HOUSTON, July 29, 2016 /PRNewswire/ -- Willbros Group,
Inc. (NYSE: WG) today reported a second quarter 2016 net loss of
$6.4 million, or $(0.10) per share, on revenue of $193.4 million, compared to a net loss of
$18.9 million, or $(0.32) per share, in the second quarter of 2015
on revenue of $218.8 million. Net
loss before special items was $5.4
million, or $(0.09) per share,
in the second quarter of 2016, compared to a net loss before
special items in the second quarter of 2015 of $7.8 million, or $(0.13) per share, and a $9.2 million net loss before special items, or
$(0.16) per share, in the first
quarter of 2016.
An operating loss of $2.7 million
in the second quarter of 2016 compares to a $13.0 million operating loss in the second
quarter of 2015, a $10.3 million
improvement, and a $9.5 million
operating loss in the first quarter of 2016, a $6.8 million improvement. The Company's second
quarter of 2016 operating results include other charges totaling
$1.4 million, primarily related to
employee severance, equipment impairment and idle equipment costs
related to extensive forest fires in Canada, and a $0.2
million gain related to a business that we have exited.
Excluding these special items, the operating loss before special
items was $1.5 million in the second
quarter of 2016, which represents a $3.6
million improvement from the Company's operating loss before
special items of $5.1 million in the
first quarter of 2016. Adjusted EBITDA from continuing operations
before special items for the second quarter of 2016 was
$2.9 million, a $2.1 million improvement from Adjusted EBITDA
from continuing operations before special items in the first
quarter of 2016.
On July 26, 2016, the Company
reached agreement with its lender to amend the financial covenants
associated with its Term Loan. These amendments provide for a
covenant holiday for the remainder of 2016 and less stringent
covenants for all of 2017.
Michael J. Fournier, President
and CEO, commented, "While our second quarter operating results
were in line with our expectations, we elected to provide further
cushion on covenants via an amendment to our term loan facility. We
believe this covenant amendment also addresses potential concerns
that some clients may have had in considering longer term project
awards. We believe we have positioned ourselves well to compete in
the current market and benefit when the oil and gas markets
recover. This was accomplished by reducing corporate G&A,
rightsizing our core businesses without eliminating capabilities
and by allocating resources to areas of the business where we see
short term growth opportunities. Despite current headwinds in the
oil and gas markets, we are optimistic regarding 2017
opportunities."
Included in this press release are certain non-GAAP financial
measures, including revenue, operating income (loss), net income
(loss) and Adjusted EBITDA from continuing operations before
special items. A related reconciliation of each of these
non-GAAP measures is included in the accompanying schedules.
Backlog
At June 30, 2016, Willbros
reported total backlog of $672.0
million, a decrease of $111.3
million from the March 31,
2016 balance. Twelve month backlog of $373.2 million at June 30,
2016 compares to $457.3
million at March 31, 2016. A
substantial portion of the total backlog decline is attributable to
the expiration of existing multi-year MSA contracts. We will rebid
these MSA's as they come up for renewal but we do not include these
new contracts in backlog until they are signed. To a lesser degree,
the erosion in twelve month backlog is being affected by Canadian
MSA contracts that expire at the end of 2016.
Segment Operating Results
Utility T&D
Utility T&D generated revenue of approximately $109.4 million in the second quarter of 2016, a
12% increase from the first quarter of 2016. The segment reported
an operating loss of $0.5 million in
the second quarter of 2016. The segment reported an operating loss
before special items of $0.4 million,
or a $2.9 million reduction from the
first quarter of 2016 operating income before special items.
Oil & Gas
For the second quarter of 2016, the Oil & Gas segment generated
revenue of $54.7 million, an 8%
decrease when compared to the first quarter of 2016. The segment
reported an operating loss of $2.3
million in the second quarter of 2016. The segment reported
an operating loss before special items of $2.2 million, or a $4.3
million improvement from the first quarter of 2016 operating
loss before special items.
Canada
The Canada segment generated
revenue of $29.5 million for the
second quarter of 2016, a $13 million
reduction from the first quarter of 2016, partially due to the
impact of the forest fires. The segment reported operating income
of $0.1 million in the second quarter
of 2016. The segment reported operating income before special items
of $1.2 million, or a $2.2 million improvement from the first quarter
of 2016 operating loss before special items.
Liquidity and Debt
Total liquidity (defined as cash and cash equivalents plus
revolver availability) remained relatively flat compared to the end
of the first quarter of 2016 and totaled $84.5 million at June 30,
2016 including $48.7 million
of cash and cash equivalents. There were no revolver borrowings at
June 30, 2016.
At June 30, 2016, the principal
amount due on the term loan remained unchanged from the prior
quarter at $92.2 million.
Guidance
Van Welch, Willbros Chief
Financial Officer, commented, "Both our Oil & Gas and Canadian
businesses continue to face difficult challenges in this current
market. Therefore, for 2016, we now expect annual revenue to range
between $750 million to $800
million."
Conference Call
In conjunction with this release, Willbros has scheduled a
conference call, which will be broadcast live over the Internet, on
Monday, August 1, 2016 at
10:00 a.m. Eastern Time (9:00 a.m. Central Time).
|
What:
|
Willbros Second
Quarter 2016 Earnings Conference Call
|
|
When:
|
Monday, August 1,
2016 - 10:00 a.m. Eastern Time (9:00 a.m. Central Time)
|
|
How:
|
Live via phone - By
dialing 877-404-9648 or 412-902-0030 a few minutes prior to the
start time and asking for the Willbros' call. Or live over
the Internet by logging on to the web address below.
|
|
Where:
|
http://www.willbros.com. The webcast can be accessed
from the investor relations home page.
|
For those who cannot listen to the live call, a replay will be
available through August 08, 2016 and
may be accessed by calling 877-660-6853 or 201-612-7415 using pass
code 13639813#. Also, an archive of the webcast will be
available shortly after the call on www.willbros.com.
Willbros is a specialty energy infrastructure contractor serving
the oil and gas and power industries with offerings that primarily
include construction, maintenance and facilities development
services. For more information on Willbros, please visit our web
site at www.willbros.com.
This announcement contains forward-looking statements. All
statements, other than statements of historical facts, which
address activities, events or developments the Company expects or
anticipates will or may occur in the future, are forward-looking
statements. A number of risks and uncertainties could cause
actual results to differ materially from these statements,
including unanticipated accounting or other issues regarding any
material weaknesses in internal control over financial reporting;
inability of the Company or its independent auditor to confirm
relevant information or data; unanticipated issues that prevent or
delay the Company's independent auditor from completing its review
of financial statements or that require additional efforts,
procedures or review; the untimely filing of financial statements;
pending and potential investigations and lawsuits; the
identification of one or more issues that require restatement of
one or more other prior period financial statements; ability to
remain in compliance with, or obtain additional waivers or
amendments under, the Company's existing loan agreements; the
existence of other material weaknesses in internal control over
financial reporting; contract and billing disputes; availability of
quality management; availability and terms of capital; changes in,
or the failure to comply with, government regulations; the
promulgation, application, and interpretation of environmental laws
and regulations; future E&P capital expenditures; oil, gas, gas
liquids, and power prices and demand; the amount and location of
planned pipelines; development trends of the oil, gas, and power
industries; as well as other risk factors described from time to
time in the Company's documents and reports filed with the
SEC. The Company assumes no obligation to update publicly
such forward-looking statements, whether as a result of new
information, future events or otherwise, except as may be required
by law.
CONTACT:
Stephen W. Breitigam
VP Investor Relations
Willbros
713-403-8172
SCHEDULES TO FOLLOW
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WILLBROS GROUP,
INC.
|
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(In thousands,
except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June
30,
|
|
June
30,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
Income
Statement
|
|
|
|
|
|
|
|
|
|
Contract
revenue
|
|
|
|
|
|
|
|
|
|
|
Oil &
Gas
|
|
$
54,739
|
|
$
61,778
|
|
$
114,074
|
|
$
138,218
|
|
|
Utility
T&D
|
|
109,355
|
|
106,439
|
|
206,644
|
|
193,425
|
|
|
Canada
|
|
29,496
|
|
50,645
|
|
71,988
|
|
137,654
|
|
|
Eliminations
|
|
(148)
|
|
(73)
|
|
(234)
|
|
(154)
|
|
|
|
|
193,442
|
|
218,789
|
|
392,472
|
|
469,143
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
|
Oil &
Gas
|
|
57,065
|
|
77,529
|
|
125,477
|
|
164,944
|
|
|
Utility
T&D
|
|
109,860
|
|
101,773
|
|
205,945
|
|
193,619
|
|
|
Canada
|
|
29,406
|
|
50,264
|
|
73,486
|
|
138,788
|
|
|
Unallocated Corporate
Costs
|
|
-
|
|
2,334
|
|
-
|
|
6,269
|
|
|
Eliminations
|
|
(148)
|
|
(73)
|
|
(234)
|
|
(154)
|
|
|
|
|
196,183
|
|
231,827
|
|
404,674
|
|
503,466
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
|
|
|
|
|
|
|
|
|
Oil &
Gas
|
|
(2,326)
|
|
(15,751)
|
|
(11,403)
|
|
(26,726)
|
|
|
Utility
T&D
|
|
(505)
|
|
4,666
|
|
699
|
|
(194)
|
|
|
Canada
|
|
90
|
|
381
|
|
(1,498)
|
|
(1,134)
|
|
|
Unallocated Corporate
Costs
|
|
-
|
|
(2,334)
|
|
-
|
|
(6,269)
|
|
Operating
loss
|
|
(2,741)
|
|
(13,038)
|
|
(12,202)
|
|
(34,323)
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating income
(expense)
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
(3,302)
|
|
(6,543)
|
|
(6,869)
|
|
(14,851)
|
|
|
Interest
income
|
|
411
|
|
11
|
|
431
|
|
22
|
|
|
Debt covenant
suspension and extinguishment charges
|
|
-
|
|
(312)
|
|
(63)
|
|
(36,181)
|
|
|
Other, net
|
|
58
|
|
(38)
|
|
(2)
|
|
(135)
|
|
|
|
|
(2,833)
|
|
(6,882)
|
|
(6,503)
|
|
(51,145)
|
|
Loss from continuing
operations before income taxes
|
|
(5,574)
|
|
(19,920)
|
|
(18,705)
|
|
(85,468)
|
|
Provision (benefit)
for income taxes
|
|
187
|
|
(517)
|
|
354
|
|
(21,121)
|
|
Loss from continuing
operations
|
|
(5,761)
|
|
(19,403)
|
|
(19,059)
|
|
(64,347)
|
|
Income (loss) from
discontinued operations net of provision for income
taxes
|
|
(658)
|
|
517
|
|
(2,511)
|
|
35,637
|
|
Net loss
|
|
$
(6,419)
|
|
$
(18,886)
|
|
$
(21,570)
|
|
$
(28,710)
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic income (loss)
per share attributable to Company shareholders:
|
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$
(0.09)
|
|
$
(0.33)
|
|
$
(0.31)
|
|
$
(1.17)
|
|
|
Discontinued
operations
|
|
(0.01)
|
|
0.01
|
|
(0.04)
|
|
0.65
|
|
|
|
|
$
(0.10)
|
|
$
(0.32)
|
|
$
(0.35)
|
|
$
(0.52)
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted income (loss)
per share attributable to Company shareholders:
|
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$
(0.09)
|
|
$
(0.33)
|
|
$
(0.31)
|
|
$
(1.17)
|
|
|
Discontinued
operations
|
|
(0.01)
|
|
0.01
|
|
(0.04)
|
|
0.65
|
|
|
|
|
$
(0.10)
|
|
$
(0.32)
|
|
$
(0.35)
|
|
$
(0.52)
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flow
Data
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
|
|
|
|
|
|
|
|
Cash provided by
(used in)
|
|
|
|
|
|
|
|
|
|
|
Operating
activities
|
|
$
(5,407)
|
|
$
7,273
|
|
$
(3,043)
|
|
$
41,945
|
|
|
Investing
activities
|
|
5,633
|
|
17,432
|
|
4,751
|
|
102,307
|
|
|
Financing
activities
|
|
(687)
|
|
(14,773)
|
|
(6,120)
|
|
(80,778)
|
|
|
Foreign exchange
effects
|
|
341
|
|
423
|
|
928
|
|
(411)
|
|
Discontinued
operations
|
|
(2,840)
|
|
18,890
|
|
(6,622)
|
|
(18,103)
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Data
(Continuing Operations)
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
61,299
|
|
60,227
|
|
61,065
|
|
55,052
|
|
|
Diluted
|
|
61,299
|
|
60,227
|
|
61,065
|
|
55,052
|
|
Adjusted EBITDA from
continuing operations(1)
|
|
$
3,232
|
|
$
(4,032)
|
|
$
3,328
|
|
$
(14,012)
|
|
Purchases of
property, plant and equipment
|
|
1,408
|
|
128
|
|
1,900
|
|
1,424
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Non-GAAP Financial Measures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA from
continuing operations (1)
|
|
|
|
|
|
|
|
|
|
|
Loss from continuing
operations
|
|
$
(5,761)
|
|
$
(19,403)
|
|
$
(19,059)
|
|
$
(64,347)
|
|
|
Interest
expense
|
|
3,302
|
|
6,543
|
|
6,869
|
|
14,851
|
|
|
Interest
income
|
|
(411)
|
|
(11)
|
|
(431)
|
|
(22)
|
|
|
Provision (benefit)
for income taxes
|
|
187
|
|
(517)
|
|
354
|
|
(21,121)
|
|
|
Depreciation and
amortization
|
|
5,621
|
|
7,149
|
|
11,309
|
|
14,594
|
|
|
Debt covenant
suspension and extinguishment charges
|
|
-
|
|
312
|
|
63
|
|
36,181
|
|
|
Stock based
compensation
|
|
1,108
|
|
1,441
|
|
2,401
|
|
3,053
|
|
|
Restructuring and
reorganization costs
|
|
927
|
|
2,908
|
|
4,279
|
|
3,191
|
|
|
Accounting and legal
fees associated with the restatements
|
|
(81)
|
|
(30)
|
|
(46)
|
|
446
|
|
|
Loss on sale of
subsidiary
|
|
-
|
|
-
|
|
123
|
|
-
|
|
|
Fort McMurray
wildfire related costs
|
|
523
|
|
-
|
|
523
|
|
-
|
|
|
Gain on disposal of
property and equipment
|
|
(2,183)
|
|
(2,424)
|
|
(3,057)
|
|
(838)
|
|
|
Adjusted EBITDA from
continuing operations(1)
|
|
$
3,232
|
|
$
(4,032)
|
|
$
3,328
|
|
$
(14,012)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet
Data
|
|
June 30,
2016
|
|
March 31,
2016
|
|
December 31,
2015
|
|
|
|
Cash and cash
equivalents
|
|
$
48,726
|
|
$
51,686
|
|
$
58,832
|
|
|
|
Working
capital
|
|
105,443
|
|
106,304
|
|
120,430
|
|
|
|
Total
assets
|
|
416,464
|
|
431,372
|
|
441,577
|
|
|
|
Total
debt
|
|
90,589
|
|
90,617
|
|
95,623
|
|
|
|
Stockholders'
equity
|
|
160,324
|
|
165,682
|
|
177,400
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Backlog Data
(2)
|
|
|
|
|
|
|
|
|
|
Total By Reporting
Segment
|
|
|
|
|
|
|
|
|
|
|
Oil &
Gas
|
|
$
34,479
|
|
$
71,314
|
|
$
48,810
|
|
|
|
|
Utility
T&D
|
|
535,218
|
|
595,620
|
|
622,629
|
|
|
|
|
Canada
|
|
102,302
|
|
116,352
|
|
155,379
|
|
|
|
Total
Backlog
|
|
$671,999
|
|
$783,286
|
|
$
826,818
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Backlog By
Geographic Area
|
|
|
|
|
|
|
|
|
|
|
United
States
|
|
$
569,697
|
|
$
666,934
|
|
$
671,439
|
|
|
|
|
Canada
|
|
102,302
|
|
116,352
|
|
155,379
|
|
|
|
Total
Backlog
|
|
$671,999
|
|
$783,286
|
|
$
826,818
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 Month Backlog by
Reporting Segment
|
|
|
|
|
|
|
|
|
|
|
Oil &
Gas
|
|
$
34,479
|
|
$
69,514
|
|
$
46,810
|
|
|
|
|
Utility
T&D
|
|
269,758
|
|
296,278
|
|
274,610
|
|
|
|
|
Canada
|
|
68,995
|
|
91,503
|
|
110,797
|
|
|
|
12 Month
Backlog
|
|
$
373,232
|
|
$
457,295
|
|
$
432,217
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 Month Backlog By
Geographic Area
|
|
|
|
|
|
|
|
|
|
|
United
States
|
|
$
304,237
|
|
$
365,792
|
|
$
321,420
|
|
|
|
|
Canada
|
|
68,995
|
|
91,503
|
|
110,797
|
|
|
|
12 Month
Backlog
|
|
$
373,232
|
|
$
457,295
|
|
$
432,217
|
|
|
|
|
|
(1)
|
Adjusted EBITDA from
continuing operations is defined as income (loss) from continuing
operations before interest expense, income tax expense (benefit)
and depreciation and amortization, adjusted for items broadly
consisting of selected items which management does not consider
representative of our ongoing operations and certain non-cash items
of the Company. Management uses Adjusted EBITDA from
continuing operations as a supplemental performance measure for
comparing normalized operating results with corresponding
historical periods and with the operational performance of other
companies in our industry and for presentations made to analysts,
investment banks and other members of the financial community who
use this information in order to make investment decisions about
us.
|
|
|
|
Adjusted EBITDA from
continuing operations is not a financial measurement recognized
under U.S. generally accepted accounting principles, or U.S.
GAAP. When analyzing our operating performance, investors
should use Adjusted EBITDA from continuing operations in addition
to, and not as an alternative for, net income, operating income, or
any other performance measure derived in accordance with U.S. GAAP,
or as an alternative to cash flow from operating activities as a
measure of our liquidity. Because all companies do not use
identical calculations, our presentation of Adjusted EBITDA from
continuing operations may be different from similarly titled
measures of other companies.
|
|
|
|
(2)
|
Backlog is
anticipated contract revenue from uncompleted portions of existing
contracts and contracts whose award is reasonably assured.
Master Service Agreement ("MSA") backlog is estimated for the
remaining term of the contract. MSA backlog is determined
based on historical trends inherent in the MSAs, factoring in
seasonal demand and projecting customer needs based on ongoing
communications. Backlog is not a term recognized under U.S.
GAAP; however, it is a common measurement used in our
industry.
|
|
Supplemental
Schedule of Special Items
|
|
|
|
|
|
|
Three Months Ended
June 30, 2016
|
|
|
|
(In
thousands)
|
|
|
|
|
|
|
|
Oil &
Gas
|
Utility
T&D
|
Canada
|
Unallocated
Corporate
Costs
|
Eliminations
|
Consolidated
|
|
Contract revenue
before special items (1)
|
|
|
|
|
|
|
|
|
|
Contract revenue, as
reported
|
|
|
$
54,739
|
$
109,355
|
$ 29,496
|
$
-
|
$
(148)
|
$
193,442
|
|
Contract revenue,
exited subsidiaries (2)
|
|
|
(385)
|
-
|
-
|
-
|
-
|
(385)
|
|
Contract revenue
before special items
|
|
|
$
54,354
|
$
109,355
|
$ 29,496
|
$
-
|
$
(148)
|
$
193,057
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss) before special items (1)
|
|
|
|
|
|
|
|
|
|
Operating income
(loss), as reported
|
|
|
$
(2,326)
|
$
(505)
|
$
90
|
$
-
|
$
-
|
$
(2,741)
|
|
Operating income,
exited subsidiaries (2)
|
|
|
(179)
|
-
|
-
|
-
|
-
|
(179)
|
|
Other
charges
|
|
|
265
|
99
|
575
|
-
|
-
|
939
|
|
Fort McMurray
wildfire related costs
|
|
|
-
|
-
|
523
|
-
|
-
|
523
|
|
Operating income
(loss) before special items
|
|
|
$
(2,240)
|
$
(406)
|
$
1,188
|
$
-
|
$
-
|
$
(1,458)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2016
|
|
|
|
(In
thousands)
|
|
|
|
|
|
|
|
Oil &
Gas
|
Utility
T&D
|
Canada
|
Unallocated
Corporate
Costs
|
Eliminations
|
Consolidated
|
|
Contract revenue
before special items (1)
|
|
|
|
|
|
|
|
|
|
Contract revenue, as
reported
|
|
|
$
59,335
|
$
97,289
|
$
42,492
|
$
-
|
$
(86)
|
$
199,030
|
|
Contract revenue,
exited subsidiaries (2)
|
|
|
(645)
|
-
|
-
|
-
|
-
|
(645)
|
|
Contract revenue
before special items
|
|
|
$
58,690
|
$
97,289
|
$
42,492
|
$
-
|
$
86)
|
$
198,385
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss) before special items (1)
|
|
|
|
|
|
|
|
|
|
Operating income
(loss), as reported
|
|
|
$
(9,077)
|
$
1,204
|
$
(1,588)
|
$
-
|
$
-
|
$
(9,461)
|
|
Operating loss,
exited subsidiaries (2)
|
|
|
702
|
-
|
-
|
-
|
-
|
702
|
|
Other
charges
|
|
|
1,828
|
1,294
|
566
|
-
|
-
|
3,688
|
|
Operating income
(loss) before special items
|
|
|
$
(6,547)
|
$
2,498
|
$
(1,022)
|
$
-
|
$
-
|
$
(5,071)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, 2015
|
|
|
|
(In
thousands)
|
|
|
|
|
|
|
|
Oil &
Gas
|
Utility
T&D
|
Canada
|
Unallocated
Corporate
Costs
|
Eliminations
|
Consolidated
|
|
Contract revenue
before special items (1)
|
|
|
|
|
|
|
|
|
|
Contract revenue, as
reported
|
|
|
$
61,778
|
$
106,439
|
$
50,645
|
$
-
|
$
(73)
|
$
218,789
|
|
Contract revenue,
exited subsidiaries (2)
|
|
|
(14,217)
|
(3,821)
|
-
|
-
|
-
|
(18,038)
|
|
Contract revenue
before special items
|
|
|
$
47,561
|
$
102,618
|
$
50,645
|
$
-
|
$
(73)
|
$
200,751
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss) before special items (1)
|
|
|
|
|
|
|
|
|
|
Operating income
(loss), as reported
|
|
|
$
(15,751)
|
$
4,666
|
$
381
|
$
(2,334)
|
$
-
|
$
(13,038)
|
|
Operating (income)
loss, exited subsidiaries (2)
|
|
|
4,843
|
(962)
|
-
|
-
|
-
|
3,881
|
|
Other
charges
|
|
|
2,749
|
290
|
208
|
71
|
-
|
3,318
|
|
Operating income
(loss) before special items
|
|
|
$
(8,159)
|
$
3,994
|
$
589
|
$
(2,263)
|
$
-
|
$
(5,839)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA from
continuing operations before special items
(1)
|
|
|
Q2
2016
|
Q1
2016
|
Q2
2015
|
|
|
|
|
Adjusted EBITDA from
continuing operations, as reported
|
|
|
$
3,232
|
$
96
|
$
(4,032)
|
|
|
|
|
Adjusted EBITDA from
continuing operations, exited subsidiaries
(2)
|
|
|
(298)
|
684
|
2,707
|
|
|
|
|
Adjusted EBITDA from
continuing operations before special items
|
|
|
$
2,934
|
$
780
|
$
(1,325)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Covenant EBITDA from
continuing operations (4)
|
|
|
Q2
2016
|
Q1
2016
|
Q2
2015
|
|
|
|
|
Loss from continuing
operations
|
|
|
$
(5,761)
|
$
(13,298)
|
$
(19,403)
|
|
|
|
|
Interest
expense
|
|
|
3,302
|
3,567
|
6,543
|
|
|
|
|
Interest
income
|
|
|
(411)
|
(20)
|
(11)
|
|
|
|
|
Provision (benefit)
for income taxes
|
|
|
187
|
167
|
(517)
|
|
|
|
|
Depreciation and
amortization
|
|
|
5,621
|
5,688
|
7,149
|
|
|
|
|
Debt covenant
suspension and extinguishment charges
|
|
|
-
|
63
|
312
|
|
|
|
|
Stock-based
compensation
|
|
|
1,108
|
1,293
|
1,441
|
|
|
|
|
Restructuring and
reorganization costs
|
|
|
927
|
3,352
|
2,908
|
|
|
|
|
Accounting and legal
fees associated with the restatements
|
|
|
(81)
|
35
|
(30)
|
|
|
|
|
Loss on sale of
subsidiary
|
|
|
-
|
123
|
-
|
|
|
|
|
Fort McMurray
wildfire related costs
|
|
|
523
|
-
|
-
|
|
|
|
|
Loss on disposal of
property and equipment outside of normal course of
business
|
|
|
-
|
-
|
247
|
|
|
|
|
Changes in project
loss provision
|
|
|
(186)
|
(456)
|
707
|
|
|
|
|
Adjustments to
self-insurance liabilities
|
|
|
-
|
-
|
211
|
|
|
|
|
Letter of credit
fees
|
|
|
342
|
356
|
392
|
|
|
|
|
Provision for
(recovery of) bad debt
|
|
|
62
|
(22)
|
(8)
|
|
|
|
|
Covenant EBITDA from
continuing operations
|
|
|
$
5,633
|
$
848
|
$
(59)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Covenant EBITDA from
continuing operations before special items
(1)
|
|
|
Q2
2016
|
Q1
2016
|
Q2
2015
|
|
|
|
|
Covenant EBITDA from
continuing operations, as reported
|
|
|
$
5,633
|
$
848
|
$
(59)
|
|
|
|
|
Covenant EBITDA from
continuing operations, exited subsidiaries
(2)
|
|
|
(298)
|
684
|
2,707
|
|
|
|
|
Covenant EBITDA from
continuing operations before special items
|
|
|
$
5,335
|
$
1,532
|
$
2,648
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from continuing
operations before special items (1)
|
|
|
Q2
2016
|
Q1
2016
|
Q2
2015
|
|
|
|
|
Loss from continuing
operations, as reported
|
|
|
$
(5,761)
|
$
(13,298)
|
$
(19,403)
|
|
|
|
|
(Income) loss from
continuing operations, exited subsidiaries
(2)
|
|
|
(179)
|
702
|
3,881
|
|
|
|
|
Other
charges
|
|
|
939
|
3,688
|
3,318
|
|
|
|
|
Fort McMurray
wildfire related costs
|
|
|
523
|
-
|
-
|
|
|
|
|
Debt covenant
suspension and extinguishment charges
|
|
|
-
|
63
|
312
|
|
|
|
|
Benefit for income
taxes (3)
|
|
|
-
|
-
|
(308)
|
|
|
|
|
Loss from continuing
operations before special items
|
|
|
$
(4,478)
|
$
(8,845)
|
$
(12,200)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
discontinued operations before special items
(1)
|
|
|
Q2
2016
|
Q1
2016
|
Q2
2015
|
|
|
|
|
Income (loss) from
discontinued operations, as reported
|
|
|
$
(658)
|
$
(1,853)
|
$
517
|
|
|
|
|
Other
charges
|
|
|
(1,162)
|
-
|
1,417
|
|
|
|
|
Loss on sale of
subsidiaries
|
|
|
911
|
1,545
|
2,177
|
|
|
|
|
Provision for income
taxes (3)
|
|
|
-
|
-
|
308
|
|
|
|
|
Income (loss) from
discontinued operations before special items
|
|
|
$
(909)
|
$
(308)
|
$
4,419
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss before
special items (1)
|
|
|
Q2
2016
|
Q1
2016
|
Q2
2015
|
|
|
|
|
Net loss, as
reported
|
|
|
$
(6,419)
|
$
(15,151)
|
$
(18,886)
|
|
|
|
|
(Income) loss from
continuing operations, exited subsidiaries
(2)
|
|
|
(179)
|
702
|
3,881
|
|
|
|
|
Other
charges
|
|
|
(223)
|
3,688
|
4,735
|
|
|
|
|
Fort McMurray
wildfire related costs
|
|
|
523
|
-
|
-
|
|
|
|
|
Loss on sale of
subsidiaries
|
|
|
911
|
1,545
|
2,177
|
|
|
|
|
Debt covenant
suspension and extinguishment charges
|
|
|
-
|
63
|
312
|
|
|
|
|
Provision (benefit)
for income taxes
|
|
|
-
|
-
|
-
|
|
|
|
|
Net loss, before
special items
|
|
|
$
(5,387)
|
$
(9,153)
|
$
(7,781)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted loss per
share attributable to Company shareholders before special items
(1)
|
|
|
Q2
2016
|
Q1
2016
|
Q2
2015
|
|
|
|
|
Diluted loss per
share attributable to Company shareholders, as reported
|
|
|
$
(0.10)
|
$
(0.25)
|
$
(0.32)
|
|
|
|
|
(Income) loss from
continuing operations, exited subsidiaries
(2)
|
|
|
-
|
-
|
0.06
|
|
|
|
|
Other
charges
|
|
|
-
|
0.06
|
0.08
|
|
|
|
|
Fort McMurray
wildfire related costs
|
|
|
-
|
-
|
-
|
|
|
|
|
Loss on sale of
subsidiaries
|
|
|
0.01
|
0.03
|
0.04
|
|
|
|
|
Debt covenant
suspension and extinguishment charges
|
|
|
-
|
-
|
0.01
|
|
|
|
|
Provision (benefit)
for income taxes
|
|
|
-
|
-
|
-
|
|
|
|
|
Diluted loss per
share attributable to Company shareholders before special
items
|
|
|
$
(0.09)
|
$
(0.16)
|
$
(0.13)
|
|
|
|
|
|
(1) Contract revenue
before special items, operating income (loss) before special items,
Adjusted EBITDA from continuing operations before special items,
Covenant EBITDA from continuing operations before special items,
loss from continuing operations before special items, income (loss)
from discontinued operations before special items, net loss before
special items and diluted loss per share attributable to Company
shareholders before special items are non-GAAP financial measures
that exclude special items that management believes affect the
comparison of results for the periods presented. Management
also believes results excluding these items are more comparable to
estimates provided by securities analysts and therefore are useful
in evaluating operational trends of the Company and its performance
relative to other construction companies. In addition,
management believes results excluding these items are more
indicative of the future operating prospects for Willbros as a
consolidated company in 2016.
|
|
|
(2) Contract revenue,
exited subsidiaries, operating income (loss), exited subsidiaries,
Adjusted EBITDA from continuing operations, exited subsidiaries,
Covenant EBITDA from continuing operations, exited subsidiaries and
(income) loss from continuing operations, exited subsidiaries
relate to the Company's historical Downstream Oil & Gas
(including Fabrication services sold in the first quarter of 2016),
Regional Delivery and Bemis subsidiaries. They are non-GAAP
financial measures that exclude special items that management
believes affect the comparison of results for the periods
presented. Management also believes results excluding these
items are more comparable to estimates provided by securities
analysts and therefore are useful in evaluating operational trends
of the Company and its performance relative to other construction
companies. In addition, management believes results excluding
these items are more indicative of the future operating prospects
for Willbros as a consolidated company in 2016.
|
|
|
(3) The Company
recorded a provision for income taxes on discontinued operations in
connection with the 2015 gains on sale of the Professional Services
segment and its historical subsidiaries. The provision for
income taxes in discontinued operations was fully offset with a
benefit for income taxes in continuing operations through the
utilization of prior year net operating losses. The net
effect on the Company's consolidated financial results was
$-0-.
|
|
|
(4) Covenant EBITDA
from continuing operations is a non-GAAP financial measure that
conforms to the definition of Consolidated EBITDA in the Company's
2014 Term Credit Agreement which includes certain special
items. Management uses Covenant EBITDA from continuing
operations to determine the Company's compliance with certain
financial covenants under the 2014 Term Credit
Agreement.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/willbros-reports-second-quarter-2016-results-300306486.html
SOURCE Willbros Group, Inc.