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AVONDALE INDUSTRIES REPORTS SECOND QUARTER INCOME

 NEW ORLEANS, Aug. 9 /PRNewswire/ -- Avondale Industries, Inc. (NASDAQ-NMS: AVDL) today reported net income for the second quarter of 1993 of $399,000, or $0.03 per share, compared with $308,000, or $0.02 per share, in the year earlier period.
 Revenues for the three months ended June 30 totaled $122.5 million compared with $152.3 million in the second quarter of 1992.
 For the first six months of 1993, Avondale reported net income of $747,000, or $0.05 per share. In the first half of 1992, Avondale reported a net loss of $8.3 million after deducting a net ESOP contribution of $8.1 million. Revenues for the first six months of 1993 were $261.8 million compared with $327.9 million for the first half of last year.
 "Avondale's level of profitability in the second quarter was essentially unchanged from that experienced for the first quarter of this year," remarked Albert L. Bossier Jr., chairman and chief executive officer. He said: "Revenues continue to decline as construction progresses on some significant, multi-vessel programs for the Navy that have represented the majority of our shipyard work in recent years. Management of the company has devoted considerable efforts to reduce the level of operating expenses to a level commensurate with the reduced level of revenues. The results of these efforts are demonstrated by the company's ability to achieve a modest profit during the first half of 1993, notwithstanding the approximate 20 percent decline in revenues."
 Bossier said: "While work still remains to be done to restore the company's backlog to an acceptable level, we are pleased with the recent success of our marketing program which has yielded two new commercial contracts for gaming vessels for approximately $23 million and a $232.5 million contract for a U.S. Coast Guard Icebreaker ship. We also learned during the second quarter that the company is one of two finalists in the competition for a major shipbuilding contract with Texaco. We continue to pursue other commercial business aggressively and are remaining active in the bidding for additional military contracts."
 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)
 Qtr. ended 6 mos. ended
 6/30/93 6/30/92 6/30/93 6/30/92
 Revenues $122,453 $152,321 $261,806 $327,887
 Income (loss) before
 ESOP contributions
 & income taxes 399 308 747 (196)
 Net income (loss) 399 308 747 (8,337)
 Income (loss) per share
 of common stock $0.03 $0.02 $0.05 $(0.58)
 -0- 8/9/93
 /CONTACT: Thomas M. Kitchen of Avondale Industries, 504-436-5237/
 (AVDL)


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

RA-BN -- AT015 -- 0909 08/09/93 16:53 EDT
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Publication:PR Newswire
Date:Aug 9, 1993
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