PEOPLE & COMPANY NEWS
assumed responsibility for overall
management of the unit's activi-
ties, including R&D through
design, contract and project man-
agement, class approvals, quality
assurance and sales.
Mr. Thomas joined Ham worthy
in 1995 as a ship hydrodynamicist
working on technical aspects of
conventional and high perfor-
mance Schilling rudders for all
types of seagoing vessels.
International Absorbents
Secures $ 1 M Line of Credit
International Absorbents Inc., a
manufacturer and marketer of
absorbent products made from
waste wood pulp, has announced
the completion of a new credit
facility totaling $1 million. "This
funding will enable the company to
concentrate on its expansion plans
and on the further development of
its growing customer base. I am
pleased by our new management's
ability to attract significant new
capital without any dilution to cur-
rent shareholders," said Chairman
Gordon Ellis.
Since late 1996, several key
upper level management positions
have been strengthened at the
company. Geoffrey Lawrence,
an executive with extensive inter-
national sales and operations expe-
rience, was named CEO of operat-
ing subsidiary Absorption Corp.
Jack VonEwegen, who built
Slikwik Sorbents from negligible
revenues to $8 million in sales,
became vice president of Industrial
Marketing. Edward Murchie,
former COO of Vernitron Corp. and
former CFO and COO of Fairchild
Industries, joined Absorption
Corp.'s board and has taken an
active role in the management of
the company.
International Absorbents Inc.
develops, manufactures and mar-
kets sorbent products derived from
recycled materials and used in a
broad range of industrial and con-
sumer applications, including oil
and hazardous liquid spill cleanup
and control, and oil/water filtra-
tion.
Salvage Association
Announces Changes
The London-based Salvage
Association (SA) has announced
staff and offices changes. Stuart
Walker, principal surveyor,
Singapore, has retired after 26
years of service. George Sloss,
who previously served in the
Singapore office, has transferred
from Southampton to Singapore to
succeed Mr. Walker as principal
surveyor.
In addition, SA's Marseille office
has been closed and surveys on the
French Mediterranean coast and
in Algeria and Tunisia will be cov-
ered by the Genoa office.
Barcelona will be administered by
the Lisbon office and West Africa
will be covered from the U.K.
It was found that ship repair
activity in the Marseille area has
shown a marked decline since the
office was opened in 1985 and the
volume of instructions no longer
justifies its continued operation.
David Burbridge and Gordon
Murray from Marseille have relo-
cated to the Southampton office
where the former is now surveyor
in charge.
NNS Releases Financial
Earnings Report
Newport News Shipbuilding
(NNS) reported earnings before
interest and taxes of $23 million
for the fourth quarter of 1996, com-
pared with $35 million in the
fourth quarter of 1995. For the
year, earnings before interest and
taxes were $140 million, compared
with $160 million in 1995. The
NNS Tenneco spin-off was effective
Dec. 12, and using the 34.3 million
shares distributed in conjunction
with this event, reported earnings
per share were $.09 for the quarter
and $1.60 for the year.
"Nineteen ninety-six was a year
of transition for Newport News. We
continued our transition from a
shipyard performing primarily
nuclear work to one that is broad-
er-based; we temporarily transi-
tioned out of submarine construc-
tion; and we successfully transi-
tioned to an independent, publicly
traded company," said CEO
William P. Fricks.
Earnings before interest and
taxes for 1996 were $20 million
below 1995, due mostly to declines
in construction earnings which
were not completely offset by sig-
nificant year-over-year gains in
earnings from overhaul and repair.
The decline in construction income
of $51 million was due to losses in
the company's commercial tanker
program and to increased costs of
sealift conversion work.
Additionally, earnings were lower
due to the conclusion of the Los
Angeles class submarine construc-
tion program. Repair and overhaul
income increased $43 million, dri-
ven by the Eisenhower overhaul
contract and the Roosevelt and
Nimitz planning contracts. Income
from engineering was consistent
with the prior year. The growth in
revenue from 1995 to 1996 was due
to commercial construction activi-
ties and substantially increased
overhaul and repair work.
GlJoibs & Cox, Inc.
TEL: 212-366-3900 SO W 23 St. NY, NY 10010 FAX: 212-366-7999
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