Business
Bird Construction Inc. announces strong fourth quarter earnings, 2011 annual financial results, a nine percent increase in the monthly dividend and declares dividends for the months of March 2012, April 2012 and May 2012
LISTING:  TORONTO STOCK EXCHANGE SYMBOL:  BDT TORONTO, March 7, 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, March 7, 2012 /CNW/ -\n\n\nHIGHLIGHTS:\n\n\nImproved fourth quarter net income of $12.9 million on construction\n revenue of $332.0 million, compared with $9.2 million and $225.4\n million in the fourth quarter of 2010. The improvement in earnings\n reflects the combined effect of higher revenues, higher gross margin\n percentages and the full impact of H.J. O'Connell (\"O'Connell\")\n earnings in the fourth quarter of 2011.\n\n\nIn the fourth quarter of 2011, the Company generated adjusted net income\n of $14.2 million or 52.5% higher than the amount recorded in 2010.\n\n\nAnnual net income of $29.6 million ($0.70 per share) on construction\n revenue of $974.5 million compares with $46.2 million ($1.10 per share)\n on construction revenues of $842.0 million in 2010.\n\n\nFull year 2011 adjusted net income of $32.1 million ($0.76 per share)\n compares with $46.6 million in 2010 ($1.10 per share).\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 dividend\n payment.\n\n\nOn August 31, 2011, successfully completed the acquisition of O'Connell\n which provides enhanced geographic and market sector scope.\n\n\nThe Company carries forward a record year-end backlog of $1.24 billion\n including the backlog acquired with the O'Connell acquisition.\n\n\nThe Company was awarded a significant design-build construction contract\n with Canada Post to build a new processing facility at the Vancouver\n International Airport.\n\n\nThe Company is part of a consortium short-listed to submit a proposal to\n design, build and finance a number of new schools in the Province of\n Alberta.\n\n\nTim Talbott, President and C.E.O. of Bird, stated that \"although our\n annual 2011 earnings are below last year's amounts, we are encouraged\n by the continuous improvement in our 2011 third and fourth quarter\n earnings relative to those reported in the first half of 2011. We are\n now beginning to see the impact of what we believe are improving market\n conditions and the positive impact we anticipated from the O'Connell\n acquisition. Our December 31, 2011 backlog of $1.24 billion with\n improving gross margins provides us with a degree of optimism for\n 2012.\"\n\n\n\n\n\n\n...