This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Magma Design Automation CEO Discusses Q4 2010 Results - Earnings Call Transcript

John Reed

Thanks Andy. Good morning and welcome to our call. Before, I turn it back over to Andy for our financial results and AJ to go through our operating results; I want to update our progress against strategic initiatives. As reported last quarter, our core team of executives is in place and our personnel efforts are now focusing on filling positions in project management engineering and supply chain to further strengthen our project execution.

Our vessel divestiture program is essentially complete and any further divestitures will be on a case-by-case basis as the character of our project transitions towards deep water. With respect to project execution we have taken remedial steps to stem the losses we have soared [ph] in the third quarter on our PEMEX Line 59 and 58 projects, and those efforts have been successful with no further deterioration noted. In addition our strong effort on another projects particularly in The Gulf of Mexico and Asia-Pacific resulted in our best quarter of EBITDA performance.

To improve business acquisition; we have added some senior personnel with broad experience in pipelay installation and a good customer contact base to enhance our targeting of projects and increase our WAM percentages. Looking forward, we have segregated our dollar bid volume statistics into bids in house and outstanding and bids expected in next 90 days to give a clear picture of the future market situation.

Bids in house and outstanding have increased from $1.7 billion in November last year to $2.6 billion in January this year. Bids expected in the next 90 days stand at $3.9 billion indicating a growing bid volume to come. The most active region continues to be Asia-Pacific followed by the Middle East.

Turning to The Gulf of Mexico; activity continues to remain low although some permits have been approved. However in our North American subsea and offshore construction segments, we have delivered positive operating results, thanks to high utilization of some of our MSVs primarily on work not driven by buffer [ph] meeting. We continue to believe the upturn in the Gulf will be slow but increasing over the course of 2011.

2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,760.85 -37.64 -0.21%
S&P 500 2,086.88 -3.23 -0.15%
NASDAQ 5,119.2920 -8.2330 -0.16%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs