EX-99.1 2 a201612318-kex991.htm EXHIBIT 99.1 Exhibit

Exhibit 99.1

image0.jpg

NEWS RELEASE

For Immediate Release:
February 28, 2017

Investors: Scott Lamb, +1 832 513 1068, Scott.Lamb@CBI.com
Media: Gentry Brann, +1 832 513 1031, Gentry.Brann@CBI.com

CB&I Reports 2016 Fourth Quarter and Full-Year Financial Results
Strong Operating Cash Flow for Quarter and Full Year

THE WOODLANDS, Texas – February 28, 2017 - CB&I (NYSE: CBI) today reported financial results for the fourth quarter and full year 2016.
For the fourth quarter, adjusted net income was $85.6 million, or $0.85 per diluted share. Adjusted operating income was $34.6 million, or 1.4 percent of revenue. Revenue was $2.5 billion, and new awards were $1.4 billion. Net cash provided by operating activities and advance payments from unconsolidated joint ventures totaled $168.4 million for the quarter.
For the year, adjusted net income was $438.1 million, or $4.23 per diluted share. Adjusted operating income was $658.2 million, or 6.2 percent of revenue. Revenue was $10.7 billion. Net cash provided by operating activities and advance payments from unconsolidated joint ventures totaled $801.5 million. New awards were $7.1 billion, resulting in a backlog of $18.5 billion at the end of 2016.
"The fourth quarter was impacted by charges for material increases in cost-to-complete estimates in our Engineering & Construction and Fabrication Services operating groups," said Philip K. Asherman, CB&I's President and Chief Executive Officer. "Despite this result, operating cash flow was extremely strong both in the quarter and for the year. In addition, upon financial close we will allocate the entire proceeds from the recently announced divestiture of our Capital Services business to reducing debt consistent with our stated objective of optimizing the balance sheet for future growth. I'm optimistic that stability in commodity prices and continuing development of major capital programs, particularly in North America and the Middle East, will result in resumption of substantial backlog growth by mid-year of 2017."
CB&I announced guidance for 2017 as follows:
Revenue: $9.5 billion - $10.5 billion
Earnings Per Share (diluted): $4.00 - $4.60
The following tables include a reconciliation of GAAP financial results to adjusted financial results for the fourth quarter and full year 2016, which exclude a non-cash goodwill impairment charge for the company's Capital Services business and a non-cash charge relating to a reserve for the deferred purchase price consideration associated with the 2015 sale of the company's nuclear operations. Adjusted results for 2015 exclude the results of the nuclear power construction business, which was sold on December 31, 2015, as well as the related disposition charges incurred as a result of the sale.





Earnings Conference Call
CB&I will host a webcast on February 28 at 4:00 p.m. Central time (5:00 p.m. Eastern time) to discuss financial and operating results and answer questions from investors. The webcast will be available on the Investor Relations page of www.CBI.com.
About CB&I
CB&I (NYSE:CBI) is a leading provider of technology and infrastructure for the energy industry. With over 125 years of experience and the expertise of more than 40,000 employees, CB&I provides reliable solutions to our customers around the world while maintaining a relentless focus on safety and an uncompromising standard of quality. For more information, visit www.CBI.com.
Important Information For Investors And Shareholders
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements regarding CB&I and represents our expectations and beliefs concerning future events. These forward-looking statements are intended to be covered by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties. When considering any statements that are predictive in nature, depend upon or refer to future events or conditions, or use or contain words, terms, phrases or expressions such as “achieve,” “forecast,” “plan,” “propose,” “strategy,” “envision,” “hope,” “will,” “continue,” “potential,” “expect,” “believe,” “anticipate,” “project,” “estimate,” “predict,” “intend,” “should,” “could,” “may,” “might” or similar forward-looking statements, we refer you to the cautionary statements concerning risk factors and “Forward-Looking Statements” described under “Risk Factors” in Item 1A of our Annual Report filed on Form 10-K filed with the SEC for the year ended December 31, 2016, and any updates to those risk factors or “Forward-Looking Statements” included in our subsequent Quarterly Reports on Form 10-Q filed with the SEC, which cautionary statements are incorporated herein by reference.
Non-GAAP Financial Measures
To supplement CB&I's consolidated financial statements, which are prepared and presented in accordance with U.S. generally accepted accounting principles (GAAP), this press release and the accompanying tables contain certain non-GAAP financial measures, including: adjusted revenue, adjusted income from operations, adjusted net income attributable to CB&I, adjusted net income attributable to CB&I per share (diluted), and adjusted operating cash flows. These non-GAAP financial measures exclude the results of CB&I's nuclear operations and non-cash charges related to the disposition of such operations. These non-GAAP financial measures are presented to enhance investors' understanding of the results of CB&I's core business operations. CB&I considers these non-GAAP financial measures to be useful measures of the operating performance of the company, because they contain adjustments for unusual events or factors that do not directly affect what management considers to be CB&I's core operating performance, and are used by the company's management for that purpose. Management also believes that these non-GAAP financial measures allow for a better evaluation of the company's performance by facilitating a meaningful comparison of the company's core operating results in a given period to those in prior and future periods. In addition, investors often use similar measures to evaluate the operating performance of a company.
Non-GAAP financial measures are presented for supplemental informational purposes only to aid an understanding of the company's operating results. The presentation of these non-GAAP financial measures and key metrics is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP, and may be different from non-GAAP financial measures presented by other companies. For more information on these non-GAAP financial measures and key metrics, please see the tables captioned “Non-GAAP Supplemental Adjusted Segment Information,” “Reconciliation of Non-GAAP Supplemental Adjusted Financial Data” and “Non-GAAP Supplemental Adjusted Financial Data” which are included at the end of this release.




Chicago Bridge & Iron Company N.V.
Non-GAAP Supplemental Adjusted Segment Information
(amounts adjusted to exclude non-cash charges related to goodwill impairment, loss on net assets sold and intangible assets impairment, and the results of our former nuclear operations) (1)
(in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended December 31,
 
Twelve Months Ended December 31,
 
 
2016
 
2015
 
2016
 
2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NEW AWARDS
 
 
 
% of 
 
 
 
% of 
 
 
 
% of 
 
 
 
% of 
 
 
 
Total 
 
 
 
Total 
 
 
 
Total 
 
 
 
Total 
Engineering & Construction
 
$
325,636

 
24%
 
$
1,778,520

 
55%
 
$
3,104,874

 
44%
 
$
6,037,499

 
48%
Fabrication Services
 
421,588

 
30%
 
493,816

 
15%
 
1,273,971

 
18%
 
3,106,563

 
25%
Technology
 
168,672

 
12%
 
321,892

 
10%
 
479,409

 
7%
 
577,540

 
5%
Capital Services
 
475,600

 
34%
 
660,118

 
20%
 
2,205,903

 
31%
 
2,744,531

 
22%
Total 
 
$
1,391,496

 
 
 
$
3,254,346

 
 
 
$
7,064,157

 
 
 
$
12,466,133

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
REVENUE
 
 
 
% of 
 
 
 
% of 
 
 
 
% of 
 
 
 
% of 
 
 
 
Total 
 
 
 
Total 
 
 
 
Total 
 
 
 
Total 
Engineering & Construction
 
$
1,385,885

 
55%
 
$
1,510,891

 
55%
 
$
6,105,488

 
57%
 
$
5,636,517

 
52%
Fabrication Services
 
553,338

 
22%
 
553,350

 
20%
 
2,110,310

 
20%
 
2,442,690

 
22%
Technology
 
64,863

 
2%
 
88,494

 
3%
 
284,424

 
3%
 
399,099

 
4%
Capital Services
 
535,947

 
21%
 
616,570

 
22%
 
2,179,336

 
20%
 
2,390,031

 
22%
Total 
 
$
2,540,033

 
 
 
$
2,769,305

 
 
 
$
10,679,558

 
 
 
$
10,868,337

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
INCOME (LOSS) FROM OPERATIONS
 
 
 
% of 
 
 
 
% of 
 
 
 
% of 
 
 
 
% of 
 
 
 
Revenue 
 
 
 
Revenue 
 
 
 
Revenue 
 
 
 
Revenue 
Engineering & Construction
 
$
(34,652
)
 
(2.5)%
 
$
112,484

 
7.4%
 
$
306,852

 
5.0%
 
$
415,380

 
7.4%
Fabrication Services
 
22,415

 
4.1%
 
55,523

 
10.0%
 
183,141

 
8.7%
 
225,267

 
9.2%
Technology
 
28,575

 
44.1%
 
34,201

 
38.6%
 
105,293

 
37.0%
 
150,877

 
37.8%
Capital Services
 
18,297

 
3.4%
 
25,068

 
4.1%
 
62,944

 
2.9%
 
74,060

 
3.1%
Total
 
$
34,635

 
1.4%
 
$
227,276

 
8.2%
 
$
658,230

 
6.2%
 
$
865,584

 
8.0%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)    The three and twelve months ended December 31, 2016, exclude a $655,000 goodwill impairment charge within our Capital Services operating group and a $148,148 charge within our Engineering & Construction operating group resulting from the establishment of a reserve for a receivable balance associated with the deferred transaction consideration (the “Transaction Receivable”) recorded in connection with the sale of our former nuclear operations on December 31, 2015. The three and twelve months ended December 31, 2015, exclude the results of our former nuclear operations and charges of $345,371 and $1,505,851, respectively, within our Engineering & Construction operating group related to the disposition of the nuclear operations. The exclusion of these items are non-GAAP financial measures, which we believe provides users a better indication of our operating performance. See “Reconciliation of Non-GAAP Supplemental Adjusted Financial Data” table.





Chicago Bridge & Iron Company N.V.
Segment Information
(in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended December 31,
 
Twelve Months Ended December 31,
 
 
2016
 
2015
 
2016
 
2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NEW AWARDS (1)
 
 
 
% of 
 
 
 
% of 
 
 
 
% of 
 
 
 
% of 
 
 
 
Total 
 
 
 
Total 
 
 
 
Total 
 
 
 
Total 
Engineering & Construction
 
$
325,636

 
24%
 
$
1,786,671

 
55%
 
$
3,104,874

 
44%
 
$
6,709,864

 
51%
Fabrication Services
 
421,588

 
30%
 
493,816

 
15%
 
1,273,971

 
18%
 
3,106,563

 
24%
Technology
 
168,672

 
12%
 
321,892

 
10%
 
479,409

 
7%
 
577,540

 
4%
Capital Services
 
475,600

 
34%
 
660,118

 
20%
 
2,205,903

 
31%
 
2,744,531

 
21%
Total 
 
$
1,391,496

 
 
 
$
3,262,497

 
 
 
$
7,064,157

 
 
 
$
13,138,498

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
REVENUE
 
 
 
% of 
 
 
 
% of 
 
 
 
% of 
 
 
 
% of 
 
 
 
Total 
 
 
 
Total 
 
 
 
Total 
 
 
 
Total 
Engineering & Construction
 
$
1,385,885

 
55%
 
$
2,016,550

 
61%
 
$
6,105,488

 
57%
 
$
7,697,684

 
60%
Fabrication Services
 
553,338

 
22%
 
553,350

 
17%
 
2,110,310

 
20%
 
2,442,690

 
19%
Technology
 
64,863

 
2%
 
88,494

 
3%
 
284,424

 
3%
 
399,099

 
3%
Capital Services
 
535,947

 
21%
 
616,570

 
19%
 
2,179,336

 
20%
 
2,390,031

 
18%
Total 
 
$
2,540,033

 
 
 
$
3,274,964

 
 
 
$
10,679,558

 
 
 
$
12,929,504

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(LOSS) INCOME FROM OPERATIONS
 
 
 
% of 
 
 
 
% of 
 
 
 
% of 
 
 
 
% of 
 
 
 
Revenue 
 
 
 
Revenue 
 
 
 
Revenue 
 
 
 
Revenue 
Engineering & Construction (2)
 
$
(182,800
)
 
(13.2)%
 
$
(180,852
)
 
(9.0)%
 
$
158,704

 
2.6%
 
$
(875,321
)
 
(11.4)%
Fabrication Services
 
22,415

 
4.1%
 
55,523

 
10.0%
 
183,141

 
8.7%
 
225,267

 
9.2%
Technology
 
28,575

 
44.1%
 
34,201

 
38.6%
 
105,293

 
37.0%
 
150,877

 
37.8%
Capital Services (3)
 
(636,703
)
 
(118.8)%
 
25,068

 
4.1%
 
(592,056
)
 
(27.2)%
 
74,060

 
3.1%
Total
 
$
(768,513
)
 
(30.3)%
 
$
(66,060
)
 
(2.0)%
 
$
(144,918
)
 
(1.4)%
 
$
(425,117
)
 
(3.3)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
BACKLOG (1)
 
December 31, 2016
 
% of Total
 
December 31, 2015
 
% of Total
Engineering & Construction
 
$
9,916,948
 
 
54%
 
$
12,892,804
 
 
57%
Fabrication Services
 
2,114,550
 
 
11%
 
3,107,500
 
 
14%
Technology
 
1,025,723
 
 
6%
 
963,058
 
 
4%
Capital Services
 
5,398,012
 
 
29%
 
5,680,577
 
 
25%
Total
 
$
18,455,233
 
 
 
 
 
 
$
22,643,939
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)   New awards represent the value of new project commitments received by the Company during a given period, as well as scope growth on existing commitments.  Backlog includes the value of new awards until work is performed and revenue is recognized or until cancellation. Backlog may fluctuate with currency movements.
 
 
 
 
 
 
 
 
 
 
(2)    The three and twelve months ended December 31, 2016, include a $148,148 charge related to the establishment of a reserve for the Transaction Receivable associated with the sale of our former nuclear operations on December 31, 2015. Additionally, the three and twelve months ended December 31, 2015, include charges of $345,371 and $1,505,851, respectively, related to the disposition of the nuclear operations.
 
(3)  The three and twelve months ended December 31, 2016, include a $655,000 goodwill impairment charge.




Chicago Bridge & Iron Company N.V.
Reconciliation of Non-GAAP Supplemental Adjusted Financial Data
(amounts adjusted to exclude non-cash charges related to goodwill impairment and loss on net assets sold)
(in thousands, except per share data)
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended December 31, 2016 (1)
 
 
As Reported
 
Goodwill Impairment
 
Transaction Receivable Reserve
 
Excluding Charges
 
 
 
 
 
 
 
 
 
Engineering & Construction
 
 
 
 
 
 
 
 
Loss from operations
 
$
(182,800
)
 
$

 
$
148,148

 
$
(34,652
)
 
 
 
 
 
 
 
 
 
Capital Services
 
 
 
 
 
 
 
 
(Loss) income from operations
 
$
(636,703
)
 
$
655,000

 
$

 
$
18,297

 
 
 
 
 
 
 
 
 
CB&I Consolidated
 
 
 
 
 
 
 
 
(Loss) income from operations
 
$
(768,513
)
 
$
655,000

 
$
148,148

 
$
34,635

Net (loss) income attributable to CB&I
 
$
(665,693
)
 
$
655,000

 
$
96,296

 
$
85,603

Net (loss) income attributable to CB&I per share (diluted) (2)
 
$
(6.65
)
 
$
6.55

 
$
0.95

 
$
0.85

 
 
 
 
 
Twelve Months Ended December 31, 2016 (1)
 
 
As Reported
 
Goodwill Impairment
 
Transaction Receivable Reserve
 
Excluding Charges
 
 
 
 
 
 
 
 
 
Engineering & Construction
 
 
 
 
 
 
 
 
Income from operations
 
$
158,704

 
$

 
$
148,148

 
$
306,852

 
 
 
 
 
 
 
 
 
Capital Services
 
 
 
 
 
 
 
 
(Loss) income from operations
 
$
(592,056
)
 
$
655,000

 
$

 
$
62,944

 
 
 
 
 
 
 
 
 
CB&I Consolidated
 
 
 
 
 
 
 
 
(Loss) income from operations
 
$
(144,918
)
 
$
655,000

 
$
148,148

 
$
658,230

Net (loss) income attributable to CB&I
 
$
(313,169
)
 
$
655,000

 
$
96,296

 
$
438,127

Net (loss) income attributable to CB&I per share (diluted) (2)
 
$
(3.05
)
 
$
6.35

 
$
0.93

 
$
4.23

 
(1)   The summary unaudited adjusted financial information for both the three and twelve months ended December 31, 2016, reflects the removal of a goodwill impairment charge within our Capital Services operating group and a charge within our Engineering & Construction operating group resulting from the establishment of a reserve for the Transaction Receivable associated with the sale of our former nuclear operations on December 31, 2015. The exclusion of these items are non-GAAP financial measures, which we believe provides users a better indication of our operating performance. The summary unaudited adjusted financial information is for illustrative purposes only. The above should be read together with the historical financial statements, including the related notes thereto, included in CB&I’s Annual Report on Form 10-K for the year ended December 31, 2016.
 
 
 
 
 
 
 
 
 
 
 
(2)   The unadjusted per share amounts for the three and twelve months ended December 31, 2016, are based upon diluted weighted average shares that are equivalent to our basic weighted average shares of 100,090 and 102,811, respectively, due to the net loss for the periods, and the adjusted per share amounts are based upon diluted weighted average shares of 100,991 and 103,662, respectively.





Chicago Bridge & Iron Company N.V.
Reconciliation of Non-GAAP Supplemental Adjusted Financial Data
(amounts adjusted to exclude non-cash charges related to goodwill impairment, loss on net assets sold and intangible assets impairment, and the results of our former nuclear operations)
(in thousands, except per share data)
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended December 31, 2015 (1)
 
 
As Reported
 
Disposition Charges
 
Removal of Divested Business
 
Excluding Divested Business
 
 
 
 
 
 
 
 
 
Engineering & Construction
 
 
 
 
 
 
 
 
Revenue
 
$
2,016,550

 
$

 
$
(505,659
)
 
$
1,510,891

(Loss) income from operations
 
$
(180,852
)
 
$
345,371

 
$
(52,035
)
 
$
112,484

New Awards
 
$
1,786,671

 
$

 
$
(8,151
)
 
$
1,778,520

 
 
 
 
 
 
 
 
 
CB&I Consolidated
 
 
 
 
 
 
 
 
Revenue
 
$
3,274,964

 
$

 
$
(505,659
)
 
$
2,769,305

(Loss) income from operations
 
$
(66,060
)
 
$
345,371

 
$
(52,035
)
 
$
227,276

Net (loss) income attributable to CB&I
 
$
(65,725
)
 
$
230,910

 
$
(31,741
)
 
$
133,444

Net (loss) income attributable to CB&I per share (diluted) (2)
 
$
(0.63
)
 
$
2.19

 
$
(0.30
)
 
$
1.26

New Awards
 
$
3,262,497

 
$

 
$
(8,151
)
 
$
3,254,346

Operating Cash Flows
 
$
117,208

 
$

 
$
252,865

 
$
370,073

 
 
 
 
 
Twelve Months Ended December 31, 2015 (1)
 
 
As Reported
 
Disposition Charges
 
Removal of Divested Business
 
Excluding Divested Business
 
 
 
 
 
 
 
 
 
Engineering & Construction
 
 
 
 
 
 
 
 
Revenue
 
$
7,697,684

 
$

 
$
(2,061,167
)
 
$
5,636,517

(Loss) income from operations
 
$
(875,321
)
 
$
1,505,851

 
$
(215,150
)
 
$
415,380

New Awards
 
$
6,709,864

 
$

 
$
(672,365
)
 
$
6,037,499

 
 
 
 
 
 
 
 
 
CB&I Consolidated
 
 
 
 
 
 
 
 
Revenue
 
$
12,929,504

 
$

 
$
(2,061,167
)
 
$
10,868,337

(Loss) income from operations
 
$
(425,117
)
 
$
1,505,851

 
$
(215,150
)
 
$
865,584

Net (loss) income attributable to CB&I
 
$
(504,415
)
 
$
1,135,140

 
$
(131,241
)
 
$
499,484

Net (loss) income attributable to CB&I per share (diluted) (2)
 
$
(4.72
)
 
$
10.58

 
$
(1.22
)
 
$
4.64

New Awards
 
$
13,138,498

 
$

 
$
(672,365
)
 
$
12,466,133

Operating Cash Flows
 
$
(56,214
)
 
$

 
$
1,133,350

 
$
1,077,136

 
(1)   The summary unaudited adjusted financial information for the three and twelve months ended December 31, 2015 reflects the removal of the results of our former nuclear operations sold on December 31, 2015, and reflects the removal of the related disposition charges, within our Engineering & Construction operating group. The exclusion of these items are non-GAAP financial measures, which we believe provides users a better indication of our operating performance. The summary unaudited adjusted financial information is for illustrative purposes only. The removal of the results of the former nuclear operations is based on assumptions and estimates considered appropriate by CB&I management; however, it is not necessarily indicative of what CB&I's consolidated financial position or results of operations actually would have been assuming the transaction was completed on January 1, 2015, and does not purport to represent CB&I's consolidated financial position or results of operations for future periods. The above should be read together with the historical financial statements, including the related notes thereto, included in CB&I’s Annual Report on Form 10-K for the year ended December 31, 2015.
 
 
 
 
 
 
 
 
 
 
 
(2)   The unadjusted per share amounts for the three and twelve months ended December 31, 2015 are based upon diluted weighted average shares that are equivalent to our basic weighted average shares of 104,763 and 106,766, respectively, due to the net loss for the periods, and the adjusted per share amounts are based upon diluted weighted average shares of 105,926 and 107,719, respectively.





Chicago Bridge & Iron Company N.V. 
Consolidated Statements of Operations 
(in thousands, except per share data)
 
 
 
 
 
 
 
 
 
Three Months
 
Twelve Months
 
 
Ended December 31,
 
Ended December 31,
 
 
2016
 
2015
 
2016
 
2015
 
 
 
 
 
 
 
 
 
Revenue
 
$
2,540,033

 
$
3,274,964

 
$
10,679,558

 
$
12,929,504

Cost of revenue
 
2,422,676

 
2,893,659

 
9,653,502

 
11,417,188

Gross profit
 
117,357

 
381,305

 
1,026,056

 
1,512,316

% of Revenue
 
4.6
 %
 
11.6
 %
 
9.6
 %
 
11.7
 %
 
 
 
 
 
 
 
 
 
Selling and administrative expense
 
86,732

 
99,101

 
349,874

 
387,027

% of Revenue
 
3.4
 %
 
3.0
 %
 
3.3
 %
 
3.0
 %
 
 
 
 
 
 
 
 
 
Intangibles amortization
 
10,183

 
12,083

 
42,439

 
57,625

Equity earnings
 
(15,457
)
 
(9,939
)
 
(26,826
)
 
(15,689
)
Goodwill impairment
 
655,000

 

 
655,000

 
453,100

Loss on net assets sold and intangible assets impairment
 
148,148

 
345,371

 
148,148

 
1,052,751

Other operating expense, net
 
1,264

 
749

 
2,339

 
2,619

Loss from operations
 
(768,513
)
 
(66,060
)
 
(144,918
)
 
(425,117
)
% of Revenue
 
(30.3
)%
 
(2.0
)%
 
(1.4
)%
 
(3.3
)%
 
 
 
 
 
 
 
 
 
Interest expense
 
(26,945
)
 
(25,935
)
 
(105,349
)
 
(94,360
)
Interest income
 
4,848

 
1,995

 
13,004

 
8,285

Loss before taxes
 
(790,610
)
 
(90,000
)
 
(237,263
)
 
(511,192
)
 
 
 
 
 
 
 
 
 
Income tax benefit (expense)
 
129,858

 
42,956

 
(2,560
)
 
81,231

Net loss
 
(660,752
)
 
(47,044
)
 
(239,823
)
 
(429,961
)
 
 
 
 
 
 
 
 
 
Less: Net income attributable to noncontrolling interests
 
(4,941
)
 
(18,681
)
 
(73,346
)
 
(74,454
)
Net loss attributable to CB&I
 
$
(665,693
)
 
$
(65,725
)
 
$
(313,169
)
 
$
(504,415
)
 
 
 
 
 
 
 
 
 
Net loss attributable to CB&I per share:
 
 
 
 
 
 
 
 
Basic
 
$
(6.65
)
 
$
(0.63
)
 
$
(3.05
)
 
$
(4.72
)
Diluted
 
$
(6.65
)
 
$
(0.63
)
 
$
(3.05
)
 
$
(4.72
)
 
 
 
 
 
 
 
 
 
Weighted average shares outstanding:
 
 
 
 
 
 
 
 
Basic
 
100,090

 
104,763

 
102,811

 
106,766

Diluted
 
100,090

 
104,763

 
102,811

 
106,766

 
 
 
 
 
 
 
 
 
Cash dividends on shares:
 
 
 
 
 
 
 
 
Amount
 
$
7,007

 
$
7,307

 
$
28,733

 
$
29,847

Per share
 
$
0.07

 
$
0.07

 
$
0.28

 
$
0.28

 
 
 
 
 
Non-GAAP Supplemental Adjusted Financial Data
(amounts adjusted to exclude non-cash charges related to goodwill impairment, loss on net assets sold and intangible assets impairment, and the results of our former nuclear operations) (1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Adjusted income from operations
 
$
34,635

 
$
227,276

 
$
658,230

 
$
865,584

Adjusted % of Revenue
 
1.4
 %
 
8.2
 %
 
6.2
 %
 
8.0
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Adjusted net income attributable to CB&I
 
$
85,603

 
$
133,444

 
$
438,127

 
$
499,484

Adjusted net income attributable to CB&I per share (diluted)
 
$
0.85

 
$
1.26

 
$
4.23

 
$
4.64

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)   The three and twelve months ended December 31, 2016, exclude a $655,000 goodwill impairment charge and a $148,148 ($96,296 after tax) charge resulting from the establishment of a reserve for the Transaction Receivable associated with the sale of our former nuclear operations on December 31, 2015. The three and twelve months ended December 31, 2015, exclude $52,035 and $215,150, respectively ($31,741 and $131,241 after tax, respectively) of income related to our former nuclear operations and charges of $345,371 and $1,505,851, respectively ($230,910 and $1,135,140 after tax, respectively) related to the disposition of the nuclear operations. The exclusion of these items are non-GAAP financial measures, which we believe provides users a better indication of our operating performance. See “Reconciliation of Non-GAAP Supplemental Adjusted Financial Data” table.




Chicago Bridge & Iron Company N.V.
Condensed Consolidated Balance Sheets
(in thousands)
 
 
 
 
 
 
 
December 31,
 
December 31,
 
 
2016
 
2015
ASSETS
 
 
 
 
 
 
 
 
 
Current assets
 
$
2,541,752

 
$
3,367,299

Equity investments
 
175,277

 
136,845

Property and equipment, net
 
565,690

 
604,043

Goodwill and other intangibles, net
 
3,411,259

 
4,122,455

Other non-current assets
 
1,145,442

 
961,418

Total assets
 
$
7,839,420

 
$
9,192,060

 
 
 
 
 
LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
Current maturities of long-term debt and other borrowings, net
 
$
911,410

 
$
800,871

Other current liabilities
 
3,624,839

 
4,056,077

Long-term debt, net
 
1,287,923

 
1,791,832

Other non-current liabilities
 
453,911

 
379,690

 
 
 
 
 
Shareholders' equity
 
1,561,337

 
2,163,590

Total liabilities and shareholders’ equity
 
$
7,839,420

 
$
9,192,060

 
Condensed Consolidated Statements of Cash Flows and Other Financial Data
(in thousands)
 
 
 
 
 
Twelve Months
 
 
Ended December 31,
 
 
2016
 
2015
CASH FLOWS
 
 
 
 
 
 
 
 
 
Cash flows from operating activities
 
$
654,458

 
$
(56,214
)
Cash flows from investing activities
 
(169,289
)
 
(381,676
)
Cash flows from financing activities
 
(482,170
)
 
697,404

Effect of exchange rate changes on cash and cash equivalents
 
(48,064
)
 
(60,616
)
(Decrease) increase in cash and cash equivalents
 
(45,065
)
 
198,898

Cash and cash equivalents, beginning of the year
 
550,221

 
351,323

Cash and cash equivalents, end of the year
 
$
505,156

 
$
550,221

 
 
 
 
 
OTHER FINANCIAL DATA
 
 
 
 
 
 
 
 
 
Decrease (increase) in receivables, net
 
$
603,558

 
$
(213,508
)
Change in contracts in progress, net
 
(360,486
)
 
(939,608
)
Decrease (increase) in inventory
 
95,528

 
(6,091
)
(Decrease) increase in accounts payable
 
(56,501
)
 
105,856

Change in contract capital
 
$
282,099

 
$
(1,053,351
)
 
 
 
 
 
Depreciation and amortization
 
$
122,522

 
$
161,135

Capital expenditures
 
$
52,462

 
$
78,852








Investors: Scott Lamb, +1 832 513 1068, Scott.Lamb@CBI.com
Media: Gentry Brann, +1 832 513 1031, Gentry.Brann@CBI.com

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