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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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