Bird Construction Inc. announces second quarter 2011 financial results and declares dividends for the months of August, September and October 2011

LISTING: TSX
SYMBOL: BDT

HIGHLIGHTS:

  • Six month net income of $7.1 million on construction revenue of $363.9 million
  • Company carries forward a record backlog of $1,138.1 million (adjusted for Royal Alberta Museum contract cancellation)
  • Announced the acquisition of H.J. O'Connell, Limited which provides enhanced geographic and market sector scope
  • Selected as the Successful Proponent on Restigouche Hospital Centre, a PPP project in Campbellton, N.B.
  • Completed the 3 for 1 stock split
 
Financial Results
('000s except per share amounts)
 Three months 
ended Jun.30 
Three months ended Jun.30 Six months 
ended Jun.30 
Six months 
ended Jun. 30 
  2011  2010 2011  2010
Construction revenue   $192,752  $203,866  $363,907  $385,492 
Income before
income taxes 
 $4,012  $18,721  $9,804  $35,622 
Net income & 
comprehensive income for the period
 $3,013 $14,983  $7,122  $28,794 
Basic & diluted earnings per share $0.07  $0.36  $0.17  $0.68 





















Earnings per share amounts reflect the stock split effective in April 2011

  • Construction revenue declined by 5.6% to $363.9 million for the six months ended June 30, 2011 compared to $385.5 million for the six months ended June 30, 2010, primarily due to timing in the execution of our construction Backlog and a reduction in construction activity in the Alberta oil sands.
  • Income before taxes of $9.8 million for the six months ended June 30, 2011 compares to $35.6 million for the six months ended June 30, 2010.  The reduction in income before taxes is primarily a result of lower gross profit margins in the current year, in part reflecting more recent competitive market conditions and the impact of higher margin projects executed in 2010 compared to those more recently awarded and now being reported in earnings.
  • Net income of $7.1 million for the six months ended June 30, 2011 compares to $28.9 million in the six months ended June 30, 2010.
  • Backlog of $1,138.1 million at June 30, 2011 compares with $853.2 million at June 30, 2010 and $1,082.6 million as at December 31, 2010, both of which have been adjusted for the $147.0 million project which was cancelled in the first half of 2011.
Tim Talbott, President and C.E.O. of Bird stated that "although our six month results are in line with our expectations, the improving market conditions and our acquisition of H.J. O'Connell, Limited should result in improved earnings in the future.  The continued growth of our Backlog to a record level and the securement of another PPP project coupled with improving opportunities in the industrial and commercial markets further positions the Company for improved operating results for this year.  We believe these improving market conditions will continue into 2012."

Bird Construction Inc. also announced that its Board of Directors has approved regular cash dividends for the months of August, September and October 2011 in the amount of $0.055 per common share for each month to be paid as follows;

i) the August dividend will be paid September 20, 2011 to the shareholders of record as of the close of business on August 31, 2011;
ii) the September dividend will be paid October 20, 2011 to the shareholders of record as of the close of business on September 30, 2011;
iii) the October dividend will be paid November 18, 2011 to the shareholders of record as of the close of business on October 31, 2011.
A conference call for analysts and investors will be held at 10:00 AM EDT on Tuesday, August 9, 2011 to discuss the second quarter results. The dial in number is 1-866-636-9090. Attendees are asked to be on the call 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.

For further information:

Tim Talbott, President & CEO or
Stephen Entwistle, CFO
Bird Construction Inc.
5403 Eglinton Avenue West
Toronto, ON  M9C 5K6
Phone: 416.620.7122
Fax: 416.620.1516
Bird Construction Inc. Announces Second Quarter 2011 Financial Results And Declares Dividends For The Months Of August, September And October 2011 : News & Media : Bird Construction