Operating expenses increased $5.6 million, or 13.2 percent. Brinderson added $5.9 million to operating expense. United Pipeline Systems increased operating expense by $0.4 million to support international expansion and provide additional support to the Moroccan project. Corrpro realized cost savings from ongoing initiatives to enhance sales and operational efficiencies. North American Water and Wastewater operating expenses decreased significantly as a percent of revenue because of efficiency gains achieved over the last two years through project management along with operational and administrative realignment. Operating expenses in International Water and Wastewater have been steady as new investments to improve operational management have been offset by savings from the reduced operations in Singapore and realignment of operations in certain European countries. Operating expenses as a percent of revenue for Commercial and Structural increased as a result of continued investments to build the infrastructure necessary to achieve our growth objectives.The Company reversed a $2.8 million earnout liability in the third quarter of 2013 to reflect the high probability that CRTS will not achieve its negotiated EBITDA target in 2013 because of the delay in the Wasit project. This compares to a $6.9 million reversal in the third quarter of 2012 largely due to a previous delay in the same project. The earnout reversal in the consolidated statements of operations directly impacts the year-over-year comparison for the Energy and Mining platform.
Aegion Corporation Reports Third Quarter 2013 Non-GAAP Diluted Earnings Per Share From Continuing Operations Of $0.44
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