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Maritime Fruit Carriers Net Income Doubles Maritime Fruit Carriers Company, Limited has reported record in- come for the nine month period ended September 30, 1971. Total income for the first nine months increased 86 percent to $32,317,000 as compared to $17,361,000 for the same period last year. Net income more than doubled for the nine month period to $4,753,000 com- pared to $2,287,000 for the similar period last year. Stated on a per share basis, primary earnings per share rose to $1.35 as compared to $0.75 for the same nine month pe- riod in 1970. For the three month period end- ed September 30, 1971, total in- come was $11,076,000 compared to $6,085,000 over the like period the year before. Net income increased 85 percent to $895,000 compared to $483,000 for the similar three month period in 1970. Primary earnings per share were $0.24, an increase over $0.16 for the compar- able period last year. "The progress the company has made this quarter is on target with management's expectations," said Yaacov Meridor and Mila Brener, joint managing directors of Mari- time Fruit Carriers Company Lim- ited. "The company's growth in op- erating income is a good reflection of the continuous demand for re- frigerated ships. "In addition, the company's earn- ings have not thus far been ad- versely affected by the East and Gulf Coast port dock strikes. This is because the company took steps to secure this year's revenue and earnings objectives prior to the strikes," they said. Maritime Fruit Carriers Com- pany Limited is a multinational shipping company which special- izes in refrigerated shipping and oil transportation, sales of mari- time vessels, and related activities. Shares of the company's common stock are traded over-the-counter (NASDAQ-MARIF). Raymond International Elects RAdm. Corradi As Board Chairman Rear Adm. Peter Corradi At a special meeting, the board of directors of Raymond Interna- tional Inc., New York, N.Y., elect- ed Rear Adm. Peter Corradi, CED, USN (ret.), chairman of the board effective January 1, 1972. Admiral Corradi will succeed Henry C. Boschen, who is retiring as chair- man on December 31, 1971. Mr. Boschen will remain a member of the board. Henry F. LeMieux will continue as president and chief ex- ecutive officer of the company. Mr. Boschen was elected presi- dent and chief executive officer of Raymond International in 1960, and chairman of the board in 1968. He served as chief executive officer until 1970, when the duties of the chief executive were passed to Mr. LeMieux. He has been a Raymond director since 1946. Mr. Boschen joined Raymond in 1928, and since that time has been involved in every phase of the com- pany's development of foreign and domestic construction operations. Under his direction, overseas con- struction and subsidiary company operations expanded to encompass projects on six continents in more than 20 countries. Mr. Boschen was involved in the construction of na- val air bases in the Pacific during World War II, and represented Raymond in a joint venture of sev- eral companies which has com- pleted more than two billion dol- lars of engineering and construc- tion work in South Vietnam. Admiral Corradi joined Raymond in 1969 and was elected a senior vice president and director that year. In 1970, he was elected to the newly created post of executive vice president. Admiral Corradi re- tired from the Navy in 1965 and joined Gibbs & Hill as vice presi- dent and general manager. He was named president of that interna- tional engineering organization in 1966. Admiral Corradi's Navy career included his appointment in 1962 as Chief of the Bureau of Yards and Docks and Chief of Navy Civil Engineers. During his 25-year Navy service, he served in a vari- ety of civil engineering assign- ments with the Seabees and with the Civil Engineers Corps. During World War II, he directed Seabee units in the construction of bases for U.S. forces in the Pacific cam- paigns. IRD Mechanalysis Appoints Sales Rep IRD Mechanalysis, Inc., 6150 Huntley Road, Columbus, Ohio, has announced the appointment of Kei- zer Associates, 55 Mississippi Street, San Francisco, Calif. 94107, as its authorized sales representative to the marine industry in the Northern Cali- fornia-San Francisco Bay Area. Keizer Associates has full respon- sibility for marketing all Mechanaly- sis equipment—portable vibration and noise analyzers, vibration monitors and balancing machines—to their ma- rine customers. In addition, Keizer offers consulting service for imme- diate assistance in solving machinery problems—in-plant or aboard ship. 'Weser' Shipyards Moves N.Y. Office "Weser" Shipyards, Inc. has moved its offices to One World Trade Center, Suite 2841, New York, N.Y. 10048, according to an announcement by Magnus Olsen, president. "Weser" Shipyards, Inc. are rep- resenting the United States inter- ests of one of the largest German shipbuilders, A.G. "Weser," with newbuilding facilities located at Bremen and Bremerhaven. The firm also announced that a limited supply of a condensed 1970 Annual Report of A.G. "Weser" is available in English upon request. Reynolds Offers Guide For Finishing Of Aluminum Hulls A "Marine Guide For Finishing of Aluminum Hulls," the first in a series of publications on various tech- nical aspects of the marine applica- tion of aluminum, has been prepared by Reynolds Metal Company. The brochure, which deals with both original finished and mainte- nance, is available without charge from Marine Market Manager, Rey- nolds Metals Company, Box 27003, Richmond, Va. 23261. Newport News Ship Elects Plummer VP R. Spencer Plummer R. Spencer Plummer has been elected a vice president of New- port News Shipbuilding, a Tenneco Company, it has been announced by L.C. Ackerman, president and chief executive officer. The action was taken by the shipyard's board of directors at its meeting held in Houston. A native of Newport News, Va., Mr. Plummer is a graduate of Vir- ginia Polytechnic Institute, with a B.S. degree in mechanical engi- neering. He became affiliated with Newport News Shipbuilding in 1935. Mr. Plummer was appointed assistant superintendent of the ma- chinery division in 1955, and was named superintendent of the divi- sion in 1964. He became assistant general manager in 1966, and in 1968 was named general manager. He is also a graduate of the execu- tive training program at the Uni- versity of Pittsburgh. Mr. Plummer is a member of The Society of Naval Architects and Marine Engineers, American So- ciety of Naval Engineers, the En- gineers Club of the Virginia Penin- sula, and The Propeller Club, Port of Newport News. Litton Industries Names Dr. R.L. Roderick To Corporate Staff Dr. Robert L. Roderick, Litton Industries vice president, has been appointed to the corporate staff with responsibilities for corporate planning and the development of trade relationships with Eastern European countries, it was an- nounced by Roy L. Ash, Litton president. Dr. Roderick, formerly president of Litton Ship Systems Division, joined Litton in 1968 and was elected a corporate vice president in 1970. Previously, he was associ- ated with Hughes Aircraft Co. and was program manager for Surveyor I, whose flight in June 1966 estab- lished a major space milestone. Dr. Roderick received a B.S. degree in electrical engineering from the Il- linois Institute of Technology in 1948, and a Ph.D. in applied mathe- matics from Brown University in 1951. Litton Industries, headquartered in Beverly Hills, Calif., is a major multinational corporation special- izing in products, systems and serv- ices for business, defense, marine, industrial and professional markets. CANADIAN MARITIME SECTION MEETS: The first meeting of the 1971-72 season of the Canadian Maritime Section of The Society of Naval Architects and Marine Engineers was held in Saint John, New Brunswick, October 28, 1971. A paper entitled "Aspects of the use of Value Engineering and Work Study Design" was presented by K. Bevan, who is production control manager at the Saint John Shipbuilding & Dry Dock Co., Ltd. The paper was viewed from a shipbuilding aspect and considered the use of value engi- neering techniques to determine the overall feasibility of functional design as applied to naval ships. The paper then progressed to integrate the use of work study design to determine if the performance of the system can be achieved at a minimum economic cost. Section officers shown left to right: R. McArthur, Founder Member, Canadian Mari- time Section; E. Hinze, vice chairman; K. Bevan, guest speaker; W. Aves, chairman; D.J. Fraser, secretary-treasurer, and D.I. Jones, chairman, Section public relations. 20 Maritime Reporter/Engineering News
