Great Lakes Reports Third Quarter Results

OAK BROOK, Ill., Nov. 02, 2016 (GLOBE NEWSWIRE) -- Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD), the largest provider of dredging services in the United States and a major provider of environmental and infrastructure services, today reported financial results for the quarter ended September 30, 2016.

For the three months ended September 30, 2016, Great Lakes reported revenue of $198.9 million, net income of $4.6 million and Adjusted EBITDA of $29.1 million.  The Company recorded the following one-time items during the quarter, positively impacting EBITDA: an $8.6 million reversal of an earn-out and restricted stock units associated with the GLEI acquisition due to failing to meet performance expectations and a $2.0 million reversal of variable employee compensation.  

Chief Executive Officer Jonathan Berger stated, "During the third quarter, the Dredging segment executed well on several domestic capital, coastal protection and maintenance projects.  The domestic performance was offset by weak international project performance as a project in Saudi Arabia went into a loss position, and the segment did not benefit from having a large, profitable project such as the Suez Canal deepening in this year.  

"Within the E&I segment, we continued to make progress, with the GLEI reporting unit executing well.  In our second quarter of 2016 earnings release dated August 4, 2016, we announced the sale of assets associated with the service lines of the Terra Contracting Services, LLC business to be completed during the third quarter.  The transaction did not occur.  As a result, the segment was negatively impacted by underutilized equipment and additional fixed costs that did not generate revenue. The terms of the transaction have been modified to exclude certain assets and extend the closing date.  The Company completed the sale of the portion of the excluded assets to a separate party subsequent to the end of the third quarter of 2016.  The segment's results were also negatively impacted by a $1.1 million project loss at Terra." 

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