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CB&I Reports Strong 2013 First Quarter Results

                CB&I Reports Strong 2013 First Quarter Results

PR Newswire

THE WOODLANDS, Texas, May 2, 2013

THE WOODLANDS, Texas, May 2, 2013 /PRNewswire/ --CB&I (NYSE: CBI) today
reported net income for the first quarter of $33.6 million or $0.32 per
diluted share, including the after tax impact of acquisition-related costs of
$51.2 million, or $0.50 per diluted share. Revenue for the first quarter of
2013 was $2.3 billion with new awards of $1.9 billion resulting in a backlog
of $25.5 billion. Consistent with previous years, the first quarter includes
a disproportionate share of the Company's annual stock-based compensation
expense.

(Logo: http://photos.prnewswire.com/prnh/20130430/DA04155LOGO)

"CB&I had another successful quarter, including the achievement of an
important strategic milestone with the financial close of the Shaw transaction
on February 13," said Philip K. Asherman, President and CEO. "For the first
quarter, CB&I delivered strong growth in revenue and income from operations.
Revenue was up 87% from $1.2 billion in the first quarter of 2012, and
adjusted income from operations was $147.8 million, up 72% compared to the
same period last year. We are encouraged by the robust accretion of the
acquisition. Our combined operations earned adjusted earnings per share of
$0.82."

"Revenues are performing as expected and despite the postponement of a major
LNG project in Australia, we anticipate that continuing demand around the
world for energy infrastructure will drive our new awards for 2013 to be
within the guidance range we announced earlier this year," continued Asherman.

Earnings Conference Call

CB&I will host a webcast on May 2 at 4:00 p.m. CDT (5:00 p.m. EDT) 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 and a major provider of government services. Drawing upon more than
a century of experience and the expertise of approximately 50,000 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, 2012, 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.
Consolidated Statement of Operations
(in thousands, except per share data)
                                           Three Months
                                           Ended March 31,
                                           2013            2012
Revenue                                    $ 2,251,429     $ 1,201,267
Cost of revenue                            2,005,285       1,048,003
    Gross profit                           246,144         153,264
    % of Revenue                           10.9%           12.8%
Selling and administrative expense         93,968          63,232
    % of Revenue                           4.2%            5.3%
Intangibles amortization                   9,188           6,092
Equity earnings                            (4,485)         (1,800)
Other operating income, net                (297)           (65)
Acquisition-related costs                  61,256          -
    Income from operations                 86,514          85,805
    % of Revenue                           3.8%            7.1%
Interest expense                           (22,746)        (2,112)
Interest income                           1,871           2,187
    Income before taxes                    65,639          85,880
Income tax expense                        (22,767)        (24,906)
    Net income                             42,872          60,974
Less: Net income attributable to           (9,264)         (1,487)
noncontrolling interests
    Net income attributable to CB&I        $   33,608    $   59,487
Net income attributable to CB&I per share:
    Basic                                  $     0.33  $     0.61
    Diluted                                $     0.32  $     0.60
Weighted average shares outstanding:
    Basic                                  101,802         97,257
    Diluted                                103,507         99,252
Cash dividends on shares:
    Amount                                 $    5,345   $    4,885
    Per Share                              $     0.05  $     0.05
Non-GAAP Supplemental Information
(2013 amounts adjusted to exclude Shaw acquisition-related transaction costs)
^(1)
      Adjusted income from operations      $  147,770     $   85,805
      Adjusted % of Revenue                6.6%            7.1%
      Adjusted net income attributable to  $   84,856    $   59,487
      CB&I
      Adjusted net income attributable to  $     0.82  $     0.60
      CB&I per share (diluted)

      The exclusion of Shaw acquisition-related transaction costs for 2013 is
      a non-GAAP financial measure, which we believe provides users a better
 ^(1) indication of our operating performance. No non-GAAP adjustments were
      necessary for 2012 information. See Reconciliation of Non-GAAP
      Supplemental Information table.



Chicago Bridge & Iron Company N.V.
Segment Information
(in thousands)
                                Three Months Ended March 31,
                                2013                    2012
                                             % of                  % of
 NEW AWARDS ^(1)                             Total                 Total
 Engineering, Construction     $ 1,000,450  52%        $ 1,155,395  68%
 and Maintenance
 Fabrication Services         707,706      36%        410,923      24%
 Technology                   152,748      8%         129,043      8%
 Government Solutions         85,045       4%         -            0%
  Total                    $ 1,945,949             $ 1,695,361
                                             % of                  % of
 REVENUE                                     Total                 Total
 Engineering, Construction     $ 1,430,135  63%        $  709,781  59%
 and Maintenance
 Fabrication Services         495,048      22%        391,433      33%
 Technology                   151,482      7%         100,053      8%
 Government Solutions         174,764      8%         -            0%
  Total                    $ 2,251,429             $ 1,201,267
                                             % of                  % of
 INCOME FROM OPERATIONS                      Revenue               Revenue
 Engineering, Construction     $   63,212 4.4%       $   27,420 3.9%
 and Maintenance
 Fabrication Services         45,024       9.1%       35,786       9.1%
 Technology                   35,542       23.5%      22,599       22.6%
 Government Solutions         3,992        2.3%       -            0.0%
 Total operating groups       $  147,770  6.6%       $   85,805 7.1%
  Acquisition-related      (61,256)                -
 costs
  Total                     $   86,514 3.8%       $   85,805 7.1%

 (1) New awards represents the value of new project commitments received by
     the Company during a given period.







Chicago Bridge & Iron Company N.V.
Condensed Consolidated Balance Sheets
(in thousands)
                                         March 31,         December 31,
                                         2013              2012
ASSETS
Current assets                           $   3,619,629  $     
                                                           2,721,555
Equity investments                       107,082           97,267
Property and equipment, net              775,820           285,871
Goodwill and other intangibles, net      3,924,359         1,093,019
Other non-current assets                 221,971           131,963
 Total assets                        $   8,648,861  $     
                                                           4,329,675
LIABILITIES AND SHAREHOLDERS' EQUITY
Current maturities of long-term debt and $    197,427  $         
revolver borrowings                                          -
Other current liabilities                4,172,791         1,772,522
Long-term debt                          1,700,000         800,000
Other non-current liabilities            581,087           360,843
Shareholders' equity                     1,997,556         1,396,310
 Total liabilities and shareholders' $   8,648,861  $     
equity                                                     4,329,675



Chicago Bridge & Iron Company N.V.
Condensed Consolidated Statements of Cash Flows and Other Financial Data
(in thousands)
                                       Three Months
                                       Ended March 31,
                                       2013               2012
CASH FLOWS
Cash flows from operating activities   $    (312,215)  $        
                                                          59,334
Cash flows from investing activities   (1,752,351)        (10,029)
Cash flows from financing activities   1,821,239          (90,688)
Effect of exchange rate changes on     (7,242)            9,383
cash and cash equivalents
Decrease in cash and cash equivalents  (250,569)          (32,000)
Cash and cash equivalents, beginning   643,395            671,811
of the year
Cash and cash equivalents, end of the  $    392,826   $       
period                                                    639,811
OTHER FINANCIAL DATA
Increase in receivables, net           $    (153,647)  $       
                                                          (65,339)
Change in contracts in progress, net   (180,030)          24,162
(Increase) decrease in inventory       (4,302)            2,229
(Decrease) increase in accounts        (28,720)           11,982
payable
 Change in contract capital        $    (366,699)  $       
                                                          (26,966)
Depreciation and amortization         $     28,637  $        
                                                          16,646
Capital expenditures                   $     14,932  $        
                                                          10,695
                                       March 31, 2013     December 31, 2012
Backlog ^(1)                           $  25,534,674    $     
                                                          10,928,818

^(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.





Chicago Bridge & Iron Company N.V.
Reconciliation of Non-GAAP Supplemental Information
(in thousands, except per share data)
                                                         Three Months
                                                         Ended March 31, 2013
Adjusted income from operations
   Income from operations                                $ 86,514
   Acquisition-related costs                             61,256
   Adjusted income from operations                       $147,770
   Adjusted % of Revenue                                 6.6%
Adjusted net income attributable to CB&I (total and per  Amount     Per Share
share)
   Net income attributable to CB&I                       $ 33,608  $   0.32
   Acquisition-related transaction costs, net of tax     51,248     0.50
   ^(1)
   Adjusted net income attributable to CB&I              $ 84,856  $   0.82

     Includes $61,256 of of acquisition-related costs and $10,517 of
     acquisition-related pre-closing financing costs and one-time financial
^(1) commitments (both included in interest expense), totaling $71,773, less
     the tax impact of $20,525. The per share amount is based upon diluted
     weighted average shares of 103,507.





SOURCE CB&I

Website: http://www.cbi.com
Contact: Media: www.CBI.com, or Investors: Christi Thoms, +1 832 513 1200
 
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