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BirdConstructionIncImprovedThirdQuarter2011FinancialResultsandDeclaresDividendsfortheMonthsof
November2011,December2011,January2012andFebruary2012
1109words
11November2011
00:28
MarketNewsPublishing
MNEWSP
English
Copyright2011MarketNewsPublishingInc.AllRightsReserved

BIRDCONSTRUCTIONINC("BDTT")ImprovedThirdQuarter2011FinancialResultsandDeclaresDividendsfortheMonthsofNovember2011,December2011,
January2012andFebruary2012
HIGHLIGHTS:
Improved third quarter net income of $9.5 million on construction
revenue of $278.6 million, reflecting improved margins and one month's
contribution of H.J. O'Connell's ("O'Connell") profitable operations,
compared with $8.1 million and $231.2 million in the third quarter of
2010.
Nine month net income of $16.7 million on construction revenue of
$642.5 million.
On August 31, 2011, successfully completed the acquisition of O'Connell
which provides enhanced geographic and market sector scope.
Bird's new subsidiary, O'Connell, is awarded a $100 million unit price
contract with ArcelorMittal Mines Canada Inc. for the removal of waste
rock at the client's Mont Wright mine.
Company carries forward a record backlog of $1,299.7 million including
the backlog acquired with the O'Connell acquisition.
Subsequent to the quarter end, the Company was awarded a significant
design-build construction contract with Canada Post to build a new
processing facility at the Vancouver International Airport.
Bird announces that a subsidiary is part of a consortium that was
awarded a contract to design and build the Restigouche Hospital Centre
located in Campbellton, New Brunswick.
The Company is part of a consortium short-listed to submit a proposal
to design, build and finance three Toronto 2015 Pan/Parapan American Games
venues.
Executed a number of new credit facilities to enhance the Company's
financial capacity and flexibility.

TimTalbott,PresidentandC.E.O.ofBird,statedthat"althoughourninemonthearningsarebelowlastyear'samounts,weareencouragedbytheimprovementinour
2011thirdquarterearningsrelativetothosereportedinthefirsthalfof2011.Wearenowbeginningtoseetheimpactofwhatwebelieveareimprovingmarket
conditionsandthepositiveimpactweexpectfromtheacquisitionofO'Connell.Thecontinuedgrowthofourbacklogtoarecordlevelandtheawardoftwomajor
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contractsinthepastfewmonthsprovidesuswithadegreeofoptimismfortheremainderof2011andinto2012."
Financial Results
('000s except per share amounts)
3 Mos.
9 Mos.
ended
ended
Sep 30
Sep 30
2011
2010
2011
2010
Construction Revenue
Income before income taxes
Net income & comprehensive
income for the period
Adjusted net income
(non-GAAP measure)

$278,561 $231,179 $642,468 $616,671

13,877
8,556 23,681 44,178
$ 9,549 $ 8,144 $ 16,671 $36,938
$10,285 $ 8,277 $ 17,903 $37,289

Basic & diluted earnings per share $0.23 $ 0.19 $ 0.40

$ 0.88
Adjusted net income per share
$0.24 $ 0.20 $ 0.42
$ 0.89
Earnings per share amounts reflect the stock split effective in
Apr 2011.

Constructionrevenueincreasedby4.2%to$642.5millionfortheninemonthsendedSeptember30,2011comparedto$616.7millionfortheninemonthsended
September30,2010,primarilyduetotimingintheexecutionofourconstructionBacklogandtheimpactofO'Connell.Incomebeforetaxesof$23.7millionforthenine
monthsendedSeptember30,2011comparesto$44.2millionfortheninemonthsendedSeptember30,2010.Thereductioninincomebeforetaxesisprimarilyaresult
oflowergrossprofitmarginsinthecurrentyear,inpartreflectingmorerecentcompetitivemarketconditionsandtheimpactofhighermarginprojectsexecutedin2010
comparedtothosemorerecentlyawardedandnowbeingreportedinearnings,offsettosomeextentbytheincomecontributionresultingfromtheO'Connellacquisition.
Netincomeof$16.7millionfortheninemonthsendedSeptember30,2011comparesto$36.9millionintheninemonthsendedSeptember30,2010.Adjustednet
incomeof$17.9millionfortheninemonthsendedSeptember30,2011comparesto$37.3millionintheninemonthsendedSeptember30,2010.O'Connell'sprofitable
operationsforthemonthofSeptember2011aremakinganimmediatecontributiontoBird'sadjustednetincome,whichwillbemoreevidentinthenextquarter.
Recordbacklogof$1,299.7millionatSeptember30,2011compareswith$1,016.4millionatSeptember30,2010and$1,082.6millionasatDecember31,2010,both
ofwhichhavebeenadjustedforthe$147.0millionprojectwhichwascancelledinthefirsthalfof2011.
BirdConstructionInc.alsoannouncedthatitsBoardofDirectorshasapprovedregularcashdividendsforthemonthsofNovember2011,December2011,January
2012andFebruary2012intheamountof$0.055percommonshareforeachmonthtobepaidasfollows
i)theNovdividendwillbepaidDec20,2011totheshareholdersofrecordasofthecloseofbusinessonNov30,2011ii)theDecdividendwillbepaidJan20,2012to
theshareholdersofrecordasofthecloseofbusinessonDec30,2011iii)theJandividendwillbepaidFeb20,2012totheshareholdersofrecordasofthecloseof
businessonJan31,2012iv)theFebdividendwillbepaidMar20,2012toshareholdersofrecordasofthecloseofbusinessonFeb29,2012.
Aconferencecallforanalystsandinvestorswillbeheldat10:00AMEDTonFriday,November11,2011todiscussthesecondquarterresults.Thedialinnumberis1
8666369090.Attendeesareaskedtobeonthecall10minutespriortothestartofthecall.
Thispressreleasecontainsforwardlookingstatementsthatinvolveanumberofrisksanduncertaintiesbecausetheyrelatetoeventsanddependoncircumstances
thatwilloccurinthefuture.Manyfactorscouldcauseactualresultsanddevelopmentstodiffermateriallyfromthoseexpressedorimpliedbytheseforwardlooking
statements.
TheTorontoStockExchangedoesnotacceptresponsibilityfortheadequacyoraccuracyofthisrelease.
TSXclosingpriceforBDTTDate:2011/11/10ClosingPrice:10.55
____________________________________________________________(c)2011MarketNewsPublishingInc.Allrightsreserved.Toronto:(416)3668881Vancouver:
(604)6891101Fax:(604)6891106
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1131300851FAC113130266221291720111110
TEL:(4l6)6207122T.J.Talbott,President&C.E.O.FAX:(416)6201516S.R.Entwistle,C.F.O.BirdConstructionInc.______________________________
_______________________________________________
MarketNewsPublishing,Inc.
DocumentMNEWSP0020111111e7bb000px
UIVer:73.4.0Mod:11:56ID:FWEB5
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