willbros group inc (WBN) Snapshot

Willbros Group Inc. Presents at 2013 Credit Suisse Annual Engineering & Construction Conference, Jun-06-2013 09:50 AM. Venue: Credit Suisse Headquarters, 11 Madison Avenue, New York, New York, United States. Speakers: Van A. Welch, Chief Financial Officer and Executive Vice President.

Willbros Group Inc. announced that Earl Collins has been named President of its Oil and Gas segment. As President, Collins will be responsible for the development and implementation of Willbros strategy for the oil and gas markets as well as day-to-day operations of the Company's oil and gas product and service lines which include: construction, maintenance, turnaround and fabrication for projects from the wellhead to small capital projects inside refinery limits. Collins joins Willbros from CH2M Hill where he served as President & Global Director of EPC & Construction Operations. In that role he was responsible for the overall management of the EPC and construction business for all energy and chemicals projects servicing the upstream, midstream and downstream markets. He has also held positions with Peter Kiewit Construction.

Willbros Group Inc. announced earnings results for the first quarter ended March 31, 2013. For the quarter, the company announced contract revenue of $487,359,000 compared to $373,706,000 for the same period a year ago. Operating loss was $1,558,000 compared to operating loss of $9,720,000 for the same period a year ago. Loss from continuing operations before income taxes was $9,017,000 compared to $20,177,000 for the same period a year ago. Loss from continuing operations was $11,629,000 compared to $21,150,000 for the same period a year ago. Net income was $4,192,000 compared to loss of $20,380,000 for the same period a year ago. Net income attributable to the company was $4,192,000 compared to loss of $20,724,000 for the same period a year ago. Basic and diluted net income per share attributable to company shareholders, from continuing operations was $0.33 compared to $0.01 for the same period a year ago. Basic and diluted net loss per share attributable to company shareholders was $0.24 compared to $0.44 for the same period a year ago. Cash used in operating activities was $14,594,000 compared to provide by activities of $9,284,000 in the same period last year. Adjusted EBITDA from continuing operations was $9,560,000 compared to $5,800,000 for the same period a year ago. The capital budget for 2013 is $25 million of which $4 million was spent during the first quarter of 2013. The company reaffirmed guidance of annual revenues from continuing operations to be in the range of $1.9 billion to $2.1 billion and debt reductions of $50 million to $100 million by the end of 2013. While the current quarter effective tax rate from continuing operation was a negative 29%, it is anticipated to be between 25% to 30% for the year as it will improve profitability. The federal U.S. tax rate is expected to be 0 in 2013, as it will use net operating losses to offset U.S. earnings. The major components of 2013 effective tax rate will be the Texas margin tax and the Canadian income tax. The company expects continued strong operating margins in ensuing quarters and total revenue production in the range of $350 million to $400 million for the year.