CB&I Announces First Quarter 2007 Results
biz.yahoo.com
Tuesday May 1, 8:57 pm ET
THE WOODLANDS, Texas--(BUSINESS WIRE)--CB&I (NYSE:CBI) today reported net income of $36.6 million, or $0.38 per diluted share, for the first quarter 2007, compared with $13.3 million, or $0.13 per diluted share, for the first quarter 2006.
New awards for the quarter were $2.1 billion, bringing CB&I's total backlog to $5.7 billion, as of March 31, 2007. Revenue for the quarter was $857 million, up 33 percent compared with the first quarter 2006.
"I'm pleased to report a solid quarter for CB&I with backlog at an all-time high driven by robust growth in new awards," said Philip K. Asherman, President and CEO. "The quarter's results reflect a strong energy market, coupled with the successful execution of our business model. CB&I's project portfolio positions us to capitalize on forecasted energy demand in each of the company's market segments -- LNG infrastructure, refining processes, and steel plate storage structures."
Cash and cash equivalents at the end of the quarter totaled $683 million, up from $619 million at year-end 2006. Capital expenditures for the first quarter were $22.5 million, compared with $12.8 million for the first quarter 2006. During the quarter, CB&I used $20.9 million of cash to repurchase approximately 702,000 shares of its common stock at an average price of $29.85 per share. |
