Full year net income from continuing
operations $11.0 million
Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD), the
largest provider of dredging services in the United States, today
reported financial results for the quarter and year ended December
31, 2018.
As of December 31, 2018, the Company has
concluded that it intends to sell the Environmental and
Infrastructure (“E&I”) business during the first half of 2019.
Based on this decision, this business has been classified as an
asset held for sale and all results of this business have been
reflected as discontinued operations as of December 31, 2018.
Consequently, the financial results for continuing operations
reported within this earnings release do not include the E&I
segment.
Fourth Quarter 2018 Highlights
- Revenue was $173.2 million in the fourth quarter, a $20.5
million or 13.4% increase over the prior year quarter.
- Gross margin percentage increased to 20.6% in the fourth
quarter from negative 3.9% in the prior year quarter.
- Total operating income from continuing operations was $16.7
million, a $40.9 million increase over the prior year quarter.
- Restructuring charge from continuing operations of $5.3 million
in the fourth quarter of 2018 as compared to $27.2 million in the
prior year quarter.
- Net income from continuing operations was $5.0 million, a $9.8
million increase over the prior year quarter. The prior year
quarter included a tax credit of $15.7 million related to the
passing of the Tax Cuts and Jobs Act of 2017.
- Adjusted EBITDA from continuing operations was $28.4 million as
compared to negative $3.8 million in the prior year quarter. When
excluding the restructuring impact, Adjusted EBITDA from continuing
operations was $33.0 million in the fourth quarter of 2018 as
compared to $16.6 million in the fourth quarter of 2017.
Full Year 2018 Highlights
- Revenue was $620.8 million for the full year 2018, a $28.6
million or 4.8% increase over the prior year.
- Gross margin percentage increased to 18.0% in 2018 as compared
to 7.2% in 2017.
- Consolidated operating income from continuing operations was
$52.6 million, a $71.9 million increase over the prior year.
- Restructuring charge from continuing operations was $16.1
million for the full year 2018 as compared to $28.8 million in
2017.
- Net income from continuing operations was $11.0 million, a
$26.4 million increase over the prior year.
- Adjusted EBITDA from continuing operations was $100.4 million
as compared to $35.2 million in 2017. When excluding the
restructuring impact, Adjusted EBITDA from continuing operations
was $109.8 million for the year as compared to $57.2 million in
2017.
Balance Sheet & Capital
Expenditures
- Cash at December 31, 2018 was $34.5 million with total debt of
$333.5 million, compared to cash of $15.9 million and total debt of
$429.4 million at December 31, 2017.
- Net debt at December 31, 2018 was $299.0 million, a $114.5
million reduction from December 31, 2017. The Company defines net
debt as total short-term debt plus total long-term debt less cash
and cash equivalents.
- Net debt to Adjusted EBITDA from continuing operations has been
reduced to 2.98x.
- Total capital expenditures for 2018 were $38.1 million compared
to $63.9 million in 2017. During the fourth quarter of 2018, the
Company spent $13.6 million on a used clamshell dredge.
- Capital expenditure is expected to be $40.0 million in
2019.
- Great Lakes expects further reduction in net debt in 2019.
Backlog
- Strong awards in the fourth quarter increased backlog to $707.1
million at December 31, 2018 as compared to the year end 2017
backlog of $511.3 million.
- Subsequent to year end, the dredging business has been awarded
an additional $40.5 million in project work.
Strategic Initiatives
- As of December 31, 2018, the Company has concluded that during
2019, the Company intends to sell the E&I business and as such
has classified the business as an asset held for sale and results
of the business have been reflected as discontinued
operations.
- For the full year 2018, the Company had $17.3 million of net
loss from discontinued operations, net of tax. $14.1 million of
this loss is attributed to the preliminary loss on disposal of
assets held for sale.
Management Commentary
Chief Executive Officer Lasse Petterson
commented, “2018 was a transformational year at Great Lakes. We saw
an increase of $26.4 million in net income from continuing
operations and $65.2 million in Adjusted EBITDA from continuing
operations. We also made significant progress on our goal to pay
down debt with a reduction in net debt of $115 million, resulting
in a net debt to Adjusted EBITDA ratio of 2.98x. These significant
improvements were a result of strong domestic dredging performance
as well as the success of our asset rationalization and cost
reduction program. Our very strong operational performance is a
validation of our positioning in the dredging marketplace as well
as the tremendous efforts and focus turned in by our outstanding
employees. Hand in hand with the strong operational and financial
results, our drive to an Incident and Injury Free® (IIF) work
environment continued to progress with a 27% decrease in recordable
injuries year-over-year.
As we finished the fourth quarter of 2018, port
deepening projects in Charleston, Tampa, Jacksonville and on the
Delaware River were in full operation with work continuing into
2019 and 2020. On December 31, 2018, we were awarded the Corpus
Christi Port Deepening project, adding a fifth deepening project to
our already strong backlog. During 2018, the Company was awarded a
total of $455.5 million in capital deepening projects and ended the
year with total backlog of $707.1 million. We expect this strong
domestic dredging market to continue for the next three to four
years as our focus remains on port deepening projects as well as
coastal protection after the heavy hurricane seasons of the past
two years. We look forward to working closely with the United
States Army Corps of Engineers to ensure safe and successful
execution and completion of these projects that are critical to the
Nation’s water infrastructure.
In order to ensure proper strategic focus and
utilization of our capital resources, we initiated a strategic
review to determine the best options for the E&I business and
concluded that it does not align well enough with our dredging
business to continue operating it under our portfolio of assets. We
have hired a financial advisor to assist in the divestiture and
expect to sell the E&I business during the first half of
2019.”
Operational Update
Consistent with the 2017 year-end earnings
release, the Company has chosen to exclude restructuring charges in
certain comparisons to the prior year. As discussed in the
“Use of Non-GAAP measures” disclosure, certain pieces of the
discussion below remove the impact of these restructuring charges.
Reconciliations to results prepared in accordance with accounting
principles generally accepted in the United States of
America ("GAAP") are provided within the schedules attached
and the comparable GAAP measures are provided in the text above.
Also, beginning in 2018, the Company chose to account for plant and
overhead in the same interim period in which costs were spent as
opposed to the accrual / deferral method previously used. As
required by guidance, the Company has recast the prior interim
period as if this accounting standard had always been in place for
all periods presented.
Fourth Quarter
- Revenue was $173.2 million, an increase of $20.5 million over
the fourth quarter of 2017. This quarter was characterized by
strong utilization of vessels on projects in our capital and rivers
and lakes markets. All other domestic operations were slightly
above the prior year with the exception of maintenance work which
had a decrease from the fourth quarter of 2017.
- Gross margin percentage, exclusive of restructuring, improved
to 21.3% in the current quarter from 11.0% in the fourth quarter of
2017 on strong project performance combined with lower plant and
overhead costs resulting from operational improvements and higher
fleet utilization.
- Operating income, exclusive of restructuring, was $21.7 million
which is an $18.7 million increase over the prior year quarter. The
increase is a result of higher gross margin slightly offset by
increased general and administrative expenses which were higher due
to incentive compensation.
- Net income from continuing operations, exclusive of
restructuring, for the quarter was $8.9 million compared to a net
income from continuing operations, exclusive of restructuring, of
$11.8 million in the prior year quarter. The prior year quarter
includes a tax credit of $15.7 million related to the passing of
the Tax Cuts and Jobs Act of 2017.
Full Year 2018
- Revenue for the full year 2018 was $620.8 million, an increase
of $28.6 million from 2017. 2018 was marked by a significant
increase in capital revenues as a result of revenues on the
Charleston and MSCIP projects. This increase was slightly offset by
decreases in maintenance, coastal protection and foreign revenues.
Rivers and lakes revenues increased year over year as a result of
the strong utilization in the fourth quarter.
- Gross margin percentage, exclusive of restructuring, improved
to 19.4% for the full year 2018 as compared to 11.1% for the full
year 2017 on strong utilization of the fleet and asset
rationalization resulting in lower plant and overhead costs.
- Operating income, exclusive of restructuring, was $66.4
million, an increase of $56.9 million over the prior year. The
increase is a result of improved gross margin as well as a decrease
in general and administrative expenses year over year.
- Consolidated net income from continuing operations, exclusive
of restructuring, for the full year was $22.9 million compared to
net income from continuing operations, exclusive of restructuring,
of $2.3 million in 2017.
Market Update
The domestic dredging bid market remained strong
during the fourth quarter of 2018 with a total bid market for the
year of $1.8 billion. For the year, GLDD was awarded 45% of the
overall bid market consisting of the following types of work:
- $476 million or 62% of capital projects;
- $171 million or 62% of coastal protection projects;
- $82 million or 13% of maintenance projects; and
- $82 million or 53% of the large scale rivers and lakes projects
that the Company targets.
The domestic market continues to be driven by
the large scale port deepening projects along the east and gulf
coasts. We expect multiple project phases of these port deepenings
to bid in late 2019 and activity in this market to continue for the
next three to four years. Additionally, we are just now beginning
to see the impact of work that will be done to renourish the
beaches which were damaged by the last two heavy hurricane seasons.
We expect to bid on multiple projects under the supplemental
appropriation in mid to late 2019. Both the port deepening and
beach renourishment projects are imperative to protecting the
environments and economies of the port and beach towns along the
coasts. We are excited and honored to work with the U.S. Army Corps
of Engineers to improve these areas.
In addition to the deepening and coastal
protection projects, several larger Liquefied Natural Gas port
development projects in support of energy exports are progressing
to bid. Great Lakes’ fleet and safety performance position
the Company well to perform in this growing segment.
In the international market, mobilization began
on a major land reclamation project in Bahrain with dredging
operations commencing in January 2019. We continue to expect the
international market to be a break-even contributor in 2019, with
potential for market improvement in 2020 and beyond.
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 Wednesday, February 20, 2019 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 7459137. The conference call will be
available by replay until Friday, February 22, 2019 by calling
(855) 859-2056 and providing Conference ID 7459137. 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 Non-GAAP measures
Adjusted EBITDA from continuing operations, as
provided herein, represents net income attributable to common
stockholders of 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, goodwill or asset
impairments and gains on bargain purchase acquisitions. Adjusted
EBITDA from continuing operations is not a measure derived in
accordance with 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 and
investors 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 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 or
asset impairments, gains on bargain purchase acquisitions, 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 (loss) attributable to common stockholders
of Great Lakes Dredge & Dock Corporation in the table of
financial results. For further explanation, please refer to the
Company's SEC filings.
Starting with our December 2017 year-end
earnings release, the Company has chosen to exclude restructuring
charges in certain comparisons to the prior year. This
exclusion allows the user to better evaluate the Company’s
financial results from operations and drivers of variances from the
prior year without the impact of this special item. Restructuring
items can include costs of contract revenues (depreciation and
other), general and administrative expenses and gains / losses on
sale of assets. Reconciliations to results prepared in accordance
with GAAP are provided within the schedules attached.
The Company
Great Lakes Dredge & Dock Corporation
(“Great Lakes” or the “Company”) is the largest provider of
dredging services in the United States and the only U.S. dredging
company with significant international operations. The Company
employs experienced civil, ocean and mechanical engineering staff
in its estimating, production and project management
functions. In its over 128-year history, the Company has
never failed 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. The Company’s Incident-and Injury-Free (IIF®) safety
management program is integrated into all aspects of the Company’s
culture. The Company’s commitment to the IIF® culture promotes a
work environment where employee safety is paramount. Great
Lakes also owns and operates the largest and most diverse fleet in
the U.S. dredging 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," “are optimistic,” 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: our ability to obtain
federal government dredging and other contracts; uncertainties in
federal government budgeting; extended federal government
shutdowns, which may lead to funding issues, the incurrence of
costs without payment or reimbursement under our contracts, and
delays or cancellations of key projects; the risk that the
President of the United States may divert funds away from the Army
Corps of Engineers in response to a national emergency; our ability
to qualify as an eligible bidder under government contract criteria
and to compete successfully against other qualified bidders; risks
associated with cost over-runs, operating cost inflation and
potential claims for liquidated damages, particularly with respect
to our fixed cost contracts; the timing of our performance on
contracts; significant liabilities that could be imposed were we to
fail to comply with government contracting regulations; risks
related to international dredging operations, including instability
and declining relationships amongst certain governments in the
Middle East and the impact this may have on infrastructure
investment, asset value of such operations, and local licensing,
permitting and royalty issues; increased cost of certain material
used in our operations due to newly imposed tariffs; a significant
negative change to large, single customer contracts from which a
significant portion of our international revenue is derived;
changes in previous-recorded net revenue and profit as a result of
the significant estimates made in connection with our methods of
accounting for recognizing revenue; consequences of any lapse in
disclosure controls and procedures or internal control over
financial reporting; changes in the amount of our estimated
backlog; our ability to obtain bonding or letters of credit and
risks associated with draws by the surety on outstanding bonds or
calls by the beneficiary on outstanding letters of credit;
increasing costs to operate and maintain aging vessels; equipment
or mechanical failures; acquisition integration and consolidation
risks; liabilities related to our historical demolition business;
impacts of legal and regulatory proceedings; unforeseen delays and
cost overruns related to the construction of new vessels, including
potential mechanical and engineering issues; our becoming liable
for the obligations of joint ventures, partners and subcontractors;
capital and operational costs due to environmental regulations;
unionized labor force work stoppages; maintaining an adequate level
of insurance coverage; information technology security breaches;
our substantial amount of indebtedness; restrictions imposed by
financing covenants; the impact of adverse capital and credit
market conditions; limitations on our hedging strategy imposed by
new statutory and regulatory requirements for derivative
transactions; foreign exchange risks; changes in macroeconomic
indicators and the overall business climate; uncertainties of the
impact of the Tax Cuts and Jobs Act and implementation of certain
provisions of the Dodd-Frank Wall Street Reform and Consumer
Protection Act; losses attributable to our investments in privately
financed projects and the likelihood of realizing, and amount of,
expected restructuring charges to be realized in connection with
the restructuring activities; our ability to realize the expected
benefits from our restructuring activities; our ability to find a
suitable acquiror and consummate the disposition of our E&I
segment; uncertain risks, costs and impacts to the Company in
connection with the disposition of our E&I segment; and the
loss on disposition of assets held for sale is subject to change
prior to completion of the disposition of our E&I segment and
could differ materially from the Company’s estimate. For additional
information on these and other risks and uncertainties, please see
Item 1A. "Risk Factors" of Great Lakes' Annual Report on Form 10-K
for the year ended December 31, 2017, 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 and
Subsidiaries |
|
Condensed Consolidated Statements of
Operations |
|
(Unaudited and in thousands, except per share
amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Twelve Months Ended |
|
|
December 31, |
|
|
December 31, |
|
|
|
2018 |
|
|
2017 |
|
|
|
2018 |
|
|
2017 |
|
Contract revenues |
$ |
173,231 |
|
|
$ |
152,736 |
|
|
$ |
620,795 |
|
|
$ |
592,159 |
|
Gross profit
(loss) |
|
35,614 |
|
|
|
(5,917 |
) |
|
|
111,460 |
|
|
|
42,730 |
|
General
and administrative expenses |
|
15,440 |
|
|
|
13,729 |
|
|
|
55,108 |
|
|
|
57,235 |
|
Loss on
sale of assets—net |
|
3,466 |
|
|
|
4,571 |
|
|
|
3,731 |
|
|
|
4,789 |
|
Total operating income
(loss) |
|
16,708 |
|
|
|
(24,217 |
) |
|
|
52,621 |
|
|
|
(19,294 |
) |
Other income
(expense) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense—net |
|
(7,876 |
) |
|
|
(7,612 |
) |
|
|
(33,578 |
) |
|
|
(26,032 |
) |
Equity in
loss of joint ventures |
|
— |
|
|
|
(43 |
) |
|
|
— |
|
|
|
(1,484 |
) |
Loss on
extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,330 |
) |
Other
income (expense) |
|
(629 |
) |
|
|
(165 |
) |
|
|
(2,590 |
) |
|
|
11 |
|
Income
(loss) from continuing operations before income taxes |
|
8,203 |
|
|
|
(32,037 |
) |
|
|
16,453 |
|
|
|
(49,129 |
) |
Income tax (provision)
benefit |
|
(3,241 |
) |
|
|
27,184 |
|
|
|
(5,437 |
) |
|
|
33,761 |
|
Income
(loss) from continuing operations |
$ |
4,962 |
|
|
$ |
(4,853 |
) |
|
$ |
11,016 |
|
|
$ |
(15,368 |
) |
Income
(loss) from discontinued operations, net of income taxes |
|
(12,662 |
) |
|
|
(1,683 |
) |
|
|
(17,309 |
) |
|
|
(15,892 |
) |
Net
loss |
$ |
(7,700 |
) |
|
$ |
(6,536 |
) |
|
$ |
(6,293 |
) |
|
$ |
(31,260 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per share attributable to
income (loss) from continuing operations |
$ |
0.08 |
|
|
$ |
(0.08 |
) |
|
$ |
0.18 |
|
|
$ |
(0.25 |
) |
Basic loss per share attributable to loss on
discontinued operations, net of income taxes |
|
(0.20 |
) |
|
|
(0.03 |
) |
|
|
(0.28 |
) |
|
|
(0.26 |
) |
Basic loss per share |
$ |
(0.12 |
) |
|
$ |
(0.11 |
) |
|
$ |
(0.10 |
) |
|
$ |
(0.51 |
) |
Basic
weighted average shares |
|
62,505 |
|
|
|
61,592 |
|
|
|
62,236 |
|
|
|
61,365 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss)
per share attributable to income (loss) from continuing
operations |
$ |
0.08 |
|
|
$ |
(0.08 |
) |
|
$ |
0.17 |
|
|
$ |
(0.25 |
) |
Diluted loss per share
attributable to loss on discontinued operations, net of income
taxes |
|
(0.20 |
) |
|
|
(0.03 |
) |
|
|
(0.27 |
) |
|
|
(0.26 |
) |
Diluted loss per
share |
$ |
(0.12 |
) |
|
$ |
(0.11 |
) |
|
$ |
(0.10 |
) |
|
$ |
(0.51 |
) |
Diluted
weighted average shares |
|
63,799 |
|
|
|
61,592 |
|
|
|
63,607 |
|
|
|
61,365 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Great Lakes Dredge & Dock Corporation and
Subsidiaries |
|
Reconciliation of Net Loss to Adjusted EBITDA
from Continuing Operations |
|
(Unaudited and in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Twelve Months Ended |
|
|
December 31, |
|
|
December 31, |
|
|
|
2018 |
|
|
2017 |
|
|
|
2018 |
|
|
2017 |
|
Net loss |
$ |
(7,700 |
) |
|
$ |
(6,536 |
) |
|
$ |
(6,293 |
) |
|
$ |
(31,260 |
) |
Income (loss) from
discontinued operations, net of income taxes |
$ |
(12,662 |
) |
|
$ |
(1,683 |
) |
|
|
(17,309 |
) |
|
$ |
(15,892 |
) |
Income (loss) from
continuing operations |
|
4,962 |
|
|
|
(4,853 |
) |
|
|
11,016 |
|
|
|
(15,368 |
) |
Adjusted for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense—net |
|
7,876 |
|
|
|
7,612 |
|
|
|
33,578 |
|
|
|
26,032 |
|
Income
tax provision (benefit) |
|
3,241 |
|
|
|
(27,184 |
) |
|
|
5,437 |
|
|
|
(33,761 |
) |
Depreciation and amortization |
|
12,289 |
|
|
|
20,640 |
|
|
|
50,389 |
|
|
|
55,962 |
|
Loss on
extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,330 |
|
Adjusted EBITDA from
continuing operations |
$ |
28,368 |
|
|
$ |
(3,785 |
) |
|
$ |
100,420 |
|
|
$ |
35,195 |
|
Excluded for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impact of
restructuring |
|
4,592 |
|
|
|
20,360 |
|
|
|
9,387 |
|
|
|
21,982 |
|
Adjusted EBITDA from
continuing operations, excluding restructuring |
$ |
32,960 |
|
|
$ |
16,575 |
|
|
$ |
109,807 |
|
|
$ |
57,177 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Great Lakes Dredge & Dock Corporation and
Subsidiaries |
|
Selected Balance Sheet
Information |
|
(Unaudited and in thousands) |
|
|
|
|
|
|
|
|
|
|
Period Ended |
|
|
December 31, |
|
|
December 31, |
|
|
2018 |
|
|
2017 |
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents |
$ |
34,458 |
|
|
$ |
15,852 |
|
Total current
assets |
|
206,698 |
|
|
|
262,184 |
|
Total assets |
|
730,271 |
|
|
|
832,357 |
|
Total short-term
debt |
|
11,500 |
|
|
|
1,212 |
|
Total current
liabilities |
|
163,121 |
|
|
|
150,250 |
|
Total long-term
debt |
|
321,950 |
|
|
|
428,141 |
|
Total equity |
|
214,928 |
|
|
|
221,296 |
|
|
|
|
|
|
|
|
|
|
|
Great Lakes Dredge & Dock Corporation and
Subsidiaries |
|
Revenue and Backlog Data |
|
(Unaudited and in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Twelve Months Ended |
|
|
December 31, |
|
|
December 31, |
|
Revenues |
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital -
U.S. |
$ |
80,500 |
|
|
$ |
56,479 |
|
|
$ |
333,037 |
|
|
$ |
185,113 |
|
Capital -
foreign |
|
241 |
|
|
|
4,883 |
|
|
|
14,088 |
|
|
|
42,306 |
|
Coastal
protection |
|
53,250 |
|
|
|
49,705 |
|
|
|
175,923 |
|
|
|
191,070 |
|
Maintenance |
|
14,966 |
|
|
|
36,391 |
|
|
|
53,427 |
|
|
|
134,923 |
|
Rivers
& lakes |
|
24,274 |
|
|
|
5,278 |
|
|
|
44,320 |
|
|
|
38,747 |
|
Total revenues |
|
173,231 |
|
|
|
152,736 |
|
|
|
620,795 |
|
|
|
592,159 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of |
|
|
December 31, |
|
|
December 31, |
|
Backlog |
2018 |
|
|
2017 |
|
|
|
|
|
|
|
|
|
Capital -
U.S. |
$ |
447,139 |
|
|
$ |
383,577 |
|
Capital -
foreign |
|
73,112 |
|
|
|
8,575 |
|
Coastal
protection |
|
81,068 |
|
|
|
76,460 |
|
Maintenance |
|
56,189 |
|
|
|
23,662 |
|
Rivers & lakes |
|
49,583 |
|
|
|
19,046 |
|
Total backlog |
$ |
707,091 |
|
|
$ |
511,320 |
|
For further information contact: Abby
SullivanInvestor
Relations630-574-3024
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