Attached files
| file | filename |
|---|---|
| EX-99.1 - Willbros Group, Inc.\NEW\ | v169354_ex99-1.htm |
| EX-23.1 - Willbros Group, Inc.\NEW\ | v169354_ex23-1.htm |
| EX-99.4 - Willbros Group, Inc.\NEW\ | v169354_ex99-4.htm |
| EX-23.2 - Willbros Group, Inc.\NEW\ | v169354_ex23-2.htm |
| 8-K - Willbros Group, Inc.\NEW\ | v169354_8k.htm |
| EX-99.3 - Willbros Group, Inc.\NEW\ | v169354_ex99-3.htm |
EXHIBIT
99.2
Item
6. Selected Financial Data
SELECTED
CONSOLIDATED FINANCIAL AND OTHER DATA
(Dollar
amounts in thousands, except per share data)
|
Year
Ended December 31,
|
||||||||||||||||||||
|
2008
|
2007
|
2006
|
2005(1)
|
2004(1)(2)
|
||||||||||||||||
|
Statement
of Operations Data:
|
||||||||||||||||||||
|
Contract
revenue
|
$ | 1,912,704 | $ | 947,691 | $ | 543,259 | $ | 294,479 | $ | 272,794 | ||||||||||
|
Operating
expenses:
|
||||||||||||||||||||
|
Contract (3)
|
1,650,156 | 845,743 | 496,271 | 272,753 | 228,845 | |||||||||||||||
|
Amortization of
intangibles(3)
|
10,420 | 794 | - | - | - | |||||||||||||||
|
General and administrative(3)
|
120,031 | 68,071 | 58,054 | 46,837 | 35,314 | |||||||||||||||
|
Goodwill
impairment
|
62,295 | - | - | - | - | |||||||||||||||
|
Government
fines
|
- | 22,000 | - | - | - | |||||||||||||||
|
Operating
income (loss)
|
69,802 | 11,083 | (11,066 | ) | (25,111 | ) | 8,635 | |||||||||||||
|
Interest
expense, net
|
(9,032 | ) | (6,055 | ) | (11,820 | ) | (6,096 | ) | (3,946 | ) | ||||||||||
|
Other
income (expense)
|
7,883 | (3,477 | ) | 569 | 742 | (387 | ) | |||||||||||||
|
Loss
on early extinguishment of debt
|
- | (15,375 | ) | - | - | - | ||||||||||||||
|
Income
(loss) from continuing operations before income taxes
|
68,653 | (13,824 | ) | (22,317 | ) | (30,465 | ) | 4,302 | ||||||||||||
|
Provision
(benefit) for income taxes
|
25,942 | 14,503 | 2,308 | 1,668 | (1,027 | ) | ||||||||||||||
|
Income
(loss) from continuing operations before noncontrolling
interest
|
42,711 | (28,327 | ) | (24,625 | ) | (32,133 | ) | 5,329 | ||||||||||||
|
Less:
Income attributable to noncontrolling interest
|
(1,836 | ) | (2,210 | ) | (1,036 | ) | (651 | ) | (403 | ) | ||||||||||
|
Income
(loss) from continuing operations attributable to Willbros Group,
Inc.
|
40,875 | (30,537 | ) | (25,661 | ) | (32,784 | ) | 4,926 | ||||||||||||
|
Income
(loss) from discontinued operations net of provisions for income
taxes
|
2,757 | (21,414 | ) | (83,402 | ) | (8,319 | ) | (27,111 | ) | |||||||||||
|
Net
income attributable to Willbros Group Inc.
|
$ | 43,632 | $ | (51,951 | ) | $ | (109,063 | ) | $ | (41,103 | ) | $ | (22,185 | ) | ||||||
|
Basic
income (loss) per share attributable to Company
shareholders:
|
||||||||||||||||||||
|
Continuing
operations
|
$ | 1.07 | $ | (1.04 | ) | $ | (1.14 | ) | $ | (1.54 | ) | $ | 0.24 | |||||||
|
Discontinued
operations
|
0.07 | (0.73 | ) | (3.72 | ) | (0.39 | ) | (1.29 | ) | |||||||||||
|
Net
income (loss)
|
$ | 1.14 | $ | (1.77 | ) | $ | (4.86 | ) | $ | (1.93 | ) | $ | (1.05 | ) | ||||||
|
Diluted
income (loss) per share attributable to Company
shareholders:
|
||||||||||||||||||||
|
Continuing
operations
|
$ | 1.11 | $ | (1.04 | ) | $ | (1.14 | ) | $ | (1.54 | ) | $ | 0.24 | |||||||
|
Discontinued
operations
|
0.06 | (0.73 | ) | (3.72 | ) | (0.39 | ) | (1.29 | ) | |||||||||||
|
Net
income (loss)
|
$ | 1.17 | $ | (1.77 | ) | $ | (4.86 | ) | $ | (1.93 | ) | $ | (1.05 | ) | ||||||
|
Cash
Flow Data:
|
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|
Cash
provided by (used in):
|
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|
Operating
activities
|
$ | 191,748 | $ | (15,793 | ) | $ | (102,587 | ) | $ | (36,786 | ) | $ | 37,903 | |||||||
|
Investing
activities
|
(11,725 | ) | (150,601 | ) | 33,373 | (36,964 | ) | (36,751 | ) | |||||||||||
|
Financing
activities
|
(60,044 | ) | 219,340 | 50,785 | 56,499 | 53,869 | ||||||||||||||
|
Effect of exchange rate
changes
|
(5,001 | ) | 2,297 | 139 | 17 | (829 | ) | |||||||||||||
|
Balance
Sheet Data (at period end):
|
||||||||||||||||||||
|
Cash
and cash equivalents
|
$ | 207,864 | $ | 92,886 | $ | 37,643 | $ | 55,933 | $ | 73,167 | ||||||||||
|
Working
capital
|
285,166 | 202,296 | 171,616 | 205,447 | 108,953 | |||||||||||||||
|
Total
assets
|
787,344 | 778,391 | 580,654 | 497,897 | 415,434 | |||||||||||||||
|
Total
liabilities
|
343,209 | 375,666 | 478,830 | 340,412 | 226,770 | |||||||||||||||
|
Total
debt
|
120,514 | 141,578 | 149,697 | 117,162 | 57,246 | |||||||||||||||
|
Stockholders’
equity
|
444,135 | 402,725 | 101,824 | 157,485 | 188,664 | |||||||||||||||
|
Other
Financial Data (excluding
|
||||||||||||||||||||
|
discontinued
operations):
|
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|
Backlog
(at period end) (4)
|
$ | 655,494 | $ | 1,305,441 | $ | 602,272 | $ | 240,373 | $ | 73,343 | ||||||||||
|
Capital
expenditures, excluding acquisitions
|
53,048 | 74,548 | 23,481 | 18,706 | 15,733 | |||||||||||||||
|
EBITDA
(5)
|
183,047 | 10,696 | 897 | (13,332 | ) | 17,621 | ||||||||||||||
|
Number
of employees (at period end):
|
6,512 | 5,475 | 4,156 | 2,519 | 1,381 | |||||||||||||||
|
(1)
|
These
amounts have been changed retrospectively to reflect the classification of
discontinued operations as filed in the Form 8-K on December
12, 2006.
|
1
|
(2)
|
These
amounts are presented as restated in the 2004 Form
10-K.
|
|
(3)
|
Historically,
the Company has shown depreciation and amortization as a separate line
item on its Consolidated Statements of Operations. Effective for the
fiscal year ended December 31, 2007, Depreciation and amortization related
to operating activities is included in Contract and Depreciation and
amortization related to general and administrative activities is included
General and Administrative (“G&A”). This change in presentation
was made to bring the Company’s presentation of financial results in line
with its peers and provide greater comparability of its results within the
industry.
|
|
(4)
|
Backlog
is anticipated contract revenue from uncompleted portions of existing
contracts and contracts whose award is reasonably
assured.
|
|
(5)
|
EBITDA
from continuing operations represents earnings from continuing operations
before net interest, income taxes, depreciation and amortization and
impairment of intangible assets. EBITDA from continuing operations is not
intended to represent cash flows for the respective period, nor has it
been presented as an alternative to operating income from continuing
operations as an indicator of operating performance. It should not be
considered in isolation or as a substitute for measures of performance
prepared in accordance with accounting principles generally accepted in
the United States. See our Consolidated Statements of Cash Flows in our
Consolidated Financial Statements included elsewhere in this Form 10-K.
EBITDA from continuing operations is included in this Form 10-K because it
is one of the measures through which we assess our financial performance.
EBITDA from continuing operations as presented may not be comparable to
other similarly titled measures used by other companies. A reconciliation
of EBITDA from continuing operations to GAAP financial information is
provided in the table below.
|
|
Year
Ended December 31,
|
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|
2008
|
2007
|
2006
|
2005
|
2004
|
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|
Reconciliation
of non-GAAP financial measure:
|
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|
Income
from continuing operations attributable to Willbros Group,
Inc.
|
$ | 40,875 | $ | (30,537 | ) | $ | (25,661 | ) | $ | (32,784 | ) | $ | 4,926 | |||||||
|
Interest,
net
|
9,032 | 6,055 | 11,820 | 6,096 | 3,946 | |||||||||||||||
|
Provision
(benefit) for income taxes
|
25,942 | 14,503 | 2,308 | 1,668 | (1,027 | ) | ||||||||||||||
|
Depreciation
and amortization
|
44,903 | 20,675 | 12,430 | 11,688 | 9,776 | |||||||||||||||
|
Goodwill
impairment
|
62,295 | - | - | - | - | |||||||||||||||
|
EBITDA
from continuing operations
|
$ | 183,047 | $ | 10,696 | $ | 897 | $ | (13,332 | ) | $ | 17,621 | |||||||||
2