Exhibit 99.1
BWX Technologies Announces Second Quarter 2015 Results
- Successfully Completed Spin-off of Power Generation Business
- Nuclear Operations Produces Strong Operating Performance
- EPS $0.32 When Adjusted for Spin Cost and Restructuring Charges
- Backlog in Nuclear Energy Nearly Double from Prior Year Period
LYNCHBURG, Va.--(BUSINESS WIRE)--August 5, 2015--BWX Technologies, Inc. (NYSE: BWXT) (“BWXT” or the “Company”) today reported second quarter 2015 revenues of $357.1 million, a decrease of $5.4 million, or 1.5%, from the second quarter of 2014. GAAP earnings per share from continuing operations for the second quarter of 2015 were $0.00 compared to $0.20 in the second quarter of 2014. Adjusted (Non-GAAP) earnings per share from continuing operations, which excludes a $0.27 per share impact of spin-related and restructuring costs for the quarter, were $0.32 compared to $0.35 in the second quarter of 2014. Unless stated otherwise, the results of operations discussion included in this release are on a continuing operations basis and exclude the results of operations from our former Power Generation business, which are included as part of discontinued operations in the attached financial statements.
“In the first half of 2015, we completed the spin-off of our former Power Generation business, as anticipated, while continuing to deliver solid operating results. BWXT is now better positioned to attract an investor base specifically suited to our Company’s unique operational and financial characteristics,” said Mr. John A. Fees, Executive Chairman. “Our Nuclear Operations segment continued to deliver strong and stable operating performance in the second quarter. In addition, the Nuclear Energy segment produced significantly improved bookings and backlog this quarter. Looking forward, we have a solid backlog in our Nuclear Operations segment, nearly two times the backlog in Nuclear Energy compared to the prior year period, and we see good prospects in all of our business segments to deliver EPS growth in the second half of the year.”
Results of Operations
The Company’s consolidated revenues for the second quarter of 2015 were $357.1 million, a decrease of 1.5%, compared to $362.5 million for the second quarter of 2014. The Nuclear Operations segment revenues were relatively unchanged at $291.8 million in the second quarter of 2015 compared to $293.4 million in the same quarter in 2014. Similarly, revenues from the Nuclear Energy segment were $45.5 million compared to $44.9 million in the prior year period. The Technical Services segment revenues were $21.6 million in the second quarter of 2015 compared to $26.0 million in the same quarter in 2014, a decrease of $4.4 million, primarily attributable to the termination of our work scope for the American Centrifuge Program last year.
GAAP operating income for the second quarter was $11.6 million, a decrease of $15.9 million compared to $27.5 million in the same period of 2014. The decline in consolidated GAAP operating income is primarily attributable to spin-related and restructuring costs for the second quarter. Operating income in the Nuclear Operations segment increased $2.5 million compared to last year’s second quarter profit to $61.1 million primarily due to improved productivity in our equipment manufacturing operations. Our Nuclear Energy segment reported operating income of $2.4 million in the period compared to $1.5 million of operating income in the prior year period as the segment continues to restructure the business in order to reduce costs and improve operating profit margins. Our Technical Services segment operating income decreased $9.6 million in the quarter to $5.5 million, primarily attributable to the loss of the Y-12 National Security Complex and Pantex Plant contracts. Our results include a significant improvement in the mPower operating loss by $27.4 million to a loss of $(4.5) million in the three months ended June 30, 2015 compared to a loss of $(31.9) million in the same period of 2014 due to the restructuring of our mPower program to focus on technology development.
GAAP operating income from continuing operations for the second quarter of 2015 includes $16.5 million of special charges for restructuring activities and $24.5 million of spin-related costs. Excluding these charges and mark-to-market adjustments for pension and post-retirement benefits, adjusted operating income for the second quarter of 2015 was $54.7 million, or an increase of 4.0% compared to adjusted operating income of $52.6 million in the second quarter of 2014.
“We are pleased with the progress we’ve made across our different businesses during this period,” said Mr. Fees. “In addition to the solid results in the Nuclear Operations business, the Nuclear Energy segment reported bookings near $190 million, the highest bookings quarter for the segment in almost five years. We expect the Nuclear Energy segment to take full advantage of these bookings as it continues its restructuring efforts focused on improving margins and driving organic growth. While the Technical Services segment remains focused on improving performance across its operations, we continue to be optimistic about the segment’s growth opportunities. Now that the spin-off is complete, we will accelerate our strategies for driving the Company’s growth and continuing to return value to our shareholders.”
Liquidity and Debt
The Company generated consolidated cash flows from operations of $78.2 million, inclusive of cash flows of our former Power Generation business, compared with $5.8 million in the second quarter of 2014, driven primarily by improvements in project cash flows. At the end of the second quarter, the Company’s post-spin cash and investments position, net of restricted cash, was $58.7 million.
As of June 30, 2015, outstanding balances under our credit facility included a $300 million term loan, $30 million in revolving loans, and letters of credit issued under the facility totaling $71.7 million, resulting in $498.3 million of availability under our credit facility as of the end of the second quarter 2015.
Quarterly Dividend
On July 31, 2015, the Company declared a quarterly cash dividend of $0.06 per common share. The dividend will be payable on September 10, 2015 to shareholders of record on August 20, 2015.
Outlook
Segment guidance provided for 2015 remains unchanged at the business unit level. The Company reaffirms its guidance that revenue from Nuclear Operations will be consistent with levels achieved in the last two years and expected operating margin in the high teens for the second half of the year. Additionally, adjusted earnings per share for the full year 2015 are still expected to be between $1.30 and $1.40. Adjusted earnings per share exclude mark-to-market adjustments for pension and post-retirement benefits, restructuring costs and spin costs.
Conference Call to Discuss Second Quarter 2015 Results
Date: Thursday, August 6, 2015, at 8:30 a.m. EST
Live Webcast: Investor Relations section of website at www.bwxt.com
Forward-Looking Statements
BWXT cautions that this release contains forward-looking statements, including, without limitation, statements relating to backlog and bookings, to the extent they may be viewed as an indicator of future revenues; growth prospects and strategies in our segments and our 2015 outlook. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties, including, among other things, adverse changes in Federal appropriations to government programs in which we participate; our ability to successfully bid for new projects; the ability of BWXT to successfully operate independently; the inability to retain key personnel; adverse changes in the industries in which we operate and delays, changes or termination of contracts in backlog. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. For a more complete discussion of these and other risk factors, see BWXT’s filings with the Securities and Exchange Commission, including our annual report on Form 10-K for the year ended December 31, 2014 and subsequent quarterly reports on Form 10-Q. BWXT cautions not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.
About BWXT
BWX Technologies, Inc. is a leading supplier of nuclear components and fuel to the U.S. government; provides technical, management and site services to support governments in the operation of complex facilities and environmental remediation activities; and supplies precision manufactured components and services for the commercial nuclear power industry. BWXT has approximately 5,200 employees and significant operations in Lynchburg, Va.; Erwin, Tenn.; Mount Vernon, Ind.; Euclid, Ohio; Barberton, Ohio; and Cambridge, Ontario, as well as more than a dozen U.S. Department of Energy sites around the country. For additional information please visit our website at www.bwxt.com.
EXHIBIT 1
BWX TECHNOLOGIES, INC. RECONCILIATION OF NON-GAAP OPERATING INCOME AND EARNINGS PER SHARE(1)(2) | |||||||||||||||||||
Three Months Ended June 30, 2015 | |||||||||||||||||||
GAAP | Pension & OPEB MTM (Gain) / Loss | Spin / Other Restructuring | One Time Tax (Benefit) / Charges | Non-GAAP | |||||||||||||||
Operating Income | $ | 11.6 | $ | 2.2 | $ | 40.9 | $ | - | $ | 54.7 | |||||||||
Other Income / (Expense) | (3.0 | ) | - | - | - | (3.0 | ) | ||||||||||||
Income Tax (Expense) / Benefit | (9.0 | ) | (0.7 | ) | (11.6 | ) | 3.5 | (17.8 | ) | ||||||||||
Net Income (Loss) | (0.4 | ) | 1.4 | 29.3 | 3.5 | 33.8 | |||||||||||||
Net Loss Attributable to Non-Controlling Interest | 0.2 | - | - | - | 0.2 | ||||||||||||||
Net Income (Loss) Attributable to BWXT | $ | (0.2 | ) | $ | 1.4 | $ | 29.3 | $ | 3.5 | $ | 34.1 | ||||||||
Diluted Shares Outstanding (3) | 107.1 | 107.6 | |||||||||||||||||
Diluted Earnings per Common Share | $ | 0.00 | $ | 0.01 | $ | 0.27 | $ | 0.03 | $ | 0.32 | |||||||||
Tax Rate | 104.7 | % | 34.5 | % |
Three Months Ended June 30, 2014 | ||||||||||||||||||
GAAP | Pension & OPEB MTM (Gain) / Loss | Spin / Other Restructuring | One Time Tax (Benefit) / Charges | Non-GAAP | ||||||||||||||
Operating Income | $ | 27.5 | $ | - | $ | 25.2 | $ | - | $ | 52.6 | ||||||||
Other Income / (Expense) | (0.4 | ) | - | - | - | (0.4 | ) | |||||||||||
Income Tax (Expense) / Benefit | (7.9 | ) | - | (8.6 | ) | - | (16.5 | ) | ||||||||||
Net Income (Loss) | 19.2 | - | 16.6 | - | 35.8 | |||||||||||||
Net Loss Attributable to Non-Controlling Interest | 3.0 | - | - | - | 3.0 | |||||||||||||
Net Income (Loss) Attributable to BWXT | $ | 22.2 | $ | - | $ | 16.6 | $ | - | $ | 38.8 | ||||||||
Diluted Shares Outstanding | 110.1 | 110.1 | ||||||||||||||||
Diluted Earnings per Common Share | $ | 0.20 | $ | - | $ | 0.15 | $ | - | $ | 0.35 | ||||||||
Tax Rate | 29.2 | % | 31.5 | % |
(1) May not foot due to rounding.
(2) BWXT is providing non-GAAP information regarding certain of its historical results and guidance on future earnings per share to supplement the results provided in accordance with GAAP and it should not be considered superior to, or as a substitute for, the comparable GAAP measures. BWXT believes the non-GAAP measures provide meaningful insight into the Company’s operational performance and provides these measures to investors to help facilitate comparisons of operating results with prior periods and to assist them in understanding BWXT’s ongoing operations.
(3) For the three months ended June 30, 2015, basic shares outstanding were used to calculate the GAAP EPS since BWXT had a net loss for the quarter. Diluted shares outstanding were used to calculate the non-GAAP EPS.
EXHIBIT 1 (continued)
BWX TECHNOLOGIES, INC. RECONCILIATION OF NON-GAAP OPERATING INCOME AND EARNINGS PER SHARE(1)(2) | ||||||||||
Six Months Ended June 30, 2015 | ||||||||||
GAAP | Pension & OPEB MTM (Gain) / Loss | Spin / Other Restructuring | One Time Tax (Benefit) / Charges | Non-GAAP | ||||||
Operating Income | $ 65.4 | $ 2.2 | $ 42.6 | $ - | $ 110.1 | |||||
Other Income / (Expense) | (6.6) | - | - | - | (6.6) | |||||
Income Tax (Expense) / Benefit | (25.2) | (0.7) | (12.2) | 3.5 | (34.6) | |||||
Net Income (Loss) | 33.6 | 1.4 | 30.4 | 3.5 | 68.9 | |||||
Net Loss Attributable to Non-Controlling Interest | 0.5 | - | - | - | 0.5 | |||||
Net Income (Loss) Attributable to BWXT | $ 34.1 | $ 1.4 | $ 30.4 | $ 3.5 | $ 69.4 | |||||
Diluted Shares Outstanding | 107.4 | 107.4 | ||||||||
Diluted Earnings per Common Share | $ 0.32 | $ 0.01 | $ 0.28 | $ 0.03 | $ 0.65 | |||||
Tax Rate | 42.9% | 33.4% |
Six Months Ended June 30, 2014 | |||||||||||||||||||
GAAP | Pension & OPEB MTM (Gain) / Loss | Spin / Other Restructuring | One Time Tax (Benefit) / Charges | Non-GAAP | |||||||||||||||
Operating Income | $ | 72.1 | $ | - | $ | 26.4 | $ | - | $ | 98.4 | |||||||||
Other Income / (Expense) | (1.2 | ) | - | - | - | (1.2 | ) | ||||||||||||
Income Tax (Expense) / Benefit | (16.5 | ) | - | (9.0 | ) | - | (25.5 | ) | |||||||||||
Net Income (Loss) | 54.3 | - | 17.4 | - | 71.7 | ||||||||||||||
Net Loss Attributable to Non-Controlling Interest | 7.0 | - | - | - | 7.0 | ||||||||||||||
Net Income (Loss) Attributable to BWXT | $ | 61.4 | $ | - | $ | 17.4 | $ | - | $ | 78.7 | |||||||||
Diluted Shares Outstanding | 110.5 | 110.5 | |||||||||||||||||
Diluted Earnings per Common Share | $ | 0.56 | $ | - | $ | 0.16 | $ | - | $ | 0.71 | |||||||||
Tax Rate | 23.3 | % | 26.3 | % |
BWX TECHNOLOGIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS ASSETS | ||||||
June 30, | December 31, | |||||
2015 | 2014 | |||||
(Unaudited) | ||||||
(In thousands) | ||||||
Current Assets: | ||||||
Cash and cash equivalents | $ | 46,910 | $ | 123,624 | ||
Restricted cash and cash equivalents | 15,459 | 50,835 | ||||
Investments | 4,505 | 4,837 | ||||
Accounts receivable – trade, net | 146,847 | 165,144 | ||||
Accounts receivable – other | 11,938 | 6,094 | ||||
Contracts in progress | 314,982 | 290,622 | ||||
Inventories | 11,384 | 9,926 | ||||
Deferred income taxes | 33,560 | 38,320 | ||||
Other current assets | 42,141 | 32,127 | ||||
Assets of discontinued operations – current | - | 752,273 | ||||
Total Current Assets | 627,726 | 1,473,802 | ||||
Property, Plant and Equipment | 827,620 | 880,848 | ||||
Less accumulated depreciation | 562,198 | 573,048 | ||||
Net Property, Plant and Equipment | 265,422 | 307,800 | ||||
Investments | 7,307 | 7,606 | ||||
Goodwill | 169,000 | 169,914 | ||||
Deferred Income Taxes | 126,833 | 132,778 | ||||
Investments in Unconsolidated Affiliates | 31,852 | 31,256 | ||||
Intangible Assets | 59,343 | 60,227 | ||||
Other Assets | 49,742 | 50,133 | ||||
Assets of Discontinued Operations – Non-Current | - | 623,420 | ||||
TOTAL | $ | 1,337,225 | $ | 2,856,936 |
BWX TECHNOLOGIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
June 30, | December 31, | ||||||
2015 | 2014 | ||||||
(Unaudited) | |||||||
(In thousands, except share and per share amounts) | |||||||
Current Liabilities: | |||||||
Notes payable and current maturities of long-term debt | $ | 15,000 | $ | 15,000 | |||
Accounts payable | 77,438 | 88,985 | |||||
Accrued employee benefits | 53,158 | 85,433 | |||||
Accrued liabilities – other | 59,496 | 60,010 | |||||
Advance billings on contracts | 123,261 | 107,437 | |||||
Accrued warranty expense | 16,097 | 15,889 | |||||
Liabilities of discontinued operations – current | - | 446,881 | |||||
Total Current Liabilities | 344,450 | 819,635 | |||||
Long-Term Debt | 315,000 | 285,000 | |||||
Accumulated Postretirement Benefit Obligation | 27,699 | 29,956 | |||||
Environmental Liabilities | 58,293 | 56,259 | |||||
Pension Liability | 305,810 | 308,927 | |||||
Other Liabilities | 29,440 | 43,126 | |||||
Liabilities of Discontinued Operations – Non-Current | - | 299,832 | |||||
Commitments and Contingencies | |||||||
Stockholders’ Equity: | |||||||
Common stock, par value $0.01 per share, authorized 325,000,000 shares; issued 122,411,659 and 121,604,332 shares at June 30, 2015 and December 31, 2014, respectively | 1,224 | 1,216 | |||||
Preferred stock, par value $0.01 per share, authorized 75,000,000 shares; No shares issued | - | - | |||||
Capital in excess of par value | 13,229 | 775,393 | |||||
Retained earnings | 648,923 | 642,489 | |||||
Treasury stock at cost 14,971,299 and 14,915,776 shares at June 30, 2015 and December 31, 2014, respectively | (425,702 | ) | (423,990 | ) | |||
Accumulated other comprehensive income | 5,077 | 3,596 | |||||
Stockholders’ Equity – BWX Technologies, Inc. | 242,751 | 998,704 | |||||
Noncontrolling interest | 13,782 | 15,497 | |||||
Total Stockholders’ Equity | 256,533 | 1,014,201 | |||||
TOTAL | $ | 1,337,225 | $ | 2,856,936 |
BWX TECHNOLOGIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||
Three Months Ended | Six Months Ended | |||||||||||
June 30, | June 30, | |||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||
(Unaudited) | ||||||||||||
(In thousands, except share and per share amounts) | ||||||||||||
Revenues | $ | 357,135 | $ | 362,488 | $ | 692,622 | $ | 717,904 | ||||
Costs and Expenses: | ||||||||||||
Cost of operations | 249,489 | 257,819 | 477,124 | 510,373 | ||||||||
Research and development costs | 3,653 | 26,636 | 7,481 | 46,621 | ||||||||
Selling, general and administrative expenses | 54,760 | 53,368 | 105,186 | 103,339 | ||||||||
Special charges for restructuring activities | 16,460 | 9,957 | 16,608 | 11,137 | ||||||||
Costs to spin-off the Power Generation business | 24,470 | - | 25,987 | - | ||||||||
Total Costs and Expenses | 348,832 | 347,780 | 632,386 | 671,470 | ||||||||
Equity in Income of Investees | 3,282 | 12,749 | 5,134 | 25,652 | ||||||||
Operating Income | 11,585 | 27,457 | 65,370 | 72,086 | ||||||||
Other Income (Expense): | ||||||||||||
Interest income | 170 | 27 | 234 | 231 | ||||||||
Interest expense | (3,300 | ) | (636 | ) | (5,561 | ) | (1,805 | ) | ||||
Other – net | 120 | 258 | (1,284 | ) | 363 | |||||||
Total Other Income (Expense) | (3,010 | ) | (351 | ) | (6,611 | ) | (1,211 | ) | ||||
Income from continuing operations before provision for income taxes and noncontrolling interest | 8,575 | 27,106 | 58,759 | 70,875 | ||||||||
Provision for Income Taxes | 8,982 | 7,917 | 25,200 | 16,542 | ||||||||
Income (loss) from continuing operations before noncontrolling interest | (407 | ) | 19,189 | 33,559 | 54,333 | |||||||
Income (loss) from discontinued operations, net of tax | (16,912 | ) | 4,303 | (5,837 | ) | 10,313 | ||||||
Net Income (Loss) | $ | (17,319 | ) | $ | 23,492 | $ | 27,722 | $ | 64,646 | |||
Net Loss Attributable to Noncontrolling Interest | 172 | 2,945 | 388 | 6,835 | ||||||||
Net Income (Loss) Attributable to BWX Technologies, Inc. | $ | (17,147 | ) | $ | 26,437 | $ | 28,110 | $ | 71,481 | |||
Amounts Attributable to BWX Technologies, Inc.’s Common Shareholders: | ||||||||||||
Income (loss) from continuing operations, net of tax | $ | (181 | ) | $ | 22,211 | $ | 34,053 | $ | 61,361 | |||
Income (loss) from discontinued operations, net of tax | (16,966 | ) | 4,226 | (5,943 | ) | 10,120 | ||||||
Net Income (Loss) Attributable to BWX Technologies, Inc. | $ | (17,147 | ) | $ | 26,437 | $ | 28,110 | $ | 71,481 | |||
Earnings per Common Share: | ||||||||||||
Basic: | ||||||||||||
Income (loss) from continuing operations | $ | 0.00 | $ | 0.20 | $ | 0.32 | $ | 0.56 | ||||
Income (loss) from discontinued operations | (0.16 | ) | 0.04 | (0.06 | ) | 0.09 | ||||||
Net Income (Loss) Attributable to BWX Technologies, Inc. | $ | (0.16 | ) | $ | 0.24 | $ | 0.26 | $ | 0.65 | |||
Diluted: | ||||||||||||
Income (loss) from continuing operations | $ | 0.00 | $ | 0.20 | $ | 0.32 | $ | 0.56 | ||||
Income (loss) from discontinued operations | (0.16 | ) | 0.04 | (0.06 | ) | 0.09 | ||||||
Net Income (Loss) Attributable to BWX Technologies, Inc. | $ | (0.16 | ) | $ | 0.24 | $ | 0.26 | $ | 0.65 | |||
Shares used in the computation of earnings per share: | ||||||||||||
Basic | 107,120,149 | 109,766,237 | 106,948,033 | 110,102,826 | ||||||||
Diluted | 107,120,149 | 110,116,630 | 107,359,947 | 110,501,337 |
BWX TECHNOLOGIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||
Six Months Ended | ||||||||||||||
June 30, | ||||||||||||||
2015 | 2014 | |||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | (Unaudited) (In thousands) | |||||||||||||
Net Income | $ 27,722 | $ 64,646 | ||||||||||||
Non-cash items included in net income from continuing operations: | ||||||||||||||
Depreciation and amortization | 51,715 | 35,053 | ||||||||||||
Income of investees, net of dividends | 1,306 | (8,517 | ) | |||||||||||
Losses on asset disposals and impairments, net | 26,441 | 1,457 | ||||||||||||
In-kind research and development costs | - | 5,830 | ||||||||||||
Recognition of losses for pension and postretirement plans | 3,179 | 1,189 | ||||||||||||
Stock-based compensation and thrift plan expense | 22,444 | 7,411 | ||||||||||||
Excess tax benefits from stock-based compensation | 22 | (552 | ) | |||||||||||
Changes in assets and liabilities: | ||||||||||||||
Accounts receivable | 46,890 | (6,635 | ) | |||||||||||
Accounts payable | (17,710 | ) | (129,471 | ) | ||||||||||
Contracts in progress and advance billings on contracts | (4,110 | ) | (52,142 | ) | ||||||||||
Inventories | (859 | ) | 5,666 | |||||||||||
Income taxes | (35,953 | ) | (7,890 | ) | ||||||||||
Accrued and other current liabilities | 8,664 | 2,674 | ||||||||||||
Pension liability, accrued postretirement benefit obligation and employee benefits | (45,692 | ) | (35,671 | ) | ||||||||||
Other, net | (786 | ) | 9,250 | |||||||||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 83,273 | (107,702 | ) | |||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||
Decrease in restricted cash and cash equivalents | 3,500 | 6,285 | ||||||||||||
Purchases of property, plant and equipment | (40,601 | ) | (37,822 | ) | ||||||||||
Acquisition of business, net of cash acquired | - | (127,098 | ) | |||||||||||
Purchase of intangible assets | - | (722 | ) | |||||||||||
Purchases of securities | (8,197 | ) | (21,225 | ) | ||||||||||
Sales and maturities of securities | 2,016 | 27,802 | ||||||||||||
Proceeds from asset disposals | 60 | 10 | ||||||||||||
Investment in equity method investees | - | (4,900 | ) | |||||||||||
NET CASH USED IN INVESTING ACTIVITIES | (43,222 | ) | (157,670 | ) | ||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||
Payment of short-term borrowing and long-term debt | - | (1,815 | ) | |||||||||||
Increase in short-term borrowing | - | 733 | ||||||||||||
Borrowings under the Credit Agreement | 33,750 | 562,300 | ||||||||||||
Repayments under Credit Agreement | (3,750 | ) | (298,500 | ) | ||||||||||
Payment of debt issuance costs | (5,023 | ) | (4,929 | ) | ||||||||||
Repurchase of common shares | - | (99,742 | ) | |||||||||||
Dividends paid to common shareholders | (21,549 | ) | (22,103 | ) | ||||||||||
Exercise of stock options | 3,229 | 3,463 | ||||||||||||
Excess tax benefits from stock-based compensation | (22 | ) | 552 | |||||||||||
Cash divested in connection with spin-off of Power Generation business | (307,562 | ) | - | |||||||||||
Other | (232 | ) | (409 | ) | ||||||||||
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | (301,159 | ) | 139,550 | |||||||||||
EFFECTS OF EXCHANGE RATE CHANGES ON CASH | (4,951 | ) | (4,376 | ) | ||||||||||
TOTAL DECREASE IN CASH AND CASH EQUIVALENTS | (266,059 | ) | (130,198 | ) | ||||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 312,969 | 346,116 | ||||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ 46,910 | $ 215,918 | ||||||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||||||||||||||
Cash paid during the period for: | ||||||||||||||
Interest | $ 4,322 | $ 1,296 | ||||||||||||
Income taxes (net of refunds) | $ 58,397 | $ 28,099 | ||||||||||||
SCHEDULE OF NON-CASH INVESTING ACTIVITY: | ||||||||||||||
Accrued capital expenditures included in accounts payable | $ 3,182 | $ 3,938 | ||||||||||||
BWX TECHNOLOGIES, INC. BUSINESS SEGMENT INFORMATION | ||||||||||||||
| ||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||
June 30, | June 30, | |||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||
(Unaudited) | ||||||||||||||
(In thousands) | ||||||||||||||
REVENUES: | ||||||||||||||
Nuclear Operations | $ | 291,751 | $ 293,438 | $ 576,189 | $ | 579,652 | ||||||||
Technical Services | 21,589 | 26,015 | 40,173 | 50,470 | ||||||||||
Nuclear Energy | 45,466 | 44,927 | 78,423 | 92,707 | ||||||||||
Other | - | - | - | 278 | ||||||||||
Adjustments and Eliminations | (1,671 | ) | (1,892 | ) | (2,163 | ) | (5,203 | ) | ||||||
TOTAL | $ | 357,135 | $ 362,488 | $ 692,622 | $ | 717,904 | ||||||||
SEGMENT INCOME: | ||||||||||||||
Nuclear Operations | $ | 61,145 | $ 58,682 | $ 129,157 | $ | 118,210 | ||||||||
Technical Services | 5,490 | 15,078 | 7,135 | 29,867 | ||||||||||
Nuclear Energy | 2,364 | 1,548 | (1,304 | ) | 2,071 | |||||||||
Other | (4,490 | ) | (31,933 | ) | (9,658 | ) | (58,642 | ) | ||||||
SUBTOTAL | 64,509 | 43,375 | 125,330 | 91,506 | ||||||||||
Corporate | (9,833 | ) | (5,961 | ) | (15,204 | ) | (8,283 | ) | ||||||
Special Charges for Restructuring Activities | (16,460 | ) | (9,957 | ) | (16,608 | ) | (11,137 | ) | ||||||
Cost to Spin-Off Power Generation Business | (24,470 | ) | - | (25,987 | ) | - | ||||||||
Mark to Market Adjustment | (2,161 | ) | - | (2,161 | ) | - | ||||||||
TOTAL | $ | 11,585 | $ 27,457 | $ 65,370 | $ | 72,086 | ||||||||
DEPRECIATION AND AMORTIZATION: | ||||||||||||||
Nuclear Operations | $ | 9,426 | $ 7,299 | $ 19,228 | $ | 13,657 | ||||||||
Technical Services | - | - | 1 | 1 | ||||||||||
Nuclear Energy | 1,760 | 1,560 | 3,394 | 3,354 | ||||||||||
Other | 275 | 262 | 550 | 449 | ||||||||||
Corporate | 3,686 | 3,179 | 7,084 | 6,285 | ||||||||||
TOTAL | $ | 15,147 | $ 12,300 | $ 30,257 | $ | 23,746 | ||||||||
CAPITAL EXPENDITURES: | ||||||||||||||
Nuclear Operations | $ | 6,343 | $ 8,819 | $ 15,952 | $ | 17,109 | ||||||||
Technical Services | - | - | - | - | ||||||||||
Nuclear Energy | 686 | 2,095 | 2,654 | 8,237 | ||||||||||
Other | - | 392 | - | 1,884 | ||||||||||
Corporate | 6,535 | 2,389 | 10,761 | 4,494 | ||||||||||
TOTAL | $ | 13,564 | $ 13,695 | $ 29,367 | $ | 31,724 | ||||||||
BACKLOG: | ||||||||||||||
Nuclear Operations | $ | 2,598,842 | $ 2,578,591 | $ 2,598,842 | $ | 2,578,591 | ||||||||
Technical Services | 12,701 | 12,246 | 12,701 | 12,246 | ||||||||||
Nuclear Energy | 380,549 | 192,452 | 380,549 | 192,452 | ||||||||||
Other | - | 1,392 | - | 1,392 | ||||||||||
TOTAL | $ | 2,992,092 | $ 2,784,681 | $ 2,992,092 | $ | 2,784,681 | ||||||||
BOOKINGS: | ||||||||||||||
Nuclear Operations | $ | 42,998 | $ 20,564 | $ 394,790 | $ | 784,008 | ||||||||
Technical Services | 12,839 | 36,897 | 50,170 | 57,632 | ||||||||||
Nuclear Energy | 189,898 | 61,989 | 193,951 | 138,026 | ||||||||||
TOTAL | $ | 245,735 | $ 119,450 | $ 638,911 | $ | 979,666 |
CONTACT:
BWX Technologies, Inc.
Investor Contact:
Alan Nethery, 980-365-4300
Vice President, Investor Relations
Investors@bwxt.com
or
Media Contact:
Aimee Mills, 980-365-4145
Public Relations Manager
aemills@bwxt.com