Business
GENIVAR reports its results for the second quarter and first half of the year ended July 2, 2011 and declares a dividend of $0.375 per share
MONTREAL, Aug. 10, 2011 /CNW Telbec/ - GENIVAR Inc. (TSX: GNV) ("GENIVAR" or the "Company"), ...
About this update from Wsp Global Inc
[{"type":"text","content":"\n\n\n\n\n\nMONTREAL, Aug. 10, 2011 /CNW Telbec/ - GENIVAR Inc. (TSX: GNV)\n (\"GENIVAR\" or the \"Company\"), formerly GENIVAR Income Fund (the\n \"Fund\"), today announced its financial and operating results for the\n second quarter and  first half of the year ended July 2, 2011, under\n the International Financial Reporting Standards (\"IFRS\"). The second\n quarter results cover the period from April 3, 2011, to July 2, 2011.\n\n\nSECOND QUARTER 2011 HIGHLIGHTS\n\n\nTotal revenues were $157.5 million compared to $144.1 million in 2010,\n an increase of 9.3%. For the same period, net revenues, expressed as\n revenues less direct costs for subconsultants and other direct expenses\n that are recoverable directly from the clients, amounted to $131.1\n million, which represents a 10.3% increase as compared to 2010.\n\n\nEBITDA stood at $21.6 million, as compared to $21.5 million in 2010. As\n a percentage of net revenues, the EBITDA margin stood at 16.5% for\n 2011, compared to 18.1% for 2010.\n\n\nNet earnings amounted to $9.9 million or $0.38 per share.\n\n\nThe backlog slightly increased to $427.8 million as compared to a\n backlog of $423.7 million at the end of the first quarter of 2011 and\n represented approximately 8.0 months of revenues.\n\n\nDuring the quarter, GENIVAR completed the acquisition of two\n environmental firms, (Groupe OptiVert Inc. in Quebec and JMH\n Environmental Solutions Ltd. in Alberta) and signed a business\n partnership agreement with WHW Architects Inc., an Atlantic Canada\n architectural consulting firm. Subsequent to the end of the quarter,\n the Company also acquired Dakins Engineering Group Ltd., an\n Ontario-based engineering firm specialized in controls and automation\n for the water and wastewater market. These complementary and strategic\n acquisitions add approximately 110 employees to our workforce and\n should provide for interesting revenue synergies within our network.\n\n\nFIRST HALF OF THE YEAR 2011 HIGHLIGHTS\n\n\nTotal revenues were $306.8 million compared to $270.1 million in 2010,\n an increase of 13.6%. For the same period, net revenues amounted to\n $257.8 million, which represents a 13.7% increase as compared to 2010.\n\n\nEBITDA increased to $41.6 million, up from $40.0 million in 2010. As a\n percentage of net revenues, the EBITDA margin stood at 16.2% for 2011,\n compa...