HOUSTON, May 2, 2016 /PRNewswire/ -- Willbros Group, Inc.
(NYSE: WG) today announced financial and operating results for the
first quarter of 2016. The Company reported a net loss of
$15.2 million, or $(0.25) per diluted share, in the first quarter
of 2016 on revenue of $199.0 million,
compared to a net loss of $9.8
million, or $(0.20) per
diluted share, in the first quarter of 2015 on revenue of
$250.4 million. Net loss before
special items was $9.2 million, or
$(0.16) per diluted share, in the
first quarter of 2016, compared to a net loss before special
items in the first quarter of 2015 of $28.6 million, or $(0.57) per diluted share, and a $17.3 million net loss before special items, or
$(0.28) per diluted share, in the
fourth quarter of 2015.
An operating loss of $9.5 million
in the first quarter of 2016 compares to a $21.3 million operating loss in the first quarter
of 2015, an $11.8 million
improvement. The Company's first quarter of 2016 operating results
include a $0.7 million loss related
to a business that we have exited and $3.7
million of other charges primarily related to equipment and
facility lease abandonment charges. Excluding these special items,
the operating loss before special items was $5.1 million in the first quarter of 2016, which
was a $1.8 million improvement from
the Company's operating loss before special items of $6.9 million in the fourth quarter of 2015.
Adjusted EBITDA from continuing operations before special items for
the first quarter of 2016 was $0.8
million, a $3.9 million
improvement from Adjusted EBITDA from continuing operations before
special items in the fourth quarter of 2015.
Michael J. Fournier, President
and CEO, commented, "As we expected, our first quarter operating
loss before special items showed a slight sequential improvement
from the fourth quarter of 2015. Operating income before special
items generated by our Utility T&D segment was partially
offset by operating losses before special items in our Oil &
Gas and Canada
segments. The energy sector remains challenging as our customers
balance their capital and maintenance spend versus liquidity
concerns. Conversely, the utility transmission and distribution
market remains strong. We continue to assess our revenue
opportunities to appropriately adjust our cost structure. In
addition, we remain focused on building backlog with our twelve
month backlog up 6% whereas our total backlog at March 31, 2016 was down 5% from our year-end 2015
level."
Included in this press release are certain non-GAAP financial
measures, including revenue, operating income (loss), net income
(loss) and Adjusted EBITDA from continuing operations before
special items. A related reconciliation of each of these
non-GAAP measures is included in the accompanying schedules.
Backlog
At March 31, 2016, Willbros
reported total backlog of $783.3
million compared to $826.8
million at December 31, 2015.
Twelve month backlog of $457.3
million at March 31, 2016
increased $25.1 million, or
approximately 6%, from December 31,
2015 as both Oil & Gas and Utility T&D
showed positive gains.
Segment Operating Results
Utility T&D before special items
Utility T&D reported revenue of approximately
$97.3 million for the first quarter
of 2016, virtually flat compared to the fourth quarter of 2015. For
the first quarter of 2016, the Utility T&D segment
reported operating income of $2.5
million compared to an operating loss of $1.5 million in the fourth quarter of 2015.
Oil & Gas before special items
For the first quarter of 2016, the Oil & Gas segment
generated revenue of $58.7 million
and an operating loss of $6.5
million, a $0.9 million
increase in operating loss from the fourth quarter of 2015 when
this segment generated $76.6 million
in revenue. The revenue decline was primarily due to lower activity
in our pipeline and northeast business units, with the
corresponding margin loss contributing to the operating
loss.
Canada before special
items
Canada reported revenue of
$42.5 million for the first quarter
of 2016, virtually identical to the fourth quarter of 2015. For the
first quarter of 2016, the Canada segment generated an operating loss
of $1.0 million compared to operating
income of $0.2 million in the fourth
quarter of 2015. Operating loss in the first quarter of 2016 was
impacted by lower gross contract margins in the fabrication
business and a reduction in gains on equipment sales.
Liquidity and Debt
Total liquidity (defined as cash and cash equivalents plus
revolver availability) was $83.8
million at March 31, 2016
including $51.7 million of cash and
cash equivalents. There were no revolver borrowings at March 31, 2016 and currently there are none.
During the first quarter of 2016, the Company used proceeds from
a small asset sale to make a $3.1
million term loan payment. At March
31, 2016, the principal amount due on this debt facility was
$92.2 million.
Guidance
Van Welch, Willbros Chief
Financial Officer, commented, "Both our Oil & Gas and Canadian
businesses continue to face difficult challenges in this current
market and visibility into the latter half of the year is not
clear. Therefore, for 2016, we now expect annual revenue to range
between $825 million to $900 million.
Near term, we expect the second quarter of 2016 revenues and
operating income before special items to improve over the first
quarter of 2016. In conjunction with our lower revenue expectation,
we have initiated actions to reduce our indirect,
equipment and SG&A costs by $9 - $10
million for the remainder of the year. We anticipate
recording other charges primarily related to employee
severance costs and equipment impairment charges totaling
$2.0 million during the second
quarter of 2016."
Conference Call
In conjunction with this release, Willbros has scheduled a
conference call, which will be broadcast live over the Internet, on
Tuesday, May 3, 2016 at 10:00 a.m. Eastern Time (9:00 a.m. Central Time).
What:
|
Willbros First
Quarter 2016 Earnings Conference Call
|
When:
|
Tuesday, May 3, 2016
- 10:00 a.m. Eastern Time (9:00 a.m. Central Time)
|
How:
|
Live via phone - By
dialing 877-404-9648 or 412-902-0030 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 investor relations home page.
|
For those who cannot listen to the live call, a replay will be
available through May 10, 2016 and
may be accessed by calling 877-660-6853 or 201-612-7415 using pass
code 13636365#. Also, an archive of the webcast will be
available shortly after the call on
www.willbros.com.
Willbros is a specialty energy infrastructure contractor serving
the oil and gas and power industries with offerings that primarily
include construction, maintenance and facilities development
services. For more information on Willbros, please visit our web
site at www.willbros.com.
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 unanticipated accounting or other issues regarding any
material weaknesses in internal control over financial reporting;
inability of the Company or its independent auditor to confirm
relevant information or data; unanticipated issues that prevent or
delay the Company's independent auditor from completing its review
of financial statements or that require additional efforts,
procedures or review; the untimely filing of financial statements;
pending and potential investigations and lawsuits; the
identification of one or more issues that require restatement of
one or more other prior period financial statements; ability to
remain in compliance with, or obtain additional waivers or
amendments under, the Company's existing loan agreements; the
existence of other material weaknesses in internal control over
financial reporting; contract and billing disputes; availability of
quality management; availability and terms of capital; changes in,
or the failure to comply with, government regulations; 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; development trends of the oil, gas, and power
industries; as well as other risk factors described from time to
time in the Company's 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, except as may be required
by law.
CONTACT:
Stephen W. Breitigam
VP Investor Relations
Willbros
713-403-8172
SCHEDULES TO FOLLOW
WILLBROS GROUP,
INC.
|
(In thousands,
except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
|
|
|
|
2016
|
|
2015
|
Income
Statement
|
|
|
|
|
|
Contract
revenue
|
|
|
|
|
|
|
Oil &
Gas
|
|
$ 59,335
|
|
$ 76,440
|
|
|
Utility
T&D
|
|
97,289
|
|
86,986
|
|
|
Canada
|
|
42,492
|
|
87,009
|
|
|
Eliminations
|
|
(86)
|
|
(81)
|
|
|
|
|
|
199,030
|
|
250,354
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
Oil &
Gas
|
|
68,412
|
|
87,415
|
|
|
Utility
T&D
|
|
96,085
|
|
91,846
|
|
|
Canada
|
|
44,080
|
|
88,524
|
|
|
Unallocated Corporate
Costs
|
|
-
|
|
3,935
|
|
|
Eliminations
|
|
(86)
|
|
(81)
|
|
|
|
|
|
208,491
|
|
271,639
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
|
|
|
|
|
Oil &
Gas
|
|
(9,077)
|
|
(10,975)
|
|
|
Utility
T&D
|
|
1,204
|
|
(4,860)
|
|
|
Canada
|
|
(1,588)
|
|
(1,515)
|
|
|
Unallocated Corporate
Costs
|
|
-
|
|
(3,935)
|
|
Operating
loss
|
|
(9,461)
|
|
(21,285)
|
|
|
|
|
|
|
|
|
|
Non-operating
expenses
|
|
|
|
|
|
|
Interest expense,
net
|
|
(3,547)
|
|
(8,297)
|
|
|
Debt covenant
suspension and extinguishment charges
|
|
(63)
|
|
(35,869)
|
|
|
Other, net
|
|
(60)
|
|
(97)
|
|
|
|
|
|
(3,670)
|
|
(44,263)
|
|
Loss from continuing
operations before income taxes
|
|
(13,131)
|
|
(65,548)
|
|
Provision (benefit)
for income taxes
|
|
167
|
|
(20,604)
|
|
Loss from continuing
operations
|
|
(13,298)
|
|
(44,944)
|
|
Income (loss) from
discontinued operations net of provision for income
taxes
|
|
(1,853)
|
|
35,120
|
|
Net loss
|
|
|
$ (15,151)
|
|
$
(9,824)
|
|
|
|
|
|
|
|
|
|
Basic income (loss)
per share attributable to Company shareholders:
|
|
|
|
|
|
|
Continuing
operations
|
|
$ (0.22)
|
|
$
(0.90)
|
|
|
Discontinued
operations
|
|
(0.03)
|
|
0.70
|
|
|
|
|
|
$ (0.25)
|
|
$
(0.20)
|
|
|
|
|
|
|
|
|
|
Diluted income (loss)
per share attributable to Company shareholders:
|
|
|
|
|
|
|
Continuing
operations
|
|
$ (0.22)
|
|
$
(0.90)
|
|
|
Discontinued
operations
|
|
(0.03)
|
|
0.70
|
|
|
|
|
|
$ (0.25)
|
|
$
(0.20)
|
|
|
|
|
|
|
|
|
Cash Flow
Data
|
|
|
|
|
Continuing
operations
|
|
|
|
|
|
Cash provided by
(used in)
|
|
|
|
|
|
|
Operating
activities
|
|
$ 2,364
|
|
$ 34,672
|
|
|
Investing
activities
|
|
(882)
|
|
84,875
|
|
|
Financing
activities
|
|
(5,433)
|
|
(66,005)
|
|
|
Foreign exchange
effects
|
|
587
|
|
(834)
|
Discontinued
operations
|
|
(3,782)
|
|
(36,993)
|
|
|
|
|
|
|
|
|
Other Data
(Continuing Operations)
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
|
|
|
|
|
Basic
|
|
|
60,756
|
|
49,819
|
|
|
Diluted
|
|
60,756
|
|
49,819
|
|
Adjusted EBITDA from
continuing operations(1)
|
|
$ 96
|
|
$
(9,980)
|
|
Purchases of
property, plant and equipment
|
|
492
|
|
1,296
|
|
|
|
|
|
|
|
|
Reconciliation of
Non-GAAP Financial Measure
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA from
continuing operations (1)
|
|
|
|
|
|
|
Loss from continuing
operations
|
|
$ (13,298)
|
|
$ (44,944)
|
|
|
Interest expense,
net
|
|
3,547
|
|
8,297
|
|
|
Provision for income
taxes
|
|
167
|
|
(20,604)
|
|
|
Depreciation and
amortization
|
|
5,688
|
|
7,445
|
|
|
Debt covenant
suspension and extinguishment charges
|
|
63
|
|
35,869
|
|
|
Stock based
compensation
|
|
1,293
|
|
1,612
|
|
|
Restructuring and
reorganization costs
|
|
3,352
|
|
283
|
|
|
Accounting and legal
fees associated with the restatements
|
|
35
|
|
476
|
|
|
Loss on sale of
subsidiary
|
|
123
|
|
-
|
|
|
(Gain) loss on
disposal of property and equipment
|
|
(874)
|
|
1,586
|
|
|
Adjusted EBITDA from
continuing operations(1)
|
|
$ 96
|
|
$
(9,980)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet
Data
|
|
March 31,
2016
|
|
December 31,
2015
|
|
Cash and cash
equivalents
|
|
$ 51,686
|
|
$ 58,832
|
|
Working
capital
|
|
106,304
|
|
120,430
|
|
Total
assets
|
|
431,372
|
|
441,577
|
|
Total debt
|
|
90,617
|
|
95,623
|
|
Stockholders'
equity
|
|
165,682
|
|
177,400
|
|
|
|
|
|
|
|
|
Backlog Data
(2)
|
|
|
|
|
|
Total Backlog By
Reporting Segment
|
|
|
|
|
|
|
Oil &
Gas
|
|
$ 71,314
|
|
$ 48,810
|
|
|
Utility
T&D
|
|
595,620
|
|
622,629
|
|
|
Canada
|
|
116,352
|
|
155,379
|
|
Total
Backlog
|
|
$783,286
|
|
$ 826,818
|
|
|
|
|
|
|
|
|
|
Total Backlog By
Geographic Area
|
|
|
|
|
|
|
United
States
|
|
$666,934
|
|
$ 671,439
|
|
|
Canada
|
|
116,352
|
|
155,379
|
|
Total
Backlog
|
|
$783,286
|
|
$ 826,818
|
|
|
|
|
|
|
|
|
|
12 Month Backlog by
Reporting Segment
|
|
|
|
|
|
|
Oil &
Gas
|
|
$ 69,514
|
|
$ 46,810
|
|
|
Utility
T&D
|
|
296,278
|
|
274,610
|
|
|
Canada
|
|
91,503
|
|
110,797
|
|
12 Month
Backlog
|
|
$457,295
|
|
$ 432,217
|
|
|
|
|
|
|
|
|
|
12 Month Backlog By
Geographic Area
|
|
|
|
|
|
|
United
States
|
|
$365,792
|
|
$ 321,420
|
|
|
Canada
|
|
91,503
|
|
110,797
|
|
12 Month
Backlog
|
|
$457,295
|
|
$ 432,217
|
|
|
(1)
|
Adjusted EBITDA from
continuing operations is defined as income (loss) from continuing
operations before interest expense, income tax expense (benefit)
and depreciation and amortization, adjusted for items broadly
consisting of selected items which management does not consider
representative of our ongoing operations and certain non-cash items
of the Company. Management uses Adjusted EBITDA from
continuing operations as a supplemental performance measure for
comparing normalized operating results with corresponding
historical periods and with the operational performance of other
companies in our industry and for presentations made to analysts,
investment banks and other members of the financial community who
use this information in order to make investment decisions about
us.
|
|
|
|
Adjusted EBITDA from
continuing operations is not a financial measurement recognized
under U.S. generally accepted accounting principles, or U.S.
GAAP. When analyzing our operating performance, investors
should use Adjusted EBITDA from continuing operations in addition
to, and not as an alternative for, net income, operating income, or
any other performance measure derived in accordance with U.S. GAAP,
or as an alternative to cash flow from operating activities as a
measure of our liquidity. Because all companies do not use
identical calculations, our presentation of Adjusted EBITDA from
continuing operations may be different from similarly titled
measures of other companies.
|
|
|
(2)
|
Backlog is
anticipated contract revenue from uncompleted portions of existing
contracts and contracts whose award is reasonably assured.
Master Service Agreement ("MSA") backlog is estimated for the
remaining term of the contract. MSA backlog is determined
based on historical trends inherent in the MSAs, factoring in
seasonal demand and projecting customer needs based on ongoing
communications. Backlog is not a term recognized under U.S.
GAAP; however, it is a common measurement used in our
industry.
|
Supplemental
Schedule of Special Items
|
|
|
Three Months Ended
March 31, 2016 (In
thousands)
|
|
|
|
|
|
|
|
|
|
|
Oil &
Gas
|
Utility
T&D
|
Canada
|
Unallocated
Corporate Costs
|
Gain On Sale Of
Subsidiary
|
Eliminations
|
Consolidated
|
Contract revenue
before special items (1)
|
|
|
|
|
|
|
|
|
|
Contract revenue, as
reported
|
|
|
$ 59,335
|
$ 97,289
|
$ 42,492
|
$
-
|
$
-
|
$
(86)
|
$ 199,030
|
Contract revenue,
exited subsidiaries (2)
|
|
|
(645)
|
-
|
-
|
-
|
-
|
-
|
(645)
|
Contract revenue
before special items
|
|
|
$ 58,690
|
$ 97,289
|
$ 42,492
|
$
-
|
$
-
|
$
(86)
|
$ 198,385
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss) before special items (1)
|
|
|
|
|
|
|
|
|
|
Operating income
(loss), as reported
|
|
|
$ (9,077)
|
$ 1,204
|
$ (1,588)
|
$
-
|
$
-
|
$
-
|
$
(9,461)
|
Operating loss,
exited subsidiaries (2)
|
|
|
702
|
-
|
-
|
-
|
-
|
-
|
702
|
Other
charges
|
|
|
1,828
|
1,294
|
566
|
-
|
-
|
-
|
3,688
|
Operating income
(loss) before special items
|
|
|
$ (6,547)
|
$ 2,498
|
$ (1,022)
|
$
-
|
$
-
|
$
-
|
$
(5,071)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2015 (In thousands)
|
|
|
|
|
|
|
|
|
|
|
Oil &
Gas
|
Utility
T&D
|
Canada
|
Unallocated
Corporate Costs
|
Gain On Sale Of
Subsidiary
|
Eliminations
|
Consolidated
|
Contract revenue
before special items (1)
|
|
|
|
|
|
|
|
|
|
Contract revenue, as
reported
|
|
|
$ 77,863
|
$ 97,282
|
$ 42,586
|
$
-
|
$
-
|
$
(71)
|
$ 217,660
|
Contract revenue,
exited subsidiaries (2)
|
|
|
(1,285)
|
(156)
|
-
|
-
|
-
|
-
|
(1,441)
|
Contract revenue
before special items
|
|
|
$ 76,578
|
$ 97,126
|
$ 42,586
|
$
-
|
$
-
|
$
(71)
|
$ 216,219
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss) before special items (1)
|
|
|
|
|
|
|
|
|
|
Operating income
(loss), as reported
|
|
|
$(12,895)
|
$ (4,548)
|
$ (791)
|
$
-
|
$ 12,826
|
$
-
|
$
(5,408)
|
Operating loss,
exited subsidiaries (2)
|
|
|
3,046
|
3
|
-
|
-
|
-
|
-
|
3,049
|
Other
charges
|
|
|
4,166
|
3,079
|
1,024
|
-
|
-
|
-
|
8,269
|
Gain on sale of
subsidiary
|
|
|
-
|
-
|
-
|
-
|
(12,826)
|
-
|
(12,826)
|
Operating income
(loss) before special items
|
|
|
$ (5,683)
|
$ (1,466)
|
$ 233
|
$
-
|
$
-
|
$
-
|
$
(6,916)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2015 (In
thousands)
|
|
|
|
|
|
|
|
|
|
|
Oil &
Gas
|
Utility
T&D
|
Canada
|
Unallocated
Corporate Costs
|
Gain On Sale Of
Subsidiary
|
Eliminations
|
Consolidated
|
Contract revenue
before special items (1)
|
|
|
|
|
|
|
|
|
|
Contract revenue, as
reported
|
|
|
$ 76,440
|
$ 86,986
|
$ 87,009
|
$
-
|
$
-
|
$
(81)
|
$ 250,354
|
Contract revenue,
exited subsidiaries (2)
|
|
|
(35,128)
|
(2,842)
|
-
|
-
|
-
|
-
|
(37,970)
|
Contract revenue
before special items
|
|
|
$ 41,312
|
$ 84,144
|
$ 87,009
|
$
-
|
$
-
|
$
(81)
|
$ 212,384
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss) before special items (1)
|
|
|
|
|
|
|
|
|
|
Operating income
(loss), as reported
|
|
|
$(10,975)
|
$ (4,860)
|
$ (1,515)
|
$ (3,935)
|
$
-
|
$
-
|
$ (21,285)
|
Operating (income)
loss, exited subsidiaries (2)
|
|
|
47
|
(132)
|
-
|
-
|
-
|
-
|
(85)
|
Other
charges
|
|
|
829
|
692
|
692
|
797
|
-
|
-
|
3,010
|
Operating loss before
special items
|
|
|
$(10,099)
|
$ (4,300)
|
$ (823)
|
$ (3,138)
|
$
-
|
$
-
|
$ (18,360)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA from
continuing operations before special items
(1)
|
|
|
Q1
2016
|
Q4
2015
|
Q1
2015
|
|
|
|
|
Adjusted EBITDA from
continuing operations, as reported
|
|
|
$ 96
|
$ (3,634)
|
$ (9,980)
|
|
|
|
|
Adjusted EBITDA from
continuing operations, exited subsidiaries
(2)
|
|
|
684
|
518
|
(1,062)
|
|
|
|
|
Adjusted EBITDA from
continuing operations before special items
|
|
|
$ 780
|
$ (3,116)
|
$(11,042)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
continuing operations before special items
(1)
|
|
|
Q1
2016
|
Q4
2015
|
Q1
2015
|
|
|
|
|
Income (loss) from
continuing operations, as reported
|
|
|
$(13,298)
|
$ 19,209
|
$(44,944)
|
|
|
|
|
(Income) loss from
continuing operations, exited subsidiaries
(2)
|
|
|
702
|
3,049
|
(85)
|
|
|
|
|
Other
charges
|
|
|
3,688
|
8,269
|
3,010
|
|
|
|
|
Gain on sale of
subsidiary
|
|
|
-
|
(12,826)
|
-
|
|
|
|
|
Debt covenant
suspension and extinguishment charges
|
|
|
63
|
2,066
|
35,869
|
|
|
|
|
Interest expense,
net
|
|
|
-
|
1,154
|
-
|
|
|
|
|
Benefit for income
taxes (3)
|
|
|
-
|
(34,664)
|
(20,921)
|
|
|
|
|
Loss from continuing
operations before special items
|
|
|
$ (8,845)
|
$ (13,743)
|
$(27,071)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
discontinued operations before special items
(1)
|
|
|
Q1
2016
|
Q4
2015
|
Q1
2015
|
|
|
|
|
Income (loss) from
discontinued operations, as reported
|
|
|
$ (1,853)
|
$ 58,183
|
$ 35,120
|
|
|
|
|
Other
charges
|
|
|
-
|
-
|
940
|
|
|
|
|
(Gain) loss on sale
of subsidiaries
|
|
|
1,545
|
(96,427)
|
(58,549)
|
|
|
|
|
Provision for income
taxes (3)
|
|
|
-
|
34,664
|
20,921
|
|
|
|
|
Loss from
discontinued operations before special items
|
|
|
$ (308)
|
$ (3,580)
|
$ (1,568)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss before
special items (1)
|
|
|
Q1
2016
|
Q4
2015
|
Q1
2015
|
|
|
|
|
Net income (loss), as
reported
|
|
|
$(15,151)
|
$ 77,392
|
$ (9,824)
|
|
|
|
|
(Income) loss from
continuing operations, exited subsidiaries (2)
|
|
|
702
|
3,049
|
(85)
|
|
|
|
|
Other
charges
|
|
|
3,688
|
8,269
|
3,950
|
|
|
|
|
(Gain) loss on sale
of subsidiaries
|
|
|
1,545
|
(109,253)
|
(58,549)
|
|
|
|
|
Debt covenant
suspension and extinguishment charges
|
|
|
63
|
2,066
|
35,869
|
|
|
|
|
Interest expense,
net
|
|
|
-
|
1,154
|
-
|
|
|
|
|
Provision (benefit)
for income taxes
|
|
|
-
|
-
|
-
|
|
|
|
|
Net loss, before
special items
|
|
|
$ (9,153)
|
$ (17,323)
|
$(28,639)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted loss per
share attributable to Company shareholders before special items
(1)
|
|
|
Q1
2016
|
Q4
2015
|
Q1
2015
|
|
|
|
|
Diluted income (loss)
per share attributable to Company shareholders, as
reported
|
|
|
$ (0.25)
|
$ 1.28
|
$ (0.20)
|
|
|
|
|
(Income) loss from
continuing operations, exited subsidiaries (2)
|
|
|
-
|
0.04
|
-
|
|
|
|
|
Other
charges
|
|
|
0.06
|
0.14
|
0.09
|
|
|
|
|
(Gain) loss on sale
of subsidiaries
|
|
|
0.03
|
(1.79)
|
(1.18)
|
|
|
|
|
Debt covenant
suspension and extinguishment charges
|
|
|
0.00
|
0.03
|
0.72
|
|
|
|
|
Interest expense,
net
|
|
|
-
|
0.02
|
-
|
|
|
|
|
Provision (benefit)
for income taxes
|
|
|
-
|
-
|
-
|
|
|
|
|
Diluted loss per
share attributable to Company shareholders before special
items
|
|
|
$ (0.16)
|
$ (0.28)
|
$ (0.57)
|
|
|
|
|
|
(1) Contract revenue
before special items, operating income (loss) before special items,
Adjusted EBITDA from continuing operations before special items,
Income (loss) from continuing operations before special items,
Income (loss) from discontinued operations before special items,
Net loss before special items and Diluted loss per share
attributable to Company shareholders before special items are
non-GAAP financial measures that exclude 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 construction
companies. In addition, management believes results excluding
these items are more indicative of the future operating prospects
for Willbros as a consolidated company in 2016.
|
|
(2) Contract revenue,
exited subsidiaries, operating income (loss), exited subsidiaries,
Adjusted EBITDA from continuing operations, exited subsidiaries and
(Income) loss from continuing operations, exited subsidiaries
relate to the Company's historical Downstream Oil & Gas
(including Fabrication services sold in the first quarter of 2016),
Regional Delivery and Bemis subsidiaries. They are non-GAAP
financial measures that exclude 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 construction
companies. In addition, management believes results excluding
these items are more indicative of the future operating prospects
for Willbros as a consolidated company in 2016.
|
|
(3) The Company
recorded a provision for income taxes on discontinued operations in
connection with the 2015 gains on sale of the Professional Services
segment and its historical subsidiaries. The provision for
income taxes in discontinued operations was fully offset with a
benefit for income taxes in continuing operations through the
utilization of prior year net operating losses. The net
effect on the Company's consolidated financial results was
$-0-.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/willbros-reports-first-quarter-2016-results-300261383.html
SOURCE Willbros Group, Inc.