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| Shaw reports 3Q FY 2009 financial results Baton Rouge construction and engineering firm The Shaw Group Inc. reported net income of $7.9 million, or $0.09 per diluted share for the three months ended May 31, 2009. Net income excluding the Westinghouse segment was $48.2 million, or $0.57 per diluted share. In comparison, the prior year quarterly period results including the Westinghouse segment were net income of $52.0 million, or $0.62 per diluted share, and excluding the Westinghouse segment were net income of $56.7 million, or $0.67 per diluted share. Earnings before interest expense, income taxes, depreciation and amortization (EBITDA) for the third quarter of fiscal year 2009 including the Westinghouse segment were $71.5 million and excluding the Westinghouse segment were $98.3 million. In comparison, for the third quarter of fiscal year 2008, Shaw reported EBITDA of $113.7 million including the Westinghouse segment and EBITDA of $112.7 million excluding the Westinghouse segment. Earnings for the third quarter of fiscal year 2009 were negatively impacted by increased costs on two fossil contracts within the company's Fossil & Nuclear segment. Revenues during the three months ended May 31, 2009, were $1.8 billion, essentially unchanged from the third quarter in the prior fiscal year. The company's backlog of unfilled orders at May 31, 2009, was a record $22.9 billion compared to $19.0 billion for the second quarter of fiscal year 2009 and $15.6 billion at the end of fiscal year 2008. Approximately $5.3 billion, or 23 percent, of the current backlog is expected to be converted to revenues during the next 12 months. During the third quarter of fiscal year 2009, Shaw received notice from Toshiba Corporation that Toshiba's 2008 financial results failed to meet a minimum consolidated net worth threshold, thus creating a "Toshiba Event" as defined in the Put Option Agreements between the companies. These agreements, which were entered into at the time Shaw's subsidiary invested in Westinghouse and issued bonds to finance the transaction, are part of the security for the bonds outstanding. Under the terms of these agreements, a Toshiba Event allows, under certain circumstances, the bondholders to direct Shaw's subsidiary to sell all or part of its Westinghouse equity to Toshiba. Proceeds from any sale must be used to repay the bonds. write your comments about the article :: © 2009 Construction News :: home page |