|Q1 2012||Q1 2011|
|Revenue||$154.9 million||$155.3 million|
|Gross Profit||$20.0 million||$27.4 million|
|Gross Profit Margin||12.9%||17.6%|
|Operating Income||$6.8 million||$15.6 million|
|Net Income attributable to Great Lakes||$1.1 million||$2.4 million|
|Per Diluted Share||$0.02||$0.04|
|Adjusted EBITDA||$14.7 million||$24.6 million|
|March 31, 2012||March 31, 2011|
|Net Debt*||$169.7 million||$153.2 million|
|Cash and cash equivalents||$85.6 million||$104.5 million|
- Revenue was similar between quarters, although dredging revenue declined due to weather delays on projects as well as the non-recurring $15.7 million of Louisiana berm work included in the 2011 first quarter results. Demolition revenue increased $13.8 million, driven by continued growth in bridge demolition work.
- Gross profit margin (gross profit divided by revenue) declined in the quarter due to weather impacts and subsequent lower dredge utilization that resulted in lower fixed cost coverage.
- Demolition gross profit margin improved to 12.5% from a loss of 1.8% in 2011. Projects that previous demolition management had entered into, and for which loss reserves had been recorded, are now nearing completion.
- Impacted by items noted above;
- In addition, operating income was negatively affected by increased general and administrative expenses primarily due to legal expenses related to litigation for the dredge New York and loss of use claim.
- First quarter net income attributable to Great Lakes was affected by lower operating earnings, while the 2011 first quarter included debt restructuring expense of $5.1 million related to the issuance of the $250 million of 7.375% senior notes.
- Cash and cash equivalents declined due to working capital investments for certain 2012 projects and the investment to prepare people and equipment to mobilize to Australia for the Wheatstone project.
- 76%, or $20 million, of the beach nourishment projects awarded;
- 100%, or $53 million, of the capital projects awarded;
- 22%, or $23 million, of the maintenance projects awarded; and
- 56%, or $24 million, of the rivers & lakes projects awarded.