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Todd Shipyards Corp. recently ended its fiscal year with income and revenue nearly matching the previous year's mark, but not everything was smooth sailing for the Seattle shipyard, which relies heavily on overhaul and maintenance work on Navy ships.
In December, the Navy announced it was decommissioning the USS Sacramento, a decision that scaled back planned repair work for the supply ship.
In late March, Todd announced it was laying off about 500 workers in wake of the Navy's decision to transfer the USS Rainier and USS Bridge to the Military Sealift Command, further scaling back work that would have gone Todd's way under a contract awarded in 2001.
But in December, the U.S. Coast Guard awarded Todd a contract to maintain two Polar Class icebreakers. The value of the contract is $50 million.
And...