FOSTER WHEELER LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF EARNINGS - SUMMARY
(In Thousands of Dollars, Except per Share Amounts)
Three Months Ended Twelve Months Ended
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December 2001 December 2000 December 2001 December 2000
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Unfilled orders $ 6,004,420 $ 6,142,347 $ 6,004,420 $ 6,142,347
New orders booked 1,101,758 999,826 4,109,321 4,480,000
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Revenues:
Operating revenues 996,991 1,055,996 3,315,314 3,891,361
Other income 37,913 32,764 77,160 77,994
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Total revenues 1,034,904 1,088,760 3,392,474 3,969,355
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Cost and Expenses:
Cost of operating revenues 1,073,471 973,892 3,164,025 3,565,147
Selling, general & administrative expenses 65,980 57,063 222,532 219,353
Other deductions/minority interest 113,972 37,768 196,172 113,082
Dividends on preferred security of
subsidiary trust 3,938 3,938 15,750 15,750
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Total costs and expenses 1,257,361 1,072,661 3,598,479 3,913,332
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(Loss)/earnings before income taxes (222,457) 16,099 (206,005) 56,023
Provision for income taxes 96,822 3,769 103,138 16,529
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Net (loss)/earnings $ (319,279) $ 12,330 $ (309,143) $ 39,494
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(Loss)/earnings per share:
Basic and diluted (*) $ (7.81) $ 0.30 $ (7.56) $ 0.97
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Cash dividends paid per share $ 0.00 $ 0.06 $ 0.12 $ 0.24
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Shares outstanding:
Basic: Weighted average number of
shares outstanding (in thousands) 40,896 40,815 40,876 40,798
Diluted:
Effect of stock options and * * 7
Convertible Debt * *
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Total diluted 40,896 40,815 40,876 40,805
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Notes:
- Includes in the three months and year ended December 2001, contract
write-downs of $104,400 after tax ($160,600 pre-tax); restructuring
cost of $27,000 after tax ($41,600 pre-tax) and a reserve for deferred
tax assets of $171,900.
- Includes in the three months and year ended December 2001, loss on
sale of cogeneration plants of $22,900 and $27,900 after tax ($35,300
and $40,300 pre-tax) and increased pension costs of $1,000 and $3,300
after tax ($1,500 and $5,000 pre-tax), respectively.
- Includes in the year ended December 2001, a provision for CEO
retirement of $1,800 after tax ($2,700 pre-tax).
* The effect of the stock options and convertible debt were not included
in the calculation of diluted earnings per share as they were
antidilutive due to the loss.
Foster Wheeler Ltd. and Subsidiaries
Major Business Groups
(In Millions of Dollars)
Three Months Ended Twelve Months Ended
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December 2001 December 2000 December 2001 December 2000
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Engineering and Construction (E&C)
Unfilled orders $ 4,539.3 $ 4,534.6 $ 4,539.3 $ 4,534.6
New orders booked 921.1 693.5 2,808.7 3,094.6
Revenues 654.4 778.1 2,195.6 2,979.5
Interest expense (0.8) 2.5 0.7 7.1
(Loss)/earnings before income taxes(1) (53.3) 24.5 (10.3) 87.9
Energy Equipment (EE)
Unfilled orders 1,493.1 1,727.4 1,493.1 1,727.4
New orders booked 184.8 377.2 1,314.5 1,468.7
Revenues 387.6 334.2 1,274.1 1,094.2
Interest expense 6.9 9.0 25.6 34.7
(Loss)/earnings before income taxes (1,2) (100.0) 14.0 (62.8) 45.1
Corporate and Financial Services (C&F)(5)
Unfilled orders (28.0) (119.7) (28.0) (119.7)
New orders booked (4.2) (70.9) (13.9) (83.3)
Revenues (7.1) (23.5) (77.2) (104.3)
Interest expense (4) 15.6 12.3 58.2 41.5
(Loss)/earnings before income taxes (1,2,3) (69.1) (22.4) (132.9) (77.0)
Total
Unfilled orders 6,004.4 6,142.3 6,004.4 6,142.3
New orders booked 1,101.7 999.8 4,109.3 4,480.0
Revenues 1,034.9 1,088.8 3,392.5 3,969.4
Interest expense (4) 21.7 23.8 84.5 83.3
(Loss)/earnings before income taxes (222.4) 16.1 (206.0) 56.0
Provision for income taxes 96.9 3.8 103.1 16.5
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Net (loss)/earnings $ (319.3) $ 12.3 $ (309.1) $ 39.5
(1) Includes in the three months and year ended December 2001, contract
write-downs of $160.6 (E&C $67.2; EE $88.4; C&F $5.0), restructuring
cost of $41.6 (E&C $1.3; EE $6.1; C&F $34.2) and a reserve for deferred
tax assets in C&F $171.9.
(2) Includes in the three months and year ended December 2001, loss on sale
of cogeneration plants in EE of $35.3 and $40.3 and increased pension
costs in C&F of $1.5 and $5.0 respectively.
(3) Includes in the year ended December 2001, a provision for CEO
retirement in C&F of $2.7.
(4) Includes dividends on preferred security of subsidiary trust.
(5) Includes intersegment eliminations.