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CB&I Reports Strong 2013 Fourth Quarter and Full-Year Results

        CB&I Reports Strong 2013 Fourth Quarter and Full-Year Results  PR Newswire  THE WOODLANDS, Texas, Feb. 25, 2014  THE WOODLANDS, Texas, Feb. 25, 2014 /PRNewswire/ -- CB&I (NYSE: CBI) today announced financial results for the fourth quarter and full-year 2013. Net income for 2013 was $454.1 million, or $4.23 per diluted share, including acquisition and integration related costs of $73.3 million, or $0.68 per diluted share. CB&I's consolidated 2013 revenue was $11.1 billion, up from $5.5 billion in the prior year. New awards for 2013 totaled $12.3 billion, resulting in a backlog of $27.8 billion as of December 31, 2013.  In the fourth quarter, CB&I's net income was $196.8 million, or $1.80 per diluted share, including acquisition and integration related costs of $12.1 million, or $0.11 per diluted share. Revenue for the fourth quarter was $3.0 billion with new awards of $5.3 billion.  "With record high new awards and revenue, 2013 was without a doubt the strongest year in the company's 125 year history. Our 2013 net income, excluding acquisition and integration related costs, exceeded half a billion dollars, resulting in adjusted earnings per share of $4.91," said Philip K. Asherman, President and Chief Executive Officer. "In addition to our financial results, I am very proud to report that we executed 145 million work-hours in 2013, with one of the best safety records in our industry. With this relentless focus and commitment to safety, our unique business model that delivers a more complete supply chain solution for our customers, nearly $30 billion in backlog and the assurance of long-term global energy demand, we expect CB&I to continue to deliver outstanding value to our shareholders."  CB&I's $12.3 billion in 2013 new awards demonstrates the company's ability to capitalize on its breadth of offerings across its growing end markets. Noteworthy awards and developments included a LNG contract for the first two trains at Freeport LNG, an award for an ethylene plant for Occidental in Texas, storage awards for LNG tanks in Asia and Australia, a propane terminal in Pennsylvania, a strategic partnership with China Power Investment Corporation (CPI) to jointly build nuclear power generation in China, a pipe fabrication award for a natural gas project in Australia, contracts for environmental remediation and Air Quality Control programs across the U.S., a plant services contract for Peru LNG, a paraxylene technology contract with GS Caltex, as well as numerous additional strategic petrochemical and refining technology licensing awards.  Earnings Conference Call  CB&I will host a webcast on February 25 at 4:00 p.m. CST (5:00 p.m. EST) 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 55,000 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.  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, 2013, 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 STATEMENTS OF OPERATIONS (in thousands, except per share data)                          Three Months                 Twelve Months                          Ended December 31,           Ended December 31,                          2013           2012          2013          2012 Revenue                  $ 3,000,257   $             $             $                                         1,537,468    11,094,527   5,485,206 Cost of revenue          2,661,051      1,339,800     9,895,517     4,786,499       Gross profit       339,206        197,668       1,199,010     698,707       % of Revenue       11.3%          12.9%         10.8%         12.7% Selling and              98,921         59,464        379,485       227,948 administrative expense       % of Revenue       3.3%           3.9%          3.4%          4.2% Intangibles              18,429         4,488         61,111        22,613 amortization Equity earnings          (7,337)        (11,416)      (23,474)      (17,931) Other operating          (493)          618           1,643         (566) (income) expense, net Acquisition and integration related      19,260         6,000         95,737        11,000 costs       Income from        210,426        138,514       684,508       455,643       operations       % of Revenue       7.0%           9.0%          6.2%          8.3% Interest expense         (21,506)       (7,837)       (87,578)      (19,606) Interest income         1,721          1,592         6,930         8,029       Income before      190,641        132,269       603,860       444,066       taxes Income tax benefit       26,414         (35,277)      (91,270)      (127,003) (expense) ^(1)       Net income         217,055        96,992        512,590       317,063 Less: Net income attributable to          (20,274)       (7,375)       (58,470)      (15,408) noncontrolling interests       Net income                        $           $           $        attributable to    $  196,781   89,617       454,120      301,655       CB&I Net income attributable to CB&I per share:       Basic              $          $         $        $                              1.83          0.93         4.29         3.12       Diluted            $          $         $        $                              1.80          0.91         4.23         3.07 Weighted average shares outstanding:       Basic              107,527        96,479        105,935       96,633       Diluted            109,168        98,230        107,452       98,231 Cash dividends on shares:       Amount             $           $          $          $                            5,375         4,841        21,453       19,394       Per Share          $          $         $        $                              0.05          0.05         0.20         0.20       The three and twelve month periods ended December 31, 2013 include a tax  ^(1) benefit of $77,800 ($0.72 per share) related to the recognition of the       balance of our U.K. net operating loss tax asset and certain U.S.       foreign tax credits. Non-GAAP Supplemental Information (amounts adjusted to exclude Shaw acquisition and integration related costs) (2)       Adjusted income    $  229,686   $            $           $        from operations                   144,514      780,245      466,643       Adjusted % of      7.7%           9.4%          7.0%          8.5%       Revenue       Adjusted net       income             $  208,915   $           $           $        attributable to                   93,517       527,436      308,798       CB&I       Adjusted net       income             $         $         $        $           attributable to    1.91           0.95         4.91         3.14       CB&I per share       (diluted)       The exclusion of Shaw acquisition and integration related costs is a  ^(2) non-GAAP financial measure, 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. Segment Information (in thousands)               Three Months Ended December 31,            Twelve Months Ended December 31,               2013                 2012                  2013                  2012                         % of                % of                % of                % of NEW AWARDS              Total               Total               Total               Total ^(1)  Engineering, $                   $                     $                     $ Construction  4,035,925 76%        2,258,963 79%        7,929,048 65%        5,115,271 70% and Maintenance  Fabrication  799,681   15%        447,522    16%        2,681,886  22%        1,463,978  20% Services             233,784   5%         144,251    5%         633,690    5%         726,721    10% Technology  Government   225,658   4%         -          0%         1,008,346  8%         -          0% Solutions  Total    $                   $                     $                     $               5,295,048            2,850,736            12,252,970            7,305,970                         % of                % of                % of                % of REVENUE                 Total               Total               Total               Total  Engineering, $                   $                   $                     $ Construction  1,882,794 63%        964,695    63%        6,724,567 61%        3,305,377 60% and Maintenance  Fabrication  698,052   23%        424,678    27%        2,575,597  23%        1,692,533  31% Services             130,472   4%         148,095    10%        599,195    5%         487,296    9% Technology  Government   288,939   10%        -          0%         1,195,168  11%        -          0% Solutions  Total      $                   $                     $                     $               3,000,257            1,537,468            11,094,527            5,485,206                         % of                % of                % of                % of INCOME FROM             Revenue             Revenue             Revenue             Revenue OPERATIONS  Engineering, $                  $                  $                   $   Construction  109,575   5.8%       59,612     6.2%       328,919    4.9%       168,467    5.1% and Maintenance  Fabrication  75,647    10.8%      43,398     10.2%      259,750    10.1%      170,780    10.1% Services             40,125    30.8%      41,504     28.0%      156,835    26.2%      127,396    26.1% Technology  Government   4,339     1.5%       -          0.0%       34,741     2.9%       -          0.0% Solutions  Total     $                  $                   $                   $   operating     229,686   7.7%       144,514    9.4%       780,245    7.0%       466,643    8.5% groups   Acquisition and           (19,260)             (6,000)               (95,737)              (11,000) integration related costs  Total     $       7.0%       $        9.0%       $        6.2%       $        8.3%               210,426              138,514               684,508               455,643  (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)                                       December 31,         December 31,                                       2013                 2012 ASSETS Current assets                        $             $                                              3,389,565            2,721,555 Equity investments                    101,754              97,267 Property and equipment, net           788,797              285,871 Goodwill and other intangibles, net   4,854,191            1,093,019 Other non-current assets              264,296              131,963      Total assets                     $             $                                              9,398,603            4,329,675 LIABILITIES AND SHAREHOLDERS' EQUITY Current maturities of long-term debt  $            $          and revolver borrowings               215,000                - Other current liabilities             4,582,624            1,772,522 Long-term debt                       1,625,000            800,000 Other non-current liabilities         459,531              360,843 Shareholders' equity                  2,516,448            1,396,310      Total liabilities and            $             $             shareholders' equity             9,398,603            4,329,675 Chicago Bridge & Iron Company N.V. Condensed Consolidated Statements of Cash Flows and Other Financial Data (in thousands)                                       Twelve Months                                       Ended December 31,                                       2013                 2012 CASH FLOWS Cash flows from operating activities  $            $                                               (112,836)            202,504 Cash flows from investing activities  (1,825,309)          (66,785) Cash flows from financing activities  1,732,812            (174,111) Effect of exchange rate changes on    (17,560)             9,976 cash and cash equivalents Decrease in cash and cash equivalents (222,893)            (28,416) Cash and cash equivalents, beginning  643,395              671,811 of the year Cash and cash equivalents, end of the $            $         year                                  420,502             643,395 OTHER FINANCIAL DATA Increase in receivables, net          $            $                                               (158,851)            (258,132) Change in contracts in progress, net  (614,628)            (222,133) Decrease in inventory                 1,504                2,339 (Decrease) increase in accounts       (43,491)             135,755 payable      Change in contract capital       $            $                                               (815,466)            (342,171) Depreciation and amortization        $            $                                                180,026             66,421 Capital expenditures                  $           $                                                90,492              72,279                                       December 31, 2013    December 31, 2012 Backlog ^(1)                          $              $                                             27,794,212           10,928,818       Backlog includes the value of new award commitments until work is ^(1) 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            Twelve Months                                 Ended December 31,      Ended December 31,                                 2013        2012        2013        2012 Adjusted income from operations  Income from operations         $210,426    $138,514    $684,508    $455,643  Acquisition and integration    19,260      6,000       95,737      11,000  related costs  Adjusted income from           $229,686    $144,514    $780,245    $466,643  operations  Adjusted % of Revenue          7.7%        9.4%        7.0%        8.5% Adjusted net income attributable to CB&I  Net income attributable to     $196,781    $ 89,617   $454,120    $301,655  CB&I  Acquisition and integration    12,134      3,900       73,316      7,143  related costs, net of tax (1)  Adjusted net income            $208,915    $ 93,517   $527,436    $308,798  attributable to CB&I Adjusted net income attributable to CB&I per share  Net income attributable to     $   1.80  $   0.91  $   4.23  $   3.07  CB&I  Acquisition and integration    0.11        0.04        0.68        0.07  related costs, net of tax (1)  Adjusted net income            $   1.91  $   0.95  $   4.91  $   3.14  attributable to CB&I       The three and twelve month periods ended December 31, 2013 include      $19,260 and $95,737 of acquisition and integration related costs,      respectively, and the twelve month period ended December 31, 2013      includes $10,517 of acquisition related pre-closing financing costs and      one-time financial commitments (both included in interest expense and      recorded in Q1). These costs total $19,260 and $106,254, less the tax      impact of $7,126 and $32,938, respectively. The per share amounts for the      three and twelve month periods are based upon diluted weighted average ^(1) shares of 109,168 and 107,452, respectively.              The three and twelve month periods ended December 31, 2012 include $6,000      and $11,000 of acquisition and integration related costs, respectively,      less the tax impacts of $2,100 and $3,857, respectively. The per share      amounts for the three and twelve month periods are based upon diluted      weighted average shares of 98,230 and 98,231, respectively.  (Logo: http://photos.prnewswire.com/prnh/20130430/DA04155LOGO)  SOURCE CB&I  Website: http://www.cbi.com Contact: Media: www.CBI.com, Investors: Christi Thoms, +1 832 513 1200