EXHIBIT 13
WILLBROS GROUP, INC.
SELECTED CONSOLIDATED FINANCIAL AND OTHER DATA
(Dollar amounts in thousands, except per share data)
Year Ended December 31,
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1998 1997 1996
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Statement of Income Data:
Contract revenues $ 281,618 $ 251,877 $ 197,688
Operating expenses:
Contract cost 220,360 182,435 145,812
Depreciation and amortization 25,552 18,936 13,932
General and administrative 32,383 29,118 25,803
Compensation from changes
in redemption value of
common stock (1) - - 6,122
---------- ---------- ----------
Operating income 3,323 21,388 6,019
Net interest income (expense) (484) 304 (215)
Minority interest (1,132) (1,911) (2,220)
Other income (expense) (1,502) 58 1,472
---------- ---------- ----------
Income before income taxes 205 19,839 5,056
Provision (credit) for income taxes 4,567 5,723 2,332
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Net income (loss) $ (4,362) $ 14,116 $ 2,724
========== ========== ==========
Earnings (loss) per share (2):
Basic $ (.30) $ .97 $ .09
Diluted $ (.30) $ .96 $ .09
Cash Flow Data:
Cash provided by (used in):
Operating activities $ 15,199 $ 45,788 $ 29,961
Investing activities (34,684) (46,386) (24,072)
Financing activities (15,506) 19,747 (1,630)
Other Data:
EBITDA (3) $ 26,241 $ 38,471 $ 19,203
Capital expenditures $ 36,112 $ 47,272 $ 24,957
Backlog (at period end) $ 286,473 $ 135,797 $ 108,751
Number of employees (at
period end) 2,280 4,230 3,700
Balance Sheet Data (at period end):
Cash and cash equivalents $ 8,247 $ 43,238 $ 24,118
Working capital 13,495 39,563 36,723
Total assets 159,939 201,202 147,465
Total debt 758 8,574 1,340
Redemption value of common
stock held by plan participants - - -
Redeemable preferred stock - - -
Stockholders' equity 106,934 118,986 92,386
Year Ended December 31,
-----------------------
1995 1994
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Statement of Income Data:
Contract revenues $ 220,506 $ 145,716
Operating expenses:
Contract cost 161,584 98,700
Depreciation and amortization 15,193 14,598
General and administrative 27,937 24,261
Compensation from changes
in redemption value of
common stock (1) 2,100 1,681
---------- ----------
Operating income 13,692 6,476
Net interest income (expense) 144 835
Minority interest (1,589) (1,758)
Other income (expense) (381) 113
---------- ----------
Income before income taxes 11,866 5,666
Provision (credit) for income taxes (75) (4,146)
---------- ----------
Net income (loss) $ 11,941 $ 9,812
========== ==========
Earnings (loss) per share (2):
Basic $ .84 $ .70
Diluted $ .84 $ .70
Cash Flow Data:
Cash provided by (used in):
Operating activities $ (8,396) $ (3,771)
Investing activities (18,558) (13,169)
Financing activities (2,321) (1,271)
Other Data:
EBITDA (3) $ 26,915 $ 19,429
Capital expenditures $ 18,946 $ 7,171
Backlog (at period end) $ 139,359 $ 97,493
Number of employees (at
period end) 3,110 2,030
Balance Sheet Data (at period end):
Cash and cash equivalents $ 19,859 $ 49,142
Working capital 38,767 28,390
Total assets 149,954 131,188
Total debt 3,119 5,828
Redemption value of common
stock held by plan participants 7,918 5,430
Redeemable preferred stock 36,200 36,200
Stockholders' equity 39,273 27,340
(1) Under the Company's stock ownership plans established in
1992 and 1995, the Company had an obligation to purchase,
under certain conditions and at a formula price, Common Stock
held by retiring or terminating employees. The Company
recorded as non-cash compensation expense the change in the
redemption value at the end of each period using the maximum
formula price. In addition, in the third quarter of 1996, the
Company recognized a non-cash compensation expense of $4,695
for the difference between the maximum redemption value of the
shares subject to redemption and the initial public offering
price. The Company's stock redemption obligations terminated
in the fourth quarter of 1996.
(2) Earnings per share for the year ended December 31, 1996
is calculated after deducting $1,448 ($.10 per common share)
of dividends on the Company's Preferred Stock.
(3) EBITDA represents earnings (net income) before interest,
income taxes, depreciation and amortization. Non-cash
compensation expenses have not been added back in calculating
EBITDA. EBITDA is not intended to represent cash flows for
the period, nor has it been presented as an alternative to
operating income 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 generally
accepted accounting principles. See the Company's
Consolidated Statements of Cash Flows in the Company's
Consolidated Financial Statements included elsewhere in this
Annual Report. EBITDA is included in this Annual Report
because it is a basis upon which the Company assesses its
financial performance.
WILLBROS 18