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Aegion Corporation, Successor To Insituform Technologies, Inc., Reports Third Quarter 2011 Results:

Stocks in this article: INSU

Contract backlog in our North American Sewer and Water Rehabilitation segment at September 30, 2011 was $157.5 million, a decrease of $12.0 million, or 7.1 percent, compared to June 30, 2011 and a decrease of $33.5 million, or 17.5 percent, compared to September 30, 2010. The decrease from June 30, 2011 was due to timing of project awards in the eastern and central regions of the United States. There was an increase in the amount of projects won but not signed from the second quarter to third quarter of 2011. Contract backlog in the western region of the United States increased from June 30, 2011 as a result of a number of large projects being signed during the third quarter. Market conditions remain challenging although our recent project awards and market share have been holding up against historical performance and margins in backlog are improving.


European Sewer and Water Rehabilitation Segment

Increase (Decrease)
(in thousands, except %) 2011   2010 $   %
Three Months Ended September 30,
Revenues $ 22,176 $ 15,929 $ 6,247 39.2 %
Gross profit 5,899 4,831 1,068 22.1
Gross margin 26.6 % 30.3 % n/a (3.7 )
Operating expenses 3,941 3,508 433 12.3
Restructuring charges 697 697 n/m
Operating income 1,261 1,323 (62 ) (4.7 )
Operating margin 5.7 % 8.3 % n/a (2.6 )
Nine Months Ended September 30,
Revenues $ 66,545 $ 51,743 $ 14,802 28.6 %
Gross profit 16,533 14,147 2,386 16.9
Gross margin 24.8 % 27.3 % n/a (2.5 )
Operating expenses 12,252 11,623 629 5.4
Restructuring charges 697 697 n/m
Operating income 3,584 2,524 1,060 42.0
Operating margin 5.4 % 4.9 % n/a 0.5
  September 30, 2011   June 30, 2011   March 31, 2011   December 31, 2010   September 30, 2010
Backlog (in millions) $19.2   $22.2   $24.0   $23.3   $26.0

In the third quarter of 2011, our European Sewer and Water Rehabilitation segment operating income increased by $0.6 million compared to the third quarter of 2010, exclusive of $0.7 million of pre-tax restructuring charges. The increase was primarily due to improved project performance in France and improved market conditions in the United Kingdom partially offset by lower margin projects in the Netherlands and competitive pricing pressures in Switzerland.

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