Net cash flow used in investing activities in the first nine months of 2013 was $144.2 million compared to $72.7 million used in the first nine months of 2012. The increase in cash used in 2013 was primarily the result of the third quarter 2013 purchase of Brinderson (for a purchase price of $143.8 million, net of $3.8 million in cash acquired). Also in 2013, we received $18.3 million during the second quarter in connection with the sale of our fifty percent interest in the German joint venture. 2012 capital expenditures of $33.7 million, net of partner payments, reflected a significant investment for our coating facilities in Louisiana and Canada. Capital expenditures in 2013 are expected to be approximately $30 million. Also in 2012, we recorded purchases of Fyfe Asia (for a net purchase price of $39.4 million) and Fyfe Latin America (for a net purchase price of $3.0 million).
Net cash flows from financing activities provided $112.7 million during the first nine months of 2013 compared to $12.4 million provided in the first nine months of 2012. During 2013, we entered into a new credit facility and borrowed $147.6 million (gross purchase price) to fund the purchase of Brinderson and used $5.0 million for facility financing fees. During 2012, we borrowed $26.0 million to fund the purchase of Fyfe Asia and for working capital and joint venture investments. In the first nine months of 2013, we used $19.0 million to repurchase 833,552 shares of our common stock through open market purchases and in connection with our equity compensation programs, as compared to $6.4 million to repurchase shares in the first nine months of 2012.
Net cash flow for the first nine months of 2013 was a $7.0 million use of cash.
|AEGION CORPORATION AND SUBSIDIARIES CONTRACT BACKLOG(Unaudited in millions)|
|September 30, 2013||June 30, 2013||December 31, 2012||September 30, 2012|
|Energy and Mining (1)||$||172.5||$||193.0||$||240.8||$||246.9|
|North American Water and Wastewater||241.7||221.1||185.0||167.3|
|International Water and Wastewater||43.0||44.1||56.6||55.6|
|Commercial and Structural||48.2||52.2||50.8||46.7|
|Total hard backlog||505.4||510.4||533.2||516.5|
|(1) All periods presented exclude Bayou Welding Works backlog as this business was discontinued in the second quarter of 2013.|
|(2) Brinderson backlog represents expected unrecognized revenues to be realized under long-term Master Service Agreements (“MSAs”) and other signed contracts. If the remaining term of these arrangements exceeds 12 months, the unrecognized revenues attributable to such arrangements included in backlog are limited to only the next 12 months of expected revenues.|
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