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Todd Shipyards Corporation Announces Affirmative Shareholder Vote and Record Date for Extraordinary Dividend
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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...May 23, 2006...
Todd Shipyards Corporation ("Company" or "Todd") (NYSE:TOD) announced that its shareholders,
at a special meeting held on May 23, 2006, approved amendments to the Company's incentive
stock compensation plans. This approval was necessary for the Company to proceed with
its extraordinary one-time cash dividend of $4.00 per share, or a total of
approximately $22 million, previously approved by the Company's Board of Directors
on March 24, 2006. The Board had made the payment of the extraordinary dividend subject
to shareholder approval of an amendment to the Company's incentive stock compensation
plans that will allow adjustments to equity compensation awards to offset the impact
of extraordinary transactions, including non-recurring cash dividends or distributions.
Shareholders of record as of June 5, 2006 are entitled to receive the extraordinary dividend
which will be paid on June 20, 2006.
The amendments approved by the Company's shareholders and the adjustments approved by Todd's
Board of Directors are intended to create parity for the Company and the option holder such
that before-dividend and post-dividend values of the options are economically equivalent.
The Company had previously announced an increase in its quarterly dividend to
fifteen cents ($.15) per share to be paid June 23, 2006 to all shareholders of record
as of June 8, 2006. Different record and payment dates were used for the extraordinary
dividend.
The Company's wholly owned subsidiary, Todd Pacific Shipyards Corporation, performs a
substantial amount of repair and maintenance work on commercial and federal government
vessels engaged in various seagoing trade activities in the Pacific Northwest and
provides new construction and industrial fabrication services for a wide
variety of customers. Its customers include the U.S. Navy, the U.S. Coast
Guard, NOAA, the Washington State Ferry system, the Alaska Marine Highway System, and
various other commercial and governmental customers. Todd has operated a shipyard
in Seattle since 1916.
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