The union’s claim that a "substantial majority" of shareholders voted in favor of three resolutions during this year’s annual meeting is sheer numbers manipulation. In fact, none of the three resolutions received more than fifty percent of the total outstanding shares. The resolutions have failed for five consecutive years.

Contrary to union claims, Company shareholders demonstrated great confidence in management as board members up for re-election received over 90 percent of the votes cast.

The Company continues to earn the trust of its investors. Its stock is trading on NASDAQ near $27.50 per share versus $21 just eleven months ago. With a backlog of contracts worth $3.1 billion, the future is expected to be equally bright.

Currently, Avondale is fulfilling contract obligations for the U.S. Navy including six Strategic Sealift vessels. The Company is in the design phase of building the initial vessel in the Navy’s major LPD-17 program and has been authorized to prepare to construct a second vessel in the LPD-17 series. Additionally, Avondale is working on two 125,000 DWT Jones Act crude oil carriers for ARCO Marine.

Avondale Industries, Inc., headquartered in metro New Orleans designs, builds and overhauls both military and commercial vessels.