Todd Shipyards could face NYSE delisting

Todd Shipyards Corporation (NYSE:TOD) says it has been notified by the New York Stock Exchange that it is no longer in compliance with the NYSE's continued listing standards. Todd's market capitalization was less than the required $75 million over a 30 trading-day period and its shareholders' equity was less than $75 million. As of October 31, 2008, the Company's 30 trading-day average market capitalization was approximately $73.8 million and the last reported stockholders' 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.