Dominion Bridge announces record second quarter sales.MONTREAL--(BUSINESS WIRE)--May 15, 1997--Dominion Bridge Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : DBCO; VSE See DOS/VSE. VSE - Virtual Storage Extended : DMO DMO Debt Management Office (Bank of England) DMO Destination Marketing Organization DMO Defence Materiel Organisation (Australia) DMO Dental Maintenance Organization DMO Distributed Mission Operations .U), today announced financial results, in U.S. dollars, for its second fiscal quarter and six months ended March 31, 1997. Sales for the second quarter increased 148% to $132.7 million from $53.6 million in the second quarter of 1996. Net income (loss) for common stock was ($.336) million or ($.01) per share as contrasted to a profit of $2.2 million or $0.13 per share in last year's second quarter. Per share earnings in this year's second quarter were based on 28.96 million weighted average number of shares outstanding as compared with 17.36 million shares in last year's second quarter. Sales for the six months increased 145% to $257.5 million from $105 million in the comparable six months of 1996. The $152.6 million total increase in sales growth in the six months over the same six months of 1996 is attributable primarily to the acquisition of McConnell McConnell may refer to:
(2) See Meta Data Coalition. ) and Davie Da·vie A town of southeast Florida southwest of Fort Lauderdale. It is in a citrus-growing area. Population: 79,800. Industries (Davie). The net loss for common stock was ($1.5 million) for this year's six months or ($0.05) per share as compared to net income of $4.2 million reported for the six months last year. Loss per share this year was ($.05) versus the $0.24 per share reported last year. Per-share results are based on 28.138 million shares for the most recent six months, and 17.358 million shares for the 1996 six months. In Asia Pacific, MDC sales for the current quarter declined 2.5% on a pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma basis to $68.4 million. The decline for Asia Pacific is attributable to the delay in obtaining regulatory approval to commence its $125 million Queensland Queensland, state (1991 pop. 2,477,152), 667,000 sq mi (1,727,200 sq km), NE Australia. Brisbane is the capital; other important cities are Gold Coast, Toowoomba, Townsville, Rockhampton, Cairns, and Ipswich. pipeline contract, which subsequently began in April of 1997. Due to a number of factors, including a change in its mix of business to a substantially greater percentage of construction and engineering, the company's gross profit margin Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. in the second quarter moved to 9.4% from 14.4% in last year's second quarter while selling, general and administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. increased from 3.2% of sales to 11.3%. Seventy six (76%) percent of the increase in total selling, general and administrative expenses in the 1997 second quarter was from the inclusion of MDC and Davie. The remaining 24% or $2.8 million increase is from increases in the costs and scope of corporate overhead. In addition, the company recorded a pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta gain in the quarter of $3.00 million, included in other income, from the March 1997 sales of 6,000,000 shares of MDC. The company booked new business in the quarter totaling $100 million, of which $61 million was in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and $39 million in Asia Pacific, and in April the company announced a $26 million pipeline contract in the Republic of Georgia Georgia, country, Asia Georgia (jôr`jə), Georgian Sakartvelo, Rus. Gruziya, officially Republic of Georgia, republic (2005 est. pop. 4,677,000), c.26,900 sq mi (69,700 sq km), in W Transcaucasia. . At March 31,1997, the backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. was $283.5 million, of which $102.1 million was in North America and $181.4 million in Asia Pacific. This compares with backlog of $321 million at December December: see month. 31,1996 and $205.4 million at the end of fiscal 1996. During the quarter, each of the operating subsidiaries An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. and divisions operated profitably except Davie and Dominion dominion, power to rule, or that which is subject to rule. Before 1949 the term was used officially to describe the self-governing countries of the Commonwealth of Nations—e.g., Canada, Australia, or India. Bridge Inc. (DBI (DeciBel Isotropic) The measurement of gain in a directional antenna compared with a theoretical "isotropic antenna," which radiates the exact same energy in all directions. See isotropic and deciBel. ). DBI continues to be negatively impacted by losses in its Quebec fabrication fabrication (fab´rikā´sh  n),n the construction or making of a restoration. operations. The economy in Quebec remains weak but the Quebec construction services division is profitable and steps have been taken to restore DBI to profitability. Davie is on track with its restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). plan that was implemented at the time of the acquisition. The company's gross profit margin for the quarter moved to 9.4% from 14.4%, which is a margin level closer to the average for the construction and engineering sector. In Asia Pacific, which represented approximately 50 percent of sales for the most recent quarter and the six months, the company achieved a lower rate of gross profit margin when compared to its overall quarter rate of 9.4%, and which was also lower that MDC's prior quarter. A principal factor in the lower gross profit margin in Asia Pacific was the decision to recognize a lower rate of profit on a major project which is scheduled for completion in the third quarter of 1997 and should result in MDC's gross margin returning to historic levels. Additionally, there was a delay in commencement of its Queensland pipeline contract, which subsequently commenced in April. Also, a number of contracts for MDC were too early in their stage of completion to recognize profits. The Company's policy is to not record any profits on contracts until they have reached a 25% completion stage. -0-
(table follows)
Dominion Bridge Corporation
Unaudited Consolidated Statement of Operations
Six Months Ended March 31, 1997
(In thousands of U.S. dollars, except share data)
3 Months 3 Months
Ended Ended
March 31/97 March 31/96
Sales $132,732 $53,517
Cost of Sales 119,424 44,984
Gross profit 13,308 8,533
Selling, General & Administrative (14,949) (4,317)
Income-Operations from
joint-venture 268 244
Other income 3,967 61
Profit (loss) from operations
(EBITDA) 2,594 4,521
EBITDA per common share and
equivalent 0.09 0.26
Depreciation and amortization (775) (829)
Profit (loss) before interest and
taxes (EBIT) 1,819 3,692
Ebit per common share and 0.06 0.21
equivalent
Interest income (expense) (1,530) (3)
Income taxes (529) (1,406)
Net income (loss) before minority
interest (240) 2,283
Minority interest (96) (103)
Net income (loss) (336) 2,180
Net income per common share and
common share equivalent
Primary $(0.01) $0.13
Fully diluted -- 0.13
Weighted average number of common
shares and common share equivalent
outstanding
Primary 28,963,204 16,329,589
Fully diluted 28,963,204 17,357,811
Year-to-Date Year-to-Date
March 31/97 March 31/96
Sales $257,536 $104,958
Cost of Sales 229,233 88,049
Gross profit 28,303 16,909
Selling, General & Administrative (27,268) (9,350)
Income-Operations from
joint-venture 483 732
Other income 4,319 234
Profit (loss) from operations
(EBITDA) 5,837 8,525
EBITDA per common share and
equivalent 0.20 0.49
Depreciation and amortization (2,847) 1,476
Profit (loss) before interest and
taxes (EBIT) 2,990 7,049
Ebit per common share and 0.40 0.41
equivalent
Interest income (expense) (2,919) 43
Income taxes (1,149) (2,717)
Net income (loss) before minority
interest (1,078) 4,375
Minority interest (373) (216)
Net income (loss) (1,451) 4,159
Net income per common share and
common share equivalent
Primary $(0.05) $0.25
Fully diluted -- 0.24
Weighted average number of common
shares and common share equivalent
outstanding
Primary 28,138,171 16,320,488
Fully diluted 28,893,818 17,334,599
All companies do not calculate EBITDA in the same fashion and the
measure as presented in this table may not be comparable to
similarly titled measures reported by other companies.
-0-
CONTACT: Eric Boyd (514) 634-3550 |
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