Canada NewsWire
MISSISSAUGA, ON, March 10, 2020
LISTING: TORONTO STOCK EXCHANGE
SYMBOL: BDT
MISSISSAUGA, ON, March 10, 2020 /CNW/ -
HIGHLIGHTS:
"I am pleased with both the continued improvement in our financial performance as a result of success in diversifying our work program and in achieving substantial performance on a challenging project subsequent to 2019 fiscal year end," said Teri McKibbon, President & CEO. "The Company is well-positioned going forward to deliver more consistent earnings with almost $2.2 billion in Backlog and Pending Backlog at the end of the fourth quarter of 2019. The risk profile of this work aligns with the Company's overall targeted risk profile range, and the margin profile is higher than recent years due to our disciplined approach to project selection. The Company will continue to benefit from this disciplined approach and diversification efforts as we head into our 100th year of operations."
Financial Results | ||||||||||||||
(in thousands of Canadian dollars, except per share amounts) | ||||||||||||||
Three months ended December 31, | Year ended December 31, | |||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||
Construction revenue | $ | 420,612 | $ | 385,854 | $ | 1,376,408 | $ | 1,381,784 | ||||||
Net income (loss) | $ | 8,167 | $ | 6,379 | $ | 9,484 | $ | (1,013) | ||||||
Basic and diluted earnings (loss) per share | $ | 0.19 | $ | 0.15 | $ | 0.22 | $ | (0.02) | ||||||
Adjusted EBITDA (1) | $ | 16,012 | $ | 11,793 | $ | 32,292 | 10,914 | |||||||
Cash flows from operations before changes in non-cash working capital (2) | $ | 15,525 | $ | 11,045 | $ | 30,201 | $ | 12,320 | ||||||
(1)See "Non-GAAP measures" at the end of this news release | ||||
(2)Refer to the consolidated statement of cash flows |
Bird Construction Inc. also announced that its Board of Directors has approved monthly eligible dividends for the months of March 2020 and April 2020 in the amount of $0.0325 per common share to be paid as follows:
i) | The March dividend of $0.0325 per share will be paid on April 20, 2020 to the Shareholders of record as of the close of business on March 31, 2020. |
ii) | The April dividend of $0.0325 per share will be paid on May 20, 2020 to the Shareholders of record as of the close of business on April 30, 2020. |
A conference call for analysts and investors will be held at 10:00 a.m. EDT on Wednesday, March 11, 2020, 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 filed and available on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.
Non-GAAP Measures
Adjusted EBITDA and Adjusted EBITDA Margin have 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, it may provide predictive value to assess the ongoing operations of the business and it provides a more consistent comparison between financial reporting periods.
Adjusted EBITDA (Non-GAAP information):
(in thousands of Canadian dollars)
Three months ended December 31, | Year ended December 31, | ||||||||
2019 | 2018 | 2019 | 2018 | ||||||
Net income (loss) | $ | 8,167 | $ | 6,379 | $ | 9,484 | $ | (1,013) | |
Add: | Income tax expense (recovery) | 1,870 | 1,190 | 2,475 | (1,661) | ||||
Add: | Depreciation and amortization | 4,468 | 2,808 | 15,814 | 11,236 | ||||
Add: | Finance and other costs | 1,553 | 1,978 | 5,558 | 4,611 | ||||
Less: | Finance income | (769) | (498) | (2,596) | (1,386) | ||||
Add: | Loss/(gain) on sale of property and equipment | (255) | (64) | (1,346) | (873) | ||||
Add: | Restructuring and severance costs (1) | 978 | - | 2,903 | - | ||||
Adjusted EBITDA | $ | 16,012 | $ | 11,793 | $ | 32,292 | $ | 10,914 | |
Adjusted EBITDA Margin (2) | 3.81% | 3.06% | 2.35% | 0.79% |
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(1) | Restructuring and severance costs did not meet the criteria to be classified under restructuring costs as defined in accordance with IFRS. | ||||||||||||
(2) | Calculated as Adjusted EBITDA divided by revenue |
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 10, 2020 filed and the Company's MD&A for the year ended December 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:
T.L. McKibbon, 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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