Hill International Reports Fourth Quarter and Full Year 2010 Financial Results
Operating profit for the fourth quarter of 2010 was
Total backlog at the end of the fourth quarter of 2010 increased to a record
"We are pleased with Hill's financial performance during the fourth quarter," said
Full Year 2010 Results
Total revenue for 2010 rose to
Operating profit for 2010 was
Business Segment Results
In addition to providing consolidated financial results, Hill also reports separate financial results for its two operating segments: the
Total revenue for the
Total revenue at the
Total revenue for the
Total revenue at the
Current Situation in
Since 2007, Hill has been providing project management and construction supervision services on several major projects for the government of Libya. These projects relate to the construction of college and university facilities throughout the country. Due to the current civil unrest in
"We believe that when the current civil unrest is eventually resolved, the probability is high that we will continue to work on these projects," said Richter. "We also believe that the amounts due will be collected, however, if we are unable to do so, there would be an adverse financial impact on Hill."
Increase of Stock Repurchase Program
During 2010, Hill purchased approximately 2,182,000 shares of its common stock pursuant to its previously authorized
Earlier today, Hill's Board of Directors approved an increase in the Stock Repurchase Program to
Conference Call
About
The
Forward-Looking Statements
Certain statements contained in this press release may be considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and it is our intent that any such statements be protected by the safe harbor created thereby. Except for historical information contained in this press release, the matters set forth herein including, but not limited to, any projections of earnings or other financial items; any statements concerning our plans, strategies and objectives for future operations; and any statements regarding future economic conditions or performance, are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and assumptions and are subject to certain risks and uncertainties. Although we believe that the expectations, estimates and assumptions reflected in our forward-looking
statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Important factors that could cause our actual results, performance and achievements, or industry results to differ materially from estimates or projections contained in our forward-looking statements include: modifications and termination of client contracts; control and operational issues pertaining to business activities that we conduct on our own behalf or pursuant to joint ventures with other parties; difficulties we may incur in implementing our acquisition strategy; the need to retain and recruit key technical and management personnel; and unexpected adjustments and cancellations related to our backlog. Additional factors that could cause actual results to differ materially from our forward-looking statements are set forth in the reports we
have filed with the
(HIL-G)
| HILL INTERNATIONAL, INC. AND SUBSIDIARIES | ||||
| EARNINGS RELEASE TABLES | ||||
| (In 000's, Except Per Share Data) | ||||
| (Unaudited) | ||||
| Consolidated Statements of Earnings | ||||
|
Three Months Ended December 31, |
Year Ended December 31, |
|||
| 2010 | 2009 | 2010 | 2009 | |
| Consulting fee revenue | $ 101,203 | $ 93,623 | $ 382,099 | $ 364,010 |
| Reimbursable expenses | 26,867 | 16,687 | 69,659 | 57,772 |
| Total revenue | 128,070 | 110,310 | 451,758 | 421,782 |
| Cost of services | 53,831 | 52,540 | 213,349 | 209,052 |
| Reimbursable expenses | 26,867 | 16,687 | 69,659 | 57,772 |
| Total direct expenses | 80,698 | 69,227 | 283,008 | 266,824 |
| Gross profit | 47,372 | 41,083 | 168,750 | 154,958 |
| Selling, general and administrative expenses | 42,097 | 34,420 | 151,634 | 136,683 |
| Equity in earnings of affiliates | (69) | (832) | (1,503) | (8,222) |
| Operating profit | 5,344 | 7,495 | 18,619 | 26,497 |
| Interest expense, net | 942 | 693 | 3,144 | 1,737 |
| Earnings before provision for income taxes | 4,402 | 6,802 | 15,475 | 24,760 |
| Provision for income taxes | 521 | 2,206 | 481 | 4,577 |
| Consolidated net earnings | 3,881 | 4,596 | 14,994 | 20,183 |
| Less: net earnings — noncontrolling interests | 106 | 33 | 778 | 713 |
| Net earnings attributable to Hill International, Inc. | $ 3,775 | $ 4,563 | $ 14,216 | $ 19,470 |
| Basic earnings per common share | $ 0.10 | $ 0.12 | $ 0.36 | $ 0.49 |
| Basic weighted average common shares outstanding | 38,250 | 38,912 | 39,258 | 39,659 |
| Diluted earnings per common share | $ 0.10 | $ 0.12 | $ 0.36 | $ 0.49 |
| Diluted weighted average common shares outstanding | 38,874 | 39,630 | 39,824 | 40,124 |
| Selected Segment Data | ||||
|
Three Months Ended December 31, |
Year Ended December 31, |
|||
| 2010 | 2009 | 2010 | 2009 | |
| Project Management | ||||
| Consulting fee revenue | $ 76,043 | $ 70,216 | $ 286,466 | $ 276,811 |
| Total revenue | $ 102,001 | $ 86,374 | $ 352,796 | $ 331,987 |
| Gross profit | $ 33,397 | $ 27,706 | $ 115,342 | $ 108,362 |
| Gross profit as a percent of consulting fee revenue | 43.9% | 39.5% | 40.3% | 39.1% |
| Selling, general and administrative expenses | $ 22,260 | $ 18,538 | $ 80,774 | $ 73,267 |
| SG&A expenses as a percent of consulting fee revenue | 29.3% | 26.4% | 28.2% | 26.5% |
| Operating profit before equity in earnings of affiliates | $ 11,137 | $ 9,168 | $ 34,568 | $ 35,095 |
| Equity in earnings of affiliates | 69 | 832 | 1,503 | 8,222 |
| Operating profit | $ 11,206 | $ 10,000 | $ 36,071 | $ 43,317 |
| Operating profit as a percent of consulting fee revenue | 14.7% | 14.2% | 12.6% | 15.6% |
| Construction Claims | ||||
| Consulting fee revenue | $ 25,160 | $ 23,406 | $ 95,633 | $ 87,199 |
| Total revenue | $ 26,069 | $ 23,935 | $ 98,962 | $ 89,795 |
| Gross profit | $ 13,975 | $ 13,375 | $ 53,408 | $ 46,596 |
| Gross profit as a percent of consulting fee revenue | 55.5% | 57.1% | 55.8% | 53.4% |
| Selling, general and administrative expenses | $ 12,139 | $ 10,085 | $ 43,397 | $ 38,319 |
| SG&A expenses as a percent of consulting fee revenue | 48.2% | 43.1% | 45.4% | 43.9% |
| Operating profit | $ 1,836 | $ 3,290 | $ 10,011 | $ 8,277 |
| Operating profit as a percent of consulting fee revenue | 7.3% | 14.1% | 10.5% | 9.5% |
| Selected Other Financial Data | ||||||
|
Three Months Ended December 31, |
Year Ended December 31, |
|||||
| 2010 | 2009 | 2010 | 2009 | |||
| Consulting fee revenue | $ 101,203 | $ 93,622 | $ 382,099 | $ 364,010 | ||
| Total revenue | $ 128,070 | $ 110,309 | $ 451,758 | $ 421,782 | ||
| Gross profit | $ 47,372 | $ 41,081 | $ 168,750 | $ 154,958 | ||
| Gross profit as a percent of consulting fee revenue | 46.8% | 43.9% | 44.2% | 42.6% | ||
| Selling, general and administrative expenses (excluding Corporate expenses) | $ 34,399 | $ 28,623 | $ 124,171 | $ 111,586 | ||
| Selling, general and administrative expenses (excluding Corporate expenses) as a percentage of consulting fee revenue | 34.0% | 30.6% | 32.5% | 30.7% | ||
| Corporate expenses | $ 7,698 | $ 5,796 | $ 27,463 | $ 25,097 | ||
| Corporate expenses as a percent of consulting fee revenue | 7.6% | 6.2% | 7.2% | 6.9% | ||
| Operating profit | $ 5,344 | $ 7,494 | $ 18,619 | $ 26,497 | ||
| Operating profit as a percent of consulting fee revenue | 5.3% | 8.0% | 4.9% | 7.3% | ||
| Effective income tax rate | 16.7% | 32.5% | 3.1% | 18.5% | ||
| Selected Balance Sheet Data | ||
| December 31, 2010 | December 31, 2009 | |
| Cash and cash equivalents | $ 39,406 | $ 30,923 |
| Accounts receivable, net | $ 180,856 | $ 130,900 |
| Current assets | $ 237,466 | $ 183,602 |
| Total assets | $ 371,851 | $ 291,539 |
| Current liabilities | $ 104,465 | $ 82,657 |
| Total debt | $ 74,959 | $ 28,244 |
| Stockholders' equity | $ 168,094 | $ 159,640 |
EBITDA Reconciliation
EBITDA (earnings before interest, taxes, depreciation and amortization) for the fourth quarter of 2010 was
|
Three Months Ended December 31, |
Year Ended December 31, |
||||
| 2010 | 2009 | 2010 | 2009 | ||
| Net income attributable to Hill | $ 3,775 | $ 4,560 | $ 14,216 | $ 19,470 | |
| Interest expense, net | 942 | 694 | 3,144 | 1,737 | |
| Income taxes expense | 521 | 2,207 | 481 | 4,577 | |
| Depreciation and amortization | 2,880 | 1,929 | 10,001 | 7,343 | |
| EBITDA | $ 8,118 | $ 9,390 | $ 27,842 | $ 33,127 | |
CONTACT:Hill International, Inc. John P. Paolin Vice President ofMarketing and Corporate Communications (856) 810-6210 johnpaolin@hillintl.comThe Equity Group Inc. Devin Sullivan Senior Vice President (212) 836-9608 dsullivan@equityny.com
News Provided by Acquire Media