• Resources
  • Blog
  • Journalists
  • Webcasts
  • Data Privacy
  • Français
  • my CNW 
    • Login
    • Register
  • Client Login 
    • Online Member Centre
    • Next Gen Communications Cloud
    • Cision Communications Cloud®
  • Sign Up
  • Send a Release
Cision Canada
  • News
  • Products
    • Overview
    • Cision Communications Cloud®
    • Monitoring
    • Distribution
    • Multimedia
    • Measurement & Analytics
    • IR
  • Contact
    • Become a Client
    • Request a Demo
    • Editorial Bureaus
    • Partnerships
    • General Enquiries
    • Media

 

When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
Advanced Search
    Advanced Search
  • News in Focus
      • Browse News Releases
      • All News Releases
      • All Public Company
      • News Releases Overview
      • Multimedia Gallery
      • All Multimedia
      • All Photos
      • All Videos
      • Multimedia Gallery Overview
      • Trending Topics
      • All Trending Topics
  • Business
      • Auto & Transportation
      • All Automotive & Transportation
      • Aerospace, Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads and Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking and Road Transportation
      • Auto & Transportation Overview
      • Business Technology
      • All Business Technology
      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • Business Technology Overview
      • Entertain­ment & Media
      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview
      • Financial Services & Investing
      • All Financial Services & Investing
      • Accounting News & Issues
      • Acquisitions, Mergers and Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalization
      • Sales Reports
      • Shareholder Activism
      • Stock Offering
      • Stock Split
      • Venture Capital
      • Financial Services & Investing Overview
      • General Business
      • All General Business
      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls and Research
      • Trade Show News
      • General Business Overview
  • Science & Tech
      • Consumer Technology
      • All Consumer Technology
      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • Consumer Technology Overview
      • Energy & Natural Resources
      • All Energy
      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil and Gas Discoveries
      • Utilities
      • Water Utilities
      • Energy & Natural Resources Overview
      • Environ­ment
      • All Environ­ment
      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • Environ­ment Overview
      • Heavy Industry & Manufacturing
      • All Heavy Industry & Manufacturing
      • Aerospace & Defense
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation and Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking and Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • Heavy Industry & Manufacturing Overview
      • Telecomm­unications
      • All Telecomm­unications
      • Carriers and Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • Telecomm­unications Overview
  • Lifestyle & Health
      • Consumer Products & Retail
      • All Consumer Products & Retail
      • Animals & Pets
      • Beers, Wines and Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics and Personal Care
      • Fashion
      • Food & Beverages
      • Furniture and Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewelry
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • Consumer Products & Retail Overview
      • Entertain­ment & Media
      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview
      • Health
      • All Health
      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • Health Overview
      • Sports
      • All Sports
      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • Sports Overview
      • Travel
      • All Travel
      • Amusement Parks and Tourist Attractions
      • Gambling & Casinos
      • Hotels and Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • Travel Overview
  • Policy & Public Interest
      • Policy & Public Interest
      • All Policy & Public Interest
      • Advocacy Group Opinion
      • Animal Welfare
      • Canadian Federal Government
      • Canadian Municipal Government
      • Canadian Provincial Government
      • Corporate Social Responsibility
      • Domestic Policy
      • Economic News, Trends, Analysis
      • Education
      • Environmental
      • European Government
      • FDA Approval
      • Federal and State Legislation
      • Federal Executive Branch & Agency
      • Foreign Policy & International Affairs
      • Homeland Security
      • Labor & Union
      • Legal Issues
      • Natural Disasters
      • Not For Profit
      • Patent Law
      • Public Safety
      • Trade Policy
      • Policy & Public Interest Overview
  • People & Culture
      • People & Culture
      • All People & Culture
      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • People & Culture Overview
  • Overview
  • Cision Communications Cloud®
  • Monitoring
  • Distribution
  • Multimedia
  • Measurement & Analytics
  • IR
  • Become a Client
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • General Enquiries
  • Media
  • Cision Canada
  • Send a Release
  • FR
    • Phone

    • 877-269-7890 from 8 AM - 10 PM ET

    • ALL CONTACT INFO
    • Contact Cision

      877-269-7890
      from 8 AM - 10 PM ET

  • Send a Release
  • Sign Up
  • Resources
  • Blog
  • Journalists
  • Webcasts
  • GDPR
  • News in Focus
    • Browse All News
    • Multimedia Gallery
    • Trending Topics
    • Send a Release
    • Sign Up
    • Log In
    • Resources
    • Blog
    • Journalists
    • RSS
    • GDPR
  • Business
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
    • Send a Release
    • Sign Up
    • Log In
    • Resources
    • Blog
    • Journalists
    • RSS
    • GDPR
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
    • Send a Release
    • Sign Up
    • Log In
    • Resources
    • Blog
    • Journalists
    • RSS
    • GDPR
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
    • Send a Release
    • Sign Up
    • Log In
    • Resources
    • Blog
    • Journalists
    • RSS
    • GDPR
  • Policy & Public Interest
    • Policy & Public Interest
    • Send a Release
    • Sign Up
    • Log In
    • Resources
    • Blog
    • Journalists
    • RSS
    • GDPR
  • People & Culture
    • People & Culture
    • Send a Release
    • Sign Up
    • Log In
    • Resources
    • Blog
    • Journalists
    • RSS
    • GDPR
  • Send a Release
  • Sign Up
  • Resources
  • Blog
  • Journalists
  • Webcasts
  • GDPR
  • Overview
  • Cision Communications Cloud®
  • Monitoring
  • Distribution
  • Multimedia
  • Measurement & Analytics
  • IR
  • Send a Release
  • Sign Up
  • Resources
  • Blog
  • Journalists
  • Webcasts
  • GDPR
  • Become a Client
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • General Enquiries
  • Media
  • Worldwide Offices
  • Send a Release
  • Sign Up
  • Resources
  • Blog
  • Journalists
  • Webcasts
  • GDPR

Bird Construction Inc. Announces 2015 Fourth Quarter and Annual Financial Results


News provided by

Bird Construction Inc.

Mar 14, 2016, 18:34 ET

Share this article

Share this article


LISTING: TORONTO STOCK EXCHANGE
SYMBOL: BDT

TORONTO, March 14, 2016 /CNW/ -

HIGHLIGHTS:

  • Fourth quarter 2015 net income of $11.6 million on construction revenue of $413.4 million, compares with $12.9 million and $390.6 million, respectively, in the fourth quarter of 2014. The reduction in fourth quarter 2015 net income is primarily attributable to higher general and administrative expenses and finance and other costs, partially offset by higher gross profits resulting from an increase in construction revenue.

  • For the year ended December 31, 2015, the Company recorded revenues of $1,444.8 million and net income of $21.5 million, compared with revenues of $1,364.5 million and net income of $36.2 million in 2014. The reduction in 2015 net income is mainly due to a non-cash charge to earnings of $22.4 million ($20.3 million after deferred tax reversal) for the impairment of goodwill and intangible assets relating to the Company's investment in its wholly owned subsidiary H.J. O'Connell Limited.

  • Adjusting for the non-cash impairment charge, the Company's adjusted net income was $41.8 million (a non-GAAP measure) on construction revenue of $1,444.8 million in the 12 months of 2015. Adjusted net income in 2015 of $41.8 million exceeded 2014 net income of $36.2 million by $5.6 million or 15.5 percent. The increase in 2015 adjusted net income is a result of higher gross profit resulting from higher construction revenues and an improvement in the gross profit percentage. A reduction in 2015 general and administrative expenses also contributed to the improvement in 2015 adjusted net income (a non-GAAP measure).

  • Unfavourable market and economic conditions surrounding O'Connell's operating environment are expected to negatively affect future revenues and earnings resulting in a third quarter impairment charge for the goodwill and intangible assets relating to the O'Connell investment.

  • In 2015, the Company secured $1,957.9 million of new construction contracts, including change orders on existing contracts which contributed to a Backlog of $1,662.8 million at December 31, 2015, compared with $1,149.7 million at December 31, 2014. The increase in Backlog in 2015 is a result of the Company's success in securing a number of significant public-private partnerships (PPP) and alternative finance projects along with a number of other large non-PPP institutional projects across all of the Company's operating regions.

  • Bird's Board of Directors declares monthly dividends of $0.0633 per common share for April 2016.

"The year 2015 has been marked by strong execution of our existing work program and success in securing a significant volume of new institutional projects, including seven PPP and alternative finance projects, contributing to a Backlog of almost $1.7 billion at year-end. This level of Backlog will make a positive contribution to future earnings and further demonstrates the value of our diversified work program in light of the decline in the resource sector," commented Mr. Ian Boyd, President and CEO of Bird Construction. "Unfortunately, this solid performance was somewhat offset by the impairment charge for goodwill and intangible assets relating to our investment in H.J. O'Connell Limited recorded in the third quarter. Looking towards 2016, our earnings are expected to remain strong, though less than 2015 adjusted earnings due to a lower contribution from the industrial market in Western Canada."

('000s except per share amounts)











Three months ended


Year ended



December 31,


December 31,



2015


2014


2015


2014










Construction Revenue


$413,444


$390,565


$1,444,806


$1,364,456










Net income (loss) and comprehensive income


$11,556


$12,882


$21,482


$36,237










Basic and diluted earnings per share


$0.28


$0.30


$0.51


$0.85










Adjusted net income (a non-gaap measure)


$11,556


$12,882


$41,802


$36,237










Adjusted net income per share


$0.28


$0.30


$0.98


$0.85










Cash flow from operations before changes in non cash working capital


$21,893


$21,219


$75,291


$64,899

  • Construction revenue of $1,444.8 million in the year ended December 31, 2015, was $80.3 million higher than $1,364.5 million recorded in the year ended December 31, 2014. The 5.9% increase in revenues was primarily a result of higher institutional revenues resulting from the execution of the significant work program secured earlier in the year. The Company's industrial revenues remained relatively comparable to those recorded in 2014.

  • Net income of $21.5 million in the year ended December 31, 2015, compares to $36.2 million in 2014. The reduction in 2015 net income is primarily attributable to a non-cash charge to earnings of $22.4 million ($20.3 million after deferred tax reversal) for the impairment of goodwill and intangible assets relating to the Company's investment in its wholly owned subsidiary H.J. O'Connell Limited.  

  • Adjusting for the non-cash impairment charge, the Company's adjusted net income was $41.8 million (a non-GAAP measure) on construction revenue of $1,444.8 million in the 12 months of 2015. The increase in the amount of 2015 adjusted net income is a result of higher gross profits resulting from an increase in revenues and an improvement in the gross profit percentage. A reduction in 2015 general and administrative expenses also made a contribution to an increase in adjusted net income.

Bird Construction Inc. also announced that its Board of Directors has approved regular cash dividends for the month of April 2016 in the amount of $0.0633 per common share to be paid as follows:

i)   

The April dividend of $0.0633 per share will be paid on May 20, 2016, to the Shareholders of record as of the close of business on April 29, 2016.

A conference call for analysts and investors will be held at 10:00AM EDT on Tuesday, March 15, 2016, to discuss the quarterly results. The dial in number is 1-855-328-1925. Attendees are asked to be on the line 10 minutes prior to the start of the call.

This press release contains forward-looking statements that involve a number of risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. Many factors could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.

The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.

SOURCE Bird Construction Inc.

For further information: I.J. Boyd, President & C.E.O or, S.R. Entwistle, C.F.O, Bird Construction Inc., 5700 Explorer Drive, Suite 400, Mississauga, ON L4W 0C6, Phone: (905) 602-4122, Fax: (905) 602-1516

Modal title

Organization Profile

Bird Construction Inc.

    Also from this source

  • Stack Modular and Bird Construction Leverage Strategic...

  • Bird Construction Inc. Announces Release Date And Conference Call ...

  • Bird Construction Inc. Announces Transition in its Chairman of...

    Contact Cision

  • 877-269-7890
    from 8 AM - 10 PM ET

    • Become a Client
    • Request a Demo
    • Editorial Bureaus
    • Partnerships
    • General Enquiries
    • Media
    • Worldwide Offices

    Products

  • Cision Communications Cloud®
  • Media Monitoring
  • Content Distribution
  • Multimedia Distribution
  • Measurement & Analytics
  • Investor Relations

    About

  • About Cision Canada
  • About Cision
  • Media Partners
  • Careers

    My Services

  • All News Releases
  • Online Member Centre
  • Next Gen Communications Cloud
  • Cision Communications Cloud®
  • my CNW

Contact Cision

Products

About

My Services
  • All News Releases
  • Online Member Centre
  • Next Gen Communications Cloud
  • Cision Communications Cloud
  • my CNW
877-269-7890
from 8 AM - 10 PM ET
  • Terms of Use
  • Information Security Policy
  • Site Map
  • Cookie Settings
  • Accessibility Statement
Copyright © 2021 CNW Group Ltd. All Rights Reserved. A Cision company.