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Press release from CNW Group

Bird Construction Inc. Announces Second Quarter 2013 Financial Results

Monday, August 12, 2013

Bird Construction Inc. Announces Second Quarter 2013 Financial Results

17:01 EDT Monday, August 12, 2013

LISTING:  TORONTO STOCK EXCHANGE
SYMBOL: BDT

TORONTO, Aug. 12, 2013 /CNW/ -

HIGHLIGHTS:

  • Second quarter net income of $0.3 million on construction revenue of $312.3 million, compares with $9.0 million and $343.1 million, respectively in the second quarter of 2012.
  • Adjusted net income for the three months ended June 30, 2013 was $1.0 million, compared with $9.8 million in 2012.
  • For the six months ended June 30, 2013, the Company reported net income of $2.8 million on construction revenue of $600.7 million, compared with $15.4 million and $637.7 million, respectively in 2012.
  • Adjusted net income for the six months ended June 30, 2013 was $4.2 million, compared with $17.1 million in 2012.
  • The Company carries forward backlog of $1,064.4 million at June 30, 2013, compared with $1,073.9 million at December 31, 2012.
  • The Company was recently awarded a number of construction contracts for approximately $100 million. The projects involve both civil and building construction activity to serve the needs of industrial customers in northern Alberta. These awards will be added to the Company's backlog in the third quarter of 2013.
  • Bird's Board of Directors declares monthly dividends of $0.0633 per common share for September, October and November 2013.

Tim Talbott, President and C.E.O. of Bird, stated that "the Company's 2013 operating results were negatively impacted by the recognition of a loss on one fixed price construction project which has experienced a number of execution issues.  If this project had performed satisfactorily, our 2013 results in the quarter and year-to-date would have been in line with our expectations considering the current market conditions.  We remain optimistic that improving market conditions will provide opportunities for the Company to generate better results in the balance of the year.  It is also expected that these conditions will provide a solid amount of backlog carrying forward and produce improved performance in 2014."

Financial Results              
('000s except per share amounts)              
  Three months ended June 30   Six months ended June 30
  2013   2012   2013   2012
               
Construction Revenue $312,265   $343,083   $ 600,729   $ 637,737
               
Net income and comprehensive income for the period $327   $9,002   $2,758        $15,437
Adjusted net income (Non-GAAP measure) $964   $9,840   $4,155   $17,082
Basic and diluted earnings per share $0.00   $0.22   $0.06   $0.37
Adjusted net income per share $0.02   $0.24   $0.10   $0.41

Refer to the Company's Management's Discussion and Analysis for a description of adjusted net income and reconciliation with net income.

  • Construction revenue decreased by 5.8% to $600.7 million for the six months ended June 30, 2013, compared to $637.7 million for the six months ended June 30, 2012, primarily due to lower revenues from our industrial customers, offset to some extent by higher construction revenues from commercial and other clients.
  • Net income of $2.8 million for the six months ended June 30, 2013, compares to $15.4 million in 2012. The reduction in 2013 net income is largely a result of a loss relating to one fixed price project which has experienced a number of execution issues.
  • Adjusted net income of $4.2 million for the six months ended June 30, 2013, compares to $17.1 million for the six months ended June 30, 2012. 2013 results were also negatively impacted by the loss on one project.
  • Backlog of $1,064.4 million at June 30, 2013 compares with $1,359.1 million at June 30, 2012 and $1,073.9 million at December 31, 2012.

Bird Construction Inc. also announced that its Board of Directors have approved regular cash dividends for the months of September, October and November 2013 in the amount of $0.0633 per common share for each month to be paid as follows:

i)     the September dividend of $0.0633 per share will be paid October 18, 2013 to the Shareholders of record as of the close of business on September 30, 2013.
ii)      the October dividend of $0.0633 per share will be paid November 20, 2013 to the Shareholders of record as of the close of business on October 31, 2013.
iii)     the November dividend of $0.0633 per share will be paid December 20, 2013 to the Shareholders of record as of the close of business on November 29, 2013

A conference call for analysts and investors will be held at 10:00 AM ET on Tuesday, August 13, 2013 to discuss the quarterly results. The dial in number is 1-866-636-9090. Attendees are asked to be on the line 10 minutes prior to the start of the call.

This press release contains forward-looking statements that involve a number of risks and uncertainties because they relate to events and depend on circumstances that will occur in the future.  Many factors could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.

The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.

 

SOURCE: Bird Construction Inc.

For further information:

T.J. Talbott, President & C.E.O. or
S.R. Entwistle, C.F.O.
Bird Construction Inc.
5700 Explorer Drive, Suite 400
Mississauga, ON   L4W 0C6
Phone: (905) 602-4122 Fax: (905) 602-1516

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