Business
ShawCor Ltd. Announces Second Quarter 2011 Results
SHAWCOR LTD. (TSX: SCL.A, SCL.B) TORONTO, Aug. 10, 2011 /CNW/ - Second quart...
About this update from Mattr Corp
[{"type":"text","content":"\n\n\n\n\n\n\n\n\nSHAWCOR LTD.(TSX: SCL.A, SCL.B)\n\n\nTORONTO, Aug. 10, 2011 /CNW/ -\n\n\nSecond quarter revenue of $265 million increased by 13% from the $235\n million reported in the second quarter of 2010 but was 5% lower than\n the $279 million reported in the first quarter of 2011.\n\n\nEBITDA in the second quarter of $35.3 million increased by 12% from\n $31.4 million in the second quarter of 2010 but was lower by 15%\n compared with the $41.4 million reported in the first quarter of 2011.\n\n\nNet income in the second quarter was $15.7 million (or $0.21 per share\n diluted) compared with $12.0 million (or $0.17 per share diluted) in\n the second quarter of the prior year and compared with $20.5 million\n (or $0.29 per share diluted) in the first quarter of 2011.\n\n\nShawCor's second quarter financial results continued to reflect year\n over year improvement in revenue and operating income although at lower\n levels from the first quarter of this year as a result of lower project\n volumes in the EMAR and Asia Pacific regions. In the second half of\n 2011, a modest improvement is expected with project activity picking up\n in EMAR and a gradual improvement in market conditions in Mexico and\n Brazil.\n\n\n\"The Company currently has over $1.5 billion in outstanding firm project\n bids. These projects are moving toward final investment approval and\n the Company expects to begin to secure coating orders for some of these\n projects in the second half of 2011, with production starting in 2012.\n In light of the recent global economic uncertainty, the possibility for\n project delays exists. However, several of the largest projects\n included in the outstanding bids involve the long-term supply of\n natural gas to emerging markets in Asia and are thus expected to\n proceed,\" said Bill Buckley, President and CEO of ShawCor Ltd.\n\n\nEffective January 1, 2011, ShawCor Ltd. (the \"Company\") began reporting\n its financial results in accordance with Internal Financial Reporting\n Standards (\"IFRS\"). Prior year comparative amounts have been changed to\n reflect results as if the Company had always prepared its financial\n results using IFRS. Additional disclosure regarding the transition to\n IFRS is contained in Section 4 of this news release.\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n&#x...