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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Bird Construction Inc | TSX:BDT | Toronto | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.08 | 0.42% | 19.14 | 19.10 | 19.22 | 19.28 | 18.97 | 19.18 | 51,143 | 21:11:01 |
MISSISAUGA, ON, March 8, 2022 /CNW/ - "The Company has delivered strong fourth quarter and full-year 2021 results against the backdrop of ongoing challenges related to the pandemic," said Mr. Teri McKibbon, President and CEO of Bird Construction. "We could not have delivered these results without our exceptional combined team of experienced and dedicated employees. In addition to delivering record revenue in 2021, the team's unwavering focus on collaboration, cross-selling and diversification of both capabilities and geographical reach has grown Bird's Backlog to over $3.0 billion at year end. With our record Backlog, complemented by a healthy pipeline of work in Pending Backlog and a strong balance sheet, the Company is well positioned to capitalize on top-line growth opportunities and deliver an improved margin profile going forward."
FINANCIAL HIGHLIGHTS
Full-Year 2021 compared to Full-Year 2020
Fourth Quarter 2021 compared to Fourth Quarter 2020
___________________________ |
1 This News Release contains terminology and financial measures that do not have standard meanings under IFRS and may not be comparable with similar measures presented by other companies. Further information regarding these measures can be found in the "Terminology and Non-GAAP & Other Financial Measures" section of this News Release. |
Financial Results | ||||||||
(in thousands of Canadian dollars, except per share amounts) | ||||||||
Three months ended December 31, | Year ended December 31, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Construction revenue | $ | 597,803 | $ | 554,960 | $ | 2,220,026 | $ | 1,504,432 |
Net income | 9,917 | 20,534 | 42,783 | 36,103 | ||||
Basic and diluted earnings per share | 0.18 | 0.39 | 0.80 | 0.80 | ||||
Adjusted Earnings Per Share | 0.24 | 0.41 | 0.96 | 0.92 | ||||
Adjusted EBITDA1 | 28,399 | 40,011 | 108,136 | 81,937 | ||||
Cash flows from operations before changes in non-cash working capital | 25,791 | 39,806 | 102,623 | 71,696 |
OVERVIEW
_____________________________________ |
1 This News Release contains terminology and financial measures that do not have standard meanings under IFRS and may not be comparable with similar measures presented by other companies. Further information regarding these measures can be found in the "Terminology and Non-GAAP & Other Financial Measures" section of this News Release. |
CONFERENCE CALL AND WEBCAST
Bird will host an investor webcast to discuss the quarterly results on Wednesday, March 9, 2022 at 10:00 a.m. ET, to discuss the Company's results. Analysts and investors may connect to the webcast at https://services.choruscall.ca/links/bird20220309.html. They may also dial 1-855-328-1925 for audio only or to enter the question queue; attendees are asked to be on the line 10 minutes prior to the start of the call. The presentation can also be found on our website at https://www.bird.ca/investors.
The Company's financial statements and Management's Discussion & Analysis ("MD&A") will be filed and available on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com and on the Company's website at www.bird.ca.
TERMINOLOGY AND NON-GAAP & OTHER FINANCIAL MEASURES
Throughout this News Release, certain terminology and financial measures are used that do not have standard meanings under IFRS and are considered specified financial measures. These include non-GAAP financial measures, non-GAAP financial ratios, and supplementary financial measures. These measures may not be comparable with similar measures presented by other companies. Further information on these financial measures can be found in the "Terminology and Non-GAAP & Other Financial Measures" section in Bird's most recently filed Management's Discussion & Analysis for the period ended December 31, 2021, prepared as of March 8, 2022. This document is available on Bird's SEDAR profile, at www.sedar.com and on the Company's website at www.bird.ca.
"Backlog" is the total value of all contracts awarded to the Company, less the total value of work completed on these contracts as of the date of the most recently completed quarter. The Company's Backlog equates to the Company's remaining performance obligations as at December 31, 2021 and December 31, 2020.
"Adjusted Earnings" and "Adjusted EBITDA" are non-GAAP financial measures. "Adjusted Earnings Per Share" and "Adjusted EBITDA margin" are non-GAAP financial ratios. "Pending Backlog" is a supplementary financial measure.
Adjusted Earnings and Adjusted EBITDA are reconciled as follows:
Adjusted Earnings
Three months ended December 31, | Year ended December 31, | ||||||||
(in thousands of Canadian dollars, except per share amounts) | 2021 | 2020 | 2021 | 2020 | |||||
Net income | $ | 9,917 | $ | 20,534 | $ | 42,783 | $ | 36,103 | |
Add: Acquisition and integration costs | 4,111 | 2,125 | 10,780 | 7,236 | |||||
Add: IFRS restructuring costs (1) | - | - | - | - | |||||
Income tax effect of the above costs | (982) | (1,133) | (2,609) | (1,760) | |||||
Adjusted Earnings | $ | 13,046 | $ | 21,526 | $ | 50,954 | $ | 41,579 | |
Adjusted Earnings Per Share (2) | $ | 0.24 | $ | 0.41 | $ | 0.96 | $ | 0.92 | |
Notes | |||||||||
(1)Restructuring costs as defined in accordance with IFRS. | |||||||||
(2)Calculated as Adjusted Earnings divided by basic weighted average shares outstanding. |
Adjusted EBITDA
Three months ended December 31, | Year ended December 31, | ||||||||||
(in thousands of Canadian dollars, except percentage amounts) | 2021 | 2020 | 2021 | 2020 | |||||||
Net income | $ | 9,917 | $ | 20,534 | $ | 42,783 | $ | 36,103 | |||
Add: Income tax expense | 3,699 | 6,436 | 14,847 | 13,217 | |||||||
Add: Depreciation and amortization | 9,714 | 9,959 | 34,537 | 21,702 | |||||||
Add: Finance and other costs | 1,890 | 1,731 | 7,550 | 7,506 | |||||||
Less: Finance income | (426) | (178) | (1,322) | (1,511) | |||||||
Add: (Gain)/loss on sale of property and equipment | (608) | (639) | (1,576) | (2,359) | |||||||
Add: IFRS restructuring costs (1) | - | - | - | - | |||||||
Add: Other restructuring and severance costs (2) | 102 | 43 | 537 | 43 | |||||||
Add: Acquisition and integration costs | 4,111 | 2,125 | 10,780 | 7,236 | |||||||
Adjusted EBITDA | $ | 28,399 | $ | 40,011 | $ | 108,136 | $ | 81,937 | |||
Adjusted EBITDA Margin (3) | 4.8% | 7.2% | 4.9% | 5.5% |
Notes: | |||||||||||
(1)Restructuring costs as defined in accordance with IFRS. | |||||||||||
(2)Restructuring and severance costs that did not meet the criteria to be classified under restructuring costs as defined in accordance with IFRS. | |||||||||||
(3)Calculated as Adjusted EBITDA divided by revenue. |
FORWARD-LOOKING INFORMATION
This news release contains forward-looking statements and information ("forward-looking statements") within the meaning of applicable Canadian securities laws. The forward-looking statements contained in this news release are based on the expectations, estimates and projections of management of Bird as of the date of this news release unless otherwise stated. The use of any of the words "believe", "expect", "anticipate", "contemplate", "target", "plan", "intends", "continue", "may", "will", "should" and similar expressions are intended to identify forward- looking statements. More particularly and without limitation, this news release contains forward-looking statements concerning: the anticipated benefits of the Stuart Olson and Dagmar acquisitions to Bird, its shareholders, and all other stakeholders, including anticipated synergies; the plans and strategic priorities of the combined company; and with respect to Bird's share of the project value for certain joint venture projects.
In respect of the forward-looking statements concerning the anticipated benefits of the Stuart Olson and Dagmar acquisitions (the "Transactions"), Bird has provided such in reliance on certain assumptions that it believes are reasonable at this time, including in respect of the combined company's services and anticipated synergies, capital efficiencies and cost savings.
Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Investors are cautioned that forward-looking statements are based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, and actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to the risks associated with the industries in which the Company operates in general such as: operational risks, industry and inherent project delivery risks; ability to hire and retain qualified and capable personnel; global pandemics; delays or changes in plans with respect to growth projects or capital expenditures; costs and expenses; health, safety and environmental risks; commodity price, interest rate and exchange rate fluctuations; compliance with environmental laws risks; competition, ethics and reputational risks; ability to access sufficient capital from internal and external sources; repayment of credit facility; collection of recognized revenue; performance bonds and contract security; potential for non-payment and credit risk and ongoing financing availability; regional concentration; regulations; dependence on the public sector; client concentration; labour matters; loss of key management; subcontractor performance; unanticipated shutdowns, work stoppages, strikes and lockouts; maintaining safe worksites; cyber security risks; litigation risk; corporate guarantees and letters of credit; volatility of market trading; failure of clients to obtain required permits and licenses; payment of dividends; economy and cyclicality; Public Private Partnerships project risk; design risks; completion and performance guarantees/design-build risks; ability to secure work; estimating costs and schedules/assessing contract risks; quality assurance and quality control; accuracy of cost to complete estimates; insurance risk; adjustments and cancellations of backlog; joint venture risk; internal and disclosure controls; Public Private Partnerships equity investments; failure to realize the anticipated benefits of the Transactions; and changes in legislation, including but not limited to tax laws and environmental regulations.
The forward-looking statements in this news release should not be interpreted as providing a full assessment or reflection of the unprecedented impacts of the COVID-19 pandemic ("COVID-19") and the resulting indirect global and regional economic impacts.
Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on other factors that could affect the operations or financial results of the parties, and the combined company, including any risk factors related to COVID-19, are included in reports on file with applicable securities regulatory authorities, including but not limited to; Bird's Annual Information Form and Management's Discussion and Analysis for the year ended December 31, 2021, each of which may be accessed on Bird's SEDAR profile, at www.sedar.com and on the Company's website at www.bird.ca.
The forward-looking statements contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as, and to the extent required by applicable securities laws.
The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.
ABOUT BIRD CONSTRUCTION
Bird (TSX: BDT) is a leading Canadian construction company operating from coast-to-coast and servicing all of Canada's major markets. Bird provides a comprehensive range of construction services from new construction for industrial, commercial, and institutional and civil infrastructure markets; to industrial maintenance, repair and operations services, heavy civil construction, and mine support services; as well as vertical infrastructure including, electrical, mechanical, and specialty trades. For over 100 years, Bird has been a people-focused company with an unwavering commitment to safety and a high level of service that provides long-term value for all stakeholders. www.bird.ca
SOURCE Bird Construction Inc.
Copyright 2022 Canada NewsWire
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