-
Earnings per share of $0.39
-
Revenues of $766 million increased 10.8%
-
Record Backlog of $6.0 billion
CHARLOTTE, N.C.--(BUSINESS WIRE)--May. 9, 2012--
The Babcock & Wilcox Company (NYSE: BWC) (“B&W” or the “Company”) today
reported first quarter 2012 revenues of $765.9 million, an increase of
$74.6 million, or 10.8%, from the first quarter of 2011. Earnings per
share for the first quarter of 2012 were $0.39 compared to $0.11 in the
first quarter of 2011. In the first quarter of 2011, earnings per share
included approximately $0.17 of charges related to loss contracts.
Excluding the impact of these prior year charges, earnings per share in
the first quarter of 2012 increased 39.3% compared to the first quarter
of 2011.
Recent Highlights
-
Named to MIT Technology Review’s 2012 TR50 List of the World’s Most
Innovative Companies
-
Received Full Notice to Proceed on West Palm Beach Waste-to-Energy
Facility Contract, Added $676 Million to Backlog
-
Awarded $1.3 Billion, Ten-Year Waste Isolation Pilot Plant
Management Contract
-
Awarded $150 Million Environmental Equipment and Construction
Contract for Alliant Energy
-
Awarded $130 Million Naval Nuclear Component Contract
-
Awarded $30 Million Design and Engineering Selective Catalytic
Reduction (SCR) System Contract for Xcel Energy
-
Awarded $20 Million EPC Industrial Environmental Control Systems
Contract
-
Announced Retirement of Brandon C. Bethards and Appointment of E.
James Ferland as President and Chief Executive Officer
Results of Operations
Consolidated revenues for the first quarter of 2012 were $765.9 million,
an increase of $74.6 million, or 10.8%, from the first quarter of 2011.
The Power Generation and Nuclear Energy segments increased 16.3% and
32.6%, respectively, while the combined government segments declined
1.3%. The double-digit growth rate in consolidated revenues is primarily
due to strong environmental control equipment and services sales, growth
in new renewable steam generation systems, and higher nuclear services
revenues.
Operating income for the first quarter of 2012 was $65.7 million, an
increase of $43.8 million from the first quarter of 2011. Included in
operating earnings in the first quarter of 2011 were charges related to
loss contracts totaling $32.7 million. Excluding the impact of these
charges in the prior year, operating earnings in the first quarter of
2012 increased $11.1 million or 20.3% compared to the first quarter of
2011.
The increase in operating income (excluding these 2011 charges) was
primarily due to improvements in operational performance in the
Government segments, partially offset by an increase in research and
development expenses related to the Company’s small modular reactor
program and lower equity income contributions from the Company’s
unconsolidated steam boiler joint venture in China.
“In the first quarter, the Company performed well above prior year
levels, and in-line with expectations,” said E. James Ferland, President
and Chief Executive Officer of B&W. “Importantly, strong bookings in the
first quarter of 2012 resulted in an ending backlog of $6.0 billion, the
highest quarter-end backlog the Company has ever reported. Bookings in
the quarter include the impact of the full notice to proceed received
for the West Palm Beach waste-to-energy plant, $249 million of
environmental awards and a new $130 million contract for advanced naval
reactor designs. Over the last few quarters, the Company has realized a
significant increase in environmental control systems bookings as a
result of legislative requirements in the United States to generate
electricity with fewer emissions. At the end of the first quarter, the
Power Generation segment had more than $4 billion of bids outstanding or
in progress, which includes more than $2 billion for environmental
control systems and services,” Ferland concluded.
Liquidity
The Company’s cash and investments position, net of debt, was $418.7
million at the end of the first quarter of 2012, a decrease of $125
million compared to $543.7 million at the end of the fourth quarter of
2011. During the quarter, the Company contributed $91.6 million to its
pension plans. In addition to net cash, the Company maintains a $700.0
million revolving credit agreement with $483.8 million of availability
as of the end of the first quarter. The Company believes it maintains
adequate liquidity to fund operations, which could include increased
working capital requirements to fund internal growth, R&D programs, and
product and geographic expansion opportunities.
Reconciliation of Non-GAAP Earnings Per Share and Operating Income
(in
$ millions, except per share amounts)
|
|
|
Q1 2012
|
|
Q1 2011
|
|
GAAP operating income
|
|
$65.7
|
|
$21.9
|
|
NFS material processing loss contracts
|
|
-
|
|
11.1
|
|
Nuclear Energy loss contract
|
|
-
|
|
21.6
|
|
Non-GAAP operating income
|
|
$65.7
|
|
$54.6
|
|
|
|
|
|
|
|
Reported earnings per share
|
|
$0.39
|
|
$0.11
|
|
NFS material processing loss contracts
|
|
-
|
|
.06
|
|
Nuclear Energy loss contract
|
|
-
|
|
.11
|
|
Non-GAAP earnings per share
|
|
$0.39
|
|
$0.28
|
|
|
|
|
|
|
B&W is providing non-GAAP information regarding certain of its
historical results 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.
Conference Call to Discuss First Quarter 2012 Results
|
Date:
|
|
Thursday, May 10, 2012, at 8:30 a.m. ET
|
|
Live Webcast:
|
|
Investor Relations section of website at www.babcock.com
|
|
|
|
|
Forward-Looking Statements
B&W cautions that this release contains forward-looking statements,
including, without limitation, statements relating to our belief
regarding the opportunity from environmental control systems and
backlog, it the extent backlog may be viewed as an indicator of future
revenues. 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 the timing, scope or
enforcement of U.S. Environmental Protection Agency environmental rules
affecting our customers and delays, changes or termination of contracts
in backlog. If one or more of these 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 its annual report on Form
10-K for the year ended December 31, 2011. B&W cautions not to place
undue reliance on these forward-looking statements, which speak only as
of the date hereof, 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 12,700
people, in addition to approximately 10,400 joint venture employees. 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.
TABLES TO FOLLOW
|
THE BABCOCK & WILCOX COMPANY
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
March 31,
|
|
December 31,
|
|
|
2012
|
|
2011
|
|
|
(Unaudited)
|
|
|
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
Current Assets:
|
|
|
|
|
Cash and cash equivalents
|
$
|
249,620
|
|
$
|
415,209
|
|
Restricted cash and cash equivalents
|
|
59,040
|
|
|
61,190
|
|
Investments
|
|
111,237
|
|
|
68,805
|
|
Accounts receivable – trade, net
|
|
329,336
|
|
|
305,832
|
|
Accounts receivable – other
|
|
76,375
|
|
|
77,505
|
|
Contracts in progress
|
|
336,731
|
|
|
315,286
|
|
Inventories
|
|
114,025
|
|
|
107,298
|
|
Deferred income taxes
|
|
88,770
|
|
|
102,022
|
|
Other current assets
|
|
44,105
|
|
|
33,929
|
|
|
|
|
|
|
Total Current Assets
|
|
1,409,239
|
|
|
1,487,076
|
|
|
|
|
|
|
Property, Plant and Equipment
|
|
1,038,586
|
|
|
1,017,422
|
|
Less accumulated depreciation
|
|
611,529
|
|
|
595,131
|
|
|
|
|
|
|
Net Property, Plant and Equipment
|
|
427,057
|
|
|
422,291
|
|
|
|
|
|
|
Investments
|
|
4,006
|
|
|
3,775
|
|
|
|
|
|
|
Goodwill
|
|
276,824
|
|
|
276,180
|
|
|
|
|
|
|
Deferred Income Taxes
|
|
236,080
|
|
|
241,739
|
|
|
|
|
|
|
Investments in Unconsolidated Affiliates
|
|
178,427
|
|
|
163,568
|
|
|
|
|
|
|
Other Assets
|
|
204,864
|
|
|
194,482
|
|
|
|
|
|
|
TOTAL
|
$
|
2,736,497
|
|
$
|
2,789,111
|
|
|
|
|
|
|
|
|
THE BABCOCK & WILCOX COMPANY
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
December 31,
|
|
|
|
2012
|
|
2011
|
|
|
|
(Unaudited)
|
|
|
|
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities:
|
|
|
|
|
|
Notes payable and current maturities of long-term debt
|
|
$
|
4,650
|
|
|
$
|
4,653
|
|
|
Accounts payable
|
|
|
224,659
|
|
|
|
237,494
|
|
|
Accrued employee benefits
|
|
|
236,138
|
|
|
|
303,803
|
|
|
Accrued liabilities – other
|
|
|
77,820
|
|
|
|
71,079
|
|
|
Advance billings on contracts
|
|
|
430,789
|
|
|
|
438,753
|
|
|
Accrued warranty expense
|
|
|
98,413
|
|
|
|
97,209
|
|
|
Income taxes payable
|
|
|
2,549
|
|
|
|
1,816
|
|
|
|
|
|
|
|
|
Total Current Liabilities
|
|
|
1,075,018
|
|
|
|
1,154,807
|
|
|
|
|
|
|
|
|
Long-Term Debt
|
|
|
597
|
|
|
|
633
|
|
|
|
|
|
|
|
|
Accumulated Postretirement Benefit Obligation
|
|
|
79,031
|
|
|
|
80,663
|
|
|
|
|
|
|
|
|
Environmental Liabilities
|
|
|
44,857
|
|
|
|
44,069
|
|
|
|
|
|
|
|
|
Pension Liability
|
|
|
539,225
|
|
|
|
586,045
|
|
|
|
|
|
|
|
|
Other Liabilities
|
|
|
88,808
|
|
|
|
87,921
|
|
|
|
|
|
|
|
|
Commitments and Contingencies
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ Equity:
|
|
|
|
|
|
Common stock, par value $0.01 per share, authorized 325,000,000
shares; issued 119,020,291 and 118,458,911 shares at March 31,
2012 and December 31, 2011, respectively
|
|
|
1,190
|
|
|
|
1,185
|
|
|
Preferred stock, par value $0.01 per share, authorized 75,000,000
shares; No shares issued
|
|
|
-
|
|
|
|
-
|
|
|
Capital in excess of par value
|
|
|
1,116,544
|
|
|
|
1,106,971
|
|
|
Retained earnings
|
|
|
313,069
|
|
|
|
266,325
|
|
|
Treasury stock at cost, 457,747 and 351,876 shares at March 31, 2012
and December 31, 2011, respectively
|
|
|
(12,889
|
)
|
|
|
(10,059
|
)
|
|
Accumulated other comprehensive loss
|
|
|
(518,809
|
)
|
|
|
(538,628
|
)
|
|
Stockholders’ Equity – The Babcock & Wilcox Company
|
|
|
899,105
|
|
|
|
825,794
|
|
|
Noncontrolling interest
|
|
|
9,856
|
|
|
|
9,179
|
|
|
Total Stockholders’ Equity
|
|
|
908,961
|
|
|
|
834,973
|
|
|
|
|
|
|
|
|
TOTAL
|
|
$
|
2,736,497
|
|
|
$
|
2,789,111
|
|
|
|
|
|
|
|
|
|
|
|
|
THE BABCOCK & WILCOX COMPANY CONDENSED CONSOLIDATED
STATEMENTS
OF INCOME
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
March 31,
|
|
|
|
2012
|
|
2011
|
|
|
|
(Unaudited)
|
|
|
|
(In thousands, except share and per
share amounts)
|
|
|
|
|
|
|
|
Revenues
|
|
$
|
765,892
|
|
|
$
|
691,277
|
|
|
Costs and Expenses:
|
|
|
|
|
|
Cost of operations
|
|
|
582,739
|
|
|
|
564,806
|
|
|
Research and development costs
|
|
|
29,036
|
|
|
|
17,308
|
|
|
Gains on asset disposals and impairments – net
|
|
|
(260
|
)
|
|
|
(10
|
)
|
|
Selling, general and administrative expenses
|
|
|
106,023
|
|
|
|
102,633
|
|
|
Total Costs and Expenses
|
|
|
717,538
|
|
|
|
684,737
|
|
|
|
|
|
|
|
|
Equity in Income of Investees
|
|
|
17,357
|
|
|
|
15,361
|
|
|
|
|
|
|
|
|
Operating Income
|
|
|
65,711
|
|
|
|
21,901
|
|
|
|
|
|
|
|
|
Other Income (Expense):
|
|
|
|
|
|
Interest income
|
|
|
233
|
|
|
|
459
|
|
|
Interest expense
|
|
|
(623
|
)
|
|
|
(455
|
)
|
|
Other expense – net
|
|
|
(1,102
|
)
|
|
|
(2,994
|
)
|
|
Total Other Expense
|
|
|
(1,492
|
)
|
|
|
(2,990
|
)
|
|
|
|
|
|
|
|
Income before Provision for Income Taxes
|
|
|
64,219
|
|
|
|
18,911
|
|
|
|
|
|
|
|
|
Provision for Income Taxes
|
|
|
20,357
|
|
|
|
5,244
|
|
|
|
|
|
|
|
|
Net Income
|
|
$
|
43,862
|
|
|
$
|
13,667
|
|
|
|
|
|
|
|
|
Net Loss (Income) Attributable to Noncontrolling Interest
|
|
|
2,882
|
|
|
|
(157
|
)
|
|
|
|
|
|
|
|
Net Income Attributable to The Babcock & Wilcox Company
|
|
$
|
46,744
|
|
|
$
|
13,510
|
|
|
|
|
|
|
|
|
Earnings per Common Share:
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
Net Income Attributable to The Babcock & Wilcox Company
|
|
$
|
0.40
|
|
|
$
|
0.12
|
|
|
Diluted:
|
|
|
|
|
|
Net Income Attributable to The Babcock & Wilcox Company
|
|
$
|
0.39
|
|
|
$
|
0.11
|
|
|
|
|
|
|
|
|
Shares used in the computation of earnings per share:
|
|
|
|
|
|
Basic
|
|
|
118,255,346
|
|
|
|
116,968,275
|
|
|
Diluted
|
|
|
118,859,141
|
|
|
|
117,957,245
|
|
|
|
|
|
|
|
|
|
|
|
|
THE BABCOCK & WILCOX COMPANY
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
March 31,
|
|
|
|
2012
|
|
2011
|
|
|
|
(Unaudited)
|
|
|
|
(In thousands)
|
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
Net Income
|
|
$
|
43,862
|
|
|
$
|
13,667
|
|
|
Non-cash items included in net income:
|
|
|
|
|
|
Depreciation and amortization
|
|
|
17,715
|
|
|
|
19,315
|
|
|
Income of investees, net of dividends
|
|
|
(6,893
|
)
|
|
|
(3,832
|
)
|
|
Gain on asset disposals – net
|
|
|
(260
|
)
|
|
|
(10
|
)
|
|
In-kind research and development costs
|
|
|
3,644
|
|
|
|
-
|
|
|
Amortization of pension and postretirement costs
|
|
|
21,524
|
|
|
|
20,474
|
|
|
Stock-based compensation expense
|
|
|
3,983
|
|
|
|
4,853
|
|
|
Excess tax benefits from stock-based compensation
|
|
|
(1,406
|
)
|
|
|
(4,031
|
)
|
|
Changes in assets and liabilities, net of effects of acquisitions:
|
|
|
|
|
|
Accounts receivable
|
|
|
(28,497
|
)
|
|
|
(31,213
|
)
|
|
Net contracts in progress and advance billings on contracts
|
|
|
(30,997
|
)
|
|
|
(44,328
|
)
|
|
Accounts payable
|
|
|
(10,159
|
)
|
|
|
6,016
|
|
|
Inventories
|
|
|
(6,066
|
)
|
|
|
1,536
|
|
|
Current and deferred income taxes
|
|
|
21,306
|
|
|
|
21,479
|
|
|
Accrued and other current liabilities
|
|
|
4,378
|
|
|
|
8,535
|
|
|
Pension liability, accumulated postretirement benefit obligation and
accrued employee benefits
|
|
|
(118,205
|
)
|
|
|
(71,633
|
)
|
|
Other, net
|
|
|
(17,163
|
)
|
|
|
(22,401
|
)
|
|
NET CASH USED IN OPERATING ACTIVITIES
|
|
|
(103,234
|
)
|
|
|
(81,573
|
)
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
Decrease (increase) in restricted cash and cash equivalents
|
|
|
2,150
|
|
|
|
(284
|
)
|
|
Purchases of property, plant and equipment
|
|
|
(21,441
|
)
|
|
|
(20,753
|
)
|
|
Purchases of available-for-sale securities
|
|
|
(64,802
|
)
|
|
|
(48,791
|
)
|
|
Sales and maturities of available-for-sale securities
|
|
|
22,015
|
|
|
|
48,577
|
|
|
Investment in equity and cost method investees
|
|
|
(6,572
|
)
|
|
|
(4,716
|
)
|
|
Proceeds from asset disposals
|
|
|
19
|
|
|
|
17
|
|
|
NET CASH USED IN INVESTING ACTIVITIES
|
|
|
(68,631
|
)
|
|
|
(25,950
|
)
|
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
Payment of short-term borrowing and long-term debt
|
|
|
(52
|
)
|
|
|
(797
|
)
|
|
Payment of debt issuance costs
|
|
|
-
|
|
|
|
(70
|
)
|
|
Excess tax benefits from stock-based compensation
|
|
|
1,406
|
|
|
|
4,031
|
|
|
Exercise of stock options
|
|
|
1,329
|
|
|
|
3,105
|
|
|
Other
|
|
|
(97
|
)
|
|
|
-
|
|
|
NET CASH PROVIDED BY FINANCING ACTIVITIES
|
|
|
2,586
|
|
|
|
6,269
|
|
|
EFFECTS OF EXCHANGE RATE CHANGES ON CASH
|
|
|
3,690
|
|
|
|
2,293
|
|
|
NET DECREASE IN CASH AND CASH EQUIVALENTS
|
|
|
(165,589
|
)
|
|
|
(98,961
|
)
|
|
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
|
|
|
415,209
|
|
|
|
391,142
|
|
|
CASH AND CASH EQUIVALENTS AT END OF PERIOD
|
|
$
|
249,620
|
|
|
$
|
292,181
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
|
|
|
|
|
|
Cash paid during the period for:
|
|
|
|
|
|
Interest (net of amount capitalized)
|
|
$
|
618
|
|
|
$
|
892
|
|
|
Income taxes (net of refunds)
|
|
$
|
6,853
|
|
|
$
|
13,903
|
|
|
|
|
|
|
|
|
|
|
|
|
The Babcock & Wilcox Company
|
|
Business Segment Information
|
|
For the Periods Ended March 31, 2012 and 2011
|
|
(In thousands of U.S. dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS ENDED
|
|
|
|
|
|
3/31/12
|
|
3/31/11
|
|
REVENUES:
|
|
|
|
|
|
Power Generation
|
|
$
|
414,273
|
|
|
$
|
356,184
|
|
|
Nuclear Operations
|
|
|
250,178
|
|
|
|
250,455
|
|
|
Technical Services
|
|
|
24,973
|
|
|
|
28,360
|
|
|
Nuclear Energy
|
|
|
86,586
|
|
|
|
65,262
|
|
|
Adjustments and Eliminations
|
|
|
(10,118
|
)
|
|
|
(8,984
|
)
|
|
|
|
|
|
|
|
|
|
|
TOTAL
|
|
$
|
765,892
|
|
|
$
|
691,277
|
|
|
|
|
|
|
|
|
|
|
SEGMENT INCOME:
|
|
|
|
|
|
Power Generation
|
|
$
|
27,979
|
|
|
$
|
26,633
|
|
|
Nuclear Operations
|
|
|
48,002
|
|
|
|
30,450
|
|
|
Technical Services
|
|
|
14,618
|
|
|
|
12,142
|
|
|
Nuclear Energy
|
|
|
(16,827
|
)
|
|
|
(37,478
|
)
|
|
|
SUBTOTAL
|
|
|
73,772
|
|
|
|
31,747
|
|
|
Corporate
|
|
|
(8,061
|
)
|
|
|
(9,846
|
)
|
|
|
TOTAL
|
|
$
|
65,711
|
|
|
$
|
21,901
|
|
|
|
|
|
|
|
|
|
|
EQUITY IN INCOME OF INVESTEES:
|
|
|
|
|
|
Power Generation
|
|
$
|
3,822
|
|
|
$
|
6,010
|
|
|
Nuclear Operations
|
|
|
0
|
|
|
|
0
|
|
|
Technical Services
|
|
|
13,535
|
|
|
|
9,351
|
|
|
Nuclear Energy
|
|
|
0
|
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
|
|
$
|
17,357
|
|
|
$
|
15,361
|
|
|
|
|
|
|
|
|
|
|
PENSION EXPENSE:
|
|
|
|
|
|
Power Generation
|
|
$
|
16,439
|
|
|
$
|
15,928
|
|
|
Nuclear Operations
|
|
|
10,371
|
|
|
|
8,946
|
|
|
Technical Services
|
|
|
698
|
|
|
|
634
|
|
|
Nuclear Energy
|
|
|
1,225
|
|
|
|
1,181
|
|
|
Corporate
|
|
|
1,946
|
|
|
|
1,680
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
|
|
$
|
30,679
|
|
|
$
|
28,369
|
|
|
|
|
|
|
|
|
|
|
DEPRECIATION AND AMORTIZATION:
|
|
|
|
|
|
Power Generation
|
|
$
|
4,588
|
|
|
$
|
4,720
|
|
|
Nuclear Operations
|
|
|
8,489
|
|
|
|
10,391
|
|
|
Technical Services
|
|
|
74
|
|
|
|
66
|
|
|
Nuclear Energy
|
|
|
1,545
|
|
|
|
1,181
|
|
|
Corporate
|
|
|
3,019
|
|
|
|
2,957
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
|
|
$
|
17,715
|
|
|
$
|
19,315
|
|
|
|
|
|
|
|
|
|
|
RESEARCH AND DEVELOPMENT, NET:
|
|
|
|
|
|
Power Generation
|
|
$
|
4,839
|
|
|
$
|
2,994
|
|
|
Nuclear Operations
|
|
|
119
|
|
|
|
11
|
|
|
Technical Services
|
|
|
215
|
|
|
|
0
|
|
|
Nuclear Energy
|
|
|
23,863
|
|
|
|
14,303
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
|
|
$
|
29,036
|
|
|
$
|
17,308
|
|
|
|
|
|
|
|
|
|
|
CAPITAL EXPENDITURES:
|
|
|
|
|
|
Power Generation
|
|
$
|
5,731
|
|
|
$
|
4,139
|
|
|
Nuclear Operations
|
|
|
12,774
|
|
|
|
11,766
|
|
|
Technical Services
|
|
|
0
|
|
|
|
0
|
|
|
Nuclear Energy
|
|
|
865
|
|
|
|
2,463
|
|
|
Corporate
|
|
|
2,071
|
|
|
|
2,385
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
|
|
$
|
21,441
|
|
|
$
|
20,753
|
|
|
|
|
|
|
|
|
|
|
BACKLOG:
|
|
|
|
|
|
Power Generation
|
|
$
|
2,650,767
|
|
|
$
|
1,500,655
|
|
|
Nuclear Operations
|
|
|
2,931,859
|
|
|
|
2,931,001
|
|
|
Technical Services
|
|
|
21,783
|
|
|
|
3,009
|
|
|
Nuclear Energy
|
|
|
350,068
|
|
|
|
471,897
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
|
|
$
|
5,954,477
|
|
|
$
|
4,906,562
|
|
|
|
|
|
|
|
|
Source: The Babcock & Wilcox Company
The Babcock & Wilcox Company
Investor Contact:
Michael P.
Dickerson, Vice President and Investor Relations Officer, 704-625-4944
investors@babcock.com
or
Media
Contact:
Jud Simmons, Public Relations Manager, 434-522-6462
hjsimmons@babcock.com
|
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