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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 Engineering and Design Support To Shipbuilders Around the World Since 1929 Arlington, VA Hampton, VA Bnjnswick, ME Circle 248 on Reader Service Card 80 !• LAKE SHORE INC. AN OLDENBURG GROUP COMPANY DEEP WATER MOORING SYSTEMS COMBINATION WIRE ROPE & CHAIN SYSTEMS TRACTION WINCHES MOORING WINCHES WINDLASS'S STORAGE DRUMS DAVITS CRANES HANDLING SYSTEMS UNREP P.O. BOX 809, IRON MOUNTAIN, MICHIGAN • TEL (906) 774-1500 FAX (906) 774-1505 Circle 313 on Reader Service Card Maritime Reporter/Engineering News
