Business
Bird Construction Inc. announces third quarter 2013 financial results
LISTING:   TORONTO STOCK EXCHANGE SYMBOL:  BDT TORONTO , Nov. 8, 2013 /...
About this update from Bird Construction Inc.
[{"type":"text","content":"\n\n\nLISTING:  TORONTO STOCK EXCHANGE\nSYMBOL: BDT\n\n\nTORONTO, Nov. 8, 2013 /CNW/ -\n\n\nHIGHLIGHTS:\n\n\n\nThird quarter net income of $3.6 million on construction revenue of\n $367.3 million, compares with $18.1 million and $396.8 million,\n respectively in the third quarter of 2012.\n\n\n\n\nAdjusted net income for the three months ended September 30, 2013 was\n $4.2 million, compared with $19.3 million in 2012.\n\n\n\n\nFor the nine months ended September 30, 2013, the Company reported net\n income of $6.4 million on construction revenue of $968.0 million,\n compared with $33.5 million and $1,034.6 million, respectively in 2012.\n\n\n\n\nAdjusted net income for the nine months ended September 30, 2013 was\n $8.4 million compared with $36.4 million in 2012.\n\n\n\n\nThe Company carries forward backlog of $1,100.4 million at September 30,\n 2013 compared with $1,073.9 million at December 31, 2012.\n\n\n\n\nDuring the third quarter, the Company was awarded several larger\n construction contracts totalling approximately $275.0 million. The\n projects primarily involve both civil and building construction\n activity to serve the needs of industrial customers in northern\n Alberta.\n\n\n\n\nDuring the third quarter, the Company opened a new district office in\n St. John's, Newfoundland. The district office will pursue construction\n opportunities in Newfoundland and Labrador in all of Bird's market\n sectors.\n\n\n\n\nBird's Board of Directors declares monthly dividends of $0.0633 per\n common share for December 2013, and January and February 2014.\n\n\n\n\"As noted after the second quarter, the Company's 2013 operating results\n were negatively impacted by the recognition of a loss on one fixed\n price construction project which has experienced a number of execution\n issues\", commented Tim Talbott, President & C.E.O. of Bird.  Mr.\n Talbott further stated, \"Had these issues not been incurred, the\n current quarter and the nine months to date would have generally been\n in line with our expectations for the year taking into account the\n current market conditions, as previously indicated.  We have seen\n growth in our backlog with significant contract awards in the\n industrial segment that, while they won't have much impact through the\n remainder of the year, should start to positively influence our...