Business
ShawCor Ltd. Announces First Quarter 2013 Results
(TSX: SCL) TORONTO, May 10, 2013 /CNW/ - Revenue in the first quarter reached a n...
About this update from Mattr Corp
[{"type":"text","content":"\n\n\n\n\n\n(TSX: SCL)\n\n\nTORONTO, May 10, 2013 /CNW/ -\n\n\n\nRevenue in the first quarter reached a new quarterly record of $454.7\n million, an increase of 46% from the $312.3 million reported in the\n first quarter of the prior year.\n\n\nEBITDA in the first quarter of 2013, before one-time charges, was $116.9\n million, an improvement of $11.0 million from the fourth quarter of\n 2012 and an improvement of over $69.3 million from the same period of\n the prior year.\n\n\nThe EBITDA margin before one-time charges reached 25.7% as a result of\n favourable revenue mix and the benefits of significantly higher\n facility utilization from the growth in revenue in the Company's Asia\n Pacific operations.\n\n\nThe Company recorded one-time charges in the quarter of $12.6 million as\n a result of expenses related to the completion of the Company's Plan of\n Arrangement transaction on March 20, 2013.\n\n\nNet income (attributable to shareholders of the Company) in the first\n quarter was $70.6 million (or $1.01 per share diluted) compared with\n net income of $24.1 million (or $0.34 per share diluted) in the first\n quarter of the prior year.\n\n\nSubsequent to the quarter end, the Company completed the acquisition of\n the remaining 49% of Socotherm S.p.A's joint venture in the USA Gulf of\n Mexico for total consideration including assumption of bank debt of\n approximately $30 million.\n\n\n\nMr. Bill Buckley, President and CEO of ShawCor Ltd. remarked \"We are\n pleased to announce a continuation of very strong financial results for\n the first quarter of 2013 with revenue and EBITDA (before one time\n charges) reaching record levels. This performance reflects the strength\n of the Company's global pipeline markets and the Company's success in\n launching and executing the major pipe coating projects that are under\n way, particularly in Asia Pacific\".\n\n\nMr. Buckley added \"ShawCor continued to increase its backlog which\n reached a new record level of $875 million at March 31, 2013. The\n backlog includes firm customer contracts which will be executed over\n the next twelve months and is indicative of the strong international\n business environment as well as the positive impact of the acquisition\n of Socotherm that was completed late in 2012. All indications continue\n to suggest that the Company will generate record fina...