Shaw Group declares Q4 financial results & fiscal year 2005
22 Oct '05
3 min read
Engineering, construction, fabrication, environmental and industrial services organization, The Shaw Group Inc announced financial results for its fourth quarter and fiscal year ended August 31, 2005. Net income for the fourth quarter of fiscal 2005 was $17.9 million, or $0.23 per diluted share.
This compares to net income of $10.9 million, or $0.17 per diluted share for the fourth quarter of fiscal 2004. Income from continuing operations for the fourth quarter of fiscal 2005 was $17.9 million, compared to $12.2 million for the fourth quarter of fiscal 2004. Revenues for the fourth quarter of fiscal 2005 were $818.7 million compared to $806.2 million in the previous year's fourth quarter.
For the fiscal year ended August 31, 2005, the Company reported net income of $16.4 million, or $0.23 per diluted share, including charges of $47.8 million ($31.1 million after taxes), or $0.44 per diluted share for the early retirement of debt and $6.9 million after taxes, or $0.10 per diluted share, for the valuation of a deferred tax asset. Not including the charges, net income would have been $54.3 million, or $0.77 per diluted share, for fiscal 2005. For the year ended August 31, 2004, Shaw reported a net loss of $29.0 million, or $0.50 per diluted share. Revenues for the fiscal year ended August 31, 2005 were $3.3 billion, compared to $3.0 billion for the fiscal year ended August 31, 2004.
Shaw's backlog totaled $6.7 billion at August 31, 2005, Shaw's highest ever backlog and a 16 percent increase over the backlog at August 31, 2004. Approximately $2.4 billion, or 36 percent of the backlog, is expected to convert during fiscal 2006. Nearly $3.0 billion, or 45 percent of the backlog, is comprised of projects for energy industry customers, primarily in fossil fuel and nuclear power plants and approximately $2.2 billion, or 33 percent, is in the environmental and infrastructure sector, primarily in contracts with Federal agencies. Approximately $1.4 billion of the backlog is related to the chemicals industry.
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