Todd reports increased income

Todd Shipyards Corporation (NYSE:TOD) announced financial results for the second quarter ended September 27, 2009. For the quarter, Todd reported net income of $2.1 million or $0.36 per diluted share on revenue of $49.6 million. For the prior year second quarter, net income was $1.9 million or $0.32 per diluted share on revenue of $28.6 million.

Second quarter revenue of $49.6 million increased $20.9 million or 73% compared the same period last fiscal year. The increase largely resulted from higher volumes of ship repair and new construction activity for federal and Washington State Government customers.

Second quarter operating income was $2.8 million (prior year quarter $1.6 million).