Canada NewsWire
MISSISSAUGA, ON, May 7, 2019
LISTING: TORONTO STOCK EXCHANGE
SYMBOL: BDT
MISSISSAUGA, ON, May 7, 2019 /CNW/ -
HIGHLIGHTS:
"The first quarter was more challenging than initially anticipated due to harsher than expected winter conditions and the resulting impact on some projects in addition to further execution issues on a PPP project in an office that has now been restructured to address systemic performance issues. I am satisfied that our restructuring of this office is complete with a proven management team now in place", said Ian Boyd, President & CEO. "Looking ahead, our earnings will improve through the remainder of 2019 as the Cedar Valley Lodge and OPP Phase 2 Modernization projects come into full production by July and as our significant list of projects in pre-construction phases become contracted and construction begins. However, the setbacks experienced in the first quarter means that the ramp up to our historical normal earnings in the range of $25 million will be delayed into 2020."
Financial Results | ||||||||
(in thousands of Canadian dollars, except per share amounts) | ||||||||
Three months ended March 31, | ||||||||
2019 | 2018 | |||||||
Construction revenue | $ | 261,777 | $ | 294,422 | ||||
Net income (loss) | $ | (6,466) | $ | (6,408) | ||||
Basic and diluted earnings (loss) per share | $ | (0.15) | $ | (0.15) | ||||
Adjusted EBITDA (1) | $ | (3,132) | (5,230) | |||||
Cash flows from (used in) operations before changes in non-cash working | $ | (5,687) | $ | (4,244) | ||||
(1)See "Non-GAAP measures" at the end of this press release |
Bird Construction Inc. also announced that its Board of Directors has approved monthly eligible dividends for the months of May 2019, June 2019 and July 2019 in the amount of $0.0325 per common share to be paid as follows:
i) The May dividend of $0.0325 per share will be paid on June 20, 2019 to the Shareholders of record as of the close of business on May 31, 2019.
ii) The June dividend of $0.0325 per share will be paid on July 19, 2019 to the Shareholders of record as of the close of business on June 28, 2019.
iii) The July dividend of $0.0325 per share will be paid on August 20, 2019 to the Shareholders of record as of the close of business on July 31, 2019.
A conference call for analysts and investors will be held at 10:00 a.m. EDT on Wednesday, May 8, 2019, 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.
Related financial documents will be posted at www.bird.ca/Investors/publications.
Non-GAAP Measures
Adjusted EBITDA has no standardized meaning under IFRS and are considered non-GAAP measures. Therefore, these measures may not be comparable with similar measures presented by other companies. Management uses Adjusted EBITDA to assess the operating performance of its business. Management believes that investors and analysts use Adjusted EBITDA and it may provide predictive value to assess the ongoing operations of the business and provides a more consistent comparison between financial reporting periods.
Adjusted EBITDA (Non-GAAP information):
(in thousands of Canadian dollars)
For the three months ended March 31, | |||||||||
2019 | 2018 | ||||||||
Net income (loss) | $ | (6,466) | $ | (6,408) | |||||
Add: Income tax expense (recovery) | (2,395) | (2,409) | |||||||
Add: Depreciation and amortization | 3,219 | 3,194 | |||||||
Add: Finance and other costs | 1,452 | 945 | |||||||
Less: Finance income | (578) | (326) | |||||||
Add: Loss/(gain) on sale of property and equipment | (235) | (226) | |||||||
Add: Restructuring and severance costs (1) | 1,871 | - | |||||||
Adjusted EBITDA | $ | (3,132) | $ | (5,230) | |||||
Notes: |
(1) Restructuring and severance costs did not meet the criteria to be classified under restructuring costs as defined in accordance with IFRS. |
Forward Looking Information
Certain statements included in this news release express management's expectations or estimates of future performance may constitute "forward-looking information". The words "believe", "expect", "anticipate", "contemplate", "target", "plan", "intends", and similar expressions identify forward-looking information.
Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. In particular, this news release includes such forward-looking information and the Company cautions the reader that such forward-looking information involve known and unknown risks, uncertainties and other factors that may cause the actual financial results, performance or achievements of the Company to be materially different from the Company's estimated future results, performance or achievements expressed or implied by those forward-looking information and the forward-looking information is not a guarantee of future performance. Risks that may impact the Company's future results, performance or achievements include those described under "Risks Relating to the Business" in the Company's Annual Information Form dated March 12, 2019 filed and the Company's MD&A for the period ending March 31, 2019 available on SEDAR. The Company expressly disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, events or otherwise.
The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.
For further information contact:
I.J. Boyd, President & C.E.O or
W.R. Gingrich, C.F.O
Bird Construction Inc.
5700 Explorer Drive, Suite 400
Mississauga, ON L4W 0C6
Phone: (905) 602-4122 Fax: (905) 602-1516
SOURCE Bird Construction Inc.
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