	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 cts from cts a share todd said the ct preferred dividend will be paid may one to shareholders of record april 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 mln dlrs from mln the reduction will hold through may 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 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 reuter 
