Record revenues of $1.4 billion for SNC-Lavalin in 1996.MONTREAL--(BUSINESS WIRE)--March 7, 1997-- SNC-LAVALIN SNC-Lavalin Group Inc. TSX: SNC is a Canadian engineering firm with interests in transportation, construction, hydroelectricity, mining and metallurgy, oil and gas, chemical engineering, petroleum engineering, aerospace engineering, defence, nuclear, environment, agriculture, (ME;TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). SNC SNC St Norbert College (De Pere, Wisconsin) SNC Sistema Nervioso Central SNC Société en Nom Collectif (French: Partnership) SNC Système Nerveux Central (French: central nervous system) .A ): Highlights - Record revenues of $1,362 million, an increase of 32.3 per cent over previous year. - Net income increased by 18.1 per cent to $37 million. - Year end 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. remained stable at $2.1 billion. - Acquisition of Kilborn, a Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. engineering company and a leader in mining and metallurgy metallurgy (mĕt`əlûr'jē), science and technology of metals and their alloys. Modern metallurgical research is concerned with the preparation of radioactive metals, with obtaining metals economically from low-grade ores, with ; its contribution meets our expectations. - Acquisition of Pingat Ingenierie, a French engineering firm specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. in the agrifood business. - Major awards include the Rhourde Nouss gas plant expansion in Algeria Algeria (ăljēr`ēə), Arab. Al Djazair, Fr. Algérie, officially People's Democratic Republic of Algeria, republic (2005 est. pop. , Andina copper concentrator expansion in Chile, third phase of the Yacambu Quibor tunnel in Venezuela Venezuela (vĕnəzwā`lə, Span. vānāswā`lä), officially the Bolivarian Republic of Venezuela, republic (2005 est. pop. 25,375,000), 352,143 sq mi (912,050 sq km), N South America. , additional contracts related to the Kuala Lumpur Kuala Lumpur (kwä`lə l  m`pr), city (1990 est. pop. Light Rapid Transit The name Light Rapid Transit is used by the following specific light rail systems, either as an official name or otherwise:
Labrador Large peninsula, northeastern Canada. Divided between the provinces of Quebec and Newfoundland and Labrador, it occupies an area of about 625,000 sq mi (1,620,000 sq km). and the contract for the management of the maintenance of the 12 MCDV MCDV Maritime Coastal Defence Vessel (Canadian Navy) MCDV Maximum Cell Delay Variation (Sprint-ATM) ships under construction. - Jacques Lamarre Jacques Lamarre is the CEO of SNC-Lavalin, which is run out of Montreal, Quebec. He has earned his Bachelor of Arts degree and a Bachelor of Arts and Science in Civil Engineering from Université Laval in Quebec City. became the new President and Chief Executive Officer and strengthened the strategic plan of the company to increase its world-class world-class adj. 1. Ranking among the foremost in the world; of an international standard of excellence; of the highest order: a world-class figure skater. 2. products, tie its growth to emerging economies, enhance its financing capabilities and reinforce its international network. -0-
Highlights
Fourth quarter
(in thousands, except 1996 1995
per share amounts)
___________________
Summary of results
Revenues
Services $158,254 $123,820
Packages 189,381 135,190
Diversified 66,427 58,327
__________ ___________
$414,062 $317,337
__________ ___________
__________ ___________
Net income $9,572 $7,250
__________ ___________
__________ ___________
Per Class A Subordinate Voting
and Class B Share
Net income - Basic $0.21 $0.16
Cash flow - Basic $0.38 $0.31
Book value
Return on weighted average
shareholders' equity
Weighted average number
of shares
Financial situation
Total assets
Shareholders' equity
Debt-to-equity ratio
Working capital ratio
Backlog as at December 31
Canada: Services
Packages
Diversified
Outside Canada: Services
Packages
Diversified
Years ended December 31
(in thousands, except 1996 1995 Change
per share amounts) (percent)
____________________________
Summary of results
Revenues
Services $582,332 $433,828 34
Packages 595,853 425,913 40
Diversified 183,632 169,576 8
_________ ________
$1,361,817 $1,029,317 32
_________ ________
_________ ________
Net income $36,990 $31,318 18
_________ ________
_________ ________
Per Class A Subordinate Voting
and Class B Share
Net income - Basic $0.79 $0.67 18
Cash flow - Basic $1.50 $1.23 22
Book value $5.32 $5.07 5
Return on weighted average
shareholders' equity (percent) 14.9 13.7 9
Weighted average number
of shares 46,711 46,838 --
Financial situation
Total assets $985,622 $984,854 --
Shareholders' equity $237,670 $231,814 3
Debt-to-equity ratio 20:80 21:79 --
Working capital ratio 1.09 1.14 -4
Backlog as at December 31
Canada: Services $196,000 $118,400 66
Packages 214,100 374,700 -43
Diversified 233,500 230,300 1
__________ ________
643,600 723,400 -11
__________ ________
Outside Canada: Services 207,000 207,300 --
Packages 1,214,300 924,500 31
Diversified 17,200 6,200 177
__________ ________
1,438,500 1,138,000 26
__________ __________
$2,082,100 $1,861,400 12
__________ __________
__________ __________
Notes: 1) Effective January January: see month. 1st, 1996, the consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge reflect the acquisition of shares of Kilborn Holdings Inc. 2) Effective year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. 1996, the Company modified its financial reporting to better reflect its organizational reality of being substantially a sole activity Engineering-Construction (E-C) company with revenues from three sources: services, packages and diversified diversified (di·verˑ·s operations. The results of the Company's subsidiary, SNC Industrial Technologies Inc. (IDT IDT Integrated Device Technology, Inc. (Santa Clara, CA, USA) IDT I Don't Think IDT Identity Theft IDT Interrupt Descriptor Table IDT Integrated DNA Technologies IDT Inactive Duty Training IDT Instructional Design & Technology ), previously reported as "manufacturing sector" results, are now included in the "diversified" category. Refer to the attached additional information which provides IDT's income before interest and taxes. 3) The Company subdivided all the Class A Subordinate Voting Shares Voting Shares Shares that give the stockholder the right to vote on matters of corporate policy making as well as who will compose the members of the board of directors. Notes: Different classes of shares, such as preferred stock, sometimes don't allow for voting rights. and the Class B Shares on a three-for-one basis on May 30, 1996. Comparative figures have been restated to give effect to the stock split. The SNC-Lavalin Group's net income for the year ended December December: see month. 31, 1996 increased by 18.1 per cent, to $37 million from $31.3 million in 1995, or $0.79 per share compared with $0.67. This increase, in line with the trend of previous years, contributed to an improved return on weighted average shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. of 14.9 per cent, thus surpassing the company's target. SNC-Lavalin revenues totaled a record $1,362 million, up 32.3 per cent from $1,029 million the previous year. Nearly 57 per cent of such revenues came from outside of Canada, compared with approximately 49 per cent in 1995. As planned, cash and short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. investments decreased by $136.5 million during the year to $146.0 million at the end of 1996. This decrease is mainly explained by the net use of prior years' advances from positive cash flow projects to complete such, cash used for our share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. program and the acquisition of businesses. Cash flow per share was $1.50 compared with $1.23 in 1995. In the fourth quarter of 1996, the company reported a net income of $9.6 million, or $0.21 per share, compared with $7.3 million, or $0.16 per share, in the last quarter of 1995. Revenues for the same period were $414.1 million in 1996 compared with $317.3 million the previous year. "The positive market response to our recent issue of 4.4 million class A shares clearly reflects confidence in our company," said Jacques Lamarre, SNC-Lavalin President and Chief Executive Officer. "As announced, the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of this issue will be used mainly for the funding of potential future acquisitions and investment opportunities consistent with our strategic plan." Lamarre attributed the company's strong performance, which met expectations, to management's strategic decision to tie its growth on emerging economies, increase the company's world-class products, enhance its financing capabilities and strengthen its international network. "With the sluggishness of the Canadian economic recovery, nearly 57 per cent of our revenues came from outside of Canada in 1996," he said. Added the SNC-Lavalin CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. : "the growth of our earnings was mainly attributable to an increase in revenues and gross margins on major international contracts, a positive contribution from Kilborn and containment containment Strategic U.S. foreign policy of the late 1940s and early 1950s intended to check the expansionist designs of the Soviet Union through economic, military, diplomatic, and political means. It was conceived by George Kennan soon after World War II. of administrative expenses in a context of rapid growth." "The significant contribution of Kilborn to our results and new contract awards, mainly in mining and metallurgy, reflects the soundness of our decision to acquire the company. We expect the same kind of results from Pingat, also acquired in 1996, and Pellemon currently being acquired." New contract awards in 1996 included the expansion of the Rhourde Nouss gas complex in Algeria, a copper concentrator expansion for the Andina division of Codelco, in Chile, the third phase of the Yacambu Quibor water diversion A turning aside or altering of the natural course or route of a thing. The term is chiefly applied to the unauthorized change or alteration of a water course to the prejudice of a lower riparian, or to the unauthorized use of funds. tunnel in Venezuela, and two additional contracts related to the Kuala Lumpur Light Rapid Transit system in Malaysia. In Canada, the company was awarded a management contract for the maintenance of the 12 Maritime INTEREST, MARITIME. By maritime interest is understood the profit of money lent on bottomry or respondentia, which is allowed to be greater than simple interest because the capital of the lender is put in jeopardy. Coastal Defence Vessels (MCDV) under construction as well as work related to the Voisey's Bay mine and mill project in Labrador, announced early in January. Our backlog totaled $2.1 billion at the end of December 1996, in line with our position at the end of the previous quarter. Effective year-end 1996, the company modified its financial reporting to better reflect its business reality of being substantially a sole activity engineering-construction company with revenues from three sources: services, packages and diversified operations. This new diversified category includes SNC Industrial Technologies, as well as mini-hydros and investments in other type of project concession companies. At today's meeting, the Board of Directors of SNC-Lavalin had decided to raise the quarterly dividend from $0.04 to $0.05 on Class A subordinate voting shares and Class B shares, payable on April 4, 1997, to shareholders of record at March 21, 1997. The SNC-Lavalin Group is a Canadian company, listed on the Montreal Montreal (mŏn'trēôl`), Fr. Montréal (môNrāäl`), city (1991 pop. 1,017,666), S Que., Canada, on Montreal island, surrounded by St. Lawrence River and Rivière des Prairies. and Toronto stock exchanges Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. , with operations mainly in engineering- construction. The company has 6,200 employees in offices across Canada Across Canada was an afternoon program that formerly aired on The Weather Network. The segment ran from early 1999 until mid 2002. The show ran from 3:00PM ET until 7:00 PM ET. and in 30 other countries. It is currently working in over 70 countries. -0-
Consolidated statements of income
Fourth quarter
(in thousands of dollars, except
per share amounts) 1996 1995
_______________________
Revenues $414,062 $317,337
________ ________
________ ________
Gross margin $77,805 $51,508
Administrative, marketing and
other expenses 62,146 43,189
_______ _______
Income before interest and taxes 15,659 8,319
Interest (revenues) and capital tax 934 (1,601)
________ _______
Income before income taxes 14,725 9,920
Income taxes 5,153 2,670
_______ _______
Net income $9,572 $7,250
_______ _______
_______ _______
Earnings per share $0.21 $0.16
_______ _______
_______ _______
Consolidated statements of income
Years ended
December 31
(in thousands of dollars, except
per share amounts) 1996 1995
_________ _________
Revenues $1,361,817 $1,029,317
_________ _________
_________ _________
Gross margin $259,248 $205,920
Administrative, marketing and
other expenses 203,434 166,992
_______ _______
Income before interest and taxes 55,814 38,928
Interest (revenues) and capital tax (1,093) (10,008)
________ _______
Income before income taxes 56,907 48,936
Income taxes 19,917 17,618
_______ _______
Net income $36,990 $31,318
_______ _______
_______ _______
Earnings per share $0.79 $0.67
_______ _______
_______ _______
Consolidated balance sheets
December 31
(in thousands of dollars) 1996 1995
_________ _________
Assets
Current
Cash and short-term investments $145,994 $282,541
Accounts receivable 251,647 228,709
Contracts in progress
and inventories 270,947 205,139
Deposits on contracts 23,676 21,560
Deferred income taxes 5,967 3,329
___________ ___________
698,231 741,278
Capital assets 178,980 174,228
Other assets 108,411 69,348
___________ ___________
$985,622 $984,854
___________ ___________
___________ ___________
Liabilities and shareholder's equity
Current
Accounts payable and
accrued charges $250,641 $232,554
Down payments on contracts
and inventories 234,664 230,590
Deferred revenues 152,737 183,910
Long-term debt due
within one year 3,732 3,039
___________ ___________
641,774 650,093
Long-term debt 57,285 59,815
Deferred income taxes 37,150 34,661
Other liabilities 11,743 8,471
___________ ___________
747,952 753,040
Shareholder's equity 237,670 231,814
___________ ___________
$985,622 $984,854
___________ ___________
___________ ___________
Consolidated statements of changes
in financial position
Years ended December 31
(in thousands of dollars, except per share amounts)
1996 1995
_______________________
Operating activities
Net income $36,990 $31,318
Items not involving a movement of cash
Depreciation and amortization 32,914 23,943
Deferred income taxes 754 3,387
Other (537) (952)
_________ ________
70,121 57,696
Non-cash working capitals items (90,949) 78,160
_________ ________
(20,828) 135,856
_________ ________
Investing activities
Acquisition of capital assets (28,952) (59,292)
Acquisitions of businesses (53,722) (902)
Other (2,251) (2,439)
________ ________
(84,925) (62,633)
________ ________
Financing activities
Repayment of long-term debt (2,583) (25,803)
Increase in long-term debt 659 42,400
Issuance of share capital 31,146 3,766
Redemption of shares (55,190) (17,990)
Dividends (7,090) (6,088)
Other 2,264 (2,202)
________ ________
(30,794) (5,917)
________ ________
Net increase (decrease) in cash (136,547) 67,306
Cash position at beginning of year 282,541 215,235
_________ _________
Cash position at end of year $145,994 $282,541
_________ _________
_________ _________
Cash flow per share (note) $1.50 $1.23
_________ _________
_________ _________
Note: The cash flow per share has been determined by dividing the cash provided from operating activities before non-cash working capital items by the weighted average number of shares. Additional information - SNC Industrial Technologies Inc. Included in diversified operations in the consolidated statements of income are the operations of SNC Industrial Technologies Inc., producer of ammunition This article is largely based on the article in the out-of-copyright 11th edition of the Encyclopdia Britannica, which was produced in 1911. It should be brought up to date to reflect subsequent history or scholarship (including the references, if any). under a long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. supply agreement for the Canadian Department of National Defence. Its results were part of the manufacturing segment in 1995. As a transitional measure, for comparative purposes, the following presents the statements of income reconciled to "Income before interest and taxes" for this business unit:
Year ended
December 31
(in thousands of dollars) 1996 1995
_________ _________
Revenues $ 175,400 $ 163,428
_________ _________
_________ _________
Gross margin $ 37,213 $ 37,327
Administrative, marketing and
other expenses 18,919 17,468
_________ _________
Income before interest and taxes $ 18,294 $ 19,859
_________ _________
_________ _________
SNC-Lavalin press releases are available on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at the following address: http://www.cdn-news.com CONTACT: SNC-Lavalin Group Inc. Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. Racine Racine (rəsēn`), industrial city (1990 pop. 84,298), seat of Racine co., SE Wis., on Lake Michigan, at the mouth of the Root River; inc. 1848. (Investors), 514/ 393-1000 or SNC-Lavalin Group Inc. Suzanne Suzanne is a common female given name that was particularly popular in the United States in the 1950s and 1960s. It remained in the top 200 most popular names in the United States between 1930 and the late 1980s. Lalande Lalande may refer to:
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