Company Announces Intent to Sell the Historical Demolition Business
Record Revenue of $731.4 Million from Continuing Operations
Backlog Exceeds $540 Million
OAK BROOK, Ill.--(BUSINESS WIRE)--
Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD), the largest
provider of dredging services in the United States and a major provider
of environmental and remediation services, today reported financial
results for the quarter and year ended December 31, 2013.
Commentary
For the quarter ended December 31, 2013, Great Lakes reports Revenue of
$216.3 million, Net loss attributable to Great Lakes of $11.0 million,
Income from continuing operations of $4.7 million and Adjusted EBITDA
from continuing operations of $25.0 million. For the year ended December
31, 2013, Great Lakes reports Revenue of $731.4 million, Net loss
attributable to Great Lakes of $34.4 million, Income from continuing
operations of $19.9 million and Adjusted EBITDA from continuing
operations of $98.9 million.
Jonathan Berger, Chief Executive Officer, commented, "The dredging
segment delivered strong performance in 2013 as it continues to achieve
improved operating profit and revenue growth. The dredging segment
recorded the largest yearly revenue in its history during 2013.
Increased funding from the federal government for coastal protection and
improvements in our foreign profit margin, partially offset by higher
costs of operating our equipment, improved our 2013 gross profit.
Northeast beaches continue to be a focus for the federal government.
There are four active projects on which our people and dredges are
working to rebuild beaches and protect the communities from the effect
of future storm systems.
"Our Terra Contracting team has been a solid performer for the Company
since it was acquired at the end of 2012. Terra significantly exceeded
our first year plan and has been fully integrated into the GLDD
environmental & remediation product offering. Our rivers & lakes
dredging business and our TerraSea joint venture provide a comprehensive
service set for a very attractive growth market for us. An environment
remediation project for over $50 million in the Midwest contributed
strong profit margins and validated our combined service offerings'
attractiveness to the market.
"In the fourth quarter, the management team proposed, and the Board of
Directors approved, a plan to sell our historical demolition business.
The business has experienced several quarters of disappointing results
and has not achieved the synergies we have been working to implement.
Accordingly, we feel this business has value that could be better
realized under different ownership. The Company has received indications
of interest and expects to finalize disposition of the demolition
business in 2014. The Company continues to evaluate several
opportunities that will position us for further growth options that
expand upon our success in environmental & remediation services that
complement our core dredging business."
William Steckel, Chief Financial Officer, added, "With our decision to
sell the historical demolition business, we have renamed the segment
that holds the Terra Contracting and related business as environmental &
remediation. The historical demolition business has been retrospectively
presented as discontinued operations and is no longer reflected in
continuing operations. The divestiture of the historical demolition
business is expected to allow us to devote management attention and
capital to further investment in growth opportunities.
"Cash flow was a major focus of our team this year. We reduced our net
debt (debt less cash) from $238.6 million at December 31, 2012 to $209.7
million at December 31, 2013. The $28.9 million improvement comes
largely from recovering the working capital investments described in
previous earnings releases. The Company continues to focus on driving
higher operating cash flow and to critically evaluate spending
priorities on our investment in equipment. The Company remains committed
to deploying capital where it drives future earnings growth, such as the
Articulated Tug/Barge (ATB) trailing suction hopper dredge and the
recent deployment of two new barges on the Miami deepening project."
Fourth Quarter 2013 Highlights
Total Company
-
Revenue increased to $216.3 million in the last quarter of 2013, up
14% from the fourth quarter of 2012 largely related to the acquisition
of our Terra Contracting business. Our dredging segment recorded lower
revenues in the current year quarter on lower domestic capital
revenues, partially offset by higher coastal protection revenues.
-
Gross profit margin declined to 12.9% in the fourth quarter of 2013
from 15.3% in the prior year fourth quarter driven by lower domestic
capital dredging gross profit partially offset by higher gross profit
margins from our environmental & remediation line of businesses.
-
Operating income was $11.3 million for the quarter, down $3.3 million
from the prior year quarter on higher equipment and G&A expense,
partially offset by gains on asset sales.
-
Income from continuing operations was $4.7 million in the quarter,
down from the prior year quarter due to the items noted above. Net
loss (which includes both continuing and discontinued businesses) was
$11.5 million, compared to a loss of $0.1 million in the comparable
quarter of the prior year on losses in our discontinued operations.
-
Adjusted EBITDA from continuing operations was $25.0 million down from
$29.7 million in the strong fourth quarter of 2012 on lower operating
income.
-
Total contracted backlog at quarter end was $543.4 million. In
addition, there were $136.4 million in domestic dredging low bids and
options pending award.
Dredging
-
Dredging earned revenues of $176.7 million in the fourth quarter,
decreasing from $190.4 million in the strong fourth quarter of the
prior year. Coastal protection revenue increased significantly over
the prior year's comparable quarter, but was offset by lower capital
and maintenance revenues.
-
Gross profit margin was 10.7%, versus 15.2% in the same quarter last
year. Lower gross margins on fewer capital projects in the current
year and the prior year inclusion of higher margin port work in New
York and New Jersey, along with coastal island restoration work in
Louisiana, contributed to the decrease in gross profit margin in the
current period.
-
Dredging ended the year with $515.1 million of backlog which is
expected to be executed primarily in the next twelve months.
Environmental & Remediation
-
The segment recorded $41.6 million of revenue in the quarter and had
minimal revenues in the prior year's quarter due to the acquisition of
Terra Contracting at the end of 2012.
-
Gross profit margin of 21.8% was driven from strong environment
remediation projects at Terra Contracting, primarily a project in the
Midwest U.S. that contributed 62% of the segment's gross profit in the
quarter.
-
Backlog was $28.3 million at the end of the year end, primarily
related to a brownfield development project in New Jersey and two
environment remediation projects.
Year Ended December 31, 2013 Highlights
Total Company
-
Revenue increased 24% to $731.4 million, compared to $588.4 million
for the prior year largely related to the acquisition of our Terra
Contracting business and increased dredging revenues. Our dredging
segment added $54.4 million in revenues in the year on a $100 million
increase in coastal protection revenues. This was partially offset by
lower capital, maintenance and rivers & lakes revenues, year over year.
-
Gross profit margin slightly increased to 13.7% from 13.3% on higher
foreign contract margin, primarily from our Wheatstone project in
Australia and a capital dredging project in Qatar as well as a higher
overall gross profit margin from our environmental & remediation line
of businesses.
-
Operating income was $51.4 million, up 58% from $32.6 million in the
prior year on higher gross margin. A loss of use claim won in the
current year and gains on asset sales partially offset an increase in
G&A expense, year over year. The increase in G&A from 2012 to 2013 is
mostly attributable to Terra Contracting G&A expense of $10.7 million,
$5.9 million in additional personnel and related costs and $3.9
million in additional legal and professional expenses.
-
Net income from continuing operations was $19.9 million, up from $6.3
million in the prior year.
-
Adjusted EBITDA from continuing operations was $98.9 million versus
$74.7 million in the prior year.
Dredging
-
Revenue jumped to $642.6 million, up 9%, driven by large foreign
capital and coastal protection revenues, offset by decreases in
domestic capital, maintenance and rivers & lakes revenue.
-
Gross profit margin was 13.3% which is consistent with prior year.
Environmental & Remediation
-
Revenue in the segment was $94.8 million from strong Terra Contracting
results since the acquisition at the end of 2012.
-
Gross profit margin was 15.9% which was primarily generated by strong
performance at two environment remediation projects during the year.
Outlook
Mr. Berger stated, "Our continuing business, led by our dredging
division, delivered a strong year, generating $98.9 million in Adjusted
EBITDA from continuing operations. Record coastal protection work and an
increase in foreign capital work, along with a strong first year from
our Terra Contracting business, helped make 2013 our second best year
ever for earnings. During 2014, we will be working throughout the year
on the PortMiami deepening project, including the options A and B which
have now been awarded, as well as on more coastal protection work and
maintenance dredging. We expect more coastal protection projects to be
funded by special appropriations committed after Superstorm Sandy;
however, we expect the timing of these contracts to shift to later in
2014.
"The domestic dredging bid market was at a record level in 2013. Our
dredging segment won $692 million, or 54%, of the bid market, 17% above
our average combined bid market share over the prior three years.
Coastal protection work contributed $245 million of the awards which is
over 200% higher than the coastal protection bids in 2012. Much of this
work was funded by a special appropriations bill passed in response to
Superstorm Sandy to restore miles of coastline damaged by this epic
storm. Our win rate this year was also driven by the award of the first
two phases of the PortMiami project for $174.1 million. The remaining
option of $31.6 million was awarded on January 31, 2014 bringing the
total contract value to $205.7 million. In addition, since year-end, our
Rivers & lakes group was awarded an $89 million contract for dredging
Lake Decatur. This project will be worked on from the end of 2014
through 2019.
"The government is operating under an approved fiscal year 2014 budget.
This budget provided for an increase in funding for the Corps of
Engineers. Both the President and Congress continue to focus on the
importance of ports to the U.S. economy. Additional funding for work in
the Port of Savannah and new funding for port maintenance dredging was
specifically appropriated in this budget. In addition, both the Senate
and the House passed versions of the Water Resources Reform and
Development Act in 2013. The differences in the bills are currently
being resolved and we expect passage by the summer.
"During the quarter, the Company secured a new shipyard for the
construction of our ATB dredge. The vessel construction contract is
approximately $140 million inclusive of equipment and materials we have
already purchased and will provide to the shipyard for installation.
Based upon our revised construction schedule, the ATB is expected to be
delivered during the second half of 2016. The Company intends to secure
financing during construction and upon completion of the vessel. We
continue to be very excited about the capabilities and capacity of this
new vessel."
Mr. Steckel finished, "After delivering full year revenues of $731.4
million and $98.9 million in Adjusted EBITDA from continuing operations,
achieving a strong backlog of $543.4 million, and making the strategic
decision to divest of the demolition business, the Company has entered
2014 with a renewed focus. We expect to continue our record of executing
well on projects we have in backlog. The timeline for additional work
from Superstorm Sandy and further coastal restoration projects in
Louisiana is currently very fluid. However, we are well positioned to
take on that work when it is bid, and expect to supplement the business
with additional environmental & remediation projects throughout the
United States. We will continue to drive our business to generate free
cash flow and return value to our shareholders."
The Company will be holding a conference call at 9:00 a.m. C.S.T. today
where we will further discuss these results. Information on this
conference call can be found below.
Conference Call Information
The Company will conduct a quarterly conference call, which will be held
on Tuesday, February 25 at 9:00 a.m. C.S.T (10:00 a.m. E.S.T.). The call
in number is 877-377-7553 and Conference ID is 59588010. The conference
call will be available by replay until Wednesday, February 26, 2014, by
calling 800-585-8367 and providing Conference ID 59588010. The live call
and replay can also be heard on the Company's website, www.gldd.com,
under Events & Presentations on the investor relations page. Information
related to the conference call will also be available on the investor
relations page of the Company's website.
Use of Adjusted EBITDA from Continuing
Operations
Adjusted EBITDA from Continuing Operations, as provided herein,
represents net income attributable to Great Lakes Dredge & Dock
Corporation, adjusted for net interest expense, income taxes,
depreciation and amortization expense, debt extinguishment, accelerated
maintenance expense for new international deployments and goodwill and
other impairments. Adjusted EBITDA from Continuing Operations is not a
measure derived in accordance with accounting principles generally
accepted in the United States of America ("GAAP"). The Company presents
Adjusted EBITDA from Continuing Operations as an additional measure by
which to evaluate the Company's operating trends. The Company believes
that Adjusted EBITDA from Continuing Operations is a measure frequently
used to evaluate performance of companies with substantial leverage and
that the Company's primary stakeholders (i.e., its stockholders,
bondholders and banks) use Adjusted EBITDA from Continuing Operations to
evaluate the Company's period to period performance. Additionally,
management believes that Adjusted EBITDA from Continuing Operations
provides a transparent measure of the Company's recurring operating
performance and allows management to readily view operating trends,
perform analytical comparisons and identify strategies to improve
operating performance. For this reason, the Company uses a measure based
upon Adjusted EBITDA from Continuing Operations to assess performance
for purposes of determining compensation under the Company's incentive
plan. Adjusted EBITDA from Continuing Operations should not be
considered an alternative to, or more meaningful than, amounts
determined in accordance with GAAP including: (a) operating income as an
indicator of operating performance; or (b) cash flows from operations as
a measure of liquidity. As such, the Company's use of Adjusted EBITDA
from Continuing Operations, instead of a GAAP measure, has limitations
as an analytical tool, including the inability to determine
profitability or liquidity due to the exclusion of accelerated
maintenance expense for new international deployments, goodwill and
other impairments, interest and income tax expense and the associated
significant cash requirements and the exclusion of depreciation and
amortization, which represent significant and unavoidable operating
costs given the level of indebtedness and capital expenditures needed to
maintain the Company's business. For these reasons, the Company uses
operating income to measure the Company's operating performance and uses
Adjusted EBITDA from Continuing Operations only as a supplement.
Adjusted EBITDA from Continuing Operations is reconciled to net income
attributable to Great Lakes Dredge & Dock Corporation in the table of
financial results. For further explanation, please refer to the
Company's SEC filings.
The Company
Great Lakes Dredge & Dock Corporation is the largest provider of
dredging services in the United States and the only U.S. dredging
company with significant international operations. The Company is also a
significant provider of environmental and remediation services. The
Company owns a 50% interest in a marine sand mining operation in New
Jersey that supplies sand and aggregate for road and building
construction and a 50% interest in an environmental service operation
with the ability to remediate soil and dredged sediment treatment. Great
Lakes employs over 150 degreed engineers, most specializing in civil and
mechanical engineering, which contributes to its 123-year history of
never failing to complete a marine project. Great Lakes has a
disciplined training program for engineers that ensures
experienced-based performance as they advance through Company
operations. Great Lakes also owns and operates the largest and most
diverse fleet in the U.S. industry, comprised of over 200 specialized
vessels.
Cautionary Note Regarding Forward-Looking
Statements
Certain statements in this press release may constitute
"forward-looking" statements as defined in Section 21E of the Securities
Exchange Act of 1934 (the "Exchange Act"), the Private Securities
Litigation Reform Act of 1995 (the "PSLRA") or in releases made by the
Securities and Exchange Commission (the "SEC"), all as may be amended
from time to time. Such forward-looking statements involve known and
unknown risks, uncertainties and other important factors that could
cause the actual results, performance or achievements of Great Lakes and
its subsidiaries, or industry results, to differ materially from any
future results, performance or achievements expressed or implied by such
forward-looking statements. Statements that are not historical fact are
forward-looking statements. Forward-looking statements can be identified
by, among other things, the use of forward-looking language, such as the
words "plan," "believe," "expect," "anticipate," "intend," "estimate,"
"project," "may," "would," "could," "should," "seeks," or "scheduled
to," or other similar words, or the negative of these terms or other
variations of these terms or comparable language, or by discussion of
strategy or intentions. These cautionary statements are being made
pursuant to the Exchange Act and the PSLRA with the intention of
obtaining the benefits of the "safe harbor" provisions of such laws.
Great Lakes cautions investors that any forward-looking statements made
by Great Lakes are not guarantees or indicative of future performance.
Important assumptions and other important factors that could cause
actual results to differ materially from those forward-looking
statements with respect to Great Lakes, include, but are not limited to,
risks and uncertainties that are described in Item 1A. "Risk Factors" of
Great Lakes' Annual Report on Form 10-K for the year ended December 31,
2012, and in other securities filings by Great Lakes with the SEC.
Although Great Lakes believes that its plans, intentions and
expectations reflected in or suggested by such forward-looking
statements are reasonable, actual results could differ materially from a
projection or assumption in any forward-looking statements. Great Lakes'
future financial condition and results of operations, as well as any
forward-looking statements, are subject to change and inherent risks and
uncertainties. The forward-looking statements contained in this press
release are made only as of the date hereof and Great Lakes does not
have or undertake any obligation to update or revise any forward-looking
statements whether as a result of new information, subsequent events or
otherwise, unless otherwise required by law.
|
Great Lakes Dredge & Dock Corporation
|
Condensed Consolidated Statements of Operations
|
(Unaudited and in thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Twelve Months Ended
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
2013
|
|
2012
|
|
|
2013
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONTRACT REVENUES
|
|
|
$
|
216,277
|
|
$
|
190,487
|
|
|
$
|
731,418
|
|
$
|
588,430
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT
|
|
|
|
27,951
|
|
|
29,079
|
|
|
|
100,295
|
|
|
78,158
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GENERAL AND ADMINISTRATIVE EXPENSES
|
|
|
|
19,339
|
|
|
14,417
|
|
|
|
68,039
|
|
|
45,723
|
PROCEEDS FROM LOSS OF USE CLAIM
|
|
|
|
(100)
|
|
|
-
|
|
|
|
(13,372)
|
|
|
-
|
GAIN ON SALE OF ASSETS—Net
|
|
|
|
(2,632)
|
|
|
3
|
|
|
|
(5,773)
|
|
|
(198)
|
Total operating income
|
|
|
|
11,344
|
|
|
14,659
|
|
|
|
51,401
|
|
|
32,633
|
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense—net
|
|
|
|
(5,270)
|
|
|
(5,184)
|
|
|
|
(21,941)
|
|
|
(20,925)
|
Equity in earnings (loss) of joint ventures
|
|
|
|
756
|
|
|
(29)
|
|
|
|
1,208
|
|
|
124
|
Gain (loss) on foreign currency transactions—net
|
|
|
|
52
|
|
|
(63)
|
|
|
|
(351)
|
|
|
(118)
|
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
|
|
|
|
6,882
|
|
|
9,383
|
|
|
|
30,317
|
|
|
11,714
|
INCOME TAX PROVISION
|
|
|
|
(2,134)
|
|
|
(3,943)
|
|
|
|
(10,460)
|
|
|
(5,419)
|
INCOME FROM CONTINUING OPERATIONS
|
|
|
|
4,748
|
|
|
5,440
|
|
|
|
19,857
|
|
|
6,295
|
Loss from discontinued operations, net of income taxes
|
|
|
|
(16,231)
|
|
|
(5,556)
|
|
|
|
(54,850)
|
|
|
(9,635)
|
NET LOSS
|
|
|
|
(11,483)
|
|
|
(116)
|
|
|
|
(34,993)
|
|
|
(3,340)
|
Net loss attributable to noncontrolling interest
|
|
|
|
481
|
|
|
419
|
|
|
|
632
|
|
|
645
|
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS OF GREAT LAKES
DREDGE & DOCK CORPORATION
|
|
|
$
|
(11,002)
|
|
$
|
303
|
|
|
$
|
(34,361)
|
|
$
|
(2,695)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share attributable to income from continuing
operations
|
|
|
$
|
0.08
|
|
$
|
0.09
|
|
|
$
|
0.33
|
|
$
|
0.11
|
Basic weighted average shares
|
|
|
|
59,646
|
|
|
59,316
|
|
|
|
59,495
|
|
|
59,195
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share attributable to income from continuing
operations
|
|
|
$
|
0.08
|
|
$
|
0.09
|
|
|
$
|
0.33
|
|
$
|
0.11
|
Diluted weighted average shares
|
|
|
|
60,341
|
|
|
59,851
|
|
|
|
60,101
|
|
|
59,673
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Great Lakes Dredge & Dock Corporation
|
Reconciliation of Net Income (Loss) to Adjusted EBITDA from
Continuing Operations
|
(Unaudited and in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Twelve Months Ended
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
2013
|
|
2012
|
|
|
2013
|
|
2012
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to common stockholders of Great Lakes
Dredge & Dock Corporation |
|
|
$
|
(11,002)
|
|
$
|
303
|
|
|
$
|
(34,361)
|
|
$
|
(2,695)
|
Loss from discontinued operations, net of income taxes
|
|
|
|
(16,231)
|
|
|
(5,556)
|
|
|
|
(54,850)
|
|
|
(9,635)
|
Net loss attributable to noncontrolling interest
|
|
|
|
481
|
|
|
419
|
|
|
|
632
|
|
|
645
|
Income from continuing operations
|
|
|
|
4,748
|
|
|
5,440
|
|
|
|
19,857
|
|
|
6,295
|
Adjusted for:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accelerated maintenance expenses
|
|
|
|
-
|
|
|
2,474
|
|
|
|
-
|
|
|
4,672
|
Interest expense—net
|
|
|
|
5,270
|
|
|
5,184
|
|
|
|
21,941
|
|
|
20,925
|
Income tax provision
|
|
|
|
2,134
|
|
|
3,943
|
|
|
|
10,460
|
|
|
5,419
|
Depreciation and amortization
|
|
|
|
12,845
|
|
|
12,645
|
|
|
|
46,622
|
|
|
37,430
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA from continuing operations
|
|
|
$
|
24,997
|
|
$
|
29,686
|
|
|
$
|
98,880
|
|
$
|
74,741
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Great Lakes Dredge & Dock Corporation
|
Selected Balance Sheet Information
|
(Unaudited and in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period Ended
|
|
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
|
|
2013
|
|
|
2012
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
$
|
75,338
|
|
|
$
|
24,440
|
Total current assets
|
|
|
|
|
|
351,473
|
|
|
|
346,425
|
Total assets
|
|
|
|
|
|
834,209
|
|
|
|
826,468
|
Total short-term debt
|
|
|
|
|
|
-
|
|
|
|
13,047
|
Total current liabilities
|
|
|
|
|
|
176,676
|
|
|
|
187,564
|
Long-term debt
|
|
|
|
|
|
285,000
|
|
|
|
250,000
|
Total equity
|
|
|
|
|
|
242,101
|
|
|
|
273,425
|
|
|
|
|
|
|
|
|
|
|
|
Great Lakes Dredge & Dock Corporation
|
Revenue and Backlog Data
|
(Unaudited and in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Twelve Months Ended
|
|
|
|
December 31,
|
|
|
December 31,
|
Revenues (in thousands)
|
|
|
2013
|
|
2012
|
|
|
2013
|
|
2012
|
Dredging:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital - U.S.
|
|
|
$
|
25,754
|
|
$
|
57,770
|
|
|
$
|
153,781
|
|
$
|
175,317
|
Capital - foreign
|
|
|
|
34,052
|
|
|
37,040
|
|
|
|
138,436
|
|
|
112,242
|
Coastal protection
|
|
|
|
65,322
|
|
|
34,297
|
|
|
|
228,868
|
|
|
126,873
|
Maintenance
|
|
|
|
43,743
|
|
|
51,251
|
|
|
|
90,833
|
|
|
137,924
|
Rivers & lakes
|
|
|
|
7,816
|
|
|
10,072
|
|
|
|
30,684
|
|
|
35,873
|
Total dredging revenues
|
|
|
|
176,687
|
|
|
190,430
|
|
|
|
642,602
|
|
|
588,229
|
Environmental & remediation
|
|
|
|
41,624
|
|
|
57
|
|
|
|
94,840
|
|
|
201
|
Intersegment revenue
|
|
|
|
(2,034)
|
|
|
-
|
|
|
|
(6,024)
|
|
|
-
|
Total revenues
|
|
|
$
|
216,277
|
|
$
|
190,487
|
|
|
$
|
731,418
|
|
$
|
588,430
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
December 31,
|
|
|
|
|
|
|
Backlog (in thousands)
|
|
|
2013
|
|
2012
|
|
|
|
|
|
|
Dredging:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital - U.S.
|
|
|
$
|
176,117
|
|
$
|
43,177
|
|
|
|
|
|
|
|
Capital - foreign
|
|
|
|
98,666
|
|
|
218,953
|
|
|
|
|
|
|
|
Coastal protection
|
|
|
|
143,498
|
|
|
80,245
|
|
|
|
|
|
|
|
Maintenance
|
|
|
|
70,633
|
|
|
22,406
|
|
|
|
|
|
|
|
Rivers & lakes
|
|
|
|
26,158
|
|
|
24,510
|
|
|
|
|
|
|
|
Total dredging backlog
|
|
|
|
515,072
|
|
|
389,291
|
|
|
|
|
|
|
|
Environmental & remediation
|
|
|
|
28,330
|
|
|
31,006
|
|
|
|
|
|
|
|
Total backlog
|
|
|
$
|
543,402
|
|
$
|
420,297
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|

Great Lakes Dredge & Dock Corporation
Katie Hayes, Investor
Relations
630-574-3012
Source: Great Lakes Dredge & Dock Corporation
News Provided by Acquire Media