Great Lakes Dredge & Dock Corporation today released its financial results for the three months ended December 31, 2016, reporting revenue of $213.4 million, net loss of $7.0 million and Adjusted EBITDA of $11.6 million.
“The following non-recurring items totaling $7.3 million negatively impacted results during the fourth quarter of 2016: a loss on an asset held for sale of $2.4 million for a vessel based in the Middle East; $2.3 million in losses related to the sale of assets in the Terra services business; and a $2.6 million loss related to the wind-down of the TerraSea joint venture,” GLDD said in its release.
Interim Chief Executive Officer and Chief Financial Officer, Mark Marinko, said: “In 2016, the Company executed well on our domestic dredging contracts, particularly on our rivers & lakes projects. Our performance was offset by a major decline in international work due to a smaller market in 2016 that impacted the entire international dredging industry as well as the absence of the Suez Canal project, which contributed robust revenue and contract margin in 2015.”
“We were pleased to have our internationally-based vessels utilized during the second half of the year, however the contracts were not at the margin of recent international projects.”
For the year ended December 31, 2016, GLDD reported revenue of $767.6 million, net loss of $8.2 million and Adjusted EBITDA of $72.0 million.
In addition to the $7.3 million non-recurring items in the fourth quarter that adversely impacted results, the Company recorded the following non-recurring items previously in the year, positively impacting results: an $8.6 million reversal of liabilities related to the estimated earn-out and restricted stock units associated with the GLEI acquisition due to the expected failure to meet performance expectations included within the stock purchase agreement and a $2.0 million reversal of variable employee compensation.
Dredging in Q4 of 2016
Dredging in 2016