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BirdConstructionInc.AnnouncesImprovedThirdQuarter2011FinancialResultsandDeclaresDividendsforthe
MonthsofNovember2011,December2011,January2012andFebruary2012
BirdConstructionInc.CanadaNewsWire
1080words
10November2011
17:33
CanadaNewsWire
CNNW
English
Copyright2011CanadaNewsWireLtd.Allrightsreserved.

LISTING:TORONTOSTOCKEXCHANGE
SYMBOL:BDT
TORONTO,Nov.10,2011/CNW/
HIGHLIGHTS:
*Improvedthirdquarternetincomeof$9.5milliononconstructionrevenueof$278.6million,reflectingimprovedmarginsandonemonth'scontributionofH.J.
O'Connell's("O'Connell")profitableoperations,comparedwith$8.1millionand$231.2millioninthethirdquarterof2010.
*Ninemonthnetincomeof$16.7milliononconstructionrevenueof$642.5million.
*OnAugust31,2011,successfullycompletedtheacquisitionofO'Connellwhichprovidesenhancedgeographicandmarketsectorscope.
*Bird'snewsubsidiary,O'Connell,isawardeda$100millionunitpricecontractwithArcelorMittalMinesCanadaInc.fortheremovalofwasterockattheclient'sMont
Wrightmine.
*Companycarriesforwardarecordbacklogof$1,299.7millionincludingthebacklogacquiredwiththeO'Connellacquisition.
*Subsequenttothequarterend,theCompanywasawardedasignificantdesignbuildconstructioncontractwithCanadaPosttobuildanewprocessingfacilityatthe
VancouverInternationalAirport.
*BirdannouncesthatasubsidiaryispartofaconsortiumthatwasawardedacontracttodesignandbuildtheRestigoucheHospitalCentrelocatedinCampbellton,New
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Brunswick.
*TheCompanyispartofaconsortiumshortlistedtosubmitaproposaltodesign,buildandfinancethreeToronto2015Pan/ParapanAmericanGamesvenues.
*ExecutedanumberofnewcreditfacilitiestoenhancetheCompany'sfinancialcapacityandflexibility.
TimTalbott,PresidentandC.E.O.ofBird,statedthat"althoughourninemonthearningsarebelowlastyear'samounts,weareencouragedbytheimprovementinour
2011thirdquarterearningsrelativetothosereportedinthefirsthalfof2011.Wearenowbeginningtoseetheimpactofwhatwebelieveareimprovingmarket
conditionsandthepositiveimpactweexpectfromtheacquisitionofO'Connell.Thecontinuedgrowthofourbacklogtoarecordlevelandtheawardoftwomajor
contractsinthepastfewmonthsprovidesuswithadegreeofoptimismfortheremainderof2011andinto2012."
Financial Results
('000s except per share amounts)
Three months ended
September 30 Nine months ended
September 30
2011
Construction Revenue
$278,561
Income before income taxes
13,877
Net income and comprehensive income for the period $ 9,549
Adjusted net income (non-GAAP measure)
$ 10,285
Basic and diluted earnings per share
$0.23
Adjusted net income per share
$0.24
Earnings per share amounts reflect the stock split effective in April
2011.

2010
$231,179
8,556
$ 8,144
$ 8,277

2011
$642,468
23,681
$ 16,671
$ 17,903

2010
$616,671
44,178
$ 36,938
$ 37,289

$0.19
$0.20

$0.40
$0.42

$0.88
$0.89

*Constructionrevenueincreasedby4.2%to$642.5millionfortheninemonthsendedSeptember30,2011comparedto$616.7millionfortheninemonthsended
September30,2010,primarilyduetotimingintheexecutionofourconstructionBacklogandtheimpactofO'Connell.
*Incomebeforetaxesof$23.7millionfortheninemonthsendedSeptember30,2011comparesto$44.2millionfortheninemonthsendedSeptember30,2010.The
reductioninincomebeforetaxesisprimarilyaresultoflowergrossprofitmarginsinthecurrentyear,inpartreflectingmorerecentcompetitivemarketconditionsand
theimpactofhighermarginprojectsexecutedin2010comparedtothosemorerecentlyawardedandnowbeingreportedinearnings,offsettosomeextentbythe
incomecontributionresultingfromtheO'Connellacquisition.
*Netincomeof$16.7millionfortheninemonthsendedSeptember30,2011comparesto$36.9millionintheninemonthsendedSeptember30,2010.
*Adjustednetincomeof$17.9millionfortheninemonthsendedSeptember30,2011comparesto$37.3millionintheninemonthsendedSeptember30,2010.
O'Connell'sprofitableoperationsforthemonthofSeptember2011aremakinganimmediatecontributiontoBird'sadjustednetincome,whichwillbemoreevidentinthe
nextquarter.
*Recordbacklogof$1,299.7millionatSeptember30,2011compareswith$1,016.4millionatSeptember30,2010and$1,082.6millionasatDecember31,2010,both
ofwhichhavebeenadjustedforthe$147.0millionprojectwhichwascancelledinthefirsthalfof2011.
BirdConstructionInc.alsoannouncedthatitsBoardofDirectorshasapprovedregularcashdividendsforthemonthsofNovember2011,December2011,January
2012andFebruary2012intheamountof$0.055percommonshareforeachmonthtobepaidasfollows
i) the November dividend will be paid December 20, 2011 to the shareholders
of record as of the close of business on November 30, 2011;
ii) the December dividend will be paid January 20, 2012 to the shareholders
of record as of the close of business on December 30, 2011;
iii) the January dividend will be paid February 20, 2012 to the shareholders
of record as of the close of business on January 31, 2012;
iv) the February dividend will be paid March 20, 2012 to shareholders of
record as of the close of business on February 29, 2012.

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Aconferencecallforanalystsandinvestorswillbeheldat10:00AMEDTonFriday,November11,2011todiscussthesecondquarterresults.Thedialinnumberis1
8666369090.Attendeesareaskedtobeonthecall10minutespriortothestartofthecall.
Thispressreleasecontainsforwardlookingstatementsthatinvolveanumberofrisksanduncertaintiesbecausetheyrelatetoeventsanddependoncircumstances
thatwilloccurinthefuture.Manyfactorscouldcauseactualresultsanddevelopmentstodiffermateriallyfromthoseexpressedorimpliedbytheseforwardlooking
statements.
TheTorontoStockExchangedoesnotacceptresponsibilityfortheadequacyoraccuracyofthisrelease.
SOURCEBirdConstructionInc.
T.J.Talbott,President&C.E.O.or,S.R.Entwistle,C.F.O.,BirdConstructionInc.,5403EglintonAvenueWest,Toronto,ONM9C5K6,Phone:(4l6)6207122Fax:(416)6201516
PRNewswireAssociation,Inc.
DocumentCNNW000020111110e7ba00796
UIVer:73.4.0Mod:11:56ID:FWEB10
2014Factiva,Inc.Allrightsreserved. TermsofUse PrivacyPolicy CookiePolicy

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