GLDD Q2 2013 Results: Demolition Segment Strategy for Review

MarineLink
Sunday, August 11, 2013

Great Lakes Dredge & Dock Corporation (GLDD) the largest provider of dredging services in the United States and a major provider of commercial and industrial demolition and remediation services, report financial results for the 3 and 6 months ended June 30, 2013.

Jonathan Berger, Chief Executive Officer stated, “For the three months ended June 30, 2013, Great Lakes reported Revenue of $152.9 million, a Net Loss of $25.2 million and Adjusted EBITDA of $11.0 million. Included in the Net Loss is a $21.5 million noncash charge for goodwill impairment related to the demolition segment.

“Our dredging segment won $346 million or 62% of the domestic bid market through the first six months of 2013. This win rate, driven by the award of the first phase of the PortMiami project and capturing 63% of the coastal protection market, sets the stage for a busy second half of this year and into 2014. Our Terra Contracting and Rivers & lakes teams have commenced working together on a project in the Midwest valued at approximately $30 million. We also began execution on two of the larger projects in our demolition segment backlog, with one scheduled for completion in 2013 and the other continuing into next year.

“We are making structural changes within the organization to bring more operational skills into executive leadership. We continue to focus on our NASDI subsidiary in our demolition segment. We are also upgrading our project management capabilities. We have dedicated significant resources at corporate and in the field to improve execution and internal controls and we have made strides since the beginning of the year. We are also evaluating opportunities to combine operations to reduce support costs, and focusing on improving margins through more selective bidding and better project execution.

“As noted, we recorded a noncash goodwill impairment of $21.5 million in the second quarter for our demolition segment. We are committed to validating our strategy for this business by year end.”
 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Maritime Knowledge Hub Opens in the UK

Business owners across the U.K. wanting to drive growth in the maritime sector are being urged to engage with the newly opened Maritime Knowledge Hub in Birkenhead, Liverpool City Region.

Williamson Named GM of Donjon-Smit

Donjon-Smit, LLC, an OPA-90 Alliance, announced that after a recent Board of Directors meeting Tim Williamson has been promoted to General Manager of Donjon-Smit,

Fundraiser Held for USS Gerald R. Ford Crew

Blackmer, a company in positive displacement and centrifugal pump and reciprocating compressor technologies, has a relationship with the U.S. Military that dates

Finance

Baltic Index Rises on Greater Vessel Demand

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose on Wednesday, boosted by demand that is driving rates up across vessel segments.

CMA CGM Crosses 91.05% Ownership Threshold of NOL

CMA CGM S.A has crossed the compulsory acquisition ownership threshold in Neptune Orient Lines Limited (NOL).    Following its all-cash voluntary conditional

Baltic Index Rises for Fifth Consecutive Session

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Tuesday for a fifth straight session on stronger demand across all vessel segments.

Dredging

Boskalis Secures Dike Reinforcement Project

Royal Boskalis Westminster N.V. announced that the Noorderzijlvest district water board intends to award the contract for the Eemshaven-Delfzijl dike reinforcement

Wärtsilä to Power Two Indian Dredgers

Wärtsilä has won an order for two new 8000m3 trailing suction hopper dredgers being built for the Adani group, India's largest private multi-port operator. The

Damen Wins Best Paper Award at WODCON

At the WODCON 2016 held last week in Miami, Damen was awarded the “Best Paper Award” for a paper on efficient dredge pump design, written and presented by Klaas Slager.

Great Lakes

Coast Guard Investigates Sheen in Lake Ontario

The U.S. Coast Guard is responding to a report of a sheen in Lake Ontario near the Fitzpatrick Nuclear Power Plant in Scriba, New York, approximately 10 miles northeast of Oswego, New York, Sunday.

Scrubbers Installed on Another Great Lakes Bulker

The Interlake Steamship Company’s M/V Lee A. Tregurtha sailed today from Fincantieri Bay Shipbuilding Company in Sturgeon Bay, Wisc., becoming the shipper’s third

US-flag Lakes Cargo Volumes Dip in May

U.S.-flag Great Lakes freighters (lakers) moved 9.5 million tons of cargo in May, a decrease of 12.5 percent compared to a year ago, the Lake Carriers’ Association (LCA) reported.

Underwater Engineering

Another Fugro Vessels Joins Largest SEEP-Hunting Survey

Fugro has deployed multi-purpose offshore survey vessel Fugro Gauss to join the Fugro Brasilis offshore Mexico, to help complete the world’s largest seep-hunting

JIP Validates DNV GL's Helica Software

A joint industry project run by DNV GL has replicated stresses measured in an umbilical subjected to tension and bending in full-scale tests, further validating

UK First to Accept Marine Geoengineering Amendments

The United Kingdom has become the first State to formally accept the 2013 marine geoengineering amendments to the 1996 “London Protocol”, the treaty covering dumping of wastes at sea.

 
 
Maritime Security Naval Architecture Navigation Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1063 sec (9 req/sec)