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

CHARLOTTE, N.C.--()--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)

       

Q4 2012
GAAP

   

Impair-
ment
Charges

   

One-time
Tax
(Benefit) /
Charges

   

Pension
& OPEB
MTM
(Gain) /
Loss

   

Q4 2012
Adjusted

   

Pension
Amorti-
zation

   

Q4 2012
Adjusted
Pre-MTM
Acctg
Change

Operating Income $ 65.7     $ -     $ -     $ 31.9     $ 97.6     $ (19.4 )     $ 78.2
Other Income / (Expense) (1.5 ) - - 0.2 (1.4 ) - (1.4 )
Provision for Income Taxes           (27.2 )       -         6.8         (11.0 )       (31.4 )       6.2         (25.3 )
Net Income 36.9 - 6.8 21.1 64.7 (13.3 ) 51.5
Net Loss (Income) Attributable to Non-Controlling Interest           2.2         -         -         -         2.2         -         2.2  
Net Income Attributable to The Babcock & Wilcox Company         $ 39.1       $ -       $ 6.8       $ 21.1       $ 66.9       $ (13.3 )     $ 53.7  
 
Diluted Earnings per Common Share $ 0.33 $ - $ 0.06 $ 0.18 $ 0.56   $ (0.11 ) $ 0.45  
 

FY 2012
GAAP

   

Impair-
ment
Charges

   

One-time
Tax
(Benefit) /
Charges

   

Pension
& OPEB
MTM
(Gain) /
Loss

   

FY 2012
Adjusted

   

Pension
Amorti-
zation

   

FY 2012
Adjusted
Pre-MTM
Acctg
Change

Operating Income $ 346.6 $ 2.6 $ - $ 31.9 $ 381.1 $ (77.9 ) $ 303.2
Other Income / (Expense) (27.2 ) 27.0 - 0.2 0.0 (0.1 ) (0.1 )
Provision for Income Taxes           (101.9 )       (1.0 )       (18.5 )       (11.0 )       (132.4 )       27.5         (104.9 )
Net Income 217.6 28.6 (18.5 ) 21.1 248.7 (50.6 ) 198.1
Net Loss (Income) Attributable to Non-Controlling Interest           10.1         -         -         -         10.1         -         10.1  
Net Income Attributable to The Babcock & Wilcox Company         $ 227.7       $ 28.6       $ (18.5 )     $ 21.1       $ 258.8       $ (50.6 )     $ 208.2  
 
Diluted Earnings per Common Share $ 1.91 $ 0.24 $ (0.16 ) $ 0.18 $ 2.17   $ (0.43 ) $ 1.75  
 

       

Q4 2011
GAAP

   

Pension
& OPEB
MTM
(Gain) /
Loss

   

Q4 2011
Adjusted

   

Pension
Amorti-
zation

   

Q4 2011
Adjusted
Pre-MTM
Acctg
Change

Operating Income (Loss) $ (103.4 )     $ 215.4     $ 112.0     $ (18.7 )     $ 93.3
Other Income / (Expense) (3.9 ) 0.3 (3.6 ) (0.1 ) (3.7 )
Provision for Income Taxes           42.1         (76.5 )       (34.4 )       6.8         (27.6 )
Net Income (Loss) (65.2 ) 139.2 74.0 (11.9 ) 62.0
Net Loss (Income) Attributable to Non-Controlling Interest           2.2         -         2.2         -         2.2  
Net Income (Loss) Attributable to The Babcock & Wilcox Company         $ (63.0 )     $ 139.2       $ 76.2       $ (11.9 )     $ 64.3  

 

Diluted Earnings per Common Share $ (0.53 ) $ 1.18 $ 0.65   $ (0.10 ) $ 0.54  
 

FY 2011
GAAP

   

Pension
& OPEB
MTM
(Gain) /
Loss

   

FY 2011
Adjusted

   

Pension
Amorti-
zation

   

FY 2011
Adjusted
Pre-MTM
Acctg
Change

Operating Income $ 95.7 $ 215.4 $ 311.1 $ (75.1 ) $ 236.0
Other Income / (Expense) (1.2 ) 0.3 (0.8 ) (0.2 ) (1.0 )
Provision for Income Taxes           (23.9 )       (76.5 )       (100.4 )       27.4         (73.0 )
Net Income 70.6 139.2 209.8 (47.9 ) 162.0
Net Loss (Income) Attributable to Non-Controlling Interest           7.7         -         7.7         -         7.7  
Net Income Attributable to The Babcock & Wilcox Company         $ 78.3       $ 139.2       $ 217.5       $ (47.9 )     $ 169.7  
 
Diluted Earnings per Common Share $ 0.66 $ 1.18 $ 1.84   $ (0.40 ) $ 1.43  
 

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 of long-term debt $ 4,062 $ 4,653
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 Obligation           71,208         80,663  
 
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 shares at December 31, 2012 and December 31, 2011, respectively 1,196 1,185
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 and December 31, 2011, respectively (109,809 ) (10,059 )
Accumulated other comprehensive income           32,728         26,826  
Stockholders’ Equity – The Babcock & Wilcox Company 986,435 825,794
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 operations 673,894 748,856 2,461,205 2,384,154

Research and development costs

29,483 31,878 120,562 106,396

(Gains) losses on asset disposals and Impairments – net

(319 ) (3,713 ) 1,419 (3,087 )
Selling, general and administrative expenses           114,664       149,343         428,293       447,561  
Total Costs and Expenses           817,722       926,364         3,011,479       2,935,024  
 
Equity in Income of Investees           18,119       22,131         66,709       78,655  
 
Operating Income (Loss)           65,693       (103,444 )       346,589       95,671  
 
Other Income (Expense):
Interest income 337 331 1,491 1,342
Interest expense (964 ) (2,021 ) (3,735 ) (4,543 )
Other income (expense) – net           (920 )     (2,256 )       (24,927 )     2,028  
            (1,547 )     (3,946 )       (27,171 )     (1,173 )
 

Income (Loss) before Provision for (Benefit from) Income Taxes

64,146 (107,390 )

319,418

94,498

 
Provision for (Benefit from) Income Taxes           27,250       (42,149 )       101,861       23,880  
 
Net Income (Loss)         $ 36,896     $ (65,241 )     $ 217,557     $ 70,618  
 
Net Loss Attributable to Noncontrolling Interest           2,175       2,232         10,138       7,701  
 

Net Income (Loss) Attributable to The Babcock & Wilcox Company

        $ 39,071     $ (63,009 )     $ 227,695     $ 78,319  
 
Earnings per Common Share:
Basic:

Net Income Attributable to The Babcock & Wilcox Company

$ 0.33 $ (0.53 ) $ 1.92 $ 0.67
Diluted:

Net Income Attributable to The Babcock & Wilcox Company

        $ 0.33     $ (0.53 )     $ 1.91     $ 0.66  
 

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 amortization 69,697 73,003 71,633
Income of investees, net of dividends (15,115 ) (20,854 ) (20,449 )
Losses (gains) on asset disposals and impairments – net 1,419 (3,087 ) 38
Impairment of USEC investment 27,000 - -
In-kind research and development costs 17,942 16,584 -
Provision for (benefit from) deferred taxes 43,038 (19,200 ) 31,168
Recognition of losses and prior service cost for pension and postretirement plans 35,480 219,508 95,547
Stock-based compensation expense 18,009 17,927 16,308
Excess tax benefits from stock-based compensation (1,571 ) (4,083 ) (5,276 )
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 billings 32,527 (28,746 ) (153,933 )
Income taxes 5,522

31,961

9,239

 

Accrued and other current liabilities (30,553 ) (23,106 ) (9,761 )
Pension liability and accrued postretirement and employee benefits (168,004 ) (144,802 ) (85,371 )
Other           (46,378 )      

(33,491

)      

(18,082

)

NET CASH PROVIDED BY OPERATING ACTIVITIES           184,927         173,591         192,406  
CASH FLOWS FROM INVESTING ACTIVITIES:
Decrease (increase) in restricted cash and cash equivalents 229 (48,923 ) 3,038
Purchases of property, plant and equipment (86,635 ) (63,874 ) (63,649 )
Acquisition of businesses, net of cash acquired (318 ) (11,907 ) (29,962 )
Purchases of available-for-sale securities (268,929 ) (145,198 ) (135,135 )
Sales and maturities of available-for-sale securities 247,649 147,288 134,276
Proceeds from asset disposals 580 6,468 753
Proceeds from sale of an unconsolidated affiliate 2,091 - -
Investments, net of return of capital, in equity and cost method investees (6,064 ) (38,176 ) (42,912 )
Decrease in note receivable from affiliate           -         -         43,277  
NET CASH USED IN INVESTING ACTIVITIES           (111,397 )       (154,322 )       (90,314 )
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of short-term borrowings and long-term debt (4,643 ) (1,782 ) (29,914 )
Payment of debt issuance costs (4,902 ) (82 ) (9,994 )
Increase in short-term borrowing 3,815 1,254 25,000
Repurchase of common shares (96,774 ) - -
Dividends paid to common shareholders (9,485 ) - -
Dividend paid to McDermott International, Inc. - - (100,000 )
Capital contribution from McDermott International, Inc. - - 12,501
Distribution to McDermott International, Inc. - - (43,334 )
(Decrease) Increase in notes payable to affiliates - - (43,386 )
Exercise of stock options 2,926 4,463 211
Excess tax benefits from stock-based compensation 1,571 4,083 5,276
Other           (514 )       (401 )       (93 )
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES           (108,006 )       7,535         (183,733 )
EFFECTS OF EXCHANGE RATE CHANGES ON CASH           2,814         (2,737 )       3,315  
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS           (31,662 )       24,067         (78,326 )
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD           415,209         391,142         469,468  
CASH AND CASH EQUIVALENTS AT END OF PERIOD         $ 383,547       $ 415,209       $ 391,142  
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest (net of amount capitalized) $ 3,842 $ 4,525 $ 3,746
Income taxes (net of refunds)         $ 83,062       $ 33,505       $ 27,227  
 

 
 

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 Generation $ 448,286 $ 411,420 $ 1,785,959 $ 1,541,509
Nuclear Operations 298,005 265,703 1,098,031 1,043,185
Technical Services 28,586 32,113 107,851 119,711
Nuclear Energy 96,959 100,736 325,953 321,406
Adjustments and Eliminations           (6,540 )     (9,183 )       (26,435 )     (73,771 )
TOTAL         $ 865,296     $ 800,789       $ 3,291,359     $ 2,952,040  
 

SEGMENT INCOME:

Power Generation $ 45,178 $ 57,227 $ 183,387 $ 183,984
Nuclear Operations 59,156 49,368 226,269 194,438
Technical Services 14,041 21,303 59,655 69,915
Nuclear Energy           (16,193 )     (9,939 )       (62,879 )     (116,887 )
SUBTOTAL 102,182 117,959 406,432 331,450
Corporate (4,599 ) (5,985 ) (27,953 ) (20,361 )
Mark to Market Adjustment           (31,890 )     (215,418 )       (31,890 )     (215,418 )
TOTAL         $ 65,693     $ (103,444 )     $ 346,589     $ 95,671  
 

EQUITY IN INCOME OF INVESTEES:

Power Generation $ 6,312 $ 5,866 $ 17,402 $ 25,778
Nuclear Operations 0 0 0 0
Technical Services 12,121 16,265 49,621 52,877
Nuclear Energy           (314 )     0         (314 )     0  
TOTAL         $ 18,119     $ 22,131       $ 66,709     $ 78,655  
 

PENSION EXPENSE:

Power Generation $ 3,172 $ 3,995 $ 15,744 $ 16,561
Nuclear Operations 3,391 2,360 13,565 11,089
Technical Services 215 198 861 792
Nuclear Energy 1,463 660 3,056 2,611
Corporate 842 798 2,873 2,743
Mark to Market Adjustment           34,496       212,802         34,496       212,802  
TOTAL         $ 43,579     $ 220,813       $ 70,595     $ 246,598  

 

DEPRECIATION AND AMORTIZATION:

Power Generation $ 4,814 $ 3,892 $ 19,126 $ 17,264
Nuclear Operations 7,334 9,103 32,013 38,169
Technical Services 55 65 244 262
Nuclear Energy 1,640 1,393 6,202 5,346
Corporate           3,036       3,057         12,112       11,962  
TOTAL         $ 16,879     $ 17,510       $ 69,697     $ 73,003  
 

RESEARCH AND DEVELOPMENT, NET:

Power Generation $ 6,692 $ 6,907 $ 22,952 $ 21,325
Nuclear Operations 0 178 119 234
Technical Services 315 1,232 654 1,878
Nuclear Energy           22,476       23,561         96,837       82,959  
TOTAL         $ 29,483     $ 31,878       $ 120,562     $ 106,396  
 

CAPITAL EXPENDITURES:

Power Generation $ 8,471 $ 5,173 $ 24,592 $ 15,788
Nuclear Operations 14,308 10,315 44,810 32,082
Technical Services 0 0 0 0
Nuclear Energy 4,101 928 8,435 7,257
Corporate           975       3,461         8,798       8,747  
TOTAL         $ 27,855     $ 19,877       $ 86,635     $ 63,874  
 

BACKLOG:

Power Generation $ 2,483,046 $ 1,947,274 $ 2,483,046 $ 1,947,274
Nuclear Operations 2,983,864 2,995,364 2,983,864 2,995,364
Technical Services 4,503 13,756 4,503 13,756
Nuclear Energy           278,003       382,638         278,003       382,638  
TOTAL         $ 5,749,416     $ 5,339,032       $ 5,749,416     $ 5,339,032  
 

Contacts

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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Contacts

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