ShawCor Announces Un-Audited Fourth Quarter 2012 Results and Filing of Management Proxy Circular

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[{"type":"text","content":"\n\n\n\n\n\n(TSX: SCL.A, SCL.B)\n\n\nTORONTO, Feb. 19, 2013 /CNW/ - ShawCor Ltd. announced today that it has\n filed on SEDAR a Management Proxy Circular and other materials relating\n to the Special Meeting of Shareholders (the \"Special Meeting\") to be\n held on March 14, 2013 in connection with the proposed elimination of\n ShawCor's dual class share structure.  This documentation may be viewed\n at www.sedar.com and on the Company's website and will shortly be mailed to all\n shareholders of record as of January 24, 2013.\n\n\nTo enable our shareholders to make a fully informed decision when\n completing their proxies in connection with the shareholder votes to be\n conducted at the Special Meeting, ShawCor also announced today that it\n expects to report record financial results on February 28, 2013,\n immediately following its Board of Directors' meeting scheduled for\n that day.  In particular, we expect un-audited financial results in\n accordance with IFRS to indicate the following:\n\n\n\nRevenue in the fourth quarter of $448.4 million increased by 13.4% from\n the $395.3 million reported in the third quarter of 2012 and increased\n 31.2% from the $341.8 million reported in the fourth quarter a year\n ago.\n\n\nEBITDA (see footnote (a) to chart below) in the fourth quarter of 2012\n was $102.4 million, an improvement of $18.3 million from the third\n quarter of 2012 and an improvement of over $55.8 million from the same\n period of the prior year.\n\n\nThe EBITDA (see footnote (a) to chart below) margin reached 22.8% as a\n result of favourable revenue mix and the benefits of significantly\n higher facility utilization from the growth in revenue in the Company's\n Latin America and Asia Pacific operations.\n\n\nNet income (attributable to shareholders of the Company) in the fourth\n quarter was $80.3 million (or $1.13 per share diluted) compared with\n net income of $53.4 million, (or $0.75 per share diluted) in the third\n quarter of 2012 and $23.2 million (or $0.32 per share diluted) in the\n fourth quarter of the prior year.  Net income in the fourth quarter\n includes one time gains totaling $12.5 million or $0.18 per share\n (diluted).\n\n\nThe completion of the Company's proposed dual share collapse transaction\n is expected to be accretive to 2012 earnings per share on a proforma\n basis (calcula...

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