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Great Lakes Reports Second Quarter 2012 Results

Stocks in this article: GLDD

Six Months Ended June 30, 2012 Operating Results & Highlights


YTD 6/30/12


YTD 6/30/11

Revenue $321.4 million $310.3 million
Increase 3.6%
Gross Profit $43.9 million $47.2 million
Gross Profit Margin 13.7% 15.2%
Operating Income $19.3 million $24.3 million
Decrease 20.6%
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
Decrease 15.0%

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

  • 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 In addition, in the second quarter of 2011 the Company sold an outdated, underutilized hopper dredge, which generated cash proceeds of $6.6 million and resulted in a gain of $2.1 million.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.

Bid Market & Backlog

The domestic dredging bid market for the six months ended June 30, 2012 totaled $353 million, compared to $333 million in the prior year. The Company won 37% of the overall domestic bid market during this period, in line with its prior three year average of 39%. For the first six months of 2012 Great Lakes won:

  • 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.

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