Willbros Reports Fourth Quarter and Full Year 2015 Results
- Total Liquidity at December 31, 2015 is $90.8 million
- Term loan debt reduced from $270.0 million at December 31, 2014 to $95.4 million at December 31, 2015
- Asset sales of $250.2 million completed in 2015
- Company obtains covenant amendment from lender
- Company to host conference call at 9:00 AM CT, March 10, 2016
HOUSTON, March 9, 2016 /PRNewswire/ -- Willbros Group, Inc. (NYSE: WG) today reported fourth quarter and full year of 2015 financial and operating results. Due to the sale of Professional Services in the fourth quarter of 2015, the operating results for the segment are now included in discontinued operations for all periods presented. The Company reported revenue of $217.7 million for the fourth quarter of 2015, down $4.5 million from the third quarter of 2015. The Oil & Gas and Canada segments recorded lower sequential revenue as they are faced with the current challenges in the energy market. The Utility T&D electrical segment reported an $8.4 million sequential revenue increase. Net income for the fourth quarter and full year of 2015 was $77.4 million, or $1.26 per diluted share, and $31.5 million, or $0.54 per diluted share, respectively. These results were significantly impacted by the gain recorded in the fourth quarter of 2015 related to the sale of the Professional Services segment and the Bemis subsidiary and other special items. Excluding these special items, adjusted net loss for the fourth quarter and full year of 2015 was $17.3 million, or $(0.28) per diluted share, and $61.4 million, or $(1.06) per diluted share. For a detailed listing of these special items, see the supplemental schedules attached.
Michael J. Fournier, President and CEO, commented, "Our 2015 results reflect the hard work the organization accomplished by right-sizing Willbros to align our business segments with our markets and strengthening our balance sheet through the sale of our Professional Services segment and certain other non-core business assets. The recent sale in Q1 2016 of a small downstream facility completes our asset divestiture program. With the reduced indirect and overhead costs, we are sized to generate positive results, however, there remains risk in the volatility of work acquisition due to the headwinds of the current market conditions in our Oil & Gas and Canada segments."
Continuing Operations
Included in this press release are certain non-GAAP financial measures, including revenue, operating income (loss) and net income (loss) before special items. A related reconciliation of each of these non-GAAP measures is included in the accompanying schedules.
The Company reported net income from continuing operations in the fourth quarter of 2015 of $19.2 million, or $0.31 per diluted share, on revenue of $217.7 million, compared to a net loss from continuing operations of $19.4 million, or $(0.32) per diluted share, on revenue of $222.2 million in the third quarter of 2015. The fourth quarter of 2015 net income from continuing operations of $19.2 million consists of a $13.7 million loss before income taxes plus an income tax benefit of $32.9 million. The income tax benefit is primarily due to the utilization of net operating loss carry forwards, which is reported as a benefit in continuing operations while the tax provision associated with the gain on the Professional Services segment sale is required to be reported in discontinued operations. The fourth quarter results include a gain of $12.8 million, or $0.21 per diluted share, on the sale of the Bemis subsidiary; other charges of approximately $8.3 million, or $0.14 per diluted share, associated with employee severance costs, equipment rationalization, facility lease abandonment and asset impairment costs; and other special items of $3.2 million, or $0.05 per diluted share. Excluding the items listed above and losses on businesses that we have now exited, adjusted net loss from continuing operations is $13.7 million, or $(0.22) per diluted share.
For the full year of 2015, the Company reported a net loss from continuing operations of $64.5 million, or $(1.12) per diluted share, on revenue of $909.0 million. Full year 2015 results include, in addition to the Bemis subsidiary sale gain; other charges of $18.5 million, or $0.32 per diluted share; non-cash debt extinguishment charges of $39.2 million, or $0.68 per diluted share; and additional interest expense associated with the termination of an interest rate hedging instrument of $1.2 million, or $0.02 per diluted share. Excluding these items and losses on businesses we have now exited, adjusted net loss from continuing operations for the full year of 2015 is $66.8 million, or $(1.16) per diluted share.
Discontinued Operations
The Company reported net income from discontinued operations of $58.2 million, or $0.95 per diluted share, in the fourth quarter of 2015. Included in the fourth quarter results is the after-tax gain of $61.8 million, or $1.01 per diluted share, on the sale of Professional Services. Full year 2015 net income from discontinued operations was $96.0 million, or $1.66 per diluted share. Excluding special items, adjusted net loss from discontinued operations for the fourth quarter of 2015 was $3.6 million, or $(0.06) per diluted share, and for the full year of 2015 adjusted net income from discontinued operations was $5.4 million, or $0.10 per diluted share.
Backlog
At December 31, 2015, Willbros reported total backlog of $826.8 million compared to $976.7 million at September 30, 2015. Twelve month backlog of $432.2 million at December 31, 2015 decreased $77.8 million from September 30, 2015. The decrease in twelve month backlog is primarily related to fewer additions in the Oil & Gas segment.
Segment Operating Results
Utility T&D before special items
For the fourth quarter of 2015, the Utility T&D segment reported an operating loss of $1.5 million on revenue of $97.1 million compared to an operating loss of $5.2 million on revenue of $86.0 million in the third quarter of 2015. The fourth quarter 2015 results include $2.3 million of costs associated with the issuance of customer volume discounts, lease termination costs for equipment purchases and a loss on a transmission job.
Oil & Gas before special items
For the fourth quarter of 2015, the Oil & Gas segment generated revenue of $76.6 million and an operating loss of $5.7 million, a $3.2 million increase in operating loss from the third quarter of 2015 when this segment generated $73.2 million in revenue. The fourth quarter of 2015 results were negatively impacted due to contract margin losses of $3.7 million on three construction jobs. The segment reported an operating loss of $26.4 million for the full year of 2015 on revenue of $238.7 million, primarily due to reduced activity levels, lower project margins and under-utilization of equipment and facilities.
Canada before special items
For the fourth quarter of 2015, the Canada segment generated operating income of $0.2 million on revenue of $42.6 million, compared to operating income of $2.8 million on revenue of $52.3 million in the third quarter of 2015. The revenue reduction is attributable to the challenging market conditions and the depressed oil and gas commodity prices. For the full year, the segment generated operating income of $2.8 million on revenue of $232.5 million. This operating income decline in 2015 was due to lower volume of work and a weakened Canadian dollar.
Liquidity
On March 1, 2016, the Company amended its Term Loan to put in place less stringent financial covenants for 2016 and the first two quarters of 2017. Total liquidity (defined as cash and cash equivalents plus revolver availability) was $90.8 million at December 31, 2015 including $58.8 million of cash and cash equivalents. There were no revolver borrowings at December 31, 2015 and currently there are none. With an increase in business activity towards the latter part of the first quarter of 2016, cash is anticipated to decline by March 31, 2016.
Conference Call
In conjunction with this release, Willbros has scheduled a conference call, which will be broadcast live over the Internet, on Thursday, March 10, 2016 at 10:00 a.m. Eastern Time (9:00 a.m. Central Time).
What: |
Willbros Fourth Quarter and Full Year 2015 Earnings Conference Call |
When: |
Thursday, March 10, 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 March 17, 2016 and may be accessed by calling 877-660-6853 or 201-612-7415 using pass code 13631008#. 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
WILLBROS GROUP, INC. |
|||||||||||
(In thousands, except per share amounts) |
|||||||||||
Three Months Ended |
Year Ended |
||||||||||
December 31, |
December 31, |
||||||||||
2015 |
2014 |
2015 |
2014 |
||||||||
Income Statement |
|||||||||||
Contract revenue |
|||||||||||
Oil & Gas |
$ 77,863 |
$ 160,822 |
$ 297,110 |
$ 826,088 |
|||||||
Utility T&D |
97,282 |
92,761 |
379,629 |
363,779 |
|||||||
Canada |
42,586 |
91,456 |
232,534 |
404,589 |
|||||||
Eliminations |
(71) |
(86) |
(279) |
(86) |
|||||||
217,660 |
344,953 |
908,994 |
1,594,370 |
||||||||
Operating expenses |
|||||||||||
Oil & Gas |
90,758 |
172,744 |
345,060 |
880,532 |
|||||||
Utility T&D |
101,830 |
93,986 |
389,650 |
357,183 |
|||||||
Canada |
43,377 |
89,717 |
231,637 |
372,662 |
|||||||
Unallocated Corporate Costs |
- |
4,029 |
7,850 |
12,526 |
|||||||
Gain on sale of subsidiary |
(12,826) |
- |
(12,826) |
- |
|||||||
Eliminations |
(71) |
(86) |
(279) |
(86) |
|||||||
223,068 |
360,390 |
961,092 |
1,622,817 |
||||||||
Operating income (loss) |
|||||||||||
Oil & Gas |
(12,895) |
(11,922) |
(47,950) |
(54,444) |
|||||||
Utility T&D |
(4,548) |
(1,225) |
(10,021) |
6,596 |
|||||||
Canada |
(791) |
1,739 |
897 |
31,927 |
|||||||
Unallocated Corporate Costs |
- |
(4,029) |
(7,850) |
(12,526) |
|||||||
Gain on sale of subsidiary |
12,826 |
- |
12,826 |
- |
|||||||
Operating loss |
(5,408) |
(15,437) |
(52,098) |
(28,447) |
|||||||
Non-operating expenses |
|||||||||||
Interest expense, net |
(6,264) |
(7,694) |
(27,203) |
(30,359) |
|||||||
Debt covenant suspension and extinguishment charges |
(2,066) |
(14,228) |
(39,178) |
(15,176) |
|||||||
Other, net |
80 |
77 |
(101) |
(397) |
|||||||
(8,250) |
(21,845) |
(66,482) |
(45,932) |
||||||||
Loss from continuing operations before income taxes |
(13,658) |
(37,282) |
(118,580) |
(74,379) |
|||||||
Provision (benefit) for income taxes |
(32,867) |
5,157 |
(54,031) |
229 |
|||||||
Income (loss) from continuing operations |
19,209 |
(42,439) |
(64,549) |
(74,608) |
|||||||
Income (loss) from discontinued operations, net of provision for income taxes |
58,183 |
6,472 |
96,032 |
(5,219) |
|||||||
Net income (loss) |
$ 77,392 |
$ (35,967) |
$ 31,483 |
$ (79,827) |
|||||||
Basic income (loss) per share attributable to Company shareholders: |
|||||||||||
Continuing operations |
$ 0.32 |
$ (0.86) |
$ (1.12) |
$ (1.51) |
|||||||
Discontinued operations |
0.96 |
0.14 |
1.66 |
(0.11) |
|||||||
$ 1.28 |
$ (0.72) |
$ 0.54 |
$ (1.62) |
||||||||
Diluted income (loss) per share attributable to Company shareholders: |
|||||||||||
Continuing operations |
$ 0.31 |
$ (0.86) |
$ (1.12) |
$ (1.51) |
|||||||
Discontinued operations |
0.95 |
0.14 |
1.66 |
(0.11) |
|||||||
$ 1.26 |
$ (0.72) |
$ 0.54 |
$ (1.62) |
||||||||
Cash Flow Data |
|||||||||||
Continuing operations |
|||||||||||
Cash provided by (used in) |
|||||||||||
Operating activities |
$ 31,215 |
$ (43,275) |
$ 46,009 |
$ (21,837) |
|||||||
Investing activities |
106,829 |
754 |
210,423 |
42,488 |
|||||||
Financing activities |
(94,841) |
32,921 |
(177,266) |
(2,678) |
|||||||
Foreign exchange effects |
(2,685) |
(374) |
(3,437) |
(1,057) |
|||||||
Discontinued operations |
(29,791) |
(15,688) |
(40,170) |
(37,253) |
|||||||
Other Data (Continuing Operations) |
|||||||||||
Weighted average shares outstanding |
|||||||||||
Basic |
60,510 |
49,630 |
57,760 |
49,310 |
|||||||
Diluted |
61,092 |
49,630 |
57,760 |
49,310 |
|||||||
Adjusted EBITDA from continuing operations(1) |
$ (3,634) |
$ (263) |
$ (19,461) |
$ 15,618 |
|||||||
Purchases of property, plant and equipment |
650 |
2,675 |
2,705 |
11,584 |
|||||||
Reconciliation of Non-GAAP Financial Measures |
|||||||||||
Adjusted EBITDA from continuing operations (1) |
|||||||||||
Income (loss) from continuing operations |
$ 19,209 |
$ (42,439) |
$ (64,549) |
$ (74,608) |
|||||||
Interest expense, net |
6,264 |
7,694 |
27,203 |
30,359 |
|||||||
Provision (benefit) for income taxes |
(32,867) |
5,157 |
(54,031) |
229 |
|||||||
Depreciation and amortization |
6,154 |
7,801 |
27,200 |
31,873 |
|||||||
Debt covenant suspension and extinguishment charges |
2,066 |
14,228 |
39,178 |
15,176 |
|||||||
Stock based compensation |
2,052 |
3,926 |
6,605 |
12,475 |
|||||||
Restructuring charges |
2,966 |
1,790 |
9,475 |
1,878 |
|||||||
Accounting and legal fees associated with the restatements |
(56) |
3,413 |
595 |
3,413 |
|||||||
Gain on disposal of property and equipment |
(387) |
(1,833) |
(2,102) |
(5,177) |
|||||||
Gain on sale of subsidiary |
(12,826) |
- |
(12,826) |
- |
|||||||
Impairment of long-lived assets |
3,791 |
- |
3,791 |
- |
|||||||
Adjusted EBITDA from continuing operations(1) |
$ (3,634) |
$ (263) |
$ (19,461) |
$ 15,618 |
|||||||
Balance Sheet Data |
December 31, |
September 30, |
June 30, |
March 31, |
|||||||
Cash and cash equivalents |
$ 58,832 |
$ 47,837 |
$ 67,845 |
$ 38,361 |
|||||||
Working capital |
122,691 |
156,227 |
172,568 |
193,912 |
|||||||
Total assets |
445,608 |
513,830 |
557,206 |
613,203 |
|||||||
Total debt |
95,821 |
190,416 |
191,520 |
206,068 |
|||||||
Stockholders' equity |
177,400 |
98,284 |
118,969 |
134,353 |
|||||||
Backlog Data (2) |
|||||||||||
Total By Reporting Segment |
|||||||||||
Oil & Gas |
$ 48,810 |
$ 110,019 |
$ 87,390 |
$ 94,903 |
|||||||
Utility T&D |
622,629 |
689,388 |
760,501 |
795,492 |
|||||||
Canada |
155,379 |
177,259 |
233,257 |
167,904 |
|||||||
Total Backlog |
$ 826,818 |
$ 976,666 |
$1,081,148 |
$1,058,299 |
|||||||
Total Backlog By Geographic Area |
|||||||||||
United States |
$ 671,439 |
$ 799,407 |
$ 847,891 |
$ 890,395 |
|||||||
Canada |
155,379 |
177,259 |
233,257 |
167,904 |
|||||||
Total Backlog |
$ 826,818 |
$ 976,666 |
$1,081,148 |
$1,058,299 |
|||||||
12 Month Backlog |
$ 432,217 |
$ 510,035 |
$ 534,433 |
$ 512,907 |
(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. |
||||||||||
(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 March 31, 2015 |
||||||||
(In thousands) |
|||||||||
Oil & Gas |
Utility T&D |
Canada |
Unallocated Corporate Costs |
Gain On Sale Of Subsidiary |
Eliminations |
Consolidated |
|||
Contract revenue before special items (1) |
|||||||||
Contract revenue, as reported |
$ 76,440 |
$ 86,986 |
$ 87,009 |
$ - |
$ - |
$ (81) |
$ 250,354 |
||
Contract revenue, exited subsidiaries (2) |
(35,128) |
(2,842) |
- |
- |
- |
- |
(37,970) |
||
Contract revenue before special items |
$ 41,312 |
$ 84,144 |
$ 87,009 |
$ - |
$ - |
$ (81) |
$ 212,384 |
||
Operating income (loss) before special items (1) |
|||||||||
Operating loss, as reported |
$ (10,975) |
$ (4,860) |
$ (1,515) |
$ (3,935) |
$ - |
$ - |
$ (21,285) |
||
Operating (income) loss, exited subsidiaries (2) |
47 |
(132) |
- |
- |
- |
- |
(85) |
||
Other charges |
829 |
692 |
692 |
797 |
- |
- |
3,010 |
||
Operating loss before special items |
$ (10,099) |
$ (4,300) |
$ (823) |
$ (3,138) |
$ - |
$ - |
$ (18,360) |
||
Three Months Ended June 30, 2015 |
|||||||||
(In thousands) |
|||||||||
Oil & Gas |
Utility T&D |
Canada |
Unallocated Corporate Costs |
Gain On Sale Of Subsidiary |
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) |
||
Three Months Ended September 30, 2015 |
|||||||||
(In thousands) |
|||||||||
Oil & Gas |
Utility T&D |
Canada |
Unallocated Corporate Costs |
Gain On Sale Of Subsidiary |
Eliminations |
Consolidated |
|||
Contract revenue before special items (1) |
|||||||||
Contract revenue, as reported |
$ 81,029 |
$ 88,922 |
$ 52,294 |
$ - |
$ - |
$ (54) |
$ 222,191 |
||
Contract revenue, exited subsidiaries (2) |
(7,783) |
(2,943) |
- |
- |
- |
- |
(10,726) |
||
Contract revenue before special items |
$ 73,246 |
$ 85,979 |
$ 52,294 |
$ - |
$ - |
$ (54) |
$ 211,465 |
||
Operating income (loss) before special items (1) |
|||||||||
Operating income (loss), as reported |
$ (8,329) |
$ (5,279) |
$ 2,822 |
$ (1,581) |
$ - |
$ - |
$ (12,367) |
||
Operating loss, exited subsidiaries (2) |
2,092 |
7 |
- |
- |
- |
- |
2,099 |
||
Other charges |
3,787 |
81 |
11 |
(7) |
- |
- |
3,872 |
||
Operating income (loss) before special items |
$ (2,450) |
$ (5,191) |
$ 2,833 |
$ (1,588) |
$ - |
$ - |
$ (6,396) |
||
Three Months Ended December 31, 2015 |
|||||||||
(In thousands) |
|||||||||
Oil & Gas |
Utility T&D |
Canada |
Unallocated Corporate Costs |
Gain On Sale Of Subsidiary |
Eliminations |
Consolidated |
|||
Contract revenue before special items (1) |
|||||||||
Contract revenue, as reported |
$ 77,863 |
$ 97,282 |
$ 42,586 |
$ - |
$ - |
$ (71) |
$ 217,660 |
||
Contract revenue, exited subsidiaries (2) |
(1,285) |
(156) |
- |
- |
- |
- |
(1,441) |
||
Contract revenue before special items |
$ 76,578 |
$ 97,126 |
$ 42,586 |
$ - |
$ - |
$ (71) |
$ 216,219 |
||
Operating income (loss) before special items (1) |
|||||||||
Operating income (loss), as reported |
$ (12,895) |
$ (4,548) |
$ (791) |
$ - |
$ 12,826 |
$ - |
$ (5,408) |
||
Operating loss, exited subsidiaries (2) |
3,046 |
3 |
- |
- |
- |
- |
3,049 |
||
Other charges |
4,166 |
3,079 |
1,024 |
- |
- |
- |
8,269 |
||
Gain on sale of subsidiary |
- |
- |
- |
- |
(12,826) |
- |
(12,826) |
||
Operating income (loss) before special items |
$ (5,683) |
$ (1,466) |
$ 233 |
$ - |
$ - |
$ - |
$ (6,916) |
||
Year Ended December 31, 2015 |
|||||||||
(In thousands) |
|||||||||
Oil & Gas |
Utility T&D |
Canada |
Unallocated Corporate Costs |
Gain On Sale Of Subsidiary |
Eliminations |
Consolidated |
|||
Contract revenue before special items (1) |
|||||||||
Contract revenue, as reported |
$ 297,110 |
$ 379,629 |
$232,534 |
$ - |
$ - |
$ (279) |
$ 908,994 |
||
Contract revenue, exited subsidiaries (2) |
(58,413) |
(9,762) |
- |
- |
- |
- |
(68,175) |
||
Contract revenue before special items |
$ 238,697 |
$ 369,867 |
$232,534 |
$ - |
$ - |
$ (279) |
$ 840,819 |
||
Operating income (loss) before special items (1) |
|||||||||
Operating income (loss), as reported |
$ (47,950) |
$ (10,021) |
$ 897 |
$ (7,850) |
$ 12,826 |
$ - |
$ (52,098) |
||
Operating (income) loss, exited subsidiaries (2) |
10,028 |
(1,084) |
- |
- |
- |
- |
8,944 |
||
Other charges |
11,531 |
4,142 |
1,935 |
861 |
- |
- |
18,469 |
||
Gain on sale of subsidiary |
- |
- |
- |
- |
(12,826) |
- |
(12,826) |
||
Operating income (loss) before special items |
$ (26,391) |
$ (6,963) |
$ 2,832 |
$ (6,989) |
$ - |
$ - |
$ (37,511) |
||
Q1 2015 |
Q2 2015 |
Q3 2015 |
Q4 2015 |
FY 2015 |
|||||
Adjusted EBITDA from continuing operations before special items (1) |
|||||||||
Adjusted EBITDA from continuing operations, as reported |
$ (9,980) |
$ (4,032) |
$ (1,815) |
$ (3,634) |
$ (19,461) |
||||
Adjusted EBITDA from continuing operations, exited subsidiaries (2) |
(1,062) |
2,707 |
1,477 |
518 |
3,640 |
||||
Adjusted EBITDA from continuing operations before special items |
$ (11,042) |
$ (1,325) |
$ (338) |
$ (3,116) |
$ (15,821) |
||||
December 31, 2015 |
|||||||||
Income (loss) from continuing operations before special items (1) |
Three Months Ended |
Year |
|||||||
Income (loss) from continuing operations, as reported |
$ 19,209 |
$ (64,549) |
|||||||
Loss from continuing operations, exited subsidiaries (2) |
3,049 |
8,944 |
|||||||
Other charges |
8,269 |
18,469 |
|||||||
Gain on sale of subsidiary |
(12,826) |
(12,826) |
|||||||
Debt covenant suspension and extinguishment charges |
2,066 |
39,178 |
|||||||
Interest expense, net |
1,154 |
1,154 |
|||||||
Benefit for income taxes (3) |
(34,664) |
(57,210) |
|||||||
Loss from continuing operations before special items |
$ (13,743) |
$ (66,840) |
|||||||
December 31, 2015 |
|||||||||
Income (loss) from discontinued operations before special items (1) |
Three Months Ended |
Year |
|||||||
Income from discontinued operations, as reported |
$ 58,183 |
$ 96,032 |
|||||||
Other charges |
- |
4,405 |
|||||||
Gain on sale of subsidiaries |
(96,427) |
(152,208) |
|||||||
Provision for income taxes (3) |
34,664 |
57,210 |
|||||||
Income (loss) from discontinued operations before special items |
$ (3,580) |
$ 5,439 |
|||||||
Net loss before special items (1) |
$ (17,323) |
$ (61,401) |
|||||||
Diluted income (loss) per share attributable to Company shareholders before special items (1) |
|||||||||
Continuing operations |
$ (0.22) |
$ (1.16) |
|||||||
Discontinued operations |
(0.06) |
0.10 |
|||||||
$ (0.28) |
$ (1.06) |
(1) Contract revenue before special items, operating income (loss) before special items, Adjusted EBITDA from continuing operations before special items, Income (loss) from continuing operations before special items, Income from discontinued operations before special items, Net income before special items and Diluted income (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 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 gain 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- |
SOURCE Willbros Group, Inc.
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