MISSISSAUGA, ON, Dec. 19,
2022 /CNW/ - Bird Construction Inc. (BDT.TO,
TSX) announced today that its Board of Directors approved a 10%
increase in its dividend, effective with the March monthly dividend
payable on April 20, 2023. This
follows the Board's approval of the Company's 2023 annual business
plan which anticipates significant growth in earnings per share and
adjusted EBITDA.
The increased monthly dividend will be $0.0358 per share corresponding to an annual
dividend rate of $0.43 per
share.
Teri McKibbon, President
and CEO of Bird, commented, "It is very gratifying to see the
results of our efforts to reposition the Company's business toward
a more diversified mix of lower risk collaborative contract
formats, as reflected in our 2023 annual business plan. We
anticipate healthy revenue growth and stronger margins as our
remaining lower margin historical contracts are replaced with new
work. The combined effect of higher volume and stronger margins
should result in significant growth in our bottom line for 2023,
setting the stage for an attractive longer-term outlook.
Although the current business environment poses some
challenges, we believe our strong business fundamentals will
prevail over the macro factors that are being felt across the
industry. We are closing the year with a strong backlog of
contracts in hand and a deep pipeline of opportunities which enable
us to be selective in achieving our revenue plan with additional
favourable contracts. We are pleased to reward our
shareholders for their patience with an initial modest dividend
increase while still maintaining our expected payout ratio below
40% for 2023 and continuing to strengthen our balance sheet to
support additional tuck-in acquisitions."
FORWARD-LOOKING INFORMATION
This news release contains forward-looking statements and
information ("forward-looking statements") within the meaning of
applicable Canadian securities laws. The forward-looking statements
contained in this news release are based on the expectations,
estimates and projections of management of Bird as of the date of
this news release unless otherwise stated. The use of any of the
words "outlook", "believe", "expect", "anticipate", "contemplate",
"target", "plan", "intend", "continue", "may", "will", "should" and
similar expressions are intended to identify forward-looking
statements and information. More particularly and without
limitation, this news release contains forward-looking statements
concerning: anticipated financial performance; the outlook for
2023; and anticipated growth in earnings per share and adjusted
EBITDA.
Forward-looking statements address future events and
conditions and involve inherent risks and uncertainties. Investors
are cautioned that forward-looking statements are based on the
opinions, assumptions and estimates of management considered
reasonable at the date the statements are made, and actual results
could differ materially from those currently anticipated due to a
number of factors and risks. These include, but are not limited to
the risks associated with the industries in which the Company
operates in general such as: operational risks, industry and
project delivery risks; ability to hire and retain qualified
personnel; global pandemics; delays or changes in plans with
respect to growth projects or capital expenditures; costs and
expenses; health, safety and environmental risks; commodity price,
interest rate and exchange rate fluctuations; compliance with
environmental laws; competition, ethics and reputational risks;
ability to access sufficient capital from internal and external
sources; repayment of credit facility; collection of recognized
revenue; performance bonds and contract security; potential for
non-payment and credit risk; dependence on the public sector;
client concentration; labour matters; loss of key management;
subcontractor performance; unanticipated shutdowns, work stoppages,
strikes and lockouts; maintaining safe worksites; cyber security
risks; litigation risk; volatility of market trading; failure of
clients to obtain required permits and licenses; payment of
dividends; economy and cyclicality; Public Private Partnerships
project risk and equity investments; design risks; completion and
performance guarantees; ability to secure work; estimating costs
and schedules; quality assurance and quality control; insurance
risk; adjustments and cancellations of backlog; joint venture risk;
internal and disclosure controls; and changes in legislation,
including regulations. The forward-looking statements in this news
release should not be interpreted as providing a full assessment or
reflection of the unprecedented impacts of the COVID-19 pandemic
("COVID-19") and the resulting indirect global and regional
economic impacts. Readers are cautioned that the foregoing list of
factors is not exhaustive. Additional information on other factors
that could affect the operations or financial results of the
parties, and the combined company, including any risk factors
related to COVID-19, are included in reports on file with
applicable securities regulatory authorities, including but not
limited to; Bird's Annual Information Form and Management's
Discussion and Analysis for the year ended December 31, 2021, each of which may be accessed
on Bird's SEDAR profile, at www.sedar.com and on the Company's
website at www.bird.ca.
The forward-looking statements contained in this news
release are made as of the date hereof and the Company undertakes
no obligation to update publicly or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as, and to the extent required by applicable
securities laws.
The Toronto Stock Exchange does not accept responsibility
for the adequacy or accuracy of this release.
ABOUT BIRD CONSTRUCTION
Bird (TSX: BDT) is a leading Canadian construction company
operating from coast-to-coast and servicing all of Canada's major markets. Bird provides a
comprehensive range of construction services from new construction
for industrial, commercial, and institutional and civil
infrastructure markets; to industrial maintenance, repair and
operations services, heavy civil construction, and mine support
services; as well as vertical infrastructure including, electrical,
mechanical, and specialty trades. For over 100 years, Bird has been
a people-focused company with an unwavering commitment to safety
and a high level of service that provides long-term value for all
stakeholders. www.bird.ca
SOURCE Bird Construction Inc.