THE WOODLANDS, Texas, Feb. 25, 2016 /PRNewswire/ -- CB&I (NYSE: CBI) today reported financial results for the fourth quarter and full-year 2015. For the year, adjusted net income was $630.7 million, or $5.86 per diluted share. Adjusted operating income was in excess of $1 billion, or 8.4 percent of revenue. Revenue for the year was $13 billion, including an $890 million negative impact attributable to foreign currency translation. New awards for the year exceeded $13 billion, resulting in a backlog of $23 billion at year end.
For the fourth quarter of 2015, adjusted net income was $165.2 million, or $1.56 per diluted share. Adjusted operating income was $279.3 million or 8.5 percent of revenue. Revenue for the fourth quarter was $3.3 billion, and new awards were $3.3 billion. Net operating cash flows for the quarter were $117 million, resulting in a net operating cash use of $56 million for the year.
"We are pleased with our results for the year, particularly our record of safety and execution excellence. Throughout 2015 we continued to capitalize on the competitiveness of our business model and completed strategic milestones to strengthen our ability to deliver shareholder value," said Philip K. Asherman, CB&I's President and Chief Executive Officer. "Our efforts enable us to begin 2016 with high-quality backlog and visibility into strong earnings and cash flows to deliver our capital allocation goals."
New awards of $13 billion for the year include bookings for the engineering and construction of two ethane crackers on the U.S. Gulf Coast, a liquids ethane cracker and associated units in the Middle East, an additional liquefaction train for an existing LNG project in Texas, a combined-cycle gas turbine plant on the Gulf Coast, and construction services for a petrochemical derivatives plant in the U.S. Additionally, CB&I was selected for the engineering and construction of significant LNG developments in East Africa, which the company expects to book during 2016.
Importantly, new awards for 2015 highlight CB&I's positioning in diverse end-markets, versatility of offerings and global reach. Additional noteworthy awards include maintenance contracts for a variety of power and industrial facilities globally; fabrication of low-temperature storage tanks and spheres in the U.S.; storage tanks for a clean fuels project in the Middle East; pipe fabrication for petrochemical and LNG facilities on the Gulf Coast; engineered products for a refinery in Russia and a hydrotreater in the U.S.; technology licensing for an ethylene plant on the Gulf Coast and a hydroprocessing facility in Asia; refining and petrochemical catalysts in North America and Africa; and numerous strategic technology licenses and catalysts sales globally.
The tables below include a reconciliation of GAAP financial results to adjusted financial results for the fourth quarter and full-year 2015 which exclude a non-cash after-tax charge of $1.1 billion resulting from the company's sale of its nuclear construction business on December, 31, 2015.
Earnings Conference Call
CB&I will host a webcast on February 25 at 4:00 p.m. Central time (5:00 p.m. Eastern time) to discuss financial and operating results and answer questions from investors. The webcast will be available on the Investor Relations page of www.cbi.com.
About CB&I
CB&I (NYSE:CBI) is the most complete energy infrastructure focused company in the world. With 125 years of experience and the expertise of approximately 42,000 employees, CB&I provides reliable solutions while maintaining a relentless focus on safety and an uncompromising standard of quality. For more information, visit www.cbi.com.
Important Information For Investors And Shareholders
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements regarding CB&I and represents our expectations and beliefs concerning future events. These forward-looking statements are intended to be covered by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties. When considering any statements that are predictive in nature, depend upon or refer to future events or conditions, or use or contain words, terms, phrases or expressions such as "achieve," "forecast," "plan," "propose," "strategy," "envision," "hope," "will," "continue," "potential," "expect," "believe," "anticipate," "project," "estimate," "predict," "intend," "should," "could," "may," "might" or similar forward-looking statements, we refer you to the cautionary statements concerning risk factors and "Forward-Looking Statements" described under "Risk Factors" in Item 1A of our Annual Report filed on Form 10-K filed with the SEC for the year ended December 31, 2015, and any updates to those risk factors or "Forward-Looking Statements" included in our subsequent Quarterly Reports on Form 10-Q filed with the SEC, which cautionary statements are incorporated herein by reference.
| Chicago Bridge & Iron Company N.V. |
||||||||||||||||||
| Reconciliation of Non-GAAP Supplemental Information |
||||||||||||||||||
| (in thousands, except per share data) |
||||||||||||||||||
| Three Months |
Twelve Months |
|||||||||||||||||
| Ended December 31, |
Ended December 31, |
|||||||||||||||||
| 2015 |
2014 |
2015 |
2014 |
|||||||||||||||
| Adjusted income from operations |
||||||||||||||||||
| (Loss) income from operations |
$ |
(66,060) |
$ |
273,852 |
$ |
(425,117) |
$ |
982,608 |
||||||||||
| Charges related to disposition of nuclear operations |
345,371 |
— |
1,505,851 |
— |
||||||||||||||
| Integration related costs |
— |
17,518 |
— |
39,685 |
||||||||||||||
| Adjusted income from operations |
$ |
279,311 |
$ |
291,370 |
$ |
1,080,734 |
$ |
1,022,293 |
||||||||||
| Adjusted % of Revenue |
8.5 |
% |
8.6 |
% |
8.4 |
% |
7.9 |
% |
||||||||||
| Adjusted net income attributable to CB&I |
||||||||||||||||||
| Net (loss) income attributable to CB&I |
$ |
(65,725) |
$ |
150,410 |
$ |
(504,415) |
$ |
543,607 |
||||||||||
| Charges related to disposition of nuclear operations, net of tax (1) |
230,910 |
— |
1,135,140 |
— |
||||||||||||||
| Integration related costs, net of tax (2) |
— |
10,860 |
— |
25,088 |
||||||||||||||
| Adjusted net income attributable to CB&I |
$ |
165,185 |
$ |
161,270 |
$ |
630,725 |
$ |
568,695 |
||||||||||
| Adjusted net income attributable to CB&I per share |
||||||||||||||||||
| Net (loss) income attributable to CB&I |
$ |
(0.63) |
$ |
1.37 |
$ |
(4.72) |
$ |
4.98 |
||||||||||
| Charges related to disposition of nuclear operations, net of tax (1) |
2.19 |
— |
10.58 |
— |
||||||||||||||
| Integration related costs, net of tax (2) |
— |
0.10 |
— |
0.23 |
||||||||||||||
| Adjusted net income attributable to CB&I per share |
$ |
1.56 |
$ |
1.47 |
$ |
5.86 |
$ |
5.21 |
||||||||||
| (1) |
The three and twelve month periods ended December 31, 2015 include $345,371 and $1,505,851, respectively of non-cash charges related to the disposition of our nuclear operations, less the tax impact of $114,461 and $370,711, respectively. The unadjusted per share amounts for the three and twelve month 2015 periods are based upon diluted weighted average shares that are equivalent to our basic weighted average shares of 104,763 and 106,766, respectively, due to the net loss for the periods. The adjusted per share amounts for the three and twelve month 2015 periods are based upon diluted weighted average shares of 105,926 and 107,719, respectively. |
|||||||||||||||||
| (2) |
The three and twelve month periods ended December 31, 2014 include $17,518 and $39,685, respectively, of integration related costs, less the tax impact of $6,658 and $14,597, respectively. The unadjusted and adjusted per share amounts for the three and twelve month periods are based upon diluted weighted average shares of 109,466 and 109,122, respectively. |
|||||||||||||||||
| Chicago Bridge & Iron Company N.V. |
|||||||||||||||||||||||||
| Segment Information |
|||||||||||||||||||||||||
| (in thousands) |
|||||||||||||||||||||||||
| Three Months Ended December 31, |
Twelve Months Ended December 31, |
||||||||||||||||||||||||
| 2015 |
2014 |
2015 |
2014 |
||||||||||||||||||||||
| % of |
% of |
% of |
% of |
||||||||||||||||||||||
| NEW AWARDS (1), (2) |
Total |
Total |
Total |
Total |
|||||||||||||||||||||
| Engineering & Construction |
$ |
1,786,671 |
55% |
$ |
1,967,420 |
59% |
$ |
6,709,864 |
51% |
$ |
10,101,263 |
62% |
|||||||||||||
| Fabrication Services |
493,816 |
15% |
557,269 |
17% |
3,106,563 |
24% |
2,422,580 |
15% |
|||||||||||||||||
| Technology |
321,892 |
10% |
74,886 |
3% |
577,540 |
4% |
387,010 |
2% |
|||||||||||||||||
| Capital Services |
660,118 |
20% |
689,127 |
21% |
2,744,531 |
21% |
3,354,420 |
21% |
|||||||||||||||||
| Total |
$ |
3,262,497 |
$ |
3,288,702 |
$ |
13,138,498 |
$ |
16,265,273 |
|||||||||||||||||
| % of |
% of |
% of |
% of |
||||||||||||||||||||||
| REVENUE (2) |
Total |
Total |
Total |
Total |
|||||||||||||||||||||
| Engineering & Construction |
$ |
2,016,550 |
61% |
$ |
1,975,006 |
59% |
$ |
7,697,684 |
60% |
$ |
7,623,381 |
59% |
|||||||||||||
| Fabrication Services |
553,350 |
17% |
686,268 |
20% |
2,442,690 |
19% |
2,738,981 |
21% |
|||||||||||||||||
| Technology |
88,494 |
3% |
90,248 |
3% |
399,099 |
3% |
385,126 |
3% |
|||||||||||||||||
| Capital Services |
616,570 |
19% |
620,164 |
18% |
2,390,031 |
18% |
2,227,442 |
17% |
|||||||||||||||||
| Total |
$ |
3,274,964 |
$ |
3,371,686 |
$ |
12,929,504 |
$ |
12,974,930 |
|||||||||||||||||
| (LOSS) INCOME FROM OPERATIONS (2) |
% of |
% of |
% of |
% of |
|||||||||||||||||||||
| Revenue |
Revenue |
Revenue |
Revenue |
||||||||||||||||||||||
| Engineering & Construction (3) |
$ |
(180,852) |
(9.0)% |
$ |
146,291 |
7.4% |
$ |
(875,321) |
(11.4)% |
$ |
518,671 |
6.8% |
|||||||||||||
| Fabrication Services |
55,523 |
10.0% |
81,362 |
11.9% |
225,267 |
9.2% |
274,487 |
10.0% |
|||||||||||||||||
| Technology |
34,201 |
38.6% |
37,311 |
41.3% |
150,877 |
37.8% |
147,782 |
38.4% |
|||||||||||||||||
| Capital Services |
25,068 |
4.1% |
26,406 |
4.3% |
74,060 |
3.1% |
81,353 |
3.7% |
|||||||||||||||||
| Total operating groups |
$ |
(66,060) |
(2.0)% |
$ |
291,370 |
8.6% |
$ |
(425,117) |
(3.3)% |
$ |
1,022,293 |
7.9% |
|||||||||||||
| Integration related costs |
— |
(17,518) |
— |
(39,685) |
|||||||||||||||||||||
| Total |
$ |
(66,060) |
(2.0)% |
$ |
273,852 |
8.1% |
$ |
(425,117) |
(3.3)% |
$ |
982,608 |
7.6% |
|||||||||||||
| (1) |
New awards represent the value of new project commitments received by the Company during a given period, as well as scope growth on existing commitments. |
||||||||||||||||||||||||
| (2) |
During the three months ended March 31, 2015, we realigned our reportable segments to reflect the present management oversight of our operations. Our maintenance business that was previously reported within our Engineering & Construction operating group (formerly Engineering, Construction & Maintenance) is now reported within our Capital Services operating group (formerly Environmental Solutions), and our engineered products business that was previously reported within our Technology operating group is now reported within our Fabrication Services operating group. Our segment results for the three and twelve months ended December 31, 2014 were reclassified to reflect the reportable segment realignment. |
||||||||||||||||||||||||
| (3) |
During the three and twelve months ended December 31, 2015, we recorded a non-cash pre-tax charge of $345,371 and $1,505,851, respectively, within our Engineering & Construction operating group related to the disposition of our nuclear operations. |
||||||||||||||||||||||||
| Non-GAAP Supplemental Information |
|||||||||||||||||||||||||
| (amounts adjusted to exclude non-cash charges related to the disposition of our nuclear operations and integration related costs) (1) |
|||||||||||||||||||||||||
| Three Months Ended December 31, |
Twelve Months Ended December 31, |
||||||||||||||||||||||||
| 2015 |
2014 |
2015 |
2014 |
||||||||||||||||||||||
| INCOME FROM OPERATIONS |
% of |
% of |
% of |
% of |
|||||||||||||||||||||
| Revenue |
Revenue |
Revenue |
Revenue |
||||||||||||||||||||||
| Engineering & Construction |
$ |
164,519 |
8.2% |
$ |
146,291 |
7.4% |
$ |
630,530 |
8.2% |
$ |
518,671 |
6.8% |
|||||||||||||
| Total |
$ |
279,311 |
8.5% |
$ |
291,370 |
8.6% |
$ |
1,080,734 |
8.4% |
$ |
1,022,293 |
7.9% |
|||||||||||||
| (1) |
The exclusion of the $345,371 and $1,505,851 of charges related to the disposition of our nuclear operations for the three and twelve months ended December 31, 2015, respectively, and integration related costs for 2014, are non-GAAP financial measures, which we believe provides users a better indication of our operating performance. See "Reconciliation of Non-GAAP Supplemental Information" table. |
||||||||||||||||||||||||
| Chicago Bridge & Iron Company N.V. |
||||||||||||||||||
| Summary Unaudited Pro Forma Financial Data |
||||||||||||||||||
| (in thousands, except per share data) |
||||||||||||||||||
| Three Months Ended December 31, 2015 (1) |
||||||||||||||||||
| As Reported |
Disposition Charges |
Removal of Divested Business |
Excluding Divested Business |
|||||||||||||||
| Revenue |
$ |
3,274,964 |
$ |
— |
$ |
(505,659) |
$ |
2,769,305 |
||||||||||
| (Loss) income from operations |
$ |
(66,060) |
$ |
345,371 |
$ |
(52,035) |
$ |
227,276 |
||||||||||
| Net (loss) income attributable to CB&I |
$ |
(65,725) |
$ |
230,910 |
$ |
(31,741) |
$ |
133,444 |
||||||||||
| Net (loss) income attributable to CB&I per share (diluted)(2) |
$ |
(0.63) |
$ |
2.19 |
$ |
(0.30) |
$ |
1.26 |
||||||||||
| New Awards |
$ |
3,262,497 |
$ |
— |
$ |
(8,151) |
$ |
3,254,346 |
||||||||||
| Backlog |
$ |
22,643,939 |
$ |
— |
$ |
— |
$ |
22,643,939 |
||||||||||
| Operating Cash Flows |
$ |
117,208 |
$ |
— |
$ |
252,865 |
$ |
370,073 |
||||||||||
| Twelve Months Ended December 31, 2015 (1) |
||||||||||||||||||
| As Reported |
Disposition Charges |
Removal of Divested Business |
Excluding Divested Business |
|||||||||||||||
| Revenue |
$ |
12,929,504 |
$ |
— |
$ |
(2,061,167) |
$ |
10,868,337 |
||||||||||
| (Loss) income from operations |
$ |
(425,117) |
$ |
1,505,851 |
$ |
(215,150) |
$ |
865,584 |
||||||||||
| Net (loss) income attributable to CB&I |
$ |
(504,415) |
$ |
1,135,140 |
$ |
(131,241) |
$ |
499,484 |
||||||||||
| Net (loss) income attributable to CB&I per share (diluted)(2) |
$ |
(4.72) |
$ |
10.58 |
$ |
(1.22) |
$ |
4.64 |
||||||||||
| New Awards |
$ |
13,138,498 |
$ |
— |
$ |
(672,365) |
$ |
12,466,133 |
||||||||||
| Backlog |
$ |
22,643,939 |
$ |
— |
$ |
— |
$ |
22,643,939 |
||||||||||
| Operating Cash Flows |
$ |
(56,214) |
$ |
— |
$ |
1,133,350 |
$ |
1,077,136 |
||||||||||
| (1) |
The summary unaudited pro forma financial information presented in the table above is for illustrative purposes only and is based on assumptions and estimates considered appropriate by CB&I management; however, it is not necessarily indicative of what CB&I's consolidated financial position or results of operations actually would have been assuming the transaction was completed on January 1, 2015, and does not purport to represent CB&I's consolidated financial position or results of operations for future periods. The above should be read together with the historical financial statements, including the related notes thereto, included in CB&I's Annual Report on Form 10-K for the year ended December 31, 2015, and its Quarterly Reports on Form 10-Q for the quarters ended March 31, 2015, June 30, 2015, and September 30, 2015. |
|||||||||||||||||
| (2) |
The unadjusted per share amounts for the three and twelve month 2015 periods are based upon diluted weighted average shares that are equivalent to our basic weighted average shares of 104,763 and 106,766, respectively, due to the net loss for the periods. The adjusted per share amounts for the three and twelve month 2015 periods are based upon diluted weighted average shares of 105,926 and 107,719, respectively. |
|||||||||||||||||
| Chicago Bridge & Iron Company N.V. |
||||||||||||||||||
| Consolidated Statements of Operations |
||||||||||||||||||
| (in thousands, except per share data) |
||||||||||||||||||
| Three Months |
Twelve Months |
|||||||||||||||||
| Ended December 31, |
Ended December 31, |
|||||||||||||||||
| 2015 |
2014 |
2015 |
2014 |
|||||||||||||||
| Revenue |
$ |
3,274,964 |
$ |
3,371,686 |
$ |
12,929,504 |
$ |
12,974,930 |
||||||||||
| Cost of revenue |
2,893,659 |
2,981,048 |
11,417,188 |
11,508,521 |
||||||||||||||
| Gross profit |
381,305 |
390,638 |
1,512,316 |
1,466,409 |
||||||||||||||
| % of Revenue |
11.6 |
% |
11.6 |
% |
11.7 |
% |
11.3 |
% |
||||||||||
| Selling and administrative expense |
99,101 |
95,425 |
387,027 |
405,208 |
||||||||||||||
| % of Revenue |
3.0 |
% |
2.8 |
% |
3.0 |
% |
3.1 |
% |
||||||||||
| Intangibles amortization |
12,083 |
16,661 |
57,625 |
66,506 |
||||||||||||||
| Equity earnings |
(9,939) |
(11,222) |
(15,689) |
(25,225) |
||||||||||||||
| Goodwill impairment |
— |
— |
453,100 |
— |
||||||||||||||
| Loss on net assets sold and intangible assets impairment |
345,371 |
— |
1,052,751 |
— |
||||||||||||||
| Other operating expense (income), net |
749 |
(1,596) |
2,619 |
(2,373) |
||||||||||||||
| Integration related costs |
— |
17,518 |
— |
39,685 |
||||||||||||||
| (Loss) income from operations |
(66,060) |
273,852 |
(425,117) |
982,608 |
||||||||||||||
| % of Revenue |
(2.0)% |
8.1 |
% |
(3.3)% |
7.6 |
% |
||||||||||||
| Interest expense |
(25,935) |
(21,691) |
(94,360) |
(83,590) |
||||||||||||||
| Interest income |
1,995 |
2,403 |
8,285 |
8,524 |
||||||||||||||
| (Loss) income before taxes |
(90,000) |
254,564 |
(511,192) |
907,542 |
||||||||||||||
| Income tax benefit (expense) |
42,956 |
(72,141) |
81,231 |
(271,417) |
||||||||||||||
| Net (loss) income |
(47,044) |
182,423 |
(429,961) |
636,125 |
||||||||||||||
| Less: Net income attributable to noncontrolling interests |
(18,681) |
(32,013) |
(74,454) |
(92,518) |
||||||||||||||
| Net (loss) income attributable to CB&I |
$ |
(65,725) |
$ |
150,410 |
$ |
(504,415) |
$ |
543,607 |
||||||||||
| Net (loss) income attributable to CB&I per share: |
||||||||||||||||||
| Basic |
$ |
(0.63) |
$ |
1.39 |
$ |
(4.72) |
$ |
5.03 |
||||||||||
| Diluted |
$ |
(0.63) |
$ |
1.37 |
$ |
(4.72) |
$ |
4.98 |
||||||||||
| Weighted average shares outstanding: |
||||||||||||||||||
| Basic |
104,763 |
108,207 |
106,766 |
108,047 |
||||||||||||||
| Diluted |
104,763 |
109,466 |
106,766 |
109,122 |
||||||||||||||
| Cash dividends on shares: |
||||||||||||||||||
| Amount |
$ |
7,307 |
$ |
7,546 |
$ |
29,847 |
$ |
30,246 |
||||||||||
| Per share |
$ |
0.07 |
$ |
0.07 |
$ |
0.28 |
$ |
0.28 |
||||||||||
| Non-GAAP Supplemental Information |
||||||||||||||||||
| (amounts adjusted to exclude non-cash charges related to the disposition of our nuclear operations and integration related costs) (1) |
||||||||||||||||||
| Adjusted income from operations |
$ |
279,311 |
$ |
291,370 |
$ |
1,080,734 |
$ |
1,022,293 |
||||||||||
| Adjusted % of Revenue |
8.5 |
% |
8.6 |
% |
8.4 |
% |
7.9 |
% |
||||||||||
| Adjusted net income attributable to CB&I |
$ |
165,185 |
$ |
161,270 |
$ |
630,725 |
$ |
568,695 |
||||||||||
| Adjusted net income attributable to CB&I per share (diluted) |
$ |
1.56 |
$ |
1.47 |
$ |
5.86 |
$ |
5.21 |
||||||||||
| (1) |
The exclusion of the $345,371 and $1,505,851 of charges ($230,910 and $1,135,140 after tax, respectively) related to the disposition of our nuclear operations for the three and twelve months ended December 31, 2015, respectively, and integration related costs for 2014, are non-GAAP financial measures, which we believe provides users a better indication of our operating performance. See "Reconciliation of Non-GAAP Supplemental Information" table. |
|||||||||||||||||
| Chicago Bridge & Iron Company N.V. |
||||||||
| Condensed Consolidated Balance Sheets |
||||||||
| (in thousands) |
||||||||
| December 31, |
December 31, |
|||||||
| 2015 |
2014 |
|||||||
| ASSETS |
||||||||
| Current assets |
$ |
3,369,428 |
$ |
3,530,459 |
||||
| Equity investments |
136,845 |
107,984 |
||||||
| Property and equipment, net |
604,043 |
771,651 |
||||||
| Goodwill and other intangibles, net |
4,122,455 |
4,751,685 |
||||||
| Other non-current assets |
969,586 |
219,252 |
||||||
| Total assets |
$ |
9,202,357 |
$ |
9,381,031 |
||||
| LIABILITIES AND SHAREHOLDERS' EQUITY |
||||||||
| Current maturities of long-term debt and other borrowings |
$ |
803,000 |
$ |
270,738 |
||||
| Other current liabilities |
4,056,077 |
4,051,492 |
||||||
| Long-term debt |
1,800,000 |
1,564,158 |
||||||
| Other non-current liabilities |
379,690 |
618,340 |
||||||
| Shareholders' equity |
2,163,590 |
2,876,303 |
||||||
| Total liabilities and shareholders' equity |
$ |
9,202,357 |
$ |
9,381,031 |
||||
| Condensed Consolidated Statements of Cash Flows and Other Financial Data |
||||||||
| (in thousands) |
||||||||
| Twelve Months |
||||||||
| Ended December 31, |
||||||||
| 2015 |
2014 |
|||||||
| CASH FLOWS |
||||||||
| Cash flows from operating activities |
$ |
(56,214) |
$ |
264,047 |
||||
| Cash flows from investing activities |
(381,676) |
(182,277) |
||||||
| Cash flows from financing activities |
697,404 |
(75,523) |
||||||
| Effect of exchange rate changes on cash and cash equivalents |
(60,616) |
(75,426) |
||||||
| Increase (decrease) in cash and cash equivalents |
198,898 |
(69,179) |
||||||
| Cash and cash equivalents, beginning of the year |
351,323 |
420,502 |
||||||
| Cash and cash equivalents, end of the year |
$ |
550,221 |
$ |
351,323 |
||||
| OTHER FINANCIAL DATA |
||||||||
| (Increase) decrease in receivables, net |
$ |
(213,508) |
$ |
78,881 |
||||
| Change in contracts in progress, net |
(939,608) |
(942,689) |
||||||
| (Increase) decrease in inventory |
(6,091) |
16,832 |
||||||
| Increase in accounts payable |
105,856 |
99,376 |
||||||
| Change in contract capital |
$ |
(1,053,351) |
$ |
(747,600) |
||||
| Depreciation and amortization |
$ |
161,135 |
$ |
181,398 |
||||
| Capital expenditures |
$ |
78,852 |
$ |
117,624 |
||||
| December 31, 2015 |
December 31, 2014 |
|||||||
| Backlog (1) |
$ |
22,643,939 |
$ |
30,363,269 |
||||
| (1) |
Backlog includes the value of new award commitments until work is performed and revenue is recognized or until cancellation. Backlog may also fluctuate with currency movements. |
|||||||
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SOURCE CB&I
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