TSX: LH
EDMONTON, Oct. 9 /CNW/ - Lockerbie & Hole Inc. (the "Company" or
"Lockerbie") releases results for the three and six months ended August 31,
2008.
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Three months ended Six months ended
August 31, August 31,
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(unaudited, in
thousands, except per
share amounts) 2008 2007 2008 2007
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Contract revenue $146,455 $105,877 $259,050 $180,210
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Adjusted EBITDA(1) 7,923 9,640 16,466 18,141
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Net income 5,238 5,879 10,261 10,755
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Basic earnings per share 0.19 0.26 0.37 0.51
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Backlog(1) 1,482,900 1,037,000
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(1) For a definition of Adjusted EBITDA and Backlog as used in this press
release, see "Advisories - Non - GAAP Measures" at the end of this
press release.
Highlights
- Revenue increased $41.0 million from the first quarter due to
increased activity on oil sands projects.
- Excluding $2.5 million in additional profit from unspent cost
contingencies earned on projects in the second quarter of the
previous year, Adjusted EBITDA increased $0.8 million in the second
quarter over the same period in fiscal 2008.
- The Company secured $208.0 million in new contracts and change orders
during the second quarter as Backlog rose to a record
$1,482.9 million.
- To accommodate anticipated increases in project activity, the Company
has increased staff levels by 20% in the past six months.
- The Company has no bank debt, has $92.0 million in cash and cash
equivalents, and has $50 million in credit available under its credit
agreement with its Canadian bank.
Overall Performance
Net income for the Company was $5.2 million ($0.19 per share) for the
three months ended August 31, 2008 compared to $5.9 million ($0.26 per share)
for the three months ended August 31, 2007, a decrease of $0.7 million
(11.9%). For the six months ended August 31, 2008 net income was $10.3 million
($0.37 per share) compared to $10.8 million ($0.51 per share) for the six
months ended August 31, 2007, a decrease of $0.5 million (4.6%).
