BIRD CONSTRUCTION INC. ANNOUNCES RECORD FOURTH QUARTER 2012 REVENUE AND NET INCOME, 2012 ANNUAL FINANCIAL RESULTS AND A 5.5% INCREASE IN THE MONTHLY DIVIDEND
- Record fourth quarter net income of $24.7 million on record quarterly construction revenue of $420.3 million, compares with $12.9 million and $332.0 million, respectively, in the fourth quarter of 2011.
- Second highest level of annual net income of $58.2 million ($1.38 per share) on record construction revenue of $1,454.9 million, compares with $29.6 million ($0.70 per share) on construction revenue of $974.5 million in 2011.
- Adjusted net income for the three months ended December 31, 2012 was $25.6 million, compared with $14.2 million in 2011.
- Adjusted net income for fiscal 2012 of $62.0 million ($1.47 per share) compares with $32.1 million ($0.76 per share) recorded in 2011.
- The Company carries forward backlog of $1,073.9 million at December 31, 2012.
- In the last quarter of 2012, the Company achieved construction completion on the Ontario Provincial Police Modernization public private partnership project which included the construction of 17 facilities across the province of Ontario.
- In the last quarter of 2012, the Company achieved construction completion on the RCMP “E” Division headquarters public private partnership project. The RCMP “E” facility is the largest RCMP division facility in Canada.
- In the fourth quarter, the Company was part of a consortium awarded a bulk excavation and civil works construction contract by Nalcor Energy at its Muskrat Falls Hydroelectric Generating Station, located on the Lower Churchill River in the Province of Newfoundland and Labrador.
- On January 17, 2013, Bird successfully completed the acquisition of Nason Contracting Group Ltd., executing another strategic initiative of the Company.
- Bird’s Board of Directors approved a 5.5% increase in the monthly dividend from $0.06 ($0.72 per year) to $0.0633 ($0.76 per year) per share, effective with the March 2013 dividend.
Tim Talbott, President and C.E.O. of Bird, stated that “we are extremely pleased to report record levels of revenue and net income in the fourth quarter of 2012. The financial performance in the last three months of 2012, at both our traditional Bird operations and our O’Connell subsidiary, allowed us to continue with the momentum established in the previous two quarters of 2012. This resulted in record levels of revenue in 2012, and the second highest amount of annual net income in the Company’s history. We enter 2013 with a backlog of approximately $1.1 billion. There are a number of opportunities ahead of the Company which will contribute to our longer-term prospects. We also look forward to executing our strategy with our most recent acquisition, Nason Contracting Group Ltd., that will position Bird to provide additional value-added services in support of our clients’ work programs in the future. However, while we remain confident in our longer-term prospects, we do not believe that the 2012 results will be replicated in 2013, based on the level of profitability we anticipate our backlog will produce and the market conditions we foresee in 2013.”
Mr. Talbott further commented that, “we are pleased also to announce that our Board of Directors has approved a 5.5% dividend increase. This reflects our confidence in the Company’s longer-term prospects.”
('000s except per share amounts)
|Three months |
|Three months ended Dec.31||Year ended|
|Net income & comprehensive income for the period||$24,704||$12,924||$58,245||$29,595|
|Adjusted net income (Non-GAAP measure)||$25,561||$14,150||$61,959||$32,053|
|Basic & diluted earnings per share||$0.58||$0.30||$1.38||$0.70|
|Adjusted net income per share||$0.61||$0.34||$1.47||$0.76|
Refer to the Company’s Management Discussion and Analysis for a description of adjusted net income and reconciliation with net income.
- Construction revenue increased by 49.3% to $1,454.9 million for the year ended December 31, 2012, compared to $974.5 million for the year ended December 31, 2011, primarily due to an increase in construction activity in northern Alberta, the contribution of H.J. O’Connell (“O’Connell”) for a full year and timing in the execution of a number of our construction projects in the commercial sector.
- Net income of $58.2 million for the year ended December 31, 2012, compares to $29.6 million in 2011. The significant improvement in 2012 net income compared to 2011 is a result of higher revenues and a corresponding higher amount of gross profit more than offsetting higher general and administrative expenses associated with managing a higher volume of business in 2012. Increased construction activity in northern Alberta, the ongoing contribution from O’Connell, combined with significant construction progress on a number of institutional and commercial construction projects all contributed to higher net income in 2012.
- Adjusted net income of $62.0 million for the year ended December 31, 2012, compares to $32.1 million for the year ended December 31, 2011. O’Connell’s profitable operations made a strong contribution to this year’s net income and adjusted net income.
- Fourth quarter adjusted net income of $25.6 million compares to $14.2 million in 2011.
- Backlog of $1,073.9 million at December 31, 2012, compares with $1,235.6 million at December 31, 2011.
Bird Construction Inc. also announced that its Board of Directors has approved regular cash dividends for the months of March 2013 and April 2013 in the amount of $0.0633 per common share for each month to be paid as follows:
i) the March dividend will be paid April 19, 2013 to the Shareholders of record as of the close of business on March 29, 2013; and
ii) the April dividend will be paid May 20, 2013 to the Shareholders of record as of the close of business on April 30, 2013.
A conference call for analysts and investors will be held at 10:00 AM ET on Thursday, March 14, 2013 to discuss the year end 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.
For further information contact:
T.J. Talbott, President & CEO or
S.R. Entwistle, CFO
Bird Construction Inc.
5700 Explorer Drive, Suite 400
Mississauga, ON L4W 0C6
Phone: (905) 602-4122 Fax: (905) 602-1516
Bird Construction Inc. Announces Record Fourth Quarter 2012 Revenue And Net Income, 2012 Annual Financial Results And A 5.5% Increase In The Monthly Dividend : News & Media : Bird Construction