BATON ROUGE, La.--(BUSINESS WIRE)--Jan. 13, 2003--The Shaw Group
Inc. (NYSE: SGR) ("Shaw" or "the Company") today announced earnings of
$16.5 million, or $0.42 per diluted share, for the first quarter ended
November 30, 2002. This compares to earnings of $19.0 million, or
$0.45 per diluted share, for the three months ended November 30, 2001.
Revenue for the first quarter of fiscal 2003 increased 120% reaching
$996.9 million, compared to $453.6 million for the first quarter of
fiscal 2002.
Shaw's backlog totaled $5.0 billion at November 30, 2002. This
represents an 11% increase over the $4.5 billion backlog reported at
November 30, 2001. Contributing to this backlog was approximately $457
million in new awards booked during the quarter, including
approximately $220 million from the Company's environmental and
infrastructure division. Approximately 47% of the total backlog, or
$2.4 billion, is expected to be worked off during the next 12 months.
Eighty-eight percent of Shaw's backlog is for projects in the United
States.
"Strong bidding activity and steady bookings of new work highlight
our first quarter operations and bring our fiscal year off to a good
start," stated J. M. Bernhard, Jr., Shaw's Chairman, President and
Chief Executive Officer. "Our financial results for the quarter are
solid, and we hope to continue this trend as we work off what we
believe to be a stable and profitable backlog of projects.
Furthermore, our environmental and infrastructure business is
progressing at an impressive pace with significant new awards that
help to confirm a successful integration effort."
The Shaw Group Inc. is a leading global provider of comprehensive
services to the power, process, and environmental and infrastructure
industries. Shaw is a vertically-integrated provider of comprehensive
engineering, procurement, pipe fabrication, construction and
maintenance services to the power and process industries. Shaw is also
a leader in the environmental, infrastructure and homeland defense
markets providing consulting, engineering, construction, remediation
and facilities management services to governmental and commercial
customers. The Company is headquartered in Baton Rouge, Louisiana with
offices and operations in North America, South America, Europe, the
Middle East and the Asia-Pacific region and employs approximately
17,000 people.
For more information on The Shaw Group Inc., please contact
Christine Mollere, Vice President of Corporate Communications at
225-932-2500.
The Private Securities Litigation Reform Act of 1995 provides a
"safe harbor" for certain forward-looking statements. The statements
contained herein that are not historical facts (including without
limitation statements to the effect that the Company or its management
"believes," "expects," "anticipates," "plans," or other similar
expressions) and statements related to revenues, earnings, backlog, or
other financial information or results are forward-looking statements
based on the Company's current expectations and beliefs concerning
future developments and their potential effects on the Company. There
can be no assurance that future developments affecting the Company
will be those anticipated by the Company. These forward-looking
statements involve significant risks and uncertainties (some of which
are beyond our control) and assumptions and are subject to change
based upon various factors. Should one or more of such risks or
uncertainties materialize, or should any of our assumptions prove
incorrect, actual results may vary in material respects from those
projected in the forward-looking statements. The Company undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise. A description of some of the risks and uncertainties that
could cause actual results to differ materially from such
forward-looking statements can be found in the Company's reports and
registration statements filed with the Securities and Exchange
Commission, including its Form 10-K and Form 10-Q, reports and on the
Company's web-site under the heading "Forward Looking Statement".
These documents are also available from the Securities and Exchange
Commission or from the Investor Relations department of Shaw. For more
information on the company and announcements it makes from time to
time on a regional basis visit our web site at www.shawgrp.com.
The Shaw Group Inc.
Consolidated Statements of Income
(In thousands, except per share amounts)
Three Months Ended
November 30,
-------------------
2002 2001
-------- --------
Income:
Sales $996,906 $453,609
Cost of sales 914,480 390,899
-------- --------
Gross profit 82,426 62,710
General and administrative expenses 49,892 30,908
-------- --------
Operating income 32,534 31,802
Interest expense (5,774) (5,805)
Interest income 1,539 3,022
Other income, net (99) 367
-------- --------
(4,334) (2,416)
-------- --------
Income before income taxes and earnings (losses)
from unconsolidated entities 28,200 29,386
Provision for income taxes 10,152 10,585
-------- --------
Income before earnings (losses) from unconsolidated
entities 18,048 18,801
Earnings (losses) from unconsolidated entities (net
of taxes) (1,595) 151
-------- --------
Net Income $ 16,453 $ 18,952
======== ========
Basic income per common share:
Net income available to common shareholders $ 16,453 $ 18,952
======== ========
Number of shares 38,417 40,834
======== ========
Net income per common share $ 0.43 $ 0.46
======== ========
Diluted income per common share:
Net income available to common shareholders $ 16,453 $ 18,952
Interest on convertible debt, net of taxes 2,632 2,632
-------- --------
Net income for diluted computation $ 19,085 $ 21,584
======== ========
Number of shares 45,423 48,465
======== ========
Diluted income per common share $ 0.42 $ 0.45
======== ========
REVENUE AND BACKLOG BY INDUSTRY AND GEOGRAPHY
Revenue by Industry
-------------------
(First Quarter Ended November 30, 2002)
Power Generation $ 560.7 million 56 %
Environmental & Infrastructure $ 317.6 million 32 %
Process Industries $ 73.0 million 7 %
Other Industries $ 45.6 million 5 %
----------------- -----
Total $ 996.9 million 100 %
Revenue by Geography
--------------------
(First Quarter Ended November 30, 2002)
United States $ 874.3 million 88 %
Asia/Pacific Rim $ 48.2 million 5 %
Other North American $ 40.2 million 4 %
Europe $ 22.6 million 2 %
South America $ 6.5 million 1 %
Other $ 3.0 million 0 %
Middle East $ 2.1 million 0 %
----------------- -----
Total $ 996.9 million 100 %
Backlog by Industry
-------------------
(At November 30, 2002)
Environmental & Infrastructure $2,264.3 million 45 %
Power Generation
Nuclear Power $1,156.2 million 23 %
Fossil Fuel EPC $ 612.2 million 12 %
Other Power $ 382.3 million 8 %
Process Industries $ 527.3 million 11 %
Other Industries $ 59.5 million 1 %
---------------- -----
Total $5,001.8 million 100 %
Backlog by Geography
--------------------
(At November 30, 2002)
Domestic $4,401.2 million 88 %
International $ 600.6 million 12 %
---------------- -----
Total $5,001.8 million 100 %
--30--CB/na*
| CONTACT: |
The Shaw Group Inc., Baton Rouge |
| |
Christine Mollere, 225/932-2500 |
|
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