CB&I Reports 2010 Fourth Quarter and Year-End Results (USA)

CB&I today reported net income for the fourth quarter of $63.2 million or $0.63 per diluted share, versus $41.2 million or $0.41 per diluted share in 2009. Revenue for the quarter was $947.9 million with new awards of $992.0 million.

For the full-year, net income was $204.6 million, or $2.04 per diluted share, exceeding $2.00 per share for the first time in the company’s history. CB&I’s consolidated 2010 revenue was $3.6 billion. Cash and cash equivalents as of December 31, 2010 were $481.7 million after funding the CDTECH acquisition and term loan reduction.

“2010 was highlighted by solid performance in virtually all areas of our company, reflected in our strong net income, which was 17% above last year’s high watermark,” said Philip K. Asherman, President and CEO. “We continue to be encouraged by the momentum in the markets we serve, particularly in LNG where we have seen our global position tremendously enhanced by the completion of PERU LNG, arguably one of the most successful LNG projects ever built.”

New awards for 2010 totaled $3.4 billion, reflecting a diverse mix of project type, size and geographical location. 2010 new awards included a $280 million gas plant in California, a $190 million LNG storage tank project in Papua New Guinea, storage tank contracts in the Middle East totaling $170 million, pre-FEED work for Russian, Australian and Canadian LNG liquefaction projects, and numerous strategic technology awards worldwide. Backlog at year-end was $6.9 billion, more than 80% of which is outside the U.S.

“Shareholders’ equity at year-end exceeded $1 billion,” said Asherman. “Our healthy balance sheet provides us with a solid platform from which to grow. With our continued focus on capital efficiency, a manageable effective tax rate, a strong credit facility and overall great liquidity, we are well positioned to capitalize on new opportunities.”

CB&I declared an interim dividend on common stock of $0.05 per share, payable March 31, 2011 to shareholders of record March 18, 2011.

About CB&I

CB&I engineers and constructs some of the world’s largest energy infrastructure projects. With premier process technology, proven EPC expertise, and unrivaled storage tank experience, CB&I executes projects from concept to completion. Safely. Reliably. Globally.

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Source: CB&I, February 23, 2011;