Babcock & Wilcox Announces Fourth Quarter 2012 Results

  Babcock & Wilcox Announces Fourth Quarter 2012 Results

  *Adjusted Earnings per Share of $0.56, GAAP EPS of $0.33
  *Revenues of $865.3 Million, Increased 8.1%
  *Initiates 2013 Adjusted EPS Guidance of $2.25 - $2.45

Business Wire

CHARLOTTE, N.C. -- February 27, 2013

The Babcock & Wilcox Company (NYSE: BWC) (“B&W” or the “Company”) today
reported fourth quarter 2012 revenues of $865.3 million, an increase of $64.5
million, or 8.1% from the fourth quarter of 2011. GAAP earnings per share for
the fourth quarter 2012 were $0.33 compared to a loss of $0.53 in the fourth
quarter of 2011. Adjusted earnings per share were $0.56 for the fourth quarter
of 2012, a decrease of 13.8% from the adjusted earnings per share of $0.65 for
the fourth quarter of 2011, excluding the impact in both periods of the
mark-to-market adjustments for pension and postretirement plans and
non-recurring tax adjustments.

Revenues for the full year of 2012 were $3,291.4 million, an increase of 11.5%
from the $2,952.0 million recorded in 2011. GAAP earnings per share for the
full year of 2012 were $1.91 compared to $0.66 in 2011. Full year 2012
adjusted earnings per share increased 17.9% to $2.17 versus adjusted earnings
per share of $1.84 in the prior year, excluding the impact of the
mark-to-market adjustments for pension and postretirement plans and
non-recurring items.

The Company repurchased 3.9 million common shares at a total cost of $96.8
million in the fourth quarter 2012 under its $250 million share repurchase
program. An additional 1.6 million shares have been repurchased through
February 27, 2013 at an incremental cost of $42.3 million. The Company has
approximately $110.9 million of authorized capacity remaining and intends to
continue repurchasing shares.

Recent Highlights

  *Selected as the only Winner of DOE’s Small Modular Reactor Licensing
    Technical Support Program
  *Awarded $510 Million Naval Nuclear Component Contracts
  *Awarded $100 Million Contract for U.K. Waste-to-Energy Plant
  *Awarded $100 Million Naval Nuclear Fuel Services and Materials Contracts
  *Awarded $36 Million Naval Reactors Assembly and Materials Procurement
    Contract
  *Signed Contract to Prepare TVA Clinch River mPower™ Construction Permit
    Application
  *Awarded Environmental Equipment Control Contract for Iowa Power Plant

Results of Operations

Consolidated revenues for the fourth quarter of 2012 were $865.3 million, an
increase of $64.5 million, or 8.1%, from the fourth quarter of 2011. The Power
Generation segment revenues increased $36.9 million, or 9.0%, primarily due to
an increase in new-build environmental equipment revenues. Nuclear Operations
segment revenues increased $32.3 million, or 12.2%, primarily due to increased
production of fuel for the naval reactor program and increased manufacturing
of nuclear components for certain U.S. Government programs. Nuclear Energy
segment revenues decreased $3.8 million, or 3.7%, and Technical Services
revenues decreased $3.5 million, or 10.9%.

GAAP operating income for the fourth quarter of 2012 was $65.7 million, an
increase of $169.1 million, compared to a loss of $103.4 million in the fourth
quarter of 2011. Adjusted operating income for the fourth quarter, excluding
the pension mark-to-market losses of $31.9 million and $215.4 million in 2012
and 2011, respectively, was $97.6 million in the fourth quarter of 2012 and
$112.0 million for the same period in 2011. Lower operating income in the
Power Generation segment was due primarily to a lower level of net project
improvements than in the fourth quarter of 2011 and more competitive margins
from the current cycle of environmental projects. In the Nuclear Energy
segment, the decrease was primarily due to the timing of a large service
contract performed in the fourth quarter of 2011. Technical Services segment
operating income was lower primarily as a result of decreased fee awards
earned on our NNSA managed sites. These decreases were partially offset by
continued strong performance in the Nuclear Operations segment.

“In 2012, we produced strong financial results, returned excess capital to
shareholders, and initiated changes throughout the organization that we expect
will improve profitability and cash flow in the years to come,” said E. James
Ferland, President and Chief Executive Officer of B&W. “Our focus in 2013 will
be on increasing the value of our existing businesses by focusing on what we
do well and leveraging those competencies to drive organic growth, following
through on plans to improve the efficiency and effectiveness of the
organization, executing our SMR strategy, and evaluating external growth
opportunities, including global diversification. I am encouraged by the
opportunities we have in 2013 and am committed to meaningfully increasing
value for our shareholders.”

Global Competitiveness Initiative (“GCI”)

The Global Competitiveness Initiative was launched in the third quarter of
2012 to enhance competitiveness, better position the Company for growth, and
improve profitability. The Company has identified a wide range of cost
reduction activities including operational and functional efficiency
improvements, organizational design changes, and manufacturing optimization.
Once fully executed, these actions are expected to produce a total of $40
million to $50 million in annual savings. Roughly half of the annual savings
will result from efficiency improvements that will be completed by the end of
2013. The balance of the cost savings relates to manufacturing initiatives
that will be completed by mid-2015. In order to achieve these savings, the
Company expects to incur total restructuring charges (cash and non-cash) not
to exceed $60 million.

Liquidity

The Company’s cash and investments position, net of debt, was $532.9 million
at the end of the fourth quarter of 2012, an increase of $130.7 million
compared to $402.2 million at the end of the third quarter of 2012. The fourth
quarter typically represents the highest cash flow quarter of the year. In the
fourth quarter of 2012, free cash flow was the result of strong operating
income, the timing of payments from the U.S. Government related to annual
retainage and fees earned, dividends received from joint ventures, and strong
working capital performance in the period, partially offset by the use of
$96.8 million for share repurchases and $9.5 million for dividends paid to
common shareholders. In addition to net cash, the Company maintains a $700.0
million revolving credit facility, which had $542.1 million of availability as
of the end of the fourth quarter. The Company believes it maintains adequate
liquidity to fund operations, which could include increased working capital
requirements to fund internal growth, R&D programs, capital distribution
programs, and product and geographic expansion opportunities.

Full Year 2013 Outlook

The Company is targeting 2013 consolidated revenues of $3.40 billion to $3.55
billion and adjusted earnings per share for the full year 2013 of $2.25 to
$2.45. Adjusted EPS excludes the mark-to-market adjustment for pension and
postretirement benefits and GCI restructuring charges. Further, it assumes,
net B&W mPower™ spending of $85 million to $95 million, savings from GCI
realized in 2013 of $10 million to $15 million, an effective tax rate of
between 33% and 35%, and no unusual items.

Reconciliation of Non-GAAP Operating Income and Earnings Per Share

(in $ millions, except per share amounts)

                                                    One-time      Pension                                    Q4 2012
                        Q4 2012        Impair-      Tax           & OPEB        Q4 2012        Pension       Adjusted
                    GAAP         ment       (Benefit)   MTM         Adjusted     Amorti-     Pre-MTM
                                       Charges      /             (Gain) /                     zation        Acctg
                                                    Charges       Loss                                       Change
Operating               $ 65.7       $ -        $ -         $ 31.9      $ 97.6       $ (19.4 )   $ 78.2
Income
Other Income /            (1.5   )       -            -             0.2           (1.4   )       -             (1.4   )
(Expense)
Provision for        (27.2  )    -        6.8       (11.0 )    (31.4  )    6.2       (25.3  )
Income Taxes
Net Income                36.9           -            6.8           21.1          64.7           (13.3 )       51.5
Net Loss
(Income)
Attributable to      2.2        -        -         -         2.2        -         2.2    
Non-Controlling
Interest
Net Income
Attributable to     $ 39.1      $ -       $ 6.8      $ 21.1     $ 66.9      $ (13.3 )   $ 53.7   
The Babcock &
Wilcox Company
                                                                                                             
Diluted
Earnings per            $ 0.33         $ -          $ 0.06        $ 0.18        $ 0.56        $ (0.11 )     $ 0.45   
Common Share
                                                                                                             
                                                    One-time      Pension                                    FY 2012
                        FY 2012        Impair-      Tax           & OPEB        FY 2012        Pension       Adjusted
                        GAAP         ment       (Benefit)   MTM         Adjusted     Amorti-     Pre-MTM
                                       Charges      /             (Gain) /                     zation        Acctg
                                                    Charges       Loss                                       Change
Operating               $ 346.6        $ 2.6        $ -           $ 31.9        $ 381.1        $ (77.9 )     $ 303.2
Income
Other Income /            (27.2  )       27.0         -             0.2           0.0            (0.1  )       (0.1   )
(Expense)
Provision for        (101.9 )    (1.0 )    (18.5 )    (11.0 )    (132.4 )    27.5      (104.9 )
Income Taxes
Net Income                217.6          28.6         (18.5 )       21.1          248.7          (50.6 )       198.1
Net Loss
(Income)
Attributable to      10.1       -        -         -         10.1       -         10.1   
Non-Controlling
Interest
Net Income
Attributable to     $ 227.7     $ 28.6    $ (18.5 )   $ 21.1     $ 258.8     $ (50.6 )   $ 208.2  
The Babcock &
Wilcox Company
                                                                                                             
Diluted
Earnings per            $ 1.91         $ 0.24       $ (0.16 )     $ 0.18        $ 2.17        $ (0.43 )     $ 1.75   
Common Share
                                                                                                             

                                       Pension                                    Q4 2011
                        Q4 2011        & OPEB        Q4 2011        Pension       Adjusted
                    GAAP         MTM         Adjusted     Amorti-     Pre-MTM
                                       (Gain) /                     zation        Acctg
                                       Loss                                       Change
Operating               $ (103.4 )   $ 215.4     $ 112.0      $ (18.7 )   $ 93.3
Income (Loss)
Other Income /            (3.9   )       0.3           (3.6   )       (0.1  )       (3.7  )
(Expense)
Provision for        42.1       (76.5 )    (34.4  )    6.8       (27.6 )
Income Taxes
Net Income                (65.2  )       139.2         74.0           (11.9 )       62.0
(Loss)
Net Loss
(Income)
Attributable to      2.2        -         2.2        -         2.2   
Non-Controlling
Interest
Net Income
(Loss)
Attributable to     $ (63.0  )   $ 139.2    $ 76.2      $ (11.9 )   $ 64.3  
The Babcock &
Wilcox Company

Diluted
Earnings per            $ (0.53  )     $ 1.18        $ 0.65        $ (0.10 )     $ 0.54  
Common Share
                                                                                  
                                       Pension                                    FY 2011
                        FY 2011        & OPEB        FY 2011        Pension       Adjusted
                        GAAP         MTM         Adjusted     Amorti-     Pre-MTM
                                       (Gain) /                     zation        Acctg
                                       Loss                                       Change
Operating               $ 95.7         $ 215.4       $ 311.1        $ (75.1 )     $ 236.0
Income
Other Income /            (1.2   )       0.3           (0.8   )       (0.2  )       (1.0  )
(Expense)
Provision for        (23.9  )    (76.5 )    (100.4 )    27.4      (73.0 )
Income Taxes
Net Income                70.6           139.2         209.8          (47.9 )       162.0
Net Loss
(Income)
Attributable to      7.7        -         7.7        -         7.7   
Non-Controlling
Interest
Net Income
Attributable to     $ 78.3      $ 139.2    $ 217.5     $ (47.9 )   $ 169.7 
The Babcock &
Wilcox Company
                                                                                  
Diluted
Earnings per            $ 0.66         $ 1.18        $ 1.84        $ (0.40 )     $ 1.43  
Common Share
                                                                                  

The Company is providing non-GAAP information regarding certain of its
historical results and guidance on future earnings per share results to
supplement the results provided in accordance with GAAP and it should not be
considered superior to, or as a substitute for, the comparable GAAP measures.
B&W believes the non-GAAP measures provide meaningful insight in the Company’s
operational performance and provides these measures to investors to help
facilitate comparisons of operating results with prior periods and to assist
them in understanding B&W’s ongoing operations.

Conference Call to Discuss Fourth Quarter 2012 Results

Date:           Thursday, February 28, 2013, at 8:30 a.m. ET
Live Webcast:     Investor Relations section of website at www.babcock.com
                  

Forward-Looking Statements

The Company cautions that this release contains forward-looking statements,
including, without limitation, statements relating to expected revenues and
adjusted earnings per share for full-year 2013, including assumptions
underlying those expectations; our expectations with respect to the savings,
benefits, timing and charges associated with our Global Competitiveness
Initiative; and our focus and commitments for 2013. These forward-looking
statements are based on management’s current expectations and involve a number
of risks and uncertainties, including, among other things, adverse changes in
the industries in which we operate, our inability to timely or properly
execute on contracts in backlog, delays or other difficulties implementing our
Global Competitiveness Initiative, our inability to obtain third-party funding
for portions of our B&W mPower™ program or our inability to control research
and development costs associated with the B&W mPower™ program. If one or more
of these risks or other risks materialize, actual results may vary materially
from those expressed. For a more complete discussion of these and other risk
factors, see B&W’s filings with the Securities and Exchange Commission,
including its annual report on Form 10-K for the year ended December 31, 2012.
B&W cautions not to place undue reliance on these forward-looking statements,
which speak only as of the date of this release, and undertakes no obligation
to update or revise any forward-looking statement, except to the extent
required by applicable law.

About B&W

The Babcock & Wilcox Company is a leader in clean energy technology and
services, primarily for the nuclear, fossil and renewable power markets as
well as a premier advanced technology and mission critical defense contractor.
B&W has locations worldwide and employs approximately 14,000 people, in
addition to approximately 10,400 joint venture employees. A company overview
presentation, which will be presented at investor conferences and meetings
throughout this quarter, is available on the Investor Relations section of our
website. For additional information please visit our website at
www.babcock.com.

                               TABLES TO FOLLOW



THE BABCOCK & WILCOX COMPANY

CONSOLIDATED BALANCE SHEETS
                                            
                                                 December 31,
                                                 2012          2011
                                                 (In thousands)
ASSETS
Current Assets:
Cash and cash equivalents                        $ 383,547       $ 415,209
Restricted cash and cash equivalents               60,961          61,190
Investments                                        88,769          68,805
Accounts receivable – trade, net                   364,960         305,832
Accounts receivable – other                        61,682          77,505
Contracts in progress                              316,518         315,286
Inventories                                        124,218         107,298
Deferred income taxes                              78,573          102,022
Other current assets                          41,858       33,929
                                                                 
Total Current Assets                          1,521,086    1,487,076
                                                                 
Property, Plant and Equipment                      1,099,040       1,017,422
Less accumulated depreciation                 652,019      595,131
                                                                 
Net Property, Plant and Equipment             447,021      422,291
                                                                 
Investments                                   4,090        3,775
                                                                 
Goodwill                                      280,780      276,180
                                                                 
Deferred Income Taxes                         227,215      241,739
                                                                 
Investments in Unconsolidated Affiliates      186,354      163,568
                                                                 
Other Assets                                  173,809      194,482
                                                                 
TOTAL                                        $ 2,840,355   $ 2,789,111
                                                                   

                                          
                                                             
THE BABCOCK & WILCOX COMPANY

CONSOLIDATED BALANCE SHEETS
                                                             
                                               December 31,
                                               2012            2011
                                               (In thousands)
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Notes payable and current maturities           $ 4,062           $ 4,653
of long-term debt
Accounts payable                                 264,798           237,494
Accrued employee benefits                        186,495           303,803
Accrued liabilities – other                      57,991            71,079
Advance billings on contracts                    472,287           438,753
Accrued warranty expense                         83,682            97,209
Income taxes payable                        9,973         1,816     
                                                                 
Total Current Liabilities                   1,079,288     1,154,807 
                                                                 
Long-Term Debt                              430           633       
                                                                 
Accumulated Postretirement Benefit          71,208        80,663    
Obligation
                                                                 
Environmental Liabilities                   46,497        44,069    
                                                                 
Pension Liability                           579,165       586,045   
                                                                 
Other Liabilities                           60,851        87,921    
                                                                 
Commitments and Contingencies (Note
10)
                                                                 
Stockholders’ Equity:
Common stock, par value $0.01 per
share, authorized 325,000,000 shares;
issued 119,608,026 and 118,458,911               1,196             1,185
shares at December 31, 2012 and
December 31, 2011, respectively
Preferred stock, par value $0.01 per
share, authorized 75,000,000 shares;             -                 -
no shares issued
Capital in excess of par value                   713,257           676,952
Retained earnings                                349,063           130,890
Treasury stock at cost, 4,372,143 and
351,876 shares at December 31, 2012              (109,809  )       (10,059   )
and December 31, 2011, respectively
Accumulated other comprehensive income      32,728        26,826    
Stockholders’ Equity – The Babcock &             986,435           825,794
Wilcox Company
Noncontrolling interest                     16,481        9,179     
Total Stockholders’ Equity                       1,002,916         834,973
                                                         
TOTAL                                      $ 2,840,355    $ 2,789,111 
                                                                             



THE BABCOCK & WILCOX COMPANY

CONSOLIDATED STATEMENTS OF INCOME (LOSS)
                                                     
                       Three Months Ended                    Year Ended
                       December 31,                          December 31,
                       2012             2011                2012             2011
                       (In thousands)
                                                                               
Revenues           $ 865,296       $ 800,789        $ 3,291,359     $ 2,952,040   
Costs and
Expenses:
Cost of                  673,894           748,856             2,461,205         2,384,154
operations
Research and
development              29,483            31,878              120,562           106,396
costs
(Gains) losses
on asset
disposals and            (319        )     (3,713      )       1,419             (3,087      )
Impairments –
net
Selling,
general and         114,664        149,343         428,293        447,561     
administrative
expenses
Total Costs         817,722        926,364         3,011,479      2,935,024   
and Expenses
                                                                               
Equity in
Income of           18,119         22,131          66,709         78,655      
Investees
                                                                               
Operating           65,693         (103,444    )    346,589        95,671      
Income (Loss)
                                                                               
Other Income
(Expense):
Interest                 337               331                 1,491             1,342
income
Interest                 (964        )     (2,021      )       (3,735      )     (4,543      )
expense
Other income
(expense) –         (920        )   (2,256      )    (24,927     )   2,028       
net
                   (1,547      )   (3,946      )    (27,171     )   (1,173      )
                                                                               
Income (Loss)
before
Provision for            64,146            (107,390    )       319,418           94,498
(Benefit from)
Income Taxes
                                                                               
Provision for
(Benefit from)      27,250         (42,149     )    101,861        23,880      
Income Taxes
                                                                               
Net Income         $ 36,896        $ (65,241     )   $ 217,557       $ 70,618      
(Loss)
                                                                               
Net Loss
Attributable
to                  2,175          2,232           10,138         7,701       
Noncontrolling
Interest
                                                                               
Net Income
(Loss)
Attributable       $ 39,071        $ (63,009     )   $ 227,695       $ 78,319      
to The Babcock
& Wilcox
Company
                                                                               
Earnings per
Common Share:
Basic:
Net Income
Attributable
to The Babcock         $ 0.33            $ (0.53       )     $ 1.92            $ 0.67
& Wilcox
Company
Diluted:
Net Income
Attributable
to The Babcock     $ 0.33          $ (0.53       )   $ 1.91          $ 0.66        
& Wilcox
Company
                                                                               
Shares used in
the
computation of
earnings per
share
Basic                    117,928,087       117,998,268         118,418,930       117,560,594
Diluted             118,515,360    117,998,268     119,021,324    118,404,597 
                                                                                             



THE BABCOCK & WILCOX COMPANY

CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS
                           
                                Year Ended December 31,
                                2012           2011           2010
                                (In thousands)
CASH FLOWS FROM
OPERATING ACTIVITIES:
Net Income                      $ 217,557        $ 70,618         $ 140,203
Non-cash items included
in net income:
Depreciation and                  69,697           73,003           71,633
amortization
Income of investees,              (15,115  )       (20,854  )       (20,449  )
net of dividends
Losses (gains) on asset
disposals and                     1,419            (3,087   )       38
impairments – net
Impairment of USEC                27,000           -                -
investment
In-kind research and              17,942           16,584           -
development costs
Provision for (benefit            43,038           (19,200  )       31,168
from) deferred taxes
Recognition of losses
and prior service cost            35,480           219,508          95,547
for pension and
postretirement plans
Stock-based                       18,009           17,927           16,308
compensation expense
Excess tax benefits
from stock-based                  (1,571   )       (4,083   )       (5,276   )
compensation
Changes in assets and
liabilities, net of
effects from
acquisitions:
Accounts receivable               (52,034  )       (26,887  )       101,260
Accounts payable                  30,391           48,246           19,882
Net contracts in
progress and advance              32,527           (28,746  )       (153,933 )
billings
Income taxes                      5,522            31,961           9,239    
Accrued and other                 (30,553  )       (23,106  )       (9,761   )
current liabilities
Pension liability and
accrued postretirement            (168,004 )       (144,802 )       (85,371  )
and employee benefits
Other                        (46,378  )    (33,491  )    (18,082  )
NET CASH PROVIDED BY         184,927      173,591      192,406  
OPERATING ACTIVITIES
CASH FLOWS FROM
INVESTING ACTIVITIES:
Decrease (increase) in
restricted cash and               229              (48,923  )       3,038
cash equivalents
Purchases of property,            (86,635  )       (63,874  )       (63,649  )
plant and equipment
Acquisition of
businesses, net of cash           (318     )       (11,907  )       (29,962  )
acquired
Purchases of
available-for-sale                (268,929 )       (145,198 )       (135,135 )
securities
Sales and maturities of
available-for-sale                247,649          147,288          134,276
securities
Proceeds from asset               580              6,468            753
disposals
Proceeds from sale of
an unconsolidated                 2,091            -                -
affiliate
Investments, net of
return of capital, in             (6,064   )       (38,176  )       (42,912  )
equity and cost method
investees
Decrease in note
receivable from              -            -            43,277   
affiliate
NET CASH USED IN             (111,397 )    (154,322 )    (90,314  )
INVESTING ACTIVITIES
CASH FLOWS FROM
FINANCING ACTIVITIES:
Payment of short-term
borrowings and                    (4,643   )       (1,782   )       (29,914  )
long-term debt
Payment of debt                   (4,902   )       (82      )       (9,994   )
issuance costs
Increase in short-term            3,815            1,254            25,000
borrowing
Repurchase of common              (96,774  )       -                -
shares
Dividends paid to                 (9,485   )       -                -
common shareholders
Dividend paid to
McDermott                         -                -                (100,000 )
International, Inc.
Capital contribution
from McDermott                    -                -                12,501
International, Inc.
Distribution to
McDermott                         -                -                (43,334  )
International, Inc.
(Decrease) Increase in
notes payable to                  -                -                (43,386  )
affiliates
Exercise of stock                 2,926            4,463            211
options
Excess tax benefits
from stock-based                  1,571            4,083            5,276
compensation
Other                        (514     )    (401     )    (93      )
NET CASH (USED IN)
PROVIDED BY FINANCING        (108,006 )    7,535        (183,733 )
ACTIVITIES
EFFECTS OF EXCHANGE          2,814        (2,737   )    3,315    
RATE CHANGES ON CASH
NET (DECREASE) INCREASE
IN CASH AND CASH             (31,662  )    24,067       (78,326  )
EQUIVALENTS
CASH AND CASH
EQUIVALENTS AT               415,209      391,142      469,468  
BEGINNING OF PERIOD
CASH AND CASH
EQUIVALENTS AT END OF       $ 383,547     $ 415,209     $ 391,142  
PERIOD
SUPPLEMENTAL
DISCLOSURES OF CASH
FLOW INFORMATION:
Cash paid during the
period for:
Interest (net of amount         $ 3,842          $ 4,525          $ 3,746
capitalized)
Income taxes (net of        $ 83,062      $ 33,505      $ 27,227   
refunds)
                                                                             



The Babcock & Wilcox Company

Business Segment Information (Restated)

For the Periods Ended December 31, 2012 and 2011

(In thousands of U.S. dollars)
                                                 
                      Three Months Ended                Year Ended
                      12/31/12       12/31/11          12/31/12       12/31/11
REVENUES:
Power                 $ 448,286       $ 411,420         $ 1,785,959     $ 1,541,509
Generation
Nuclear                 298,005         265,703           1,098,031       1,043,185
Operations
Technical               28,586          32,113            107,851         119,711
Services
Nuclear                 96,959          100,736           325,953         321,406
Energy
Adjustments
and                (6,540    )   (9,183    )    (26,435   )   (73,771   )
Eliminations
TOTAL             $ 865,296     $ 800,789      $ 3,291,359   $ 2,952,040 
                                                                        
SEGMENT
INCOME:
Power                 $ 45,178        $ 57,227          $ 183,387       $ 183,984
Generation
Nuclear                 59,156          49,368            226,269         194,438
Operations
Technical               14,041          21,303            59,655          69,915
Services
Nuclear            (16,193   )   (9,939    )    (62,879   )   (116,887  )
Energy
SUBTOTAL                102,182         117,959           406,432         331,450
Corporate               (4,599    )     (5,985    )       (27,953   )     (20,361   )
Mark to
Market             (31,890   )   (215,418  )    (31,890   )   (215,418  )
Adjustment
TOTAL             $ 65,693      $ (103,444  )   $ 346,589     $ 95,671    
                                                                        
EQUITY IN
INCOME OF
INVESTEES:
Power                 $ 6,312         $ 5,866           $ 17,402        $ 25,778
Generation
Nuclear                 0               0                 0               0
Operations
Technical               12,121          16,265            49,621          52,877
Services
Nuclear            (314      )   0             (314      )   0         
Energy
TOTAL             $ 18,119      $ 22,131       $ 66,709      $ 78,655    
                                                                        
PENSION
EXPENSE:
Power                 $ 3,172         $ 3,995           $ 15,744        $ 16,561
Generation
Nuclear                 3,391           2,360             13,565          11,089
Operations
Technical               215             198               861             792
Services
Nuclear                 1,463           660               3,056           2,611
Energy
Corporate               842             798               2,873           2,743
Mark to
Market             34,496       212,802       34,496       212,802   
Adjustment
TOTAL             $ 43,579      $ 220,813      $ 70,595      $ 246,598   

DEPRECIATION
AND
AMORTIZATION:
Power                 $ 4,814         $ 3,892           $ 19,126        $ 17,264
Generation
Nuclear                 7,334           9,103             32,013          38,169
Operations
Technical               55              65                244             262
Services
Nuclear                 1,640           1,393             6,202           5,346
Energy
Corporate          3,036        3,057         12,112       11,962    
TOTAL             $ 16,879      $ 17,510       $ 69,697      $ 73,003    
                                                                        
RESEARCH AND
DEVELOPMENT,
NET:
Power                 $ 6,692         $ 6,907           $ 22,952        $ 21,325
Generation
Nuclear                 0               178               119             234
Operations
Technical               315             1,232             654             1,878
Services
Nuclear            22,476       23,561        96,837       82,959    
Energy
TOTAL             $ 29,483      $ 31,878       $ 120,562     $ 106,396   
                                                                        
CAPITAL
EXPENDITURES:
Power                 $ 8,471         $ 5,173           $ 24,592        $ 15,788
Generation
Nuclear                 14,308          10,315            44,810          32,082
Operations
Technical               0               0                 0               0
Services
Nuclear                 4,101           928               8,435           7,257
Energy
Corporate          975          3,461         8,798        8,747     
TOTAL             $ 27,855      $ 19,877       $ 86,635      $ 63,874    
                                                                        
BACKLOG:
Power                 $ 2,483,046     $ 1,947,274       $ 2,483,046     $ 1,947,274
Generation
Nuclear                 2,983,864       2,995,364         2,983,864       2,995,364
Operations
Technical               4,503           13,756            4,503           13,756
Services
Nuclear            278,003      382,638       278,003      382,638   
Energy
TOTAL             $ 5,749,416   $ 5,339,032    $ 5,749,416   $ 5,339,032 
                                                                                    

Contact:

The Babcock & Wilcox Company
Investor Contact:
Jenny L. Apker, 704-625-4944
Vice President, Treasurer and Investor Relations
investors@babcock.com
or
Media Contact:
Ryan Cornell, 330-860-1345
Public Relations Manager
rscornell@babcock.com
 
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