Business
ShawCor Ltd. releases its results for 2006 fiscal year
ShawCor Ltd. releases its results for 2006 fiscal year.
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[{"type":"text","content":"\n\n\n\n(TSX: SCL.A, SCL.B)\n\n\nTORONTO, Feb. 28 /CNW/ -\n\n\nFinancial Summary\n\n(In thousands of\n Canadian dollars Three Months Twelve Months\n except per share Ended Dec. 31 Ended Dec. 31\n amounts) 2006 2005 2006 2005\n-------------------------------------------------------------------------\nOperating Results Restated Restated\nRevenue $ 276,315 $ 293,867 $1,059,619 $1,012,453\nEBITDA (note 1) 54,530 42,574 183,705 140,214\nOperating income from\n continuing operations 41,791 31,737 138,780 95,454\nIncome from continuing\n operations 26,722 21,780 92,924 82,790\nIncome (loss) from\n discontinued operations (69) (1,190) (289) 56,050\nNet income (loss) 26,653 20,590 92,635 138,840\n\nNet income (loss) per\n share (Class A and B)\n - Basic\n Continuing operations 0.36 0.30 1.25 1.10\n Discontinued operations 0.00 (0.02) 0.00 0.75\n Total 0.36 0.28 1.25 1.85\n\nNet income (loss) per\n share (Class A and B)\n - Diluted\n Continuing operations 0.36 0.30 1.25 1.10\n Discontinued operations 0.00 (0.02) 0.00 0.75\n Total 0.36 0.28 1.25 1.85\n-------------------------------------------------------------------------\nCash Flow\nCash from (used in)\n continuing operating\n activities 40,597 (3,685) 183,585 79,890\nAdditions to property,\n plant and equipment 18,101 6,080 60,692 38,141\n-------------------------------------------------------------------------\nFinancial Position\nWorking capital 347,008 274,103\nTotal assets 1,008,026 919,846\nShareholders' equity per\n share (Class A and B) $ 8.51 $ 7.22\n-------------------------------------------------------------------------\n\n\nNote 1: EBITDA is a non-GAAP measure calculated by adding back to net\n\n\nincome from continuing operations, interest, taxes, and amortization of\n\n\nproperty, plant and equipment.\n\n\nNote 2: Shareholders' equity per share is a non-GAAP measure calculated\n\n\nby dividing shareholders' equity by the number of Class A and Class B\n\n\nshare outstanding at the date of the balance sheet.\n\n\nNote 3: During the fourth quarter of 2006, ShawCor Ltd. ("ShawCor" or the\n\n\n"Company") adopted the proportionate consolidation method of accounting\n\n\nfor its 30% investment in the Arabian Pipecoating Company Limited\n\n\n("APCO"). The Company previously accounted for this investment using the\n\n\nequity method. This change in ac...