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News

Third Quarter 2014 Results

05 November 2014

Babcock & Wilcox Announces Third Quarter 2014 Results

- Record Third Quarter Revenue for Nuclear Operations Segment

- Power Generation Revenue and Operating Margin Improving

- Raises Lower End of 2014 Adjusted EPS Range to $1.75 to $1.85

- Separately Announced Planned Spin-off of Power Generation Business

CHARLOTTE, NC – November 5, 2014 – The Babcock & Wilcox Company (NYSE: BWC) (“B&W” or the “Company”) today reported third quarter 2014 revenues of $737.9 million, a decrease of $36.9 million, or 4.8%, from the third quarter of 2013, while GAAP earnings per share increased $0.03 per share to $0.57 for the third quarter of 2014 compared to $0.54 in the prior year period. Adjusted earnings per share, which excludes a $0.04 per share net impact of a non-recurring investment gain offset by a mid-year pension mark- to-market adjustment and restructuring costs for the quarter, were $0.53 for the three months ended September 30, 2014 compared to $0.57 in the third quarter of 2013.

“Significantly improved third quarter revenue and margin relative to the first half of the year demonstrate that our focus on efficiency, costs, and targeted business development is beginning to positively impact the business,” said Mr. E. James Ferland, President and Chief Executive Officer. “Our Nuclear Operations segment continued its strong performance, recording its highest ever third quarter revenue while maintaining its operating margin. The Power Generation segment produced a solid quarter with improved revenue and operating margins in line with our expectations. We are pleased with these results and believe they represent a step forward for the Company. We are confident that the actions we are taking position B&W for steady improvement in our top and bottom lines in 2015 and beyond.

In a separate release issued today, the Company also announced that its Board of Directors has unanimously approved pursuing the tax-free spin-off of the Company’s Power Generation business to B&W shareholders. The planned separation of the Power Generation and Government & Nuclear Operations businesses is expected to create two independent, publicly-traded companies equipped with the resources, strategic autonomy, and financial flexibility to enhance long-term shareholder value.

Results of Operations

Consolidated revenues for the third quarter of 2014 were $737.9 million, a decrease of 4.8%, compared to

$774.8 million for the third quarter of 2013. The Nuclear Operations segment revenues increased by 5.4%, to $297.5 million, primarily attributable to increased activity in the manufacturing of nuclear components for the U.S. Government programs. Revenues in the Power Generation segment were $402.0 million in the three months, 5.8% below the corresponding period in 2013 but 22.8% higher sequentially compared to the previous quarter. The year-over-year decrease was primarily due to the timing and level of activities related to new build steam generation systems projects together with lower revenue from the new build environmental equipment business. The MEGTEC acquisition contributed $48.9 million of revenues during the third quarter of 2014. Revenues from the Nuclear Energy segment were $21.5 million, compared to

$52.5 million in the prior year period, a decrease of $31.0 million primarily attributable to management’s decision earlier in the year to exit the low margin nuclear projects business.

GAAP operating income for the third quarter of 2014 decreased $16.9 million to $65.2 million compared to

$82.1 million in the same period of 2013. The mPower segment recorded a $5.1 million loss in the third quarter of 2014 compared to a $25.6 million loss in the corresponding period in 2013, due to the slower pace of development under the restructured mPower program. For the quarter, Technical Services operating income decreased $13.4 million to $5.0 million, primarily attributable to the loss of the Pantex and Y-12 contracts. Operating income in the Power Generation segment was $35.3 million, a $3.0 million decrease from $38.3 million in the 2013 period, primarily due to lower revenues. Operating income in the Nuclear Operations segment decreased $1.9 million in the quarter from last year’s record third quarter profit to $61.9 million, while the Nuclear Energy segment reported a loss of $6.7 million in the period compared to $0.0 million in the same prior year period.

Operating income for the third quarter of 2014 includes an $11.1 million pension mark-to-market adjustment, due to a re-measurement of the Canadian pension plan, as well as $8.7 million of special charges for restructuring activities and $0.6 million of MEGTEC acquisition costs. Excluding these charges, adjusted operating income for the third quarter of 2014 was $85.6 million compared to adjusted operating income of $86.9 million in the third quarter of 2013.

“We are pleased with the progress we’ve made across our different businesses during the period,” said Mr. Ferland. “In addition to the solid results in the Nuclear Operations and Power Generation segments this quarter, the Nuclear Energy segment reported bookings in excess of $100 million. mPower spending was reduced and is pacing to our targeted $15 million annual run rate. Our international business development activities are expanding in markets where there is a healthy pipeline of coal and renewables opportunities. As a result, we expect solid bookings in these areas in the coming months. Our margin improvement programs remain on track and we continue to look for additional opportunities to reduce costs and improve efficiency.”

Liquidity and Debt

The Company’s cash and investments position, net of restricted cash, was $220.5 million at the end of the third quarter of 2014, a decrease of $140.8 million compared to $361.3 million as of December 31, 2013. During the three month period ended September 30, 2014, the Company repurchased common shares totaling $50.0 million, paid dividends of $10.7 million, and contributed $34.1 million to its pension plans. For the first nine months of 2014, the Company returned $182.6 million of capital to shareholders through its share repurchase and dividend programs, acquired MEGTEC for a net $142.8 million, and contributed $58.9 million to its pension plans.

As of September 30, 2014, outstanding balances under the Credit Agreement included a $150.0 million term loan, $154.4 million borrowed under the revolving credit facility, and letters of credit issued under the revolving credit facility totaling $170.2 million, resulting in $825.4 million of availability as of the end of the third quarter.

Quarterly Dividend and Share Repurchase

On October 31, 2014, the Company declared a quarterly cash dividend of $0.10 per common share. The dividend will be payable on December 16, 2014 to shareholders of record on November 20, 2014.

During the third quarter of 2014, the Company repurchased 1.63 million shares of its common stock at a total cost of $50.0 million. Program to date through September 30, 2014, the Company had repurchased a total of

14.22 million shares at a cost of $403.4 million leaving $346.6 million of capacity remaining under its previously announced $750 million share repurchase authorizations.

Outlook

The Company raised the lower end of the range for adjusted earnings per share for the full year 2014 to

$1.75 to $1.85, from the previous range of $1.70 to $1.85. Adjusted earnings per share exclude restructuring charges, the mark-to-market adjustments for pension and other post-retirement benefits, and other non- recurring gains and losses. The Company also expects 2014 consolidated revenues to be approximately $2.9 billion, compared to the previous range of $2.9 billion to $3.0 billion.

Conference Call to Discuss Third Quarter 2014 Results and Announcement of Planned Spin-off

Date: Thursday, November 6, 2014, at 8:30 a.m. EST

Live Webcast: Investor Relations section of website atwww.babcock.com

Forward-Looking Statements

B&W cautions that this release contains forward-looking statements, including, without limitation, statements relating to the manner, tax-free nature and expected benefits associated with separating B&W’s power generation business and its government and nuclear operations business into two independent, publicly traded companies; bookings, to the extent they may be viewed as an indicator of future revenues; and our 2014 outlook. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties, including, among other things, the proposed separation not being completed as anticipated or at all; delays or other difficulties in completing the separation, including the inability to satisfy the conditions for its completion; disruptions experienced with customers and suppliers; the inability of either business to successfully operate independently; the inability to retain key personnel; adverse changes in the industries in which we operate and delays, changes or termination of contracts in backlog. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. For a more complete discussion of these and other risk factors, see B&W’s filings with the Securities and Exchange Commission, including our annual report on Form 10-K for the year ended December 31, 2013 and subsequent quarterly reports on Form 10-Q. B&W cautions not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.

About B&W

The Babcock & Wilcox Company is a leader in clean energy technology and services, primarily for the nuclear, fossil and renewable power markets as well as a premier advanced technology and mission critical defense contractor. B&W has locations worldwide and employs approximately 11,000 people, in addition to

joint venture employees throughout the world. A company overview presentation, which will be presented at investor conferences and meetings throughout this quarter, is available on the Investor Relations section of our website. For additional information please visit our website at www.babcock.com.

Investor Contact: Media Contact:

Jenny L. Apker Aimee Mills

Vice President, Treasurer and Investor Relations Media Relations Lead

704-625-4944 investors@babcock.com 980-365-4583 aemills@babcock.com

EXHIBIT 1

THE BABCOCK & WILCOX COMPANY

RECONCILIATION OF NON-GAAP OPERATING INCOME AND EARNINGS PER SHARE*

Three Months Ended September 30, 2014

 


GAAP

Gain on Centrus Transaction

Pension & OPEB MTM

(Gain) / Loss


MEGTEC

Acquisition


mPower Restructuring


GCI Impact


Non-GAAP

Operating Income

$ 65.2

$ -

$ 11.1

$ 0.6

$ 0.3

$ 8.4

$ 85.6

Other Income / (Expense)

15.9

(18.6)

-

-

-

-

(2.7)

Provision for Income Taxes

(20.7)

-

(2.9)

(0.2)

(0.1)

(2.7)

(26.6)

Net Income

60.4

(18.6)

8.2

0.4

0.2

5.7

56.3

Net Loss (Income) Attributable to Non- Controlling Interest


0.8


-


-


-


-


-


0.8

Net Income Attributable to The Babcock & Wilcox Company


$ 61.2


$ (18.6)


$ 8.2


$ 0.4


$ 0.2


$ 5.7


$ 57.1

Diluted Earnings per Common Share

$ 0.57

$ (0.17)

$ 0.08

$ 0.00

$ 0.00

$ 0.05

$ 0.53

Effective Tax Rate

25.5%

         

32.1%


Three Months Ended September 30, 2013

 


GAAP

Gain on Centrus Transaction

Pension & OPEB MTM

(Gain) / Loss


MEGTEC

Acquisition


mPower Restructuring


GCI Impact


Non-GAAP

Operating Income

$ 82.1

$ -

$ -

$ -

$ -

$ 4.8

$ 86.9

Other Income / (Expense)

(0.7)

-

-

-

-

-

(0.7)

Provision for Income Taxes

(24.4)

-

-

-

-

(1.6)

(26.0)

Net Income

57.0

-

-

-

-

3.2

60.2

Net Loss (Income) Attributable to Non- Controlling Interest


3.4


-


-


-


-


-


3.4

Net Income Attributable to The Babcock & Wilcox Company


$ 60.4


$ -


$ -


$ -


$ -


$ 3.2


$ 63.6

Diluted Earnings per Common Share

$ 0.54

$ -

$ -

$ -

$ -

$ 0.03

$ 0.57

Effective Tax Rate

30.0%

         

30.2%

Nine Months Ended September 30, 2014

 


GAAP

Gain on Centrus Transaction

Pension & OPEB MTM

(Gain) / Loss


MEGTEC

Acquisition


mPower Restructuring


GCI Impact


Non-GAAP

Operating Income

$ 153.9

$ -

$ 11.1

$ 2.1

$ 22.4

$ 20.6

$ 210.1

Other Income / (Expense)

16.6

(18.6)

-

-

-

-

(2.0)

Provision for Income Taxes

(45.5)

-

(2.9)

(0.7)

(7.6)

(7.0)

(63.7)

Net Income

125.0

(18.6)

8.2

1.4

14.8

13.6

144.4

Net Loss (Income) Attributable to Non- Controlling Interest


7.6


-


-


-


-


-


7.6

Net Income Attributable to The Babcock & Wilcox Company


$ 132.7


$ (18.6)


$ 8.2


$ 1.4


$ 14.8


$ 13.6


$ 152.1

Diluted Earnings per Common Share

$ 1.21

$ (0.17)

$ 0.08

$ 0.01

$ 0.14

$ 0.12

$ 1.39

Effective Tax Rate

26.7%

         

30.6%

Nine Months Ended September 30, 2013

 


GAAP

Gain on Centrus Transaction

Pension & OPEB MTM

(Gain) / Loss


MEGTEC

Acquisition


mPower Restructuring


GCI Impact


Non-GAAP

Operating Income

$ 241.0

$ -

$ -

$ -

$ -

$ 25.5

$ 266.5

Other Income / (Expense)

0.8

-

-

-

-

-

0.8

Provision for Income Taxes

(70.2)

-

-

-

-

(8.7)

(78.9)

Net Income

171.6

-

-

-

-

16.8

188.4

Net Loss (Income) Attributable to Non- Controlling Interest


8.9


-


-


-


-


-


8.9

Net Income Attributable to The Babcock & Wilcox Company


$ 180.5


$ -


$ -


$ -


$ -


$ 16.8


$ 197.3

Diluted Earnings per Common Share

$ 1.60

$ -

$ -

$ -

$ -

$ 0.15

$ 1.75

Effective Tax Rate

29.0%

         

29.5%

* B&W is providing non-GAAP information regarding certain of its historical results and guidance on future earnings per share to supplement the results provided in accordance with GAAP and it should not be considered superior to, or as a substitute for, the comparable GAAP measures. B&W believes the non-GAAP measures provide meaningful insight in the Company’s operational performance and provides these measures to investors to help facilitate comparisons of operating results with prior periods and to assist them in understanding B&W’s ongoing operations.

* B&W is providing non-GAAP information regarding certain of its historical results and guidance on future earnings per share to supplement the results provided in accordance with GAAP and it should not be considered superior to, or as a substitute for, the comparable GAAP measures. B&W believes the non-GAAP measures provide meaningful insight in the Company’s operational performance and provides these measures to investors to help facilitate comparisons of operating results with prior periods and to assist them in understanding B&W’s ongoing operations.

EXHIBIT 2

THE BABCOCK & WILCOX COMPANY CONDENSED CONSOLIDATED BALANCE SHEETS

ASSETS

 

September 30,

 

December 31,

 

2014

 

2013

(Unaudited)

(In thousands)


Current Assets:

     

Cash and cash equivalents

$ 196,921

 

$ 346,116

Restricted cash and cash equivalents

43,200

 

45,945

Investments

19,046

 

10,748

Accounts receivable – trade, net

424,875

 

360,323

Accounts receivable – other

66,052

 

45,480

Contracts in progress

350,165

 

370,820

Inventories

116,533

 

113,058

Deferred income taxes

97,770

 

97,170

Other current assets

57,297

 

47,764


Total Current Assets


1,371,859

 


1,437,424


Property, Plant and Equipment


1,179,435

 


1,126,683

Less accumulated depreciation

716,309

 

679,604


Net Property, Plant and Equipment


463,126

 


447,079


Investments


4,483

 


4,426


Goodwill


395,301

 


281,708


Deferred Income Taxes


117,159

 


127,076


Investments in Unconsolidated Affiliates


141,914

 


184,831


Intangible Assets


114,540

 


81,521


Other Assets


48,388

 


45,088


TOTAL


$ 2,656,770

 


$ 2,609,153

 

September 30,

 

December 31,

 

2014

 

2013

(Unaudited)

(In thousands, except share and per share amounts)


Current Liabilities:

     

Notes payable and current maturities of long-term debt

$ 8,890

 

$ 4,671

Accounts payable

212,069

 

319,774

Accrued employee benefits

100,690

 

163,833

Accrued liabilities – other

87,707

 

58,192

Advance billings on contracts

232,008

 

317,771

Accrued warranty expense

59,574

 

56,436

Income taxes payable

10,182

 

6,551


Total Current Liabilities


711,120

 


927,228


Long-Term Debt


298,776

 


225


Accumulated Postretirement Benefit Obligation


46,049

 


43,194


Environmental Liabilities


55,951

 


53,391


Pension Liability


346,198

 


336,878


Other Liabilities


58,709

 


65,296


Stockholders’ Equity:

     

Common stock, par value $0.01 per share, authorized 325,000,000 shares; issued 121,417,899 and 120,536,910 shares at September 30, 2014 and

December 31, 2013, respectively


1,214

 


1,205

Preferred stock, par value $0.01 per share, authorized 75,000,000 shares; No shares issued


-

 


-

Capital in excess of par value

772,842

 

747,189

Retained earnings

756,572

 

656,916

Treasury stock at cost, 14,910,058 and 10,068,731 shares at September 30, 2014 and December 31, 2013, respectively


(423,821)

 


(268,971)

Accumulated other comprehensive income

17,242

 

28,348

Stockholders’ Equity – The Babcock & Wilcox Company

1,124,049

 

1,164,687

Noncontrolling interest

15,918

 

18,254

Total Stockholders’ Equity

1,139,967

 

1,182,941


TOTAL


$ 2,656,770

 


$ 2,609,153

 

September 30,

 

December 31,

 

2014

 

2013

(Unaudited)

(In thousands, except share and per share amounts)


Current Liabilities:

     

Notes payable and current maturities of long-term debt

$ 8,890

 

$ 4,671

Accounts payable

212,069

 

319,774

Accrued employee benefits

100,690

 

163,833

Accrued liabilities – other

87,707

 

58,192

Advance billings on contracts

232,008

 

317,771

Accrued warranty expense

59,574

 

56,436

Income taxes payable

10,182

 

6,551


Total Current Liabilities


711,120

 


927,228


Long-Term Debt


298,776

 


225


Accumulated Postretirement Benefit Obligation


46,049

 


43,194


Environmental Liabilities


55,951

 


53,391


Pension Liability


346,198

 


336,878


Other Liabilities


58,709

 


65,296


Stockholders’ Equity:

     

Common stock, par value $0.01 per share, authorized 325,000,000 shares; issued 121,417,899 and 120,536,910 shares at September 30, 2014 and

December 31, 2013, respectively


1,214

 


1,205

Preferred stock, par value $0.01 per share, authorized 75,000,000 shares; No shares issued


-

 


-

Capital in excess of par value

772,842

 

747,189

Retained earnings

756,572

 

656,916

Treasury stock at cost, 14,910,058 and 10,068,731 shares at September 30, 2014 and December 31, 2013, respectively


(423,821)

 


(268,971)

Accumulated other comprehensive income

17,242

 

28,348

Stockholders’ Equity – The Babcock & Wilcox Company

1,124,049

 

1,164,687

Noncontrolling interest

15,918

 

18,254

Total Stockholders’ Equity

1,139,967

 

1,182,941


TOTAL


$ 2,656,770

 


$ 2,609,153

CONDENSED CONSOLIDATED BALANCE SHEETS LIABILITIES AND STOCKHOLDERS’ EQUITY

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

Three Months Ended

Nine Months Ended

 

September 30,

September 30,

 

2014

2013

2014

2013

(Unaudited)

(In thousands, except share and per share amounts)

Revenues

$ 737,902

$ 774,834

$ 2,085,925

$ 2,466,393


Costs and Expenses:

       

Cost of operations

554,614

578,394

1,569,229

1,884,134

Research and development costs

8,379

23,787

63,293

52,970

Losses (gains) on asset disposals and impairments, net

(605)

1,258

852

1,345

Selling, general and administrative expenses

108,987

102,576

305,590

313,113

Special charges for restructuring activities

8,675

4,849

28,803

25,504

Total Costs and Expenses

680,050

710,864

1,967,767

2,277,066


Equity in Income of Investees


7,308


18,151


35,760


51,713


Operating Income


65,160


82,121


153,918


241,040


Other Income (Expense):

       

Interest income

267

480

876

1,135

Interest expense

(2,978)

(631)

(4,798)

(2,238)

Other – net

18,625

(533)

20,527

1,878

Total Other Income (Expense)

15,914

(684)

16,605

775


Income before Provision for Income Taxes


81,074


81,437


170,523


241,815

Provision for Income Taxes

20,671

24,416

45,474

70,217


Net Income


60,403


57,021


125,049


171,598


Net Loss Attributable to Noncontrolling Interest


811


3,425


7,646


8,892


Net Income Attributable to The Babcock & Wilcox Company


$ 61,214


$ 60,446


$ 132,695


$ 180,490


Earnings per Common Share:

       

Basic:

       

Net Income Attributable to The Babcock & Wilcox Company


$ 0.57


$ 0.54


$ 1.22


$ 1.61

Diluted:

       

Net Income Attributable to The Babcock & Wilcox Company


$ 0.57


$ 0.54


$ 1.21


$ 1.60


Shares used in the computation of earnings per share (Note 10):

       

Basic

107,105,986

110,931,376

109,103,879

112,309,170

Diluted

107,444,284

111,749,381

109,482,318

113,049,700

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Nine Months Ended

September 30,

 

2014

2013

(Unaudited)

CASH FLOWS FROM OPERATING ACTIVITIES:

(In thousands)

Net Income

$ 125,049

$ 171,598

Non-cash items included in net income:

   

Depreciation and amortization

57,400

51,341

Income of investees, net of dividends

16,920

(18,419)

Losses on asset disposals and impairments

3,870

1,345

Gain on exchange of USEC investment

(18,647)

-

In-kind research and development costs

5,830

11,289

Recognition of losses for pension and postretirement plans

12,952

2,265

Stock-based compensation expense

11,786

13,072

Excess tax benefits from stock-based compensation

(568)

(64)

Changes in assets and liabilities, net of effects of acquisitions:

   

Accounts receivable

(62,220)

(44,663)

Accounts payable

(115,271)

5,305

Contracts in progress and advance billings on contracts

(74,214)

(140,862)

Inventories

138

10,559

Income taxes

(11,804)

(1,284)

Accrued and other current liabilities

13,206

(3,588)

Pension liability, accrued postretirement benefit obligation and employee benefits

(66,679)

(69,842)

Other, net

17,057

5,921

NET CASH USED IN OPERATING ACTIVITIES

(85,195)

(6,027)

CASH FLOWS FROM INVESTING ACTIVITIES:

   

Decrease in restricted cash and cash equivalents

2,745

14,669

Purchases of property, plant and equipment

(55,877)

(45,288)

Acquisition of business, net of cash acquired

(127,705)

-

Purchase of intangible assets

(722)

(2,200)

Purchases of available-for-sale securities

(21,225)

(79,747)

Sales and maturities of available-for-sale securities

31,663

122,677

Investment in equity and cost method investees

(4,900)

(2,807)

Proceeds from asset disposals

846

586

NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES

(175,175)

7,890

CASH FLOWS FROM FINANCING ACTIVITIES:

   

Payment of short-term borrowing and long-term debt

(4,424)

(157)

Borrowings under short-term arrangements

2,855

649

Borrowings under Credit Agreement

809,300

-

Repayments under Credit Agreement

(504,900)

-

Payment of debt issuance costs

(5,390)

-

Repurchase of common shares

(149,774)

(140,143)

Dividends paid to common shareholders

(32,799)

(27,082)

Excess tax benefits from stock-based compensation

568

64

Exercise of stock options

3,854

3,756

Other

(202)

(414)

NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES

119,088

(163,327)

EFFECTS OF EXCHANGE RATE CHANGES ON CASH

(7,913)

(2,255)

NET DECREASE IN CASH AND CASH EQUIVALENTS

(149,195)

(163,719)

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD

346,116

383,547

CASH AND CASH EQUIVALENTS AT END OF PERIOD

$ 196,921

$ 219,828

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:

   

Cash paid during the period for:

   

Interest (net of amount capitalized)

$ 3,573

$ 1,341

Income taxes (net of refunds)

$ 52,845

$ 70,602

SCHEDULE OF NON-CASH INVESTING ACTIVITY:

   

Accrued capital expenditures included in accounts payable

$ 3,201

$ 6,040

THE BABCOCK & WILCOX COMPANY

BUSINESS SEGMENT INFORMATION

 


Three Months Ended


Nine Months Ended

 

September 30,

September 30,

 

2014

2013

2014

2013

(Unaudited)

(In thousands)

REVENUES:

       

Power Generation

$ 402,016

$ 426,960

$ 1,041,473

$ 1,359,614

Nuclear Operations

297,489

282,120

877,141

874,245

Technical Services

20,236

25,242

70,706

77,903

Nuclear Energy

21,529

52,470

114,236

179,171

mPower

-

343

278

980

Adjustments and Eliminations

(3,368)

(12,301)

(17,909)

(25,520)


TOTAL


$ 737,902


$ 774,834


$ 2,085,925


$ 2,466,393


SEGMENT INCOME:

       

Power Generation

$ 35,260

$ 38,348

$ 61,017

$ 102,213

Nuclear Operations

61,893

63,819

180,103

184,280

Technical Services

4,951

18,398

34,818

47,812

Nuclear Energy

(6,698)

21

(4,627)

10,201

mPower

(5,140)

(25,576)

(63,782)

(53,627)

SUBTOTAL

90,266

95,010

207,529

290,879

Corporate

(5,352)

(8,040)

(13,729)

(24,335)

Special Charges for Restructuring Activities

(8,675)

(4,849)

(28,803)

(25,504)

Mark to Market Adjustment

(11,079)

-

(11,079)

-

TOTAL

$ 65,160

$ 82,121

$ 153,918

$ 241,040


EQUITY IN INCOME (LOSS) OF INVESTEES:

Power Generation

$ 2,859

$ 3,287

$ 5,659

$ 10,596

Nuclear Operations

-

-

-

-

Technical Services

4,419

15,063

30,069

41,595

Nuclear Energy

30

(199)

32

(478)

mPower

-

-

-

-


TOTAL


$ 7,308


$ 18,151


$ 35,760


$ 51,713


PENSION EXPENSE:

       

Power Generation

$ 191

$ 750

$ 1,382

$ 2,240

Nuclear Operations

872

1,133

2,616

3,399

Technical Services

48

72

144

216

Nuclear Energy

1,013

899

3,495

3,038

mPower

-

-

-

-

Corporate

484

505

1,459

1,515

Mark to Market Adjustment

11,079

0

11,079

-


TOTAL


$ 13,687


$ 3,359


$ 20,175


$ 10,408

DEPRECIATION AND AMORTIZATION:

Power Generation

$ 9,886

$ 5,720

$ 21,193

$ 16,519

Nuclear Operations

7,380

6,769

21,037

20,182

Technical Services

-

48

1

144

Nuclear Energy

1,614

1,648

4,968

4,832

mPower

263

122

712

365

Corporate

3,204

3,178

9,489

9,299


TOTAL


$ 22,347


$ 17,485


$ 57,400


$ 51,341


RESEARCH AND DEVELOPMENT, NET:

Power Generation

$ 4,502

$ 4,585

$ 12,795

$ 16,128

Nuclear Operations

-

54

5

67

Technical Services

6

17

24

56

Nuclear Energy

602

879

1,512

3,079

mPower

3,269

18,252

48,957

33,640


TOTAL


$ 8,379


$ 23,787


$ 63,293


$ 52,970


CAPITAL EXPENDITURES:

       

Power Generation

$ 4,788

$ 1,553

$ 10,886

$ 13,403

Nuclear Operations

7,101

8,187

24,210

21,599

Technical Services

-

66

-

66

Nuclear Energy

4,852

1,163

13,089

4,141

mPower

99

331

1,983

1,745

Corporate

1,215

555

5,709

4,334


TOTAL


$ 18,055


$ 11,855


$ 55,877


$ 45,288


BACKLOG:

       

Power Generation

$ 2,132,985

$ 2,176,110

$ 2,132,985

$ 2,176,110

Nuclear Operations

2,376,438

2,530,159

2,376,438

2,530,159

Technical Services

4,475

15,388

4,475

15,388

Nuclear Energy

273,415

185,632

273,415

185,632

mPower

-

2,221

-

2,221


TOTAL


$ 4,787,313


$ 4,909,510


$ 4,787,313


$ 4,909,510


BOOKINGS:

       

Power Generation

$ 320,079

$ 270,214

$ 1,011,358

$ 1,041,851

Nuclear Operations

93,426

(20,476)

877,434

416,238

Technical Services

12,523

33,055

70,155

86,120

Nuclear Energy

100,837

34,711

238,863

82,839

mPower

-

-

-

-


TOTAL


$ 526,865


$ 317,504


$ 2,197,810


$ 1,627,048

Archive

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Press Contacts:

BWX Technologies, Inc.

Jud Simmons 
+1 434.522.3800
hjsimmons@bwxt.com

BWXT Canada Ltd.  

Natalie Cutler 
+1 519.620.5288 
nacutler@bwxt.com 

BWXT Nuclear Energy Canada Inc.

Natalie Cutler
+1 519.620.5288  
nacutler@bwxt.com 

Nuclear Fuel Services, Inc.

Laura Bailey 
+1 423.743.9141
lebailey@nuclearfuelservices.com