CB&I (NYSE:CBI) today reported net income of $43.4 million, or $0.45 per
diluted share, for the second quarter of 2009, compared with a loss of
($140.5 million), or ($1.47) per diluted share, in the second quarter of
2008. Revenue for the quarter was $1.2 billion compared with second
quarter 2008 revenue of $1.4 billion. New awards for the quarter totaled
$428.9 million. CB&I's recently announced $530 million GASCO project
will be included in third quarter new awards. Cash and cash equivalents
increased to $116.0 million as of June 30, up from $88.2 million at
year-end 2008.
“We are pleased with the quarter’s results which reflect solid project
execution and strong operating income,” said Philip K. Asherman,
President and CEO. “We continue to be encouraged by signs of resurgence
in our markets, as reflected in our recent GASCO contract in Abu Dhabi.”
CB&I will host a webcast, including a slide presentation, at 4:00 p.m.
CDT (5:00 p.m. EDT) July 28 to discuss financial and operating results,
and answer questions from investors. The webcast is available at www.CBI.com.
About CB&I
CB&I
designs, engineers and constructs some of the world’s largest energy
infrastructure projects, providing a full
spectrum of EPC solutions and proven process
technologies. Drawing upon
more than a century
of experience and the expertise
of approximately 17,000 employees worldwide, CB&I safely and reliably
executes more than 600 projects a year through its three business
sectors: CB&I
Lummus builds upstream and downstream oil & gas projects, LNG
liquefaction and regasification terminals, and a wide range of other
energy related projects; CB&I
Steel Plate Structures designs, fabricates and constructs storage
tanks and containment vessels and their associated systems for the oil &
gas, water & wastewater, mining and nuclear industries; Lummus
Technology capitalizes on more than 1,500 patents and patent
applications to provide process technologies and catalysts
for petrochemical facilities, oil refineries and gas processing plants.
For more information, visit www.CBI.com
or access technical details at Lummus
Technology Fact Sheets. If you would like to be added to CB&I’s news
release email distribution list, visit www.cbi.com/ir/email_alerts.htm.
This release contains forward-looking statements regarding CB&I and
represent our expectations and beliefs concerning future events. These
forward-looking statements are intended to be covered by the safe harbor
for forward-looking statements provided by the Private Securities
Litigation Reform Act of 1995. Forward-looking statements involve known
and unknown risks and uncertainties. When considering any statements
that are predictive in nature, depend upon or refer to future events or
conditions, or use or contain words, terms, phrases, or expressions such
as “achieve”, “forecast”, “plan”, “propose”, “strategy”, “envision”,
“hope”, “will”, “continue”, “potential”, “expect”, “believe”,
“anticipate”, “project”, “estimate”, “predict”, “intend”, “should”,
“could”, “may”, “might”, or similar forward-looking statements, we refer
you to the cautionary statements concerning risk factors and
“Forward-Looking Statements” described under “Risk Factors” in Item 1A
of our Annual Report filed on Form 10-K filed with the SEC for the year
ended December 31, 2008, and any updates to those risk factors or
“Forward-Looking Statements” included in our subsequent Quarterly
Reports on Form 10-Q filed with the SEC, which cautionary statements are
incorporated herein by reference.
|
CHICAGO BRIDGE & IRON COMPANY N.V. AND SUBSIDIARIES
|
|
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
|
|
|
|
|
Six Months
|
|
|
|
|
|
|
Ended June 30,
|
|
|
|
|
Ended June 30,
|
|
|
|
|
|
|
2009
|
|
|
|
|
2008
|
|
|
|
|
2009
|
|
|
|
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$
|
1,212,157
|
|
|
|
|
|
$
|
1,428,461
|
|
|
|
|
|
$
|
2,508,089
|
|
|
|
|
|
$
|
2,867,885
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue
|
|
|
|
1,079,286
|
|
|
|
|
|
|
1,586,435
|
|
|
|
|
|
|
2,231,061
|
|
|
|
|
|
|
2,899,836
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit (loss)
|
|
|
|
132,871
|
|
|
|
|
|
|
(157,974
|
)
|
|
|
|
|
|
277,028
|
|
|
|
|
|
|
(31,951
|
)
|
|
|
|
% of Revenue
|
|
|
|
11.0
|
%
|
|
|
|
|
|
-11.1
|
%
|
|
|
|
|
|
11.0
|
%
|
|
|
|
|
|
-1.1
|
%
|
|
Selling and administrative expenses
|
|
|
|
51,255
|
|
|
|
|
|
|
52,171
|
|
|
|
|
|
|
110,486
|
|
|
|
|
|
|
116,110
|
|
|
|
|
% of Revenue
|
|
|
|
4.2
|
%
|
|
|
|
|
|
3.7
|
%
|
|
|
|
|
|
4.4
|
%
|
|
|
|
|
|
4.0
|
%
|
|
Intangibles amortization
|
|
|
|
5,866
|
|
|
|
|
|
|
5,892
|
|
|
|
|
|
|
11,473
|
|
|
|
|
|
|
11,785
|
|
|
Other operating expense (income), net
|
|
|
|
5,434
|
|
|
|
|
|
|
34
|
|
|
|
|
|
|
11,336
|
|
|
|
|
|
|
(61
|
)
|
|
Equity earnings
|
|
|
|
(11,998
|
)
|
|
|
|
|
|
(16,313
|
)
|
|
|
|
|
|
(18,924
|
)
|
|
|
|
|
|
(22,283
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from operations
|
|
|
|
82,314
|
|
|
|
|
|
|
(199,758
|
)
|
|
|
|
|
|
162,657
|
|
|
|
|
|
|
(137,502
|
)
|
|
|
|
% of Revenue
|
|
|
|
6.8
|
%
|
|
|
|
|
|
-14.0
|
%
|
|
|
|
|
|
6.5
|
%
|
|
|
|
|
|
-4.8
|
%
|
|
Interest expense
|
|
|
|
(5,557
|
)
|
|
|
|
|
|
(4,640
|
)
|
|
|
|
|
|
(11,103
|
)
|
|
|
|
|
|
(9,141
|
)
|
|
Interest income
|
|
|
|
344
|
|
|
|
|
|
|
2,186
|
|
|
|
|
|
|
792
|
|
|
|
|
|
|
5,433
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before taxes
|
|
|
|
77,101
|
|
|
|
|
|
|
(202,212
|
)
|
|
|
|
|
|
152,346
|
|
|
|
|
|
|
(141,210
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax (expense) benefit
|
|
|
|
(32,061
|
)
|
|
|
|
|
|
63,494
|
|
|
|
|
|
|
(57,241
|
)
|
|
|
|
|
|
46,413
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
|
45,040
|
|
|
|
|
|
|
(138,718
|
)
|
|
|
|
|
|
95,105
|
|
|
|
|
|
|
(94,797
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Net income attributable to noncontrolling interests
|
|
|
|
(1,616
|
)
|
|
|
|
|
|
(1,736
|
)
|
|
|
|
|
|
(2,869
|
)
|
|
|
|
|
|
(3,484
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to CB&I
|
|
|
$
|
43,424
|
|
|
|
|
|
$
|
(140,454
|
)
|
|
|
|
|
$
|
92,236
|
|
|
|
|
|
$
|
(98,281
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
0.46
|
|
|
|
|
|
$
|
(1.47
|
)
|
|
|
|
|
$
|
0.97
|
|
|
|
|
|
$
|
(1.02
|
)
|
|
|
|
Diluted
|
|
|
$
|
0.45
|
|
|
|
|
|
$
|
(1.47
|
)
|
|
|
|
|
$
|
0.96
|
|
|
|
|
|
$
|
(1.02
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
95,108
|
|
|
|
|
|
|
95,872
|
|
|
|
|
|
|
94,939
|
|
|
|
|
|
|
95,962
|
|
|
|
|
Diluted
|
|
|
|
96,211
|
|
|
|
|
|
|
95,872
|
|
|
|
|
|
|
95,682
|
|
|
|
|
|
|
95,962
|
|
|
|
|
CHICAGO BRIDGE & IRON COMPANY N.V. AND SUBSIDIARIES
|
|
SEGMENT INFORMATION
|
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Six Months Ended
|
|
|
|
June 30,
|
|
June 30,
|
|
|
June 30,
|
|
June 30,
|
|
|
|
2009
|
|
2008
|
|
|
2009
|
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% of
|
|
|
|
% of
|
|
|
|
|
% of
|
|
|
|
% of
|
|
NEW AWARDS*
|
|
|
|
Total
|
|
|
|
Total
|
|
|
|
|
Total
|
|
|
|
Total
|
|
CB&I Steel Plate Structures
|
|
$
|
209,054
|
|
49
|
%
|
|
$
|
966,439
|
|
|
62
|
%
|
|
|
$
|
530,329
|
|
51
|
%
|
|
$
|
1,465,433
|
|
|
58
|
%
|
|
CB&I Lummus
|
|
|
152,779
|
|
35
|
%
|
|
|
506,359
|
|
|
32
|
%
|
|
|
|
381,936
|
|
37
|
%
|
|
|
715,939
|
|
|
29
|
%
|
|
Lummus Technology
|
|
|
67,071
|
|
16
|
%
|
|
|
97,437
|
|
|
6
|
%
|
|
|
|
127,455
|
|
12
|
%
|
|
|
331,848
|
|
|
13
|
%
|
|
Total
|
|
$
|
428,904
|
|
|
|
$
|
1,570,235
|
|
|
|
|
|
$
|
1,039,720
|
|
|
|
$
|
2,513,220
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% of
|
|
|
|
% of
|
|
|
|
|
% of
|
|
|
|
% of
|
|
REVENUE
|
|
|
|
Total
|
|
|
|
Total
|
|
|
|
|
Total
|
|
|
|
Total
|
|
CB&I Steel Plate Structures
|
|
$
|
457,766
|
|
38
|
%
|
|
$
|
508,869
|
|
|
36
|
%
|
|
|
$
|
878,005
|
|
35
|
%
|
|
$
|
959,986
|
|
|
33
|
%
|
|
CB&I Lummus
|
|
|
671,214
|
|
55
|
%
|
|
|
791,120
|
|
|
55
|
%
|
|
|
|
1,466,647
|
|
58
|
%
|
|
|
1,682,316
|
|
|
59
|
%
|
|
Lummus Technology
|
|
|
83,177
|
|
7
|
%
|
|
|
128,472
|
|
|
9
|
%
|
|
|
|
163,437
|
|
7
|
%
|
|
|
225,583
|
|
|
8
|
%
|
|
Total
|
|
$
|
1,212,157
|
|
|
|
$
|
1,428,461
|
|
|
|
|
|
$
|
2,508,089
|
|
|
|
$
|
2,867,885
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% of
|
|
|
|
% of
|
|
|
|
|
% of
|
|
|
|
% of
|
|
INCOME (LOSS) FROM OPERATIONS
|
|
|
|
Revenue
|
|
|
|
Revenue
|
|
|
|
|
Revenue
|
|
|
|
Revenue
|
|
CB&I Steel Plate Structures
|
|
$
|
42,340
|
|
9.2
|
%
|
|
$
|
53,822
|
|
|
10.6
|
%
|
|
|
$
|
70,765
|
|
8.1
|
%
|
|
$
|
103,654
|
|
|
10.8
|
%
|
|
CB&I Lummus
|
|
|
22,122
|
|
3.3
|
%
|
|
|
(286,868
|
)
|
|
(36.3
|
%)
|
|
|
|
56,544
|
|
3.9
|
%
|
|
|
(296,677
|
)
|
|
(17.6
|
%)
|
|
Lummus Technology
|
|
|
17,852
|
|
21.5
|
%
|
|
|
33,288
|
|
|
25.9
|
%
|
|
|
|
35,348
|
|
21.6
|
%
|
|
|
55,521
|
|
|
24.6
|
%
|
|
Total
|
|
$
|
82,314
|
|
6.8
|
%
|
|
$
|
(199,758
|
)
|
|
(14.0
|
%)
|
|
|
$
|
162,657
|
|
6.5
|
%
|
|
$
|
(137,502
|
)
|
|
(4.8
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* New awards represents the value of new project commitments
received by the Company during a given period.
|
|
|
|
CHICAGO BRIDGE & IRON COMPANY N.V. AND SUBSIDIARIES
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
December 31,
|
|
|
|
|
|
|
2009
|
|
2008
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
$
|
1,143,639
|
|
|
$
|
1,191,115
|
|
|
Equity investments
|
|
|
135,883
|
|
|
|
130,031
|
|
|
Property and equipment, net
|
|
|
340,741
|
|
|
|
336,093
|
|
|
Goodwill and other intangibles, net
|
|
|
1,186,203
|
|
|
|
1,198,674
|
|
|
Other non-current assets
|
|
|
159,627
|
|
|
|
144,805
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
2,966,093
|
|
|
$
|
3,000,718
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revolver borrowings and notes payable
|
|
$
|
174
|
|
|
$
|
523
|
|
|
Current maturity of long-term debt
|
|
|
40,000
|
|
|
|
40,000
|
|
|
Other current liabilities
|
|
|
1,760,070
|
|
|
|
1,947,602
|
|
|
Long-term debt
|
|
|
120,000
|
|
|
|
120,000
|
|
|
Other non-current liabilities
|
|
|
331,906
|
|
|
|
318,740
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
|
|
713,943
|
|
|
|
573,853
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity
|
|
$
|
2,966,093
|
|
|
$
|
3,000,718
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CHICAGO BRIDGE & IRON COMPANY N.V. AND SUBSIDIARIES
|
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS AND OTHER
FINANCIAL DATA
|
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
|
|
|
|
|
|
|
Ended June 30,
|
|
|
|
|
|
|
2009
|
|
2008
|
|
CASH FLOWS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from operating activities
|
|
$
|
52,701
|
|
|
$
|
65,332
|
|
|
Cash flows from investing activities
|
|
|
(29,066
|
)
|
|
|
(50,005
|
)
|
|
Cash flows from financing activities
|
|
|
4,130
|
|
|
|
(40,107
|
)
|
|
|
|
|
|
|
|
|
|
|
Increase (decrease) in cash and cash equivalents
|
|
|
27,765
|
|
|
|
(24,780
|
)
|
|
Cash and cash equivalents, beginning of the year
|
|
|
88,221
|
|
|
|
305,877
|
|
|
Cash and cash equivalents, end of the period
|
|
$
|
115,986
|
|
|
$
|
281,097
|
|
|
|
|
|
|
|
|
|
|
|
OTHER FINANCIAL DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Decrease (increase) in receivables, net
|
|
$
|
77,237
|
|
|
$
|
(6,251
|
)
|
|
Change in contracts in progress, net
|
|
|
(145,876
|
)
|
|
|
227,175
|
|
|
Increase in non-current contract retentions
|
|
|
(1,321
|
)
|
|
|
(637
|
)
|
|
Decrease in accounts payable
|
|
|
(45,821
|
)
|
|
|
(19,707
|
)
|
|
|
Change in contract capital
|
|
$
|
(115,781
|
)
|
|
$
|
200,580
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization expense
|
|
$
|
39,056
|
|
|
$
|
38,875
|
|
|
Capital expenditures
|
|
$
|
31,197
|
|
|
$
|
50,846
|
|
|
|
|
|
|
|
|
|
|
|
Backlog *
|
|
|
$
|
4,179,709
|
|
|
$
|
7,421,736
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Backlog includes the value of new award commitments until work
is performed and revenue is recognized or until cancellation.
|
|
Backlog may also fluctuate with currency movements.
|
CB&I
Media: Jan Sieving, +1-832-513-1111
or
Analysts:
Mark Coscio, +1-832-513-1200
