Le Lézard
Classified in: Business
Subject: ERN

Bird Construction Inc. Announces 2017 Fourth Quarter and Annual Financial Results



LISTING:   TORONTO STOCK EXCHANGE
SYMBOL:   BDT

MISSISSAUGA, ON, March 8, 2018 /CNW/ -      

HIGHLIGHTS:

"Fiscal 2017 was a challenging year for Bird and unfortunately the recent issues on a PPP project in which we did not achieve substantial completion on time impacted our fourth quarter negatively and overshadows the fact that we successfully delivered and handed over three PPP projects in the second quarter of this year.  While financial results in the fourth quarter were lower than the expectations we set for ourselves, we are encouraged by the strength of our Gross Profit Percentage in the quarter which exceeded that of a year ago."  said Ian Boyd, President and CEO of Bird Construction Inc. "I am pleased by the progress we are making in the execution of our Build Bird five-year strategic plan and in the successes we are having diversifying our earnings base including our recent wins in the environmental and nuclear sectors.  We are seeing progressive improvements in market conditions in the energy and resource sectors and expect to see more strength come from our industrial work program in 2018."

Financial Results










(in thousands of Canadian dollars, except per share amounts)

















Three months ended



Year ended






December 31,



December 31,






2017


2016



2017


2016














Construction revenue

$

377,713

$

430,716


$

1,418,439

$

1,589,868














Net income

$

4,734

$

5,798


$

11,618

$

25,002














Basic and diluted earnings per share

$

0.11

$

0.14


$

0.27

$

0.59














Cash flows from operations before changes in non-cash working capital

$

12,687

$

14,281


$

29,619

$

48,449

 

Bird Construction Inc. also announced that its Board of Directors has approved monthly eligible dividends for the months of March 2018 and April 2018 in the amount of $0.0325 per common share to be paid as follows:

i)

The March dividend of $0.0325 per share will be paid on April 20, 2018, to the shareholders of record as of the close of business on March 29, 2018.

ii)

The April dividend of $0.0325 per share will be paid on May 18, 2018, to the shareholders of record as of the close of business on April 30, 2018.

 

A conference call for analysts and investors will be held at 10:00AM EDT on Friday, March 9, 2018, to discuss the quarterly results. The dial in number is 1-855-328-1925. Attendees are asked to be on the line 10 minutes prior to the start of the call.

This press release contains forward-looking statements that involve a number of risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. Many factors could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.

The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.

SOURCE Bird Construction Inc.


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