AVONDALE INDUSTRIES REPORTS THIRD QUARTER RESULTS
AVONDALE INDUSTRIES REPORTS THIRD QUARTER RESULTS NEW ORLEANS, Nov. 4 /PRNewswire/ -- Avondale Industries, Inc.
(NASDAQ-NMS: AVDL) today reported net income of $280,000, or $0.02 per share, for the third quarter of 1992.
For the comparable period of the prior year, the company had reported a net loss of $4.7 million, or $0.32 per share, which included a net ESOP contribution of $6.0 million and a tax benefit of $2.0 million. The company did not make an ESOP contribution in the third quarter of 1992. Revenues for the three months ended Sept. 30 totaled $139.0 million compared with $191.8 million for the third quarter of 1991. For the first nine months of 1992, Avondale reported income before net ESOP contribution and income taxes of $84,000 compared with a comparable loss of $18.5 million in the first nine months of 1991. The net loss for the 1992 nine-month period was $8.1 million after deducting a net ESOP contribution of $8.1 million. For the 1991 nine-month period, the company reported a loss of $24.9 million after deducting a net ESOP contribution of $18.0 million and allowing for a tax benefit of $11.6 million. Revenues for the first nine months of 1992 were $466.9 million compared with $600.7 million for the comparable 1991 period. Albert L. Bossier Jr., chairman and chief executive officer, said: "Avondale's modest profitability for both the third quarter and nine months represents a definite improvement compared with the losses taken in the year-earlier periods. Clearly, however, we must continue our efforts to identify and achieve additional cost savings while we maintain an active program to expand Avondale's base of business." Bossier remarked: "As expected, our revenues have continued to decline as work on several significant shipbuilding contracts that have been in Avondale's backlog near completion. Our shipyard activities during the third quarter included the delivery of three Naval vessels, each of which was part of multi-ship programs that are nearing completion. We were awarded a contract modification on one of these series consisting of T-AO Fleet Oilers that involves adding double hulls to three of the five remaining vessels that Avondale is now building. We believe that as provisions of the Oil Pollution Act of 1990 become effective over the next several years, opportunities will be presented for Avondale to participate in the retrofitting that will be required of many existing commercial tankers. "We are continuing to pursue a satisfactory resolution of the contract adjustments being sought from the U.S. Navy, but it still does not appear likely that there will be a decision before 1993. Our current credit facilities and the Navy's cooperation in releasing additional retained funds on contracts in progress are providing sufficient liquidity to finance current operations and meet current debt service requirements." 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. AVONDALE INDUSTRIES, INC. (In thousands of dollars except per share amounts) Qtr. ended 9 mos. ended 9/30/92 9/30/91 9/30/92 9/30/91 Revenues $138,981 $191,752 $466,868 $600,720 Income (loss) before ESOP contributions & income taxes 280 (683) 84 (18,518) Net income (loss) 280 (4,683) (8,057) (24,918) Income (loss) per share of common stock $0.02 $(0.32) $(0.56) $(1.73) Cash dividend per share of common stock --- --- --- --- -0- 11/4/92 /CONTACT: Thomas M. Kitchen of Avondale Industries, 504-436-5237/ (AVDL) CO: Avondale Industries, Inc. ST: Louisiana IN: MAR SU: ERN
EA-BN -- AT009 -- 2661 11/04/92 16:24 EST
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|Date:||Nov 4, 1992|
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