Energy services company ShawCor Ltd (SCL.TO) Friday reported
revenue in the first quarter reached a new quarterly record of
$454.7 million, an increase of 46% from the $312.3 million reported
in the first quarter of the prior year. Net income (attributable to
shareholders of the company) was $70.6 million (or $1.01 per share
diluted) compared with net income of $24.1 million (or $0.34 per
share diluted) in the first quarter of the prior year.
Subsequent to the quarter end, it completed the acquisition of
the remaining 49% of Socotherm S.p.A's joint venture in the USA
Gulf of Mexico for total consideration including assumption of bank
debt of approximately $30 million.
Bill Buckley, President and CEO, said: "We are pleased to
announce a continuation of very strong financial results for the
first quarter of 2013 with revenue and EBITDA (before one time
charges) reaching record levels. This performance reflects the
strength of the company's global pipeline markets and the company's
success in launching and executing the major pipe coating projects
that are under way, particularly in Asia Pacific".
Buckley added: "ShawCor continued to increase its backlog which
reached a new record level of $875 million at March 31, 2013. The
backlog includes firm customer contracts which will be executed
over the next twelve months and is indicative of the strong
international business environment as well as the positive impact
of the acquisition of Socotherm that was completed late in 2012.
All indications continue to suggest that the company will generate
record financial performance in 2013."
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