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8-K - FORM 8-K - Willbros Group, Inc.\NEW\ | c08418e8vk.htm |
EX-99.2 - EXHIBIT 99.2 - Willbros Group, Inc.\NEW\ | c08418exv99w2.htm |
Exhibit 99.1
FOR IMMEDIATE RELEASE
Willbros Reports Third Quarter 2010 Results
| Strong growth in backlog to $1.04 billion |
| Results include goodwill impairment and reduction of earnout contingency |
HOUSTON, TX, NOVEMBER 8, 2010 Willbros Group, Inc. (NYSE: WG) announced today results for the
three and nine months ended September 30, 2010.
Third Quarter | Nine Months | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Net Income (loss), continuing operations |
||||||||||||||||
$ Thousands |
35,986 | 1,683 | 32,057 | 27,578 | ||||||||||||
$ Per Diluted Share |
0.71 | 0.04 | 0.76 | 0.71 | ||||||||||||
Special Items, net of tax |
||||||||||||||||
$ Thousands |
(38,140 | ) | | (38,140 | ) | | ||||||||||
Net Income (loss), continuing
operations excluding special items |
||||||||||||||||
$ Thousands |
(2,154 | ) | 1,683 | (6,083 | ) | 27,578 | ||||||||||
$ Per Diluted Share |
(0.05 | ) | 0.04 | (0.15 | ) | 0.71 |
For the third quarter of 2010, Willbros reported earnings from continuing operations of $36.0
million, or $0.71 per diluted share, on revenue of $408.8 million. As anticipated, third quarter
results were impacted by costs of approximately $7.9 million associated with the transaction to
acquire InfrastruX Group, Inc., which closed on July 1, 2010. The third quarter net income includes
two non-cash items: 1) a $45.3 million reduction of the earnout contingency associated with the
InfrastruX acquisition and 2) a $7.2 million after tax impairment charge related to the Downstream
Oil & Gas segment, which was acquired in November 2007. Absent these two items, third quarter
results would have been an approximately $2.2 million net loss, or $0.05 per share, from continuing
operations.
Third quarter results benefited primarily from high utilization and excellent execution in the
Upstream Oil & Gas segment, but lower than anticipated revenue and delayed project awards in the
InfrastruX operations, which are now reported in the Utility Transmission & Distribution (Utility
T&D) segment, offset this benefit.
Randy Harl, President and Chief Executive Officer, commented, We are clearly disappointed by lower
than anticipated revenue levels in our newly acquired Utility T&D segment and are focused on
accelerating the integration process and applying our management systems and processes to this new
segment. The solid results of our Upstream segment and the profitable performance (before the
impairment charge) in our Downstream segment during the third quarter demonstrates the
effectiveness of our proven systems and controls in achieving our intended results. While we
expect the financial performance of the Utility T&D segment to remain suppressed in the fourth
quarter due to delayed work, we continue to view this acquisition as a strategic addition that not
only diversifies our end market exposure but also provides the platform for Willbros to participate
in the growing U.S. electric transmission and distribution market.
CONTACT: | ||||
Michael W. Collier | Connie Dever | |||
Vice President Investor Relations | Director Strategic Planning | |||
Sales & Marketing | Willbros | |||
Willbros | 713-403-8035 | |||
713-403-8038 |
We believe that we have the people, systems and controls in place at Willbros to enhance our
future capability and the performance in our new segment as well as in our other businesses, added
Harl. Company-wide, our current emphasis is on cost rationalization in our Downstream segment,
fostering a more regional midstream approach in our Upstream segment and integrating the Utility
T&D segment into the Willbros enterprise. We will continue to look for additional opportunities to
improve our cost structure across all of our business segments. We are actively evaluating each of
our markets and non-strategic and underutilized assets to determine the optimal market exposure and
courses of action to respond to the changing business environment.
With over one billion dollars in backlog, we remain committed to our strategic vision and belief
that diversification and expansion of our end markets, a broader geographic reach and emphasis on
recurring revenue streams, will strengthen the company over time, concluded Harl.
Segment Operating Results and Outlook
The Upstream Oil & Gas segment reported operating income for the third quarter of $27.0 million on
revenue of $169.7 million. Strong performance in Upstream construction units in the United States,
stronger levels of work assignments in the Upstream Engineering unit (which are viewed as a
precursor of construction activity), increased oil sands related activities in Canada, and
additional time and material work in Oman all contributed to third quarter results. The outlook for
the Upstream segment is characterized by backlog growth in Canada, Oman and Engineering, with
Canada pipeline construction operations booked into the first quarter 2012. U.S. Construction has
multiple bidding opportunities, but visibility is at a seasonal low as the market has reverted to
historical patterns of fourth and first quarter bidding activity for projects planned to be
initiated in early Spring months and completed during the favorable summer and fall work seasons.
Drilling and construction activities in the shale plays, particularly in the liquids rich areas of
the Marcellus, Eagle Ford and Bakken, offer increased opportunities for our services. We are
actively pursuing these opportunities by expanding our presence and integrating best practices from
our legacy project management and engineering services with the regional model from the Utility T&D
segment.
The Downstream Oil & Gas segment was profitable and generated $0.4 million in operating income,
excluding the pre-tax impairment charge of $12.0 million. Including the impairment charge, the
segment reported a loss from operations of $11.6 million on revenue of $80.9 million. The
Downstream segment benefited from the start-up of previously booked maintenance and turn around
activities. During the third quarter, Downstream Engineering booked a $14.0 million engineering,
procurement and construction (EPC) project and is pursuing additional similar and larger EPC
opportunities. Management believes the Downstream sector to be at or near the trough of this
business cycle as engineering and EPC inquiries have increased throughout 2010. However, work
awards to Willbros Downstream continue to lag inquiries, especially for small capital projects, and
Downstream Engineering continues to be pressured by lower than optimal volume and margin pressure.
2 of 7 | ||||
CONTACT: | ||||
Michael W. Collier | Connie Dever | |||
Vice President Investor Relations | Director Strategic Planning | |||
Sales & Marketing | Willbros | |||
Willbros | 713-403-8035 | |||
713-403-8038 |
The Utility Transmission & Distribution segment reported an operating loss of $16.0 million on
revenue of $158.2 million. The Utility T&D segment was impacted by costs associated with the
closing of the transaction to acquire Infrastrux of approximately $ 7.9 million. Utility T&D
results were also impacted by lower than forecast performance in certain business units due to
minimal storm restoration revenues, the delay in commencement of major construction projects
including a large solar generation project; and lower than expected electric transmission
construction revenues. Transmission construction revenues are expected to continue at lower levels
through the fourth quarter prior to an anticipated ramp up in activity beginning in the first
quarter of 2011. Bid activity in the Northeast region is increasing and visibility is improving for
the transmission construction services we provide in that market.
Backlog(3)
At September 30, 2010, Willbros reported backlog from continuing operations of $1.04 billion
compared to $391.7 million at December 31, 2009. Backlog in Upstream increased $140 million since
December 31, 2009. Backlog in Downstream grew quarter over quarter, rising $34 million to $138
million. At September 30, 2010, backlog in Utility T&D was approximately $516 million with more
than 70 percent associated with MSA agreements, including the Oncor alliance. As a reminder,
Willbros only books up to 12 months of expected revenue on all MSAs.
InfrastruX Acquisition
On July 1, 2010, the Company completed the acquisition of 100% of the outstanding stock of
InfrastruX Group, Inc. (InfrastruX) for a purchase price of approximately $486.0 million before
working capital and other transaction adjustments. The Company paid approximately $372.0 million
in cash, a portion of which was used to retire InfrastruX indebtedness and pay InfrastruX
transaction expenses, and issued approximately 7.9 million shares of the Companys common stock to
the shareholders of InfrastruX. Cash paid was comprised of $72.0 million in operating cash and
$300.0 million provided from a newly issued term loan facility. The acquisition was completed
pursuant to an Agreement and Plan of Merger, dated March 11, 2010.
EBITDA
EBITDA from continuing operations for the three months ended September 30, 2010 increased $64.5
million to $77.0 million from $12.5 million during the same period in 2009. The increase in EBITDA
is primarily a result of the $45.3 million reduction in earnout contingency and increased contract
income of $38.2 million (excluding depreciation) and an increase in contract margin of 4.4
percentage points for the three months ended September 30, 2010.
3 of 7 | ||||
CONTACT: | ||||
Michael W. Collier | Connie Dever | |||
Vice President Investor Relations | Director Strategic Planning | |||
Sales & Marketing | Willbros | |||
Willbros | 713-403-8035 | |||
713-403-8038 |
Liquidity
At September 30, 2010, Willbros had liquidity of $132.3 million, comprised of $100.8 million in
cash and cash equivalents and $31.5 million in unutilized borrowing capacity under our 2010 Credit
Facility. Cash and cash equivalents at year-end 2009 was $198.8 million.
Guidance
Van Welch, Chief Financial Officer, updated earnings guidance for 2010: We are adjusting our
annual guidance to reflect the full effect of the acquisition of InfrastruX, including a $45.3
million reduction of the earnout contingency, the disappointing performance of the Utility T&D
segment and a $7.2 million after tax impairment charge related to the Downstream Oil & Gas segment.
We now expect to generate earnings in the range of $0.25 to $0.30 per diluted share on revenue of
$1.1 to $1.2 billion from continuing operations. The Company will provide details of the change in
guidance on its November 9, 2010 conference call.
Conference Call
Willbros will hold a conference call to discuss financial and operational results on Tuesday,
November 9, 2010 at 9:00 a.m. Eastern Time / 8:00 a.m. Central Time. To participate, dial (480)
629-9738 or (877) 941-6011 at least ten minutes before the call begins. The call will also be
broadcast live over the Internet from the Companys website at www.willbros.com. A replay of the
conference call will be available approximately two hours after the end of the call until Tuesday,
November 16, 2010. You may access the replay by calling (303) 590-3030 or (800) 406-7325 and using
the pass code 4377926#. Also, an archive of the webcast will be available shortly after the call
on www.willbros.com for a period of 12 months.
Willbros Group, Inc. is an independent contractor serving the oil, gas, power, refining and
petrochemical industries, providing engineering, construction, turnaround, maintenance, life-cycle
extension services and facilities development and operations services to industry and government
entities worldwide. For more information on Willbros, please visit our web site at
www.willbros.com.
This announcement contains forward-looking statements. All statements, other than statements of
historical facts, which address activities, events or developments the Company expects or
anticipates will or may occur in the future, are forward-looking statements. A number of risks and
uncertainties could cause actual results to differ materially from these statements, including the
potential for additional investigations; the disruptions to the global credit markets; the current
global recession; fines and penalties by government agencies; new legislation or regulations
detrimental to the economic operation of refining capacity in the United States; the identification
of one or more other issues that require restatement of one or more prior period financial
statements; contract and billing disputes; the integration and operation of InfrastruX; delay of
committed work under contract; the possible losses arising from the discontinuation of operations
and the sale of the Nigeria assets; the existence of material weaknesses in internal controls over
financial reporting; availability of quality management; availability and terms of capital; changes
in, or the failure to comply with, government regulations; ability to remain in compliance with, or
obtain waivers under, the Companys loan agreements and indentures; the promulgation, application,
and interpretation of environmental laws and regulations; future E&P capital expenditures; oil,
gas, gas liquids, and power prices and demand; the amount and location of planned pipelines; the
refinery crack spread and planned refinery outages and upgrades; the effective tax rate of the
different countries where the work is being conducted; development trends of the oil, gas, power,
refining and petrochemical industries and changes in the political and economic environment of the
countries in which the Company has operations; as well as other risk factors described from time to
time in the Companys documents and reports filed with the SEC. The Company assumes no obligation
to update publicly such forward-looking statements, whether as a result of new information, future
events or otherwise.
4 of 7 | ||||
CONTACT: | ||||
Michael W. Collier | Connie Dever | |||
Vice President Investor Relations | Director Strategic Planning | |||
Sales & Marketing | Willbros | |||
Willbros | 713-403-8035 | |||
713-403-8038 |
WILLBROS GROUP, INC.
(In thousands, except per share amounts)
(In thousands, except per share amounts)
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30 | September 30 | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Income Statement |
||||||||||||||||
Contract revenue |
||||||||||||||||
Upstream O&G |
$ | 169,749 | $ | 190,172 | $ | 432,849 | $ | 854,066 | ||||||||
Downstream O&G |
80,870 | 57,361 | 202,895 | 211,875 | ||||||||||||
Utility T&D |
158,173 | | 158,173 | | ||||||||||||
408,792 | 247,533 | 793,917 | 1,065,941 | |||||||||||||
Operating expenses |
||||||||||||||||
Upstream O&G |
142,769 | 184,712 | 394,900 | 807,086 | ||||||||||||
Downstream O&G |
92,476 | 59,322 | 229,857 | 210,366 | ||||||||||||
Utility T&D |
174,190 | | 174,190 | | ||||||||||||
409,435 | 244,034 | 798,947 | 1,017,452 | |||||||||||||
Operating income (loss) |
||||||||||||||||
Upstream O&G |
26,980 | 5,460 | 37,949 | 46,980 | ||||||||||||
Downstream O&G |
(11,606 | ) | (1,961 | ) | (26,962 | ) | 1,509 | |||||||||
Utility T&D |
(16,017 | ) | | (16,017 | ) | | ||||||||||
Changes in fair value of earn out liability |
45,340 | | 45,340 | | ||||||||||||
Operating income (loss) |
44,697 | 3,499 | 40,310 | 48,489 | ||||||||||||
Other expense |
||||||||||||||||
Interest net |
(11,836 | ) | (1,977 | ) | (16,018 | ) | (6,093 | ) | ||||||||
Other net |
731 | (126 | ) | 3,593 | (18 | ) | ||||||||||
(11,105 | ) | (2,103 | ) | (12,425 | ) | (6,111 | ) | |||||||||
Income (loss) from continuing operations before income taxes |
33,592 | 1,396 | 27,885 | 42,378 | ||||||||||||
Provision (benefit) for income taxes |
(2,687 | ) | (659 | ) | (5,074 | ) | 13,257 | |||||||||
Income (loss) from continuing operations |
36,279 | 2,055 | 32,959 | 29,121 | ||||||||||||
Income (loss) from discontinued operations net of provision for income taxes |
(578 | ) | (27 | ) | (1,324 | ) | (1,527 | ) | ||||||||
Net income (loss) |
35,701 | 2,028 | 31,635 | 27,594 | ||||||||||||
Less: Income attributable to noncontrolling interest |
(293 | ) | (372 | ) | (902 | ) | (1,543 | ) | ||||||||
Net income (loss) attributable to Willbros Group, Inc. |
$ | 35,408 | $ | 1,656 | $ | 30,733 | $ | 26,051 | ||||||||
Reconciliation of net income (loss) attributable to Willbros Group, Inc. |
||||||||||||||||
Income (loss) from continuing operations |
$ | 35,986 | $ | 1,683 | $ | 32,057 | $ | 27,578 | ||||||||
Income (loss) from discontinued operations |
(578 | ) | (27 | ) | (1,324 | ) | (1,527 | ) | ||||||||
Net income (loss) attributable to Willbros Group, Inc. |
$ | 35,408 | $ | 1,656 | $ | 30,733 | $ | 26,051 | ||||||||
Basic income (loss) per share attributable to Company shareholders: |
||||||||||||||||
Continuing operations |
$ | 0.77 | $ | 0.04 | $ | 0.77 | $ | 0.71 | ||||||||
Discontinued operations |
(0.01 | ) | | (0.03 | ) | (0.04 | ) | |||||||||
$ | 0.76 | $ | 0.04 | $ | 0.74 | $ | 0.67 | |||||||||
Diluted income (loss) per share attributable to Company shareholders: |
||||||||||||||||
Continuing operations |
$ | 0.71 | $ | 0.04 | $ | 0.76 | $ | 0.71 | ||||||||
Discontinued operations |
(0.01 | ) | | (0.03 | ) | (0.04 | ) | |||||||||
$ | 0.70 | $ | 0.04 | $ | 0.73 | $ | 0.67 | |||||||||
5 of 7 | ||||
CONTACT: | ||||
Michael W. Collier | Connie Dever | |||
Vice President Investor Relations | Director Strategic Planning | |||
Sales & Marketing | Willbros | |||
Willbros | 713-403-8035 | |||
713-403-8038 |
Cash Flow Data |
||||||||||||||||
Continuing operations |
||||||||||||||||
Cash provided by (used in) |
||||||||||||||||
Operating activities |
$ | (27,991 | ) | $ | 13,263 | $ | 17,640 | $ | 81,230 | |||||||
Investing activities |
(420,311 | ) | (14,533 | ) | (416,085 | ) | (16,091 | ) | ||||||||
Financing activities |
319,924 | (2,836 | ) | 300,311 | (32,203 | ) | ||||||||||
Foreign exchange effects |
1,750 | 2,580 | 780 | 3,145 | ||||||||||||
Discontinued operations |
213 | (143 | ) | (533 | ) | (222 | ) | |||||||||
Other Data (Continuing Operations) |
||||||||||||||||
Weighted average shares outstanding |
||||||||||||||||
Basic |
46,997 | 38,722 | 41,652 | 38,657 | ||||||||||||
Diluted |
52,154 | 38,919 | 44,890 | 38,817 | ||||||||||||
EBITDA(1) |
$ | 77,038 | $ | 12,516 | $ | 91,375 | $ | 78,010 | ||||||||
Capital expenditures |
4,779 | 3,710 | 13,723 | 10,369 | ||||||||||||
Reconciliation of Non-GAAP Financial Measures |
||||||||||||||||
EBITDA (1), (2) |
||||||||||||||||
Net income (loss) from continuing operations attributable to Willbros Group, Inc. |
$ | 35,986 | $ | 1,683 | $ | 32,057 | $ | 27,578 | ||||||||
Interest net |
11,836 | 1,977 | 16,018 | 6,093 | ||||||||||||
Provision (benefit) for income taxes |
(2,687 | ) | (659 | ) | (5,074 | ) | 13,257 | |||||||||
Depreciation and amortization |
19,903 | 9,515 | 36,374 | 31,082 | ||||||||||||
Goodwill impairment |
12,000 | | 12,000 | | ||||||||||||
EBITDA |
77,038 | 12,516 | 91,375 | 78,010 | ||||||||||||
Stock based compensation |
1,911 | 2,331 | 6,208 | 7,248 | ||||||||||||
Restructuring and reorganization costs |
85 | 2,418 | 698 | 8,207 | ||||||||||||
Acquisition related costs |
7,947 | 857 | 9,912 | 942 | ||||||||||||
(Gains) losses on sales of equipment |
(106 | ) | (865 | ) | (1,791 | ) | 165 | |||||||||
Noncontrolling interest |
293 | 372 | 902 | 1,543 | ||||||||||||
Adjusted EBITDA (2) |
$ | 87,168 | $ | 17,629 | $ | 107,304 | $ | 96,115 | ||||||||
Downstream operating income before special items |
||||||||||||||||
Operating income, as reported |
$ | (11,606 | ) | $ | (1,961 | ) | $ | (26,962 | ) | $ | 1,509 | |||||
Goodwill impairment |
12,000 | | 12,000 | | ||||||||||||
Operating income before special items |
$ | 394 | $ | (1,961 | ) | $ | (14,962 | ) | $ | 1,509 | ||||||
Net Income (loss) before special items (3) |
||||||||||||||||
Net income (loss), continuing operations |
$ | 35,986 | $ | 1,683 | $ | 32,057 | $ | 27,578 | ||||||||
Changes in fair value of contingent earnout liability |
(45,340 | ) | | (45,340 | ) | | ||||||||||
Goodwill impairment, net of tax |
7,200 | | 7,200 | | ||||||||||||
Net income (loss), continuing operations before special items |
$ | (2,154 | ) | $ | 1,683 | $ | (6,083 | ) | $ | 27,578 | ||||||
Net income from continuing operations applicable to common shares (numerator for
diluted calculation) before special items |
||||||||||||||||
Net income (loss), continuing operations (4) |
$ | 37,232 | $ | 1,683 | $ | 34,165 | $ | 27,578 | ||||||||
Net income (loss), continuing operations before special items |
$ | (2,154 | ) | $ | 1,683 | $ | (6,083 | ) | $ | 27,578 | ||||||
Diluted Income (loss) before special items (3) |
||||||||||||||||
Continuing operations |
$ | 0.71 | $ | 0.04 | $ | 0.76 | $ | 0.71 | ||||||||
Income (loss) per share before special items |
$ | (0.05 | ) | $ | 0.04 | $ | (0.15 | ) | $ | 0.71 | ||||||
Fully Diluted Shares |
||||||||||||||||
Diluted shares as reported |
52,154 | 38,919 | 44,890 | 38,817 | ||||||||||||
Diluted shares before special items (5) |
46,997 | 38,919 | 41,652 | 38,817 |
6 of 7 | ||||
CONTACT: | ||||
Michael W. Collier | Connie Dever | |||
Vice President Investor Relations | Director Strategic Planning | |||
Sales & Marketing | Willbros | |||
Willbros | 713-403-8035 | |||
713-403-8038 |
9/30/2010 | 6/30/2010 | 3/31/2010 | 12/31/2009 | |||||||||||||
Balance Sheet Data |
||||||||||||||||
Cash and cash equivalents |
$ | 100,887 | $ | 227,302 | $ | 190,839 | $ | 198,774 | ||||||||
Working capital |
218,262 | 239,093 | 231,852 | 297,294 | ||||||||||||
Total assets |
1,342,153 | 767,828 | 720,317 | 728,378 | ||||||||||||
Total debt |
394,995 | 109,010 | 112,769 | 104,037 | ||||||||||||
Stockholders equity |
582,342 | 484,269 | 477,808 | 487,196 | ||||||||||||
Backlog Data (6) |
||||||||||||||||
By Reporting Segment |
||||||||||||||||
Upstream O&G |
$ | 386,276 | $ | 328,596 | $ | 351,900 | $ | 245,586 | ||||||||
Downstream O&G |
138,443 | 104,842 | 132,483 | 146,156 | ||||||||||||
Utility T&D |
516,849 | | | | ||||||||||||
$ | 1,041,568 | $ | 433,438 | $ | 484,383 | $ | 391,742 | |||||||||
By Geographic Area |
||||||||||||||||
North America |
$ | 991,714 | $ | 383,054 | $ | 436,058 | $ | 368,447 | ||||||||
Middle East & North Africa |
44,874 | 50,384 | 48,325 | 23,295 | ||||||||||||
Other International |
4,980 | |||||||||||||||
$ | 1,041,568 | $ | 433,438 | $ | 484,383 | $ | 391,742 | |||||||||
(1) | EBITDA is earnings before net interest, income taxes and depreciation and amortization and intangible asset impairments. EBITDA as presented may not be
comparable to other similarly titled measures reported by other companies. The Company believes EBITDA is a useful measure of evaluating its financial
performance because of its focus on the Companys results from operations before net interest, income taxes, depreciation and amortization. EBITDA is not a
measure of financial performance under generally accepted accounting principles. However, EBITDA is a common alternative measure of operating performance
used by investors, financial analysts and rating agencies. A reconciliation of EBITDA to net income is included in the exhibit to this release. |
|
(2) | Adjusted EBITDA is defined as earnings before net interest, income taxes and depreciation and amortization and intangible asset impairments, as adjusted for other
items that management considers to be non-recurring, unusual or not indicative of our core operating performance. Management uses Adjusted EBITDA for
comparing normalized operating results with corresponding historical periods and with the operational performance of other companies in our industry and
presentations made to our analysts, investment banks and other members of the financing community who use this information in order to make investing decisions
about us. Most of the adjustments reflected in Adjusted EBITDA are also included in performance metrics under our credit facilities and other financing
arrangements. However, Adjusted EBITDA is not a financial measurement recognized under U.S. generally accepted accounting principles. Because not all
companies use identical calculations, our presentation of Adjusted EBITDA may not be comparable to similarly titled measures of other companies. |
|
(3) | Net Income (Loss), continuing operations before special items, a non-GAAP financial measure, excludes special items that management believes affect the
comparison of results for the periods presented. Management also believes results excluding these items are more comparable to estimates provided by securities
analysts and therefore are useful in evaluating operational trends of the company and its performance relative to other engineering and construction companies. |
|
(4) | Calculation of net income applicable to common shares (numerator for diluted earnings per share calculation) excludes interest expense of $1,246 and $2,108,
related to both the 2.75% and 6.5% convertible notes, for the three and nine months ended September 30, 2010. |
|
(5) | Excluding the special items would result in a net loss from continuing operations, thus reclassifying all shares currently reported as dilutive to anti-dilutive. |
|
(6) | Backlog is anticipated contract revenue from projects for which award is either in hand or reasonably assured. |
# # #
7 of 7 | ||||
CONTACT: | ||||
Michael W. Collier | Connie Dever | |||
Vice President Investor Relations | Director Strategic Planning | |||
Sales & Marketing | Willbros | |||
Willbros | 713-403-8035 | |||
713-403-8038 |