ShawCor Ltd. Announces First Quarter 2011 Results
By Shawcor Ltd., PRNEWednesday, May 11, 2011
SHAWCOR LTD. (TSX: SCL.A, SCL.B)
TORONTO, May 12, 2011 - Bill Buckley, President and CEO of ShawCor Ltd. stated: "ShawCor's first
quarter financial results reflect a significant improvement over the first
quarter of 2010 as a result of improved small diameter market conditions in
Canada and the United States and higher project volumes in our EMAR region.
Results were, however, negatively impacted by reduced project activity in
Mexico and Brazil and delays in production on the PNG LNG project in our Asia
Pacific region. We expect that this level of activity will continue in the
second quarter with a gradual improvement in the second half of this year
based on the deferred PNG LNG production and the launch of major projects in
Brazil, the Gulf of Mexico, and Asia Pacific."
Mr. Buckley added, "The Company's long term outlook continues to be
supported by the level of outstanding firm bids in the range of $1.5 billion
and by the progress we are making on key strategic initiatives including the
mobilization of our new Brigden mobile coating technology in Beaumont, Texas
and the commissioning of our new Subsea Test Facility in Toronto."
Effective January 1, 2011, ShawCor Ltd. (the "Company") began reporting
its financial results in accordance with Internal Financial Reporting
Standards ("IFRS"). Prior year comparative amounts have been changed to
reflect results as if the Company had always prepared its financial results
using IFRS. Additional disclosure regarding the transition to IFRS is
contained in Section 4 of this news release.
SELECTED FINANCIAL INFORMATION Three Months Ended
March 31,
(in thousands of Canadian dollars except per share 2011 2010
amounts)
Operating Results
Revenue $ 279,466 $ 224,572
Cost of goods sold 174,412 138,414
Gross profit 105,054 86,158
Selling, general and administrative expenses 62,130 54,811
Research and development expenses 2,917 2,624
Foreign exchange (gains) losses (1,348) (1,656)
Amortization of property, plant and equipment 9,998 10,799
Amortization of intangible assets 1,742 1,095
Income from operations 29,615 18,485
Investment loss on long-term investment (1,436) -
Interest expense - net (532) (942)
Income before income taxes 27,647 17,543
Income taxes 7,162 5,804
Net income 20,485 11,739
Net Income per share (Class A and B)
Basic $ 0.29 $ 0.17
Diluted 0.29 0.16
Three Months Ended
March 31,
EBITDA 2011 2010
Net Income $ 20,485 $ 11,739
Add:
Income taxes 7,162 5,804
Interest expense, net 532 942
Investment loss from long-term investment 1,436 -
Amortization of property, plant and equipment 11,740 11,894
and intangible asset
EBITDA(a) $ 41,355 $ 30,379
(a) EBITDA is a non-GAAP measure calculated by adding back to net income
the sum of net interest expense, taxes, depreciation/amortization of
property, plant and equipment and intangible assets, and impairment of
intangible assets and goodwill. EBITDA does not have a standardized meaning
prescribed by GAAP and is not necessarily comparable to similar measures
provided by other companies. EBITDA is used by many analysts in the oil and
gas industry as one of several important analytical tools. The above is the
calculation of EBITDA for the periods presented.
1.0 OUTLOOK
The outlook for market activity in the Company's Pipeline and Pipe
Services Segment and in the Petrochemical and Industrial Segment is outlined
below:
Pipeline Segment - North America
The Company has experienced improving small diameter market conditions in
both Canada and the USA through 2010 and in the first quarter of 2011. This
improvement has been related to increased well drilling and completions
throughout North America, and has bolstered demand for small diameter pipe
coating, composite pipe, and joint protection products. The trend of
improvement is expected to continue once the seasonal impact of spring break
up in Western Canada is complete. During the second quarter, the Company will
be in production on a number of large diameter pipe coating projects that
should offset the spring break up impact. In the third quarter, the Company
will launch production on the $40 million Jack St. Malo project at the
Brigden site in Beaumont, Texas, with this project reaching full production
in the fourth quarter and continuing through the first quarter of 2012.
Pipeline Segment - Latin America
The Latin America region, consisting primarily of the Company's
operations in Mexico and Brazil, had very weak revenues in the first quarter.
The absence of project activity in Mexico is believed to be temporary as
Pemex have a number of pipeline developments that are planned for the second
half of 2011. In Brazil, the Company has secured a $20 million contract to
provide pipe coating services for the P55 Risers project. This project is
currently completing product validation and should commence production in the
third quarter.
Pipeline Segment - EMAR
Project activity in the Europe, Middle East, Africa, Russia ("EMAR")
region was an area of notable strength for ShawCor in the first quarter with
several major projects in production including the U.S. $93 million Total
Laggan-Tormore project. The Laggan project is being executed in stages with
the 18" pipe portion of the project now complete and the 30" pipe portion not
scheduled to reach full production until the summer. The result will be a
short term reduction in activity in the second quarter but a return to first
quarter levels of production in the fourth quarter.
Pipeline Segment - Asia Pacific
During 2010, revenue generated from the Asia Pacific region reached a
record level due to the execution of a portion of the $185.0 million PNG LNG
and $40.0 million Epic Energy QSN3 projects plus a number of other projects.
The Epic Energy project was completed in the first quarter of 2011 and
revenue from the PNG LNG project declined by approximately $26 million
compared with the fourth quarter of 2010 as a result of deferred pipe
deliveries. As a result of disruption to port facilities in Japan due to the
March, 2011 earthquake and tsunami, these deferred pipe deliveries are not
expected to be made until the third quarter of 2011. As full production on
the PNG LNG project is resumed, and several other large projects in South
East Asia anticipated for the second half of 2011 commence, revenue in the
region should strengthen with full year revenue in line with the prior year.
Petrochemical and Industrial Segment
The Company continues to expect that the gradual recovery in the global
economy following the economic recession of 2008 and 2009 will generate
ongoing improvements in the Petrochemical and Industrial segment's markets
throughout 2011.
Order Backlog
The Company's order backlog, representing customer orders expected to be
completed within one year, declined in the first quarter to $333 million from
a total of $375 million at December 31, 2010.The Company has in recent months
submitted firm project bids totaling in excess of $1.5 billion. These bids
relate to projects that are progressing towards client investment approval
decisions, at which time the bids will translate into firm production orders,
which, if several are awarded to the Company, offer the potential to increase
ShawCor's backlog during 2011.
2.0 RESULTS FROM OPERATIONS
2.1 Consolidated Information
Revenue
The following table sets forth revenue by reportable operating segment
for the following periods:
(in thousands of Three months ended
C$)
March 31, December March
2011 31, 2010 31, 2010
Pipeline and Pipe $ 246,469 $ 267,780 $ 194,580
Services
Petrochemical and 33,361 25,878 30,395
Industrial
Elimination (364) (1,572) (403)
$ 279,466 $ 292,086 $ 224,572
First Quarter 2011 versus First Quarter 2010
Consolidated revenue increased by $54.9 million, or 24%, from $224.6
million during the first quarter of 2010 to $279.5 million during the first
quarter of 2011, primarily due to an increase of $51.9 million in the
Pipeline and Pipe Services segment.
Revenue for the Pipeline and Pipe Services segment was higher in the
first quarter of 2011 than in the first quarter of 2010, mainly because of
significant growth in EMAR and modest growth in North America, partially
offset by lower revenue in Latin America and Asia Pacific. See section 3.1 -
Segment Information for additional disclosure with respect to the change in
revenue in the Pipeline and Pipe Services segment.
First Quarter 2011 versus Fourth Quarter 2010
Consolidated revenue decreased by $12.6 million, or 4%, from $292.1
million for the fourth quarter of 2010 to $279.5 million for the first
quarter of 2011, mainly due to a decrease of $21.3 million in the Pipeline
and Pipe Services segment, partially offset by an increase of $7.5 million in
the Petrochemical and Industry segment.
Revenue for the Pipeline and Pipe Services segment was $21.3 million
lower in the first quarter of 2011 than in the fourth quarter of 2010,
because of lower revenue in Latin America, Asia Pacific and North America,
which was partially offset by higher revenue in EMAR. See section 3.1 -
Segment Information for additional disclosure with respect to the change in
revenue in the Pipeline and Pipe Services segment.
Revenue for the Petrochemical and Industrial segment increased $7.5
million in the first quarter of 2011 compared to the fourth quarter of 2010,
primarily due to higher revenues in North America and EMAR. See section 3.2 -
Segment Information for additional disclosure with respect to the change in
revenue in the Petrochemical and Industrial segment
Income from Operations ("Operating Income")
The following table sets forth income from operations and operating
margin for the following periods:
(in thousands of Three months ended
C$ except
Operating Margin)
March 31, 2011 December 31, 2010 March 31, 2010
Operating Income $ 29,615 $ 47,333 $ 18,485
Operating 10.6 % 16.2 % 8.2 %
Margin(a)
(a) Operating margin is defined as operating income divided by revenue.
First Quarter 2011 versus First Quarter 2010
Operating Income increased by $11.1 million, or 60%, from $18.5 million
for the first quarter of 2010 to $29.6 million for the first quarter of 2011,
mainly due to higher gross profit of $18.9 million from the increase in
revenue as explained above, and partially offset by an increase in selling,
general and administration expenses of $7.3 million due to increased staffing
levels and higher management incentive compensation provisions.
First Quarter 2011 versus Fourth quarter 2010
Operating Income decreased by $17.7 million, or 37%, from $47.3 million
during the fourth quarter of 2010 to $29.6 million during the first quarter
of 2011 mainly due to a decrease in gross profit of $10.7 million from lower
revenue as explained above, combined with an increase in selling, general and
administration expenses of $16.0 million. Also affecting quarter over quarter
comparability were the impairment charges of $ 7.1 million recorded in the
fourth quarter of 2010, as a result of the transition to IFRS reporting
standards (See section 4 - Transition to International Financial Reporting
Standards) as well as higher amortization expenses of $1.3 million in the
fourth quarter of 2010. The major factors in the selling, general, and
administration expense variance were the adjustments relating to IFRS of $
4.2 million (See section 4 - Transition to International Financial Reporting
Standards) and provision reversals totaling $10.0 million recorded in the
fourth quarter of 2010 related to an adjustment to the management incentive
compensation to reflect actual performance, as well as employee benefit
costs.
Income taxes
First Quarter 2011 versus First Quarter 2010
The Company recorded income tax expense of $7.2 million (26% of income
before income taxes) in the first quarter of 2011, compared to income tax
expense of $5.8 million (33% of income before income taxes) in the first
quarter of 2010. The effective income tax rate in the first quarter was lower
than the Company's expected effective income tax rate of 29%, mainly due to
the fact that a substantial portion of the Company's taxable income in the
first quarter of 2011 was earned in Asia Pacific and other jurisdictions
where the expected tax rate is 25% or less.
First Quarter 2011 versus Fourth Quarter 2010
The Company recorded income tax expense of $7.2 million, (26% of income
before income taxes) in the first quarter of 2011, compared to income tax
expense of $13.2 million (21% of income before income taxes) in the fourth
quarter of 2010. The effective income tax rate in the first quarter was
higher than the Company's effective income tax rate in the fourth quarter of
2010 mainly due to the inclusion in fourth quarter 2010 income before tax of
an $18.0 million gain on revaluation of investment that was not taxable. The
effective income tax rate in the first quarter was lower than the Company's
expected effective income tax rate of 29%, as discussed above.
Net Income
First quarter 2011 versus First quarter 2010
Net income increased by $8.7 million, or 75%, from $11.7 million in the
first quarter of 2010 to $20.5 million in the first quarter of 2011. The
increase was primarily driven by the increased operating income of $11.1
million as discussed above, partly offset by the loss on long term investment
of $1.4 million.
First quarter 2011 versus Fourth Quarter 2010
Net income decreased by $29.2 million, or 59%, from $49.7 million in the
fourth quarter of 2010 to $20.5 million in the first quarter of 2011. The
decrease was primarily driven by the $18.0 million gain on revaluation of
investment recorded in the fourth quarter of 2010 and the lower sales and
gross profit in the first quarter of 2011, as discussed above.
2.2 Foreign Exchange Impact
The following table sets forth the significant currencies in which the
Company operates and the average quarter-to-date foreign exchange rates for
these currencies versus Canadian dollars, for the following periods:
Three Months ended
March 31,
2011 2010
U.S. dollar 0.9865 1.0420
Euro 1.3647 1.4278
British Pounds 1.5903 1.6213
The following table sets forth the impact on revenues, income from
operations and net income, compared with the noted prior period, as a result
of foreign exchange fluctuations on the translation of foreign currency
operations.
3 months ended 3 months
March 31 , 2011 March 31, 2011
versus versus
3 months ended 3 months ended
March 31, 2010 December 31, 2010
(in thousands of C$)
Revenue $ (8,473) $ (3,922)
Income from operations (1,634) (1,019)
Net income (1,340) (922)
3.0 SEGMENT INFORMATION
3.1 Pipeline and Pipe Services segment
The following table sets forth, by geographic location, the revenue,
operating income and operating margin for the Pipeline and Pipe Services
segment for the following periods:
(in thousands of C$ except Three months ended
Operating Margin)
March 31, December March
2011 31, 2010 31, 2010
North America $ 115,189 $ 116,969 $ 92,182
Latin America 3,475 17,647 8,736
EMAR 68,189 65,058 32,739
Asia Pacific 59,616 68,106 60,923
Total Revenue $ 246,469 $ 267,780 $ 194,580
Operating Income $ 34,661 $ 41,459 $ 22,002
Operating Margin 14.0% 15.5% 11.3%
First Quarter 2011 versus First quarter 2010
Revenue in the first quarter of 2011 was $246.5 million, an increase of
$51.5 million, or 26%, over the first quarter of 2010, with significant
improvements in EMAR and North America offsetting a reduction in project
activity in the Latin America region:
- In North America, revenue increased by $23.0 million, or 25%, due to
strong sales of flexible composite pipe and fittings, increases in small
diameter pipe coating volumes, and a pick up in large diameter project
activity from the TransCanada Keystone XL, Ultramar Quebec and Energy
Transfer Eagleford projects in the quarter which exceeded the volumes on
large diameter activity in 2010. Drill pipe inspection volumes also increased
as a result of the general improvement in well completion activity throughout
North America and in particular the rebound in Western Canada.
- Revenue in Latin America decreased $5.3 million as a result of a very
low level of Pemex activity in Mexico and a delay in the receipt of client
approvals to commence production of the P-55 Risers project in Brazil.
- EMAR revenue grew by $35.5 million, or 109%, due to higher revenue at
the Leith, Scotland facility from the Breagh, Statoil P12 and Total Laggan
projects. This increase was partially offset by reduced activity at the
Orkanger, Norway facility with no large projects running in the first quarter
2011 versus 2010 when the BP Skarv project was active.
- In Asia Pacific, revenue decreased $1.3 million, or 2%, mainly due to a
weaker U.S. dollar in 2011. The major projects in the first quarter of 2011
were the Yamal Europa Gas Pipeline and the PNG LNG Pipeline in Malaysia, the
Epic Energy QSN project in Australia, and the Company's Kabil, Indonesia
facility started up production on the Total South Mahakan project.
Operating Income in the first quarter of 2011 was $34.7 million compared
to $22.0 million in the first quarter of 2010, an increase of $12.7 million,
or 58%. The increase was primarily due to the increase in revenue explained
above. Operating margins improved by 2.7 percentage points as the higher
revenue led to an improvement in the absorption of the fixed manufacturing
overhead (included in cost of goods sold) and selling, general and
administrative expenses.
First Quarter 2011 versus Fourth Quarter 2010
Revenue in the first quarter of 2011 decreased by $21.3 million, or 8%,
from $267.8 million in the fourth quarter of 2010, to $246.5 million in the
first quarter of 2011. Major contributors to the revenue decline were the
unfavourable impact of foreign exchange fluctuations on the translation of
foreign currency operations (See section 2.2 - Foreign Exchange Impact) and
the following regional factors:
- In North America, revenue decreased by $1.8 million, or 2%, mainly due
the unfavourable impact of a weaker U.S. dollar.
- The $14.2 million decrease in revenue in Latin America was due to
limited coating activities in Brazil due to the delay in start up of the P55
Risers project, which is now scheduled to commence production in the third
quarter. Also affecting Latin America was lower project activity in Mexico
due to delays in Pemex investment approvals for a number of pipeline
projects.
- Revenue in EMAR increased by $3.1 million, or 5%, primarily driven by
the Total Laggan, Breagh and Statoil P12 projects, partially offset by lower
activity in Saudi Arabia and lower offshore weld inspection volumes.
- In Asia Pacific, revenue decreased by $8.5 million, or 12%, as the
Company completed production on the Epic Energy QSN3 project in Kembla
Grange, Australia, and pipe deliveries for the PNG LNG pipeline project were
deferred to the second half of 2011. As a result, PNG LNG revenue declined by
$26 million. These shortfalls were partially offset by increased production
on the Yamal Europa Gas Pipeline, Total South Mahakam and the QCLNG Narrows
Crossing projects.
Operating Income in the first quarter of 2011 decreased by $6.8 million,
or 16%, from the $41.5 million in the fourth quarter of 2010 to $34.7
million. The decrease was primarily due to the lower revenue explained above
and the higher selling, general and administrative expenses. The operating
margin declined by 1.5 percentage points as a result of a 0.7% point decrease
in contribution margins from changes in project mix and the under absorption
of fixed manufacturing overhead (included in cost of goods sold) and selling,
general and administrative expenses as a result of the revenue decline.
3.2 Petrochemical and Industrial segment
The following table sets forth, by geographic location, the revenue,
Operating Income and operating margin for the Petrochemical and Industrial
segment for the following periods:
(in thousands of C$ except Three months ended
Operating Margin)
March 31, December March
2011 31, 2010 31, 2010
North America $ 17,807 $ 13,279 $ 16,809
EMAR 14,818 12,040 13,586
Asia Pacific 736 559 -
Total Revenue $ 33,361 $ 25,878 $ 30,395
Operating Income $ 3,525 $ 3,572 $ 3,011
Operating Margin 10.6% 13.8% 10.0%
First Quarter 2011 versus First Quarter 2010
Revenue in the Petrochemical and Industrial segment in the first quarter
of 2011 at $33.4 million was up $3.0 million, or 10%, from the first quarter
of 2010 due to higher copper prices that increased revenue in the wire and
cable business combined with increased heat shrink tubing shipments in the
EMAR, Asia Pacific and North America regions.
Operating Income in the first quarter of 2011 was $3.5 million compared
to $3.0 million in the first quarter of 2010, an increase of $0.5 million, or
17%. The increase was due to higher sales as explained above and an increase
in the operating margin of 0.6% points on improved fixed cost overhead
absorption.
First Quarter 2011 versus Fourth Quarter 2010
In the Petrochemical and Industrial segment, revenue in the first quarter
of 2011 totaled $33.4 million compared to $25.9 million in the fourth quarter
of 2010, an increase of $7.5 million, or 29%. The increase was attributable
to higher copper prices that increased revenue in the wire and cable
business, seasonally higher revenue in North America and a stronger recovery
of the automobile segment in EMAR following typical December automotive
facility shutdowns.
Operating Income in the first quarter of 2011 was $3.5 million compared
to $3.6 million in the fourth quarter of 2010. The operating margin was lower
by 3.2 percentage points on a reduction in contribution margin from increased
input costs and changes in product mix combined with increased selling,
general and administration expenses.
3.3 Financial and Corporate
Financial and corporate costs include corporate expenses not allocated to
the operating segments and other non-operating items including foreign
exchange gains and losses on foreign currency denominated cash and working
capital balances. The corporate division of the Company only earns revenue
that is considered incidental to the activities of the Company. As a result,
it does not meet the definition of a reportable operating segment as defined
under GAAP.
The following table sets forth the Company's unallocated financial and
corporate expenses, before foreign exchange gains and losses, for the
following periods:
(in thousands of
C$)
March 31, December 31, March 31,
2011 2010 2010
Financial and corporate $ 9,918 $ (507) $ 8,184
expense
First Quarter 2011 versus First Quarter 2010
Financial and corporate costs increased by $1.7 million from $8.2 million
during the first quarter of 2010 to $9.9 million during the first quarter of
2011 due to higher expenses related to increased staffing levels with an
increase in salaries and associated benefits.
First Quarter 2011 versus Fourth quarter 2010
Financial and corporate costs increased by $10.4 million from the fourth
quarter of 2011 primarily due to higher employee salaries and benefits
expenses, increased professional fees related to corporate development, and
provision reversals totaling $6.5 million recorded in the fourth quarter of
2010 related to an adjustment to management incentive compensation to reflect
actual performance, employee defined benefit pension costs and
decommissioning liabilities.
4.0 Transition to International Financial Reporting Standards (IFRS)
ShawCor is reporting its financial results in accordance with IFRS from
January 1, 2011, the changeover date set by the Canadian Accounting Standards
Board (AcSB). IFRS compliant comparative financial information for one year
from the changeover date is required.
For the quarter ended March 31, 2010, ShawCor has restated its operating
results as if it had always prepared financial results in accordance with
IFRS. As a result of componentization of capital assets, revision in the
estimated useful life and applying different rates to the different
components and impairment of certain assets as of January 1, 2010 under IFRS,
the depreciation expense for the first quarter of 2010 has decreased by $1.5
million over the amount previously reported. In addition, due to changes in
the way temporal entities and decommissioning liabilities are recorded under
IFRS, ShawCor recorded a reduction of $0.3 million in selling, general and
administration expenses and an increase of $0.2 million in foreign exchange
gains. Together, these adjustments increased first quarter 2010 net income by
$1.7 million after recording an increase in the deferred tax expense of $0.3
million.
As a result of componentization of capital assets, revision in the
estimated useful life and applying different rates to the different
components starting January 1, 2010 under IFRS, the depreciation expense for
the fourth quarter of 2010 has decreased by $1.7 million over the amount
previously reported. ShawCor recorded a $7.1 million charge for impairment of
certain Pipeline and Pipe Services Segment fixed assets in the fourth quarter
under IFRS. In addition, due to changes in the way temporal entities,
decommissioning liabilities and employee defined benefit pension expenses are
recorded under IFRS, ShawCor recorded a net reduction of $4.2 million in
selling, general and administration expenses. Together these adjustments
decreased fourth quarter 2010 net income by $1.1 million.
5.0 Forward-Looking Information
This document includes certain statements that reflect management's
expectations and objectives for Company's future performance, opportunities
and growth, which statements constitute forward-looking information under
applicable securities laws. Such statements, other than statements of
historical fact, are predictive in nature or depend on future events or
conditions. Forward-looking information involves estimates, assumptions,
judgments and uncertainties. These statements may be identified by the use of
forward-looking terminology such as "may", "will", "should", "anticipate",
"expect", "believe", "predict", "estimate", "continue", "intend", "plan" and
variations of these words or other similar expressions. Specifically, this
document includes forward-looking information in respect of, among other
things, the impact of global economic activity on the demand for the
Company's products as well as the prices of commodities used by the Company,
the impact of changing energy demand, supply and prices, the impact of
changes in competitive conditions in the markets in which the Company
participates, the impact of changing laws for environmental compliance on the
Company's capital and operating costs, and the adequacy of the Company's
existing accruals in respect thereof, the Company's relationships with its
employees, the continued establishment of international operations, the
effect of continued development in emerging economies, as well as the
Company's plans as they relate to research and development activities and the
maintenance of its current dividend policies, the outlook for revenue and
operating income and the expected development in the Company's order backlog.
Forward-looking information involves known and unknown risks and
uncertainties that could cause actual results to differ materially from those
predicted by the forward-looking information. We caution readers not to place
undue reliance on forward looking information as a number of factors could
cause actual events, results and prospects to differ materially from those
expressed in or implied by the forward looking information. Significant risks
facing the Company include, but are not limited to: changes in global
economic activity and changes in energy supply and demand which impact on the
level of drilling activity and pipeline construction; exposure to product and
other liability claims; compliance with environmental, trade and other laws;
political, economic and other risks arising from the Company's international
operations; fluctuations in foreign exchange rates, as well as other risks
and uncertainties, as more fully described herein under the heading "Risks
and Uncertainties".
These statements of forward-looking information are based on assumptions,
estimates and analysis made by management in light of its experience and
perception of trends, current conditions and expected developments as well as
other factors believed to be reasonable and relevant in the circumstances.
These assumptions include assumptions in respect of the potential for
improvement in demand for the Company's products and services as a result of
continued global economic recovery, the potential for increased investment in
global energy infrastructure as a result of stabilization of capital markets,
the Company's ability to execute projects under contract, the continued
supply of and stable pricing for commodities used by the Company and the
availability of personnel resources sufficient for the Company to operate its
businesses. The Company believes that the expectations reflected in the
forward-looking information are based on reasonable assumptions in light of
currently available information. However, should one or more risks
materialize or should any assumptions prove incorrect, then actual results
could vary materially from those expressed or implied in the forward-looking
information included in this document and the Company can give no assurance
that such expectations will be achieved.
When considering the forward looking information in making decisions with
respect to the Company, readers should carefully consider the foregoing
factors and other uncertainties and potential events. ShawCor Ltd. does not
assume the obligation to revise or update forward looking information after
the date of this document, or to revise it to reflect the occurrence of
future unanticipated events, except as may be required under applicable
securities laws.
Other information relating to the Company, including its Annual
Information Form, is available on SEDAR at www.sedar.com.
For further information:
Gary Love
Vice President, Finance and CFO
Telephone: 416.744.5818
e-mail: glove@shawcor.com
website: www.shawcor.com
(SCL.A. SCL.B.)
.
Tags: canada, May 12, Shawcor Ltd., Toronto
