Six Months Ended June 30, 2012 Operating Results & Highlights
|Revenue||$321.4 million||$310.3 million|
|Gross Profit||$43.9 million||$47.2 million|
|Gross Profit Margin||13.7%||15.2%|
|Operating Income||$19.3 million||$24.3 million|
|Net Income attributable to Great Lakes||$5.5 million||$4.1 million|
|Per Diluted Share||$0.09||$0.07|
|Adjusted EBITDA||$35.6 million||$41.9 million|
Revenue & Gross Profit
- Year to date revenue increased primarily due to the increase in second quarter revenue; however, gross profit margin was down due to weather impacts and lower dredge utilization during the 2012 first quarter.
- Operating income was down in the first half of 2012, due to lower gross profit. In addition, in the second quarter of 2011 the Company sold an outdated, underutilized hopper dredge, which generated cash proceeds of $6.6 million and resulted in a gain of $2.1 million.
Net Income Attributable to Great Lakes
- Net income attributable to Great Lakes for the first six months of 2012 increased despite lower operating profit. The first half of 2011 included debt restructuring expense of $5.1 million resulting from the issuance of the $250 million of 7.375% senior notes.
- 76%, or $20 million, of the beach nourishment projects awarded;
- 96%, or $53 million, of the capital projects awarded;
- 16%, or $34 million, of the maintenance projects awarded; and
- 42%, or $24 million, of the rivers & lakes projects awarded.