Business
Bird Construction Inc. Announces First Quarter 2013 Financial Results
LISTING:  TORONTO STOCK EXCHANGE SYMBOL:  BDT TORONTO, May 13, 2013 /CNW/ -...
About this update from Bird Construction Inc.
[{"type":"text","content":"\n\n\n\n\n\nLISTING:  TORONTO STOCK EXCHANGE\nSYMBOL: BDT\n\n\nTORONTO, May 13, 2013 /CNW/ -\n\n\nHIGHLIGHTS:\n\n\nFirst quarter net income of $2.4 million on construction revenue of\n $288.5 million, compares with $6.4 million and $294.7 million,\n respectively, in the first quarter of 2012.\n\n\nAdjusted net income for the three months ended March 31, 2013 was $3.2\n million, compared with $7.2 million in 2012.\n\n\nThe Company carries forward backlog of $1,028.6 million at March 31,\n 2013.\n\n\nOn January 17, 2013, Bird successfully completed the acquisition of\n Nason Contracting Group Ltd., executing another strategic initiative of\n the Company.\n\n\nBird's Board of Directors approved a 5.5% increase in the monthly\n dividend from $0.0600 ($0.72 per year) to $0.0633 ($0.76 per year) per\n share, effective with the March 2013 dividend.\n\n\nTim Talbott, President and C.E.O. of Bird, commented that \"the reduction\n in first quarter 2013 net income compared to a year ago primarily\n reflects the differences in the timing and mix of projects executed in\n the respective periods combined with execution issues on a couple of\n projects which served to reduce gross profit contributions. Although we\n predicted that 2013 was going to be a more difficult year than 2012,\n our first quarter was slightly below our expectations. Management is\n cautiously optimistic that improving conditions should have a positive\n impact on results late in 2013 and into 2014.\"\n\n\n\n\n\nFinancial Results\n\n\n \n\n\n \n\n\n \n\n\n('000s except per share amounts)\n\n\n \n\n\n \n\n\n \n\n\n \n\n\nThree months endedMarch 31\n\n\n \n\n\n2013\n\n\n \n\n\n2012\n\n\n \n\n\n \n\n\n \n\n\n \n\n\nConstruction Revenue\n\n\n$288,464\n\n\n \n\n\n$294,654\n\n\n \n\n\n \n\n\n \n\n\n \n\n\nNet income and comprehensive income for the period\n\n\n$2,431\n\n\n \n\n\n$6,435\n\n\nAdjusted net income (Non-GAAP measure)\n\n\n$3,191\n\n \n\n$7,242\n\n\nBasic and diluted earnings per share\n\n\n$0.06\n\n\n \n\n\n$0.15\n\n\nAdjusted net income per share\n\n\n$0.08\n\n\n \n\n\n$0.17\n\n\n\n\n\nRefer to the Company's Management's Discussion and Analysis for a\n description of adjusted net income and reconciliation with net income.\n\n\nConstruction revenu...