CLARIFICATION of Babcock & Wilcox Announces Preliminary Unaudited Q4 and Full Year 2019 Results
March 12 2020 - 1:55PM
Business Wire
Babcock & Wilcox Enterprises, Inc. (NYSE:BW) (B&W or the
“Company”) today announced a clarification to its press release
NewsItemId: 20200312005314 issued at 6:45 a.m. EDT on March 12,
2020, entitled "Babcock & Wilcox Announces Preliminary
Unaudited Q4 and Full Year 2019 Results" regarding its preliminary,
unaudited fourth quarter 2019 and full-year 2019 financial
results.
The Company clarifies that it anticipates the first quarter of
2020 will be profitable on a GAAP operating income basis subject to
the timing of the settlement of certain project-related insurance
recoveries.
The information provided regarding preliminary, unaudited fourth
quarter 2019 and full-year 2019 financial results is unaffected by
this clarification.
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Forward-Looking Statements
B&W cautions that this release contains forward-looking
statements, including, without limitation, statements relating to
our expected first quarter 2020 results of operations. These
forward-looking statements are based on management’s current
expectations and involve a number of risks and uncertainties,
including, among other things, our ability to continue as a going
concern; our recognition of any asset impairments as a result of
any decline in the value of our assets or our efforts to dispose of
any assets in the future; our ability to obtain and maintain
sufficient financing to provide liquidity to meet our business
objectives, surety bonds, letters of credit and similar financing;
our ability to satisfy, or if required, obtain waivers of the
requirements under the credit agreement governing our revolving
credit facility and term loans; our ability to refinance our
obligations under such credit agreement in a timely manner, if at
all; our ability to obtain waivers of required pension
contributions beginning with contributions for fiscal year 2019;
the highly competitive nature of our businesses, and our ability to
successfully compete with our current and future competitors;
general economic and business conditions, including changes in
interest rates and currency exchange rates; fluctuations and
volatility in global financial markets, such as the recent
substantial decline in oil prices; technological and regulatory
developments in the energy industry and our ability to evolve with
these trends; cancellations of and adjustments to backlog and the
resulting impact from using backlog as an indicator of future
earnings; our ability to perform contracts on time and on budget,
in accordance with the schedules and terms established by the
applicable contracts with customers; failure by third-party
subcontractors, partners or suppliers to perform their obligations
on time and as specified; our ability to successfully resolve
claims by vendors for goods and services provided and claims by
customers for items under warranty; our ability to realize
anticipated savings and operational benefits from our restructuring
plans and other cost-savings initiatives; our ability to
successfully address productivity and schedule issues in our Vølund
& Other Renewable segment, including the ability to complete
our European EPC projects within the expected time frame and the
estimated costs; our ability to successfully partner with third
parties to win and execute contracts within our SPIG and Vølund
& Other Renewable segments; changes in our effective tax rate
and tax positions, including the limitation on our ability to use
our net operating loss carryforwards and other tax assets as a
result of our recent ownership change under Section 382 of the
Internal Revenue Code; our ability to maintain operational support
for our information systems against service outages and data
corruption, as well as protection against cyber-based network
security breaches and theft of data; our ability to protect our
intellectual property and renew licenses to use intellectual
property of third parties; our use of the percentage-of-completion
method of accounting to recognize revenue over time; our ability to
successfully manage research and development projects and costs,
including our efforts to successfully develop and commercialize new
technologies and products; the operating risks normally incident to
our lines of business, including professional liability, product
liability, warranty and other claims against us; changes in, or our
failure or inability to comply with, laws and government
regulations; actual or anticipated changes in governmental
regulation, including trade and tariff policies; difficulties we
may encounter in obtaining regulatory or other necessary permits or
approvals; changes in, and liabilities relating to, existing or
future environmental regulatory matters; changes in actuarial
assumptions and market fluctuations that affect our net pension
liabilities and income; potential violations of the Foreign Corrupt
Practices Act; the loss of key personnel and the continued
availability of qualified personnel; the timing and ability to
obtain project-related insurance recoveries against certain of our
subcontractors and other contractual counterparties; our ability to
negotiate and maintain good relationships with labor unions;
changes in pension and medical expenses associated with our
retirement benefit programs; social, political, competitive and
economic situations in foreign countries where we do business or
seek new business; the risks of pandemics or other public health
emergencies, including the continued spread and impact of, and the
governmental and third party response to, the recent coronavirus
outbreak; the possibilities of war, other armed conflicts or
terrorist attacks; the willingness of customers and suppliers to
continue to do business with us on reasonable terms and conditions;
and our ability to successfully consummate strategic alternatives
for non-core assets, if we decide to pursue them. If one or more of
these risks or other risks materialize, actual results may vary
materially from those expressed. For a more complete discussion of
these and other risk factors that may impact the accuracy of the
forward-looking statements contained in this release, see B&W’s
filings with the Securities and Exchange Commission, including our
most recent annual report on Form 10-K. B&W cautions not to
place undue reliance on these forward-looking statements, which
speak only as of the date of this release, and B&W undertakes
no obligation to update or revise any forward-looking statement,
except to the extent required by applicable law.
About B&W Enterprises
Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises
is a global leader in energy and environmental technologies and
services for the power and industrial markets. Follow us on Twitter
@BabcockWilcox and learn more at www.babcock.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20200312005688/en/
Investor Contact: Megan Wilson Vice President, Corporate
Development & Investor Relations Babcock & Wilcox
Enterprises 704.625.4944 | investors@babcock.com
Media Contact: Ryan Cornell Public Relations Babcock
& Wilcox Enterprises 330.860.1345 | rscornell@babcock.com
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