Monday, March 18, 2013 7:57:39 PM
http://finance.yahoo.com/news/energysolutions-announces-fourth-quarter-fiscal-203500406.html
SALT LAKE CITY, UT--(Marketwire - Mar 18, 2013) - EnergySolutions, Inc. ( NYSE : ES ) (the "Company"), a leading provider of specialized, technology-based nuclear services to government and commercial customers, announced financial results for the Company's fourth quarter and fiscal year ended December 31, 2012.
Fiscal Year 2012 Summary
•Revenue of $1,807.5 million
•Net income attributable to EnergySolutions of $4.0 million, or $0.04 per share
•Adjusted EBITDA of $135.0 million
Fourth Quarter 2012 Summary:
•Revenue of $480.0 million
•Net loss attributable to EnergySolutions of $10.8 million, or $0.12 per share
•Adjusted EBITDA of $40.9 million
Fiscal Year 2012 Results
Revenue for fiscal year 2012 was $1,807.5 million, compared with $1,815.5 million for fiscal year 2011. Gross profit for the year totaled $170.7 million compared to gross profit of $79.7 million for fiscal year 2011. Selling, general and administrative expenses were $138.2 million in 2012 compared to $132.4 million in 2011, as a result of $14.1 million in restructuring and other charges taken in 2012. The Company reported operating income in 2012 of $39.9 million.
Net income attributable to EnergySolutions for 2012 was $4.0 million, or $0.04 per share, compared to a net loss of $196.2 million, or $2.21 per share, for 2011. Net income in 2012 included $14.1 million in restructuring and other non-recurring charges. Adding back the $14.1 million charge would have resulted in $18.1 million in net income or $0.24 per share. The net loss in 2011 included a $174.0 million goodwill impairment, a $94.9 million ARO adjustment, and a $29.5 million tax valuation adjustment. Excluding the goodwill impairment, ARO charge, and deferred tax asset valuation allowance, net income would have been $102.2 million, or $1.15 earnings per share, for 2011.
EBITDA and Adjusted EBITDA for 2012 were $142.7 million and $135.0 million, respectively, compared to $62.5 million and $145.6 million, respectively, for 2011.
Fourth Quarter 2012 Results
Revenue for the fourth quarter of 2012 increased to $480.0 million, compared with $468.5 million recorded in the fourth quarter of 2011. The Company reported a gross profit of $57.0 million for the fourth quarter of 2012, compared with a loss for the fourth quarter of 2011 of $39.4 million, which included the $94.9 million ARO charge discussed above. Selling, general and administrative expenses increased to $38.6 million, from $36.2 million in the fourth quarter of 2011, primarily as a result of approximately $6 million of restructuring charges. The Company reported income from operations for the quarter ended December 31, 2012 of $18.4 million, compared to a loss from operations of $248.5 million for the same quarter last year.
Net loss attributable to EnergySolutions for the fourth quarter of 2012 was $10.8 million, or $0.12 per share, compared with a net loss attributable to EnergySolutions of $202.8 million, or $2.28 per share, for the fourth quarter of 2011.
EBITDA and Adjusted EBITDA for the fourth quarter of 2012 were $41.0 million and $40.9 million, respectively, compared with an EBITDA loss of $39.1 million and Adjusted EBITDA of $43.3 million for the fourth quarter of 2011.
Reconciliations of GAAP to non-GAAP financial measures are provided in the attached Table 4.
Business Segments - Fourth Quarter 2012
The results of the Company's two business groups are presented in Table 5 in the accompanying financial tables.
Global Commercial Group
Global Commercial Group revenue for the fourth quarter of 2012 totaled $441.4 million, compared with $411.6 million in the fourth quarter of 2011. The $29.8 million increase in revenue was due primarily to growth from Commercial Services and from International activities as discussed below.
Global Commercial Group reported income from operations in the fourth quarter of 2012 of $42.2 million compared with a loss from operations of $59.7 million for the fourth quarter of 2011, which included the ARO adjustment of $94.9 million.
Commercial Services
Revenue from Commercial Services operations in our Global Commercial Group for the fourth quarter of 2012 totaled $53.4 million, compared with $59.3 million for the fourth quarter of 2011. Gross profit for Commercial Services in the fourth quarter of 2012 was $14.4 million compared with a loss of $88.7 million in the fourth quarter of 2011.
Logistics, Processing and Disposal
Revenue from the Logistics, Processing and Disposal (LP&D) operations in our Global Commercial Group for the fourth quarter of 2012 totaled $67.0 million, compared to $65.7 million recorded in the fourth quarter of 2011. Gross profit for the fourth quarter of 2012 totaled $21.3 million, compared with $22.2 million for the fourth quarter of 2011. Gross margin declined to 31.8% for the fourth quarter of 2012, compared with 33.8% for the fourth quarter of 2011. The decrease in gross margin was attributable primarily to higher processing costs in the fourth quarter of 2012.
International
Revenue from the International operations in our Global Commercial Group for the fourth quarter of 2012 totaled $321.0 million, compared to $286.7 million recorded for the fourth quarter of 2011. The $34.3 million increase in revenue was due primarily to the acceleration of decommissioning activities under our Magnox contract in the U.K. and to increased design and construction activities in our operations in Asia. Gross profit for the fourth quarter of 2012 totaled $17.9 million, compared with $18.7 million for the fourth quarter of 2011. Gross margin declined to 5.6% for the fourth quarter of 2012, compared with 6.5% for the fourth quarter of 2011. Foreign currency fluctuations increased revenue and cost of revenue by $5.8 million and $5.4 million, respectively, during the quarter.
Government Group
Government Group revenue for the fourth quarter of 2012 totaled $38.6 million, compared with $56.9 million in the fourth quarter of 2011. The decrease in revenue was due primarily to the completion of our Moab project in May 2012, as well as to the Company's Salt Waste project that reversed fee revenue previously recorded and had lower than expected fee earned during 2012.
Income from operations for the Government Group in the fourth quarter of 2012 totaled $0.7 million, compared with $5.5 million for the fourth quarter of 2011. Operating margins decreased to 1.9% for the fourth quarter of 2012, compared to 9.7% for the fourth quarter of 2011 due primarily to reduced revenue and earnings from the Salt Waste and Moab projects.
Equity in income from unconsolidated joint ventures was $0.0 million for the fourth quarter of 2012, compared with $1.1 million for the fourth quarter of 2011. The decrease was due primarily to a timing difference in recognition of income related to our Hanford tank operating contract.
Outlook
The Company announced on January 7, 2013 that the Board of Directors had accepted a $3.75 per share offer from Energy Capital Partners. A shareholder vote to approve the transaction is scheduled for April 26, 2013. No additional outlook for 2013 has been given pending the shareholder vote. EnergySolutions will not hold a teleconference or webcast in connection with this earnings release.
Recent ES News
- Eversource Energy Declares Common Dividend • Business Wire • 09/12/2024 08:10:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 09/09/2024 08:22:06 PM
- In Case You Missed It: Massachusetts Department of Public Utilities Approves Eversource Electric Sector Modernization Plan • Business Wire • 09/05/2024 04:32:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 09/03/2024 07:51:48 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 08/30/2024 06:48:04 PM
- Eversource Announces New Vice President of Investor Relations • Business Wire • 08/22/2024 08:15:00 PM
- Eversource Secures Federal Funding for Offshore Wind Hub in Southeastern Connecticut in Collaboration with New England States • Business Wire • 08/19/2024 03:29:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/14/2024 07:12:53 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 08/13/2024 07:24:24 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/13/2024 05:35:05 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 08/09/2024 09:29:01 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/05/2024 06:43:23 PM
- Eversource Energy Reports Second Quarter 2024 Results • Business Wire • 07/31/2024 08:15:00 PM
- Eversource Energy to Discuss Second Quarter Results • Business Wire • 07/17/2024 08:15:00 PM
- Eversource Energy Closes on the Sale of Sunrise Wind • Business Wire • 07/09/2024 08:15:00 PM
- Eversource Wins Environmental Business Council of New England’s Inaugural Community Choice Award for First-in-the-Nation Networked Geothermal Project • Business Wire • 06/25/2024 07:41:00 PM
- Form 11-K - Annual report of employee stock purchase, savings and similar plans • Edgar (US Regulatory) • 06/13/2024 07:38:03 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/04/2024 04:34:09 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 05/31/2024 08:29:37 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/31/2024 03:19:40 PM
- Eversource Named One of America’s Climate Leaders for 2024 by USA TODAY • Business Wire • 05/30/2024 05:20:00 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 05/29/2024 04:20:54 PM
- Eversource Energy Reports First Quarter 2024 Results • Business Wire • 05/01/2024 09:10:00 PM
- Eversource Energy Announces Execution of Definitive Agreement with Ørsted to Sell Sunrise Wind • Business Wire • 04/19/2024 11:48:00 AM
- Eversource Energy to Discuss First Quarter Results • Business Wire • 04/16/2024 09:05:00 PM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM