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

Contract backlog in our Asia-Pacific Sewer and Water Rehabilitation segment at September 30, 2011 was $37.4 million, a decrease of $12.9 million, or 25.6 percent, compared to June 30, 2011 and a decrease of $43.9 million, or 54.0 percent, compared to September 30, 2010. The decrease was primarily due to efforts to work through backlog in Australia, Hong Kong and Singapore as well as the lack of any large new project awards during the quarter. In the second quarter of 2011, our Singapore projects were adjusted downward due to project revisions. Prospects continue to be strong throughout Asia-Pacific for expansion of the business, particularly in Australia and Malaysia, while our recent large bids in India continue to be delayed by the customer.

       

Commercial and Structural Segment

Increase (Decrease)
(in thousands, except %) 2011   2010 $   %
Three Months Ended September 30,
Revenues $ 3,665 $ $ 3,665
Gross profit 1,541 1,541
Gross margin 42.0 % 42.0 %
Operating expenses 1,409 1,409
Acquisition-related expenses 3,080 3,080
Operating income (2,948 ) (2,948 )
Operating margin (80.4 )% (80.4 )%
 
Nine Months Ended September 30,
Revenues $ 3,665 $ $ 3,665
Gross profit 1,541 1,541
Gross margin 42.0 % 42.0 %
Operating expenses 1,409 1,409
Acquisition-related expenses 3,080 3,080
Operating income (2,948 ) (2,948 )
Operating margin (80.4 )% (80.4 )%
  September 30, 2011
Backlog (in millions) $17.5

The third quarter of 2011 represents financial results for the 30-day period ended September 30, 2011 following our acquisition of the North American operation of Fyfe Group LLC on August 31, 2011. During the third quarter of 2011, we incurred $3.1 million of pre-tax acquisition-related costs for this segment. We hold exclusive negotiating rights to acquire Fyfe Group’s international operations in Latin America, Asia and Europe, which we anticipate would close over the next several quarters. Backlog at September 30, 2011 for the Commercial and Structural segment was $17.5 million. Excluding acquisition-related expenses, the Commercial and Structural segment generated a slight operating profit in the third quarter and we anticipate stronger performance in the fourth quarter and beyond with solid backlog levels and improving prospects in a variety of end markets.

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