Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K DATED 10/27/2009 - Aegion Corp | form8k10272009.htm |
| EX-99.2 - EXHIBIT 99.2 - TELEPHONE CONFERENCE TRANSCRIPT - Aegion Corp | ex992transcript.htm |
Exhibit 99.1
INSITUFORM
TECHNOLOGIES, INC. REPORTS THIRD QUARTER 2009 RESULTS:
|
·
|
Income
from continuing operations was $11.8 million, a 51 percent increase from
third quarter 2008 of $7.8 million
|
|
·
|
Total
contract backlog increased to another record high at $467.7 million
relating to growth in Asia-Pacific Sewer Rehabilitation and Energy and
Mining
|
|
·
|
Income
from continuing operations on a per diluted share basis was $0.30, as
compared to $0.28 in the third quarter of 2008 with approximately 10.4
million additional shares issued in connection with 2009
acquisitions
|
|
·
|
Third
quarter net income of $9.1 million ($0.23 per share) versus $6.7 million
($0.24 per share) a year ago
|
|
·
|
Strong
fourth quarter 2009 results expected of $0.40 to $0.42 per diluted share,
leading full year results, reflecting recent acquisitions, in line with
previous guidance, at $1.02 to $1.04 per diluted share (excluding
acquisition related transaction and severance
costs)
|
Chesterfield, MO – October 27, 2009 –
Insituform Technologies, Inc. (Nasdaq Global Select Market: INSU) today
reported third quarter income from continuing operations of $11.8 million ($0.30
per diluted share), representing a 51 percent increase from the third quarter of
2008, when income from continuing operations was $7.8 million ($0.28 per diluted
share).
The third
quarter 2009 results were favorably impacted by a pre-tax adjustment of $1.6
million, relating to certain earn-out obligations in connection with the
February 2009 acquisition of substantially all of the assets of The Bayou
Companies L.L.C. (“Bayou”) that will not be paid, as a result of weaker than
anticipated financial results at Bayou due to weaker energy markets and delays
in pipeline development projects. The impact of this adjustment was
recorded as a credit against previously recorded acquisition-related
costs.
For the
first nine months of 2009, income from continuing operations was $18.4 million,
or $0.50 per diluted share, compared to $13.7 million, or $0.49 per diluted
share, in the first nine months of 2008. Excluding $6.6 million
(pre-tax) of transaction and severance costs associated with the acquisitions of
Bayou and Corrpro Companies, Inc. (“Corrpro”), income from continuing operations
for the first nine months of 2009 would have been approximately $22.9 million,
or $0.62 per diluted share (non-GAAP).
In the
third quarter of 2009, discontinued operations reported a net loss of $2.6
million, or $0.07 per diluted share, related primarily to an unfavorable
adjustment to a previously recorded tunneling claim that was resolved during the
quarter, along with legal costs incurred in the pursuit of ongoing project and
other business claims. This tunneling claim represented the last of
the significant contract issues for the discontinued operation, and no further
material issues are anticipated in the future.
Third
quarter net income was $9.1 million, or $0.23 per diluted share. This
compares to $6.7 million, or $0.24 per diluted share, for the third quarter of
2008. For the first nine months of 2009, net income was $14.5
million, or $0.40 per diluted share, compared to net income of $12.0 million, or
$0.43 per diluted share, in the first nine months of 2008. Excluding
the acquisition transaction and severance costs of $6.6 million (pre-tax), net
income would have been $19.0 million, or $0.52 per diluted share (non-GAAP), for
the first nine months of 2009.
Joe
Burgess, President and Chief Executive Officer, commented, “These overall
results are in line with our expectations for the quarter, and I am quite
pleased with the progress we continue to make with each of our business
segments. In response to record contract backlog in the second
quarter of 2009 in our North American Sewer Rehabilitation business, we expanded
crew capacity and, as a result, saw revenues increase by 13 percent from last
quarter. Our gross and operating margins in this segment held strong
at 25.4 percent and 10.9 percent, respectively, which is a direct result of our
initiatives to improve our project management and execution
capabilities. While our contract backlog decreased somewhat
from last quarter, our win rate in the market remained strong, and there were
several large projects which were won but not awarded and signed by the end of
the quarter. Inclusive of these projects, our overall backlog in
North American Sewer Rehabilitation would have been comparable to last quarter,
which is very encouraging. Our bid table remains very robust and
there appears to be continued momentum from stimulus funding in the
marketplace. Our outlook for North American Sewer Rehabilitation
continues to improve and we expect to build on our success in 2009 as we move
into 2010.”
“During
the third quarter, our Asia-Pacific Sewer Rehabilitation segment continued to
experience dramatic top-line growth, as expected, and our contract backlog ended
the quarter at $84.5 million, another record level. We will begin
work on substantial projects in Sydney and Hong Kong during the fourth quarter
of 2009 and anticipate substantially increased profitability in the upcoming
periods as a result of these projects, along with our work in
India. Now that we are out of the monsoon season, we expect an
increased level of revenues from our Indian operation.”
“Profitability
in Europe increased nicely this quarter with steady gross margin improvement and
lower overhead costs. Backlog continues to be at near record levels
despite the lengthy downturn in the United Kingdom, and we have made significant
progress in refining the operational structure that will enable financial
returns to be in line with our long-term expectations.”
“Our
Water Rehabilitation segment’s financial performance was poor in the third
quarter of 2009, as a result of lower revenue, continued project execution
issues on certain projects, along with costs associated with pilot testing of
our new product, Insitumain™. While our performance in this segment
will not be up to our expectations for 2009, we are satisfied with the progress
we have made with respect to the introduction of Insitumain™ in the second half
of this year. Initial pilot tests have been successful, and we are
gaining momentum with our key customers.”
“The
Bayou operations experienced a very slow third quarter as a result of a delay in
pipe delivery until late September for a large project. We now expect to see
dramatically improved revenue and operating profits from this business in the
upcoming quarters. We are beginning to experience improved market
activity across our Energy and Mining segment, and our UPS operation now has
substantially higher backlog, partially resulting from recent project awards in
Mexico. These project awards are indicative of the opportunities that
have come about with the creation of the energy and mining platform with our
recent acquisitions of Bayou and Corrpro.”
“With
growing momentum in each of our operating segments, we anticipate performance
for the fourth quarter to be the strongest of the year. We expect to
earn $0.40 to $0.42 per diluted share for the quarter, bringing our full year
performance within our previously stated guidance, at $1.02 to $1.04 per diluted
share excluding the acquisition related costs. Each of the strategic
actions taken in 2009 are beginning to bear fruit, and we believe that 2010 will
be the strongest year in Insituform’s history.”
Consolidated
revenues in the third quarter of 2009 were $201.9 million, a 46.4 percent
increase over the third quarter of 2008. Third quarter 2009 revenues
included $15.2 million and $44.2 million in revenues from Bayou and Corrpro,
respectively. Excluding Bayou and Corrpro revenues, consolidated
revenues for the third quarter of 2009 would have been $142.4 million
(non-GAAP), a $4.5 million, or 3.3 percent, increase from third quarter 2008
revenues. This increase was primarily due to growth in our
Asia-Pacific Sewer Rehabilitation segment and our North American Sewer
Rehabilitation segment, partially offset by lower revenues in our European Sewer
Rehabilitation segment and Water Rehabilitation segment. Revenues in
our Asia-Pacific Sewer Rehabilitation segment increased $8.0 million, or 454.9
percent, compared to the third quarter 2008, primarily as a result of increased
activity in India, along with the inclusion of revenue from Hong Kong and
Australia, as a result of the June 2009 acquisitions of the remaining 50 percent
interest in our Hong Kong and Australian joint ventures. Revenues in
our North American Sewer Rehabilitation segment increased by $5.5 million, or
6.2 percent, compared to the third quarter 2008, as a result of increased
workable backlog in the third quarter 2009. Third-party product
sales, included in our North American Sewer Rehabilitation segment, were $2.9
million in the third quarter of 2009, compared to $2.4 million in the third
quarter of 2008. Revenues in our European Sewer
Rehabilitation segment declined $3.9 million, or 14.4 percent. This decrease was
primarily reflective of continued market weakness in the United Kingdom, along
with weak foreign currencies against the U.S. dollar, which negatively impacted
revenues for this segment by approximately $1.9 million. Our Water
Rehabilitation revenues decreased by $1.6 million, or 27.5 percent, for the
third quarter of 2009, due to low levels of workable backlog as we continue to
rollout our newly introduced InsituMain™ product line through pilot
testing. Energy and Mining revenues, exclusive of the impact of Bayou
and Corrpro, declined $3.5 million, or 25.3 percent, from the third quarter of
2008, due principally to lower revenues in United Pipeline System’s Chilean
operations, along with decreased activity in other international
markets.
Consolidated
gross profit for the third quarter of 2009 totaled $53.1 million, an increase of
$20.9 million, or 64.9 percent, from the same period in 2008. This
amount included $2.6 million and $14.1 million in gross profit contributed by
Bayou and Corrpro, respectively, in the third quarter of
2009. Excluding the impact of Bayou and Corrpro, gross profit was
$36.4 million (non-GAAP), which represented an increase of $4.2 million, or 12.8
percent, compared to the prior year quarter, notwithstanding revenue declines in
our United Pipeline System business and our European Sewer Rehabilitation
segment. Gross profit was primarily impacted by a significant
improvement in gross margins in our North American Sewer Rehabilitation segment
due to improved project execution and lower resin and fuel
costs. Gross profit and margins were also boosted somewhat by
increased third-party product sales in North America. Our European
Sewer Rehabilitation segment experienced a slight increase in gross profit
margins year over year, despite the decline in revenues, due primarily to
improved performance in the Netherlands, Spain and France. Gross profit in our
Asia-Pacific Sewer Rehabilitation segment increased substantially, principally
as a result of the increase in revenues in India. Gross profit in our
Water Rehabilitation segment decreased by $1.0 million, primarily due to project
performance issues on several projects that were completed during the quarter,
along with lower revenues. Gross profit in our Energy and Mining
segment, excluding the impact of the acquisitions of Bayou and Corrpro, dropped
by $1.0 million (non-GAAP) in the third quarter of 2009 from one year ago,
primarily due to the decline in revenues in our United Pipeline Systems
business. However, United Pipeline Systems’ gross margins improved to
31.4 percent versus 30.6 percent in the third quarter of 2008, due primarily to
favorable project execution in Canada.
Consolidated
operating expenses for the third quarter of 2009 were $37.0 million, which
included $3.3 million and $10.4 million in operating expenses of Bayou and
Corrpro, respectively. During the third quarter of 2009, we recorded
a reduction in operating expense due to the reversal of an earn-out tied to the
operating results of Bayou, described earlier. Consolidated operating
expenses for the quarter also included approximately $0.7 million in severance
and other related expenses related to reduction in force activities at Bayou and
Corrpro to support ongoing synergistic cost savings
initiatives. Consolidated operating expenses in the third quarter of
2009, excluding the impacts of the acquisitions of Bayou and Corrpro (non-GAAP),
increased by $1.4 million, or 6.4 percent, to $23.3 million compared to the
third quarter of 2008. This increase was primarily the result of
increased operating costs in our Asia Pacific Sewer Rehabilitation segment due
to continued business growth and the inclusion of expenses from our Hong Kong
and Australia subsidiaries.
Consolidated
operating income in the third quarter of 2009 was $17.7
million. Excluding the results of Bayou and Corrpro, consolidated
operating income (non-GAAP) was $14.6 million, a $4.3 million, or 42.2 percent,
increase from the third quarter of 2008.
Net
income of $9.1 million in the third quarter of 2009 represented an increase of
$2.4 million, or 37.5 percent, from the $6.7 million recorded in the third
quarter of 2008.
For the
first nine months of 2009, consolidated revenues increased $113.7 million, or
28.5 percent, to $513.1 million from $389.4 million in the same period of
2008. Gross profit increased $41.5 million, or 46.0 percent, to
$131.7 million compared to the same period of 2008. The primary
factors driving improved performance in the third quarter were also responsible
for increased profitability during the nine months ended September 30, 2009
versus the same period in 2008. Operating expenses increased $30.0
million, or 42.5 percent, to $100.5 million compared to the same period of
2008. This increase in operating expenses included $6.6 million in
transaction and severance expenses related to the acquisitions of Bayou and
Corrpro and $28.5 million in operating expenses from these entities. Operating
expenses for the first nine months of 2008 included approximately $1.7 million
in expenses related to a proxy contest. Operating expenses decreased
in our North American Sewer Rehabilitation and European Sewer Rehabilitation
segments by $5.4 million and $2.8 million, respectively, as a result of cost
reduction efforts and, for Europe, lower foreign currency exchange rates, while
operating expenses grew in our Asia-Pacific Sewer Rehabilitation segment due to
ongoing growth initiatives. Operating expenses in our Energy and
Mining segment increased by $35.3 million due to the additional operating
expenses of Bayou and Corrpro and the $6.6 million of acquisition related
expenses. As a result of the foregoing, consolidated operating income
increased $11.5 million, or 58.3 percent, to $31.3 million for the nine months
ended September 30, 2009 compared to the prior year period.
For the
first nine months of 2009, income from continuing operations increased $4.7
million, or 34.2 percent, to $18.4 million, or $0.50 per diluted share, from
$13.7 million, or $0.49 per diluted share, in the first nine months of 2008.
Favorably
impacting the first nine months of 2009 income from continuing operations was a
one-time income tax benefit of $0.6 million related to the revaluation of
deferred taxes on fixed assets. Excluding the $6.6 million in acquisition
related costs, income from continuing operations increased to approximately
$22.9 million (non-GAAP).
Total
contract backlog increased to $467.7 million at September 30, 2009 compared to
$462.4 million at June 30, 2009, a 1.1 percent increase.
Contract
backlog in our North American Sewer Rehabilitation segment at September 30, 2009
was $183.8 million, representing a decrease of $23.0 million, or 11.1 percent,
from its record high of $206.8 million at June 30, 2009 and an increase of $5.3
million, or 2.9 percent, over the September 30, 2008 backlog
level. Revenues in the third quarter of 2009 increased by $11.2
million from the second quarter of 2009, partially contributing to the decrease
in contract backlog from the previous quarter. In addition, there
were a number of large projects which were won but not signed at quarter
end.
Contract
backlog at September 30, 2009 in our European Sewer Rehabilitation segment
decreased by $0.2 million, or 0.4 percent, to $40.7 million compared to $40.9
million at June 30, 2009, and increased by $10.0 million, or 32.6 percent,
compared to $30.7 million at September 30, 2008. Contract backlog
compared to the prior year period end was bolstered by project wins in France
and the Netherlands.
Contract
backlog in our Asia-Pacific Sewer Rehabilitation segment was $84.5 million at
September 30, 2009 compared to $60.9 million at June 30, 2009. The increase in
backlog was due primarily to the recent large awards in our Australia and Hong
Kong operations. Bidding activity remains strong in these markets,
along with India, and we expect backlog to continue to grow in the coming
quarters.
Water
Rehabilitation contract backlog was $7.5 million at September 30, 2009 compared
to $7.7 million at June 30, 2009 and $6.7 million at September 30,
2008. During the third quarter of 2009, we continued to make
progress with respect to establishing our Insitumain™ product in the
marketplace, through a number of pilot projects. We will continue to
rollout this product in the fourth quarter, and we expect to gain contract
backlog in the near future.
Energy
and Mining contract backlog was $151.2 million at September 30, 2009 compared to
$146.1 million at June 30, 2009. Contract backlog for our United
Pipeline Systems business increased by $12.6 million at September 30, 2009 from
June 30, 2009 due to a recent award in Mexico. Subsequent to
September 30, 2009, we were awarded a second major contract in Mexico valued at
$13.9 million which is not included in backlog at September 30,
2009. Contract backlog for Bayou was $64.8 million at September 30,
2009, which was down from $66.8 million at June 30, 2009. At
September 30, 2008, Bayou’s contract backlog was approximately $82.1
million. Corrpro’s contract backlog at September 30, 2009 was $59.0
million, down from $64.5 million at June 30, 2009, and down from $71.9 million
at September 30, 2008. The backlog numbers for Bayou and Corrpro as
of September 30, 2008 are not included in our Energy and Mining contract backlog
as of such date as we did not own the companies at that date. Our
prospects for each of the businesses within our Energy and Mining segment are
improving, as our customers have gained a greater understanding of our expanded
product and service offering, and as the market has experienced some recovery
from the lows earlier in the year.
Unrestricted
cash increased in the third quarter of 2009 to $90.7 million from $79.5 million
at June 30, 2009, principally as a result of improved working capital
management. Unrestricted cash decreased by $8.7 million from December
31, 2008, primarily as a result of cash used to acquire Corrpro Companies on
March 31, 2009.
Insituform
Technologies, Inc. is a leading worldwide provider of proprietary technologies
and services for rehabilitating sewer, water and energy and mining piping
systems and the corrosion protection of industrial pipelines. More
information about Insituform can be found on its internet site at
www.insituform.com.
Forward-Looking
Statements
The
Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for
forward-looking statements. The Company makes forward-looking
statements in this news release that represent the Company’s beliefs or
expectations about future events or financial performance. These
forward-looking statements are based on information currently available to the
Company and on management’s beliefs, assumptions, estimates or projections and
are not guarantees of future events or results. When used in this
document, the words “anticipate,” “estimate,” “believe,” “plan,” “intend, “may,”
“will” and similar expressions are intended to identify forward-looking
statements, but are not the exclusive means of identifying such
statements. Such statements are subject to known and unknown risks,
uncertainties and assumptions, including those referred to in the “Risk Factors”
section of the Company’s Annual Report on Form 10-K for the year ended December
31, 2008, as filed with the Securities and Exchange Commission on March 10,
2009. In light of these risks, uncertainties and assumptions, the
forward-looking events may not occur. In addition, our actual results
may vary materially from those anticipated, estimated, suggested or
projected. Except as required by law, we do not assume a duty to
update forward-looking statements, whether as a result of new information,
future events or otherwise. Investors should, however, review
additional disclosures made by the Company from time to time in its periodic
filings with the Securities and Exchange Commission. Please use
caution and do not place reliance on forward-looking statements. All
forward-looking statements made by the Company in this news release are
qualified by these cautionary statements.
Regulation
G Statement
Insituform
has presented certain information in this release on a diluted cents per share
basis. These diluted per share amounts reflect certain factors that directly
impact Insituform's total earnings per share. The (non-GAAP) earnings per share
and guidance excludes one or more of the following: the earnings impact of the
exclusion of acquisition transaction and severance costs or the exclusion of
Bayou and Corrpro financial information. Insituform management
uses such non-GAAP information internally to evaluate financial performance for
its operations, as the company believes it allows it to more accurately compare
the Company's ongoing performance across periods.
Insituform®, the
Insituform®
logo, Insitumain™, United Pipeline Systems®, Bayou Companies™
and Corrpro®
are the registered and unregistered trademarks of Insituform Technologies, Inc.
and its affiliates.
CONTACT: Insituform
Technologies, Inc.
David A. Martin, Senior Vice President
and Chief Financial Officer
(636) 530-8000
INSITUFORM
TECHNOLOGIES, INC. AND SUBSIDIARIES
(Unaudited)
(In
thousands, except per share amounts)
|
For
the Three Months Ended September 30,
|
For
the Nine Months Ended
September
30,
|
|||||||||||||||
|
2009
|
2008
|
2009
|
2008
|
|||||||||||||
|
Revenues
|
$ 201,852 | $ 137,877 | $ 513,060 | $ 399,390 | ||||||||||||
|
Cost
of revenues
|
148,730 | 105,655 | 381,349 | 309,152 | ||||||||||||
|
Gross
profit
|
53,122 | 32,222 | 131,711 | 90,238 | ||||||||||||
|
Acquisition-related
costs
|
(1,600 | ) | – | 6,619 | – | |||||||||||
|
Operating
expenses
|
37,018 | 21,948 | 93,839 | 70,494 | ||||||||||||
|
Operating
income
|
17,704 | 10,274 | 31,253 | 19,744 | ||||||||||||
|
Other
income (expense):
|
||||||||||||||||
|
Interest
income
|
120 | 823 | 304 | 2,410 | ||||||||||||
|
Interest
expense
|
(2,327 | ) | (1,161 | ) | (5,804 | ) | (3,546 | ) | ||||||||
|
Other
|
363 | (68 | ) | 655 | 937 | |||||||||||
|
Total
other expense
|
(1,844 | ) | (406 | ) | (4,845 | ) | (199 | ) | ||||||||
|
Income
before taxes on income
|
15,860 | 9,868 | 26,408 | 19,545 | ||||||||||||
|
Taxes
on income
|
4,939 | 2,035 | 7,684 | 4,842 | ||||||||||||
|
Income
before equity in earnings (losses) of affiliated
companies
|
10,921 | 7,833 | 18,724 | 14,703 | ||||||||||||
|
Equity
in earnings (losses) of affiliated companies,
net of
tax
|
1,011 | 351 | 704 | (243 | ) | |||||||||||
|
Income
before discontinued operations
|
11,932 | 8,184 | 19,428 | 14,460 | ||||||||||||
|
Loss
from discontinued operations, net of tax
|
(2,646 | ) | (1,139 | ) | (3,936 | ) | (1,744 | ) | ||||||||
|
Net
income
|
9,286 | 7,045 | 15,492 | 12,716 | ||||||||||||
|
Less: net
income attributable to noncontrolling interests
|
(139 | ) | (393 | ) | (1,003 | ) | (726 | ) | ||||||||
|
Net
income attributable to common stockholders
|
$ 9,147 | $ 6,652 | $ 14,489 | $ 11,990 | ||||||||||||
|
Earnings
per share attributable to common
stockholders:
|
||||||||||||||||
|
Basic:
|
||||||||||||||||
|
Income
from continuing operations
|
$ 0.31 | $ 0.28 | $ 0.50 | $ 0.50 | ||||||||||||
|
Loss
from discontinued operations
|
(0.07 | ) | (0.04 | ) | (0.10 | ) | (0.06 | ) | ||||||||
|
Net
income
|
0.24 | 0.24 | 0.40 | 0.44 | ||||||||||||
|
Diluted:
|
||||||||||||||||
|
Income
from continuing operations
|
$ 0.30 | $ 0.28 | $ 0.50 | $ 0.49 | ||||||||||||
|
Loss
from discontinued operations
|
(0.07 | ) | (0.04 | ) | (0.10 | ) | (0.06 | ) | ||||||||
|
Net
income
|
$ 0.23 | $ 0.24 | $ 0.40 | $ 0.43 | ||||||||||||
|
Weighted
average number of shares:
|
||||||||||||||||
|
Basic
|
38,466,050 | 27,490,413 | 36,665,437 | 27,559,721 | ||||||||||||
|
Diluted
|
39,156,935 | 28,195,945 | 37,095,714 | 28,193,505 | ||||||||||||
INSITUFORM
TECHNOLOGIES, INC.
SEGMENT
DATA
(Unaudited)
(In
thousands, except per share amounts)
|
Three
Months Ended
September
30,
|
Nine
Months Ended
September
30,
|
|||||||||||||||
|
2009
|
2008
|
2009
|
2008
|
|||||||||||||
|
Revenues:
|
||||||||||||||||
|
North American
Sewer Rehabilitation
|
$ 94,858 | $ 89,346 | $ 259,049 | $ 257,495 | ||||||||||||
|
European Sewer
Rehabilitation
|
23,152 | 27,055 | 62,067 | 79,313 | ||||||||||||
|
Asia-Pacific Sewer
Rehabilitation
|
9,811 | 1,768 | 22,154 | 5,459 | ||||||||||||
|
Water
Rehabilitation
|
4,289 | 5,917 | 8,740 | 9,738 | ||||||||||||
|
Energy and
Mining
|
69,742 | 13,791 | 161,050 | 47,385 | ||||||||||||
|
Total
revenues
|
$ 201,852 | $ 137,877 | $ 513,060 | $ 399,390 | ||||||||||||
|
Gross
profit (loss):
|
||||||||||||||||
|
North American
Sewer Rehabilitation
|
$ 24,082 | $ 20,184 | $ 64,915 | $ 56,405 | ||||||||||||
|
European Sewer
Rehabilitation
|
6,212 | 5,941 | 16,354 | 15,936 | ||||||||||||
|
Asia-Pacific Sewer
Rehabilitation
|
2,614 | 614 | 6,382 | 1,699 | ||||||||||||
|
Water
Rehabilitation
|
220 | 1,263 | (35 | ) | 1,692 | |||||||||||
|
Energy and
Mining
|
19,994 | 4,220 | 44,095 | 14,506 | ||||||||||||
|
Total
gross profit
|
$ 53,122 | $ 32,222 | $ 131,711 | $ 90,238 | ||||||||||||
|
Operating
income (loss):
|
||||||||||||||||
|
North American
Sewer Rehabilitation
|
$ 10,322 | $ 6,757 | $ 25,844 | $ 11,910 | ||||||||||||
|
European Sewer
Rehabilitation
|
1,095 | 347 | 2,120 | (1,084 | ) | |||||||||||
|
Asia-Pacific Sewer
Rehabilitation
|
613 | 368 | 2,407 | 722 | ||||||||||||
|
Water
Rehabilitation
|
(334 | ) | 482 | (2,371 | ) | (780 | ) | |||||||||
|
Energy and
Mining
|
$ 6,008 | 2,320 | 3,253 | 8,976 | ||||||||||||
|
Total
operating income
|
$ 17,704 | $ 10,274 | $ 31,253 | $ 19,744 | ||||||||||||
INSITUFORM
TECHNOLOGIES, INC. AND SUBSIDIARIES
CONTRACT
BACKLOG
(Unaudited)
(In
millions)
|
Backlog
|
September
30, 2009
|
June
30,
2009
|
March
31,
2009
|
December
31,
2008
|
September
30,
2008
|
|||||||||||||||
|
(in
millions)
|
||||||||||||||||||||
|
North
American sewer rehabilitation
|
$ 183.8 | $ 206.8 | $ 160.4 | $ 150.8 | $ 178.5 | |||||||||||||||
|
European
sewer rehabilitation
|
40.7 | 40.9 | 26.1 | 25.2 | 30.7 | |||||||||||||||
|
Asia-Pacific
sewer rehabilitation (1)
|
84.5 | 60.9 | 40.1 | 46.2 | 53.6 | |||||||||||||||
|
Water
rehabilitation
|
7.5 | 7.7 | 8.9 | 8.2 | 6.7 | |||||||||||||||
|
Energy
and mining (2)
|
151.2 | 146.1 | 153.2 | 18.7 | 23.4 | |||||||||||||||
|
Total
|
$ 467.7 | $ 462.4 | $ 388.7 | $ 249.1 | $ 292.9 | |||||||||||||||
__________________
|
(1)
|
Contract
backlog for our Asia-Pacific Sewer Rehabilitation segment includes backlog
for our recently acquired interests in our joint ventures in Hong Kong and
Australia of $13.9 million and $35.1 million, respectively, at September
30, 2009, and $17.7 million and $6.9 million, respectively, at June 30,
2009. Contract backlog for these operations were not included
prior to June 30, 2009, as they were not consolidated
operations.
|
|
(2)
|
Contract
backlog for our Energy and Mining segment includes backlog of our recently
acquired Bayou and Corrpro businesses of $64.8 million and $59.0 million,
respectively, at September 30, 2009, $66.8 million and $64.5 million,
respectively, at June 30, 2009 and $76.7 million and $62.2 million,
respectively, as of March 31, 2009. Such operations were not
part of our company as of December 31, 2008 or September 30,
2008.
|
Contract
backlog is our expectation of revenues to be generated from received, signed and
uncompleted contracts, the cancellation of which is not anticipated at the time
of reporting. Contract backlog excludes any term contract amounts for which
there is not specific and determinable work released and projects where we have
been advised that we are the low bidder, but have not formally been awarded the
contract.
INSITUFORM TECHNOLOGIES, INC. AND SUBSIDIARIES
(Unaudited)
(In
thousands, except share amounts)
|
September
30, 2009
|
December
31, 2008
|
|||||||
|
Assets
|
||||||||
|
Current
assets
|
||||||||
|
Cash
and cash equivalents
|
$ 90,663 | $ 99,321 | ||||||
|
Restricted
cash
|
2,072 | 1,829 | ||||||
|
Receivables,
net
|
142,897 | 97,257 | ||||||
|
Retainage
|
21,131 | 21,380 | ||||||
|
Costs
and estimated earnings in excess of billings
|
61,412 | 37,224 | ||||||
|
Inventories
|
31,808 | 16,320 | ||||||
|
Prepaid
expenses and other assets
|
27,238 | 37,637 | ||||||
|
Current
assets of discontinued operations
|
5,852 | 13,704 | ||||||
|
Total
current assets
|
383,073 | 324,672 | ||||||
|
Property, plant and
equipment, less accumulated depreciation
|
138,037 | 71,423 | ||||||
|
Other
assets
|
||||||||
|
Goodwill
|
183,999 | 122,961 | ||||||
|
Identified
intangible assets, less accumulated amortization
|
79,287 | 10,353 | ||||||
|
Investments
in affiliated companies
|
27,868 | 6,769 | ||||||
|
Other
assets
|
17,099 | 7,285 | ||||||
|
Total
other assets
|
308,253 | 147,368 | ||||||
|
Non-current
assets of discontinued operations
|
6,039 | 5,843 | ||||||
|
Total
Assets
|
$ 835,402 | $ 549,306 | ||||||
|
Liabilities and Equity
|
||||||||
|
Current
liabilities
|
||||||||
|
Accounts
payable and accrued expenses
|
$ 137,903 | $ 97,593 | ||||||
|
Billings
in excess of costs and estimated earnings
|
11,737 | 9,596 | ||||||
|
Current
maturities of long-term debt and line of credit
|
10,000 | – | ||||||
|
Notes
payable
|
4,703 | 938 | ||||||
|
Current
liabilities of discontinued operations
|
1,576 | 1,541 | ||||||
|
Total
current liabilities
|
165,919 | 109,668 | ||||||
|
Long-term debt,
less current maturities
|
100,000 | 65,000 | ||||||
|
Other
liabilities
|
44,791 | 2,831 | ||||||
|
Non-current
liabilities of discontinued operations
|
1,142 | 818 | ||||||
|
Total
liabilities
|
311,852 | 178,317 | ||||||
|
Stockholders’
equity
|
||||||||
|
Preferred
stock, undesignated, $.10 par – shares authorized 2,000,000; none
outstanding
|
– | – | ||||||
|
Common
stock, $.01 par – shares authorized 60,000,000; shares issued and
outstanding
38,830,853
and 27,977,785, respectively
|
389 | 280 | ||||||
|
Additional
paid-in capital
|
242,197 | 109,235 | ||||||
|
Retained
earnings
|
275,105 | 260,616 | ||||||
|
Accumulated
other comprehensive income (loss)
|
1,025 | (2,154 | ) | |||||
|
Total
stockholders’ equity before noncontrolling interests
|
518,716 | 367,977 | ||||||
|
Noncontrolling
interests
|
4,834 | 3,012 | ||||||
|
Total
equity
|
523,550 | 370,989 | ||||||
|
Total
Liabilities and Equity
|
$ 835,402 | $ 549,306 | ||||||