Dominion Bridge reports record revenues of $132,100,000 for the third quarter ended June 30, 1996.MONTREAL, Quebec--(BUSINESS WIRE)--Aug. 15, 1996--Dominion Bridge Corp. ("DBC See dBA. (language, parallel) DBC - A data-parallel bit-serial C based on MPL. SRC, Bowie MD. E-mail: <maya@super.org>. ") (NASDAQ/NMS: DBCO:Vancouver Stock Exchange Vancouver Stock Exchange (VSE) A securities and options exchange in Vancouver, British Columbia, (Canada), specializing in venture capital companies. Vancouver Stock Exchange See Canadian Venture Exchange (CDNX). : DOM.U) today reported its financial results for the third quarter ended June 30, 1996. DBC reported record revenues of $132,100,000 for the third quarter ended June 30, 1996 compared to $40,236,000 for the same period a year earlier. Consolidated revenues for the first nine months of the fiscal year increased from $100,326,000 in 1995 to $237,058,000 in 1996 (table follows). This 236 percent increase in revenues for the nine months ended June 30, 1996 is largely attributable to the acquisition of McConnell Dowell Corp. Ltd ("MDC (1) (Mobile Daughter Card) See riser card. (2) See Meta Data Coalition. ") and Groupe MIL Inc. ("MIL") and the corresponding inclusion of three months' sales of $68.8 million for MDC and three months' sales of $13.2 million by MIL as well as increased sales of approximately $36 million by 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. and Steen Contractors Ltd. MDC and MIL's revenues decreased the company's overall gross margin as a percentage of sales while doubling the gross margin dollar value earned for both the quarter and nine months ended June 30, 1996. For the quarter ended June 30, 1996, DBC reported an EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become of $4.6 million compared with $2.9 million for the same quarter in 1995 and total EBIT EBIT See: Earnings Before Interest and Taxes EBIT See earnings before interest and taxes (EBIT). of $2,705,000 for the three months ended June 30, 1996 compared to $2,530,000 for the same period in 1995. The company earned $251,000 of net income to common shareholders or one cent per share (fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. ) compared with $2,003,000 or 14 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. (fully diluted) for the same three month period the previous year. In calculating the fully diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of for the quarter ended June 30, 1996, the company has taken into account, using the treasury stock method, three principal sources of potential dilution potential dilution The decrease in the proportional equity position of a share of stock that will occur eventually if additional authorized shares are actually issued. : -0- Potential source of dilution Shares Issuable Assumed conversion of all $24,141,000 TCI (Trustworthy Computing Initiative) An umbrella term from Microsoft for its efforts to improve security in Windows. TCI was announced in 2002 after viruses such as Code Red and Nimda had succeeded in attacking numerous Windows computers. preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. based on quarter-end closing price of $3.16 7,600,000 Assumed conversion of all potentially dilutive warrants and options 280,000 Satisfaction of balance of obligation to UDIL arising from purchase of Dominion Bridge Inc. 650,000 8,530,000 -0- These potential dilutions are added to the weighted average number of shares actually issued and outstanding during the quarter (16 million shares) to result in the 24,632,450 shares used for the purpose of calculating the earnings per share on a fully diluted basis. For the nine months ended June 30, 1996 DBC reported an EBITDA of $13.2 million compared with $10.5 million for the same nine month period in 1995 and total EBIT of $9.7 million for the nine months ended June 30, 1996 compared to $6.8 million for the same period in 1995. THe company earned $4.4 million of net income to common shareholders or 22 cents per share (fully diluted) compared with $5 million or 36 cents per share (fully diluted) for the same nine month period the previous year. Substantial portion of the Growth in EBITDA and EBIT is attributable to the acquisitions of the new operating units operating unit A type of operating company that engages in transactions with outsiders and that is owned by another business. For example, in 1995 the stockholders of Capital Cities/ABC approved a $19 billion merger with the Walt Disney Company, whereupon , MIL and MDC. Net income to common shareholders has been impacted in fiscal 1996 by interest carrying costs Carrying costs Costs that increase with increases in the level of investment in current assets. on the Bankers Trust The Bankers Trust is a historic American banking organisation that was acquired by Deutsche Bank in 1998. It was originally set up when banks could not perform trust company services. $30 million credit facility, preferred dividends preferred dividend n. a payment of a corporation's profits to holders of preferred shares of stock. (See: preferred stock) on the $24 million TCI Preferred Shares, and the one-time financing costs incurred to structure the acquisition funding. These one-time financing costs are scheduled to be absorbed over the next two fiscal quarters. During this quarter, the company raised $45 million to complete its acquisition of MDC, acquired MIL and purchased the remaining 25 percent of Steen Contractors Limited. The company also repurchased Preferred Shares from UDIL. As a result, the asset base has grown from $96 million as reported on Sept. 30, 1995 to $266 million as at June 30, 1996. Nicolas Matossian, president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of DBC, commented that, "in aggregate, the recent steps taken by the company have resulted in an immediate positive impact on the Company. As of July 30, 1996 the Company has a record consolidated backlog of signed contracts, with financing commitments in place, exceeding $500 million. $261 million of this backlog is MDC's Asia Pacific business." Dominion Bridge Corp., a Delaware corporation A Delaware corporation is a corporation chartered in the U.S. state of Delaware. Delaware is well known as a corporate haven, and thus, over 50% of US publicly-traded corporations and 58% of the Fortune 500 companies are incorporated in the state. registered in Conshohocken, Penn., is an international engineering, infrastructure company, employing advanced materials Advanced Materials is a leading peer-reviewed materials science journal published every two weeks. Advanced Materials includes Communications, Reviews, and Feature Articles from the cutting edge of materials science, including topics in chemistry, physics, technology with operations and projects 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. , Europe and Asia Pacific. -0- Note: All figures stated are in U.S. dollars. This press release is neither approved nor disapproved by the Vancouver Stock Exchange. -0- Dominion Bridge Corp. (Formerly Cedar Group Inc.) Three Months and nine months ended June 30, 1996 and 1995 (Thousands of U.S. dollars, except per share data)
Three Months Ended Three Months Ended
June 30, 1996 June 30, 1995
Sales 132,100 40,236
Cost of Sales 116,699 32,322
Gross Margin 15,501 7,914
Gross Margin percent 11.7% 19.7%
Selling, general and
administrative expenses (11,484) (6,690)
Income from joint venture 190 817
Other income 461 824
Income from operations
(EBITDA) 4,668 2,865
EBITDA PER COMMON SHARE
AND EQUIV. $0.19 $0.19
Depreciation and
amortization (1,963) (335)
Earnings before interest
and taxes (EBIT) 2,705 2,530
EBIT PER COMMON SHARE
AND EQUIV. $0.11 $0.17
Interest Income (expense) (949) 147
Income tax provision (446) (356)
Net income before
minority interest 1,310 2,321
Minority interest --
Common shares (695) (249)
Preferred shares (364) (70)
NET INCOME TO COMMON
SHAREHOLDERS 251 2,003
Net income per common share
and common share equivalent:
Primary $0.02 $0.14
Fully diluted $0.01 $0.14
Weighted average number of common
shares and common share equivalents:
Primary 16,331,161 14,528,691
Fully diluted 24,632,450 14,528,691
-0-
Note: All earnings per share calculations are based on fully
diluted share equivalents.
Nine Months Ended Nine Months Ended
June 30, 1996 June 30, 1995
Sales 237,058 100,326
Cost of Sales 204,648 82,263
Gross Margin 32,410 18,063
Gross Margin percent 13.7% 18.0%
Selling, general and
administrative expenses (20,834) (10,093)
Income from joint venture 922 817
Other income 695 1,740
Income from operations
(EBITDA) 13,193 10,527
EBITDA PER COMMON SHARE
AND EQUIV. $0.67 $0.74
Depreciation and
amortization (3,439) (3,657)
Earnings before interest
and taxes (EBIT) 9,754 6,870
EBIT PER COMMON SHARE
AND EQUIV. $0.49 $0.48
Interest Income (expense) (906) 145
Income tax provision (3,163) (1,728)
Net income before
minority interest 5,685 5,287
Minority interest --
Common shares (706) (159)
Preferred shares (569) (70)
NET INCOME TO COMMON
SHAREHOLDERS 4,410 5,058
Net income per common share
and common share equivalent:
Primary $0.27 $0.36
Fully diluted $0.22 $0.36
Weighted average number of common
shares and common share equivalents:
Primary 16,374,585 14,245,678
Fully diluted 19,772,748 14,245,678
-0-
Note: All earnings per share calculations are based on fully
diluted share equivalents.
CONTACT: Dominion Bridge Corp. Eric Boyd, Investor Relations Investor relations The process by which the corporation communicates with its investors. 514/634-3550 or Strategic Growth International Inc. Stan Altschuler, 516/829-7111 |
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