Todd Shipyards Corporation Announces Quarterly Financial Results For January 2, 2011
Todd Shipyards Corporation (NYSE:TOD) announced financial results for the third quarter ended January 2, 2011. For the quarter, we reported net income of $0.8 million or $0.14 per diluted share on revenue of $58.3 million. For the prior year third quarter ended December 27, 2009, we reported net income of $1.6 million or $0.27 per diluted share on revenue of $47.1 million.
Our third quarter revenue of $58.3 million reflects an increase of $11.2 million or 24% from the same period last fiscal year. The quarter to quarter increase largely results from higher volumes associated with vessel maintenance and repair activity under cost type contracts for the U.S. Coast Guard and U.S. Navy.
For the quarter ended January 2, 2011, we reported operating income of $1.4 million. In the third quarter of the prior year ended December 27, 2009, we reported operating income of $2.3 million. The decrease in operating income in the third quarter of fiscal 2011 versus the third quarter of the prior year primarily results from lower profitability on certain fixed price and cost type contracts, as well as transaction costs incurred in conjunction with the Merger Agreement, the Offer and the Merger.
We reported investment and other income of $0.3 million and $0.1 million for the quarters ended January 2, 2011 and December 27, 2009, respectively.For the third quarter ended January 2, 2011, we reported income before income taxes of $1.8 million and recorded $1.0 million of federal income tax expense, resulting in net income for the period of $0.8 million. For the prior year third quarter ended December 27, 2009, we reported net income before income taxes of $2.4 million and recorded federal income tax expense of $0.8 million, resulting in net income for the period of $1.6 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.
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