Business
Bird Construction Inc. Announces Second Quarter 2013 Financial Results
LISTING:  TORONTO STOCK EXCHANGE SYMBOL:  BDT TORONTO , Aug. 12, 2013 /C...
About this update from Bird Construction Inc.
[{"type":"text","content":"\n\n\nLISTING:  TORONTO STOCK EXCHANGE\nSYMBOL: BDT\n\n\nTORONTO, Aug. 12, 2013 /CNW/ -\n\n\nHIGHLIGHTS:\n\n\nSecond quarter net income of $0.3 million on construction revenue of\n $312.3 million, compares with $9.0 million and $343.1 million,\n respectively in the second quarter of 2012.\n\n\nAdjusted net income for the three months ended June 30, 2013 was $1.0\n million, compared with $9.8 million in 2012.\n\n\nFor the six months ended June 30, 2013, the Company reported net income\n of $2.8 million on construction revenue of $600.7 million, compared\n with $15.4 million and $637.7 million, respectively in 2012.\n\n\nAdjusted net income for the six months ended June 30, 2013 was $4.2\n million, compared with $17.1 million in 2012.\n\n\nThe Company carries forward backlog of $1,064.4 million at June 30,\n 2013, compared with $1,073.9 million at December 31, 2012.\n\n\nThe Company was recently awarded a number of construction contracts for\n approximately $100 million. The projects involve both civil and\n building construction activity to serve the needs of industrial\n customers in northern Alberta. These awards will be added to the\n Company's backlog in the third quarter of 2013.\n\n\nBird's Board of Directors declares monthly dividends of $0.0633 per\n common share for September, October and November 2013.\n\n\nTim Talbott, President and C.E.O. of Bird, stated that \"the Company's\n 2013 operating results were negatively impacted by the recognition of a\n loss on one fixed price construction project which has experienced a\n number of execution issues.  If this project had performed\n satisfactorily, our 2013 results in the quarter and year-to-date would\n have been in line with our expectations considering the current market\n conditions.  We remain optimistic that improving market conditions will\n provide opportunities for the Company to generate better results in the\n balance of the year.  It is also expected that these conditions will\n provide a solid amount of backlog carrying forward and produce improved\n performance in 2014.\"\n\n\n\n\n\nFinancial Results\n\n\n \n\n\n \n\n\n \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\n \n\n\n \n\n\n \n\n\nThree months e...