The Shaw Group annonce ses résultats financiers pour le deuxième trimestre de l'exercice fiscal 2005
Business Editors
BATON ROUGE, La.--(BUSINESS WIRE)--April 4, 2005--The Shaw Group Inc. (NYSE:SGR) a annoncé ce jour ses résultats financiers pour le deuxième trimestre.
Le bénéfice net issu des activités poursuivies au deuxième trimestre de l'exercice fiscal 2005 s'élève à 9,7 millions de dollars US, soit 0,15 dollar US par action diluée.
A titre de comparaison, au cours de l'exercice clos au 28 février 2004, Shaw enregistrait un bénéfice net issu des activités poursuivies de 2,5 millions de dollars US, soit 0,04 dollar US par action diluée.
( BW)(LA-SHAW-GROUP)(SGR) The Shaw Group Announces Financial Results for Second Quarter Fiscal 2005
Business Editors
BATON ROUGE, La.--(BUSINESS WIRE)--April 4, 2005--The Shaw Group Inc. (NYSE:SGR) today announced financial results for its second fiscal quarter.
Net income from continuing operations for the second quarter of fiscal 2005 was $9.7 million, or $0.15 per diluted share
In comparison, for the three months ended February 28, 2004, Shaw reported net income from continuing operations of $2.5 million, or $0.04 per diluted share.
For the second quarter of fiscal 2005, revenues were $763.5 million compared to $689.1 million in the prior year's second quarter.
Shaw's backlog totaled $5.1 billion at February 28, 2005, with approximately $2.4 billion, or 46% of the backlog expected to be converted during the next 12 months.
Approximately $2.6 billion, or 50%, of the backlog is in environmental the and infrastructure sector, primarily contracts with Federal government agencies and commercial entities; approximately $1.8 billion, or 35%, of the backlog is comprised of projects for energy industry customers, primarily nuclear and fossil fuel power plants; and approximately $0.7 billion, or 13%, related to projects for chemical process industry facilities.
J.M Bernhard, Jr., Chairman and Chief Executive Officer of Shaw, said, "We are pleased to report positive financial and operational results for the fourth consecutive quarter, with net income from continuing operations of $0.15 per diluted share and positive net cash from operations of $18.3 million.
This solid improvement is a direct result of our continued focus on project execution and improved efficiencies and a marked increase in activity related to the recovering energy and chemical markets.
While our total backlog is sequentially lower this quarter, we have seen strong momentum in preliminary engineering and design work for our energy and chemical industry clients, especially in power generation and chemical process sectors.
We are also pleased with the steady growth of our maintenance backlog and our strong position in the federal services marketplace in the environmental and infrastructure sector."
The Shaw Group Inc. is a leading global provider of technology, engineering, procurement, construction, maintenance, fabrication, manufacturing, consulting, remediation, and facilities management services for government and private sector clients in the energy, chemicals, environmental, infrastructure and emergency response markets.
A Fortune 1000 Company, The Shaw Group is headquartered in Baton Rouge, Louisiana, and employs approximately 19,500 people at its offices and operations in North America, South America, Europe, the Middle East and the Asia-Pacific region.
For further information, please visit the Company's website at www.shawgrp.com.
Forward-Looking Statements - The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for certain forward-looking statements.
The statements contained herein that are not historical facts (including without limitation statements to the effect that the Company or its management "believes," "expects," "anticipates," "plans," or other similar expressions) and statements related to revenues, earnings, backlog, or other financial information or results are forward-looking statements based on the Company's current expectations and beliefs concerning future developments and their potential effects on the Company.
There can be no assurance that future developments affecting the Company will be those anticipated by the Company.
These forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions and are subject to change based upon various factors
Should one or more of such risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in the forward-looking statements.
The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
A description of some of the risks and uncertainties that could cause actual results to differ materially from such forward-looking statements can be found in the Company's reports and registration statements filed with the Securities and Exchange Commission, including its Form 10-K and Form 10-Q reports, and on the Company's website under the heading "Forward-Looking Statements".
These documents are also available from the Securities and Exchange Commission or from the Investor Relations department of Shaw.
For more information on the company and announcements it makes from time to time on a regional basis visit our website at www.shawgrp.com.
REVENUE AND BACKLOG BY INDUSTRY AND GEOGRAPHY
Revenue by Industry (Second Quarter Ended February 28, 2005)
| Energy | 316.3 million | 41 |
| Chemicals | 165.3 million | 21 |
| Other Industries | 14.1 million | 2 |
| Total | $ 763.5 million | 100% |
Revenue by Geography (Second Quarter Ended February 28, 2005)
| Asia/Pacific Rim | 58.4 million | 8 |
| Middle East | 21.6 million | 3 |
| Canada | 18.9 million | 3 |
| Europe | 13.1 million | 2 |
| South America & Mexico | 5.2 million | - |
| Other | 4.8 million | - |
| Total | $ 763.5 million | 100% |
Backlog by Industry (As of February 28, 2005)
| Energy | ||
| Nuclear Power | 980.6 million | 19 |
| Fossil Fuel | 740.4 million | 14 |
| Other Power | 91.6 million | 2 |
| Chemicals Industries | 676.6 million | 13 |
| Other Industries | 40.6 million | 1 |
| Total | $5,094.9 million | 100% |
Backlog by Geography (As of February 28, 2005)
| International | 838.5 million | 16 |
| Total | $5,094.9 million | 100% |
THE SHAW GROUP INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Dollars in thousands, except per share amounts)
| 2005 | 2004 | |
| Revenues | $763,460 | $ 689,061 |
| Cost of revenues | 693,386 | 628,593 |
| Gross profit | 70,074 | 60,468 |
| General and administrative expenses | 49,085 | 44,878 |
| Operating income (loss) | 20,989 | 15,59 |
| Interest expense | -9,747 | -9,118 |
| Interest income | 1,416 | 456 |
| Loss on LYONs repurchase | -- | -56 |
| Foreign currency transaction losses, net | -1,044 | -2,593 |
| Other income (expense), net | 2,367 | 162 |
| -7,008 | -11,149 | |
| Income (loss) before income taxes, minority interest, | ||
| earnings from unconsolidated entities and loss from discontinued operations | 13,981 | 4,441 |
| Provision (benefit) for income taxes | 4,885 | 1,506 |
| Income (loss) before minority interest, | ||
| earnings from unconsolidated entities and loss from discontinued operations | 9,096 | 2,935 |
| Minority interest, net of income taxes | -1,398 | -171 |
| Earnings (loss) from unconsolidated entities, net of income taxes | 2,002 | -276 |
| Income (loss) from continuing operations | 9,7 | 2,488 |
| Loss from discontinued operations, net of income taxes | -52 | -291 |
| Net income (loss) | $9,648 | $ 2,197 |
| Net income (loss) per common share: | ||
| Basic: | ||
| Income (loss) from continuing operations | $ 0.15 | $ 0.04 |
| Loss from discontinued operations, net of income taxes | -- | -- |
| Net income (loss) | $ 0.15 | $ 0.04 |
| Diluted: | ||
| Income (loss) from continuing operations | $ 0.15 | $ 0.04 |
| Loss from discontinued operations, net of income taxes | -- | -- |
| Net income (loss) | $ 0.15 | $ 0.04 |
CONTACT: The Shaw Group Inc.
Chris D. Sammons, 225-932-2546
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