Canada NewsWire
MISSISSAUGA, ON, May 12, 2020
LISTING: TORONTO STOCK EXCHANGE
SYMBOL: BDT
MISSISSAUGA, ON, May 12, 2020 /CNW/ -
HIGHLIGHTS:
"I want to thank all of our employees for their resilience and for the sacrifices they have made to ensure the Company remains healthy in our 100th year of operation. Our field staff deserve a special recognition for having continued to work on our projects with the utmost professionalism and dedication, while quickly embracing new safety practices and procedures. Our primary concern is always the health and safety of our employees. We hope our strong safety culture also permeates into the daily lives of our employees and serves to help protect their families and the communities in which we live and work," said Teri McKibbon, President & CEO.
"The first quarter of 2020 represents the sixth sequential quarter where our trailing twelve month Adjusted EBITDA has improved. The discipline and focus of the team over the past several years on reducing the risk profile and increasing the diversification of the work program will help the Company emerge from this crisis with a healthy Backlog and maintain a strong balance sheet," said Teri McKibbon, President & CEO. "We have sufficient cash and liquidity to support our anticipated work program while maintaining the current dividend based on our current expectations of the impact of COVID-19. Despite those impacts, we still expect 2020 to be more profitable than recent years."
Financial Results | ||||||
(in thousands of Canadian dollars, except per share amounts) | ||||||
Three months ended March 31, | ||||||
2020 | 2019 | |||||
Construction revenue | $ | 321,646 | $ | 261,777 | ||
Net income (loss) | $ | 1,123 | $ | (6,466) | ||
Basic and diluted earnings (loss) per share | $ | 0.03 | $ | (0.15) | ||
Adjusted EBITDA (1) | $ | 7,562 | (3,132) | |||
Cash flows from operations before changes in non-cash working capital (2) | $ | 7,059 | $ | (5,687) | ||
(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 month of May 2020 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 19, 2020 to the Shareholders of record as of the close of business on May 31, 2020.
A conference call for analysts and investors will be held at 10:00 a.m. EDT on Wednesday, May 13, 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 March 31, | |||||||||||
2020 | 2019 | ||||||||||
Net income (loss) | $ | 1,123 | $ | (6,466) | |||||||
Add: Income tax expense (recovery) | 418 | (2,395) | |||||||||
Add: Depreciation and amortization | 3,868 | 3,219 | |||||||||
Add: Finance and other costs | 3,094 | 1,452 | |||||||||
Less: Finance income | (766) | (578) | |||||||||
Add: Loss/(gain) on sale of property and equipment | (175) | (235) | |||||||||
Add: Restructuring and severance costs (1) | - | 1,871 | |||||||||
Adjusted EBITDA | $ | 7,562 | $ | (3,132) | |||||||
Adjusted EBITDA Margin (2) | 2.35% | (1.20%) | |||||||||
Notes: | |||||||||||
(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 period ended March 31, 2020 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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