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Building Long-Term Shareholder Value

Bird (TSX:BDT) is a leading Canadian construction company operating from coast-to-coast and servicing all of Canada’s major markets. Bird provides a comprehensive range of construction services from new construction for industrial, commercial, and institutional markets; to industrial maintenance, repair and operations services, heavy civil construction, and mine support services; as well as vertical infrastructure including, electrical, mechanical, and specialty trades. For over 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 value for all stakeholders.

 

Financial Highlights

$2.3B


Revenue
Q1 2022 TTM


$3.0B


Backlog[1]
Mar. 31, 2022

$6M


Net Income
Q1 2022


$18M


Adj. EBITDA[2]
Q1 2022

$7M


Adj. Earnings[2]
Q1 2022


$476M


Revenue
Q1 2022


 


$1.7B


Pending Backlog[1] 
Mar. 31, 2022

 

$0.12


EPS
Q1 2022


 


3.8%


Adj. EBITDA Margin[2]
Q1 2022

 

$0.12


Adj. EPS[2]
Q1 2022


 



Latest Press Releases

July 29, 2020

Bird and Stuart Olson join forces to create a leading Canadian construction company

BIRD AND STUART OLSON JOIN FORCES TO CREATE A LEADING CANADIAN CONSTRUCTION COMPANY

  • Top 5 Canadian diversified infrastructure & construction services company
  • Robust, diversified backlog greater than $3 billion
  • Greater diversification across services, end-markets and geographies
  • Strongly accretive to cash flows from operations before changes in non-cash working capital and Adjusted Earnings Per Share
  • Strong pro forma balance sheet

Mississauga, ON, and Calgary, AB, July 29, 2020 – Bird Construction Inc. (“Bird”; TSX: BDT) and Stuart Olson Inc. (“Stuart Olson”; TSX: SOX), today announced that they have entered into a definitive arrangement agreement (the “Arrangement Agreement”) under which Bird will acquire Stuart Olson, pursuant to an arrangement under the Business Corporations Act (Alberta) for aggregate consideration of $96.5 million (the “Transaction”) . The Transaction, which was unanimously approved by the Boards of Directors of both companies, is expected to close early in the fourth quarter of 2020, subject to obtaining the required approvals of the Court of Queen’s Bench of Alberta, the Competition Bureau, the shareholders, secured bank lenders and unsecured convertible debenture holders of Stuart Olson.

“The combination of our two businesses will create a company with substantially increased breadth and scale, diversified across services, end-markets and geographies,” said Terrance L. McKibbon, President and CEO of Bird.  “In addition to combining two strong, experienced workforces, customers will benefit from a dynamic, integrated suite of construction services. The additional scale, leading technology platform and comprehensive service solution will position the company to deliver sustainable value and continuing dividends to shareholders. The combination of reduced interest expense and operating synergies is expected to generate accretion in operating cash flows and Adjusted Earnings Per Share in the first full-year.”

“After a period of extensive review and consideration of the strategic and financial alternatives reasonably available to Stuart Olson, the Board determined that this Transaction is in the best interests of Stuart Olson and its shareholders given the current and go forward balance sheet and leverage metrics challenges facing Stuart Olson,” said David LeMay, President & CEO of Stuart Olson. “We and Bird have a similar history with roots dating back over 100 years in Canada, a shared strategic focus on growth in our respective businesses and strong cultural alignment throughout our organizations. In the face of the challenges currently being experienced by Stuart Olson, including operating under risks related to the COVID-19 pandemic, and the significant economic changes in Canada, it’s a move that renews opportunities for our people, expands new services to our clients and is expected to create long-term value for all our stakeholders.”  

Bird will host an investor call to discuss the Transaction on Wednesday July 29, 2020 at 10:00am ET. Full details of the call can be found below.

TRANSACTION HIGHLIGHTS:

The combination will create an attractive platform positioned for growth:

  • Combined workforce of 5,000 people with an established presence in a number of Canadian markets
  • Pro forma revenue of approximately $2.5 billion, with a growing proportion of recurring business
  • Aggregate backlog of greater than $3.0 billion plus more than $1.0 billion of pending backlog
  • Increased diversification across services, end-markets and geographies; the combined entity has a well-balanced portfolio of low to medium risk projects
  • Enhanced services offering creates new opportunities to grow relationships with key and prospective clients
  • Well-positioned to capitalize on growth/stimulus of Canadian infrastructure investment and market recovery activity
  • An expected $25 million in run rate cost synergies by the end of 2021, including reductions in interest and depreciation
  • Emerging as a leading mid-cap construction company, conveying broader public markets appeal and enhanced trading liquidity
  • Stronger balance sheet with appropriate capital structure

TERMS OF THE TRANSACTION

Bird intends to finance the Transaction through a combination of common shares of Bird and cash, allowing Stuart Olson’s stakeholders receiving shares with the opportunity to participate in the future growth of the combined business.

The aggregate consideration of $96.5 million will consist of $30.0 million cash and $66.5 million of the common shares of Bird, based on the five-day volume weighted average trading price of the common shares of Bird ending July 17, 2020, of $6.32 per share (the “Issue Price”).

The cash consideration will be funded through available capacity under Bird’s existing revolving credit facility with the Bank of Montreal.

The aggregate consideration is to be allocated amongst Stuart Olson’s secured creditors, Stuart Olson’s unsecured convertible debenture holders (the “Debentureholders”) and Stuart Olson’s shareholders, as follows:  

  • Upon closing of the Arrangement Agreement, an aggregate amount equal to $70 million will be paid by or on behalf of Stuart Olson to the lenders in full satisfaction of all indebtedness, accrued interest and obligations of Stuart Olson under the secured credit facilities
  • Upon closing, Canso Investment Counsel Ltd., in its capacity as portfolio manager for and on behalf of certain accounts managed by it, will acquire Bird shares (based on the Issue Price) in exchange for $40 million cash; this $40 million combined with Bird’s cash investment of $30 million will constitute the $70 million aggregate to be paid to the secured creditors
  • The portion payable to the Debentureholders will consist solely of $22.5 million of Bird shares
  • The portion payable to existing shareholders of Stuart Olson will consist of approximately $4.0 million of Bird shares, representing an exchange ratio of 0.02006051 of a Bird share for each Stuart Olson share
  • At closing, Canso Investment Counsel Ltd., in its capacity as portfolio manager for and on behalf of certain accounts managed by it, will own approximately 18.8% of the common shares outstanding of Bird

TRANSACTION APPROVALS

The Transaction is structured as a statutory plan of arrangement under the Business Corporations Act (Alberta).

Completion of the Transaction requires the approval of (i) 662/3% of Stuart Olson’s shareholders who vote on a special resolution to consider the Arrangement Agreement (the Stuart Olson Arrangement Resolution) and, if required under applicable Canadian securities laws, by a majority of Stuart Olson’s shareholders after excluding the votes of those persons whose votes are required to be excluded under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”), (ii)  a majority in number of the secured bank lenders holding at least 66⅔% of all of the obligations, indebtedness and liabilities under Stuart Olson’s bank credit facility, and (iii) a majority in number of the unsecured convertible debenture holders holding at least 66⅔% of all of the obligations, indebtedness and liabilities under the debentures. The Transaction is also subject to approval of the Alberta Court of Queen’s Bench and approvals and the satisfaction of other customary closing conditions, including approval of the Toronto Stock Exchange and approval under the Competition Act (Canada). 

The Transaction is expected to close early in the fourth quarter of 2020.

STUART OLSON BOARD OF DIRECTORS RECOMMENDATIONS

In early April 2020, in response to the current economic environment and increased financial and operating pressure, Stuart Olson retained CIBC Capital Markets Inc. and TD Securities Inc. to assist it as financial advisors and agent in respect of a strategic sales process. The process culminated with the Stuart Olson Board recommending the Transaction with Bird, which was determined to offer Stuart Olson’s shareholders the greatest opportunity to recognize value.

In connection with its recommendation, the Stuart Olson Board obtained independent legal advice and engaged PricewaterhouseCoopers LLP (“PwC”), as an independent financial advisor, to provide an opinion that, as at July 28, 2020, and subject to certain assumptions and limitations, the Transaction is fair, from a financial point of view, to Stuart Olson’s shareholders. 

Based on, among other things, such advice and fairness opinion the Stuart Olson Board has unanimously determined that the Transaction is in the best interests of Stuart Olson and its shareholders and that the consideration is fair from a financial point of view to Stuart Olson’s shareholders. The Board recommends that Stuart Olson’s shareholders vote in favour of the Transaction. 

STUART OLSON MEETINGS AND STAKEHOLDER SUPPORT

The fairness opinion will be included in Stuart Olson’s management information circular to be sent to the Stuart Olson shareholders, secured bank lenders and unsecured convertible debenture holders in connection with the special meetings to be held to consider and vote on the Transaction (the “Company Meeting”). The mailing of the circular is expected in mid to late August with the Company Meeting occurring in mid to late September 2020.

The Transaction has the support, pursuant to support agreements, of 31% of Stuart Olson’s shareholders, a majority of the secured bank lenders holding more than 662/3 of the outstanding indebtedness and 100% of the unsecured convertible debenture holders.

The foregoing summary is qualified in its entirety by the provisions of the Arrangement Agreement, a copy of which will be filed under each of Bird’s and Stuart Olson’s profiles on SEDAR at www.sedar.com.

 

INVESTOR CALL

Bird will host an investor webcast to discuss the Transaction on Wednesday July 29, 2020 at 10:00am ET.  Analysts and investors may connect to the webcast via URL at http://services.choruscall.ca/links/bird20200729.html.  They may also dial 1-855-328-1925 for audio only or to enter the question queue.  The presentation can also be found on our website at https://www.bird.ca/investors/publications-archive.


ADVISORS

ATB Capital Markets is acting as financial advisor and Bennett Jones LLP is acting as legal counsel to Bird.

Longview Communications & Public Affairs is acting as strategic communications advisor to Bird.

PwC is acting as independent financial advisor to Stuart Olson’s Board, CIBC Capital Markets and TD Securities acted as Transaction process advisors, Norton Rose Fulbright Canada LLP is acting as legal counsel to Stuart Olson and Osler, Hoskin & Harcourt acted as legal counsel to Stuart Olson’s Board.


ABOUT BIRD CONSTRUCTION

Bird Construction Inc. (TSX:BDT) is one of Canada’s leading providers of construction services. The company’s focus is in markets from the west to east coast with offices servicing Canada’s major markets. The company provides services focused primarily on new construction for industrial, commercial and institutional markets as well as heavy civil construction and contract surface mining sectors. The majority of contracts are contracted with a fixed price commercial framework. www.bird.ca

 

ABOUT STUART OLSON

Stuart Olson Inc. (TSX:SOX) provides construction services including vertical infrastructure and electrical building systems contracting in the public and private construction markets as well as a full suite of services including, electrical, mechanical and specialty trades, such as insulation, cladding and asbestos abatement, in the industrial construction and services market. The Company operates office locations and projects throughout Western Canada, Ontario and the territories. In 2020 Stuart Olson was recognized as one of Alberta’s Top Employers for the fourth consecutive year. www.stuartolson.com

 

NON-GAAP MEASURES

Adjusted Earnings and Adjusted Earnings Per Share have no standardized meaning under IFRS and are considered non-GAAP measures. Therefore, these measures may not be comparable with similar measures presented by other companies. Management uses Adjusted Earnings and Adjusted Earnings Per Share to assess the operating performance of its business. Management believes that investors and analysts use Adjusted Earnings and Adjusted Earnings Per Share, as they may provide predictive value to assess the ongoing operations of the business and it provides a more consistent comparison between financial reporting periods. Adjusted Earnings is defined as IFRS net income excluding acquisition, integration and restructuring costs and the income tax effect of these costs. Adjusted Earnings Per Share is calculated as Adjusted Earnings divided by the basic weighted averaged number of shares.

 

FORWARD LOOKING INFORMATION

This news release contains forward-looking statements and information ("forward-looking statements") within the meaning of applicable Canadian securities laws. The forward-looking statements contained in this news release are based on the expectations, estimates and projections of management of Bird and Stuart Olson as of the date of this news release unless otherwise stated. The use of any of the words "believe", "expect", "anticipate", "contemplate", "target", "plan", "intends", "continue", "may", "will", "should" and similar expressions are intended to identify forward-looking statements. More particularly and without limitation, this news release contains forward-looking statements concerning: the anticipated benefits of the Transaction to Stuart Olson and its shareholders and to Bird and its shareholders, including anticipated synergies; the plans and strategic priorities of the combined company; the timing and anticipated receipt of required lender, debenture holder, shareholder, court, regulatory, stock exchange and other third party approvals for the Transaction; the ability of Stuart Olson and Bird to satisfy the other conditions to, and to complete, the Transaction; and the anticipated timing of the holding of the Stuart Olson shareholder meeting and the closing of the Transaction.

In respect of the forward-looking statements concerning the anticipated benefits and completion of the Transaction, the timing and anticipated receipt of required third party approvals and the anticipated timing for completion of the Transaction, Bird and Stuart Olson have provided such in reliance on certain assumptions that they believe are reasonable at this time, including assumptions as to the time required to prepare and mail shareholder meeting materials, including the Circular; the ability of the parties to receive, in a timely manner, the necessary lender, debenture holder, shareholder, court, regulatory, stock exchange and other third party approvals, including but not limited to the receipt of applicable competition approvals; the ability of the parties to satisfy, in a timely manner, the other conditions to the closing of the Arrangement Agreement; and expectations and assumptions concerning, among other things: customer demand for the combined company's services and anticipated synergies, capital efficiencies and cost-savings.

Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. 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 Bird and Stuart Olson operate in general such as: operational risks, industry and inherent project delivery risks; delays or changes in plans with respect to growth projects or capital expenditures; costs and expenses; health, safety and environmental risks; commodity price, interest rate and exchange rate fluctuations; compliance with environmental laws risks; competition, ethics and reputational risks; ability to access sufficient capital from internal and external sources; global pandemics; repayment of credit facility; collection of recognized revenue; performance bonds and contract security; potential 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; ability to hire and retain qualified and capable personnel; subcontractor 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; payment 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/assessing contract risks; quality assurance and quality control; accuracy of cost to complete estimates; insurance risk; adjustments and cancellations of backlog; joint venture risk; internal and disclosure controls; Public Private Partnerships equity investments; failure to realize the anticipated benefits of the Transaction; and changes in legislation, including but not limited to tax laws and environmental regulations. Risks and uncertainties inherent in the nature of the Transaction include the failure of Stuart Olson or Bird to obtain, as applicable, necessary lender, debenture holder, shareholder, court, regulatory, stock exchange and other third party approvals, or to otherwise satisfy the conditions to the Transaction, in a timely manner, or at all. Failure to so obtain such approvals, or the failure of Stuart Olson or Bird to otherwise satisfy the conditions to the Transaction, may result in the Transaction not being completed on the proposed terms, or at all. In addition, the failure of Stuart Olson or Bird to comply with the terms of the Arrangement Agreement may result in Stuart Olson or Bird being required to pay a non-completion or other fee to the other party.

The forward-looking statements in this news release should not be interpreted as providing a full assessment or reflection of the unprecedented impacts of the recent COVID-19 pandemic ("COVID-19") and the resulting indirect global and regional economic impacts.

Readers 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, and the combined company, including any risk factors related to COVID-19, are included in reports on file with applicable securities regulatory authorities, including but not limited to; Stuart Olson's Annual Information Form for the year ended December 31, 2019 and Bird's Annual Information Form for the year ended December 31, 2019, each of which may be accessed on Stuart Olson's and Bird's SEDAR profile, respectively, at www.sedar.com.

The forward-looking statements contained in this news release are made as of the date hereof and the parties undertake no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

The TSX does not accept responsibility for the adequacy or accuracy of this news release.

INVESTORS & MEDIA

For further information contact:

Bird Construction Inc.         
Phone: (905) 602-4122
Email: investor.relations@bird.ca     

Stuart Olson Inc.
Phone: (403) 685-7777
Email: inquiries@stuartolson.com



 


 

Events

  • Q1 2022 Earnings Call

    Dates: 11 – 11 May, 2022
    View Materials
    COMPANY: BIRD CONSTRUCTION INC.
    LISTING: TORONTO STOCK EXCHANGE
    CITY: MISSISSAUGA, ON
    SYMBOL: BDT
    DATE: APRIL 18, 2022
    SUBJECT: BIRD CONSTRUCTION INC. ANNOUNCES RELEASE DATE AND CONFERENCE CALL FOR 2022 FIRST QUARTER FINANCIAL RESULTS

    Bird Construction Inc. (TSX: BDT) announced today that it will release its financial results for the quarter ended March 31, 2022 after market close on Tuesday, May 10, 2022, and will host a conference call and webcast to discuss the results on Wednesday, May 11, 2022 at 10:00 a.m. (ET).

    Analysts and institutional investors are invited to access the conference call by dialing 1-855-328-1925 at least 10 minutes prior to the start.

    A live webcast will be held at https://services.choruscall.ca/links/bird20220511.html. Participants should join at least 10 minutes prior to the start to register and install any necessary software. The accompanying presentation of the 2022 first quarter financial results will be available after market close on Tuesday, May 10, 2022 at https://www.bird.ca/investors.

    Related financial documents will be posted at https://www.bird.ca/investors.

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

    For further information contact:

    T.L. McKibbon, President & CEO or
    W.R. Gingrich, CFO
    Bird Construction Inc.
    5700 Explorer Drive, Suite 400
    Mississauga, ON L4W 0C6
    Phone: (905) 602-4122
    investor.relations@bird.ca


    About Bird Construction
    Bird (TSX:BDT) is a leading Canadian construction company operating from coast-to-coast and servicing all of Canada’s major markets. Bird provides a comprehensive range of construction services from new construction for industrial, commercial, institutional, and civil infrastructure markets; to industrial maintenance, repair and operations services, heavy civil construction, and mine support services; as well as vertical infrastructure including, electrical, mechanical, and specialty trades. For over 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 value for all stakeholders. www.bird.ca
    Add event to: ICal Outlook Google Calendar
  • Q4 2021 Earnings Call and Fiscal 2021 Financial Results

    Dates: 09 – 09 Mar, 2022
    View Materials

    Bird Construction Inc. Announces Release Date and Conference Call for 2021 First Quarter Financial Results

    OMPANY: BIRD CONSTRUCTION INC.
    LISTING: TORONTO STOCK EXCHANGE
    CITY: MISSISSAUGA
    SYMBOL: BDT
    DATE: March 8, 2022

    SUBJECT: BIRD CONSTRUCTION INC. ANNOUNCES 2021 FOURTH QUARTER AND ANNUAL FINANCIAL RESULTS

    “The Company has delivered strong fourth quarter and full-year 2021 results against the backdrop of ongoing challenges related to the pandemic,” said Mr. Teri McKibbon, President and CEO of Bird Construction. “We could not have delivered these results without our exceptional combined team of experienced and dedicated employees. In addition to delivering record revenue 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 strong balance sheet, the Company is well positioned to capitalize on top-line growth opportunities and deliver an improved margin profile going forward.”

    FINANCIAL HIGHLIGHTS

    Full-Year 2021 compared to Full-Year 2020
    • Construction revenue of $2,220.0 million compared to $1,504.4 million, representing a 47.6% increase year-over-year.
    • Net income and earnings per share were $42.8 million and $0.80, respectively, compared to $36.1 million and $0.80 in 2020.
    • Backlog1 of $3,002.5 million, an increase of $320 million or 11.9% from the $2,682.5 million reported at the end of 2020.
    • Adjusted Earnings1 and Adjusted Earnings Per Share1 were $51.0 million and $0.96, respectively, compared to $41.6 million and $0.92 in 2020.
    • Adjusted EBITDA1 of $108.1 million, or 4.9% of revenues, reflects a 32.0% increase in Adjusted EBITDA.

    Fourth Quarter 2021 compared to Fourth Quarter 2020

    • Construction revenue of $597.8 million compared to $555.0 million, representing an 7.7% increase year-over-year.
    • No recoveries were recorded under the Canada Emergency Wage Subsidy (“CEWS”) program in Q4 2021, compared to the $21.7 million 9-month cumulative recoveries recorded in Q4 2020.
    • Net income and earnings per share were $9.9 million and $0.18, respectively, compared to $20.5 million and $0.39 in Q4 2020.
    • 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.
    • Adjusted EBITDA1 of $28.4 million, or 4.8% of revenues, compared to $40.0 million, or 7.2% of revenues in Q4 2020.

    Financial results table for fourth quarter 2021

    OVERVIEW
    • In September 2021, the Company completed its acquisition of Dagmar, an Ontario-based construction company with extensive experience across key civil infrastructure sub-sectors including road, bridge, rail, sewer and water, and commercial-institutional sites. Dagmar’s capabilities and service offerings for both private 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.
    • Fiscal 2021 represents the first full year consolidating 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 workforces 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 Company has also benefitted, and is expected to continue to benefit, from revenue synergies and cross-selling opportunities of the combined operations.
    • The Company further improved its record-setting Backlog at December 31, 2021 to $3,002.5 million, growing 11.9% year-over-year, while maintaining a strong Pending Backlog1 of $1,624.7 million. During 2021, the Company secured $2,540.0 million of new contract awards and change orders and executed $2,220.0 million of construction revenues. Compared to Backlog and Pending Backlog of $2,682.5 million and $1,635.9 million, respectively, at December 31, 2020, the net growth in combined Backlog and Pending Backlog was achieved despite timing delays in project tenders and awards from clients related to COVID-19.
    • During 2021, Bird extended the 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 addition to the Company’s accessible cash balance of $103.0 million, provide the Company with substantial liquidity to support the execution of its strategic initiatives.
    • During the fourth quarter of 2021, the Company announced that it was awarded the following projects and contracts:
    • The first phase of a progressive Design-Build contract with early collaborative contractor involvement for the Ontario Power Generation Clarington Corporate Campus Project. Construction is expected to begin in 2022, with completion in 2024.
    • The Company will participate in three Integrated Project Delivery (“IPD”) contracts in Western Canada with a combined value in excess of $150 million. The contracts include a substantial food and beverage facility expansion project, the Okanagan Indian Band water system upgrade and the North Okanagan Wastewater Recovery Project.
    • Through its Alliance Agreement with the renewable energy company Noventa Energy Partners, the Company announced the successful financial close of the recently announced Toronto Western Hospital wastewater energy transfer (“WET”) project valued at approximately $42.9 million. The alliance was formed to jointly pursue opportunities for WET projects across Canada, with Bird acting as the exclusive constructor.
    • The Company, as part of a joint venture has successfully 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.
    • The Company has been awarded a contract for construction of Lake City Studios, in Burnaby, British Columbia. The project has a contract value in excess of $200 million.
    • The Board has declared an eligible dividend of $0.0325 per common share for each of March and April 2022.
    CONFERENCE CALL AND WEBCAST

    Bird will host an investor webcast to discuss the quarterly results on Wednesday, March 9, 2022 at 10:00 a.m. ET, to discuss the Company’s results. Analysts and investors may connect to the webcast at https://services.choruscall.ca/links/bird20220309.html. They may 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 the call. The presentation can also be found on our website at https://www.bird.ca/investors.

    The Company’s financial statements and Management’s Discussion & Analysis (“MD&A”) will be filed and available on the System for Electronic Document Analysis and Retrieval (“SEDAR”) at www.sedar.com and on the Company’s website at www.bird.ca.

    1 This News Release contains terminology and financial measures that do not have standard meanings under IFRS and may not be comparable with similar measures presented by other companies. Further information regarding these measures can be found in the “Terminology and Non-GAAP & Other Financial Measures” section of this News Release.

    TERMINOLOGY AND NON-GAAP & OTHER FINANCIAL MEASURES
    Throughout this News Release, certain terminology and financial measures are used that do not have standard meanings under IFRS and are considered specified financial measures. These include non-GAAP financial measures, non-GAAP 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 “Terminology and Non-GAAP & Other Financial Measures” section in Bird’s most recently filed Management’s Discussion & Analysis for the period ended December 31, 2021, 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.

    “Backlog” is the total value of all contracts awarded to the Company, less the total value of work completed on these contracts as of the date of the most recently completed quarter. The Company’s Backlog equates to the Company’s remaining performance obligations as at December 31, 2021 and December 31, 2020.

    “Adjusted Earnings” and “Adjusted EBITDA” are non-GAAP financial measures. “Adjusted Earnings Per Share” and “Adjusted EBITDA margin” are non-GAAP financial ratios. “Pending Backlog” is a supplementary financial measure.

    Adjusted Earnings and Adjusted EBITDA are reconciled as follows:

    Adjusted Earnings & Adjusted EBITDA Tables

    FORWARD-LOOKING INFORMATION
    This news release contains forward-looking statements and information ("forward-looking statements") within the meaning of applicable Canadian securities laws. The forward-looking statements contained in this news release are based on the expectations, estimates and projections of management of Bird as of the date of this news release unless otherwise stated. The use of any of the words "believe", "expect", "anticipate", "contemplate", "target", "plan", "intends", "continue", "may", "will", "should" and similar expressions are intended to identify forward- looking statements. More particularly and without limitation, this news release contains forward-looking statements concerning: the anticipated benefits of the Stuart Olson and Dagmar 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 value for certain joint venture projects.

    In respect of the forward-looking statements concerning the anticipated benefits of the Stuart Olson and Dagmar acquisitions (the “Transactions”), Bird has provided such in reliance 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.

    Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Investors are cautioned that forward-looking statements are based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are 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 Company 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, safety and environmental risks; commodity price, interest rate and exchange rate fluctuations; compliance with environmental laws risks; competition, ethics and reputational risks; ability to access sufficient capital from internal and external sources; repayment of credit facility; collection of recognized revenue; performance bonds and contract security; potential 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; subcontractor 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; payment 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/assessing contract risks; quality assurance and quality control; accuracy of cost to complete estimates; insurance risk; adjustments and cancellations of backlog; joint venture risk; internal and disclosure controls; Public Private Partnerships equity investments; failure to realize the anticipated benefits of the Transactions; and changes in legislation, including but not limited to tax laws and environmental regulations.

    The forward-looking statements in this news release should not be interpreted as providing a full assessment or reflection of the unprecedented impacts of the COVID-19 pandemic ("COVID-19") and the resulting indirect global and regional economic impacts.

    Readers 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, and the combined company, including any risk factors related to COVID-19, are included in reports on file with applicable securities regulatory authorities, including but not limited to; Bird's Annual Information Form and Management’s Discussion and Analysis for the year ended December 31, 2021, 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.

    The forward-looking statements contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as, and to the extent required by applicable securities laws.
    The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.

    For further information, please contact:
    T.L. McKibbon, President & CEO or
    W.R. Gingrich, CFO
    Bird Construction Inc.
    5700 Explorer Drive, Suite 400
    Mississauga, ON L4W 0C6
    Phone: (905) 602-4122

    ABOUT BIRD CONSTRUCTION
    Bird (TSX: BDT) is a leading Canadian construction company operating from coast-to-coast and servicing all of Canada’s major markets. Bird provides a comprehensive range of construction services from new construction for industrial, commercial, and institutional and civil infrastructure markets; to industrial maintenance, repair and operations services, heavy civil construction, and mine support services; as well as vertical infrastructure including, electrical, mechanical, and specialty trades. For over 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 value for all stakeholders. www.bird.ca

     

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  • CIBC Western Institutional Investor Conference

    Dates: 19 – 19 Jan, 2022
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  • ATB Annual Institutional Investor Conference

    Dates: 11 – 11 Jan, 2022
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  • Q3 2021 Earnings Call

    Dates: 10 – 10 Nov, 2021
    View Materials

    Bird Construction Inc. Announces Release Date and Conference Call for 2021 Third Quarter Financial Results and Virtual Investor Day on November 10, 2021
    COMPANY: BIRD CONSTRUCTION INC.
    LISTING: TORONTO STOCK EXCHANGE
    CITY: MISSISSAUGA, ON
    SYMBOL: BDT
    DATE: October 1, 2021
    SUBJECT: BIRD CONSTRUCTION INC. ANNOUNCES RELEASE DATE AND CONFERENCE CALL FOR 2021 THIRD QUARTER FINANCIAL RESULTS AND VIRTUAL INVESTOR DAY ON NOVEMBER 10, 2021

    Bird Construction Inc. (TSX: BDT) announced today that it will release its financial results for the quarter ended September 30, 2021 after market close on Tuesday, November 9, 2021, and will host a conference call and webcast to discuss the results on Wednesday, November 10, 2021 at 10:00 a.m. (ET).

    Analysts and institutional investors are invited to access the conference call by dialing 1-855-328-1925 at least 10 minutes prior to the start.

    A live webcast will be held at http://services.choruscall.ca/links/bird20211110.html. Participants should join at least 10 minutes prior to the start to register and install any necessary software. The accompanying presentation of the 2021 third quarter financial results will be available after market close on Tuesday, November 9, 2021 at https://www.bird.ca/investors.

    Related financial documents will be posted at https://www.bird.ca/investors.

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

    For further information contact:
    T.L. McKibbon, President & CEO or
    W.R. Gingrich, CFO
    Bird Construction Inc.
    5700 Explorer Drive, Suite 400
    Mississauga, ON L4W 0C6
    Phone: (905) 602-4122
    investor.relations@bird.ca

    About Bird Construction

    Bird (TSX:BDT) is a leading Canadian construction company operating from coast-to-coast and servicing all of Canada’s major markets. Bird provides a comprehensive range of construction services from new construction for industrial, commercial, and institutional markets; to industrial maintenance, repair and operations services, heavy civil construction, and contract surface mining; as well as vertical infrastructure including, electrical, mechanical, and specialty trades. For over 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 value for all stakeholders. www.bird.ca

     

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  • Virtual Investor Day

    Dates: 09 – 09 Sep, 2021
    Event Video Recording

    Bird Construction Inc. (TSX: BDT) will host a Virtual Investor Day on
    Thursday, September 9, 2021 from 11:00 a.m. to 2:00 p.m. Eastern Time
    You can access the Webcast here.

    AGENDA

    COMPANY OVERVIEW AND STRATEGIC PLAN UPDATE
    Teri McKibbon, President and CEO

    OPERATIONS AND STRATEGIC PRIORITIES OVERVIEW
    Gilles Royer, Chief Operating Officer
    Rob Otway, Executive Vice President, Buildings West
    David Keep, Senior Vice President, Industrial MRO
    Paul Pastirik, Senior Vice President, Strategic Development


    PEOPLE AND CULTURE AND ESG OVERVIEW
    Brian Henry, Chief People Officer
    Wayne Gingrich, Chief Financial Officer
    Cheryl Ballerini, Director, Strategic Development and Communications


    BOARD PERSPECTIVE
    Mr. Paul Raboud, Chairman of the Board of Directors

    FINANCIAL OVERVIEW AND OUTLOOK
    Teri McKibbon, President and CEO
    Wayne Gingrich, Chief Financial Officer


    FIRESIDE CHAT – LIVE Q&A PERIOD
    Teri McKibbon, President and CEO
    Wayne Gingrich, Chief Financial Officer


    ACCESSING THE WEBCAST AND MATERIALS
    To access the Virtual Investor Day, please follow this link. All materials and the live broadcast will be hosted there. The presentation shared throughout the session will also be posted on Bird’s website here prior to the event commencing.
    If you have any questions or require assistance registering or logging in, please email investor.relations@bird.ca

    QUESTIONS
    During the virtual Bird Construction Inc. Investor Day, there will be a live question and answer period open for Analysts to ask their questions.
    If you are not an Analyst, but are a Shareholder or guest and have a question, please submit it by Tuesday, September 7 to investor.relations@bird.ca
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Q1 2022 Financial Highlights

 

Corporate Governance Framework

The Board of Directors and the management of Bird are committed to a strong corporate governance framework. Our corporate governance policies and practices are intended to ensure the interests of our stakeholders are at the center of all decisions we make.

  • A strong culture of ethical conduct
  • Recognition of the benefits of promoting Board diversity
  • Whistleblower Policy
  • Regular in-camera meetings, without officers and management present
  • Regular performance evaluations

91%

Independent Board Members

27%

Bird's Directors are Women


ATB Capital Markets Inc.              
Chris Murray    
416.520.0267              
cmurray@atb.com 

Canaccord|Genuity                 
Yuri Lynk                      
514.844.3708              
yuri.lynk@canaccordgenuity.com

CIBC World Markets              
Jacob Bout    
416.956.6766              
jacob.bout@cibc.com   

iA Capital Markets             
Naji Baydoun
514.830.8077              
naji.baydoun@iagto.ca

Laurentian Bank Securities Inc.             
Troy Sun 
416.399.7635          
SunTY@lb-securities.ca   

National Bank Financial         
Maxim Sytchev          
416.869.5617              
maxim.sytchev@nbc.ca

Raymond James Ltd.              
Frederic Bastien         
604.659.8232              
frederic.bastien@raymondjames.ca

TD Securities              
Michael Tupholme    
416.307.9389              
michael.tupholme@tdsecurities.com

STIFEL | GMP              
Ian Gillies    
416.943.6108              
ibgillies@stifel.com


Contact

Teri McKibbon, President & CEO
Wayne Gingrich, CFO

Telephone: 905.602.4122

For additional company information about Bird, visit www.sedar.com
For additional company information about Stuart Olson, visit www.sedar.com 

Contact us at investor.relations@bird.ca

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