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Kaiser Names Johnson To Head LNG Tank Project On Gulf Coast Gen. Dynamics Reports Increased Earnings For Second Quarter General Dynamics Corporation, St. Louis, Mo., has reported second quarter earnings at the highest lev- el in five years and 43 percent above those for the same period of 1972. Second quarter earnings were $9,084,000 on sales of $428,827,000, equal to 86 cents per common share. This compares with earn- ings of 60 cents per common share or $6,332,000 on sales of $386,859,- 000 for the second quarter of 1972. It was the company's 10th con- secutive profitable quarter. Earnings for the first six months of 1973 were $16,450,000 on sales of $826,860,000, equal to $1.56 per common share. In the same period last year, earnings were $1.08 per common share or $11,436,000 on sales of $769,147,000. David S. Lewis, chairman of the board and chief executive officer, said the increased earnings were due primarily to the strong per- formance of the company's com- mercial businesses, particularly in telecommunications, lime and building materials. Total backlog, Ifunded and un- funded, totaled $2,392 billion at the end of 1973's second quarter, com- pared with $2,140 billion at the same time last year, Mr. Lewis said. T.H.Johnson The project manager for the largest (liquefied natural gas proj- ect of its type in the history of the industry was announced by Kaiser Aluminum & Chemical Corpora- tion, 300 Lakeside Drive, Oakland, Calif. 94604. The company said that T.H. Johnson will have overall respon- sibility for the project, which in- cludes construction of 15 huge alu- minum tanks for installation in three oceangoing vessels to be built by Avondale Shipyards, Inc., of New Orleans. Total contract awarded Kaiser by Avondale is in excess of $50,000,000. Mr. Johnson, presently senior process engineer for Kaiser Alumi- num, assumes his new duties im- mediately. An electrical engineer- ing graduate of the University of Idaho, he has had 18 years of pro- gressively responsible engineering and management experience with the company. The tanks will be built by Kai- ser Aluminum at a site in the Gulf Coast area of the U.S., with con- struction beginning in 1974. Avon- dale will deliver the three LNG vessels in 1976-77 to subsidiaries of El Paso Natural Gas Company for use hauling natural gas from Al- geria to the East Coast of the United States. Kaiser Aluminum's receipt of the major contract is a direct result of a 15-year cryogenics research and development effort carried out by the firm. During that period, the company developed alloys, welding techniques and polyurethane foam products, all of which contribute significantly to aluminum's in- creasing penetration into the LNG market. Shipbuilding Boom Continues In Spain During the first half of 1973, 112 ships with a total of 892,000 gross tons were launched in Spain, indicat- ing that the shipbuilding boom is con- tinuing in that country. This repre- sents an increase over the same period last year of 88 percent and, including 29 ships with a total of 259,000 gross tons built for foreign buyers, the Spanish shipyards delivered 89 ships with a total of 355,881 gross tons. For the next 12 months the outlook is also very promising. In the first six months of this year, the keels were laid for 109 vessels, with 625,000 gross tons. Jacmzklet PROVIDES LOW SPEED ADVANTAGES OVER CONVENTIONAL PROPULSION SYSTEMS At low speeds a JacuzziJet powered craft has exceptional maneuverability. The boat is always in complete control and is able to be turned within its own length, making it easy to navigate in tight waters. JACUZZI BROS. INC. / 11511 New Benton Highway / Little Rock, Arkansas 72203 JacuzziJet thrust provides better low speed maneuverability than conventional propulsion systems. Try a JacuzziJet powered boat, and you'll see it's true. Because jet propulsion is torque-free, there is no tendency for even single engine boats to "walk" to one side or the other. And, "twisting" is not required on boats with twin jets. Since JacuzziJet is a direct drive system, it does not utilize a transmission. By simply raising or lowering the reverse gate the conversion from forward to reverse is smooth and effortless. Efficient turning in either forward or reverse is accomplished by deflecting the jet stream to the right, left or center. A rudder is not necessary since the steering deflector and jet stream direct the thrust. August 7, 1973 13
