the cost of the remaining
Year 2000 initiatives to have a material impact upon the Company's results of
operations, cash flow or financial position.
ENVIRONMENTAL MATTERS
On Going Operations - Recurring costs associated with the Company's
environmental compliance program are not material and are expensed as
incurred. Capital expenditures in connection with environmental compliance
are not material to the Company's financial statements.
Past Activities - The Company faces significant potential liabilities in
connection with the alleged presence of hazardous waste materials at some of
its closed shipyards, at its Harbor Island shipyard, and at several sites used
by the Company to dispose of alleged hazardous waste. The Company has been
named as defendant in civil actions by parties alleging damages from past
exposure to toxic substances at Company facilities. The nature of
environmental investigation and clean up activities makes it difficult to
determine the timing and amount of any estimated future cash flows that may be
required for remedial efforts. The Company reviews these matters and accrues
for costs associated with remediation of environmental pollution when it
becomes probable that a liability has been incurred and when the amount of the
Company's liability (or the Company's proportionate share of the amount) can
be reasonably estimated.
The Company's financial statements as of December 27, 1998 reflect aggregate
reserves for environmental matters of $15.6 million. The Company is
negotiating with its insurance carriers and certain prior landowners and
operators for past and future remediation costs. The Company has recorded a
non-current asset of $3.7 million to reflect a contractual arrangement with an
insurance company to share costs for certain environmental matters. No
assurance can be given that the Company's reserves are adequate to cover all
potential environmental costs the Company could incur.
Actual costs to address environmental matters in which the Company is involved
will depend on numerous factors, including the number of parties found liable
at each environmental site, the method of remediation, outcome of negotiations
with regulatory authorities, outcome of litigation, technological
developments, and changes in environmental laws and regulations.
BACKLOG
At December 27, 1998 the Company's firm shipyard backlog consists of
approximately $53 million of construction, repair and overhaul work. The
Company's repair and overhaul work generally is of short duration with little
advance notice. The Company's backlog at December 28, 1997 was $44 million of
which $24 million related to the Mark II Ferry Program.
LABOR RELATIONS
In February 1998, the Puget Sound Metal Trades Council (bargaining umbrella
for all unions at Todd Pacific) and Todd Pacific were sued in Federal District
Court for the Western District of Washington by in excess of 200 employees
contending that the collective bargaining agreement entered into by Todd
Pacific and the various unions representing these employees had not been
properly ratified by the union membership. The lawsuit sought a declaratory
judgment that the collective bargaining agreement executed in November 1997 be
found null and void. The Puget Sound Metal Trades Council and the plaintiff
employees reached a tentative settlement of this matter in December 1998, the
terms of which have not been disclosed to Todd Pacific.
FUTURE SHIPYARD OPERATIONS
The Company's future profitability depends largely on the ability of the
shipyard to maintain an adequate volume of repair and new construction
business. The Company competes with other northwest and west coast shipyards,
some of which have more advantageous cost structures. The Company's
competitors include non-union shipyards, shipyards with excess capacity and
government subsidized facilities.
PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibit 27 - Financial Data Schedule.
(b) Reports on Form 8-K.
None
SIGNATURES
Pursuant to the requirements of Section 13 or 15 (d) of the Securities
Exchange Act of 1934 the registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.
TODD SHIPYARDS CORPORATION
Registrant
By:_______________________________
Scott H. Wiscomb
Chief Financial Officer and Treasurer
February 09, 1999
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