Tacoma Boat Had Record Year In 1980—Backlog Is More Than $300 Million

Tacoma Boatbuilding Company, Tacoma, Wash., has reported the best year in the company's 60- year history. The company's yearend backlog, at more than $300 million, also is the highest recorded, said Frank B. Lynott, chairman. For the year 1980, Tacoma Boatbuilding had net income of $4.6 million or $3.86 per share on total revenues of $119.4 million, compared with net income of $3.4 million or $2.91 per share on revenues of $94.1 million for the prior year.

"Our revenues during the year increased 27 percent and net income increased 34 percent compared with 1979, and we expect to be able to continue or exceed this performance," Mr. Lynott reported. "The outlook for 1981 is excellent," he continued, "because of our substantially increased bidding activity for large commercial projects, particularly for the offshore petroleum industry, and defense-oriented vessels. Tacoma Boat's backlog now equals more than two year's revenues at our current rate." Major repair work on a Washington State ferry and an Army ship and several construction contracts for oil company barges, amounting to a total of about $15 million, have been started recently in the company's shipyards.

The second of four 270-foot medium endurance c u t t e r s being built for the U.S. Coast Guard was launched March 19.

boat offshore repair boatbuilding barges ferry company industry construction commercial chairman contracts shipyards performance income history revenues petroleum