For the second quarter of 2008, net income was $75.4 million ($0.49 per share on a diluted basis) compared to a net income of $41.1 million ($0.27 per share on a diluted basis) for the same period last year.
- For the six-month period ended June 30, net income was $146.3 million ($0.96 per share on a diluted basis) in 2008 compared to $21.3 million ($0.14 per share on a diluted basis) for the same period in 2007, which included a pre-tax operating loss of $214.4 million from the Power segment and a net income from discontinued operations of $84.1 million representing the net gain after taxes on the sale of SNC Technologies.
- Year-to-date revenues increased to $3.5 billion compared to $3.0 billion for the six-month period ended June 30, 2007.
- Backlog for our four categories of revenues: Services, Packages, Operations & Maintenance and Infrastructure Concession Investments, totalled $9.4 billion at the end of June 2008.
- Cash and cash equivalents remained solid at $946 million at June 30, 2008.
- The Board of Directors declared a cash dividend of $0.12 per share for the second quarter of 2008.
For the second quarter of 2008, net income was $75.4 million ($0.49 per share on a diluted basis) compared to a net income of $41.1 million ($0.27 per share on a diluted basis) for the comparable quarter in 2007. The increase is mainly due to higher operating income in the Infrastructure & Environment and Mining & Metallurgy segments, as well as a lower operating loss in the Power segment.
For the six-month period ended June 30, net income was $146.3 million ($0.96 per share on a diluted basis) in 2008 compared to $21.3 million ($0.14 per share on a diluted basis) for the same period in 2007, which included a net income from discontinued operations of $84.1 million representing the net gain after taxes on the sale of SNC Technologies. From continuing operations, net income was $146.3 million in the first half of 2008 compared to a net loss of $62.8 million for the same period in 2007. The difference is mainly explained by the operating loss in the Power segment in the first six months of 2007, coupled with a higher operating income in the Chemicals & Petroleum and Mining & Metallurgy segments in the first half of 2008 compared to the same period in 2007.
Year-to-date revenues increased by 18% to $3.5 billion compared to $3.0 billion for the six-month period ended June 30, 2007 due to increased activities in all categories of revenues.
The Company's backlog for our four categories of revenues: Services, Packages, Operations & Maintenance and Infrastructure Concession Investments, totalled $9.4 billion at the end of June 2008 compared to $10.0 billion at the end of March 2008, and $10.5 billion at the end of June 2007.
"We delivered solid results in the first six months of 2008," said Jacques Lamarre, President and Chief Executive Officer, SNC-Lavalin Group Inc. "The operating income in most of our segments is up compared to last year, our cash position remained solid and our list of prospects remains promising. We are satisfied with the quality of our backlog at the end of June 2008. While the total backlog is lower, a higher portion relates to Services, which have a higher gross margin-to-revenue ratio compared with Packages and Operations & Maintenance activities. We remain optimistic for upcoming quarters and maintain our 2008 outlook for substantial growth in profitability in 2008 compared to 2007."
The Company's balance sheet position remained solid with cash and cash equivalents of $946 million at June 30, 2008. The Board of Directors today declared a cash dividend of $0.12 per share payable August 27, 2008 to shareholders of record on August 13, 2008. This dividend is an "eligible dividend" for income tax purposes. -- www.cnxmarketlink.com
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