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|WILLBROS GROUP, INC.|
Michael W. Collier
|NEWS RELEASE|| |
Vice President Investor Relations
Willbros USA, Inc.
|FOR IMMEDIATE RELEASE|| |
Jack Lascar / Partner
WILLBROS BRINGS FINANCIAL FILINGS CURRENT AND
REPORTS 2005 AND FIRST QUARTER 2006 RESULTS
|||Company reports net loss of $4.6 million for first quarter 2006|
|||March 31, 2006 backlog was $820 million, up from $816 million at year-end 2005|
|||Conference Call scheduled for Monday, June 19, 2006 at 9:00 a.m. Eastern Time|
HOUSTON, TEXAS June 16, 2006Willbros Group, Inc. (NYSE: WG) announced today that it has filed its results for third quarter 2005 on Form 10-Q, for the year ended December 31, 2005 on Form 10-K and for the first quarter 2006 on Form 10-Q. The 2005 and 2006 Forms will be available on the Companys web site at www.willbros.com. Financial results for the referenced periods are presented as tables to this press release. Willbros also reported that its backlog, adjusted for the sale of the Opal TXP-4 Plant, stood at $820 million at the end of March 2006, as compared to $816 million at December 31, 2005.
We are moving beyond many of the challenges we have dealt with over the past eighteen months, stated Michael F. Curran, Chairman and CEO. After a lot of hard work, we believe we have become a more efficient company, and we are in the process of working through the majority of the remaining legacy work in Nigeria. We continue to see increasing opportunities to expand both our backlog and our revenue at improved contract margins.
First Quarter 2006
For the quarter ended March 31, 2006, the Company posted operating income of $0.5 million on revenue of $248.5 million. Contract costs were $227.1 million, resulting in a gross margin of 8.6 percent. General and Administrative costs were $15.7 million (or 6.3 percent of revenue). The tax provision was $6.0 million primarily due to taxes payable on a deemed profit basis in Nigeria. Net loss was $(4.6) million, or $(0.22) per share, compared to a net loss of $(9.9) million, or $(0.47) per share, in the first quarter of 2005.
The following information was filed by Willbros Group Inc on Friday, June 16, 2006 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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