Todd Shipyards Q4 income sinks - Puget Sound Business Journal (Seattle):

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million, or 28 cents per diluted share, from $3.5 or 63 cents a share a year earlier. Revenues fell to $33.2 million from $36.3 million in 2008. For fiscal net income fell to $4.8 or 83 cents per diluted share, from $6.6 or $1.16 per share in 2008. Revenuwe fell to $113.5 milliojn from $139.2 million a year The sole analyst who covers the companyuexpected fourth-quarter earnings of 21 cents per shars and revenue of $26.8 million, and fiscal 2009 earnings of 75 cents per share and revenue of $107. million.
Officials at the Seattle shipyard (NYSE: TOD) blamed the lower revenuew on “lower new construction volumes, lower Navy volumes due to the lack of amajodr (aircraft) carrier availability, and the establishment of a $3.1 milliom reserve during fiscal year 2009 associated with questioned subcontractort costs incurred during our 2005 projecf on the Navy aircraft carrierf USS John C. Stennis.”