Exhibit 99.1
| | | |
| | FOR IMMEDIATE RELEASE |
| | | |
| | | Financial Contact: |
| | | Chris Sammons, 225-932-2546chris.sammons@shawgrp.com |
| | | |
| | | Media Contact: |
| | | Gentry Brann, 225-987-7372gentry.brann@shawgrp.com |
Shaw Reports Second Quarter Fiscal Year 2009
Financial Results
| • | | Record quarterly bookings of $5.9 billion |
| • | | Record backlog of $19.0 billion |
BATON ROUGE, La., April 8, 2009— The Shaw Group Inc. (NYSE: SGR) today reported net income of $36.3 million, or $0.43 per diluted share for the three months ended February 28, 2009. Net income excluding the Westinghouse segment was $18.9 million, or $0.22 per diluted share. The Westinghouse segment includes a non-cash foreign exchange translation gain of $30.9 million pre-tax, or $18.8 million after tax.
In comparison, the prior year results including the Westinghouse segment were net income of $4.0 million, or $0.05 per diluted share, and excluding the Westinghouse segment were net income of $32.3 million, or $0.38 per diluted share.
Earnings before interest expense, income taxes, depreciation and amortization (EBITDA) for the second quarter of fiscal year 2009 including the Westinghouse segment were $79.7 million and excluding the Westinghouse segment were $49.0 million. In comparison, for the second quarter of fiscal year 2008, Shaw reported EBITDA of $33.4 million including the Westinghouse segment and EBITDA of $71.2 million excluding the Westinghouse segment.
Earnings for the second quarter of fiscal year 2009 were negatively impacted by a $73.9 million pre-tax charge ($45.0 million after tax), or $0.53 per diluted share, for projected construction labor cost increases in the estimated cost to complete a major coal-fired power generation project in our Fossil & Nuclear segment.
Revenues during the three months ended February 28, 2009, were $1.7 billion, an increase of 1 percent from the same period in the prior fiscal year. New awards for the quarter totaled a record $5.9 billion, driven primarily by nuclear engineering, procurement and construction (EPC) contracts in Florida and South Carolina.
The company’s backlog of unfilled orders at February 28, 2009, was a record $19.0 billion compared to $14.8 billion for the first quarter of fiscal year 2009 and $15.6 billion at the end of fiscal year 2008. Approximately $5.4 billion, or 28 percent, of the current backlog is expected to be converted to revenues during the next 12 months.
Net cash provided by operating activities totaled $112.7 million during the second quarter of fiscal year 2009 compared to net cash provided by operating activities of $193.4 million in the second quarter of fiscal year 2008.
“The majority of our operating segments continue to perform well, including record performance this quarter by our Energy & Chemicals segment. While we are disappointed by the charge on the one coal project in our Fossil & Nuclear segment, we remain optimistic about our business and the future prospects within the core markets we serve,” said J.M. Bernhard Jr., chairman, president and chief executive officer of Shaw.
“Our record quarter bookings are primarily attributable to the inclusion of a previously announced EPC nuclear contract, which is the first time in more than 30 years a new U.S. nuclear plant construction project has been included in an engineering and construction company’s backlog,” continued Mr. Bernhard. “This is a tremendous milestone for Shaw and for the nuclear industry as we prepare to begin construction on a total of six new nuclear reactors in the United States.”
Guidance for the fiscal year 2009 is as follows:
| | • | | Revenue: $7.1—$7.3 billion |
| |
| | • | | Earnings per diluted share, excluding the Westinghouse segment: $2.10—$2.30 |
| |
| | • | | Net cash provided by operating activities: $325—$375 million |
A conference call to discuss the company’s second quarter financial results will be held today, Wednesday, April 8, at 5 p.m. Eastern time (4 p.m. Central time). A slide presentation will be posted on the Investor Relations page of Shaw’s Web site at www.shawgrp.com approximately one hour prior to the conference call. Interested parties may dial 800-588-4973 to listen live to the conference call or access a live audio webcast on the Investor Relations page of Shaw’s Web site at www.shawgrp.com.
A replay of the conference call will be available by telephone, as well as on the company’s Web site, approximately one hour after the conclusion of the call. To listen to a replay of the conference call by telephone, dial 888-843-8996 and use pass code 24159008#.
Calculation of EBITDA
The Shaw Group Inc. defines EBITDA as earnings before interest expense, income taxes, depreciation and amortization. EBITDA is an important financial measure used by The Shaw Group Inc. to assess performance. Although it is calculated using components derived from our financial statements prepared under generally accepted accounting principles (GAAP), EBITDA itself is not a GAAP measure. A table
reconciling EBITDA to its most directly comparable GAAP measure is included in the summarized financial information within this release. Calculations of EBITDA should not be viewed as a substitute for calculations under GAAP, including net cash provided by operations, operating income and net income. In addition, EBITDA calculations by one company may not be comparable to EBITDA calculations made by another company.
The Shaw Group Inc. is a leading global provider of technology, engineering, procurement, construction, maintenance, fabrication, manufacturing, consulting, remediation and facilities management services for government and private sector clients in the energy, chemicals, environmental, infrastructure and emergency response markets. A Fortune 500 company with fiscal year 2008 annual revenues of $7 billion, Shaw is headquartered in Baton Rouge, La., and employs approximately 26,000 people at its offices and operations in North America, South America, Europe, the Middle East and the Asia-Pacific region. Shaw is the power sector industry leader according to Engineering News-Record’s list of Top 500 Design Firms. For further information, please visit Shaw’s web site at www.shawgrp.com.
# # #
The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for certain forward-looking statements. The statements contained herein that are not historical facts (including without limitation statements to the effect that the Company or its management “believes,” “expects,” “anticipates,” “plans” “includes”, “foresees”, “should”, “would”, “could” or other similar expressions) and statements related to revenues, earnings, backlog, or other financial information or results are forward-looking statements based on the Company’s current expectations and beliefs concerning future developments and their potential effects on the Company. However, the absence of these words does not mean the statements are not forward looking. There can be no assurance that future developments affecting the Company will be those anticipated by the Company. These forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions and are subject to change based upon various factors, including but not limited to current economic conditions. Should one or more of such risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in the forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. A description of some of the risks and uncertainties that could cause actual results to differ materially from such forward-looking statements can be found in the Company’s reports and registration statements filed with the Securities and Exchange Commission, including itsForm 10-K andForm 10-Q reports, and on the Company’s Web site under the heading “Forward-Looking Statements.” These documents are also available from the Securities and Exchange Commission or from the Investor Relations department of Shaw. For more information on the Company and announcements it makes from time to time on a regional basis, visit our Web site at www.shawgrp.com.
THE SHAW GROUP INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE AND SIX MONTHS ENDED FEBRUARY 28, 2009 AND FEBRUARY 29, 2008
(In thousands, except per share amounts)
| | | | | | | | | | | | | | | | | |
| | | Three Months Ended | | | Six Months Ended | |
| | | | | | | 2008 | | | | | | | 2008 | |
| | | 2009 | | | (Restated) | | | 2009 | | | (Restated) | |
| Revenues | | $ | 1,667,517 | | | $ | 1,644,561 | | | $ | 3,567,950 | | | $ | 3,356,721 | |
| Cost of revenues | | | 1,565,159 | | | | 1,520,615 | | | | 3,277,499 | | | | 3,097,757 | |
| | | | | | | | | | | | | |
| Gross profit | | | 102,358 | | | | 123,946 | | | | 290,451 | | | | 258,964 | |
| General and administrative expenses | | | 70,405 | | | | 71,663 | | | | 143,511 | | | | 140,551 | |
| | | | | | | | | | | | | |
| Operating income | | | 31,953 | | | | 52,283 | | | | 146,940 | | | | 118,413 | |
| Interest expense | | | (1,102 | ) | | | (2,817 | ) | | | (2,847 | ) | | | (4,981 | ) |
| | | | | | | | | | | | | | | | | |
| Interest expense on Japanese Yen-denominated bonds including accretion and amortization | | | (10,858 | ) | | | (9,252 | ) | | | (20,720 | ) | | | (18,144 | ) |
| Interest income | | | 2,318 | | | | 6,528 | | | | 6,241 | | | | 11,343 | |
| | | | | | | | | | | | | | | | | |
| Foreign currency translation gains (losses) on Japanese Yen-denominated bonds, net | | | 30,941 | | | | (40,473 | ) | | | (130,261 | ) | | | (97,711 | ) |
| Other foreign currency transaction gains (losses), net | | | 3,052 | | | | 6,572 | | | | 653 | | | | 7,736 | |
| Other income (expense), net | | | (885 | ) | | | 394 | | | | (2,746 | ) | | | 99 | |
| | | | | | | | | | | | | |
| Income (losses) before income taxes, minority interest and earnings (losses) from unconsolidated entities | | | 55,419 | | | | 13,235 | | | | (2,740 | ) | | | 16,755 | |
| Provision (benefit) for income taxes | | | 22,678 | | | | 3,948 | | | | (20 | ) | | | 6,064 | |
| | | | | | | | | | | | | |
| Income (losses) before minority interest and earnings (losses) from unconsolidated entities | | | 32,741 | | | | 9,287 | | | | (2,720 | ) | | | 10,691 | |
| Minority interest | | | (2,332 | ) | | | (6,852 | ) | | | (8,192 | ) | | | (11,834 | ) |
| Income from 20% Investment in Westinghouse, net of income taxes | | | 5,455 | | | | 2,061 | | | | 6,998 | | | | 6,876 | |
| Earnings (losses) from unconsolidated entities, net of income taxes | | | 471 | | | | (546 | ) | | | 332 | | | | 447 | |
| | | | | | | | | | | | | |
| Net income (loss) | | $ | 36,335 | | | $ | 3,950 | | | $ | (3,582 | ) | | $ | 6,180 | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Net income (loss) per common share: | | | | | | | | | | | | | | | | |
| Basic | | $ | 0.44 | | | $ | 0.05 | | | $ | (0.04 | ) | | $ | 0.08 | |
| | | | | | | | | | | | | |
| Diluted | | $ | 0.43 | | | $ | 0.05 | | | $ | (0.04 | ) | | $ | 0.07 | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Weighted average shares outstanding: | | | | | | | | | | | | | | | | |
| Basic | | | 83,255 | | | | 82,123 | | | | 83,179 | | | | 81,404 | |
| Diluted | | | 84,138 | | | | 84,210 | | | | 83,179 | | | | 83,893 | |
THE SHAW GROUP INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
as of February 28, 2009 and August 31, 2008
(In thousands, except per share amounts)
| | | | | | | | | |
| | | 2/28/2009 | | | | |
| | | (Unaudited) | | | August 31, 2008 | |
ASSETS | | | | | | | | |
| Current assets: | | | | | | | | |
| Cash and cash equivalents | | $ | 887,945 | | | $ | 927,756 | |
| Restricted and escrowed cash | | | 13,284 | | | | 8,901 | |
| Accounts receivable, including retainage, net | | | 849,210 | | | | 665,870 | |
| Inventories | | | 272,407 | | | | 241,463 | |
| Costs and estimated earnings in excess of billings on uncompleted contracts, including claims | | | 546,061 | | | | 488,321 | |
| Deferred income taxes | | | 97,393 | | | | 93,823 | |
| Prepaid expenses | | | 37,685 | | | | 25,895 | |
| Other current assets | | | 46,685 | | | | 37,099 | |
| | | | | | | |
| Total current assets | | | 2,750,670 | | | | 2,489,128 | |
| Investments in and advances to unconsolidated entities, joint ventures and limited partnerships | | | 19,190 | | | | 19,535 | |
| Investment in Westinghouse | | | 965,430 | | | | 1,158,660 | |
| Property and equipment, less accumulated depreciation of $233,896 and $233,755, respectively | | | 291,365 | | | | 285,550 | |
| Goodwill | | | 503,124 | | | | 507,355 | |
| Intangible assets | | | 22,436 | | | | 24,065 | |
| Deferred income taxes | | | 126,403 | | | | 3,245 | |
| Other assets | | | 97,994 | | | | 99,740 | |
| | | | | | | |
| Total assets | | $ | 4,776,612 | | | $ | 4,587,278 | |
| | | | | | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | |
| Current liabilities: | | | | | | | | |
| Accounts payable | | $ | 763,388 | | | $ | 731,074 | |
| Accrued salaries, wages and benefits | | | 126,517 | | | | 120,038 | |
| Other accrued liabilities | | | 173,671 | | | | 187,045 | |
| |
| Advanced billings and billings in excess of costs and estimated earnings on uncompleted contracts | | | 892,109 | | | | 748,395 | |
| Short-term debt and current maturities of long-term debt | | | 2,501 | | | | 6,004 | |
| | | | | | | |
| Total current liabilities | | | 1,958,186 | | | | 1,792,556 | |
| Long-term debt, less current maturities | | | 1,782 | | | | 3,579 | |
| Japanese Yen-denominated long-term bonds secured by Investment in Westinghouse, net | | | 1,295,828 | | | | 1,162,007 | |
| Interest rate swap contract on Japanese Yen-denominated bonds | | | 27,707 | | | | 8,802 | |
| Other liabilities | | | 107,865 | | | | 101,522 | |
| Minority interest | | | 21,943 | | | | 29,082 | |
| Contingencies and commitments | | | | | | | | |
| Shareholders’ equity | | | | | | | | |
| Preferred Stock, no par value, 20,000,000 shares authorized; no shares issued and outstanding | | | — | | | | — | |
| Common Stock, no par value, 200,000,000 shares authorized; 89,249,456 and 89,195,901 shares issued, respectively; and 83,544,658 and 83,535,441 shares outstanding, respectively | | | 1,220,265 | | | | 1,204,914 | |
| Retained earnings | | | 405,794 | | | | 409,376 | |
| Accumulated other comprehensive loss | | | (146,776 | ) | | | (9,609 | ) |
| Treasury stock, 5,704,798 shares and 5,660,460 shares, respectively | | | (115,982 | ) | | | (114,951 | ) |
| | | | | | | |
| Total shareholders’ equity | | | 1,363,301 | | | | 1,489,730 | |
| | | | | | | |
| Total liabilities and shareholders’ equity | | $ | 4,776,612 | | | $ | 4,587,278 | |
| | | | | | | |
THE SHAW GROUP INC. AND SUBSIDIARIES
FOR THE THREE AND SIX MONTHS ENDED FEBRUARY 28, 2009 AND FEBRUARY 29, 2008
REVENUES BY GEOGRAPHY
(In millions)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three Months | | | Six Months | |
| | | | | | | | | | | 2008 | | | | | | | | | | | 2008 | |
| | | 2009 | | | (Restated) | | | 2009 | | | (Restated) | |
| | | (In millions) | | | % | | | (In millions) | | | % | | | (In millions) | | | % | | | (In millions) | | | % | |
| United States | | $ | 1,290.3 | | | | 78 | | | $ | 1,318.0 | | | | 80 | | | $ | 2,815.4 | | | | 80 | | | $ | 2,661.8 | | | | 79 | |
| Asia/Pacific Rim | | | 193.7 | | | | 12 | | | | 117.8 | | | | 7 | | | | 398.5 | | | | 11 | | | | 198.9 | | | | 6 | |
| Middle East | | | 122.4 | | | | 7 | | | | 162.5 | | | | 10 | | | | 229.5 | | | | 6 | | | | 358.4 | | | | 11 | |
| Canada | | | 6.4 | | | | — | | | | 4.1 | | | | — | | | | 12.3 | | | | — | | | | 8.5 | | | | — | |
| Europe | | | 31.9 | | | | 2 | | | | 28.1 | | | | 2 | | | | 67.1 | | | | 2 | | | | 96.0 | | | | 3 | |
| South America and Mexico | | | 15.0 | | | | 1 | | | | 7.1 | | | | 1 | | | | 31.6 | | | | 1 | | | | 16.4 | | | | — | |
| Other | | | 7.8 | | | | — | | | | 7.0 | | | | — | | | | 13.6 | | | | — | | | | 16.7 | | | | 1 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total revenues | | $ | 1,667.5 | | | | 100 | | | $ | 1,644.6 | | | | 100 | | | $ | 3,568.0 | | | | 100 | | | $ | 3,356.7 | | | | 100 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
BACKLOG BY SEGMENT
(In millions)
| | | | | | | | | | | | | | | | | |
| | | February 28, 2009 | | | % | | | August 31, 2008 | | | % | |
| Fossil & Nuclear | | $ | 10,322.8 | | | | 54 | | | $ | 6,109.7 | | | | 39 | |
| E&I | | | 5,263.3 | | | | 28 | | | | 5,155.4 | | | | 33 | |
| E&C | | | 1,672.7 | | | | 9 | | | | 2,175.5 | | | | 14 | |
| Maintenance | | | 1,200.8 | | | | 6 | | | | 1,423.3 | | | | 9 | |
| F&M | | | 588.7 | | | | 3 | | | | 763.1 | | | | 5 | |
| | | | | | | | | | | | | |
| Total backlog | | $ | 19,048.3 | | | | 100 | | | $ | 15,627.0 | | | | 100 | |
| | | | | | | | | | | | | |
REVENUES AND GROSS PROFIT BY SEGMENT
FOR THE THREE AND SIX MONTHS ENDED FEBRUARY 28, 2009 AND FEBRUARY 29, 2008
(In millions, except percentages)
| | | | | | | | | | | | | | | | | |
| | | Three Months | | | Six Months | |
| | | | | | | 2008 | | | | | | | 2008 | |
| | | 2009 | | | (Restated) | | | 2009 | | | (Restated) | |
| | | | | | | | | | | | | | | | | |
Revenues | | | | | | | | | | | | | | | | |
| Fossil & Nuclear | | $ | 552.0 | | | $ | 639.1 | | | $ | 1,228.6 | | | $ | 1,237.7 | |
| E&I | | | 449.9 | | | | 344.4 | | | | 851.3 | | | | 734.3 | |
| E&C | | | 331.2 | | | | 273.5 | | | | 653.0 | | | | 569.6 | |
| Maintenance | | | 172.7 | | | | 244.8 | | | | 506.8 | | | | 535.1 | |
| F&M | | | 161.2 | | | | 142.1 | | | | 325.9 | | | | 278.6 | |
| Corporate | | | 0.5 | | | | 0.7 | | | | 2.4 | | | | 1.4 | |
| | | | | | | | | | | | | |
Total revenues | | $ | 1,667.5 | | | $ | 1,644.6 | | | $ | 3,568.0 | | | $ | 3,356.7 | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Gross profit | | | | | | | | | | | | | | | | |
| Fossil & Nuclear | | $ | (31.1 | ) | | $ | 34.3 | | | $ | 20.7 | | | $ | 77.2 | |
| E&I | | | 40.3 | | | | 23.5 | | | | 74.8 | | | | 48.6 | |
| E&C | | | 60.6 | | | | 15.6 | | | | 113.1 | | | | 32.0 | |
| Maintenance | | | (1.5 | ) | | | 11.8 | | | | 10.2 | | | | 26.6 | |
| F&M | | | 33.7 | | | | 37.7 | | | | 69.3 | | | | 72.8 | |
| Corporate | | | 0.4 | | | | 1.0 | | | | 2.4 | | | | 1.7 | |
| | | | | | | | | | | | | |
Total gross profit | | $ | 102.4 | | | $ | 123.9 | | | $ | 290.5 | | | $ | 258.9 | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Gross profit percentage | | | | | | | | | | | | | | | | |
| Fossil & Nuclear | | | -5.6 | % | | | 5.4 | % | | | 1.7 | % | | | 6.2 | % |
| E&I | | | 9.0 | % | | | 6.8 | % | | | 8.8 | % | | | 6.6 | % |
| E&C | | | 18.3 | % | | | 5.7 | % | | | 17.3 | % | | | 5.6 | % |
| Maintenance | | | -0.9 | % | | | 4.8 | % | | | 2.0 | % | | | 5.0 | % |
| F&M | | | 20.9 | % | | | 26.5 | % | | | 21.3 | % | | | 26.1 | % |
| Corporate | | NM | | | NM | | | NM | | | NM | |
| | | | | | | | | | | | | |
Total gross profit percentage | | | 6.1 | % | | | 7.5 | % | | | 8.1 | % | | | 7.7 | % |
| | | | | | | | | | | | | |
The Shaw Group Inc. believes it is important that we discuss our operating results excluding the Investment in Westinghouse segment. We acquired a 20 percent interest in Westinghouse in October 2006. We have classified the Investment in Westinghouse as a separate operating segment. The majority of the activity related to this segment will be recorded below the operating income line. During the quarter, we have recorded interest expense, as well as other significant non-cash items related to the investment. We believe that presenting our financial results excluding the Investment in Westinghouse segment is important to investors and management to demonstrate the profitability of our other segments, as well as to point out certain non-cash items related to this investment.
THE SHAW GROUP INC.
RECONCILIATION OF SHAW CONSOLIDATED RESULTS TO SHAW EXCLUDING INVESTMENT IN WESTINGHOUSE SEGMENT
FOR THE THREE MONTHS ENDED FEBRUARY 28, 2009
| | | | | | | | | | | | | |
| (in millions, except per share data) | | Q2 FY 2009 | |
| | | Quarter ended February 28, 2009 | |
| | | | | | | Westinghouse | | | Excluding | |
| | | Consolidated | | | Segment | | | Westinghouse | |
| Revenues | | $ | 1,667.5 | | | $ | 0.0 | | | $ | 1,667.5 | |
| Cost of revenues | | | 1,565.1 | | | | 0.0 | | | | 1,565.1 | |
| | | | | | | | | | |
| Gross profit | | | 102.4 | | | | 0.0 | | | | 102.4 | |
| | | | | | | | | | | | | |
| General and administrative expenses | | | 70.4 | | | | 0.0 | | | | 70.4 | |
| | | | | | | | | | |
| | | | | | | | | | | | | |
| Operating income (loss) | | | 32.0 | | | | 0.0 | | | | 32.0 | |
| | | | | | | | | | | | | |
| Interest expense | | | (1.1 | ) | | | 0.0 | | | | (1.1 | ) |
| Interest expense on JPY-denominated bonds including accretion and amortization | | | (10.9 | ) | | | (10.9 | ) | | | 0.0 | |
| Interest income | | | 2.3 | | | | 0.0 | | | | 2.3 | |
| Foreign currency translation gains (losses) on JPY-denominated bonds, net | | | 30.9 | | | | 30.9 | | | | 0.0 | |
| Other foreign currency transaction gains (losses), net | | | 3.1 | | | | 0.0 | | | | 3.1 | |
| Other income (expense), net | | | (0.9 | ) | | | 0.0 | | | | (0.9 | ) |
| | | | | | | | | | |
| | | | 23.4 | | | | 20.0 | | | | 3.4 | |
| | | | | | | | | | | | | |
| Income (loss) before income taxes, minority interest, earnings (losses) from unconsolidated entities | | | 55.4 | | | | 20.0 | | | | 35.4 | |
| | | | | | | | | | | | | |
| Provision (benefit) for income taxes | | | 22.7 | | | | 8.1 | | | | 14.6 | |
| | | | | | | | | | |
| | | | | | | | | | | | | |
| Income (loss) before minority interest and earnings (losses) from unconsolidated entities | | | 32.7 | | | | 11.9 | | | | 20.8 | |
| | | | | | | | | | | | | |
| Minority interest | | | (2.3 | ) | | | 0.0 | | | | (2.3 | ) |
| Income from 20% Investment in Westinghouse, net of income taxes | | | 5.5 | | | | 5.5 | | | | 0.0 | |
| Earnings (losses) from unconsolidated entities, net of income taxes | | | 0.4 | | | | 0.0 | | | | 0.4 | |
| | | | | | | | | | |
| Net income (loss) | | $ | 36.3 | | | $ | 17.4 | | | $ | 18.9 | |
| | | | | | | | | | |
| | | | | | | | | | | | | |
| Net income (loss) per common share: | | | | | | | | | | | | |
| Basic income (loss) per common share | | $ | 0.44 | | | $ | 0.21 | | | $ | 0.23 | |
| | | | | | | | | | |
| Diluted income (loss) per common share | | $ | 0.43 | | | $ | 0.21 | | | $ | 0.22 | |
| | | | | | | | | | |
| Weighted average shares outstanding: | | | | | | | | | | | | |
| Basic | | | 83.3 | | | | 83.3 | | | | 83.3 | |
| Diluted | | | 84.1 | | | | 84.1 | | | | 84.1 | |
THE SHAW GROUP INC.
RECONCILIATION OF SHAW CONSOLIDATED RESULTS TO SHAW EXCLUDING INVESTMENT IN WESTINGHOUSE SEGMENT
FOR THE THREE MONTHS ENDED FEBRUARY 29, 2008
| | | | | | | | | | | | | |
| (in millions, except per share data) | | Q2 FY 2008 (Restated) | |
| | | Quarter ended February 29, 2008 | |
| | | | | | | Westinghouse | | | Excluding | |
| | | Consolidated | | | Segment | | | Westinghouse | |
| |
| Revenues | | $ | 1,644.6 | | | $ | 0.0 | | | $ | 1,644.6 | |
| Cost of revenues | | | 1,520.7 | | | | 0.0 | | | | 1,520.7 | |
| | | | | | | | | | |
| Gross profit | | | 123.9 | | | | 0.0 | | | | 123.9 | |
| | | | | | | | | | | | | |
| General and administrative expenses | | | 71.7 | | | | 0.7 | | | | 71.0 | |
| | | | | | | | | | |
| | | | | | | | | | | | | |
| Operating income (loss) | | | 52.2 | | | | (0.7 | ) | | | 52.9 | |
| | | | | | | | | | | | | |
| Interest expense | | | (2.8 | ) | | | 0.0 | | | | (2.8 | ) |
| Interest expense on JPY-denominated bonds including accretion and amortization | | | (9.2 | ) | | | (9.2 | ) | | | 0.0 | |
| Interest income | | | 6.5 | | | | 0.0 | | | | 6.5 | |
| Foreign currency translation gains (losses) on JPY-denominated bonds, net | | | (40.5 | ) | | | (40.5 | ) | | | 0.0 | |
| Other foreign currency transaction gains (losses), net | | | 6.6 | | | | 0.0 | | | | 6.6 | |
| Other income (expense), net | | | 0.4 | | | | 0.0 | | | | 0.4 | |
| | | | | | | | | | |
| | | | (39.0 | ) | | | (49.7 | ) | | | 10.7 | |
| | | | | | | | | | | | | |
| Income (loss) before income taxes, minority interest, earnings (losses) from unconsolidated entities | | | 13.2 | | | | (50.4 | ) | | | 63.6 | |
| Provision (benefit) for income taxes | | | 3.9 | | | | (20.0 | ) | | | 23.9 | |
| | | | | | | | | | |
| | | | | | | | | | | | | |
| Income (loss) before minority interest and earnings (losses) from unconsolidated entities | | | 9.3 | | | | (30.4 | ) | | | 39.7 | |
| | | | | | | | | | | | | |
| Minority interest | | | (6.9 | ) | | | 0.0 | | | | (6.9 | ) |
| Income from 20% Investment in Westinghouse, net of income taxes | | | 2.1 | | | | 2.1 | | | | 0.0 | |
| Earnings (losses) from unconsolidated entities, net of income taxes | | | (0.5 | ) | | | 0.0 | | | | (0.5 | ) |
| | | | | | | | | | |
| Net income (loss) | | $ | 4.0 | | | | ($28.3 | ) | | $ | 32.3 | |
| | | | | | | | | | |
| | | | | | | | | | | | | |
| Net income (loss) per common share: | | | | | | | | | | | | |
| Basic income (loss) per common share | | $ | 0.05 | | | $ | (0.34 | ) | | $ | 0.39 | |
| | | | | | | | | | |
| Diluted income (loss) per common share | | $ | 0.05 | | | $ | (0.33 | ) | | $ | 0.38 | |
| | | | | | | | | | |
| | | | | | | | | | | | | |
| Weighted average shares outstanding: | | | | | | | | | | | | |
| Basic | | | 82.1 | | | | 82.1 | | | | 82.1 | |
| Diluted | | | 84.2 | | | | 84.2 | | | | 84.2 | |
The Shaw Group Inc. defines EBITDA as earnings before interest expense, income taxes, depreciation and amortization. EBITDA is an important financial measure used by The Shaw Group Inc. to assess performance. Although it is calculated using components derived from our GAAP financial statements, EBITDA itself is not a GAAP measure. The following table reflects the company’s calculation of EBITDA and EBITDA percentage. Calculations of EBITDA should not be viewed as a substitute for calculations under GAAP, including cash flow from operations, operating income and net income. In addition, EBITDA calculations by one company may not be comparable to EBITDA calculations made by another company.
RECONCILIATION OF EBITDA CALCULATION FOR THE THREE MONTHS ENDED FEBRUARY 28, 2009
| | | | | | | | | | | | | |
| | | Q2 FY 2009 | |
| | | Reported | | | Westinghouse | | | Excluding | |
| (in millions) | | Results | | | Segment | | | Westinghouse | |
| |
Net Income (Loss) | | $ | 36.3 | | | $ | 17.4 | | | $ | 18.9 | |
| | | | | | | | | | |
| Interest Expense | | | 12.0 | | | | 10.9 | | | | 1.1 | |
| Depreciation and Amortization | | | 14.1 | | | | — | | | | 14.1 | |
| Provision for Income Taxes | | | 22.7 | | | | 8.1 | | | | 14.6 | |
| Income Taxes on Unconsolidated Subs | | | (5.4 | ) | | | (5.7 | ) | | | 0.3 | |
| Income Taxes on Discontinued Ops | | | — | | | | — | | | | — | |
| | | |
EBITDA | | $ | 79.7 | | | $ | 30.7 | | | $ | 49.0 | |
| | | |
| |
| Revenue | | | 1,667.5 | | | | — | | | | 1,667.5 | |
| | | | | | | | | | |
EBITDA% | | | 4.8 | % | | | N/A | | | | 2.9 | % |
| | | | | | | | | | |
RECONCILIATION OF EBITDA CALCULATION FOR THE THREE MONTHS ENDED FEBRUARY 29, 2008
| | | | | | | | | | | | | |
| | | Q2 FY 2008 (Restated) | |
| | | Reported | | | Westinghouse | | | Excluding | |
| (in millions) | | Results | | | Segment | | | Westinghouse | |
| |
Net Income (Loss) | | $ | 4.0 | | | $ | (28.3 | ) | | $ | 32.3 | |
| | | | | | | | | | |
| Interest Expense | | | 12.0 | | | | 9.2 | | | | 2.8 | |
| Depreciation and Amortization | | | 12.2 | | | | — | | | | 12.2 | |
| Provision for Income Taxes | | | 3.9 | | | | (20.0 | ) | | | 23.9 | |
| Income Taxes on Unconsolidated Subs | | | 1.3 | | | | 1.3 | | | | — | |
| Income Taxes on Discontinued Ops | | | — | | | | — | | | | — | |
| | | | |
EBITDA | | $ | 33.4 | | | $ | (37.8 | ) | | $ | 71.2 | |
| | | | |
| |
| Revenue | | | 1,644.6 | | | | — | | | | 1,644.6 | |
| | | | | | | | | | | |
EBITDA% | | | 2.0 | % | | | N/A | | | | 4.3 | % |
| | | | | | | | | | | |
