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Babcock & Wilcox Announces Fourth Quarter 2014 Results

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The Babcock & Wilcox Company (NYSE:BWC) (“B&W” or the “Company”) today reported fourth quarter 2014 revenues of $837.1 million, an increase of $34.3 million, or 4.3%, from the fourth quarter of 2013. GAAP earnings per share for the fourth quarter of 2014 were a loss of $0.97 compared to $1.48 in the fourth quarter of 2013. Non-GAAP, or adjusted earnings per share, which excludes a $1.61 per share net impact of non-cash mark-to-market adjustments for pension and other post-retirement benefits, restructuring and spin-related costs and higher legal reserves for the quarter, were $0.64 for the three months ended December 31, 2014 compared to $0.52 in the prior year period.

Revenues for the full year of 2014 were $2.92 billion, a decrease of 10.6% from the $3.27 billion recorded in 2013. GAAP earnings per share for the full year of 2014 were $0.27, compared to $3.07 in 2013. Full year 2014 adjusted earnings per share decreased 10.6% to $2.03 versus adjusted earnings per share of $2.27 in the prior year.

“B&W ended the year with a solid quarter and a strengthening backlog heading into 2015,” said Mr. E. James Ferland, President and Chief Executive Officer. “The Nuclear Operations business had a record year in 2014 with the highest revenue and operating income in its history. The NOG leadership team consistently drives focus on execution to create value for our customer and our shareholders. The Power Generation segment continued to deliver improved performance in the fourth quarter with strong revenues and additional international bookings for both coal and renewable power plants. Our strategy to drive international growth in the Power Generation business is generating the results we expected as demonstrated by the three projects announced since December, which puts this business in a solid position for the spin-off later this year.

Results of Operations

Consolidated revenues for the fourth quarter of 2014 were $837.1 million, an increase of 4.3%, compared to $802.8 million for the fourth quarter of 2013. The Nuclear Operations segment revenues increased by $50.4 million to $343.8 million from $293.4 million in the prior year period, primarily attributable to increased activity in the manufacturing of nuclear fuel and the impact of contract change orders that favorably impacted sales and margin in the quarter. Revenues in the Power Generation segment were $444.6 million in the final three months of 2014, versus $408.0 million in the corresponding period in 2013, an increase of 9.0%, due to industrial environmental revenue following the MEGTEC acquisition, partially offset by the completion of new build environmental projects that were ongoing in the prior year period. Revenues from the Nuclear Energy segment were $40.5 million, compared to $104.7 million in the prior year period, a decrease of $64.2 million primarily attributable to management’s decision to exit the low margin nuclear projects business.

GAAP operating income for the fourth quarter of 2014 decreased $451.8 million to a loss of $156.5 million compared to $295.3 million in the same period of 2013, primarily due to the annual recognition of the pension and other post-retirement benefits mark-to-market adjustment. This adjustment resulted in an actuarial loss of $230.1 million in the quarter compared to a $222.7 million actuarial gain in the prior year period. GAAP operating income for the fourth quarter of 2014 also included $28.7 million related to an increase in legal reserves and restructuring initiatives, as well as $6.1 million of spin-related costs in preparation for the spin-off of the Power Generation business. Excluding these charges, adjusted operating income increased 25% in the fourth quarter of 2014 to $108.3 million, compared to adjusted operating income of $86.7 million in the fourth quarter of 2013.

Fourth quarter 2014 operating income in the Nuclear Operations segment increased $36.8 million from the same period last year to $90.4 million, attributable to the impact of contract change orders and continuing strong contract execution. The Nuclear Energy segment reported a loss of $18.6 million in the fourth quarter of 2014 compared to a $1.6 million loss in the prior year period, primarily attributable to an unfavorable jury verdict. Operating income in the Power Generation segment was $37.5 million in the fourth quarter of 2014, a $16.1 million decrease from $53.6 million in the 2013 period, primarily due to favorable contract performance in the fourth quarter of 2013 and a lower level of equity income in 2014. Technical Services segment operating income decreased $10.0 million from $10.4 million in the fourth quarter of 2013, due to the loss of the Pantex and Y-12 contracts and lower fee income from sites impacted by the Waste Isolation Plant drum containment issue. The operating income for mPower improved to a loss of $5.2 million compared to a $27.7 million loss in the same period in 2013 due to restructuring of the mPower program in 2014.

“The positive performance and significant momentum of the two core businesses at the end of the year reinforces our belief that the planned spin of the Power Generation business will result in two strong businesses with opportunities for increased growth,” continued Mr. Ferland. “We are on track to execute the spin in mid-summer, which we are confident will increase value for our customers and shareholders.

Liquidity and Debt

The Company’s cash and investments position, net of restricted cash, was $325.4 million at the end of the fourth quarter of 2014, representing a decrease of $35.9 million compared to $361.3 million as of December 31, 2013. This consolidated cash position includes $199.0 million related to foreign operations. For the full year 2014, the Company generated $74.9 million in cash from operations and borrowed $300.0 million through its Credit Agreement, using these funds to repurchase $149.8 million of its common stock, pay dividends of $43.5 million and expand its industrial environmental business through the acquisition of MEGTEC for $142.8 million, net of acquired cash.

As of December 31, 2014, outstanding balances under the Credit Agreement included a $300.0 million term loan, $0.0 million borrowed under the revolving credit facility, and letters of credit issued under the revolving credit facility totaling $171.9 million, resulting in $828.1 million of revolver availability at the end of the fourth quarter. The Company believes it maintains adequate liquidity to fund operations, which could include increased working capital requirements to fund internal growth, R&D programs, capital distribution programs, and product and geographic expansion opportunities.

Full Year 2015 Outlook

Management believes that providing 2015 full-year consolidated EPS guidance, given the planned spin-off of the Power Generation business mid-year, would not be insightful. Rather, the Company is providing the following segment guidance for 2015:

  • Nuclear Operations revenues consistent with record levels achieved in the last two years and expected operating margin in the high teens;
  • Technical Services operating income in the range of $15 to $20 million, mostly from equity income;
  • Nuclear Energy revenues in the $150 to $175 million range with operating margins in the low single digits;
  • Targeted mPower spending of approximately $15 million annually;
  • Power Generation’s revenue is expected to increase approximately 15%, through a combination of core growth and the full year of the MEGTEC acquisition. Power Generation’s operating margin is anticipated to increase to approximately 8%, net of MEGTEC amortization;
  • Adjusted tax rate for 2015 is expected to be in the range of 32% to 34%; and
  • Approximately 60% of annual earnings are expected to be realized in the third and fourth quarters.

Additional guidance for the two separate entities will be provided in the weeks preceding the spin-off planned for mid-summer 2015.

Conference Call to Discuss Fourth Quarter 2014 Results

Date:

Thursday, February 26, 2015, at 8:30 a.m. EST

Live Webcast:

Investor Relations section of website at www.babcock.com

Forward-Looking Statements

B&W cautions that this release contains forward-looking statements, including, without limitation, statements relating to expected benefits associated with the planned spin-off of our Power Generation business; bookings, to the extent they may be viewed as an indicator of future revenues; and our 2015 outlook for B&W’s segments. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties, including, among other things, the proposed spin-off not being completed as anticipated or at all; delays or other difficulties in completing the spin-off, including the inability to satisfy the conditions for its completion; disruptions experienced with customers and suppliers; the inability of either business to successfully operate independently; the inability to retain key personnel; adverse changes in the industries in which we operate and delays, changes or termination of contracts in backlog. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. For a more complete discussion of these and other risk factors, see B&W’s filings with the Securities and Exchange Commission, including our annual report on Form 10-K for the year ended December 31, 2014 and subsequent quarterly reports on Form 10-Q. B&W cautions not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.

About B&W

The Babcock & Wilcox Company is a leader in clean energy technology and services, primarily for the nuclear, fossil and renewable power markets as well as a premier advanced technology and mission critical defense contractor. B&W has locations worldwide and employs approximately 11,000 people, in addition to joint venture employees throughout the world. A company overview presentation, which will be presented at investor conferences and meetings throughout this quarter, is available on the Investor Relations section of our website. For additional information please visit our website at www.babcock.com.

EXHIBIT 1

THE BABCOCK & WILCOX COMPANY
RECONCILIATION OF NON-GAAP OPERATING INCOME AND EARNINGS PER SHARE*

Three Months Ended December 31, 2014
GAAP Spin Costs Litigation Centrus

Impairment

Pension &
OPEB MTM
(Gain) / Loss

Restructuring
&
Acquisitions

Non-GAAP
Operating Income $ (156.5 ) $ 6.1 $ 16.1 $ 230.1 $ 12.6 $ 108.3
Other Income / (Expense) (8.5 ) 4.2 0.5 (3.8 )
Income Tax (Expense) / Benefit 61.5 (2.3 ) (4.3 ) (86.7 ) (4.3 ) (36.1 )
Net Income (Loss) $ (103.6 ) $ 3.7 $ 11.8 $ 4.2 $ 143.8 $ 8.3 $ 68.4
Net Loss Attributable to Non-Controlling Interest 0.3 0.3
Net Income (Loss) Attributable to The Babcock & Wilcox Company $ (103.3 ) $ 3.7 $ 11.8 $ 4.2 $ 143.8 $ 8.3 $ 68.6
Diluted Earnings per Common Share $ (0.97 ) $ 0.04 $ 0.11 $ 0.04 $ 1.35 $ 0.08 $ 0.64
Tax Rate 37.2 % 34.6 %
Three Months Ended December 31, 2013
GAAP

One-time tax
(Benefit) /
Charges

USEC
Impairment
Charges

Pension &
OPEB MTM
(Gain) / Loss

Restructuring
&
Acquisitions

Non-GAAP
Operating Income (Loss) $ 295.3 $ $ $ (222.7 ) $ 14.1 $ 86.7
Other Income / (Expense) (20.0 ) 19.1 (0.2 ) (1.0 )
Income Tax (Expense) / Benefit (114.4 ) 6.3 80.4 (4.2 ) (31.8 )
Net Income (Loss) $ 161.0 $ 6.3 $ 19.1 $ (142.5 ) $ 9.9 53.8
Net Loss Attributable to Non-Controlling Interest 4.6 4.6
Net Income (Loss) Attributable to The Babcock & Wilcox Company $ 165.6 $ 6.3 $ 19.1 $ (142.5 ) $ 9.9 58.4
Diluted Earnings per Common Share $ 1.48 $ 0.06 $ 0.17 $ (1.28 ) $ 0.09 $ 0.52
Tax Rate 41.5 % 37.2 %
Twelve Months Ended December 31, 2014
GAAP Spin Costs Litigation

Centrus
Gain, net
Impairment

Pension &
OPEB MTM
(Gain) / Loss

Restructuring
&
Acquisitions

Non-GAAP
Operating Income $ (2.6 ) $ 6.1 $ 16.1 $ $ 241.2 $ 57.7 $ 318.4
Other Income / (Expense) 8.1 (14.4 ) 0.5 (5.8 )
Income Tax (Expense) / Benefit 16.0 (2.3 ) (4.3 ) (89.6 ) (19.6 ) (99.8 )
Net Income (Loss) $ 21.5 $ 3.7 $ 11.8 $ (14.4 ) $ 152.1 $ 38.1 $ 212.8
Net Loss Attributable to Non-Controlling Interest 7.9 7.9
Net Income (Loss) Attributable to The Babcock & Wilcox Company $ 29.4 $ 3.7 $ 11.8 $ (14.4 ) $ 152.1 $ 38.1 $ 220.7
Diluted Earnings per Common Share $ 0.27 $ 0.03 $ 0.11 $ (0.13 ) $ 1.40 $ 0.35 $ 2.03
Tax Rate (292.6 %) 31.9 %
Twelve Months Ended December 31, 2013
GAAP

One-time tax
(Benefit) /
Charges

USEC
Impairment
Charges

Pension &
OPEB MTM
(Gain) / Loss

Restructuring
&
Acquisitions

Non-GAAP
Operating Income $ 536.4 $ $ $ (222.7 ) $ 39.6 $ 353.2
Other Income / (Expense) (19.2 ) 19.1 (0.2 ) (0.2 )
Income Tax (Expense) / Benefit (184.6 ) 6.3 80.4 (13.2 ) (111.1 )
Net Income (Loss) $ 332.6 $ 6.3 $ 19.1 $ (142.5 ) $ 26.4 241.9
Net Loss Attributable to Non-Controlling Interest 13.5 13.5
Net Income (Loss) Attributable to The Babcock & Wilcox Company $ 346.1 $ 6.3 $ 19.1 $ (142.5 ) $ 26.4 255.3
Diluted Earnings per Common Share $ 3.07 $ 0.06 $ 0.17 $ (1.26 ) $ 0.23 $ 2.27
Tax Rate 35.7 % 31.5 %
* May not foot due to rounding.

The Company is providing non-GAAP information regarding certain of its historical results and guidance on future earnings per share to supplement the results provided in accordance with GAAP and it should not be considered superior to, or as a substitute for, the comparable GAAP measures. B&W believes the non-GAAP measures provide meaningful insight in the Company’s operational performance and provides these measures to investors to help facilitate comparisons of operating results with prior periods and to assist them in understanding B&W’s ongoing operations.

EXHIBIT 2

THE BABCOCK & WILCOX COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS

ASSETS

December 31,

2014

2013

(In thousands)
Current Assets:
Cash and cash equivalents $ 312,969 $ 346,116
Restricted cash and cash equivalents 54,497 45,945
Investments 4,837 10,748
Accounts receivable – trade, net 430,600 360,323
Accounts receivable – other 44,299 45,480
Contracts in progress 398,373 370,820
Inventories 108,637 113,058
Deferred income taxes 73,479 97,170
Other current assets 46,111 47,764
Total Current Assets 1,473,802 1,437,424
Property, Plant and Equipment 1,167,581 1,126,683
Less accumulated depreciation 730,946 679,604
Net Property, Plant and Equipment 436,635 447,079
Investments 7,606 4,426
Goodwill 379,192 281,708
Deferred Income Taxes 245,766 127,076
Investments in Unconsolidated Affiliates 140,504 184,831
Intangible Assets 110,873 81,521
Other Assets 62,558 45,088
TOTAL $ 2,856,936 $ 2,609,153

THE BABCOCK & WILCOX COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS

LIABILITIES AND STOCKHOLDERS’ EQUITY

December 31,
2014 2013
(In thousands)
Current Liabilities:
Notes payable and current maturities of long-term debt $ 18,215 $ 4,671
Accounts payable 247,629 319,774
Accrued employee benefits 124,897 163,833
Accrued liabilities – other 97,207 58,192
Advance billings on contracts 255,535 317,771
Accrued warranty expense 53,624 56,436
Income taxes payable 22,529 6,551
Total Current Liabilities 819,636 927,228
Long-term Debt 285,000 225
Accumulated Postretirement Benefit Obligation 58,213 43,194
Environmental Liabilities 56,259 53,391
Pension Liability 563,990 336,878
Other Liabilities 59,637 65,296
Commitments and Contingencies
Stockholders’ Equity:
Common stock, par value $0.01 per share, authorized 325,000,000 shares; issued 121,604,332 and 120,536,910 shares at December 31, 2014 and December 31, 2013, respectively 1,216 1,205
Preferred stock, par value $0.01 per share, authorized 75,000,000 shares; no shares issued
Capital in excess of par value 775,393 747,189
Retained earnings 642,489 656,916
Treasury stock at cost, 14,915,776 and 10,068,731 shares at December 31, 2014 and December 31, 2013, respectively (423,990 ) (268,971 )
Accumulated other comprehensive income 3,596 28,348
Stockholders’ Equity – The Babcock & Wilcox Company 998,704 1,164,687
Noncontrolling interest 15,497 18,254
Total Stockholders’ Equity 1,014,201 1,182,941
TOTAL $ 2,856,936 $ 2,609,153

THE BABCOCK & WILCOX COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME

Three Months Ended Twelve Months Ended
December 31, December 31,

2014

2013

2014

2013

(Unaudited)
(In thousands, except share and per share amounts)
Revenues $ 837,094 $ 802,815 $ 2,923,019 $ 3,269,208
Costs and Expenses:
Cost of operations 840,147 417,514 2,409,376 2,301,648
Research and development costs 9,941 26,256 73,234 79,226
Losses (gains) on asset disposals and impairments, net 229 (296 ) 1,081 1,049
Selling, general and administrative expenses 137,025 66,269 442,615 379,382
Special charges for restructuring activities 12,288 14,095 41,091 39,599
Total Costs and Expenses 999,630 523,838 2,967,397 2,800,904
Equity in Income of Investees 5,996 16,345 41,756 68,058
Operating Income (156,540 ) 295,322 (2,622 ) 536,362
Other Income (Expense):
Interest income 152 308 1,028 1,443
Interest expense (2,781 ) (877 ) (7,579 ) (3,115 )
Other – net (5,888 ) (19,395 ) 14,639 (17,517 )
Total Other Income (Expense) (8,517 ) (19,964 ) 8,088 (19,189 )
Income before Provision for Income Taxes (165,057 ) 275,358 5,466 517,173
Provision for Income Taxes (61,465 ) 114,366 (15,991 ) 184,583
Net Income $ (103,592 ) $ 160,992 $ 21,457 $ 332,590
Net Loss Attributable to Noncontrolling Interest 285 4,596 7,931 13,488
Net Income Attributable to The Babcock & Wilcox Company $ (103,307 ) $ 165,588 $ 29,388 $ 346,078
Earnings per Common Share:
Basic:

Net Income Attributable to The Babcock & Wilcox Company

$

(0.97

)

$ 1.50 $ 0.27 $ 3.09
Diluted:

Net Income Attributable to The Babcock & Wilcox Company

$

(0.97

)

$ 1.48 $ 0.27 $ 3.07
Shares used in the computation of earnings per share:
Basic 106,597,411 110,679,494 108,477,262 111,901,750
Diluted 106,597,411 111,592,570 108,761,092 112,685,417

THE BABCOCK & WILCOX COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Year Ended December 31,

2014

2013

2012

CASH FLOWS FROM OPERATING ACTIVITIES: (In thousands)
Net Income $ 21,457 $ 332,590 $ 217,557
Non-cash items included in net income:
Depreciation and amortization 105,798 70,525 69,697
Income of investees, net of dividends 18,763 11,537 (15,115 )
Losses on asset disposals and impairments 12,543 1,049 1,419
Impairment of USEC investment 19,139 27,000
Gain on exchange of USEC investment (18,647 )
In-kind research and development costs 5,831 15,794 17,942
Provision for (benefit from) deferred taxes (95,697 ) 94,068 43,038
Recognition of (gains) losses for pension and postretirement plans 244,136 (219,915 ) 35,480
Stock-based compensation and thrift plan expense 23,461 29,006 31,797
Excess tax benefits from stock-based compensation (588 ) (177 ) (1,571 )
Changes in assets and liabilities, net of effects from acquisitions:
Accounts receivable (50,080 ) 19,726 (52,034 )
Accounts payable (81,044 ) 54,895 30,391
Contracts in progress and advance billings on contracts (98,400 ) (210,582 ) 32,527
Inventories 5,044 11,971 (16,448 )
Income taxes (1,259 ) (6,364 ) 5,522
Accrued and other current liabilities 18,557 (28,499 ) (30,553 )
Pension liability, accrued postretirement benefit obligation and employee benefits (42,264 ) (68,961 ) (168,004 )
Other, net 7,314 12,084 (43,718 )
NET CASH PROVIDED BY OPERATING ACTIVITIES 74,925 137,886 184,927
CASH FLOWS FROM INVESTING ACTIVITIES:
Decrease (increase) in restricted cash and cash equivalents (8,552 ) 15,016 229
Purchases of property, plant and equipment (76,029 ) (64,950 ) (86,635 )
Acquisition of businesses, net of cash acquired (127,703 ) (318 )
Purchase of intangible assets (722 ) (2,200 )
Purchases of securities (23,622 ) (90,836 ) (268,929 )
Sales and maturities of securities 40,725 168,879 247,649
Proceeds from asset disposals 997 1,028 580
Proceeds from sale of an unconsolidated affiliate 2,091
Investment in equity and cost method investees (4,900 ) (6,884 ) (6,064 )
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (199,806 ) 20,053 (111,397 )
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of short-term borrowing and long-term debt (4,539 ) (211 ) (4,643 )
Payment of debt issuance costs (5,473 ) (4,902 )
Borrowings under short-term arrangements 2,967 484 3,815
Borrowings under Credit Agreement 1,156,100
Repayments under Credit Agreement (856,100 )
Repurchase of common shares (149,774 ) (157,093 ) (96,774 )
Dividends paid to common shareholders (43,469 ) (38,011 ) (9,485 )
Exercise of stock options 4,604 4,275 2,926
Excess tax benefits from stock-based compensation 588 177 1,571
Other (305 ) (499 ) (514 )
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES 104,599 (190,878 ) (108,006 )
EFFECTS OF EXCHANGE RATE CHANGES ON CASH (12,865 ) (4,492 ) 2,814
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (33,147 ) (37,431 ) (31,662 )
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 346,116 383,547 415,209
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 312,969 $ 346,116 $ 383,547
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest $ 6,061 $ 1,790 $ 2,049
Income taxes (net of refunds) $ 74,734 $ 86,924 $ 83,062
SCHEDULE OF NONCASH INVESTING ACTIVITY:
Accrued capital expenditures included in accounts payable $ 7,219 $ 8,141 $ 7,902

THE BABCOCK & WILCOX COMPANY

BUSINESS SEGMENT INFORMATION

Three Months Ended Twelve Months Ended
December 31, December 31,

2014

2013

2014

2013

(Unaudited)

(In thousands)

REVENUES:

Power Generation $ 444,556 $ 408,037 $ 1,486,029 $ 1,767,651
Nuclear Operations 343,811 293,438 1,220,952 1,167,683
Technical Services 14,128 26,351 84,834 104,254
Nuclear Energy 40,485 104,686 154,721 283,857
mPower 543 278 1,523
Adjustments and Eliminations (5,886 ) (30,240 ) (23,795 ) (55,760 )
TOTAL $ 837,094 $ 802,815 $ 2,923,019 $ 3,269,208

SEGMENT INCOME:

Power Generation $ 37,540 $ 53,624 $ 98,557 $ 155,837
Nuclear Operations 90,433 53,575 270,536 237,855
Technical Services 385 10,422 35,203 58,234
Nuclear Energy (18,584 ) (1,560 ) (23,211 ) 8,641
mPower (5,164 ) (27,677 ) (68,946 ) (81,304 )
SUBTOTAL 104,610 88,384 312,139 379,263
Corporate (18,785 ) (1,704 ) (32,514 ) (26,039 )
Special Charges for Restructuring Activities (12,288 ) (14,095 ) (41,091 ) (39,599 )
Mark to Market Adjustment (230,077 ) 222,737 (241,156 ) 222,737
TOTAL $ (156,540 ) $ 295,322 $ (2,622 ) $ 536,362

EQUITY IN INCOME (LOSS) OF INVESTEES:

Power Generation $ 3,023 $ 7,792 $ 8,682 $ 18,388
Nuclear Operations
Technical Services 2,973 8,686 33,042 50,281
Nuclear Energy (133 ) 32 (611 )
mPower
TOTAL $ 5,996 $ 16,345 $ 41,756 $ 68,058

PENSION EXPENSE (INCOME):

Power Generation $ (249 ) $ 520 $ 1,133 $ 2,760
Nuclear Operations 715 1,307 3,331 4,706
Technical Services 64 72 208 288
Nuclear Energy 360 758 3,855 3,796
mPower
Corporate 701 89 2,160 1,604
Mark to Market Adjustment 217,974 (202,442 ) 229,053 (202,442 )
TOTAL $ 219,565 $ (199,696 ) $ 239,740 $ (189,288 )

DEPRECIATION AND AMORTIZATION:

Power Generation $ 9,468 $ 7,373 $ 30,661 $ 23,892
Nuclear Operations 33,487 6,793 54,524 26,975
Technical Services 2 41 3 185
Nuclear Energy 1,596 1,688 6,564 6,520
mPower 262 189 974 554
Corporate 3,583 3,100 13,072 12,399
TOTAL $ 48,398 $ 19,184 $ 105,798 $ 70,525

RESEARCH AND DEVELOPMENT, NET:

Power Generation $ 5,688 $ 4,915 $ 18,483 $ 21,043
Nuclear Operations 12 2 17 69
Technical Services 15 11 39 67
Nuclear Energy 172 511 1,684 3,590
mPower 4,054 20,817 53,011 54,457
TOTAL $ 9,941 $ 26,256 $ 73,234 $ 79,226

CAPITAL EXPENDITURES:

Power Generation $ 4,563 $ 1,877 $ 15,449 $ 15,280
Nuclear Operations 10,567 9,973 34,777 31,572
Technical Services 66 32 66 98
Nuclear Energy 1,269 1,365 14,358 5,506
mPower 1,109 1,983 2,854
Corporate 3,687 5,306 9,396 9,640
TOTAL $ 20,152 $ 19,662 $ 76,029 $ 64,950

BACKLOG:

Power Generation $ 2,246,666 $ 2,072,132 $ 2,246,666 $ 2,072,132
Nuclear Operations 2,778,043 2,369,268 2,778,043 2,369,268
Technical Services 2,691 5,031 2,691 5,031
Nuclear Energy 264,992 141,832 264,992 141,832
mPower 1,670 1,670
TOTAL $ 5,292,392 $ 4,589,933 $ 5,292,392 $ 4,589,933

BOOKINGS:

Power Generation $ 556,755 $ 277,833 $ 1,568,113 $ 1,319,185
Nuclear Operations 742,372 130,076 1,619,806 546,314
Technical Services 12,281 14,845 82,436 100,965
Nuclear Energy 29,706 60,490 268,569 143,329
mPower (8 ) (67 )
TOTAL $ 1,341,114 $ 483,236 $ 3,538,924 $ 2,109,726

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