that it is no longer in compliance with the NYSEâ€™s continued listing
standards. Todd is considered below criteria since the Companyâ€™s market
capitalization was less the $75 million over a 30 trading-day period and
its shareholdersâ€™ equity was less than $75 million. As of October 31,
2008, the Companyâ€™s 30 trading-day average market capitalization was
approximately $73.8 million and the last reported stockholdersâ€™ equity was
approximately $64.3 million.
Under applicable NYSE procedures, the Company has 45 days from the receipt
of the notice to submit a plan to the NYSE to demonstrate its ability to
achieve compliance with the continuing listing standards within 18 months.
Todd intends to respond to the NYSE in a timely manner.
Todd Pacific 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.
Statements contained in this Report, which are not historical facts or
information, are â€œforward-looking statements.â€ Words such as â€œbelieve,â€
â€œexpect,â€ â€œintend,â€ â€œwill,â€ â€œshould,â€ and other expressions that indicate
future events and trends identify such forward-looking statements. These
forward-looking statements involve risks and uncertainties, which could
cause the outcome to be materially different than stated. The Company
cautions that any forward-looking statement reflects only the belief of
the Company or its management at the time the statement was made. Although
the Company believes such forward-looking statements are based upon
reasonable assumptions, such assumptions may ultimately prove to be
inaccurate or incomplete. The Company undertakes no obligation to update
any forward-looking statement to reflect events or circumstances after the
date on which the statement was made. Furthermore, market trends are
subject to changes, which could adversely affect future results. See
additional discussion in our Annual Report on Form 10-K for the fiscal
year ended March 30, 2008, and other factors detailed from time to time on
our other filings with the Securities and Exchange Commission.