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Todd Shipyards Corporation Announces Change in Auditors
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Via Facsimile
Total Pages - 1
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Contact: Hilary Pickerel
Shareholder Relations
206-623-1635 Ext. 106
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SEATTLE, WASHINGTON...September 12, 2005...
Todd Shipyards Corporation (“Company”) (NYSE:TOD) announced that it has terminated
the services of Ernst & Young LLP (“Ernst”) and has retained the services of
Grant Thornton to serve as its independent auditors for the year ending April 2,
2006. As of this date, Grant Thornton has accepted the engagement. The termination
of Ernst was approved by the Audit Committee of the Board of Directors of
the Company. Ernst was notified of their termination on September 9, 2005.
Ernst’s report on the Company’s financial statements for each of the years
ended April 3, 2005 and March 28, 2004 did not contain an adverse opinion or
disclaimer of opinion, nor were they qualified or modified as to uncertainty,
audit scope or accounting principles.
Todd has operated a shipyard in Seattle since 1916.
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