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Exhibit
99.1
| CONTACT: | Michael W. Collier | |||
| Vice President, Investor Relations | ||||
|
NEWS
RELEASE
|
Willbros USA, Inc.
(713)
403-8016
|
|||
| Connie Dever | ||||
| Director, Strategic Planning | ||||
| Willbros USA, Inc. | ||||
|
FOR
IMMEDIATE RELEASE
|
(713) 403-8035 |
WILLBROS
ANNOUNCES SECOND QUARTER EARNINGS
OF
$0.49 PER DILUTED SHARE FROM CONTINUING OPERATIONS
| · |
Company
reports consecutive strong quarterly earnings and
revenue.
|
| · |
Continuing
operations second quarter 2008 net income of $20.1 million compares
to net
loss of $40.4 million for second quarter
2007.
|
| · |
Second
quarter 2008 EBITDA(1)
of $48.6 million from continuing
operations.
|
| · |
Backlog
at June 30, 2008 increased to $1.3 billion, primarily in North
America.
|
HOUSTON,
TX—
August
6, 2008—
Willbros Group, Inc. (NYSE: WG) today reported its results for the second
quarter of 2008. On revenue of $467.7 million, net income from continuing
operations for the second quarter of 2008 was $20.1 million, or $0.49 per
diluted share, as compared to a loss of $40.4 million, or $1.47 per share,
in
2007. Including discontinued operations, Willbros reported second quarter 2008
net income of $19.3 million, or $0.47 per diluted share, compared to a loss
of
$44.2 million, or $1.61 per share from second quarter 2007. Second quarter
2008
revenue from continuing operations of $467.7 million was approximately three
times the $156.7 million reported in second quarter 2007. The increase was
attributed to high utilization of the Company’s U.S. large diameter pipeline
construction capacity, and from the addition of the Downstream services unit,
InServ, which was acquired late in 2007.
Randy
Harl, President and Chief Executive Officer, commented, “Our second quarter 2008
results reflect the leverage our quarterly performance can achieve when we
achieve operational excellence. Our Downstream performance, greatly improved
over the first quarter, benefited from the seasonality of the refinery
maintenance business and the strong market for field services and storage tanks.
We saw strong revenue in our Upstream segment, even after the effect of the
spring break-up in Canada, and our Engineering segment continues to provide
excellent returns executing high value added assignments. Our focus on risk
management and improved processes and procedures has contributed to the
improvement in execution, as have the hard work and dedication of our employees.
We will continue to focus on our plan to grow Willbros, while managing for
the
best risk-adjusted returns and improvement of our execution skills. We believe
the outlook for our business remains very positive and we continue to add
backlog, including recently announced significant project work in our pipeline
construction operation in Canada.”
1
The following information was filed by Willbros Group Inc on Tuesday, August 12, 2008 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one quarter to another to evaluate Willbros Group Inc's financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Willbros Group Inc.
895450 Quarterly Reports
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- 10-Q Quarterly Report November 2007
- 10-Q Quarterly Report August 2007
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