Business
Bird Construction Inc. announces second quarter 2011 financial results and declares dividends for the months of August, September and October 2011
LISTING: TORONTO STOCK EXCHANGE SYMBOL: BDT TORONTO, Aug. 8, 2011 /CNW/ - HIGHLIG...
About this update from Bird Construction Inc.
[{"type":"text","content":"\n\n\n\n\n\nLISTING: TORONTO STOCK EXCHANGE\nSYMBOL: BDT\n\n\nTORONTO, Aug. 8, 2011 /CNW/ -\n\n\nHIGHLIGHTS:\n\n\nSix month net income of $7.1 million on construction revenue of $363.9\n million\n\n\nCompany carries forward a record backlog of $1,138.1 million (adjusted\n for Royal Alberta Museum contract cancellation)\n\n\nAnnounced the acquisition of H.J. O'Connell, Limited which provides\n enhanced geographic and market sector scope\n\n\nSelected as the Successful Proponent on Restigouche Hospital Centre, a\n PPP project in Campbellton, N.B.\n\n\nCompleted the 3 for 1 stock split\n\n\n \n\n\nFinancial Results\n\n\n('000s except per share amounts)\n\n\n \n\n\n \n\n\nThree months ended June 30\n\n\n \n\n\nSix months ended June 30\n\n\n \n\n\n \n\n\n2011\n\n\n \n\n\n2010\n\n\n \n\n\n2011\n\n\n \n\n\n2010\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\nConstruction Revenue \n\n\n \n\n\n$ 192,752\n\n\n \n\n\n203,866\n\n\n \n\n\n$ 363,907\n\n\n \n\n\n385,492\n\n\nIncome before income taxes \n\n\n \n\n\n4,012\n\n\n \n\n\n18,721\n\n\n \n\n\n9,804\n\n\n \n\n\n35,622\n\n\nNet income and comprehensive income for the period\n\n\n \n\n\n$ 3,013\n\n\n \n\n\n14,983\n\n\n \n\n\n$ 7,122\n\n\n \n\n\n28,794\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\nBasic and diluted earnings per share \n\n\n \n\n\n0.07\n\n\n \n\n\n0.36\n\n\n \n\n\n0.17\n\n\n \n\n\n0.68\n\n\nEarnings per share amounts reflect the stock split effective in April\n 2011\n\n\nConstruction revenue declined by 5.6% to $363.9 million for the six\n months ended June 30, 2011 compared to $385.5 million for the six\n months ended June 30, 2010, primarily due to timing in the execution of\n our construction Backlog and a reduction in construction activity in\n the Alberta oil sands.\n\n\nIncome before taxes of $9.8 million for the six months ended June 30,\n 2011 compares to $35.6 million for the six months ended June 30, 2010.\n  The reduction in income before taxes is primarily a result of lower\n gross profit margins in the current year, in part reflecting more\n recent competitive market conditions and th...