TODD SHIPYARDS <TOD> OMITS COMMMON DIVIDEND
  Todd Shipyards Corp said it
  omitted payment of the quarterly dividend on its common stock
  and lowered the dividend on its series A preferred stock to 75
  cts from 77 cts a share.
      Todd said the 75 ct preferred dividend will be paid May one
  to shareholders of record April 15.
      The company said it omitted the common dividend to cover
  both losses from a commercial ship conversion contract and
  increased reserves for previously announced discontinued
  shipyard operations.
      In addition, the company said its lenders agreed to
  temporarily reduce the net worth requirement of its revolving
  credit and term-loan pact to 140 mln dlrs from 130 mln.
      The reduction will hold through May 15, it said.
      Todd said the reduction in the net worth requirement
  allowed for the payment of the preferred dividend and prevented
  it from violating covenants of its credit agreement.
      The company said it is also negotiating with its lenders to
  extend the reduced net worth terms beyond May 15.
      Todd added that it has suffered financially because of the
  U.S. Navy's unwillingness to release certain retentions under
  completed ship construction contracts and a general decrease in
  U.S. military spending.