CB&I Reports Third Quarter 2009 Results
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THE WOODLANDS, Texas--(BUSINESS WIRE)-- CB&I (NYSE: CBI) today reported net income of $40.8 million, or $0.42 per diluted share, for the third quarter of 2009, compared with $8.6 million, or $0.09 per diluted share, in the third quarter of 2008. Revenue for the quarter was $1.0 billion compared with third quarter 2008 revenue of $1.6 billion.
New awards for the third quarter totaled $1.6 billion, including CB&I's $550 million Gorgon LNG contract in Australia and the $530 million GASCO award in Abu Dhabi.
Cash and cash equivalents increased to $212.0 million as of September 30, up from $88.2 million at year-end 2008.
"We are pleased with the third quarter results and the diverse number of new awards year to date, reaffirming our intent to capitalize on the major projects we have been pursuing in each business sector," said Philip K. Asherman, President and CEO. "We are very confident in our ability to convert major prospects into new backlog in the fourth quarter of 2009 and in 2010, while sustaining the margins in the end markets we serve."
CB&I will host a webcast, including a slide presentation, on October 27 at 4:00 p.m. CDT (5:00 p.m. EDT) to discuss financial and operating results, and answer questions from investors. The webcast is available at www.CBI.com.
About CB&I
CB&I designs, engineers and constructs some of the world's largest energy infrastructure projects, providing a full spectrum of EPC solutions and proven process technologies. Drawing upon more than a century of experience and the expertise of approximately 17,000 employees worldwide, CB&I safely and reliably executes more than 600 projects a year through its three business sectors: CB&I Lummus builds upstream and downstream oil & gas projects, LNG liquefaction and regasification terminals, and a wide range of other energy related projects; CB&I Steel Plate Structures designs, fabricates and constructs storage tanks and containment vessels and their associated systems for the oil & gas, water & wastewater, mining and nuclear industries; Lummus Technology capitalizes on more than 1,500 patents and patent applications to provide process technologies and catalysts for petrochemical facilities, oil refineries and gas processing plants. For more information, visit www.CBI.com or access technical details at Lummus Technology Fact Sheets. If you would like to be added to CB&I's news release email distribution list, visit www.cbi.com/ir/news.htm.
This release contains forward-looking statements regarding CB&I and represents our expectations and beliefs concerning future events. These forward-looking statements are intended to be covered by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties. When considering any statements that are predictive in nature, depend upon or refer to future events or conditions, or use or contain words, terms, phrases, or expressions such as "achieve", "forecast", "plan", "propose", "strategy", "envision", "hope", "will", "continue", "potential", "expect", "believe", "anticipate", "project", "estimate", "predict", "intend", "should", "could", "may", "might", or similar forward-looking statements, we refer you to the cautionary statements concerning risk factors and "Forward-Looking Statements" described under "Risk Factors" in Item 1A of our Annual Report filed on Form 10-K filed with the SEC for the year ended December 31, 2008, and any updates to those risk factors or "Forward-Looking Statements" included in our subsequent Quarterly Reports on Form 10-Q filed with the SEC, which cautionary statements are incorporated herein by reference.
CHICAGO BRIDGE & IRON COMPANY N.V. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Three Months Nine Months
Ended September 30, Ended September 30,
2009 2008 2009 2008
Revenue $ 1,010,401 $ 1,563,709 $ 3,518,490 $ 4,431,594
Cost of revenue 892,866 1,462,984 3,123,927 4,362,820
Gross profit 117,535 100,725 394,563 68,774
% of Revenue 11.6 % 6.4 % 11.2 % 1.6 %
Selling and
administrative 48,292 54,854 158,778 170,964
expenses
% of Revenue 4.8 % 3.5 % 4.5 % 3.9 %
Intangibles 6,080 5,894 17,553 17,679
amortization
Other operating
(income) expense, (1,461 ) 105 9,875 44
net
Equity earnings (9,852 ) (11,950 ) (28,776 ) (34,233 )
Income (loss) from 74,476 51,822 237,133 (85,680 )
operations
% of Revenue 7.4 % 3.3 % 6.7 % -1.9 %
Interest expense (4,916 ) (5,388 ) (16,019 ) (14,529 )
Interest income 398 1,744 1,190 7,177
Income (loss) 69,958 48,178 222,304 (93,032 )
before taxes
Income tax (expense) (28,070 ) (37,825 ) (85,311 ) 8,588
benefit
Net income (loss) 41,888 10,353 136,993 (84,444 )
Less: Net income
attributable to (1,065 ) (1,799 ) (3,934 ) (5,283 )
noncontrolling
interests
Net income (loss)
attributable to $ 40,823 $ 8,554 $ 133,059 $ (89,727 )
CB&I
Net income (loss)
attributable to CB&I
per share:
Basic $ 0.43 $ 0.09 $ 1.40 $ (0.94 )
Diluted $ 0.42 $ 0.09 $ 1.38 $ (0.94 )
Weighted average
shares outstanding:
Basic 95,727 95,341 95,205 95,754
Diluted 97,489 96,086 96,318 95,754
CHICAGO BRIDGE & IRON COMPANY N.V. AND SUBSIDIARIES
SEGMENT INFORMATION
(in thousands)
Three Months Ended Nine Months Ended
September 30, September 30, September 30, September 30,
2009 2008 2009 2008
% of % of % of % of
NEW Total Total Total Total
AWARDS*
CB&I Steel
Plate $ 1,433,383 87 % $ 338,427 48 % $ 1,963,712 73 % $ 1,803,860 56 %
Structures
CB&I 109,678 7 % 220,335 31 % 491,614 18 % 936,274 29 %
Lummus
Lummus 97,320 6 % 144,918 21 % 224,775 9 % 476,766 15 %
Technology
Total $ 1,640,381 $ 703,680 $ 2,680,101 $ 3,216,900
% of % of % of % of
REVENUE Total Total Total Total
CB&I Steel
Plate $ 383,453 38 % $ 500,489 32 % $ 1,261,458 36 % $ 1,460,475 33 %
Structures
CB&I 528,347 52 % 952,669 61 % 1,994,994 57 % 2,634,985 59 %
Lummus
Lummus 98,601 10 % 110,551 7 % 262,038 7 % 336,134 8 %
Technology
Total $ 1,010,401 $ 1,563,709 $ 3,518,490 $ 4,431,594
% of % of % of % of
INCOME
(LOSS) Revenue Revenue Revenue Revenue
FROM
OPERATIONS
CB&I Steel
Plate $ 34,284 8.9 % $ 54,108 10.8 % $ 105,049 8.3 % $ 157,762 10.8 %
Structures
CB&I 18,551 3.5 % (29,623 ) (3.1 %) 75,095 3.8 % (326,300 ) (12.4 %)
Lummus
Lummus 21,641 21.9 % 27,337 24.7 % 56,989 21.7 % 82,858 24.7 %
Technology
Total $ 74,476 7.4 % $ 51,822 3.3 % $ 237,133 6.7 % $ (85,680 ) (1.9 %)
* New awards represents the value of new project commitments received by the Company during a given
period.
CHICAGO BRIDGE & IRON COMPANY N.V. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
September 30, December 31,
2009 2008
ASSETS
Current assets $ 1,188,900 $ 1,191,115
Equity investments 132,084 130,031
Property and equipment, net 329,191 336,093
Goodwill and other intangibles, net 1,186,190 1,198,674
Other non-current assets 144,123 144,805
Total assets $ 2,980,488 $ 3,000,718
LIABILITIES AND SHAREHOLDERS' EQUITY
Revolver borrowings and notes payable $ 2,326 $ 523
Current maturity of long-term debt 40,000 40,000
Other current liabilities 1,658,948 1,947,602
Long-term debt 120,000 120,000
Other non-current liabilities 348,579 318,740
Shareholders' equity 810,635 573,853
Total liabilities and shareholders' equity $ 2,980,488 $ 3,000,718
CHICAGO BRIDGE & IRON COMPANY N.V. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS AND OTHER FINANCIAL DATA
(in thousands)
Nine Months
Ended September 30,
2009 2008
CASH FLOWS
Cash flows from operating activities $ 107,845 $ 94,345
Cash flows from investing activities (16,877 ) (80,693 )
Cash flows from financing activities 32,844 (77,163 )
Increase (decrease) in cash and cash equivalents 123,812 (63,511 )
Cash and cash equivalents, beginning of the year 88,221 305,877
Cash and cash equivalents, end of the period $ 212,033 $ 242,366
OTHER FINANCIAL DATA
Decrease in receivables, net $ 64,838 $ 66,867
Change in contracts in progress, net (51,173 ) 45,085
Increase in non-current contract retentions (3,438 ) (15 )
(Decrease) increase in accounts payable (160,403 ) 93,019
Change in contract capital $ (150,176 ) $ 204,956
Depreciation and amortization expense $ 59,941 $ 58,042
Capital expenditures $ 36,133 $ 82,057
Backlog * $ 4,866,422 $ 6,199,040
* Backlog includes the value of new award commitments until work is performed
and revenue is recognized or until cancellation.
Backlog may also fluctuate with currency movements.
Source: CB&I
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