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Aegion Corporation Reports Third Quarter 2013 Non-GAAP Diluted Earnings Per Share From Continuing Operations Of $0.44

International Water and Wastewater

  Quarters Ended September 30,       Increase (Decrease)
2013   2012 $   %
Revenues $ 26,152   $ 27,766 $ (1,614 )   (5.8 )%
Gross profit 5,116 2,890 2,226 77.0
Gross profit margin 19.6 % 10.4 % n/a 920bp
Operating expenses 5,373 5,640 (267 ) (4.7 )
Acquisition-related expenses 445 (445 ) n/m
Operating loss (257 ) (3,195 ) 2,938 92.0
Operating margin (1.0 )% (11.5 )% n/a 1,050bp
Non-GAAP operating loss (257 ) (2,750 ) 2,493 90.7
 
 
Nine Months Ended September 30, Increase (Decrease)
2013   2012 $   %
Revenues $ 80,064 $ 80,712 $ (648 ) (0.8 )%
Gross profit 15,424 9,603 5,821 60.6
Gross profit margin 19.3 % 11.9 % n/a 740bp
Operating expenses 16,762 16,700 62 0.4
Acquisition-related expenses 445 (445 ) n/m
Operating loss (1,338 ) (7,542 ) 6,204 82.3
Operating margin (1.7 )% (9.3 )% n/a 760bp
Non-GAAP operating loss (1,338 ) (7,097 ) 5,759 81.1
 

Third Quarter 2013 versus Third Quarter 2012

Excluding acquisition-related expenses, operating income in our International Water and Wastewater improved by $2.5 million, or 90.7 percent, for the third quarter of 2013 compared to the prior year quarter. During the quarter, we reduced losses associated with the legacy projects in Singapore by $1.6 million. We also recognized greater profits from project activity in Australia and Malaysia. Partially offsetting these improvements were project delays from the effects of sustained economic recession impacting activity in France and Switzerland and lower third party tube sales in certain markets in Europe.

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