Bird Construction Inc. Announces 2022 First Quarter Financial Results

MISSISSAUGA, ON, May 10, 2022

FINANCIAL HIGHLIGHTS

First Quarter 2022 compared to First Quarter 2021

• Construction revenue of $475.5 million compared to $444.6 million, representing a 6.9% increase year-over-year.
• Net income and earnings per share were $6.4 million and $0.12, respectively, compared to $7.1 million and $0.13 in Q1 2021.
• Adjusted Earnings¹ and Adjusted Earnings Per Share¹ were $6.5 million and $0.12, respectively, compared to $9.1 million and $0.17 in Q1 2021.
• No recoveries were recorded under the Canada Emergency Wage Subsidy ("CEWS") program in Q1 2022, compared to $11.2 million of recoveries recorded in Q1 2021.
• Adjusted EBITDA¹ of $17.8 million, or 3.8% of revenues, compared to $21.0 million, or 4.7% of revenues in Q1 2021.

Financial Results
(in thousands of Canadian dollars, except per share amounts)
		Three months ended March 31,
		2022 ARIVA.DE Börsen-Geflüster Kurse BLACKROCK STRATEGIC DIVIDEND A -   0,00%		2021
Construction revenue	$	475,521	$	444,637
Net income		6,361		7,119
Basic and diluted earnings per share		0.12		0.13
Adjusted Earnings Per Share		0.12		0.17
Adjusted EBITDA1		17,835		21,040
Cash flows from operations before changes in non-cash working capital		19,268		20,792

OVERVIEW

• The Company recorded year-over-year revenue growth of $30.9 million for the quarter, including contributions from Dagmar Construction Inc. which was acquired in September 2021. The revenue growth was achieved against a backdrop of pandemic-driven increased employee absenteeism and intermittent supply chain challenges, particularly in the first two months of the quarter.
• The Company exited the first quarter with a strong liquidity position, including over $73.2 million in accessible cash and $140.2 million available under its Syndicated Credit Facility.
• The Company once again grew its combined backlog to record levels in the first quarter of 2022, with Backlog increasing $31.2 million to $3,033.7 million at March 31, 2022, and Pending Backlog increasing $92.1 million to $1,716.8 million at the end of the quarter. The Company secured $506.7 million of new contract awards and change orders and executed $475.5 million of construction revenues in the quarter.
• During the first quarter of 2022, the Company announced that it was awarded the following projects and contracts:
• The Company, in a joint venture, was selected by the City of Barrie as General Contractor for the City's Wastewater Treatment Facility upgrade program, and will assume primary responsibility for construction services for the duration of the project which will be delivered through an IPD model. The construction cost estimate for the project is valued at approximately $125 million.
• The Board has declared an eligible dividend of $0.0325 per common share for each of May, June, and July 2022.
• Subsequent to quarter end, the Company announced that it was awarded the following projects and contracts:
• The Company was awarded two five-year master service agreement ("MSA") contracts for industrial maintenance services, and two industrial facilities turnaround contracts. The total value of the awarded contracts is an estimated $90 million.
• The Company was awarded a multi-year mining services contract valued at approximately $70 million over the term of the contract.
• The Company was awarded a contract valued at approximately $62 million for railway track, signal and station works by Metrolinx for the Kitchener GO Corridor Expansion project.
• The Company was selected as a proponent for the Port Hope Area Initiative ("PHAI") Master Construction Contract ("MCC") by Canadian Nuclear Laboratories. Under the MCC, Bird has the opportunity to bid on work packages covering close to $1 billion of remediation work over the life of the initiative.

CONFERENCE CALL AND WEBCAST

Bird will host an investor webcast to discuss the quarterly results on Wednesday, May 11, 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/bird20220511.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 March 31, 2022, prepared as of May 10, 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 March 31, 2022 and December 31, 2021.

"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 

Adjusted EBITDA

				Three months ended March 31,
(in thousands of Canadian dollars, except percentage amounts)				2022		2021
Net income			$	6,361	$	7,119
Add:     Income tax expense				1,981		2,245
Add:     Depreciation and amortization				8,420		7,960
Add:     Finance and other costs				1,773		1,739
Less:   Finance income				(266)		(302)
Add:    (Gain)/loss on sale of property and equipment				(680)		(403)
Add:    IFRS restructuring costs (1) Werbung Mehr Nachrichten zur BLACKROCK STRATEGIC DIVIDEND A Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 10:18 - ARIVA.DE Redaktion Minimales Kursplus bei der Deutsche Börse-Aktie (183,55 €) 10:11 - ARIVA.DE Redaktion Adidas-Aktie: Kurs klettert leicht (233,00 €) 10:10 - ARIVA.DE Redaktion Kursgewinne für den Anteilsschein von BASF (49,15 €) Basin Uranium - Es geht los    Der Uran-Superzyklus ist gestartet! weiterlesen» Anzeige wo-site-teaser-box-16791_site-teaser-box_2024-04-29_07%253A00%253A00_2024-04-30_09%253A00%253A59