Business
Shawcor announces first quarter results
Shawcor announces first quarter results.
About this update from Mattr Corp
[{"type":"text","content":"\n\n\n\n(TSX: SCL.A, SCL.B)\n\n\nTORONTO, May 8 /CNW/ -\n\n\nFinancial Summary\n\n(In thousands of Canadian dollars Three Months Ended\n except per share amounts) Mar. 31\n 2007 2006\n-------------------------------------------------------------------------\nOperating Results Restated\nRevenue $ 221,329 $ 262,547\nEBITDA (note 1) 38,407 47,644\nOperating income from continuing operations 27,972 37,478\nIncome from continuing operations 23,308 24,755\nIncome (loss) from discontinued operations (55) (35)\nNet income 23,253 24,720\n\nNet income (loss) per share (Class A and B)\n - Basic\n Continuing operations 0.31 0.33\n Discontinued operations 0.00 0.00\n Total 0.31 0.33\n\nNet income (loss) per share (Class A and B)\n - Diluted\n Continuing operations 0.31 0.33\n Discontinued operations 0.00 0.00\n Total 0.31 0.33\n-------------------------------------------------------------------------\nCash Flow\nCash from (used in) operating activities 23,279 48,551\nAdditions to property, plant and equipment 15,493 6,873\n-------------------------------------------------------------------------\nFinancial Position\nWorking capital 348,923 296,959\nTotal assets 1,000,569 937,358\nShareholders' equity per share\n (Class A and B) $ 8.67 $ 7.61\n-------------------------------------------------------------------------\n\nNote 1: EBITDA is a non-GAAP measure calculated by adding back to net\n income from continuing operations, net interest, taxes, and\n amortization of property, plant and equipment.\n\nNote 2: Shareholders' equity per share is a non-GAAP measure calculated\n by dividing shareholders' equity by the number of Class A and\n Class B share outstanding at the date of the balance sheet.\n\nNote 3: During the fourth quarter of 2006, ShawCor Ltd. adopted the\n proportionate consolidation method of accounting for its 30%\n investment in the Arabian Pipecoating Company Limited ("APCO").\n The Company previously accounted for this investment using the\n equity method. This change in accounting policy has been applied\n retroactively and as a result, revenue, operating expenses and\n certain balance sheet accounts for previous periods have been\n restated. Refer to note 2 of the 2006 annual Consolidated\n Financial Statements.\n\n\nConsolidated revenue for the first quarter of 2007 totaled $221.3 million\ncompared to $262.5 million...