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BWX Technologies Announces Fourth Quarter and Full Year 2015 Results

24 February 2016


  • Full Year Adjusted EPS of $1.42 ($1.32 in 2014), Full Year GAAP EPS of $1.31
  • Nuclear Energy Full Year Operating Profit Increased $25 Million Year-Over-Year
  • Repurchased $70 Million of BWXT Stock in 2015, $52 Million in Fourth Quarter
  • Announces 50% Increase to Dividend
  • Increasing 2016 EPS Guidance Range to between $1.50 and $1.60

LYNCHBURG, Va.--(BUSINESS WIRE)--Feb. 24, 2016-- BWX Technologies, Inc. (NYSE: BWXT) (“BWXT” or the “Company”) today reported fourth quarter 2015 revenues of $363.9 million compared to $395.4 million in the fourth quarter of 2014. Adjusted (Non-GAAP) earnings per share (EPS) from continuing operations were $0.38 compared to $0.36 in the fourth quarter of 2014. GAAP EPS from continuing operations for the fourth quarter of 2015, which include a $0.38 per share impact of non-cash, mark-to-market adjustments for pension and other post-retirement benefits, impairment charges and a one-time tax charge, were $0.00 compared to a loss of $0.59 in the fourth quarter of 2014. Unless stated otherwise, the results of operations discussed in this release are on a continuing operations basis and exclude the results of operations from our former Power Generation business, which are included as part of discontinued operations in the attached financial statements.

Adjusted EPS for the full year 2015 increased 7.6% to $1.42 versus adjusted EPS of $1.32 in the prior year. GAAP EPS in 2015, which include a $0.11 per share impact related to mark-to-market adjustments, spin-related costs, other restructuring costs, impairment charges, one-time tax charges and proceeds from a legal judgment, increased to $1.31 compared to $0.36 in 2014.

“BWXT ended the year with strong adjusted EPS growth due to good performance from our Nuclear Operations business and improvements in our Nuclear Energy business,” said Mr. John A. Fees, Executive Chairman. “We delivered on all of our 2015 guidance and came in above our adjusted EPS guidance. Our Nuclear Operations business once again achieved excellent margins, reflecting realization of contract incentives for ongoing cost reductions. Furthermore, the Nuclear Energy business delivered a strong final quarter to cap off a year of impressive operating profit growth. We are thrilled with the progress we’ve made with our restructuring efforts in this segment and the growth in our equipment and services businesses. Lastly, we continued to increase return to shareholders by accelerating our share repurchases in the fourth quarter, purchasing $52 million of BWXT stock, and outperforming the market by more than 30% in the second half of 2015. I’m proud of our employees and the hard work they put in last year to seamlessly transition through the spin-off of our former Power Generation business and deliver on our 2015 goals.”

Fourth Quarter and Full Year 2015 Results of Operations

At the consolidated BWXT level, adjusted operating income for 2015 was $237.5 million, representing an 8.6% increase over 2014 adjusted operating income of $218.7 million. For the year, the operating income growth was attributable to margin improvement in the Nuclear Energy segment, reduced corporate costs and reduced spending on mPower development. Adjusted operating income for the fourth quarter of 2015 was $62.1 million, or a decrease of 11.9% compared to adjusted operating income of $70.5 million in the fourth quarter of 2014. The decline in adjusted operating income was driven by beneficial contract amendments in the Nuclear Operations segment in the fourth quarter of 2014. Consolidated GAAP operating income for the fourth quarter, which includes a $52.5 million loss related to non-cash, mark-to-market adjustments for pension and other post-retirement benefits, was $9.6 million, an increase of $91.3 million compared to a loss of $81.7 million in the same period of 2014. For 2015, GAAP operating income, which includes a $31.6 million net loss related to pension mark-to-market adjustments, spin costs, other restructuring costs and proceeds from a legal judgment, was $205.9 million compared to $25.1 million in 2014.

The Nuclear Operations segment revenues were $300.4 million in the fourth quarter of 2015 compared to $343.8 million in the same quarter in 2014, which included beneficial contract amendments realized in the fourth quarter of 2014. Nuclear Operations operating income decreased to $65.5 million in the fourth quarter of 2015 compared to $90.4 million in the prior year period primarily due to the beneficial contract amendments and timing of naval nuclear fuel activities. The same factors impacting the change in Nuclear Operations fourth quarter results impacted the change in the segment’s full year results.

The Technical Services segment revenues reached $22.4 million in the fourth quarter of 2015 compared to $14.1 million in the same quarter in 2014. Technical Services operating income increased $2.2 million to $2.6 million in the fourth quarter of 2015, primarily due to higher fees realized at one of our sites. For 2015, Technical Services operating income declined compared to 2014 due to the contracts for the Pantex Plant and Y-12 National Security Complex ending in 2014 as well as the termination of our work scope for the American Centrifuge Program.

Revenues from the Nuclear Energy segment were $41.7 million in the fourth quarter of 2015 compared to $40.5 million in the prior year period. For the fourth quarter and for the year, the exchange rate impact of the weakening Canadian dollar against the U.S. dollar was more than offset by revenue growth from the China steam generator project and increased services work. Nuclear Energy reported operating income of $1.6 million in the fourth quarter of 2015 compared to a loss of $18.6 million in the prior year period, which included a $16.1 million loss related to an adverse jury verdict in a lawsuit involving commercial nuclear contracts. The segment achieved fourth quarter operating income growth due to previously reported margin improvement initiatives and growth in the equipment business. For 2015, Nuclear Energy’s operating income increased $24.9 million to $1.7 million from a loss of $23.2 million in 2014 due to the increases in nuclear services and equipment operating income, the margin improvement initiatives and the impact of the adverse jury verdict reflected in 2014.

“BWXT is poised for another strong year as we carry the momentum we developed in the second half of the year into 2016,” said Mr. Fees. “We are committed to continue returning capital to our shareholders through share repurchases as well as our dividend, which we’ve increased this quarter. Additionally, we expect Nuclear Operations to complete the new pricing agreement negotiations for 2016 awards and out-year options in the first quarter of 2016, continuing the long-term stable performance of that segment. Our Nuclear Energy segment is on track to achieve its 10.0% operating profit margin target for 2016 as we continue to realize benefits from our margin improvement initiatives, execute on the healthy backlog in the business and win additional work. Lastly, the Technical Services segment remains focused on rebuilding for long-term growth, submitting several recent proposals with a strong pipeline of opportunities in the near-term.”

Liquidity and Debt

The Company generated consolidated cash flows from operations of $91.3 million in the fourth quarter of 2015 compared with $160.1 million, inclusive of cash flows of our former Power Generation business, in the fourth quarter of 2014. At the end of the fourth quarter, the Company’s cash and investments position, net of restricted cash, was $164.3 million.

As of December 31, 2015, outstanding balances under our credit facility included a $300 million term loan and letters of credit issued under the facility totaling $82.2 million, resulting in $317.8 million of availability under our credit facility, which excludes the additional $250 million accordion provision available to us for term loan, revolving credit borrowings and letter of credit commitments.

Share Repurchases

During the fourth quarter of 2015, the Company repurchased 1.7 million shares of its common stock at a total cost of $52 million. For 2015, the Company repurchased 2.4 million shares of its common stock at a total cost of $69.7 million. In October of 2015, our board approved a new $300 million repurchase authorization, which will begin on February 26, 2016 after the current authorization expires, and will continue for a two-year period.

Quarterly Dividend

On February 23, 2016, our Board of Directors declared a quarterly cash dividend of $0.09 per common share, a 50% increase. The dividend will be payable on March 24, 2016 to shareholders of record on March 7, 2016.

Full Year 2016 Outlook

Our 2016 guidance remains unchanged with the exception of our EPS guidance and a reduction in our planned mPower project spending to no more than $10 million per year. We are increasing our EPS guidance by $0.05 to be between $1.50 and $1.60 for the full year 2016. Included in our EPS increase is a pension expense reduction of approximately $5.0 million compared to previous guidance, which includes the impact of a change in the method of estimating pension expense.

Conference Call to Discuss Fourth Quarter 2015 Results

Date: Thursday, February 25, 2016, at 8:30 a.m. EST
Live Webcast: Investor Relations section of website at www.bwxt.com

Forward-Looking Statements

BWXT cautions that this release contains forward-looking statements, including, without limitation, management’s plans and expectations regarding our return of capital activities; new pricing agreements in our Nuclear Operations segment; our expectations for segment and overall operating performance, as well as outlook and guidance for 2016. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties, including, among other things, adverse changes in Federal appropriations to government programs in which we participate; our ability to execute on contracts in backlog and obtain new contract awards; 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 BWXT’s filings with the Securities and Exchange Commission, including our annual report on Form 10-K for the year ended December 31, 2015. BWXT 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 BWXT

BWX Technologies, Inc. is a leading supplier of nuclear components and fuel to the U.S. government; provides technical, management and site services to support governments in the operation of complex facilities and environmental remediation activities; and supplies precision manufactured components and services for the commercial nuclear power industry. BWXT has approximately 5,400 employees and significant operations in Lynchburg, Va.; Erwin, Tenn.; Mount Vernon, Ind.; Euclid, Ohio; Barberton, Ohio; and Cambridge, Ontario, as well as more than a dozen U.S. Department of Energy sites around the country. 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.bwxt.com.

EXHIBIT 1

BWX TECHNOLOGIES, INC.

RECONCILIATION OF NON-GAAP OPERATING INCOME AND EARNINGS PER SHARE(1)(2)

   
  Three Months Ended December 31, 2015
  GAAP  

Pension &

OPEB MTM

(Gain) / Loss

 

Spin / Other

Restructuring

 

Impairment

(Gains) /

Charges

 

One Time

Tax

(Benefit) /

Charges

 

Litigation

Proceeds

  Non-GAAP
                           
Operating Income $ 9.6     $ 52.5     $ -     $ -     $ -   $ -     $ 62.1  
Other Income / (Expense)   (5.4 )     0.0       -       2.9       -     -       (2.5 )
Income Tax (Expense) / Benefit   (3.6 )     (18.5 )     -       (1.0 )     4.2     -       (18.9 )
Net Income (Loss)   0.6       34.0       -       1.9       4.2     -       40.7  
Net (Income) Loss Attributable to Non-Controlling Interest   (0.2 )     -       -       -       -     -       (0.2 )
Net Income (Loss) Attributable to BWXT $ 0.4     $ 34.0     $ -     $ 1.9     $ 4.2   $ -     $ 40.5  
                           
Diluted Shares Outstanding   107.4                           107.4  
Diluted Earnings per Common Share $ 0.00     $ 0.32     $ -     $ 0.02     $ 0.04   $ -     $ 0.38  
                           
Tax Rate   86.2 %         37.4 %     38.0 %             31.7 %
                           
  Three Months Ended December 31, 2014
  GAAP  

Pension &

OPEB MTM

(Gain) / Loss

 

Spin / Other

Restructuring

 

Impairment

(Gains) /

Charges

 

One Time

Tax

(Benefit) /

Charges

 

Litigation

Charges

  Non-GAAP
                           
Operating Income $ (81.7 )   $ 132.1     $ 4.1     $ -     $ -   $ 16.1     $ 70.5  
Other Income / (Expense)   (7.7 )     0.4       -       4.2       -     -       (3.0 )
Income Tax (Expense) / Benefit   25.7       (49.9 )     (1.4 )     -       -     (4.3 )     (29.8 )
Net Income (Loss)   (63.6 )     82.6       2.7       4.2       -     11.8       37.7  
Net Loss Attributable to Non-Controlling Interest   0.4       -       -       -       -     -       0.4  
Net Income (Loss) Attributable to BWXT $ (63.2 )   $ 82.6     $ 2.7     $ 4.2     $ -   $ 11.8     $ 38.1  
                           
Diluted Shares Outstanding (3)   106.6                           106.6  
Diluted Earnings per Common Share $ (0.59 )   $ 0.77     $ 0.03     $ 0.04     $ -   $ 0.11     $ 0.36  
                           
Tax Rate   28.8 %         37.4 %             38.0 %     44.2 %

(1) May not foot due to rounding.

(2) BWXT 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. BWXT believes the non-GAAP measures provide meaningful insight into 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 BWXT’s ongoing operations.

(3) For the three months ended December 31, 2014, basic shares outstanding were used to calculate EPS since BWXT had a net loss for the quarter.

 

EXHIBIT 1 (continued)

BWX TECHNOLOGIES, INC.

RECONCILIATION OF NON-GAAP OPERATING INCOME AND EARNINGS PER SHARE(1)(2)

   
  Twelve Months Ended December 31, 2015
  GAAP  

Pension &

OPEB MTM

(Gain) / Loss

 

Spin / Other

Restructuring

 

Impairment

(Gains) /

Charges

 

One Time

Tax

(Benefit) /

Charges

 

Litigation

Proceeds

  Non-GAAP
                           
Operating Income $ 205.9     $ 54.7     $ 42.6     $ -     $ -     $ (65.7 )   $ 237.5  
Other Income / (Expense)   15.1       0.0       -       2.9       -       (29.1 )     (11.0 )
Income Tax (Expense) / Benefit   (80.4 )     (19.2 )     (12.2 )     (1.0 )     7.7       31.6       (73.5 )
Net Income (Loss)   140.6       35.4       30.4       1.9       7.7       (63.2 )     152.9  
Net Loss Attributable to Non-Controlling Interest   0.1       -       -       -       -       -       0.1  
Net Income (Loss) Attributable to BWXT $ 140.8     $ 35.4     $ 30.4     $ 1.9     $ 7.7     $ (63.2 )   $ 153.1  
                           
Diluted Shares Outstanding   107.6                           107.6  
Diluted Earnings per Common Share $ 1.31     $ 0.33     $ 0.28     $ 0.02     $ 0.07     $ (0.59 )   $ 1.42  
                           
Tax Rate   36.4 %         37.4 %             38.0 %     32.5 %
                           
  Twelve Months Ended December 31, 2014
  GAAP  

Pension &

OPEB MTM

(Gain) / Loss

 

Spin / Other

Restructuring

 

Impairment

(Gains)

/ Charges

 

One Time

Tax (Benefit)

/ Charges

 

Litigation

Proceeds

  Non-GAAP
                           
Operating Income $ 25.1     $ 141.1     $ 36.3     $ -     $ -     $ 16.1     $ 218.6  
Other Income / (Expense)   7.0       0.4       -       (14.4 )     -       -       (7.0 )
Income Tax (Expense) / Benefit   (1.7 )     (52.2 )     (12.3 )     -       (5.8 )     (4.3 )     (76.2 )
Net Income (Loss)   30.4       89.2       24.1       (14.4 )     (5.8 )     11.8       135.4  
Net Loss Attributable to Non-Controlling Interest   8.3       -       -       -       -       -       8.3  
Net Income (Loss) Attributable to BWXT $ 38.7     $ 89.2     $ 24.1     $ (14.4 )   $ (5.8 )   $ 11.8     $ 143.7  
                           
Diluted Shares Outstanding   108.8                           108.8  
Diluted Earnings per Common Share $ 0.36     $ 0.82     $ 0.22     $ (0.13 )   $ (0.05 )   $ 0.11     $ 1.32  
                           
Tax Rate   5.3 %         37.4 %             38.0 %     36.0 %

(1) May not foot due to rounding.

(2) BWXT 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. BWXT believes the non-GAAP measures provide meaningful insight into 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 BWXT’s ongoing operations.

 

BWX TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

 

ASSETS

   
  December 31,
 

2015

  2014
  (Unaudited)
  (In thousands)
       
       
Current Assets:      
Cash and cash equivalents $ 154,729   $ 123,624
Restricted cash and cash equivalents   15,364     50,835
Investments   3,476     4,837
Accounts receivable – trade, net   153,326     165,144
Accounts receivable – other   22,444     6,094
Contracts in progress   265,770     290,622
Inventories   7,311     9,926
Deferred income taxes   -     38,320
Other current assets   24,874     32,127
Assets of discontinued operations – current   -     752,273
           
Total Current Assets   647,294     1,473,802
       
Property, Plant and Equipment   846,936     880,848
Less accumulated depreciation   578,092     573,048
       
Net Property, Plant and Equipment   268,844     307,800
       
Investments   6,070     7,606
       
Goodwill   168,434     169,914
       
Deferred Income Taxes   181,359     132,778
       
Investments in Unconsolidated Affiliates   32,088     31,256
       
Intangible Assets   58,328     60,227
       
Other Assets   19,722     50,133
       
Assets of Discontinued Operations – Non-Current   -     623,420
       
TOTAL $ 1,382,139   $ 2,856,936

 

BWX TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

   
  December 31,
  2015   2014
  (Unaudited)
  (In thousands, except share and per share amounts)
       
       
Current Liabilities:      
Notes payable and current maturities of long-term debt $ 15,000     $ 15,000  
Accounts payable   74,130       88,985  
Accrued employee benefits   67,603       85,433  
Accrued liabilities – other   44,947       44,232  
Advance billings on contracts   138,558       107,437  
Accrued warranty expense   13,542       15,889  
Income taxes payable   -       15,778  
Liabilities of discontinued operations – current   -       446,882  
       
Total Current Liabilities   353,780       819,636  
       
Long-Term Debt   285,000       285,000  
       
Accumulated Postretirement Benefit Obligation   20,418       29,956  
       
Environmental Liabilities   60,239       56,259  
       
Pension Liability   358,512       308,927  
       
Other Liabilities   24,555       43,126  
       
Liabilities of Discontinued Operations – Non-Current   -       299,831  
       
Commitments and Contingencies      
       
Stockholders’ Equity:      
Common stock, par value $0.01 per share, authorized 325,000,000              
shares; issued 122,813,135 and 121,604,332 shares at December              
31, 2015 and              
December 31, 2014, respectively   1,228       1,216  
Preferred stock, par value $0.01 per share, authorized              
75,000,000 shares;              
No shares issued   -       -  
Capital in excess of par value   22,732       775,393  
Retained earnings   739,350       642,489  
Treasury stock at cost 17,515,757 and 14,915,776 shares at              
December 31, 2015 and December 31, 2014, respectively   (498,346 )     (423,990 )
Accumulated other comprehensive income   752       3,596  
Stockholders’ Equity – BWX Technologies, Inc.   265,716       998,704  
Noncontrolling interest   13,919       15,497  
Total Stockholders’ Equity   279,635       1,014,201  
       
TOTAL $ 1,382,139     $ 2,856,936  

 

BWX TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

     
  Three Months Ended Twelve Months Ended
  December 31, December 31,
 

2015

2014

2015

2014

  (Unaudited)
  (In thousands, except share and per share amounts)
         
Revenues $ 363,938   $ 395,354   $ 1,415,529   $ 1,450,610  
         
Costs and Expenses:        
Cost of operations   299,751     400,054     1,027,437     1,153,034  
Research and development costs   1,538     4,253     10,537     54,751  
Losses (gains) on asset disposals and impairments, net   385     (46 )   382     (671 )
Selling, general and administrative expenses   55,025     71,749     207,761     230,377  
Special charges for restructuring activities   -     3,849     16,608     20,908  
Income related to litigation proceeds   -     -     (65,728 )   -  
Costs to spin-off the Power Generation business   -     161     25,987     161  
Total Costs and Expenses   356,699     480,020     1,222,984     1,458,560  
         
Equity in Income of Investees   2,368     2,974     13,396     33,075  
         
Operating Income (Loss)   9,607     (81,692 )   205,941     25,125  
         
Other Income (Expense):        
Interest income   69     (143 )   30,331     233  
Interest expense   (3,388 )   (2,450 )   (10,181 )   (7,087 )
Other – net   (2,078 )   (5,062 )   (5,026 )   13,864  
Total Other Income (Expense)   (5,397 )   (7,655 )   15,124     7,010  
         
Income (loss) from continuing operations before provision for income taxes and noncontrolling interest   4,210     (89,374 )   221,065     32,135  
         
Provision for Income Taxes   3,627     (25,704 )   80,416     1,691  
         
Income (loss) from continuing operations before noncontrolling interest   583     (63,643 )   140,649     30,444  
         
Loss from discontinued operations, net of tax   (893 )   (39,949 )   (9,203 )   (8,987 )
         
Net Income (Loss) $ (310 ) $ (103,592 ) $ 131,446   $ 21,457  
         
Net (Income) Loss Attributable to Noncontrolling Interest   (205 )   285     19     7,931  
         
Net Income (Loss) Attributable to BWX Technologies, Inc. $ (515 ) $ (103,307 ) $ 131,465   $ 29,388  
         
Amounts Attributable to BWX Technologies, Inc.’s Common Shareholders:        
Income (loss) from continuing operations, net of tax $ 378   $ (63,247 ) $ 140,774   $ 38,740  
Loss from discontinued operations, net of tax   (893 )   (40,060 )   (9,309 )   (9,352 )
Net Income (Loss) Attributable to BWX Technologies, Inc. $ (515 ) $ (103,307 ) $ 131,465   $ 29,388  
Earnings per Common Share:        
Basic:        
Income (loss) from continuing operations $ 0.00   $ (0.59 ) $ 1.32   $ 0.36  
Loss from discontinued operations   (0.01 )   (0.38 )   (0.09 )   (0.09 )
Net Income (Loss) Attributable to BWX Technologies, Inc. $ 0.00   $ (0.97 ) $ 1.23   $ 0.27  
Diluted:        
Income (loss) from continuing operations $ 0.00   $ (0.59 ) $ 1.31   $ 0.36  
Loss from discontinued operations   (0.01 )   (0.38 )   (0.09 )   (0.09 )
Net Income (Loss) Attributable to BWX Technologies, Inc. $ 0.00   $ (0.97 ) $ 1.22   $ 0.27  
         
Shares used in the computation of earnings per share:        
Basic   105,954,347     106,597,411     106,703,145     108,477,262  
Diluted   107,427,889     106,597,411     107,583,022     108,761,092  

 

BWX TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

   
  Twelve Months Ended
  December 31,
 

2015

     

2014

CASH FLOWS FROM OPERATING ACTIVITIES:

(Unaudited)

(In thousands)

Net Income $ 131,446     $ 21,457  
Non-cash items included in net income from continuing operations:      
Depreciation and amortization   78,621       105,798  
Income of investees, net of dividends   1,947       18,763  
Losses on asset disposals and impairments   26,441       12,543  
Impairment of investments   2,140       -  
Gain on exchange of USEC investment   -       (18,647 )
In-kind research and development costs   -       5,831  
Provision for (benefit from) deferred taxes   (38,493 )     (95,697 )
Recognition of (gains) losses for pension and postretirement plans   54,105       244,136  
Stock-based compensation and thrift plan expense   31,699       23,461  
Excess tax benefits from stock-based compensation   (396 )     (588 )
Changes in assets and liabilities, net of effects from acquisitions:      
Accounts receivable   40,094       (50,080 )
Accounts payable   (23,985 )     (81,044 )
Contracts in progress and advance billings on contracts   57,174       (98,400 )
Inventories   3,053       5,044  
Income taxes   (6,991 )     (1,259 )
Accrued and other current liabilities   (5,533 )     18,557  
Pension liability, accrued postretirement benefit obligation and employee benefits   (37,474 )     (42,264 )
Other, net   16,316       7,314  
NET CASH PROVIDED BY OPERATING ACTIVITIES   330,164       74,925  
CASH FLOWS FROM INVESTING ACTIVITIES:      
Decrease (increase) in restricted cash and cash equivalents   3,595       (8,552 )
Purchases of property, plant and equipment   (68,335 )     (76,029 )
Acquisition of businesses, net of cash acquired   -       (127,703 )
Purchase of intangible assets   -       (722 )
Purchases of securities   (13,466 )     (23,622 )
Sales and maturities of securities   6,456       40,725  
Proceeds from asset disposals   63       997  
Investment in equity and cost method investees   (200 )     (4,900 )
NET CASH USED IN INVESTING ACTIVITIES   (71,887 )     (199,806 )
CASH FLOWS FROM FINANCING ACTIVITIES:      
Payment of short-term borrowing and long-term debt   -       (4,539 )
Payment of debt issuance costs   (4,893 )     (5,473 )
Borrowings under short-term arrangements   -       2,967  
Borrowings under Credit Agreement   177,350       1,156,100  
Repayments under Credit Agreement   (177,350 )     (856,100 )
Repurchase of common shares   (69,747 )     (149,774 )
Dividends paid to common shareholders   (34,479 )     (43,469 )
Exercise of stock options   7,319       4,604  
Excess tax benefits from stock-based compensation   396       588  
Cash divested in connection with spin-off of Power Generation business   (307,562 )     -  
Other   (464 )     (305 )
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES   (409,430 )     104,599  
EFFECTS OF EXCHANGE RATE CHANGES ON CASH   (7,087 )     (12,865 )
TOTAL DECREASE IN CASH AND CASH EQUIVALENTS   (158,240 )     (33,147 )
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD   312,969       346,116  
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 154,729     $ 312,969  
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:      
Cash paid during the period for:      
Interest $ 6,647     $ 6,061  
Income taxes (net of refunds) $ 117,753     $ 74,734  
SCHEDULE OF NON-CASH INVESTING ACTIVITY:      
Accrued capital expenditures included in accounts payable $ 6,741     $ 7,219  

 

BWX TECHNOLOGIES, INC.

BUSINESS SEGMENT INFORMATION
 
    Three Months Ended Twelve Months Ended
    December 31, December 31,
   

2015

 

2014

2015

 

2014

    (Unaudited)
    (In thousands)

REVENUES:

         
Nuclear Operations   $ 300,403   $ 343,811   $ 1,179,896   $ 1,220,952  
Technical Services     22,373     14,128     83,807     84,834  
Nuclear Energy     41,682     40,485     155,032     154,721  
Other     -     -     -     278  
Adjustments and Eliminations     (520 )   (3,070 )   (3,206 )   (10,175 )
           
TOTAL   $ 363,938   $ 395,354   $ 1,415,529   $ 1,450,610  
           

SEGMENT INCOME:

         
Nuclear Operations   $ 65,523   $ 90,433   $ 257,400   $ 270,536  
Technical Services     2,614     385     18,089     35,203  
Nuclear Energy     1,590     (18,584 )   1,669     (23,211 )
Other     (1,934 )   (5,164 )   (13,949 )   (68,946 )
SUBTOTAL   $ 67,793   $ 67,070   $ 263,209   $ 213,582  
Unallocated Corporate     (5,693 )   (12,680 )   (25,747 )   (26,249 )
Income Related to Litigation Proceeds     -     -     65,728     -  
Special Charges for Restructuring Activities     -     (3,849 )   (16,608 )   (20,908 )
Cost to Spin-Off Power Generation Business     -     (161 )   (25,987 )   (161 )
Mark to Market Adjustment     (52,493 )   (132,072 )   (54,654 )   (141,139 )
TOTAL   $ 9,607   $ (81,692 ) $ 205,941   $ 25,125  
           

DEPRECIATION AND AMORTIZATION:

         
Nuclear Operations   $ 9,995   $ 33,487   $ 38,836   $ 54,524  
Technical Services     4     2     15     3  
Nuclear Energy     1,615     1,596     6,551     6,564  
Other     -     262     550     974  
Corporate     1,997     3,583     11,211     13,072  
           
TOTAL   $ 13,611   $ 38,930   $ 57,163   $ 75,137  
           

CAPITAL EXPENDITURES:

         
Nuclear Operations   $ 10,991   $ 10,567   $ 35,658   $ 34,777  
Technical Services     -     66     -     66  
Nuclear Energy     2,285     1,269     6,482     14,358  
Other     -     -     -     1,983  
Corporate     2,606     3,687     14,701     9,396  
           
TOTAL   $ 15,882   $ 15,589   $ 56,841   $ 60,580  

 

BWX TECHNOLOGIES, INC.

BUSINESS SEGMENT INFORMATION
         
    Three Months Ended   Twelve Months Ended
    December 31,   December 31,
   

2015

 

2014

 

2015

 

2014

   

(Unaudited)

   

(In thousands)

BACKLOG:

               
Nuclear Operations   $ 2,311,113   $ 2,778,043   $ 2,311,113   $ 2,778,043
Technical Services     3,842     2,691     3,842     2,691
Nuclear Energy     335,333     264,992     335,333     264,992
                 
TOTAL   $ 2,650,288   $ 3,045,726   $ 2,650,288   $ 3,045,726
                 

BOOKINGS:

               
Nuclear Operations   $ 160,118   $ 742,372   $ 710,878   $ 1,619,806
Technical Services     20,491     12,281     84,934     82,436
Nuclear Energy     34,039     29,706     228,984     268,569
                 
TOTAL   $ 214,648   $ 784,359   $ 1,024,796   $ 1,970,811

 

Source: BWX Technologies, Inc.

BWX Technologies, Inc.
Investor Contact:
Alan Nethery
Vice President, Investor Relations
980-365-4300
Investors@bwxt.com
or
Media Contact:
Jud Simmons, Communications Director
434-522-6462
hjsimmons@bwxt.com

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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