Foster Wheeler AG (Nasdaq: FWLT) today reported net income for
the fourth quarter of 2008 of $99.9 million, or $0.75 per diluted
share, compared with $78.1 million, or $0.54 per diluted share, in
the fourth quarter of 2007. Net income in both quarterly periods
was impacted by asbestos-related items as detailed in the attached
table. Excluding such items from both quarterly periods, net income
in the fourth quarter of 2008 was $137.2 million, or $1.03 per
diluted share, compared with $80.6 million, or $0.56 per diluted
share, in the fourth quarter of 2007. The non-cash asbestos
provision in the fourth quarter of 2008 primarily reflected a
revised 15-year estimate of projected defense costs for the period
2009 through 2023.
Fourth-quarter 2008 consolidated EBITDA (earnings before
interest expense, income taxes, depreciation and amortization) was
$105.1 million, compared with $132.0 million in the fourth quarter
of 2007. Consolidated EBITDA in both quarterly periods was also
impacted by the asbestos-related items as noted above and as
detailed in the attached table. Excluding such items from both
quarterly periods, consolidated EBITDA in the fourth quarter of
2008 was $142.4 million, compared with $134.5 million in the fourth
quarter of 2007.
The following items also impacted the fourth quarter 2008 pretax
results. The company recorded a charge of $6.7 million for the
favorable resolution of a previously disclosed legacy power project
in Ireland. The resolution provides a full release from all
existing claims related to the corrosion in the boilers and the
emissions control equipment. The company also recorded a charge of
$9.0 million for a restructuring program that it has begun to
implement in its Global Power Group (GPG) and under which the
business will right-size employment levels as necessary to support
its expected 2009 workload.
For the full year 2008, net income was a record $526.6 million,
or $3.68 per diluted share, compared with $393.9 million, or $2.72
per diluted share, in 2007. For the full year 2008, consolidated
EBITDA was a record $686.1 million, compared with $591.9 million
for 2007. Net income and consolidated EBITDA in 2008 and 2007 were
impacted by asbestos-related items as detailed in the attached
table. Excluding such items from both periods, net income in 2008
was $533.2 million, or $3.73 per diluted share, compared with
$387.7 million, or $2.68 per diluted share, in 2007; and
consolidated EBITDA for 2008 was $692.7 million, compared with
$585.7 million in 2007.
Commenting on the company�s full-year 2008 results, Foster
Wheeler�s Chairman and Chief Executive Officer, Raymond J.
Milchovich, said, �As expected, the company�s net income in 2008
reached an all-time high, based largely on the record-setting level
of EBITDA generated by both of our operating groups: our Global
Engineering and Construction (E&C) Group and our Global Power
Group. Net income was aided by a lower effective tax rate in 2008
versus 2007, including a favorable $24.1 million year-end net
change in valuation allowances.�
Milchovich noted, �In the fourth quarter of 2008, both E&C
and GPG generated strong operating results, which were partially
offset by items described in the business group discussions below.
Net income in the fourth quarter of 2008 was aided by the
previously cited net change in valuation allowances. Relative to
the year-ago quarter, earnings per share in the fourth quarter of
2008 reflected an approximate 8% reduction in the fully diluted
share count primarily as a result of the company�s share repurchase
program. In addition, we are pleased by the resolution of the
legacy power project in Ireland. This is a positive for us.
�New orders in the fourth quarter of 2008 were below the levels
of recent quarters, although for reasons that differ somewhat
between our two operating groups. In E&C, we believe the
fundamentals of our business remain strong. However, the decline in
new orders reflects the fact that clients are taking a more
measured approach to project releases. Even so, in the fourth
quarter we signed a contract for a major refinery expansion project
in Colombia and, in December, we signed an initial limited-release
work order for a petrochemical project in the Middle East that we
expect will be a very large booking in the first half of 2009. In
GPG, the situation is materially different. The decline in new
orders reflects a continuation of weak market conditions for solid
fuel boilers, especially in North America.�
The following tables present quarterly and average quarterly
data, both as reported and adjusted. The company believes that such
figures provide meaningful comparative relevance for certain key
metrics in light of the significant quarter-to-quarter variability
that is inherent in the company�s financial results.
(in millions) �
Actual
Q4 2008
�
Qtrly Avg.
2008
�
Actual
Q4 2007
�
Qtrly Avg.
2007
Net income � $100 � $132 � $78 � $98 Net income, as adjusted � $137
� $133 � $81 � $97 Consolidated EBITDA � $105 � $172 � $132 � $148
Consolidated EBITDA, as adjusted � $142 � $173 � $135 � $146
Global Engineering and
Construction (E&C) Group
(in millions) �
Actual
Q4 2008
�
Qtrly Avg.
2008
�
Actual
Q4 2007
�
Qtrly Avg.
2007
New orders booked (FW Scope) � $288 � $526 � $604 � $538 Operating
revenues (FW Scope) � $534 � $558 � $610 � $536 Segment EBITDA �
$123 � $134 � $110 � $126 EBITDA Margin (FW Scope) � 23.0% � 24.0%
� 18.1% � 23.6%
- The segment reported strong
operating performance in the fourth quarter of 2008, with segment
EBITDA of $123 million, partially offset by foreign exchange
transaction losses of $14.7 million, primarily due to the weakness
of the British pound from the third quarter to the fourth quarter
of 2008.
- Additionally, EBITDA in the
fourth quarter of 2008 was unfavorably impacted by $12.5 million,
relative to the third quarter of 2008, as a result of the
translation of earnings of our non-U.S. operations into U.S.
dollars for reporting purposes.
- The currency translation impact
also unfavorably impacted scope revenues in the fourth quarter of
2008.
- New orders booked in Foster
Wheeler Scope were $288.1 million in the fourth quarter of 2008,
below the average of 2007. The reduced level of new orders,
combined with the unfavorable effect of currency translation,
contributed to a sequential-quarter decline in Foster Wheeler Scope
backlog to $1.37 billion at the end of the fourth quarter of
2008.
Global Power Group
(GPG)
(in millions) �
Actual
Q4 2008
�
Qtrly Avg.
2008
�
Actual
Q4 2007
�
Qtrly Avg.
2007
New orders booked (FW Scope) � $180 � $334 � $603 � $499 Operating
revenues (FW Scope) � $417 � $424 � $408 � $353 Segment EBITDA �
$42 � $60 � $39 � $35 EBITDA Margin (FW Scope) � 10.1% � 14.1% �
9.7% � 9.8%
- Segment EBITDA was $42.0 million
in the fourth quarter of 2008, a 20% increase compared with the
average quarter of 2007. Results for the fourth quarter of 2008
include charges of: $9.0 million for restructuring activities and
$6.7 million for the resolution of claims on a legacy power project
in Ireland. Excluding these items, EBITDA for the fourth quarter of
2008 was $57.7 million and the EBITDA margin on scope revenues was
13.8%.
- Operating revenues in Foster
Wheeler Scope were $417.1 million in the fourth quarter of 2008, an
increase of 18% compared with the average quarter of 2007,
reflecting continued successful execution of projects in
backlog.
- Foreign currency translation
effects in the fourth quarter, relative to the third quarter of
2008, were immaterial on segment EBITDA and unfavorable on scope
operating revenues.
- New orders in Foster Wheeler
Scope were $180 million in the fourth quarter of 2008, below the
quarterly average for 2008 and for 2007 and reflecting weak market
conditions for solid fuel boilers.
Milchovich added, �As we look at 2009, it is clear that our
power business will not equal its 2008 performance, due to
significant weakness in most of the global markets we serve, North
America in particular. Through the restructuring program, we are
taking steps to right-size our power business to match anticipated
market conditions in 2009. In our E&C Group, the outlook for
2009 is much more favorable than it is for our power business, but
it is not without challenges. Most of the large prospects we are
pursuing are currently moving forward, although client deliberation
on the timing of new contract awards has resulted in some delays.
We expect our E&C business to have a very good year in 2009,
but our actual results will depend in large measure on the timing
of these client decisions. Even so, it is unlikely that our E&C
Group will experience the same level of EBITDA performance that it
enjoyed in 2008.�
Share Repurchase
Program
On September 12, 2008, the company announced that its board of
directors had authorized a $750 million share repurchase program.
To date, the company has purchased 18.1 million common shares and
has approximately $264.8 million remaining under the existing
authorization.
Calculation of EBITDA
EBITDA is a supplemental financial measure not defined in
generally accepted accounting principles or GAAP. The Company
defines EBITDA as income before interest expense, income taxes,
depreciation and amortization. The Company has presented EBITDA
because it believes it is an important supplemental measure of
operating performance. EBITDA, after adjustment for certain unusual
and infrequent items specifically excluded in the terms of the
Company's current and prior senior credit agreements, is used for
certain covenants under its current and prior senior credit
agreements. The Company believes that the line item on its
consolidated statements of operations and comprehensive income
entitled "net income" is the most directly comparable GAAP
financial measure to EBITDA. Since EBITDA is not a measure of
performance calculated in accordance with GAAP, it should not be
considered in isolation of, or as a substitute for, net income as
an indicator of operating performance or any other GAAP financial
measure.
EBITDA, as calculated by the Company, may not be comparable to
similarly titled measures employed by other companies. In addition,
this measure does not necessarily represent funds available for
discretionary use, and is not necessarily a measure of the
Company's ability to fund its cash needs. As EBITDA excludes
certain financial information that is included in net income, users
of this financial information should consider the type of events
and transactions that are excluded.
The Company's non-GAAP performance measure, EBITDA, has certain
material limitations as follows:
- It does not include interest
expense. Because the Company has borrowed money to finance some of
its operations, interest is a necessary and ongoing part of its
costs and has assisted the Company in generating revenue.
Therefore, any measure that excludes interest has material
limitations;
- It does not include taxes.
Because the payment of taxes is a necessary and ongoing part of the
Company's operations, any measure that excludes taxes has material
limitations; and
- It does not include depreciation
and amortization. Because the Company must utilize property, plant
and equipment and intangible assets in order to generate revenues
in its operations, depreciation and amortization are necessary and
ongoing costs of its operations. Therefore, any measure that
excludes depreciation and amortization has material
limitations.
Calculation of EBITDA Margin
Segment EBITDA margin is calculated by dividing business unit
operating revenues in Foster Wheeler Scope into business unit
EBITDA.
Foster Wheeler Scope
Foster Wheeler Scope represents that portion of unfilled orders,
new orders booked and operating revenues on which profit can be
earned. Foster Wheeler Scope excludes revenues relating to
third-party costs incurred by the Company as agent or principal on
a reimbursable basis. The Company began comprehensively reporting
Foster Wheeler Scope as of 2005.
Conference Call Information
Foster Wheeler AG plans to hold a conference call today,
Tuesday, February 24, at 8:30 a.m. (Eastern) to discuss its
financial results for the fourth quarter and fiscal year ended
December 26, 2008.
The call will be accessible to the public by telephone or
webcast, and the company will post an accompanying slide
presentation in the investor relations section of its web site
(www.fwc.com). To listen to the call by telephone, dial
973-935-8752 (conference I.D. No. 80523703#) approximately ten
minutes before the call. The conference call will also be available
over the Internet at www.fwc.com or through StreetEvents at
www.streetevents.com.
A replay of the call will be available on the company's web site
as well as by telephone. To listen to the replay by telephone, dial
706-645-9291 (replay passcode 80523703# required) starting one hour
after the conclusion of the call through 8:00 p.m. (Eastern) on
Tuesday, March 24, 2009. The replay can also be accessed on the
company's web site for four weeks following the call.
Foster Wheeler AG is a global engineering and construction
contractor and power equipment supplier delivering technically
advanced, reliable facilities and equipment. The company employs
over 14,000 talented professionals with specialized expertise
dedicated to serving clients through one of its two primary
business groups. The company�s Global Engineering and Construction
Group designs and constructs leading-edge processing facilities for
the upstream oil and gas, LNG and gas-to-liquids, refining,
chemicals and petrochemicals, power, environmental,
pharmaceuticals, biotechnology and healthcare industries. The
company�s Global Power Group is a world leader in combustion and
steam generation technology that designs, manufactures and erects
steam generating and auxiliary equipment for power stations and
industrial facilities and also provides a wide range of aftermarket
services. The Company is based in Zug, Switzerland, and its
operational headquarters are in Clinton, New Jersey, USA. For more
information about Foster Wheeler, please visit our Web site at
www.fwc.com.
Safe Harbor Statement
Foster Wheeler news releases may contain forward-looking
statements that are based on management�s assumptions, expectations
and projections about the Company and the various industries within
which the Company operates. These include statements regarding the
Company�s expectations about revenues (including as expressed by
its backlog), its liquidity, the outcome of litigation and legal
proceedings and recoveries from customers for claims and the costs
of current and future asbestos claims and the amount and timing of
related insurance recoveries. Such forward-looking statements by
their nature involve a degree of risk and uncertainty. The Company
cautions that a variety of factors, including but not limited to
the factors described in the Company�s most recent Annual Report on
Form 10-K, filed with the U.S. Securities and Exchange Commission,
and the following, could cause the Company�s business conditions
and results to differ materially from what is contained in
forward-looking statements: risks related to the Company�s recent
redomestication transaction, changes in the rate of economic growth
in the United States and other major international economies,
changes in investment by the oil and gas, oil refining,
chemical/petrochemical and power industries, changes in the
financial condition of its customers, changes in regulatory
environments, changes in project design or schedules, contract
cancellations, changes in estimates made by the Company of costs to
complete projects, changes in trade, monetary and fiscal policies
worldwide, compliance with laws and regulations relating to its
global operations, currency fluctuations, war and/or terrorist
attacks on facilities either owned by the Company or where
equipment or services are or may be provided by the Company,
interruptions to shipping lanes or other methods of transit,
outcomes of pending and future litigation, including litigation
regarding the Company�s liability for damages and insurance
coverage for asbestos exposure, protection and validity of its
patents and other intellectual property rights, increasing
competition by foreign and domestic companies, compliance with its
debt covenants, recoverability of claims against its customers and
others by the Company and claims by third parties against the
Company, and changes in estimates used in its critical accounting
policies. Other factors and assumptions not identified above were
also involved in the formation of these forward-looking statements
and the failure of such other assumptions to be realized, as well
as other factors, may also cause actual results to differ
materially from those projected. Most of these factors are
difficult to predict accurately and are generally beyond the
Company�s control. You should consider the areas of risk described
above in connection with any forward-looking statements that may be
made by the Company. The Company undertakes no obligation to
publicly update any forward-looking statements, whether as a result
of new information, future events or otherwise. You are advised,
however, to consult any additional disclosures the Company makes in
proxy statements, quarterly reports on Form 10-Q, annual reports on
Form 10-K and current reports on Form 8-K filed with the Securities
and Exchange Commission.
Foster Wheeler Ltd. and
Subsidiaries
Consolidated Statement of
Operations
(in thousands of dollars, except share data
and per share amounts)
(unaudited)
� � � �
Fiscal Quarters Ended Fiscal Twelve Months
Ended
December 26,
2008
December 28,
2007
December 26,
2008
December 28,
2007
� �
Operating revenues $ 1,639,189 $
1,465,483 $ 6,854,290 $
5,107,243 Cost of operating revenues �
(1,435,990 ) �
(1,295,480 ) �
(5,958,644 ) �
(4,362,922 ) Contract
profit 203,199 170,003 895,646
744,321 �
Selling, general & administrative
expenses (65,112 ) (66,158 )
(283,883 ) (246,237 ) Other income,
net 17,966 18,180 53,001 61,410
Other deductions, net (29,262 ) (12,965
) (54,382 ) (45,540 )
Interest income 9,588 11,364 44,743
35,627 Interest expense (1,417 )
(5,203 ) (17,621 ) (19,855
) Minority interest in income of consolidated
affiliates (5,390 ) (539 )
(7,249 ) (5,577 ) Net
asbestos-related (provision)/gain (37,345 )
(2,488 ) (6,607 ) 6,145 � � � �
Income before income taxes 92,227 112,194
623,648 530,294 (Benefit)/provision for income
taxes �
7,655 � �
(34,096 ) �
(97,028 ) �
(136,420 ) Net
income $ 99,882 �
$ 78,098 �
$ 526,620 �
$ 393,874 � � �
Shares
Outstanding: Weighted-average number of common shares
outstanding for basic earnings
per common share
132,654,157 143,540,329 141,149,590
141,661,046 �
Weighted-average number of common
shares
outstanding for diluted
earnings per common share
133,212,830 145,155,401 143,104,030
144,748,222 � �
Earnings per common share:
Basic $ 0.75 �
$ 0.54 �
$
3.73 �
$ 2.78 �
Diluted $
0.75 �
$ 0.54 �
$ 3.68 �
$ 2.72 �
Foster Wheeler Ltd. and
Subsidiaries
Consolidated Balance Sheet
(in thousands of dollars)
(unaudited)
� �
December 26, December 28, 2008 2007
ASSETS Current Assets: Cash and cash
equivalents $ 773,163 $ 1,048,544
Short-term investments 2,448 - Accounts and
notes receivable, net: Trade 608,994
580,883 Other 95,633 98,708
Contracts in process 241,135 239,737
Prepaid, deferred and refundable income taxes 31,667
36,532 Other current assets �
37,146 � �
39,979 �
Total current assets �
1,790,186 � �
2,044,383 � �
Land, buildings and equipment, net
383,209 337,485 Restricted cash 22,737
20,937 Notes and accounts receivable � long-term
1,788 2,941 Investments in and advances to
unconsolidated affiliates 210,776 198,346
Goodwill, net 62,165 53,345 Other
intangible assets, net 59,874 61,190
Asbestos-related insurance recovery receivable
281,540 324,588 Other assets 82,223
93,737 Deferred income taxes �
116,756 � �
112,036 �
TOTAL ASSETS $ 3,011,254 �
$ 3,248,988 � �
LIABILITIES, TEMPORARY EQUITY AND
SHAREHOLDERS� EQUITY Current Liabilities: Current
installments on long-term debt $ 24,375 $
19,368 Accounts payable 365,347 372,531
Accrued expenses 303,813 331,814 Billings
in excess of costs and estimated earnings on uncompleted
contracts 750,233 744,236 Income taxes
payable �
44,846 � �
55,824 �
Total current
liabilities �
1,488,614 � �
1,523,773 � �
Long-term debt 192,989 185,978 Deferred
income taxes 66,114 81,008 Pension,
postretirement and other employee benefits 320,959
290,741 Asbestos-related liability 355,779
376,803 Other long-term liabilities and minority
interest 157,933 185,143 Minority Interest
28,718 31,773 Commitments and contingencies �
�
TOTAL LIABILITIES �
2,611,106 � �
2,675,219
� �
Temporary Equity: Non-vested share-based compensation
awards subject to redemption �
7,586 � �
2,728 �
TOTAL TEMPORARY EQUITY �
7,586 � �
2,728 � �
Shareholders' Equity: Preferred shares -
- Common shares 1,262 1,439 Paid-in
capital 914,063 1,385,311 Accumulated
deficit (27,975 ) (554,595 )
Accumulated other comprehensive loss �
(494,788
) �
(261,114 ) TOTAL SHAREHOLDERS�
EQUITY �
392,562 � �
571,041 �
TOTAL
LIABILITIES, TEMPORARY EQUITY � �
AND SHAREHOLDERS�
EQUITY $ 3,011,254 �
$ 3,248,988 �
Foster Wheeler Ltd. and
Subsidiaries
Business Segments
(in thousands of dollars)
(unaudited)
� � � �
Fiscal Quarters Ended Fiscal Twelve Months
Ended
December 26,
2008
December 28,
2007
December 26,
2008
December 28,
2007
Global Engineering & Construction
Group
Backlog - in future revenues $ 4,326,800
$ 7,822,000 $ 4,326,800 $
7,822,000 New orders booked - in future revenues
398,700 3,999,400 2,707,500 6,874,600
Operating revenues 1,219,091 1,054,443
5,147,227 3,681,259 EBITDA 122,626
110,283 535,602 505,647 �
Foster Wheeler
Scope (1): Backlog - in Foster Wheeler
Scope 1,374,500 1,709,100 1,374,500
1,709,100 New orders booked - in Foster Wheeler Scope
288,100 603,500 2,102,900 2,150,800
Operating revenues - in Foster Wheeler Scope 533,680
609,578 2,233,125 2,144,199 �
Global Power Group
Backlog - in future revenues 1,177,600
1,598,400 1,177,600 1,598,400 New orders
booked - in future revenues 182,800 605,100
1,348,500 2,008,200 Operating revenues
420,098 411,040 1,707,063 1,425,984
EBITDA 41,961 39,397 239,508
139,177 �
Foster Wheeler Scope (1):
Backlog - in Foster Wheeler Scope 1,164,800
1,585,500 1,164,800 1,585,500 New orders
booked - in Foster Wheeler Scope 179,900 602,500
1,336,800 1,996,000 Operating revenues - in Foster
Wheeler Scope 417,103 408,043 1,695,209
1,413,462 �
Corporate & Finance Group
(2)
EBITDA (59,511 ) (17,712 )
(89,043 ) (52,984 ) �
Consolidated
Backlog - in future revenues 5,504,400
9,420,400 5,504,400 9,420,400 New orders
booked - in future revenues 581,500 4,604,500
4,056,000 8,882,800 Operating revenues
1,639,189 1,465,483 6,854,290 5,107,243
EBITDA 105,076 131,968 686,067
591,840 �
Foster Wheeler Scope (1):
Backlog - in Foster Wheeler Scope 2,539,300
3,294,600 2,539,300 3,294,600 New orders
booked - in Foster Wheeler Scope 468,000
1,206,000 3,439,700 4,146,800 Operating
revenues - in Foster Wheeler Scope 950,783
1,017,621 3,928,334 3,557,661 (1) �
Foster Wheeler Scope represents that portion of backlog, new
orders booked and operating revenues on which profit can be earned.
Foster Wheeler Scope excludes revenues relating to third-party
costs incurred by the company as agent or principal on a
reimbursable basis. �
(2) Includes intersegment
eliminations.
Foster Wheeler Ltd. and
Subsidiaries
Reconciliations of EBITDA and Foster Wheeler
Scope
(in thousands of dollars)
(unaudited)
� � � �
Fiscal Quarters Ended Fiscal Twelve Months
Ended
December 26,
2008
December 28,
2007
December 26,
2008
December 28,
2007
Reconciliation of EBITDA to Net
Income
EBITDA:
Global Engineering & Construction $
122,626 $ 110,283 $ 535,602
$ 505,647 Global Power Group 41,961
39,397 239,508 139,177 Corporate &
Finance Group �
(59,511 ) �
(17,712
) �
(89,043 ) �
(52,984 )
Consolidated EBITDA 105,076 131,968
686,067 591,840 Less: Interest expense
(1,417 ) (5,203 ) (17,621
) (19,855 ) Less:
Depreciation/amortization (1) �
(11,432 )
�
(14,571 ) �
(44,798 ) �
(41,691 ) Income before income taxes
92,227 112,194 623,648 530,294
(Benefit)/provision for income taxes �
7,655 � �
(34,096 ) �
(97,028 ) �
(136,420
) Net income $ 99,882 �
$
78,098 �
$ 526,620 �
$ 393,874 �
�
Reconciliation of Foster Wheeler Scope
Operating Revenues to Operating Revenues
�
Global Engineering & Construction
Group
Foster Wheeler Scope operating revenues $
533,680 $ 609,578 $ 2,233,125
$ 2,144,199 Flow-through revenues �
685,411 � �
444,865 � �
2,914,102 � �
1,537,060 �
Operating revenues �
1,219,091 � �
1,054,443 � �
5,147,227 � �
3,681,259 � �
Global Power Group
Foster Wheeler Scope operating revenues 417,103
408,043 1,695,209 1,413,462 Flow-through
revenues �
2,995 � �
2,997 � �
11,854 � �
12,522 �
Operating revenues �
420,098 � �
411,040 � �
1,707,063 � �
1,425,984 � �
Consolidated
Foster Wheeler Scope operating revenues 950,783
1,017,621 3,928,334 3,557,661 Flow-through
revenues �
688,406 � �
447,862 � �
2,925,956 � �
1,549,582 �
Operating revenues
$ 1,639,189 �
$ 1,465,483 �
$
6,854,290 �
$ 5,107,243 � � �
(1) The depreciation /
amortization by business segment:
Fiscal Quarters Ended Fiscal Twelve Months Ended
December 26,
2008
December 28,
2007
December 26,
2008
December 28,
2007
Global Engineering & Construction Group $
(6,007 ) $ (6,175 ) $
(22,530 ) $ (17,485 ) Global
Power Group (5,059 ) (8,051 )
(20,846 ) (22,835 ) Corporate &
Finance Group �
(366 ) �
(345 ) �
(1,422 ) �
(1,371 ) Total
depreciation / amortization $ (11,432 )
$ (14,571 ) $ (44,798 )
$ (41,691 )
Foster Wheeler Ltd. and
Subsidiaries
EBITDA, Net Income and Diluted Earnings Per
Common Share Reconciliation
(in thousands of dollars, except per share
amounts)
(unaudited)
� � � � � �
Fiscal Quarters Ended December 26, 2008
December 28, 2007 EBITDA Net Income
Diluted Earnings
Per Common
Share
EBITDA Net Income
Diluted Earnings
Per Common
Share
�
As adjusted $ 142,421 $
137,227 $ 1.03 $ 134,456
$ 80,586 $ 0.56 �
Adjustments:
Net asbestos-related
provision
(37,345 ) (37,345 ) $
(0.28 ) (2,488 ) (2,488 )
$ (0.02 ) � � � � � �
As reported
$ 105,076 �
$ 99,882 �
$
0.75 �
$ 131,968 �
$ 78,098 �
$ 0.54 � � �
Fiscal Twelve Months Ended
December 26, 2008 December 28, 2007 EBITDA
Net Income
Diluted Earnings
Per Common
Share
EBITDA Net Income
Diluted Earnings
Per Common
Share
�
As adjusted $ 692,674 $
533,227 $ 3.73 $ 585,695
$ 387,729 $ 2.68 �
Adjustments:
Net asbestos-related
(provision)/gain
(6,607 ) (6,607 ) (0.05 )
6,145 6,145 0.04 � � � � � �
As
reported $ 686,067 �
$ 526,620 �
$ 3.68 �
$ 591,840 �
$
393,874 �
$ 2.72 �
Foster Wheeler Ltd. and
Subsidiaries
Average Calculations
(in thousands of dollars)
(unaudited)
� � � �
2007
Full Year
Amount
2007
Quarterly
Average
Amount *
2008
Full Year
Amount
2008
Quarterly
Average
Amount *
�
Consolidated
Net income $ 393,874 $ 98,469
$ 526,620 $ 131,655 Adjusted net
income 387,729 96,932 533,227
133,307 Consolidated EBITDA 591,840
147,960 686,067 171,517 Consolidated
EBITDA, as adjusted 585,695 146,424
692,674 173,169 �
�
Global Engineering & Construction
Group
New orders booked - in Foster Wheeler Scope $
2,150,800 $ 537,700 $ 2,102,900
$ 525,725 Operating revenues - in Foster Wheeler
Scope 2,144,199 536,050 2,233,125
558,281 Segment EBITDA 505,647 126,412
535,602 133,901 EBITDA margin 23.6
% 23.6 % 24.0 % 24.0
% � �
Global Power Group
New orders booked - in Foster Wheeler Scope $
1,996,000 $ 499,000 $ 1,336,800
$ 334,200 Operating revenues - in Foster Wheeler
Scope 1,413,462 353,366 1,695,209
423,802 Segment EBITDA 139,177 34,794
239,508 59,877 EBITDA margin 9.8
% 9.8 % 14.1 % 14.1
% � �
* To calculate the quarterly average dollar
amounts, the company divided reported annual figures by four.
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