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EX-99.2 - EXHIBIT 99.2 - Willbros Group, Inc.\NEW\ | c14323exv99w2.htm |
8-K - FORM 8-K - Willbros Group, Inc.\NEW\ | c14323e8vk.htm |
Exhibit 99.1
FOR IMMEDIATE RELEASE
Willbros Reports Fourth Quarter and 2010 Results
| Twelve month backlog at December 31, 2010 of $946 million |
||
| Total backlog at December 31, 2010 of $2.2 billion |
||
| Company to host a conference call on Tuesday, March 15, 2011 at 9:00 a.m. Eastern Time |
HOUSTON, TX, MARCH 14, 2011 Willbros Group, Inc. (NYSE: WG) announced today results for the
fourth quarter and full year 2010. The Company recorded a net loss from continuing operations in
the fourth quarter of $66.3 million, or $1.41 per share, on revenue of $398.5 million. Contributing
to the loss were after-tax charges of $14.0 million related to cost overruns due to extreme weather
and schedule slippage on several projects in Canada, and an after-tax impairment charge of $28.8
million related to the 2007 acquisition of the Downstream Oil & Gas (Downstream) segment. Absent
the non-cash impairment charge, fourth quarter results would have been a net loss from continuing
operations of approximately $37.5 million, or $0.80 per share.
For the full year 2010, Willbros reported a net loss from continuing operations of $31.8 million,
or $0.74 per share, on revenue of $1.2 billion. Full year results were negatively impacted by
$57.3 million from the following after-tax charges: $14.0 million of Canada fourth quarter project
losses, $7.3 million of deal costs associated with the acquisition of the InfrastruX Group, now the
Companys Utility Transmission & Distribution (Utility T&D) segment, and a non-cash $36.0 million
goodwill impairment charge in the Downstream segment. These charges were partially offset by an
after-tax and non-cash $45.3 million reduction in the fair value of the earnout liability
associated with the acquisition of InfrastruX. Absent the impairment charge and reduction in
earnout, full year 2010 results would have been a net loss from continuing operations of
approximately $41.1 million, or $0.96 per share.
Randy Harl, President and Chief Executive Officer, commented, Although market conditions started
to improve late in the year, we continued to be challenged by weaker demand for our services which
was compounded by poor visibility for the timing of both committed projects as well as anticipated
projects. In our Downstream and Utility T&D segments, we found ourselves maintaining our
operations at resource levels sufficient to initiate and complete certain projects that were
delayed or cancelled on short notice. The combination of these circumstances resulted in
misalignment of our costs with the uncertain timing of revenues. We also made significant
investments in the future of the Company to diversify our end market exposure with the acquisition
of InfrastruX and to align our service offerings with our customers needs. We have made several
management changes and added a key position to the management team since the second half of 2010.
We have high expectations from the newly configured management team.
WILLBROS
|
Michael W. Collier Vice President Investor Relations Sales & Marketing |
1 of 8 CONTACT: Connie Dever Director Strategic Planning Willbros |
||
A Good Job On Time |
Willbros 713-403-8038 |
713-403-8035 |
Our foremost priority in 2011 is strengthening the Companys financial position. We are advancing
the integration of InfrastruX; and, across all our segments, we continue to monitor overhead costs
and identify additional cost savings while also reviewing and adapting our strategies to align them
with our markets, which should translate into increased margin. In order to deliver these results,
I have directed our management team to focus on four primary objectives:
1. | Reduce debt by approximately $50 $100 million, to significantly reduce
interest expense and provide better financial flexibility. This should help translate
more of our EBITDA into earnings; |
||
2. | Continue to emphasize and improve our project management tools and
capabilities. Across the Company, we can achieve results like those we accomplished on
the Fayetteville Express Pipeline (FEP) project which we completed under budget and
on schedule; |
||
3. | Maintain our focus on North America. Our presence in the U.S. unconventional
shale play developments, the Canadian oil sands and the U.S. electric transmission
markets presents the best growth opportunities for Willbros. This is where our key
markets and resources come together to offer the best risk adjusted returns; and |
||
4. | Remain focused on Safety. Our objective for the year is to reduce injuries by
50%. We differentiate Willbros on this value both as an employer and as a provider of
services. |
Backlog(4)
At December 31, 2010, Willbros reported backlog from continuing operations of $2.2 billion compared
to $2.3 billion at September 30, 2010 and $429 million at December 31, 2009.
The $1.8 billion
year-over-year increase is primarily related to the $1.4 billion of backlog associated with the
InfrastruX acquisition. Backlog in the Upstream segment also increased by $370 million
year-over-year.
Historically, the Company has only recognized Master Service Agreement (MSA) backlog for the next
twelve months from the reporting date. In conjunction with the InfrastruX acquisition and the
resulting material increase in future MSA work, the Company is now reporting all expected MSA
backlog until the conclusion of the contract. At December 31, 2010, $1.2 billion of the $2.2
billion backlog represents MSA backlog expected to be worked off in periods beyond twelve months
from the reporting date and is comprised of $854 million and $324 million for the Utility T&D and
Upstream segments, respectively.
Mr. Harl continued, We are encouraged by the improving outlook in all of our segments, growing
backlog and increasing visibility for future projects in North America. We are upgrading our sales
and marketing efforts, which we anticipate will result in increased backlog and higher operating
margins through 2011 and into 2012. We see greater opportunities in North America and we are keenly
focused on successfully executing the projects we have in backlog. While the current market for
small capital projects in the Downstream segment remains challenging, we do believe it is
improving. Our visibility in the U.S. pipeline and related facility infrastructure and electric
transmission construction markets has improved. We also see greater opportunities in Canada in the
oil sands and development opportunities for the shale plays in
North America. With our diversified services platform, broad geographic reach and strong
reputation for quality, we believe we are well-positioned to compete for new energy infrastructure
projects in the foreseeable future.
WILLBROS
|
Michael W. Collier Vice President Investor Relations Sales & Marketing |
2 of 8 CONTACT: Connie Dever Director Strategic Planning Willbros |
||
A Good Job On Time |
Willbros 713-403-8038 |
713-403-8035 |
Segment Operating Results
Upstream
For the fourth quarter of 2010, the Upstream segment reported an operating loss of $28.7 million on
revenue of $140.9 million. For the full year, Upstream reported operating income of $11.7 million
on revenue of $573.8 million. Fourth quarter and full year operating results were reduced by $19.2
million as a result of delays and cost overruns on several Canada projects. Also, the fourth
quarter operating loss was increased by normal seasonal patterns in the U.S. pipeline construction
market.
Downstream
For the fourth quarter of 2010, the Downstream segment reported an operating loss of $48.3 million
on revenue of $98.2 million. For the full year, Downstream reported an operating loss of $75.2
million on revenue of $301.1 million. Downstream results were impacted by impairment charges of
$12.0 million and $48.0 million in the third and fourth quarters, respectively. The Downstream
segment in 2010 continued to be impacted by curtailment of customer spending for small capital
projects and maintenance in the refining sector.
Utility T&D
For the fourth quarter of 2010, the Utility T&D segment reported an operating loss of $10.4 million
on revenue of $159.3 million. Full year results only include the six month period following the
close of the InfrastruX acquisition on July 1, 2010 and reflect an operating loss of $26.5 million
on revenue of $317.5 million. In the fourth quarter, the segment incurred charges of $2.6 million
comprised of severance costs and accelerated stock vesting charges primarily associated with the
integration of the new Utility T&D segment. These charges included a reduction in the management
structure of the new Utility T&D segment and the closing of the Seattle administrative office. This
creates a more streamlined reporting structure with lower costs and is expected to generate
annualized savings of $2.5 million going forward.
Liquidity
At December 31, 2010, the Company had $141.1 million of cash and equivalents. On March 4, 2011, the
Company negotiated an amendment to its 2010 Credit Facility. As part of the amendment, the Company
agreed to limit its cash borrowings to $25 million plus $59.4 million to satisfy the note holders
who have exercised their put options under the 2.75% Senior Notes Indenture. Additionally, the
amended credit facility now permits the Company to divest of certain non-core and non-strategic
assets to reduce its leverage position. The $25 million borrowing restriction would be lifted when
the Companys total leverage ratio reaches 3.0 to 1.0, or less. The credit facility has the
capacity to provide up to $175.0 million of letters of credit less the $25.7 million of currently
issued letters of credit. Any use of the revolver capacity would reduce, by a like amount, the
available letters of credit capacity.
WILLBROS
|
Michael W. Collier Vice President Investor Relations Sales & Marketing |
3 of 8 CONTACT: Connie Dever Director Strategic Planning Willbros |
||
A Good Job On Time |
Willbros 713-403-8038 |
713-403-8035 |
Guidance
Van Welch, Willbros Chief Financial Officer, provided expectations for 2011, The seasonality of
the fourth and first quarters of our business model, and the extreme weather conditions across
North America early this year are expected to impact the first quarter. We do not expect additional
losses on the Canadian projects or additional impairment charges, but otherwise we expect the first
quarter results will be comparable to the fourth quarter. We expect annual revenue to range from
$1.6 to $1.8 billion; debt reduction of approximately $50-100 million by the end of the year; and,
SG&A reduced to 6-8% of revenue.
Our approved capital expenditure budget for 2011 is $29.7 million, but capital spending is
expected to be a function of future work commitments and the terms and conditions offered in the
equipment rental market.
Conference Call
In conjunction with this release, Willbros has scheduled a conference call, which will be broadcast
live over the Internet, on Tuesday, March 15, 2011 at 9:00 a.m. Eastern Time (8:00 a.m. Central).
What:
|
Willbros Fourth Quarter Earnings Conference Call | |
When:
|
Tuesday, March 15, 2011 9:00 a.m. Eastern Time | |
How:
|
Live via phone By dialing 416-340-8530 or 877-240-9772 a few minutes prior to the start time and asking for the Willbros call. Or live over the Internet by logging on to the web address below. | |
Where:
|
http://www.willbros.com. The webcast can be accessed from the home page. |
For those who cannot listen to the live call, a replay will be available through March 29, 2011,
and may be accessed by calling 905-694-9451 or 800-408-3053 using pass code 7036711#. Also, an
archive of the webcast will be available shortly after the call on www.willbros.com for a period of
12 months.
Willbros Group, Inc. is an independent contractor serving the oil, gas, power, refining and
petrochemical industries, providing engineering, construction, turnaround, maintenance, life-cycle
extension services and facilities development and operations services to industry and government
entities worldwide. For more information on Willbros, please visit our web site at
www.willbros.com.
WILLBROS
|
Michael W. Collier Vice President Investor Relations Sales & Marketing |
4 of 8 CONTACT: Connie Dever Director Strategic Planning Willbros |
||
A Good Job On Time |
Willbros 713-403-8038 |
713-403-8035 |
This announcement contains forward-looking statements. All statements, other than statements of
historical facts, which address activities, events or developments the Company expects or
anticipates will or may occur in the future, are forward-looking statements. A number of risks and
uncertainties could cause actual results to differ materially from these statements, including the
potential for additional investigations; disruptions to the global credit markets; the global
economic downturn; fines and penalties by government agencies; new legislation or regulations
detrimental to the economic operation of refining capacity in the United States; the identification
of one or more other issues that require restatement of one or more prior period financial
statements; contract and billing disputes; the integration and operation of InfrastruX; the
possible losses arising from the discontinuation of operations and the sale of the Nigeria assets;
the existence of material weaknesses in internal controls over financial reporting; availability of
quality management; availability and terms of capital; changes in, or the failure to comply with,
government regulations; ability to remain in
compliance with, or obtain waivers under, the Companys loan agreements and indentures; the
promulgation, application, and interpretation of environmental laws and regulations; future E&P
capital expenditures; oil, gas, gas liquids, and power prices and demand; the amount and location
of planned pipelines; poor refinery crack spreads; delay of planned refinery outages and upgrades;
the effective tax rate of the different countries where the Company performs work; development
trends of the oil, gas, power, refining and petrochemical industries and changes in the political
and economic environment of the countries in which the Company has operations; as well as other
risk factors described from time to time in the Companys documents and reports filed with the SEC.
The Company assumes no obligation to update publicly such forward-looking statements, whether as a
result of new information, future events or otherwise.
TABLE TO FOLLOW
WILLBROS
|
Michael W. Collier Vice President Investor Relations Sales & Marketing |
5 of 8 CONTACT: Connie Dever Director Strategic Planning Willbros |
||
A Good Job On Time |
Willbros 713-403-8038 |
713-403-8035 |
WILLBROS GROUP, INC.
(In thousands, except per share amounts)
(In thousands, except per share amounts)
Three Months Ended | Year Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Income Statement |
||||||||||||||||
Contract revenue |
||||||||||||||||
Upstream O&G |
$ | 140,946 | $ | 128,457 | $ | 573,796 | $ | 982,523 | ||||||||
Downstream O&G |
98,210 | 65,374 | 301,104 | 277,250 | ||||||||||||
Utility T&D |
159,340 | | 317,512 | | ||||||||||||
398,496 | 193,831 | 1,192,412 | 1,259,773 | |||||||||||||
Operating expenses |
||||||||||||||||
Upstream O&G |
169,662 | 137,332 | 562,082 | 942,526 | ||||||||||||
Downstream O&G |
146,461 | 66,583 | 376,319 | 276,751 | ||||||||||||
Utility T&D |
169,780 | | 343,967 | | ||||||||||||
485,903 | 203,915 | 1,282,368 | 1,219,277 | |||||||||||||
Operating income (loss) |
||||||||||||||||
Upstream O&G |
(28,716 | ) | (8,875 | ) | 11,714 | 39,997 | ||||||||||
Downstream O&G |
(48,251 | ) | (1,209 | ) | (75,215 | ) | 499 | |||||||||
Utility T&D |
(10,440 | ) | | (26,455 | ) | | ||||||||||
Changes in fair value of earn out liability |
| | 45,340 | | ||||||||||||
Operating income (loss) |
(87,407 | ) | (10,084 | ) | (44,616 | ) | 40,496 | |||||||||
Other expense |
||||||||||||||||
Interest net |
(11,549 | ) | (2,236 | ) | (27,565 | ) | (8,328 | ) | ||||||||
Other net |
1,881 | 838 | 5,474 | 819 | ||||||||||||
(9,668 | ) | (1,398 | ) | (22,091 | ) | (7,509 | ) | |||||||||
Income (loss) from continuing operations before income taxes |
(97,073 | ) | (11,482 | ) | (66,707 | ) | 32,987 | |||||||||
Provision (benefit) for income taxes |
(31,076 | ) | (4,520 | ) | (36,150 | ) | 8,734 | |||||||||
Income (loss) from continuing operations |
(65,997 | ) | (6,962 | ) | (30,557 | ) | 24,253 | |||||||||
Income (loss) from discontinued operations net of provision for income taxes |
(1,465 | ) | (993 | ) | (5,272 | ) | (4,613 | ) | ||||||||
Net income (loss) |
(67,462 | ) | (7,955 | ) | (35,829 | ) | 19,640 | |||||||||
Less: Income attributable to noncontrolling interest |
(305 | ) | (275 | ) | (1,207 | ) | (1,817 | ) | ||||||||
Net income (loss) attributable to Willbros Group, Inc. |
$ | (67,767 | ) | $ | (8,230 | ) | $ | (37,036 | ) | $ | 17,823 | |||||
Reconciliation of net income (loss) attributable to Willbros Group, Inc. |
||||||||||||||||
Income (loss) from continuing operations |
$ | (66,302 | ) | $ | (7,237 | ) | $ | (31,764 | ) | $ | 22,436 | |||||
Income (loss) from discontinued operations |
(1,465 | ) | (993 | ) | (5,272 | ) | (4,613 | ) | ||||||||
Net income (loss) attributable to Willbros Group, Inc. |
$ | (67,767 | ) | $ | (8,230 | ) | $ | (37,036 | ) | $ | 17,823 | |||||
Basic income (loss) per share attributable to Company shareholders: |
||||||||||||||||
Continuing operations |
$ | (1.41 | ) | $ | (0.19 | ) | $ | (0.74 | ) | $ | 0.58 | |||||
Discontinued operations |
$ | (0.03 | ) | (0.03 | ) | (0.12 | ) | (0.12 | ) | |||||||
$ | (1.44 | ) | $ | (0.22 | ) | $ | (0.86 | ) | $ | 0.46 | ||||||
Diluted income (loss) per share attributable to Company shareholders: |
||||||||||||||||
Continuing operations |
$ | (1.41 | ) | $ | (0.19 | ) | $ | (0.74 | ) | $ | 0.58 | |||||
Discontinued operations |
$ | (0.03 | ) | (0.03 | ) | (0.12 | ) | (0.12 | ) | |||||||
$ | (1.44 | ) | $ | (0.22 | ) | $ | (0.86 | ) | $ | 0.46 | ||||||
Cash Flow Data |
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Continuing operations |
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Cash provided by (used in) |
||||||||||||||||
Operating activities |
$ | 38,184 | $ | (26,363 | ) | $ | 58,293 | $ | 57,425 | |||||||
Investing activities |
11,434 | (17,945 | ) | (404,651 | ) | (34,036 | ) | |||||||||
Financing activities |
(9,090 | ) | (2,853 | ) | 291,220 | (35,056 | ) | |||||||||
Foreign exchange effects |
1,622 | 2,990 | 2,402 | 6,135 | ||||||||||||
Discontinued operations |
(1,501 | ) | (669 | ) | (4,847 | ) | (3,546 | ) | ||||||||
Other Data (Continuing Operations) |
||||||||||||||||
Weighted average shares outstanding |
||||||||||||||||
Basic |
47,100 | 38,778 | 43,014 | 38,688 | ||||||||||||
Diluted |
47,100 | 38,778 | 43,014 | 38,883 | ||||||||||||
EBITDA(1) |
$ | (18,038 | ) | $ | 257 | $ | 75,816 | $ | 80,358 | |||||||
Capital expenditures |
4,577 | 2,738 | 18,300 | 13,107 |
WILLBROS
|
Michael W. Collier Vice President Investor Relations Sales & Marketing |
6 of 8 CONTACT: Connie Dever Director Strategic Planning Willbros |
||
A Good Job On Time |
Willbros 713-403-8038 |
713-403-8035 |
Three Months Ended | Year Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Reconciliation of Non-GAAP Financial Measures |
||||||||||||||||
EBITDA (1), (2) |
||||||||||||||||
Net income (loss) from continuing operations attributable to Willbros Group, Inc. |
$ | (66,302 | ) | $ | (7,237 | ) | $ | (31,764 | ) | $ | 22,436 | |||||
Interest net |
11,549 | 2,236 | 27,565 | 8,328 | ||||||||||||
Provision (benefit) for income taxes |
(31,076 | ) | (4,520 | ) | (36,150 | ) | 8,734 | |||||||||
Depreciation and amortization |
19,791 | 9,778 | 56,165 | 40,860 | ||||||||||||
Goodwill impairment |
48,000 | | 60,000 | | ||||||||||||
EBITDA |
(18,038 | ) | 257 | 75,816 | 80,358 | |||||||||||
Changes in fair value of contingent earnout liability |
| | (45,340 | ) | | |||||||||||
DOJ monitor cost |
414 | 2,479 | 4,002 | 2,582 | ||||||||||||
Stock based compensation |
1,749 | 2,300 | 7,957 | 9,549 | ||||||||||||
Restructuring and reorganization costs |
3,073 | 4,487 | 3,771 | 12,694 | ||||||||||||
Acquisition related costs |
143 | 1,557 | 10,055 | 2,499 | ||||||||||||
(Gains) losses on sales of equipment |
(1,745 | ) | (619 | ) | (3,538 | ) | (1,082 | ) | ||||||||
Noncontrolling interest |
305 | 275 | 1,207 | 1,817 | ||||||||||||
Adjusted EBITDA (2) |
$ | (14,099 | ) | $ | 10,736 | $ | 53,930 | $ | 108,417 | |||||||
Net income (loss) before special items (3) |
||||||||||||||||
Net income (loss), continuing operations |
$ | (66,302 | ) | $ | (7,237 | ) | $ | (31,764 | ) | $ | 22,436 | |||||
Changes in fair value of contingent earnout liability |
| | (45,340 | ) | | |||||||||||
Goodwill impairment, net of tax |
28,800 | | 36,000 | | ||||||||||||
Net income (loss), continuing operations before special items |
$ | (37,502 | ) | $ | (7,237 | ) | $ | (41,104 | ) | $ | 22,436 | |||||
Net income from continuing operations applicable to common shares (numerator for
diluted calculation) before special items |
||||||||||||||||
Net income (loss), continuing operations |
$ | (66,302 | ) | $ | (7,237 | ) | $ | (31,764 | ) | $ | 22,436 | |||||
Net income (loss), continuing operations before special items |
$ | (37,502 | ) | $ | (7,237 | ) | $ | (41,104 | ) | $ | 22,436 | |||||
Diluted income (loss) before special items (3) |
||||||||||||||||
Continuing operations |
$ | (1.41 | ) | $ | (0.19 | ) | $ | (0.74 | ) | $ | 0.58 | |||||
Income (loss) per share before special items |
$ | (0.80 | ) | $ | (0.19 | ) | $ | (0.96 | ) | $ | 0.58 | |||||
Fully Diluted Shares |
||||||||||||||||
Diluted shares as reported |
47,100 | 38,778 | 43,014 | 38,688 | ||||||||||||
Diluted shares before special items |
47,100 | 38,778 | 43,014 | 38,688 |
12/31/2010 | 9/30/2010 | 6/30/2010 | 3/31/2010 | |||||||||||||
Balance Sheet Data |
||||||||||||||||
Cash and cash equivalents |
$ | 141,101 | $ | 100,452 | $ | 226,727 | $ | 190,392 | ||||||||
Working capital |
269,500 | 218,401 | 239,215 | 232,037 | ||||||||||||
Total assets |
1,285,802 | 1,342,153 | 767,828 | 720,317 | ||||||||||||
Total debt |
387,933 | 394,995 | 109,010 | 112,769 | ||||||||||||
Stockholders equity |
523,540 | 582,342 | 484,269 | 477,808 | ||||||||||||
Backlog Data (4) |
||||||||||||||||
Total By Reporting Segment |
||||||||||||||||
Upstream O&G |
$ | 653,671 | $ | 685,076 | $ | 324,396 | $ | 347,700 | ||||||||
Downstream O&G |
107,077 | 138,443 | 104,842 | 132,483 | ||||||||||||
Utility T&D |
1,415,279 | 1,489,880 | | | ||||||||||||
Total Backlog |
$ | 2,176,027 | $ | 2,313,399 | $ | 429,238 | $ | 480,183 | ||||||||
Total Backlog By Geographic Area |
||||||||||||||||
North America |
$ | 2,125,830 | $ | 2,267,745 | $ | 383,054 | $ | 436,058 | ||||||||
Middle East & North Africa |
45,728 | 40,674 | 46,184 | 44,125 | ||||||||||||
Other International |
4,469 | 4,980 | | | ||||||||||||
Total Backlog |
$ | 2,176,027 | $ | 2,313,399 | $ | 429,238 | $ | 480,183 | ||||||||
12 Month Backlog |
$ | 946,315 | $ | 1,037,368 | $ | 429,238 | $ | 480,183 | ||||||||
WILLBROS
|
Michael W. Collier Vice President Investor Relations Sales & Marketing |
7 of 8 CONTACT: Connie Dever Director Strategic Planning Willbros |
||
A Good Job On Time |
Willbros 713-403-8038 |
713-403-8035 |
(1) | EBITDA is earnings before net interest, income taxes and depreciation and amortization
and intangible asset impairments. EBITDA as presented may not be comparable to other
similarly titled measures reported by other companies. The Company believes EBITDA is a
useful measure of evaluating its financial performance because of its focus on the Companys
results from operations before net interest, income taxes, depreciation and amortization.
EBITDA is not a measure of financial performance under U.S. generally accepted accounting
principles. However, EBITDA is a common alternative measure of operating performance used by
investors, financial analysts and rating agencies. A reconciliation of EBITDA to net income
is included in the exhibit to this release. |
|
(2) | Adjusted EBITDA is defined as earnings before net interest, income taxes and depreciation
and amortization and intangible asset impairments, as adjusted for other items that
management considers to be non-recurring, unusual or not indicative of our core operating
performance. Management uses Adjusted EBITDA for comparing normalized operating results with
corresponding historical periods and with the operational performance of other companies in
our industry and presentations made to our analysts, investment banks and other members of
the financing community who use this information in order to make investing decisions about
us. Most of the adjustments reflected in Adjusted EBITDA are also included in performance
metrics under our credit facilities and other financing arrangements. However, Adjusted
EBITDA is not a financial measurement recognized under U.S. generally accepted accounting
principles. Because not all companies use identical calculations, our presentation of
Adjusted EBITDA may not be comparable to similarly titled measures of other companies. |
|
(3) | Net income (loss), continuing operations before special items, a non-GAAP financial
measure, excludes special items that management believes affect the comparison of results
for the periods presented. Management also believes results excluding these items are more
comparable to estimates provided by securities analysts and therefore are useful in
evaluating operational trends of the Company and its performance relative to other
engineering and construction companies. |
|
(4) | Backlog is anticipated contract revenue from projects for which award is either in hand or
reasonably assured. |
###
WILLBROS
|
Michael W. Collier Vice President Investor Relations Sales & Marketing |
8 of 8 CONTACT: Connie Dever Director Strategic Planning Willbros |
||
A Good Job On Time |
Willbros 713-403-8038 |
713-403-8035 |