Results Meet 2012 First Half Internal Expectations
Reaffirms EBITDA Guidance of $93 to $100 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 commercial and industrial demolition and remediation services, today
reported financial results for the quarter and six months ended June 30,
2012.
Commentary
Chief Executive Officer Jonathan Berger said, "The dredging division
performed well this quarter, after weather impacted results in the first
quarter of 2012. Backlog remained at a high level, $455 million, at June
30, 2012, despite the slow domestic bidding during the second quarter.
The demolition segment continues to perform on its projects in backlog.
A large portion of the demolition backlog earned in the quarter relates
to new management's focus on large complex projects with higher margins,
such as bridge demolition and industrial, municipal and utility
buildings.
Mr. Berger added, "Adjusted EBITDA of $35.6 million for the first six
months was in line with our internal expectations. With our current
backlog and the projection of additional projects that we will win and
perform this year, we feel we are well positioned to meet our Adjusted
EBITDA guidance for 2012."
Mr. Berger continued, "The last month has been very busy for us.
Positive legislation was passed by Congress and signed into law by the
President, bidding has been active in dredging and demolition and we
announced we are building a new, world class hopper dredge. Great Lakes
is well positioned to execute on our strategic plan of doubling the size
of the Company in five years."
2012 Second Quarter Operating Results &
Highlights
|
|
Q2 2012
|
|
Q2 2011
|
Revenue
|
|
$166.5 million |
|
$155.0 million |
Increase
|
|
7.4%
|
|
|
|
Gross Profit
|
|
$23.9 million |
|
$19.8 million |
Gross Profit Margin
|
|
14.4%
|
|
12.8%
|
|
Operating Income
|
|
$12.5 million |
|
$8.7 million |
Increase
|
|
43.7%
|
|
|
|
Net Income attributable to Great Lakes
|
|
$4.4 million |
|
$1.7 million |
Per Diluted Share
|
|
$0.07 |
|
$0.03 |
|
Adjusted EBITDA
|
|
$20.9 million |
|
$17.3 million |
Increase
|
|
20.8%
|
|
|
|
|
|
June 30, 2012
|
|
December 31, 2011
|
Total Debt
|
|
$255.2 million |
|
$255.6 million |
|
Net Debt (Debt less cash)
|
|
$184.4 million |
|
$142.3 million |
|
Cash and cash equivalents
|
|
$70.8 million |
|
$113.3 million |
|
|
|
|
|
Revenue & Gross Profit
-
Revenue increases included:
-
43% increase in beach nourishment dredging revenue;
-
Demolition revenue increase of 6%, from bridge demolition work and
a large site development project in New York;
-
Rivers & lakes posted a 17% improvement in revenue compared to the
second quarter of 2011 on a larger number of active projects.
-
Gross profit margin (gross profit divided by revenue) improved due to:
-
Increased utilization resulting in higher fixed cost coverage;
-
Improved demolition results
Operating Income
-
Impacted by items noted above;
-
$1.3 million of Demolition legal expense related to the two subpoenas
received in April of 2011 impacted prior year second quarter results;
-
The prior year also benefited from $2.5 million of gains related to
assets sales, which did not reoccur in 2012.
Cash and cash equivalents
-
Cash and cash equivalents declined due to continued investments in
working capital on long term projects.
Six Months Ended June 30, 2012 Operating
Results & Highlights
|
|
YTD 6/30/12
|
|
YTD 6/30/11
|
Revenue
|
|
$321.4 million |
|
$310.3 million |
Increase
|
|
3.6%
|
|
|
|
Gross Profit
|
|
$43.9 million |
|
$47.2 million |
Gross Profit Margin
|
|
13.7%
|
|
15.2%
|
|
Operating Income
|
|
$19.3 million |
|
$24.3 million |
Decrease
|
|
20.6%
|
|
|
|
Net Income attributable to Great Lakes
|
|
$5.5 million |
|
$4.1 million |
Per Diluted Share
|
|
$0.09 |
|
$0.07 |
|
Adjusted EBITDA
|
|
$35.6 million |
|
$41.9 million |
Decrease
|
|
15.0%
|
|
|
|
|
|
|
|
Revenue & Gross Profit
-
Year to date revenue increased primarily due to the increase in second
quarter revenue; however, gross profit margin was down due to weather
impacts and lower dredge utilization during the 2012 first quarter.
Operating Income
-
Operating income was down in the first half of 2012, due to lower
gross profit. In addition, in the second quarter of 2011 the Company
sold an outdated, underutilized hopper dredge, which generated cash
proceeds of $6.6 million and resulted in a gain of $2.1 million.
Net Income Attributable to Great Lakes
-
Net income attributable to Great Lakes for the first six months of
2012 increased despite lower operating profit. The first half of 2011
included debt restructuring expense of $5.1 million resulting from the
issuance of the $250 million of 7.375% senior notes.
Bid Market & Backlog
The domestic dredging bid market for the six months ended June 30, 2012
totaled $353 million, compared to $333 million in the prior year. The
Company won 37% of the overall domestic bid market during this period,
in line with its prior three year average of 39%. For the first six
months of 2012 Great Lakes won:
-
76%, or $20 million, of the beach nourishment projects awarded;
-
96%, or $53 million, of the capital projects awarded;
-
16%, or $34 million, of the maintenance projects awarded; and
-
42%, or $24 million, of the rivers & lakes projects awarded.
Similar to the prior year, second quarter bidding activity slowed, but
has picked up significantly since July 1st. Several positive
developments occurred in the second quarter of 2012 that the Company
expects will continue to drive bidding activity for the remainder of
2012 and beyond. Congress passed legislation with provisions related to
maritime issues, in particular spending provisions related to the
RESTORE Act and language addressing the Harbor Maintenance Trust Fund
("HMTF").
Great Lakes' backlog remains at a high level, despite the slower bidding
activity in the second quarter. Dredging backlog and pending domestic
awards at June 30, 2012 reached $427 million, which compares favorably
to $355 million at December 31, 2011. The Company's contracted dredging
backlog was $398 million at June 30, 2012 compared to $319 million at
December 31, 2011.
Demolition segment backlog was $57 million and $51 million at June 30,
2012 and December 31, 2011, respectively. Similar to the dredging
division, bidding activity has increased in the third quarter.
Commentary
Mr. Berger continued, "The first six months of 2012 were in line with
our expectations. The dredging segment had a strong quarter, increasing
revenue and experiencing favorable execution on many projects. The
demolition segment continues to expand its market presence in bridge
demolition work as well as other complex demolition projects. We foresee
a robust second half of the year in all of our lines of business, which
verifies the EBITDA guidance we announced in the first quarter. The
second half results were always expected to exceed those of the first
half and still require operating at an elevated level. Third quarter
bidding success is key to achieving our 2012 profit plan and guidance.
"We were pleased with the passage of the RESTORE Act included in the
MAP-21 (Moving Ahead for Progress in the 21st Century)
transportation bill. The RESTORE Act will ensure that 80% of the fines
paid by BP as a result of the Deepwater Horizon Oil Spill will be spent
on coastal restoration in the five states impacted by the spill. We
expect a significant amount of the restoration will involve dredging,
and this could add well over one billion dollars into the dredging
market over the next five years. Included in the transportation bill
were provisions calling for appropriation of Harbor Maintenance Trust
Fund monies to the Army Corps of Engineers (the "Corps") so that total
budget resources on harbor maintenance for a fiscal year will be equal
to the level of receipts. The recognition of the need for additional
investment in U.S. ports and waterways is expected to support an
increase of appropriations to future Corps' budgets for maintenance
dredging.
"In July the Administration followed with an announcement that the Corps
will accelerate the approval process by at least nine months for
deepening projects in five key East Coast ports. The President has
announced that there are 43 priority infrastructure projects in total
that are expected to be expedited. The public investment in port
infrastructure is necessary as the ongoing expansion of the Panama Canal
and initiatives to increase exports heightens the need for the U.S. to
deepen its East and Gulf Coast ports to facilitate larger draft vessels
from international trade. The announced acceleration will likely
streamline feasibility studies and permitting to allow the Corps to
complete many of the projects on a schedule in anticipation of the
increased traffic expected through the Panama Canal.
"With the passage of the transportation bill and the Administration's
announcement regarding East Coast ports, we were very excited to
announce our new Articulated Tug Barge ("ATB") Hopper dredge. As noted
in our press release last week, this vessel is a game changer, bringing
the ATB technology together with hopper dredging. This new vessel, with
greater hopper capacity than any vessel in the U.S. market today, will
be used on all types of our dredging work: capital, beach nourishment
and maintenance. The time is right for the investment and this new
vessel highlights Great Lakes' continued leadership in innovation in the
dredging industry."
President and Chief Financial Officer Bruce Biemeck said, "As expected,
bidding has already picked up in the second half of the year. We see
some key projects on the horizon in the domestic market, specifically
the deepening project in Miami that we currently expect to be released
in the fourth quarter and Gulf Coast restoration projects to be let for
bidding in the second half of the year. Our increased working capital
investment in pipe will position Great Lakes to lead the bidding on
these important projects to restore coastal areas. Finally, the Corps is
expected to let to bid several projects in the second half of 2012
related to flood repair on the Mississippi River and its tributaries
that rivers & lakes expects to pursue. All of these bidding
opportunities in the second half of 2012 are expected to generate
another year of record contracts awarded in the domestic dredging bid
market.
"Internationally, we will see significant impact to our results from the
Wheatstone project in 2013 and 2014. For 2012, we have identified other
international dredging projects that may be a good fit for our vessels,
particularly in the Middle East, and we continue to follow many
opportunities in Brazil. We continue to focus on our international sales
and marketing effort as we see an abundance of international
opportunities ahead, which we believe can yield better results from a
more aggressive approach.
"The demolition business had a strong start to the year, demonstrating
that sound project estimating and execution improve results. The new
management team in this business is working diligently to add
opportunities leading to growth by elevating the range of professional
services offered through a more capable support team. The successful
partnership of our demolition and dredging businesses is an important
component to our Company's growth as evidenced by the recent focus on
bridge demolition and salvage work required under some projects, which
was formerly sub-contracted outside the Company. Additionally, our
dredging and demolition businesses collaborating with our TerraSea joint
venture on new prospects adds to the list of opportunities."
Mr. Biemeck concluded, "Last quarter we announced 2012 full year EBITDA
guidance of $93 - $100 million, which we are reaffirming. This requires
strong bid and performance results for the remainder of the year, in
line with our 2012 plan and current backlog, as well as the focus and
dedication of our operating management throughout the organization. We
believe opportunities for further growth in our financial results will
appear starting in 2013. As always, we thank the Great Lakes dredging
and demolition teams for their continued efforts in providing world
class service and delivering strong results for our shareholders."
Use of Adjusted EBITDA
Adjusted EBITDA, as provided herein, represents net income (loss)
attributable to Great Lakes Dredge & Dock Corporation, adjusted for net
interest expense, income taxes, depreciation and amortization expense
and debt extinguishment. Adjusted EBITDA should not be considered an
alternative to, or more meaningful than, amounts determined in
accordance with accounting principles generally accepted in the United
States of America ("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,
instead of a GAAP measure, has limitations as an analytical tool,
including the inability to determine profitability or liquidity due to
the exclusion of 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 its operating performance and uses Adjusted
EBITDA only as a supplement. Adjusted EBITDA is reconciled to net income
(loss) attributable to Great Lakes Dredge & Dock Corporation in the
table of financial results. For further explanation, please refer to the
Company's SEC filings.
Conference Call Information
The Company will conduct a quarterly conference call, which will be held
on Tuesday, August 7, 2012 at 9:00 a.m. C.D.T. The call in number is
877-377-7553 and conference ID is 12582571. The call 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. The conference call will be
available by replay for two weeks, by calling 800-585-8367 and providing
passcode 12582571.
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
one of the largest U.S. providers of commercial and industrial
demolition services primarily in the Northeast. 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 122-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 27A of the Securities
Act of 1933 (the "Securities Act"), 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 Securities Act, 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 associated with Great Lakes' leverage, fixed price
contracts, dependence on government contracts and funding, bonding
requirements and obligations, international operations, backlog,
uncertainty related to pending litigation, government regulation,
restrictive debt covenants and fluctuations in quarterly operations, and
those factors, 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, 2011, 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
|
|
Six Months Ended
|
|
|
June 30,
|
|
June 30,
|
|
|
|
2012
|
|
|
2011
|
|
|
2012
|
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract revenues
|
|
$
|
166,532
|
|
$
|
154,959
|
|
$
|
321,439
|
|
$
|
310,297
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
23,889
|
|
|
19,766
|
|
|
43,911
|
|
|
47,208
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative expenses
|
|
|
11,456
|
|
|
13,622
|
|
|
24,723
|
|
|
25,711
|
Gain on sale of assets—net
|
|
|
(93)
|
|
|
(2,513)
|
|
|
(124)
|
|
|
(2,771)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
12,526
|
|
|
8,657
|
|
|
19,312
|
|
|
24,268
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense—net
|
|
|
(5,383)
|
|
|
(4,911)
|
|
|
(10,642)
|
|
|
(10,861)
|
Equity in loss of joint ventures
|
|
|
(8)
|
|
|
(123)
|
|
|
(24)
|
|
|
(714)
|
Loss on foreign currency transactions—net
|
|
|
(21)
|
|
|
-
|
|
|
(15)
|
|
|
-
|
Loss on extinguishment of debt
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(5,145)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
|
7,114
|
|
|
3,623
|
|
|
8,631
|
|
|
7,548
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax provision
|
|
|
(2,768)
|
|
|
(1,455)
|
|
|
(3,332)
|
|
|
(2,982)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
4,346
|
|
|
2,168
|
|
|
5,299
|
|
|
4,566
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (income) loss attributable to noncontrolling interests
|
|
|
91
|
|
|
(462)
|
|
|
206
|
|
|
(468)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Great Lakes Dredge & Dock Corporation |
|
$
|
4,437
|
|
$
|
1,706
|
|
$
|
5,505
|
|
$
|
4,098
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share attributable to Great Lakes Dredge & Dock
Corporation |
|
$
|
0.07
|
|
$
|
0.03
|
|
$
|
0.09
|
|
$
|
0.07
|
Basic weighted average shares
|
|
|
59,171
|
|
|
58,875
|
|
|
59,105
|
|
|
58,830
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share attributable to Great Lakes Dredge & Dock
Corporation |
|
$
|
0.07
|
|
$
|
0.03
|
|
$
|
0.09
|
|
$
|
0.07
|
Diluted weighted average shares
|
|
|
59,534
|
|
|
59,184
|
|
|
59,493
|
|
|
59,228
|
|
Great Lakes Dredge & Dock Corporation
|
Reconciliation of Net Income attributable to Great Lakes Dredge &
Dock Corporation to Adjusted EBITDA
|
(Unaudited and in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
June 30,
|
|
June 30,
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Great Lakes Dredge & Dock Corporation |
|
$
|
4,437
|
|
$
|
1,706
|
|
$
|
5,505
|
|
$
|
4,098
|
Adjusted for:
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on extinguishment of debt
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
5,145
|
Interest expense—net
|
|
|
5,383
|
|
|
4,911
|
|
|
10,642
|
|
|
10,861
|
Income tax provision
|
|
|
2,768
|
|
|
1,455
|
|
|
3,332
|
|
|
2,982
|
Depreciation and amortization
|
|
|
8,359
|
|
|
9,238
|
|
|
16,123
|
|
|
18,804
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
|
$
|
20,947
|
|
$
|
17,310
|
|
$
|
35,602
|
|
$
|
41,890
|
|
Great Lakes Dredge & Dock Corporation
|
Selected Balance Sheet Information
|
(Unaudited and in thousands)
|
|
|
|
|
|
|
|
|
|
Period Ended
|
|
|
June 30,
|
|
December 31,
|
|
|
2012
|
|
2011
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
70,791
|
|
$
|
113,288
|
Total current assets
|
|
|
326,205
|
|
|
325,778
|
Total assets
|
|
|
789,960
|
|
|
788,460
|
Total short-term debt
|
|
|
2,658
|
|
|
3,033
|
Total current liabilities
|
|
|
130,786
|
|
|
130,526
|
Long-term debt
|
|
|
252,500
|
|
|
252,558
|
Total equity
|
|
|
295,601
|
|
|
292,537
|
|
Great Lakes Dredge & Dock Corporation
|
Supplementary financial data
|
(Unaudited and in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
June 30,
|
|
June 30,
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash flows provided by (used in) operating activities
|
|
$
|
3,059
|
|
$
|
(4,894)
|
|
$
|
(15,185)
|
|
$
|
(10,445)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Great Lakes Dredge & Dock Corporation
|
Revenue and Backlog Data
|
(Unaudited and in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Six Months Ended
|
|
|
|
June 30,
|
|
|
June 30,
|
Revenues (in thousands)
|
|
|
2012
|
|
|
2011
|
|
|
2012
|
|
|
2011
|
Dredging:
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital - U.S.
|
|
$
|
44,703
|
|
$
|
44,480
|
|
$
|
71,610
|
|
$
|
90,509
|
Capital - foreign
|
|
|
20,848
|
|
|
16,065
|
|
|
38,873
|
|
|
37,936
|
Beach nourishment
|
|
|
40,458
|
|
|
28,376
|
|
|
71,641
|
|
|
46,233
|
Maintenance
|
|
|
20,006
|
|
|
28,703
|
|
|
59,239
|
|
|
75,942
|
Rivers & lakes
|
|
|
8,757
|
|
|
7,461
|
|
|
15,770
|
|
|
11,062
|
Total dredging revenues*
|
|
|
134,772
|
|
|
125,085
|
|
|
257,133
|
|
|
261,682
|
Demolition
|
|
|
31,760
|
|
|
29,874
|
|
|
64,306
|
|
|
48,615
|
Total revenues
|
|
$
|
166,532
|
|
$
|
154,959
|
|
$
|
321,439
|
|
$
|
310,297
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Dredging contract revenues for the three and six months ended
June 30, 2012 are net of $62 and $1,374 in intersegment revenues.
Demolition contract revenues for both the three and six months ended
June 30, 2012 are net of $75 in intersegment revenues.
|
|
|
|
|
|
|
|
|
|
|
|
|
As of
|
|
|
|
|
|
June 30,
|
|
December 31,
|
|
June 30,
|
|
|
|
Backlog (in thousands)
|
|
2012
|
|
2011
|
|
2011
|
|
|
|
Dredging:
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital - U.S.
|
|
$
|
104,283
|
|
$
|
109,897
|
|
$
|
49,086
|
|
|
|
Capital - foreign
|
|
|
225,999
|
|
|
78,379
|
|
|
53,941
|
|
|
|
Beach nourishment
|
|
|
34,111
|
|
|
84,607
|
|
|
62,228
|
|
|
|
Maintenance
|
|
|
10,907
|
|
|
31,293
|
|
|
12,935
|
|
|
|
Rivers & lakes
|
|
|
23,167
|
|
|
15,256
|
|
|
18,355
|
|
|
|
Total dredging backlog
|
|
|
398,467
|
|
|
319,432
|
|
|
196,545
|
|
|
|
Demolition
|
|
|
56,786
|
|
|
50,672
|
|
|
74,087
|
|
|
|
Total backlog
|
|
$
|
455,253
|
|
$
|
370,104
|
|
$
|
270,632
|
|
|
|
|
Great Lakes Dredge & Dock Corporation
|
Full Year Adjusted EBITDA Guidance Reconciliation to Net Income
|
For the Year Ended December 31, 2012
|
|
|
|
|
|
|
|
|
|
Lower
|
|
Upper
|
|
|
|
|
|
|
|
Estimated Net income attributable to Great Lakes Dredge & Dock
Corporation |
|
$
|
18,920
|
|
$
|
23,225
|
Adjusted for estimated:
|
|
|
|
|
|
|
Interest expense—net
|
|
|
21,860
|
|
|
21,860
|
Income tax expense
|
|
|
11,845
|
|
|
14,540
|
Depreciation and amortization
|
|
|
40,375
|
|
|
40,375
|
|
|
|
|
|
|
|
Adjusted EBITDA Guidance
|
|
$
|
93,000
|
|
$
|
100,000
|

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