|Q2 2012||Q2 2011|
|Revenue||$166.5 million||$155.0 million|
|Gross Profit||$23.9 million||$19.8 million|
|Gross Profit Margin||14.4%||12.8%|
|Operating Income||$12.5 million||$8.7 million|
|Net Income attributable to Great Lakes||$4.4 million||$1.7 million|
|Per Diluted Share||$0.07||$0.03|
|Adjusted EBITDA||$20.9 million||$17.3 million|
|June 30, 2012||December 31, 2011|
|Total Debt||$255.2 million||$255.6 million|
|Net Debt (Debt less cash)||$184.4 million||$142.3 million|
|Cash and cash equivalents||$70.8 million||$113.3 million|
- Revenue increases included:
- 43% increase in beach nourishment dredging revenue;
- Demolition revenue increase of 6%, from bridge demolition work and a large site development project in New York;
- Rivers & lakes posted a 17% improvement in revenue compared to the second quarter of 2011 on a larger number of active projects.
- Gross profit margin (gross profit divided by revenue) improved due to:
- Increased utilization resulting in higher fixed cost coverage;
- Improved demolition results
- Impacted by items noted above;
- $1.3 million of Demolition legal expense related to the two subpoenas received in April of 2011 impacted prior year second quarter results;
- The prior year also benefited from $2.5 million of gains related to assets sales, which did not reoccur in 2012.
- Cash and cash equivalents declined due to continued investments in working capital on long term projects.