Great Lakes Reports First Quarter 2012 Results

Although Great Lakes believes that its plans, intentions and expectations reflected in or suggested by such forward-looking statements are reasonable, actual results could differ materially from a projection or assumption in any forward-looking statements. Great Lakes' future financial condition and results of operations, as well as any forward-looking statements, are subject to change and inherent risks and uncertainties. The forward-looking statements contained in this press release are made only as of the date hereof and Great Lakes does not have or undertake any obligation to update or revise any forward-looking statements whether as a result of new information, subsequent events or otherwise, unless otherwise required by law.

Great Lakes Dredge & Dock Corporation
Condensed Consolidated Statements of Operations
(Unaudited and in thousands, except per share data)
		Three Months Ended
		March 31,
		2012				2011
Contract revenues		$	154,907			$	155,338
Gross profit			20,022				27,442
General and administrative expenses			13,267				12,089
Gain on sale of assets - net			(31	)			(258	)
Operating income			6,786				15,611
Other income (expense)
Interest expense - net			(5,259	)			(5,950	)
Equity in loss of joint ventures			(16	)			(591	)
Gain on foreign currency transactions - net			6				-
Loss on extinguishment of debt			-				(5,145	)
Income before income taxes			1,517				3,925
Income tax provision			(564	)			(1,527	)
Net income			953				2,398
Net (income) loss attributable to noncontrolling interests			115				(6	)
Net income attributable to Great Lakes Dredge & Dock Corporation		$	1,068			$	2,392
Basic earnings per share attributable to Great Lakes Dredge & Dock Corporation		$	0.02			$	0.04
Basic weighted average shares			59,038				58,785
Diluted earnings per share attributable to Great Lakes Dredge & Dock Corporation		$	0.02			$	0.04
Diluted weighted average shares			59,434				59,237
Great Lakes Dredge & Dock Corporation
Reconciliation of Net Income attributable to Great Lakes Dredge & Dock Corporation to Adjusted EBITDA
(Unaudited and in thousands)
		Three Months Ended
		March 31,
		2012				2011
Net income attributable to Great Lakes Dredge & Dock Corporation		$	1,068			$	2,392
Adjusted for:
Loss on extinguishment of debt			-				5,145
Interest expense, net			5,259				5,950
Income tax provision			564				1,527
Depreciation and amortization			7,764				9,566
Adjusted EBITDA		$	14,655			$	24,580
Great Lakes Dredge & Dock Corporation
Selected Balance Sheet Information
(Unaudited and in thousands)
		Period Ended
		March 31,				December 31,
		2012				2011
Cash and cash equivalents		$	85,618			$	113,288
Total current assets			315,046				325,778
Total assets			779,601				788,460
Total short-term debt			2,813				3,033
Total current liabilities			120,880				130,526
Long-term debt			252,500				252,500
Total equity			293,796				292,537
Great Lakes Dredge & Dock Corporation
Supplementary financial data
(Unaudited and in thousands)
		Three Months Ended
		March 31,
		2012				2011
Net cash flows used in operating activities		$	(18,244	)		$	(5,551	)

Great Lakes Dredge & Dock Corporation
Revenue and Backlog Data
(Unaudited and in thousands)
		Three Months Ended
		March 31,
Revenues (in thousands)		2012			2011
Dredging:
Capital - U.S.		$	26,907		$	46,029
Capital - foreign			18,025			21,871
Beach nourishment			31,183			17,857
Maintenance			39,233			47,239
Rivers & lakes			7,013			3,601
Total dredging revenues*			122,361			136,597
Demolition			32,546			18,741
Total revenues		$	154,907		$	155,338
*Total dredging revenues above are net of $1,312 in intersegment revenues.
		As of
		March 31,			December 31,			March 31,
Backlog (in thousands)		2012			2011			2011
Dredging:
Capital - U.S.		$	151,479		$	109,897		$	88,404
Capital - foreign			247,257			78,379			54,871
Beach nourishment			70,767			84,607			33,008
Maintenance			22,166			31,293			32,789
Rivers & lakes			32,273			15,256			23,439
Total dredging backlog			523,942			319,432			232,511
Demolition			60,427			50,672			79,598
Total backlog		$	584,369		$	370,104		$	312,109

Great Lakes Dredge & Dock Corporation
Full Year Adjusted EBITDA Guidance Reconciliation to Net Income
For the Year Ended December 31, 2012
		Lower			Upper
Estimated Net income attributable to Great Lakes Dredge & Dock Corporation		$	22,210		$	27,270
Adjusted for estimated:
Interest expense, net			21,860			21,860
Income taxes			8,555			10,495
Depreciation and amortization			40,375			40,375
Adjusted EBITDA Guidance		$	93,000		$	100,000

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