Printer Friendly

AVONDALE INDUSTRIES REPORTS FIRST QUARTER INCOME

 NEW ORLEANS, May 10 /PRNewswire/ -- Avondale Industries, Inc. (NASDAQ-NMS: AVDL) today reported net income of $348,000, or $.02 per share, for the first quarter of 1993.
 For the comparable period of the prior year, the company had reported a net loss of $8.6 million, or $0.60 per share, including a net ESOP contribution of $8.1 million. Revenues for the three months ended March 31 totaled $139.4 million compared with $175.6 million in the year-earlier period.
 Albert L. Bossier, chairman and chief executive officer, said: "Avondale's results for the first quarter were generally in line with our expectations. The lower revenues for the period continue the trend of the past several quarters which, in turn, reflect that multi-vessel programs that have provided the majority of our work in recent years are nearing completion. Three deliveries were completed in the first quarter."
 Bossier commented: "The operating environment for Avondale remains very difficult. Our strategy is focused on reducing the size of our organization to match the current level of revenues while executing an active marketing plan to secure new contracts. Avondale's results show that we are realizing progress, and we believe there is sound potential to build on the basic resources that the company possesses."
 Avondale Industries, Inc., headquartered in metro New Orleans, is one of the nation's leading marine fabricators. In addition to its shipbuilding operations, the company specializes in boat construction and is a major repair contractor for commercial and Navy ships. It is also involved in the modular construction of plants and components for a variety of land-based industries.
 AVONDALE INDUSTRIES, INC.
 (In thousands of dollars except per share amounts)
 Quarter ended March 31 1993 1992
 Revenues $139,353 $175,566
 Income (loss) before ESOP contributions
 and income taxes 348 (504)
 Net income (loss) 348 (8,645)
 Income (loss) per share of common stock $0.02 $(0.60)
 -0- 5/10/93
 /CONTACT: Thomas M. Kitchen of Avondale Industries, 504-436-5237/
 (AVDL)


CO: Avondale Industries, Inc. ST: Louisiana IN: MAR SU: ERN

BN-BR -- AT003 -- 6386 05/10/93 10:16 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 10, 1993
Words:347
Previous Article:ENVIRONMENTAL ELEMENTS ANNOUNCES FIRST TWO DRY SCRUBBER CONTRACTS
Next Article:SOUTHERN INDIANA GAS AND ELECTRIC COMPANY RELEASES FIRST QUARTER RESULTS
Topics:


Related Articles
AVONDALE INDUSTRIES ANNOUNCES FOURTH QUARTER 1991 EXPECTED RESULTS
AVONDALE INDUSTRIES REPORTS SECOND QUARTER RESULTS
AVONDALE REPORTS 1992 OPERATING RESULTS
AVONDALE INDUSTRIES REPORTS THIRD QUARTER INCOME
AVONDALE INDUSTRIES REPORTS HIGHER SALES AND INCOME FOR THIRD QUARTER
AVONDALE INDUSTRIES REPORTS HIGHER 1994 SALES AND INCOME
AVONDALE INDUSTRIES REPORTS THIRD QUARTER INCOME
AVONDALE INDUSTRIES REPORTS 57% INCREASE IN FIRST QUARTER INCOME PER SHARE
AVONDALE REPORTS SECOND QUARTER RESULTS
Avondale Reports Third Quarter Results

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters