ShawCor Ltd. Announces Second Quarter 2013 Results

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[{"type":"text","content":"\n\n\n(TSX: SCL)\n\n\nTORONTO, Aug. 8, 2013 /CNW/ -\n\n\n\nSecond quarter revenue reached a new quarterly record of $457.3 \n million, increasing by 1% from the $454.7 million reported in the first\n quarter of 2013 and increased by 40% from the $326.9 million reported\n in the second quarter a year ago.\n\n\nEBITDA in the second quarter of 2013 was $101.5 million, $65.1 million,\n or 179%, higher than in the prior year period but $2.7 million, or 3%,\n lower than in the first quarter of 2013. The reduction from the first\n quarter was primarily due to start up costs associated with Socotherm\n facilities in the USA and Italy.\n\n\nThe consolidated EBITDA margin was 22.2%, compared with 11.1% in the\n second quarter a year ago, as a result of favourable revenue mix and\n the benefits of significantly higher facility utilization from the\n growth in revenue in the Company's Asia Pacific operations.\n\n\nNet income (attributable to shareholders of the Company) in the second\n quarter was $53.9 million (or $0.90 per share diluted) compared with\n net income of $21.4 million (or $0.30 per share diluted) in the second\n quarter of the prior year.\n\n\n\n\n\n\nMr. Bill Buckley, President and CEO of ShawCor Ltd. remarked \"We are\n pleased to announce a continuation of strong financial results for the\n second quarter of 2013 with revenue reaching a new record level and\n EBITDA continuing strong despite the significant start up costs\n associated with two important deepwater coating facility mobilizations\n in the Socotherm group.\"\n\n\nMr. Buckley added \"ShawCor continues to be well positioned to benefit\n from the on-going trend for global pipeline infrastructure investment.\n The sustainability of the global pipeline market is reflected in the\n Company's healthy backlog of $778 million at June 30, 2013 and the\n level of outstanding bids which continues at levels that will provide\n growth opportunities in the years ahead.\"\n\n\nSelected Financial Highlights\n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\n(in thousands of Canadian dollars, except per share\namounts and percentages)\n\n\n \n\n\nThree Months ended\nJune 30,\n\n\n \n\n\nSix Months ended\nJune 30,\n\n\n\n\n \n\n\n \n\n\n2013\n\n\n \n\n\n2012(c)\n\n\n \n\n\n20...

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