The backlog in the Heavy Civil Division was $395.7 million as of January 31, 2013, compared to $308.1 million as of January 31, 2012. Included in the backlog is work remaining on the previously announced Islamorada project for $85.5 million. Not currently in the backlog is an $80 million project in Cudjoe Key, Florida which was recently awarded.
|Geoconstruction Division||Three Months||Twelve Months|
|Ended January 31,||Ended January 31,|
|Revenues||$ 29,039||$ 25,011||$ 133,247||$ 89,210|
|(Loss) income before income taxes||(4,100)||3,609||517||12,828|
|Equity in earnings of affiliates, included in above earnings||384||1,184||3,872||3,345|
In Q2 FY2013, Geoconstruction acquired the remaining 50% of Diberil. The results of Diberil are reported on a consolidated basis from the date of acquisition, rather than on an equity basis as had been done previously. In accordance with accounting guidance in moving Diberil to a fully consolidated basis, we remeasured the previously held 50% non-controlling interest in Diberil to fair value and recognized a non-cash loss of $7.7 million during the second quarter of FY2013.
Including its consolidated and equity basis earnings, Diberil contributed a pretax loss of $0.8 million and pretax income of $8.1 million for Q4 FY2013 and FY2013, compared to pretax income of $1.2 million and $3.3 million for last year. Results at Diberil for the year have improved over last year due to increased activity levels and good performance, especially on a river crossing project in the Amazon. Delays experienced on various projects contributed to the loss in Q4 FY2013.
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