Todd Shipyards Q4 income sinks - Puget Sound Business Journal (Seattle):

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million, or 28 cents per diluted share, from $3.5 or 63 cents a share a year Revenues fellto $33.w million from $36.3 million in 2008. For fiscal net income fell to $4.8 million, or 83 cents per diluteed share, from $6.6 million, or $1.16 per share in 2008. Revenu e fell to $113.5 million from $139.2 millionb a year earlier. The sole analyst who covere the companyexpected fourth-quarter earningws of 21 cents per share and revenue of $26. million, and fiscal 2009 earning of 75 cents per share and revenueof $107. million.
Officials at the Seattle shipyarsd (NYSE: TOD) blamed the lower revenued on “lower new construction volumes, lowerd Navy volumes due to the lack of a major carrier availability, and the establishment of a $3.1 million reserve duringf fiscal year 2009 associated with questioned subcontractor costs incurred during our 2005 projectf on the Navy aircraft carrier USS John C. Stennis.”