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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

August 11, 2020

Bird Construction Inc. Announces 2020 Second Quarter Financial Results

 During the second quarter of 2020, the Company recorded net income of $5.6 million on construction revenue of$282.8 million compared with a net income of $1.0 million on $315.4 million of construction revenue in 2019. Basic and diluted earnings per share in the second quarter of 2020 and 2019 was $0.13 and $0.02, respectively.  Volume was slightly lower, however gross profit improved significantly year-over-year driven by growth in the industrial work program.  The year-over-year increase in second quarter net income is primarily attributable to the mix of the higher margin industrial work program.  The second quarter of 2020 included approximately $1.3 million of pre-tax acquisition costs related to the due diligence and agreement to acquire Stuart Olson Inc. (“SOX”) that was announced subsequent to quarter end.
 
 Adjusted Earnings and Adjusted Earnings Per Share in the second quarter of 2020 were $6.6 million and $0.15, respectively, compared with Adjusted Earnings and Adjusted Earnings Per Share in the second quarter of 2019 of$1.0 million and $0.02, respectively.  The year-over-year increase in second quarter Adjusted Earnings is reflective of the improvement in earnings attributable to the mix of higher margin industrial work program.

 Adjusted EBITDA and Adjusted EBITDA Margin in the second quarter of 2020 were $12.3 million and 4.36%, respectively.  Adjusted EBITDA increased $6.9 million from the Adjusted EBITDA of $5.4 million in the second quarter of 2019.  Adjusted EBITDA Margin increased 263 basis points from the Adjusted EBITDA margin of 1.73% recorded in the second quarter of 2019. The year-over-year improvement was driven by an increase in gross profit due to the revenue mix, and the impact of increased costs on a certain contract incurred in 2019 that did not recur in 2020.

 During the first half of 2020, the Company recorded net income of $6.7 million on construction revenue of $604.4 million compared with a net loss of $5.5 million on $577.2 million of construction revenue in 2019.  Basic and diluted earnings per share in the first half of 2020 and 2019 were $0.16 and a loss of $0.13, respectively. The 4.7% year-over-year increase in revenue was driven by growth in the industrial work program, while the commercial and institutional work program was effectively flat.  The year-over-year increase in net income is primarily attributable to the mix of the higher margin industrial work program.  The first half of 2019 was negatively impacted by a Public Private Partnership (“PPP”) project that incurred additional cost due to design related scope growth and acceleration expenses. There were substantial changes to the scope of the project requested by the client that are in commercial negotiation. This PPP project achieved substantial performance in the first quarter of 2020.

 Adjusted Earnings and Adjusted Earnings Per Share in the first half of 2020 were $7.7 million and $0.18, respectively, compared with an Adjusted Loss of $5.5 million and Adjusted Loss Per Share of $0.13 in the first half of 2019.  The year-over-year increase in second quarter net income is reflective of the improvement in earnings attributable to the mix of the higher margin industrial work program and the previously described PPP project.

 Adjusted EBITDA year-to-date at June 30, 2020 was $19.9 million compared to $2.3 million in the comparable period in 2019.  Adjusted EBITDA Margin during the first half of 2020 was 3.29% and increased 289 basis points from the 0.40% recorded in the first half of 2019.  The year-over-year improvement was driven by an increase in gross profit due to the revenue mix, and the impact of increased costs on a certain contract incurred in 2019 that did not recur in 2020.

 The COVID-19 pandemic has added uncertainty to the construction industry as each provincial government has responded with different measures to address the threat to public health.  While certain preventative measures have eased in various provinces to varying degrees, the duration continues to be unknown and the corresponding impacts to our workforce, supply chain and project sites are key variables that have uncertainty as a result.  The financial results of second quarter 2020 were impacted by the COVID-19 pandemic in April and early May when the Company experienced temporary project shutdowns and reduced productivity on project sites.  The health and safety of employees is paramount and, as a result of the pandemic, the Company has increased health and safety initiatives such as physical distancing and added additional measures to normal safety protocols.  The situation remains extremely fluid; however, the Company responded to the challenges presented in the first half of 2020 and is well-positioned to respond to fluctuating scenarios in the near term.

 In 2020, the Company secured $702.4 million of new contract awards and change orders and executed $604.4 million of construction revenues.  Backlog of $1,645.4 million at June 30, 2020, increased 19.3% from Backlog of $1,379.7 million at June 30, 2019.  Backlog increased by $98.0 million, or 6.3% from the $1,547.4 million of Backlog recorded at December 31, 2019 despite some awards that were expected in the first half of 2020 being delayed as a result of the COVID-19 pandemic.

 In the first six months of 2020, cash and cash equivalents decreased $8.9 million, before the effects of foreign exchange, to $171.5 million from $180.3 million at the end of 2019.  Most of the changes in cash and equivalents during the period relate to changes in the non-cash net current asset/liability position which can fluctuate significantly in the normal course of business.  During the second quarter, the Company repaid $16.3 million that it had drawn in the first quarter from one of its committed bank facilities for working capital purposes.
 During the second quarter the Company was awarded several new projects and achieved substantial completion of certain contracts:

o Bird was awarded the Eric Hamber Secondary School Replacement Project in Vancouver, British Columbia for approximately $92 million, under a design-build contract.

o The Company was awarded a construction management services contract for 185 Enfield Place Project in Mississauga, Ontario for approximately $107 million for GWL Realty Advisors (“GWLRA”).

o The Company was awarded a stipulated sum contract for the Louvre Residence at Century Park Project (“Louvre”) in Edmonton, Alberta for approximately $57 million under development by Procura Real Estate Services Ltd.

o The Company signed a contract for construction at a liquefied natural gas (“LNG”) Liquefaction Export Terminal Facility located in northwestern British Columbia.  The contract is for the construction of concrete foundations and paving inside the battery limits of the LNG trains process area and is one of the largest concrete foundation packages ever awarded to Bird.  The contract will start immediately and continue into 2022.

o The Company achieved substantial completion for the Niagara Falls Entertainment Centre in the first half of 2020. Designed and constructed to LEED V4 standards, the new 5,000 seat facility features performance space with multiple stage configurations.
 
 The Board has declared an eligible dividend of $0.0325 per common share for each of July, August, September and October 2020.

 Subsequent to quarter end, the Company announced the sale of Bird Capital Limited’s 20 per cent interest in the P3 concessions responsible for 18 schools and nine childcare facilities in Saskatchewan to its project partner, Concert Infrastructure.  Developed as the Saskatchewan Joint-Use Schools Project I (SJUSP I) and Saskatchewan Joint-Use Schools Project II (SJUSP II), the projects made up the largest school construction program in the history of the province at the time of construction.

Subsequent to quarter end, on July 29, 2020, the Company entered into a definitive arrangement agreement under which the Company will acquire all of the outstanding common shares of Stuart Olson Inc., pursuant to an arrangement under the Business Corporations Act (Alberta) for aggregate consideration of $96.5 million. 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 proposed 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  SOX shareholders, secured bank lenders and unsecured convertible debenture holders of Stuart Olson Inc., and other customary closing conditions.

financial statement
 
In the first six months, cash flows from operations before changes in non-cash working capital of $16.0 million increased$15.2 million year-over-year from the $0.8  million cash generated in 2019 primarily due to the $12.2 million improvement in net income, a $4.6 million higher non-cash addback for income tax expense year-over-year, a $1.9 million higher non-cash addback of finance and other costs,  partially offset by $2.2 million higher non-cash reduction for income from equity accounted investments.

Bird Construction Inc. also announced that its Board of Directors has approved monthly eligible dividends for the following months in the amount of $0.0325 per common share to be paid as follows: 

i) The August dividend of $0.0325 per share will be paid on September 18, 2020 to the Shareholders of record as of the close of business on August 31, 2020.
ii) The September dividend of $0.0325 per share will be paid on October 20, 2020 to the Shareholders of record as of the close of business on September 30, 2020.
iii) The October dividend of $0.0325 per share will be paid on November 20, 2020 to the Shareholders of record as of the close of business on October 31, 2020.

Bird will host an investor webcast to discuss the quarterly results on Wednesday, August 12, 2020 at 10:00 a.m. ET, to discuss the quarterly results. Analysts and investors may connect to the webcast via URL at http://services.choruscall.ca/links/bird20200812.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/publications#investor-presentations. 

Related financial documents will be filed and available on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com. 

Non-GAAP Measures
 
Adjusted Earnings, Adjusted Earnings Per Share, Adjusted EBITDA and Adjusted EBITDA Margin 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 EBITDA to assess the operating performance of its business. Management believes that investors and analysts use these measures, as they may provide predictive value to assess the ongoing operations of the business and a more consistent comparison between financial reporting periods.  

financial statements

financial statement

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 timing and anticipated receipt of required lender, debenture holder, shareholder, court, regulatory, stock exchange and other third party approvals for the transaction; and the ability of Stuart Olson and Bird to satisfy the other conditions to, and to complete, the transaction. 

n respect of the forward-looking statements concerning the 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; and the ability of the parties to satisfy, in a timely manner, the other conditions to the closing of the Arrangement Agreement. 

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 operates 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; 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; Bird's Annual Information Form for the year ended December 31, 2019, which may be accessed on Bird's SEDAR profile 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 Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release. 

For further information contact: 
T.L. McKibbon, President & C.E.O or
W.R. Gingrich, C.F.O
Bird Construction Inc.
5700 Explorer Drive, Suite 400
Mississauga, ON, L4W 0C6
Phone: (905) 602-4122 Fax: (905) 602-1516





 

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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