AVONDALE INDUSTRIES REPORTS SECOND QUARTER RESULTS
AVONDALE INDUSTRIES REPORTS SECOND QUARTER RESULTS NEW ORLEANS, Aug. 3 /PRNewswire/ -- Avondale Industries, Inc.
(NASDAQ-NMS: AVDL) today reported net income of $308,000, or $0.02 per share, for the second quarter of 1992.
In the year-earlier period, the company reported a loss of $19.3 million before a net ESOP contribution and income taxes. After deducting a net ESOP contribution of $6.0 million and allowing for a tax benefit of $8.3 million, Avondale reported a loss for the year-earlier period of $17.0 million, or $1.18 per share. The company did not make an ESOP contribution in the second quarter of 1992. Revenues for the three months ended June 30 totaled $152.3 million compared with $203.6 million for the second quarter of 1991. For the first six months of 1992, Avondale reported a loss of $196,000 before a net ESOP contribution compared with a loss of $17.8 million in the first half of 1991. The net loss for the first half of 1992 was $8.3 million after deducting a net ESOP contribution of $8.1 million. For the first half of 1991, the company reported a net loss of $20.2 million after deducting a net ESOP contribution of $12.0 million and allowing for a tax benefit of $9.6 million. Revenues for the first six months of 1992 were $327.9 million compared with $40nce. It is important to continue these efforts while the company pursues a satisfactory resolution of its contract adjustments with the U.S. Navy, especially in light of the anticipated continued decline in quarterly revenues as Navy shipbuilding budgets continue at reduced levels. "The first half of 1992 was highlighted by several contract deliveries, major ship launchings and successful sea trials of ocean going vessels. This record of accomplishment reflects well on the hard work of all of the company's employees and further enhances our reputation as an efficient and reliable shipyard." 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 June 30 1992 1991 Revenues $152,321 $203,577 Income (loss) before ESOP contributions & income taxes $ 308 $(19,268) Net income (loss) $ 308 $(16,968) Income (loss) per share of common stock $ 0.02 $ (1.18) Cash dividend per share of common stock --- --- Six months ended June 30 1992 1991 Revenues $327,887 $408,968 Income (loss) before ESOP contributions & income taxes $ (196) $(17,835) Net income (loss) $ (8,337) $(20,235) Income (loss) per share of common stock $ (.58) $ (1.40) Cash dividend per share of common stock --- --- -0- 8/3/92 /CONTACT: Thomas M. Kitchen of Avondale Industries, 504-436-5237/ (AVDL) CO: Avondale Industries, Inc. ST: Louisiana IN: MAR SU: ERN
BR-EA -- AT007 -- 6276 08/03/92 15:50 EDT
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|Date:||Aug 3, 1992|
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