Business
ShawCor announces second quarter results
ShawCor announces second quarter results.
About this update from Mattr Corp
[{"type":"text","content":"\n\n\n\n\n(TSX: SCL.A, SCL.B)\n\nTORONTO, Aug. 3 /CNW/ -\n\n>\n\nNote 1: EBITDA is a non-GAAP measure calculated by adding back to income\nfrom continuing operations, interest, taxes and\ndepreciation/amortization. EBITDA does not have a standardized meaning\nprescribed by GAAP and is not necessarily comparable to similar measures\nprescribed by other companies. EBITDA is used by many analysts in the\noil and gas industry as one of several important analytical tools.\n\nConsolidated revenue for the quarter totaled $262.9 million compared to\n$257.7 million last quarter and $230.4 million in the second quarter of 2005.\nThe growth in revenue reflected strong business activity at Bredero Shaw's\nNorth American operations and the impact of several large pipecoating projects\nwhich are in progress at the Company's pipecoating plants in Indonesia and\nMalaysia. Revenue at the Company's other divisions remained at levels similar\nto the prior quarter but some 7% ahead of the prior year led by increased\nrevenue at the Shawflex division. On a year-to-date basis, revenue totaled\n$520.7 million, 10% higher than in the first six months of 2005.\nConsolidated income from continuing operations totaled $24.9 million\n($0.34 per share) in the quarter compared to $7.6 million ($0.10 per share) in\nthe second quarter of 2005 with the improvement mainly due to the increased\nrevenue and higher operating margins, resulting from improved operating\nefficiencies, at Bredero Shaw. Consolidated income from continuing operations\nin the quarter increased slightly from levels in the first quarter of the year\nwith a reduction in income tax expense offsetting the impact of reduced\nactivity at the North Sea plants and at Bredero Shaw's Nigerian operations.\nActions were taken during the quarter to reduce costs in the North Sea region\nto reflect anticipated business levels over the near term and are expected to\nshow improvements in future periods.\nThe current outlook for the Company continues to show softness in the\nsecond half of the year with the forecast for full year revenue slightly lower\nthan last year. A major factor in this outlook is the translation impact of\nthe stronger Canadian dollar which has the effect of reducing the value the\nCompany's U.S. dollar-based revenues when translated into the Canadian dollar\nreporting currency. Profit...