Business
Bird Construction Inc. announces improved first quarter 2012 earnings and declares $0.06 dividend for the months of June 2012, July 2012 and August 2012
LISTING:  TORONTO STOCK EXCHANGE SYMBOL:  BDT TORONTO, May 14, 2012 /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 14, 2012 /CNW/ -\n\n\nHIGHLIGHTS:\n\n\nImproved first quarter net income of $6.4 million on construction\n revenue of $294.7 million, compared with $4.1 million and $171.2\n million in the first quarter of 2011. The 57% improvement in earnings\n reflects the combined effect of higher revenues, higher gross margin\n percentages and the contribution from H.J. O'Connell (\"O'Connell\")\n during the quarter.\n\n\nIn the first quarter of 2012, the Company generated adjusted net income\n of $7.2 million or 71.4% higher than the $4.2 million recorded in 2011.\n\n\nBacklog remains very strong at $1,165.9 million at March 31, 2012.\n During the quarter the Company secured $225.0 in new construction\n contracts including change orders on existing contracts.\n\n\nSubsequent to the quarter end, the Company has been awarded a number of\n new construction projects totalling $235 million, including a civil\n construction contract in the Alberta oil sands, at the Voyageur\n Upgrader project operated by Suncor Energy.  These new construction\n contracts will be added to Bird's backlog in the second quarter of\n 2012.\n\n\nBird's Board of Directors approved a 9% increase in the monthly dividend\n from $0.055 to $0.060 per share, effective with the March 2012\n dividend.\n\n\nTim Talbott, President and C.E.O. of Bird, stated that \"we are pleased\n with the improvement in our first quarter 2012 earnings relative to\n those reported a year ago. The results are in line with management's\n expectations for the quarter, including the contribution from our\n O'Connell acquisition. Although the first quarter net income was less\n than our fourth quarter 2011 results, the variance reflects an element\n of seasonality in the business and differences in the profitability of\n the construction projects executed in the respective periods. We are\n seeing some signs of a market recovery where Bird operates.  This\n recovery, combined with a strong backlog, improving gross margins and\n our well-positioned industrial operations, including O'Connell, should\n produce improved 2012 results.\"\n\n\nFinancial Results\n\n\n \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\n \n\n\nThre...