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 NEW ORLEANS, Nov. 2 /PRNewswire/ -- Avondale Industries, Inc. (NASDAQ-NMS: AVDL), today reported net income of $419,000, or $0.03 per share, for the third quarter of 1993 compared with $280,000, or $0.02 per share, in the year-earlier period.
 Revenues for the three months ended Sept. 30 totaled $102.9 million compared with $139.0 million in the third quarter of 1992.
 For the first nine months of 1993, Avondale reported net income of $1.2 million, or $0.08 per share. In the year-earlier period, Avondale reported a net loss of $8.1 million after deducting a net ESOP contribution of $8.1 million. Revenues for the first nine months of 1993 were $364.7 million compared with $466.9 million for the first nine months of last year.
 "Avondale's revenues and net income for the third quarter were generally in line with the company's results in the first and second periods," said Albert L. Bossier Jr., chairman and chief executive officer. "As expected, we are still experiencing a pattern of lower revenues due to the reduced level of activity on some significant multi- vessel Naval programs that are nearing completion. Actions taken to reduce operating expenses are enabling us to remain profitable during this difficult period for most companies for which military-related contracts have accounted for a substantial portion of revenues."
 Bossier remarked: "We are aggressively pursuing commercial business to build Avondale's backlog, but have also been active in seeking to capitalize on the company's experience in constructing amphibious and auxiliary ships for the U.S. Navy. Following the $233 million contract award in July for the U.S. Coast Guard Icebreaker ship, the award in September of a $262 million contract for construction of the first Strategic Sealift Ship was particularly gratifying. The level of competition has been very high to participate in the Sealift program which is one of the few new multi-ship initiatives that has received budgetary funding. Our contract contains options for the Navy to award up to five additional Sealift vessels, making the potential contract amount in excess of $1.3 billion.
 "Shortly after the close of the quarter, we were awarded another U.S. Navy contract for a $257.5 million Landing Ship Dock cargo variant vessel. This marks the fourth LSD-CV that Avondale will have under construction. The first, which we began building in 1988, is scheduled to be delivered in the second half of 1994 while the contract for the fourth ship specifies a delivery date in 1998."
 Bossier concluded: "Our success in obtaining this significant new business relates directly to the experience and dedication of Avondale's entire organization. We are pleased with the positive momentum that these contracts have generated."
 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 facilities and components for a variety of land-based industries.
 (In thousands of dollars, except per share amounts)
 Qtr. ended 9 mos. ended
 9/30/93 9/30/92 9/30/93 9/30/92
 Revenues $ 102,910 $ 138,981 $ 364,716 $ 466,868
 Income before ESOP contribution
 and income taxes $ 419 $ 280 $ 1,166 $ 84
 Net income (loss) $ 419 $ 280 $ 1,166 $ (8,057)
 Income (loss) per share of
 common stock $ 0.03 $ 0.02 $ 0.08 $ (0.56)
 -0- 11/2/93
 /CONTACT: Thomas M. Kitchen of Avondale Industries, 504-436-5237/

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

BR-BN -- AT012 -- 9844 11/02/93 17:22 EST
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Publication:PR Newswire
Date:Nov 2, 1993

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