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BEGIN:VEVENT
DESCRIPTION:View Materials\n\n\nBird Construction Inc. Announces Release Da
te and Conference Call for 2021 First Quarter Financial Results\nOMPANY:&n
bsp\;BIRD CONSTRUCTION INC.\nLISTING: TORONTO STOCK EXCHANGE\nCITY: MISSIS
SAUGA\nSYMBOL: \;BDT\nDATE: March 8\, 2022\n\nSUBJECT: \;BIRD CONS
TRUCTION INC. ANNOUNCES 2021 FOURTH QUARTER AND ANNUAL FINANCIAL RESULTS\n
“The Company has delivered strong fourth quarter and full-year 2021 result
s against the backdrop of ongoing challenges related to the pandemic\,” sa
id Mr. Teri McKibbon\, President and CEO of Bird Construction. “We could n
ot have delivered these results without our exceptional combined team of e
xperienced and dedicated employees. In addition to delivering record reven
ue in 2021\, the team’s unwavering focus on collaboration\, cross-selling
and diversification of both capabilities and geographical reach has grown
Bird’s Backlog to over $3.0 billion at year end. With our record Backlog\,
complemented by a healthy pipeline of work in Pending Backlog and a stron
g balance sheet\, the Company is well positioned to capitalize on top-line
growth opportunities and deliver an improved margin profile going forward
.”\nFINANCIAL HIGHLIGHTS\nFull-Year 2021 compared to Full-Year 2020\n\n\n
Construction revenue of $2\,220.0 million compared to $1\,504.4 million
\, representing a 47.6% increase year-over-year.\n Net income and earni
ngs per share were $42.8 million and $0.80\, respectively\, compared to $3
6.1 million and $0.80 in 2020.\n Backlog1 \;of $3\,002.5 million\,
an increase of $320 million or 11.9% from the $2\,682.5 million reported a
t the end of 2020.\n Adjusted Earnings1 \;and Adjusted Earnings Per
Share1 were $51.0 million and $0.96\, respectively\, compared to $41.6 mi
llion and $0.92 in 2020.\n Adjusted EBITDA1 \;of $108.1 million\, o
r 4.9% of revenues\, reflects a 32.0% increase in Adjusted EBITDA.\n\nFour
th Quarter 2021 compared to Fourth Quarter 2020\n\n Construction revenu
e of $597.8 million compared to $555.0 million\, representing an 7.7% incr
ease year-over-year.\n No recoveries were recorded under the Canada Eme
rgency Wage Subsidy (“CEWS”) program in Q4 2021\, compared to the $21.7 mi
llion 9-month cumulative recoveries recorded in Q4 2020.\n Net income a
nd earnings per share were $9.9 million and $0.18\, respectively\, compare
d to $20.5 million and $0.39 in Q4 2020.\n Adjusted Earnings1 \;and
Adjusted Earnings Per Share were $13.0 million and $0.24\, respectively\,
compared to $21.5 million and $0.41 in Q4 2020.\n Adjusted EBITDA1&nbs
p\;of $28.4 million\, or 4.8% of revenues\, compared to $40.0 million\, or
7.2% of revenues in Q4 2020.\n\n\nOVERVIEW\n\n In September 2021\, the
Company completed its acquisition of Dagmar\, an Ontario-based constructi
on company with extensive experience across key civil infrastructure sub-s
ectors including road\, bridge\, rail\, sewer and water\, and commercial-i
nstitutional sites. Dagmar’s capabilities and service offerings for both p
rivate and public owners across Ontario\, integrated with Bird’s existing
civil business\, will act as a catalyst in this attractive end market. In
selected national markets where Bird has civil activity\, Dagmar will add
specialized capabilities to broaden client service offerings and increase
diversification.\n Fiscal 2021 represents the first full year consolida
ting the results of Stuart Olson following the Company’s transformational
acquisition of the business on September 25\, 2020. Since the acquisition\
, Bird has worked to successfully combine the two strong\, experienced wor
kforces and integrate and harmonize their policies\, processes and people.
Annualized cost synergies resulting from the integration of Stuart Olson
exceeded $25.0 million\, and were achieved as expected in 2021. The Compan
y has also benefitted\, and is expected to continue to benefit\, from reve
nue synergies and cross-selling opportunities of the combined operations.\
n The Company further improved its record-setting Backlog at December 3
1\, 2021 to $3\,002.5 million\, growing 11.9% year-over-year\, while maint
aining a strong Pending Backlog1 of $1\,624.7 million. During 2021\, the C
ompany secured $2\,540.0 million of new contract awards and change orders
and executed $2\,220.0 million of construction revenues. Compared to Backl
og and Pending Backlog of $2\,682.5 million and $1\,635.9 million\, respec
tively\, at December 31\, 2020\, the net growth in combined Backlog and Pe
nding Backlog was achieved despite timing delays in project tenders and aw
ards from clients related to COVID-19.\n During 2021\, Bird extended th
e maturity date of its Syndicated Credit Facility (the “Credit Facility”)
by an additional year and expanded the committed Credit Facility to $235.0
million\, consisting of a $185.0 million revolving credit facility\, and
a $50.0 million non-revolving term debt facility. At December 31\, 2021\,
amounts available under this revolving facility of $140.3 million\, in add
ition to the Company’s accessible cash balance of $103.0 million\, provide
the Company with substantial liquidity to support the execution of its st
rategic initiatives.\n During the fourth quarter of 2021\, the Company
announced that it was awarded the following projects and contracts:\n \
n\n\n The first phase of a progressive Design-Build contract with early
collaborative contractor involvement \;for the Ontario Power Generati
on Clarington Corporate Campus Project. Construction is expected to \;
begin in 2022\, with completion in 2024.\n The Company will participate
in three Integrated Project Delivery (“IPD”) contracts in Western Canada&
nbsp\;with a combined value in excess of $150 million. The contracts inclu
de a substantial food and beverage \;facility expansion project\, the
Okanagan Indian Band water system upgrade and the North Okanagan \;Was
tewater Recovery Project.\n Through its Alliance Agreement with the ren
ewable energy company Noventa Energy Partners\, the \;Company announce
d the successful financial close of the recently announced Toronto Western
Hospital \;wastewater energy transfer (“WET”) project valued at appro
ximately $42.9 million. The alliance was \;formed to jointly pursue op
portunities for WET projects across Canada\, with Bird acting as the exclu
sive constructor.\n The Company\, as part of a joint venture has succes
sfully completed the validation phase of the IPD contract for the Advanced
Nuclear Materials Research Centre for Canadian Nuclear Laboratories. The
approximate project value is over $500 million\, and the completion of the
validation phase means that the project will now proceed. Bird’s share of
the project value is expected to exceed $220 million.\n The Company ha
s been awarded a contract for construction of Lake City Studios\, in Burna
by\, British Columbia. The project has a contract value in excess of $200
million.\n\n\n The Board has declared an eligible dividend of $0.0325 p
er common share for each of March and April 2022.\n\nCONFERENCE CALL AND W
EBCAST\n\nBird will host an investor webcast to discuss the quarterly resu
lts on Wednesday\, March 9\, 2022 at 10:00 a.m. ET\, to discuss the Compan
y’s results. Analysts and investors may connect to the webcast at \;ht
tps://services.choruscall.ca/links/bird20220309.html. They may also dial 1
-855-328-1925 for audio only or to enter the question queue\; attendees ar
e asked to be on the line 10 minutes prior to the start of the call. The p
resentation can also be found on our website at \;https://www.bird.ca/
investors.\nThe Company’s financial statements and Management’s Discussion
&\; Analysis (“MD&\;A”) will be filed and available on the System f
or Electronic Document Analysis and Retrieval (“SEDAR”) at \;www.sedar
.com \;and on the Company’s website at \;www.bird.ca.\n\n\n\n1&nbs
p\;This News Release contains terminology and financial measures that do n
ot have standard meanings under IFRS and may not be \;comparable with
similar measures presented by other companies. Further information regardi
ng these measures can be found in the \;“Terminology and Non-GAAP &
\; Other Financial Measures” section of this News Release.\n\n\nTERMINOLOG
Y AND NON-GAAP &\; OTHER FINANCIAL MEASURES\nThroughout this News Relea
se\, certain terminology and financial measures are used that do not have
standard meanings under IFRS and are considered specified financial measur
es. These include non-GAAP financial measures\, non-GAAP financial ratios\
, and supplementary financial measures. These measures may not be comparab
le with similar measures presented by other companies. Further information
on these financial measures can be found in the “Terminology and Non-GAAP
&\; Other Financial Measures” section in Bird’s most recently filed Ma
nagement’s Discussion &\; Analysis for the period ended December 31\, 2
021\, prepared as of March 8\, 2022. This document is available on Bird’s
SEDAR profile\, at www.sedar.com and on the Company’s website at \;www
.bird.ca.\n“Backlog” is the total value of all contracts awarded to the Co
mpany\, less the total value of work completed on these contracts as of th
e date of the most recently completed quarter. The Company’s Backlog equat
es to the Company’s remaining performance obligations as at December 31\,
2021 and December 31\, 2020.\n“Adjusted Earnings” and “Adjusted EBITDA” ar
e non-GAAP financial measures. “Adjusted Earnings Per Share” and “Adjusted
EBITDA margin” are non-GAAP financial ratios. “Pending Backlog” is a supp
lementary financial measure.\nAdjusted Earnings and Adjusted EBITDA are re
conciled as follows:\n\n\n\n\nFORWARD-LOOKING INFORMATION\n\nThis news rel
ease contains forward-looking statements and information ("forward-looking
statements") within the meaning of applicable Canadian securities laws. T
he forward-looking statements contained in this news release are based on
the expectations\, estimates and projections of management of Bird as of t
he date of this news release unless otherwise stated. The use of any of th
e words "believe"\, "expect"\, "anticipate"\, "contemplate"\, "target"\, "
plan"\, "intends"\, "continue"\, "may"\, "will"\, "should" and similar exp
ressions are intended to identify forward- looking statements. More partic
ularly and without limitation\, this news release contains forward-looking
statements concerning: the anticipated benefits of the Stuart Olson and D
agmar acquisitions to Bird\, its shareholders\, and all other stakeholders
\, including anticipated synergies\; the plans and strategic priorities of
the combined company\; and with respect to Bird’s share of the project va
lue for certain joint venture projects.\n\n\nIn respect of the forward-loo
king statements concerning the anticipated benefits of the Stuart Olson an
d Dagmar acquisitions (the “Transactions”)\, Bird has provided such in rel
iance on certain assumptions that it believes are reasonable at this time\
, including in respect of the combined company's services and anticipated
synergies\, capital efficiencies and cost savings.\n\n\nSince forward-look
ing statements address future events and conditions\, by their very nature
they involve inherent risks and uncertainties. Investors are cautioned th
at forward-looking statements are based on the opinions\, assumptions and
estimates of management considered reasonable at the date the statements a
re made\, and actual results could differ materially from those currently
anticipated due to a number of factors and risks. These include\, but are
not limited to the risks associated with the industries in which the Compa
ny operates in general such as: operational risks\, industry and inherent
project delivery risks\; ability to hire and retain qualified and capable
personnel\; global pandemics\; delays or changes in plans with respect to
growth projects or capital expenditures\; costs and expenses\; health\, sa
fety and environmental risks\; commodity price\, interest rate and exchang
e rate fluctuations\; compliance with environmental laws risks\; competiti
on\, ethics and reputational risks\; ability to access sufficient capital
from internal and external sources\; repayment of credit facility\; collec
tion of recognized revenue\; performance bonds and contract security\; pot
ential for non-payment and credit risk and ongoing financing availability\
; regional concentration\; regulations\; dependence on the public sector\;
client concentration\; labour matters\; loss of key management\; subcontr
actor performance\; unanticipated shutdowns\, work stoppages\, strikes and
lockouts\; maintaining safe worksites\; cyber security risks\; litigation
risk\; corporate guarantees and letters of credit\; volatility of market
trading\; failure of clients to obtain required permits and licenses\; pay
ment of dividends\; economy and cyclicality\; Public Private Partnerships
project risk\; design risks\; completion and performance guarantees/design
-build risks\; ability to secure work\; estimating costs and schedules/ass
essing contract risks\; quality assurance and quality control\; accuracy o
f cost to complete estimates\; insurance risk\; adjustments and cancellati
ons of backlog\; joint venture risk\; internal and disclosure controls\; P
ublic Private Partnerships equity investments\; failure to realize the ant
icipated benefits of the Transactions\; and changes in legislation\, inclu
ding but not limited to tax laws and environmental regulations.\n\n\nThe f
orward-looking statements in this news release should not be interpreted a
s providing a full assessment or reflection of the unprecedented impacts o
f the COVID-19 pandemic ("COVID-19") and the resulting indirect global and
regional economic impacts.\n\n\nReaders are cautioned that the foregoing
list of factors is not exhaustive. Additional information on other factors
that could affect the operations or financial results of the parties\, an
d the combined company\, including any risk factors related to COVID-19\,
are included in reports on file with applicable securities regulatory auth
orities\, including but not limited to\; Bird's Annual Information Form an
d Management’s Discussion and Analysis for the year ended December 31\, 20
21\, each of which may be accessed on Bird’s SEDAR profile\, at www.sedar.
com and on the Company’s website at www.bird.ca.\n\n\nThe forward-looking
statements contained in this news release are made as of the date hereof a
nd the Company undertakes no obligation to update publicly or revise any f
orward-looking statements\, whether as a result of new information\, futur
e events or otherwise\, except as\, and to the extent required by applicab
le securities laws.\n\nThe Toronto Stock Exchange does not accept responsi
bility for the adequacy or accuracy of this release.\n\n\nFor further info
rmation\, please contact:\nT.L. McKibbon\, President &\; CEO or\nW.R. G
ingrich\, CFO\nBird Construction Inc.\n5700 Explorer Drive\, Suite 400\nMi
ssissauga\, ON L4W 0C6\nPhone: (905) 602-4122\n\n\nABOUT BIRD CONSTRUCTION
\nBird (TSX: BDT) is a leading Canadian construction company operating fro
m coast-to-coast and servicing all of Canada’s major markets. Bird provide
s a comprehensive range of construction services from new construction for
industrial\, commercial\, and institutional and civil infrastructure mark
ets\; to industrial maintenance\, repair and operations services\, heavy c
ivil construction\, and mine support services\; as well as vertical infras
tructure including\, electrical\, mechanical\, and specialty trades. For o
ver 100 years\, Bird has been a people-focused company with an unwavering
commitment to safety and a high level of service that provides long-term v
alue for all stakeholders. \;www.bird.ca\n\n\n \;\n
DTEND:20220309T160000Z
DTSTAMP:20240328T165800Z
DTSTART:20220309T150000Z
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SUMMARY:Q4 2021 Earnings Call and Fiscal 2021 Financial Results
UID:RFCALITEM638472274808390034
X-ALT-DESC;FMTTYPE=text/html:View Materials
\n
\nBird Construction Inc. Announces Release Date and Conference Call for 2021 First Quarter Financial Results
\nSUBJECT: \;BIRD CO NSTRUCTION INC. ANNOUNCES 2021 FOURTH QUARTER AND ANNUAL FINANCIAL RESULTS
\n“The Company has delivered strong fourth quarter and ful l-year 2021 results against the backdrop of ongoing challenges related to the pandemic\,” said Mr. Teri McKibbon\, President and CEO of Bird Constru ction. “We could not have delivered these results without our exceptional combined team of experienced and dedicated employees. In addition to deliv ering record revenue in 2021\, the team’s unwavering focus on collaboratio n\, cross-selling and diversification of both capabilities and geographica l reach has grown Bird’s Backlog to over $3.0 billion at year end. With ou r record Backlog\, complemented by a healthy pipeline of work in Pending B acklog and a strong balance sheet\, the Company is well positioned to capi talize on top-line growth opportunities and deliver an improved margin pro file going forward.”
\nFINANCIAL HIGHLIGHTS
\nFourth Quarter 2021 compared to Fourth Quarter 2020
\nBird will host an investor webcast to discuss the quarterly r esults on Wednesday\, March 9\, 2022 at 10:00 a.m. ET\, to discuss the Com pany’s results. Analysts and investors may connect to the webcast at \ ;https://services.choruscall.ca/links/bird20220309.html. They m ay also dial 1-855-328-1925 for audio only or to enter the question queue\ ; attendees are asked to be on the line 10 minutes prior to the start of t he call. The presentation can also be found on our website at \;https://www.bird.ca/inve stors.
\n1 \;T
his News Release contains terminology and financial measures that do not h
ave standard meanings under IFRS and may not be \;comparable with simi
lar measures presented by other companies. Further information regarding t
hese measures can be found in the \;“Terminology and Non-GAAP &\; O
ther Financial Measures” section of this News Release.
\n
\n
TERMINOLOGY AND NON-GAAP &\; OTHER FINANCIAL MEASURES
\nThrough
out this News Release\, certain terminology and financial measures are use
d that do not have standard meanings under IFRS and are considered specifi
ed financial measures. These include non-GAAP financial measures\, non-GAA
P financial ratios\, and supplementary financial measures. These measures
may not be comparable with similar measures presented by other companies.
Further information on these financial measures can be found in the “Termi
nology and Non-GAAP &\; Other Financial Measures” section in Bird’s mos
t recently filed Management’s Discussion &\; Analysis for the period en
ded December 31\, 2021\, prepared as of March 8\, 2022. This document is a
vailable on Bird’s SEDAR profile\, at www.sedar.com and on the Company’s w
ebsite at \;www.bird.ca.
p>\n
“Backlog” is the total value of all contracts awarded to the Co mpany\, less the total value of work completed on these contracts as of th e date of the most recently completed quarter. The Company’s Backlog equat es to the Company’s remaining performance obligations as at December 31\, 2021 and December 31\, 2020.
\n“Adjusted Earnings” and “Adj usted EBITDA” are non-GAAP financial measures. “Adjusted Earnings Per Shar e” and “Adjusted EBITDA margin” are non-GAAP financial ratios. “Pending Ba cklog” is a supplementary financial measure.
\nAdjusted Ear nings and Adjusted EBITDA are reconciled as follows:
\n\n\n
\n \;
\n END:VEVENT END:VCALENDAR