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KBR Announces Fourth Quarter And Full Year 2012 Results

Backlog related to unconsolidated joint ventures is presented as KBR’s percentage ownership of the joint venture’s estimated revenue. However, because these projects are accounted for under the equity method, only KBR’s share of future earnings from these projects will be recorded in revenue. Our backlog for projects related to unconsolidated joint ventures totaled $5.8 billion, $5.7 billion and $1.7 billion at December 31, 2012, September 30, 2012, and December 31, 2011, respectively. Our backlog related to consolidated joint ventures with noncontrolling interest totaled $2.1 billion, $2.7 billion and $3.4 billion at December 31, 2012, September 30, 2012, and December 31, 2011, respectively.

As of December 31, 2012, 43% of our backlog was attributable to fixed-price contracts and 57% was attributable to cost-reimbursable contracts. For contracts that contain both fixed-price and cost-reimbursable components, we classify the components as either fixed-price or cost-reimbursable according to the composition of the contract except for smaller contracts where we characterize the entire contract based on the predominate component.

All backlog is attributable to firm orders as of December 31, 2012, September 30, 2012, and December 31, 2011.

(b) Backlog attributable to unfunded government orders was $0.2 billion, $0.1 billion and $0.4 billion as of December 31, 2012, September 30, 2012, and December 31, 2011, respectively.

KBR, Inc.: Reconciliation of EPS Adjusted for Non-cash Goodwill Impairment in 2012(GAAP Reported to Adjusted Non-GAAP)(Millions, except per share data) (Unaudited)

The presentation of non-GAAP measures is intended to enhance the usefulness of financial information by providing measures which KBR management uses internally to evaluate our performance on a comparable basis. Presented below are reconciliations of the reported GAAP results to the non-GAAP measures.
 
Twelve Months Ended
December 31,
2012
Adjusted net income attributable to KBR reconciliation:
Net income attributable to KBR as reported $ 144
Impairment of goodwill - excluded from income     178
Adjusted net income attributable to KBR     322
 
Adjusted diluted weighted average common shares outstanding 149
 
Adjusted diluted earnings per common shares reconciliation:
Diluted EPS as reported $ 0.97
EPS impact of impairment of goodwill - excluded from income     1.19
Adjusted diluted EPS     2.16

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