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.