Shawcor Ltd. Announces Fourth Quarter and Full Year 2010 Results

About this update from Mattr Corp

[{"type":"text","content":"\n\n\n Mar. 3, 2011 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nSHAWCOR LTD.\n(TSX: SCL.A, SCL.B)\n\n\nTORONTO, March 3 /CNW/ -\n\n\n\nFourth quarter revenue of $292 million improved by 3% over the $283\n million reported in the third quarter of 2010 and increased by 12% over\n the fourth quarter of 2009.\n\n\nEBITDA in the fourth quarter increased by 10% to $64.4 million from\n $58.8 million in the third quarter of 2010 and improved by 20% over the\n $53.7 million reported in the fourth quarter of 2009.\n\n\nNet income in the fourth quarter reached $50.8 million or $0.71 per\n share diluted as a result of the improvement in income from operations\n and the recording of a $18.0 million gain, or $0.25 per share diluted,\n from the revaluation of the Company's investment in its Brazil pipe\n coating business following the acquisition of an additional 50%\n interest in October 2010.\n\n\nBacklog at December 31, 2010 remained strong at $375 million, a level\n slightly below the $382 million at the prior quarter end.\n\n\n\n"I am pleased to report that ShawCor's fourth quarter financial results\n showed a continued improvement from the levels seen in the first half\n of this year. The Company is now benefiting from increased small\n diameter pipeline project activity in North America, the US$185 million\n PNG LNG pipe coating project in Asia Pacific is in full production, and\n our EMAR operations have commenced production on the US$ 85 million\n Total Laggan - Tormore p...

More updates from Mattr Corp