Bird Construction Inc. Announces 2019 Third Quarter Financial Results

LISTING: TORONTO STOCK EXCHANGE
SYMBOL: BDT

HIGHLIGHTS:

• During the third quarter of 2019, the Company recorded net income of $6.8 million on construction revenue of $378.6 million, compared with net income of $4.4 million on $381.4 million of construction revenue in 2018. Volume was slightly lower year-over-year, however net income improved across all sectors in which the company operates, through improved gross profit percentage.
  
  
• Adjusted EBITDA in the third quarter of 2019 was $14.0 million compared to $9.0 million in the comparable period in 2018.
  
  
• During the nine months of 2019, the Company recorded net income of $1.3 million on construction revenue of $955.8 million, compared with a net loss of $7.4 million on construction revenue of $995.9 million in 2018. Although volume declined 4.0% year-over-year, the mix of revenue was more diversified as the Company's higher-margin industrial work program has increased. The year-over-year income improvement was primarily driven by the increase in gross profit from the shift in mix of revenue in 2019. During the same period in 2018, results were impacted by a Public Private Partnership ("PPP") project that incurred additional cost due to design-related scope growth and acceleration expense to meet the scheduled substantial completion date.
  
  
• Adjusted EBITDA year-to-date at September 30, 2019 was $16.3 million compared to a $0.9 million loss in the comparable period in 2018.
  
  
• The Company, through its joint venture with ATCO Structures, continues to progress on site construction work for the LNG Canada Cedar Valley Lodge. Construction commenced in the first quarter of 2019 and is planned to continue through spring 2021. Throughout the third quarter modules were delivered and installed on site and core buildings continued to be erected and enclosed. The facility is being built to house workers involved in the construction of LNG Canada's natural gas liquefaction and export facility. The project is one of the largest accommodation facilities ever built in Canada.