COAST GUARD WORK SPARKS JUMP OF 61 PERCENT IN TODD SHIPYARD PROFIT

COAST GUARD WORK SPARKS JUMP OF 61 PERCENT IN TODD SHIPYARD PROFIT

Earnings from a job overhauling Coast Guard cutters helped drive profit at Todd Shipyard Corp. up 61 percent in the final quarter of last year.

Todd reported profit of $8.4 million on revenue of $45.8 million for the three months ended Dec. 31. That's up sharply from $5.2 million on $37.8 million in revenue during the same quarter last year.Some $4 million of the recent quarterly profit resulted from a decision to reduce the amount of money set aside for possible expenses resulting from the Coast Guard contract.

The other $4.4 million was profit from operations on the Coast Guard job and other commercial contracts carried out at Todd's single yard at Harbor Island in Seattle.

The $4.4 million is a substantial improvement from the $800,000 pretax loss that Todd calculated for the same quarter last year, a loss Todd executives said had resulted primarily from a commercial contract.

The 21 percent revenue increase for the recent quarter was attributed to increased Navy and commercial work.

The improved quarterly profit helped contribute to a nine-month profit figure of $27.2 million in 1991, a sharp contrast from a nine-month loss of $2 million during the same period in 1990.

Revenue for the nine-month period was $113.3 million, down from $146.6 million during the same months in 1990.

Todd said the reduction in nine-month revenue reflected the completion of repair and overhaul work for the Navy and reduced levels of work on Coast Guard cutters.