Willbros (WGRP) 8-K Other Events

Exhibit 99.1

Item 6. Selected Financial Data

SELECTED CONSOLIDATED FINANCIAL AND OTHER DATA

(Dollar amounts in thousands, except per share data)

	Year Ended December 31,
	2005			2004			2003			2002(1)			2001(2)
Statement of Operations Data:
Contract revenue	$	294,479		$	272,794		$	271,021		$	462,855		$	261,384
Operating expense (income):
Contract cost		266,072			222,357			250,103			391,631			213,050
Termination of benefit plans		—			—			—			—			(9,204	)
Depreciation and amortization		11,688			9,776			9,878			11,472			6,683
General and administrative		42,350			32,525			28,294			26,307			23,254
Operating income (loss)		(25,631	)		8,136			(17,254	)		33,445			27,601
Net interest expense		(3,904	)		(2,480	)		(518	)		(1,101	)		(2,636	)
Other income (expense)		742			(387	)		(965	)		(470	)		(228	)
Income (loss) from continuing operations before income taxes		(28,793	)		5,269			(18,737	)		31,874			24,737
Provision (benefit) for income taxes		1,668			(1,027	)		(8,726	)		2,502			5,199
Net income (loss) from continuing operations		(30,461	)		6,296			(10,011	)		29,372			19,538
Loss from discontinued operations net of provision for income taxes		(8,319	)		(27,111	)		(906	)		(4,466	)		(4,373	)
Net income (loss)	$	(38,780	)	$	(20,815	)	$	(10,917	)	$	24,906		$	15,165
Basic income (loss) per share:
Continuing operations	$	(1.43	)	$	0.30		$	(0.49	)	$	1.61		$	1.35
Discontinued operations		(0.39	)		(1.29	)		(0.04	)		(0.25	)		(0.30	)
Net income (loss)	$	(1.82	)	$	(0.99	)	$	(0.53	)	$	1.36		$	1.05
Diluted income (loss) per share:
Continuing operations	$	(1.43	)	$	0.30		$	(0.49	)	$	1.57		$	1.30
Discontinued operations		(0.39	)		(1.29	)		(0.04	)		(0.24	)		(0.29	)
Net income (loss)	$	(1.82	)	$	(0.99	)	$	(0.53	)	$	1.33		$	1.01
Cash Flow Data:
Cash provided by (used in):
Operating activities	$	(37,117	)	$	37,410		$	(15,209	)	$	23,059		$	18,141
Investing activities		(36,964	)		(36,751	)		(32,589	)		(23,998	)		(29,251	)
Financing activities		56,830			54,362			17,794			33,100			18,373
Effect of exchange rate changes		17			(829	)		631			52			362
Other Data (excluding discontinued operations):
EBITDA (3)	$	(13,201	)	$	17,525		$	(8,341	)	$	44,447		$	34,056
Capital expenditures, excluding acquisitions	$	18,706		$	15,733		$	9,975		$	16,144		$	15,690
Backlog (at period end) (4)	$	240,373		$	73,343		$	151,074		$	125,608		$	348,198
Number of employees (at period end) (5)		2,519			1,381			1,478			3,140			2,390
Balance Sheet Data (at period end):
Cash and cash equivalents	$	55,933		$	73,167		$	18,975		$	48,348		$	16,135
Working capital		116,713			108,643			83,728			92,640			51,830
Total assets		498,981			417,110			304,694			295,035			224,905
Total liabilities		353,747			237,066			110,167			92,418			128,678
Total debt		138,020			73,495			18,322			1,171			39,284
Stockholders’ equity		145,234			180,044			194,527			202,617			96,227

(1) We acquired Mt. West Group, comprised of four companies providing design-build services to the western U.S. energy industry, on October 23, 2002. Accordingly, its results of operations since that date are consolidated with our results of operations.

(2) We acquired MSI Energy Services Inc., a general contractor in Alberta, Canada, on October 12, 2001. Accordingly, its results of operations since that date are consolidated with our results of operations.

(3) EBITDA from continuing operations represents earnings from continuing operations before net interest, income taxes, depreciation and amortization. EBITDA from continuing operations is not intended to represent cash flows for the respective

99.1-1

period, nor has it been presented as an alternative to operating income from continuing operations as an indicator of operating performance. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with accounting principles generally accepted in the United States. See our Consolidated Statements of Cash Flows in our Consolidated Financial Statements included as Exhibit 99.3 to this report. EBITDA from continuing operations is included in this item because it is one of the measures through which we assess our financial performance. EBITDA from continuing operations as presented may not be comparable to other similarly titled measures used by other companies. A reconciliation of EBITDA from continuing operations to GAAP financial information is provided in the table below.

	Year Ended December 31,
	2005			2004			2003			2002		2001
Reconciliation of non-GAAP financial measure:
Net income (loss) from continuing operations	$	(30,461	)	$	6,296		$	(10,011	)	$	29,372	$	19,538
Interest, net		3,904			2,480			518			1,101		2,636
Provision (benefit) for income taxes		1,668			(1,027	)		(8,726	)		2,502		5,199
Depreciation and amortization		11,688			9,776			9,878			11,472		6,683
EBITDA from continuing operations	$	(13,201	)	$	17,525		$	(8,341	)	$	44,447	$	34,056

(4) Backlog is anticipated contract revenue from uncompleted portions of existing contracts and contracts whose award is reasonably assured.

(5) Includes employees of joint ventures in 2002 and 2001.

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