Canada NewsWire
TORONTO, March 14, 2017
LISTING: TORONTO STOCK EXCHANGE
SYMBOL: BDT
TORONTO, March 14, 2017 /CNW/ -
HIGHLIGHTS:
"The fourth quarter capped a year in which the Company successfully completed several key industrial projects and saw revenues derived from our institutional work program grow significantly as the Company continues to focus on larger scale, more complex projects. While backlog declined through the course of 2016, our pursuit activity increased in the fourth quarter and subsequent to year-end the Company was successful in securing the initial phase of the Royal Columbian Hospital redevelopment and was named preferred proponent for the Hamilton Biosolids project, both key wins for the business," commented Mr. Ian Boyd, President & CEO of Bird Construction. "Although we still anticipate a significant reduction in earnings in 2017 as compared to 2016, we are encouraged by our recent wins and our ability to capitalize on the growing number of opportunities in the PPP market, inclusive of social, transportation and environmental infrastructure projects."
Financial Results |
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('000s except per share amounts) |
|||||
Three months ended |
Year ended | ||||
December 31, |
December 31, | ||||
2016 |
2015 |
2016 |
2015 | ||
Construction Revenue |
$430,716 |
$413,443 |
$1,589,868 |
$1,444,806 | |
Net income (loss) and comprehensive income |
$5,798 |
$11,556 |
$25,002 |
$21,482 | |
Basic and diluted earnings per share |
$0.14 |
$0.28 |
$0.59 |
$0.51 | |
Adjusted net income (a non-GAAP measure) |
$8,537 |
$11,556 |
$27,741 |
$41,802 | |
Adjusted net income per share |
$0.20 |
$0.28 |
$0.65 |
$0.98 | |
Cash flow from operations before changes in non-cash working capital |
$14,258 |
$21,893 |
$48,426 |
$75,291 |
Bird Construction Inc. also announced that its Board of Directors has approved a regular cash dividend for the month of April 2017 in the amount of $0.0325 per common share to be paid as follows:
i) |
The April dividend of $0.0325 per share will be paid on May 19, 2017, to the Shareholders of record as of the close of business on April 28, 2017. |
A conference call for analysts and investors will be held at 10:00AM EDT on Wednesday, March 15, 2017, to discuss the quarterly results. The dial in number is 1-855-328-1925. Attendees are asked to be on the line 10 minutes prior to the start of the call.
This press release contains forward-looking statements that involve a number of risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. Many factors could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.
The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.
SOURCE Bird Construction Inc.
To view the original version on PR Newswire, visit: http://www.newswire.ca/en/releases/archive/March2017/14/c7108.html