-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, R9e+8TbMynm8L6ATIgn0DJb713v4euG4fO71UcFtp6yLVZbpbrR/Ve1K7l8QrYjc LGZYsENVX1e/tIvHvRhZ6g== 0000928385-98-001057.txt : 19980518 0000928385-98-001057.hdr.sgml : 19980518 ACCESSION NUMBER: 0000928385-98-001057 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 19980331 FILED AS OF DATE: 19980515 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: ICF KAISER INTERNATIONAL INC CENTRAL INDEX KEY: 0000856200 STANDARD INDUSTRIAL CLASSIFICATION: HAZARDOUS WASTE MANAGEMENT [4955] IRS NUMBER: 541437073 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-12248 FILM NUMBER: 98624399 BUSINESS ADDRESS: STREET 1: 9300 LEE HWY CITY: FAIRFAX STATE: VA ZIP: 22031 BUSINESS PHONE: 7039343600 MAIL ADDRESS: STREET 1: 9300 LEE HWY CITY: FAIRFAX STATE: VA ZIP: 22031 FORMER COMPANY: FORMER CONFORMED NAME: ICF INTERNATIONAL INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: AMERICAN CAPITAL & RESEARCH CORP /DE/ DATE OF NAME CHANGE: 19910314 10-Q 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 1998 Commission File No. 1-12248 ICF KAISER INTERNATIONAL, INC. (Exact name of registrant as specified in its charter) Delaware 54-1437073 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 9300 Lee Highway, Fairfax, Virginia 22031-1207 (Address of principal executive offices) (Zip Code) Registrant's telephone number including area code: (703) 934-3600 Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes X No On May 12, 1998, there were 24,149,472 shares of ICF Kaiser International, Inc. Common Stock, par value $0.01 per share, outstanding. ICF KAISER INTERNATIONAL, INC. INDEX TO FORM 10-Q Page Part I - Financial Information Item 1. Financial Statements: Consolidated Balance Sheets - March 31, 1998 and December 31, 1997.................................3 Consolidated Statements of Income and Comprehensive Income - Three Months Ended March 31, 1998 and 1997...........................4 Consolidated Statements of Cash Flows - Three Months Ended March 31, 1998 and 1997...........................5 Notes to Consolidated Financial Statements........................6-13 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations........................................14-17 Item 3. Quantitative and Qualitative Disclosures About Market Risk..........18 Part 11 - Other Information Item 1. Legal Proceedings...................................................18 Item 2. Changes in Securities and Use of Proceeds...........................18 Item 3. Defaults Upon Senior Securities.....................................18 Item 4. Submission of Matters to a Vote of Security Holders.................19 Item 5. Other Information...................................................19 Item 6. Exhibits and Reports on Form 8-K....................................19 2 ICF KAISER INTERNATIONAL, INC. AND SUBSIDIARIES Consolidated Balance Sheets (In thousands, except shares)
- --------------------------------------------------------------------------------------------------- March 31, December 31, 1998 1997 - --------------------------------------------------------------------------------------------------- (Unaudited) Assets Current Assets Cash and cash equivalents $ 31,990 $ 19,198 Contract receivables, net 256,047 264,030 Prepaid expenses and other current assets 12,178 14,490 Deferred income taxes 17,523 15,281 --------- --------- Total Current Assets 317,738 312,999 --------- --------- Fixed Assets Furniture, equipment, and leasehold improvements 49,418 51,446 Less depreciation and amortization (37,454) (39,648) --------- --------- 11,964 11,798 --------- --------- Other Assets Goodwill, net 51,599 47,323 Investments in and advances to affiliates 6,513 7,038 Other 18,516 19,308 --------- --------- 76,628 73,669 --------- --------- Total Assets $ 406,330 $ 398,466 ========= ========= Liabilities and Shareholders' Equity Current Liabilities Debt currently payable $ 15 $ 15 Accounts payable 121,345 120,368 Accrued salaries and benefits 37,871 37,654 Other accrued expenses 22,812 26,902 Deferred revenue 37,920 36,527 Income taxes payable 1,114 1,012 --------- --------- Total Current Liabilities 221,077 222,478 Long-term Liabilities Long-term debt 141,624 141,004 Other 4,462 4,586 --------- --------- Total Liabilities 367,163 368,068 --------- --------- Commitments and Contingencies Minority Interest 2,567 3,071 Shareholders' Equity Preferred Stock - - Common Stock, par value $.01 per share: Authorized-90,000,000 shares Issued and outstanding-24,184,581 and 22,475,904 shares 243 225 Additional Paid-in Capital 75,401 67,116 Notes Receivable Collateralized by Common Stock (2,468) (2,422) Accumulated Deficit (33,763) (34,225) Cumulative Translation Adjustment (2,813) (3,367) --------- --------- Total Shareholders' Equity 36,600 27,327 --------- --------- Total Liabilities and Shareholders' Equity $ 406,330 $ 398,466 ========= ========= - ---------------------------------------------------------------------------------------------------
See notes to consolidated financial statements. 3 ICF KAISER INTERNATIONAL, INC. AND SUBSIDIARIES Consolidated Statements of Income and Comprehensive Income (In thousands, except per share amounts)
- ------------------------------------------------------------------------------------------------------------------ Three Months Ended March 31, ----------------------------------- 1998 1997 - ------------------------------------------------------------------------------------------------------------------ (Unaudited) Gross Revenue $ 305,256 $ 265,957 Subcontract and direct material costs (199,020) (162,266) Equity in income of joint ventures and affiliated companies 1,027 287 --------- --------- Service Revenue 107,263 103,978 Operating Expenses Direct labor and fringe benefits 69,435 70,000 Group overhead 22,089 19,827 Corporate general and administrative 4,944 5,184 Depreciation and amortization 2,335 2,369 --------- --------- Operating Income 8,460 6,598 Other Income (Expense) Interest income 466 339 Interest expense (4,821) (4,353) --------- --------- Income Before Income Taxes and Minority Interests 4,105 2,584 Income tax provision 1,149 568 --------- --------- Income Before Minority Interests 2,956 2,016 Minority interests in net income of subsidiaries 2,511 1,969 --------- --------- Net Income $ 445 $ 47 ========= ========= Foreign currency translation adjustments 554 (142) --------- --------- Comprehensive Income (Loss) $ 999 $ (95) ========= ========= Basic Earnings Per Share $ 0.02 $ 0.00 ========= ========= Diluted Earnings Per Share $ 0.02 $ 0.00 ========= ========= Weighted average shares for basic earnings per share 23,925 22,259 Effect of dilutive stock options and contingent stock 1,571 60 --------- --------- Weighted average shares for diluted earnings per share 25,496 22,319 ========= ========= - ------------------------------------------------------------------------------------------------------------------
See notes to consolidated financial statements. 4 ICF KAISER INTERNATIONAL, INC. AND SUBSIDIARIES Consolidated Statements of Cash Flows (In thousands)
- ------------------------------------------------------------------------------------------------------- Three Months Ended March 31, ------------------------------------- 1998 1997 - ------------------------------------------------------------------------------------------------------- (Unaudited) Operating Activities Net income $ 445 $ 47 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 2,335 2,369 Provision for losses and contingencies 667 447 Provision for deferred income taxes 1,286 (1,585) Cash distributions in excess of earnings from joint ventures and affiliated companies 539 302 Minority interest in net income of subsidiaries 2,567 1,969 Changes in operating assets and liabilities: Contract receivables, net 14,902 7,803 Prepaid expenses and other current assets 2,392 (802) Accounts payable and accrued expenses (11,710) (3,308) Deferred revenue 1,393 (534) Other liabilities (5,398) 1,689 Other operating activities 580 81 -------- -------- Net Cash Provided by Operating Activities 9,998 8,478 -------- -------- Investing Activities Cash acquired from (or invested in) subsidiary acquisitions 3,841 (118) Sales of subsidiaries and/or investments 2,400 16,540 Purchases of fixed assets (1,477) (892) -------- -------- Net Cash Provided by Investing Activities 4,764 15,530 -------- -------- Financing Activities Borrowings under revolving credit facility 35,000 23,000 Principal payments on revolving credit facility (34,500) (42,000) Distribution of income to minority interest (3,071) (950) Proceeds from issuances of common stock 47 60 Repurchases of common stock - (252) Debt issuance costs - (277) -------- -------- Net Cash Used in Financing Activities (2,524) (20,419) -------- -------- Effect of Exchange Rate Changes on Cash 554 (142) -------- -------- Increase in Cash and Cash Equivalents 12,792 3,447 Cash and Cash Equivalents at Beginning of Period 19,198 16,761 -------- -------- Cash and Cash Equivalents at End of Period $ 31,990 $ 20,208 ========= ======== Supplemental cash flow information is as follows: Cash payments for interest $ 90 $ 281 Cash payments for income taxes - 9 Non-cash transactions: Issuance of common stock 8,455 287 Reacquisition of common stock (218) - - -------------------------------------------------------------------------------------------------------
See notes to consolidated financial statements. 5 ICF KAISER INTERNATIONAL, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. Basis of Presentation The accompanying consolidated financial statements of ICF Kaiser International, Inc. and subsidiaries (the Company), except for the December 31, 1997 balance sheet (derived from audited financial statements), are unaudited and have been prepared in accordance with generally accepted accounting principles for interim financial information. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. These statements should be read in conjunction with the Company's audited consolidated financial statements and footnotes thereto for the year ended December 31, 1997 and the information included in the Company's Annual Report to the Securities and Exchange Commission (SEC) on Form 10-K for the year ended December 31, 1997. Certain reclassifications have been made to the prior period financial statements to conform them to the presentation used in the March 31, 1998 financial statements. 2. Adoption of New Pronouncements In June, 1997, the Financial Accounting Standards Board issued FASB Statement No. 130 - Reporting Comprehensive Income. The Statement requires that companies begin reporting comprehensive income during the fiscal year beginning after December 15, 1997. Comprehensive income is therein defined as the change in equity during a period from transactions and other events and circumstances from nonowner sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners. The Company has adopted the Statement effective the first quarter of 1998. 3. Net Income Per Common Share In 1997, the Company adopted the Statement of Financial Accounting Standards No. 128, Earnings per Share (SFAS No. 128). All EPS computation periods presented in these financial statements have been restated to conform to SFAS No. 128. Basic EPS is computed by dividing net income by the weighted average number of common shares outstanding for the period. The assumed proceeds from the exercise of dilutive securities are used to purchase common stock at the average market price during the period. The difference between the number of shares assumed issued and the number of shares assumed purchased is added to the basic EPS denominator in order to derive the diluted EPS denominator. 4. Claims In connection with significant cost overruns incurred on a large fixed price contract to construct a plant to produce nitric acid, the Company is vigorously pursuing significant claims which it believes are justified against a third party subcontractor. The Company recognized approximately $1.8 million in claims revenue during the quarter ended March 31, 1998 associated with this matter. The total claims receivable remaining uncollected from this matter was $3.1 million as of March 31, 1998. This amount represents that portion of the total cost overruns incurred for which the Company has recognized claim revenue to date. 5. Contingencies In the course of the Company's normal business activities, various claims or charges have been asserted and litigation commenced against the Company arising from or related to properties, injuries to persons, and breaches of contract, as well as claims related to acquisitions and dispositions. Claimed amounts may not bear any reasonable relationship to the merits of the claim or to a final court award. In the opinion of management, an adequate reserve has been provided for final judgments, if any, in excess of insurance coverage, that might be rendered against the Company in such litigation. 6 The Company may from time to time, either individually or in conjunction with other government contractors operating in similar types of businesses, be involved in U.S. government investigations for alleged violations of procurement or other federal laws and regulations. The Company currently is the subject of a number of U.S. government investigations and is cooperating with the responsible government agencies involved. No charges presently are known to have been filed against the Company by these agencies. Management does not believe that there will be any material adverse effect on the Company's financial position, results of operations, or cash flows as a result of these investigations. The Company has a substantial number of cost-reimbursement contracts with the U.S. government, the costs of which are subject to audit by the U.S. government. As a result of audits related to fiscal years 1986 forward, the government has asserted, among other things, that certain costs claimed as reimbursable under government contracts either were not allowable or not allocated in accordance with federal procurement regulations. The Company is actively working with the government to resolve these issues. The Company has provided for an estimate of the potential effect of issues that have been quantified, including an estimate of disallowed costs for the periods currently under audit and for periods not yet audited. Many of these issues, however, have not yet been completely quantified by the government or by the Company, and others are qualitative in nature, and their potential financial impact, if any, is not quantifiable by the government or the Company at this time. Provisions for reserves are reviewed periodically as progress with the government ensues. 6. Guarantor Subsidiaries Pursuant to SEC rules regarding publicly held debt, the Company is required to provide financial information for wholly owned subsidiaries of ICF Kaiser International, Inc. (Subsidiary Guarantors) which unconditionally guarantee the payment of the principal, premium, if any, and interest on the Company's Senior Subordinated Notes and Series B Senior Notes. The Subsidiary Guarantors are Cygna Consulting Engineers and Project Management, Inc; ICF Kaiser Government Programs, Inc; PCI Operating Company, Inc; Systems Applications International, Inc; EDA, Incorporated; Global Trade & Investment, Inc; ICF Kaiser Europe, Inc; ICF Kaiser/Georgia Wilson, Inc; ICF Kaiser Overseas Engineering, Inc; ICF Kaiser Engineers Pacific, Inc; ICF Kaiser Remediation Company; and ICF Kaiser Systems, Inc. Presented below is condensed consolidating financial information for ICF Kaiser International, Inc. (Parent Company), the Subsidiary Guarantors, and the Non-Guarantor Subsidiaries. The information, except for the December 31, 1997 condensed consolidating balance sheet, is unaudited. Investments in subsidiaries have been presented using the equity method of accounting. The Company does not have a formal tax-sharing arrangement with its subsidiaries and has allocated taxes to its subsidiaries based on the Company's overall effective tax rate. 7 ICF Kaiser International, Inc. and Subsidiaries Condensed Consolidating Balance Sheet March 31, 1998 (In thousands)
- ----------------------------------------------------------------------------------------------------------------------------------- ICF Kaiser Parent Subsidiary Non-Guarantor International, Inc. Company Guarantors Subsidiaries Eliminations Consolidated --------- ---------- -------------- ------------ ------------------ (Unaudited) Assets Current Assets Cash and cash equivalents $ (2,804) $ 14,774 $ 20,020 $ - $ 31,990 Contract receivables, net 1,192 86,116 168,739 - 256,047 Intercompany receivables, net 122,421 5,443 (127,864) - - Prepaid expenses and other current assets 4,234 706 7,238 - 12,178 Deferred income taxes 13,892 - 3,631 - 17,523 --------- ---------- -------------- ------------ ----------------- Total Current Assets 138,935 107,039 71,764 - 317,738 --------- ---------- -------------- ------------ ----------------- Fixed Assets Furniture, equipment, and leasehold improvements 10,096 2,505 36,817 - 49,418 Less depreciation and amortization (5,721) (2,290) (29,443) - (37,454) --------- ---------- -------------- ------------ ----------------- 4,375 215 7,374 - 11,964 --------- ---------- -------------- ------------ ----------------- Other Assets Goodwill, net 250 4,695 46,654 - 51,599 Other 68,668 1,666 22,807 (68,112) 25,029 --------- ---------- -------------- ------------ ----------------- 68,918 6,361 69,461 (68,112) 76,628 --------- ---------- -------------- ------------ ----------------- Total Assets $ 212,228 $ 113,615 $ 148,599 $ (68,112) $ 406,330 ========== ========== ============== ============ ================= Liabilities and Shareholders' Equity Current Liabilities Current portion of long-term debt $ - $ - $ 15 $ - $ 15 Accounts payable and other accrued expenses 17,092 75,571 43,014 - 135,677 Accrued salaries and employee benefits 4,376 15,292 18,203 - 37,871 Other 7,848 1,521 38,145 - 47,514 --------- ---------- -------------- ------------ ----------------- Total Current Liabilities 29,316 92,384 99,377 - 221,077 Long-term Liabilities Long-term debt, less current portion 141,624 - - - 141,624 Other 2,276 26 2,160 - 4,462 --------- ---------- -------------- ------------ ----------------- Total Liabilities 173,216 92,410 101,537 - 367,163 --------- ---------- -------------- ------------ ----------------- Minority Interests in Subsidiaries - 2,538 29 - 2,567 Shareholders' Equity Common Stock 230 149 8,171 (8,307) 243 Additional Paid-in Capital 75,172 2,796 58,549 (61,116) 75,401 Accumulated Earnings (Deficit) (33,922) 15,898 (17,050) 1,311 (33,763) Other Equity (2,468) (176) (2,637) - (5,281) --------- ---------- -------------- ------------ ----------------- Total Shareholders' Equity 39,012 18,667 47,033 (68,112) 36,600 --------- ---------- -------------- ------------ ----------------- Total Liabilities and Shareholders' Equity $ 212,228 $ 113,615 $ 148,599 $ (68,112) $ 406,330 ========== ========== ============== ============ =================
- -------------------------------------------------------------------------------- 8 ICF Kaiser International, Inc. and Subsidiaries Condensed Consolidating Balance Sheet December 31, 1997 (In thousands) ================================================================================
ICF Kaiser Parent Subsidiary Non-Guarantor International, Inc. Company Guarantors Subsidiaries Eliminations Consolidated --------- ---------- ------------- ------------ ------------------- Assets Current Assets Cash and cash equivalents $ (5,665) $ 10,259 $ 14,604 $ - $ 19,198 Contract receivables, net 3,210 97,055 163,765 - 264,030 Intercompany receivables, net 136,629 1,989 (138,618) - - Prepaid expenses and other current assets 4,181 479 9,830 - 14,490 Deferred income taxes 14,749 - 532 - 15,281 --------- --------- --------- --------- --------- Total Current Assets 153,104 109,782 50,113 - 312,999 --------- --------- --------- --------- --------- Fixed Assets Furniture, equipment, and leasehold improvements 9,728 2,505 39,213 - 51,446 Less depreciation and amortization (5,361) (2,275) (32,012) - (39,648) --------- --------- --------- --------- --------- 4,367 230 7,201 - 11,798 --------- --------- --------- --------- --------- Other Assets Goodwill, net - 4,793 42,530 - 47,323 Other 50,528 1,847 22,082 (48,111) 26,346 --------- --------- --------- --------- --------- 50,528 6,640 64,612 (48,111) 73,669 --------- --------- --------- --------- --------- Total Assets $ 207,999 $ 116,652 $ 121,926 $ (48,111) $ 398,466 ========= ========= ========= ========= ========= Liabilities and Shareholders' Equity Current Liabilities Current portion of long-term debt $ - $ - $ 15 $ - $ 15 Accounts payable and other accrued expenses 23,186 80,026 35,121 - 138,333 Accrued salaries and employee benefits 6,938 16,722 13,994 - 37,654 Other 4,138 905 41,433 - 46,476 --------- --------- --------- --------- --------- Total Current Liabilities 34,262 97,653 90,563 - 222,478 Long-term Liabilities Long-term debt, less current portion 141,004 - - - 141,004 Other 2,437 26 2,123 - 4,586 --------- --------- --------- --------- --------- Total Liabilities 177,703 97,679 92,686 - 368,068 --------- --------- --------- --------- --------- Minority Interests in Subsidiaries - 3,071 - - 3,071 Shareholders' Equity Common Stock 214 149 128 (266) 225 Additional Paid-in Capital 66,888 2,796 58,548 (61,116) 67,116 Accumulated Earnings (Deficit) (34,384) 13,221 (26,333) 13,271 (34,225) Other Equity (2,422) (264) (3,103) - (5,789) --------- --------- --------- --------- --------- Total Shareholders' Equity 30,296 15,902 29,240 (48,111) 27,327 --------- --------- --------- --------- --------- Total Liabilities and Shareholders' Equity $ 207,999 $ 116,652 $ 121,926 $ (48,111) $ 398,466 ========= ========= ========= ========= =========
- -------------------------------------------------------------------------------- 9 ICF Kaiser International, Inc. and Subsidiaries Condensed Consolidating Statement of Income and Comprehensive Income Three Months Ended March 31, 1998 (In thousands)
==================================================================================================================================== ICF Kaiser Parent Subsidiary Non-Guarantor International, Inc. Company Guarantors Subsidiaries Eliminations Consolidated ------------ ------------ ------------- ------------ ------------------- (Unaudited) Gross Revenue $ (164) $ 146,510 $ 158,910 $ - $ 305,256 Subcontract and direct material costs (175) (107,519) (91,326) - (199,020) Equity in income of joint ventures and affiliated companies and subsidiaries 10,593 - 2,091 (11,657) 1,027 ------------ ------------ ------------- ------------ ------------ Service Revenue 10,254 38,991 69,675 (11,657) 107,263 Operating Expenses Operating expenses 4,288 32,660 59,520 - 96,468 Depreciation and amortization 663 292 1,380 - 2,335 ------------ ------------ ------------- ------------ ------------ Operating Income 5,303 6,039 8,775 (11,657) 8,460 Other Income (Expense) Interest and investment income 131 123 270 (58) 466 Interest expense (4,816) (46) (12) 53 (4,821) ------------ ------------ ------------- ------------ ------------ Income (Loss) Before Income Taxes and Minority Interests 618 6,116 9,033 (11,662) 4,105 Income tax provision (benefit) 173 1,712 2,529 (3,265) 1,149 ------------ ------------ ------------- ------------ ------------ Income Before Minority Interests 445 4,404 6,504 (8,397) 2,956 Minority interests in net income of subsidiaries - 2,538 (27) - 2,511 ------------ ------------ ------------- ------------ ------------ Net Income $ 445 $ 1,866 $ 6,531 $ (8,397) $ 445 ============ ============ ============= ============ ============ Foreign currency translation adjustment 554 - - - 554 ------------ ------------ ------------- ------------ ------------ Comprehensive Income (Loss) $ 999 $ 1,866 $ 6,531 $ (8,397) $ 999 ============ ============ ============= ============ ============
- -------------------------------------------------------------------------------- 10 ICF Kaiser International, Inc. and Subsidiaries Condensed Consolidating Statement of Income and Comprehensive Income Three Months Ended March 31, 1997 (In thousands)
- ----------------------------------------------------------------------------------------------------------------------------------- ICF Kaiser Parent Subsidiary Non-Guarantor International, Inc. Company Guarantors Subsidiaries Eliminations Consolidated --------- ---------- -------------- ------------ ------------------ (Unaudited) Gross Revenue $ 457 $ 160,376 $ 105,124 $ - $ 265,957 Subcontract and direct material costs (174) (119,633) (42,459) - (162,266) Equity in income of joint ventures and affiliated companies and subsidiaries 9,325 - 57 (9,095) 287 --------- ---------- -------------- ------------ ------------------ Service Revenue 9,608 40,743 62,722 (9,095) 103,978 Operating Expenses Operating expenses 4,809 36,224 53,978 - 95,011 Depreciation and amortization 541 293 1,535 - 2,369 --------- ---------- -------------- ------------ ------------------ Operating Income 4,258 4,226 7,209 (9,095) 6,598 Other Income (Expense) Interest income 90 126 151 (28) 339 Interest expense (4,288) (79) (9) 23 (4,353) --------- ---------- -------------- ------------ ------------------ Income Before Income Taxes and Minority Interests 60 4,273 7,351 (9,100) 2,584 Income tax provision (benefit) 13 940 1,617 (2,002) 568 --------- ---------- -------------- ------------ ------------------ Income Before Minority Interests 47 3,333 5,734 (7,098) 2,016 Minority interests in net income of subsidiaries - 1,969 - - 1,969 --------- ---------- -------------- ------------ ------------------ Net Income $ 47 $ 1,364 $ 5,734 $ (7,098) $ 47 ========= ========== ============== ============ ================== Foreign currency translation adjustment (142) - - - (142) --------- ---------- -------------- ------------ ------------------ Comprehensive Income (Loss) $ (95) $ 1,364 $ 5,734 $ (7,098) $ (95) ========= ========== ============== ============ ==================
- -------------------------------------------------------------------------------- 11 ICF Kaiser International, Inc. and Subsidiaries Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 1998 (In thousands)
==================================================================================================================================== ICF Kaiser Parent Subsidiary Non-Guarantor International, Inc. Company Guarantors Subsidiaries Eliminations Consolidated --------- ---------- -------------- ------------ ------------------ (Unaudited) Net Cash Provided by (Used in) Operating Activities $ (4,112) $ 7,586 $ 6,524 $ - $ 9,998 ========= ========== ============== ============ ================== Investing Activities Purchases of fixed assets (369) - (1,108) - (1,477) Cash acquired from (invested in) subsidiary acquisitions 3,841 3,841 Sale of subsidiaries and/or investments 2,400 - - - 2,400 --------- ---------- -------------- ------------ ------------------ Net Cash Used in Investing Activities 5,872 - (1,108) - 4,764 --------- ---------- -------------- ------------ ------------------ Financing Activities Borrowings under credit facility 35,000 - - - 35,000 Principal payments on credit facility (34,500) - - - (34,500) Distribution of income to minority interest - (3,071) - - (3,071) Proceeds from issuances of common stock 47 - - - 47 --------- ---------- -------------- ------------ ------------------ Net Cash Used in Financing Activities 547 (3,071) - - (2,524) --------- ---------- -------------- ------------ ------------------ Effect of Exchange Rate Changes on Cash 554 - - - 554 --------- ---------- -------------- ------------ ------------------ Increase (Decrease) in Cash and Cash Equivalents 2,861 4,515 5,416 - 12,792 Cash and Cash Equivalents at Beginning of Period (5,665) 10,259 14,604 - 19,198 --------- ---------- -------------- ------------ ------------------ Cash and Cash Equivalents at End of Period $ (2,804) $ 14,774 $ 20,020 $ - $ 31,990 ========= ========== ============== ============ ==================
- -------------------------------------------------------------------------------- 12 ICF Kaiser International, Inc. and Subsidiaries Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 1997 (In thousands)
==================================================================================================================================== ICF Kaiser Parent Subsidiary Non-Guarantor International, Inc. Company Guarantors Subsidiaries Eliminations Consolidated --------- ---------- ------------- ------------ ------------------- (Unaudited) Net Cash Provided by (Used in) Operating Activities $ 24,907 $ (4,112) $ (12,312) $ (5) $ 8,478 --------- ---------- ------------- ------------ ------------------ Investing Activities Purchases of fixed assets (332) (17) (543) - (892) Cash acquired from (invested in) subsidiary acquisitions - (13) (105) - (118) Sale of subsidiaries and subsidiary assets - 2,763 13,777 - 16,540 --------- ---------- ------------- ------------ ------------------ Net Cash Used in Investing Activities (332) 2,733 13,129 - 15,530 --------- ---------- ------------- ------------ ------------------ Financing Activities Borrowings under credit facility 23,000 - - - 23,000 Principal payments on credit facility (42,000) - - - (42,000) Distribution of income to minority interest - (950) - - (950) Proceeds from issuances of common stock 60 - - - 60 Repurchases of common stock (252) - - - (252) Debt issuance costs (277) - - - (277) --------- ---------- ------------- ------------ ------------------ Net Cash Used in Financing Activities (19,469) (950) - - (20,419) --------- ---------- ------------- ------------ ------------------ Effect of Exchange Rate Changes on Cash (142) - - - (142) --------- ---------- ------------- ------------ ------------------ Increase (Decrease) in Cash and Cash Equivalents 4,964 (2,329) 817 (5) 3,447 Cash and Cash Equivalents at Beginning of Period (7,720) 12,205 12,770 (494) 16,761 --------- ---------- ------------- ------------ ------------------ Cash and Cash Equivalents at End of Period $ (2,756) $ 9,876 13,587 $ (499) $ 20,208 ========= ========= ============= ============ ==================
- -------------------------------------------------------------------------------- 13 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Overview ICF Kaiser International, Inc. and subsidiaries (the Company) provide engineering, construction, program management, and consulting services primarily to clients in a variety of market areas, including industry, transportation, infrastructure, environment, energy, information technology, housing, economic development, and microelectronics. In the aggregate, the Company's results for the three months ended March 31, 1998 approximated previously established internal targets for the quarter. Individually, two of the operating groups met or exceeded their plan while one group fell slightly short. Unexpected delays in the awarding of specific task orders under several large government contracts were the primary reason for the shortfall. Management believes that the previously expected levels of task order awards on these contracts will still materialize in 1998, although in later quarters than originally projected. Shortfalls from operations were somewhat offset by general and administrative spending during the quarter at levels less than originally planned. Also contributing favorably to the Company's performance was the acquisition effective on January 1, 1998, of ICT Spectrum Constructors, Inc. (ICT), a contractor based in Boise, Idaho, specializing in construction management of fabrication plants and other facilities for semiconductor and microelectronics customers. The transaction was completed on March 17, 1998. Each share of ICT was exchanged for shares of the Company, resulting in the issuance of 1.5 million unregistered shares of the Company's common stock. These shares are restricted against transfer for 3 years. The results of ICT's operations were accretive to the Company's results for the three months ended March 31, 1998. The Company's total contract backlog at March 31, 1998 was essentially unchanged from that as of December 31, 1997. Excluding the effect on contract backlog of the Rocky Flats project being performed by the Kaiser-Hill subsidiary, contract backlog increased by $141 million, or 8%, during the quarter ended March 31, 1998 over the December 31, 1997 balance. The increase in backlog was largely attributable to the award of a 31-month, $187 million contract to provide engineering and construction services for a land-level transfer facility and new dry dock at Bath Iron Works in Bath, Maine. Results of Operations Revenue - ------- The Company's revenue by operating group for the three months ended March 31, 1998 and 1997 is as follows (in millions):
1998 1997 ------------------------------------- ------------------------------------ Gross(1) Service(1) (2) Gross(1) Service(1) (2) ------- ---------- ------ -------- ---------- ------- Environment and facilities management $ 164.0 $ 48.5 29.6% $ 178.4 $ 52.4 29.4% Engineering and construction 117.5 38.9 33.1% 66.3 33.0 49.8% Consulting 25.4 19.9 78.3% 22.2 17.6 79.3% Other, net (1.6) - 0.0% (0.9) 1.0 -111.1% ------- ------- ------- ------- Total $ 305.3 $ 107.3 35.1% $ 266.0 $ 104.0 39.1% ======= ======= ======= =======
14 (1) The Company reports gross revenue and service revenue. Gross revenue represents services provided to customers with whom the Company has a primary contractual relationship. Included in gross revenue are costs of certain services subcontracted to third parties and other reimbursable direct project costs such as materials procured by the Company on behalf of its customers. Service revenue is derived by deducting the costs of subcontracted services and materials from gross revenue and adding the Company's share of the equity in income of unconsolidated joint ventures and affiliated companies. (2) This column reflects service revenue as a percentage of gross revenue. Gross revenue for the three months ended March 31, 1998 increased by $39.3 million, or 14.8%, compared to the three months ended March 31, 1997. Approximately $37.8 million of the increase in gross revenue was primarily due to the E&C Group's acquisition of ICT effective January 1, 1998. The remaining gross revenue increases were largely in international areas of the E&C Group and in the information management area of the Consulting Group. These increases were somewhat offset by decreases in the Rocky Flats contract which is part of the EFM Group and performed by the Kaiser-Hill subsidiary. The Rocky Flats contract generated $141.0 million and $35.7 million in gross and service revenue, respectively, in the first quarter of 1998 versus $155.0 million and $37.6 million in gross and service revenue, respectively, in the first quarter of 1997. These decreases in the first quarter of 1998 were due to differences in the timing of spending for subcontracted services and also due to differences in the timing in the completion of certain contract tasks when compared to the similar quarter's activity in 1997. Management expects the subcontractor spending will increase over the remaining quarters of 1998 to approximate 1997 levels. Service revenue increased by $3.3 million, or 3.2%, for the three months ended March 31, 1998 as compared to the same three months in 1997. Approximately $2.7 million of the increase was due to service revenue generated by ICT. Additionally, equity in income from joint ventures and affiliated companies increased by $0.7 million due to an increase in earnings of a 50%-owned joint venture formed to perform a contract involving a facility expansion project for an alumina refinery in Australia. Activities of the joint venture began late in 1997. Service revenue as a percentage of gross revenue decreased to 35.1% for the three months ended March 31, 1998 compared to 39.1% for the same period in 1997. Service revenue generated by ICT of 7.1% of its gross revenue is significantly lower than the percentage for the remainder of the Company primarily because ICT is a general construction contractor and therefore subcontracts services and procures large material purchases for the majority of its projects. As a result, the service revenue as a percentage of gross revenue for the Company as a whole will likely decrease in the future as ICT's business grows. Excluding ICT, the volume of subcontract and direct material costs as a percentage of gross revenue remained constant during the quarter ended March 31, 1998 versus the same quarter in 1997 at 61%. Operating Expenses - ------------------ Operating expenses reflected as a percentage of service revenue are shown below: Three months ended March 31, ------------------ 1998 1997 ------- ------ Service Revenue 100% 100% Operating Expenses Direct labor and fringe benefits 64% 68% Group overhead (1) 21% 19% Corporate general and administrative (2) 5% 5% Depreciation and amortization 2% 2% - - Operating Income 8% 6% == == (1) Group overhead represents those general and administrative costs incurred by the Company's operating groups for which an indirect benefit is generally not derived by any other operating group. (2) Corporate general and administrative expense consists of costs incurred by the Company which provide some indirect benefit to all operating groups. 15 Direct labor and fringe benefits incurred by ICT of $1.6 million are included in the results for the three months ended March 31, 1998. Excluding ICT, direct labor and fringe benefits would have decreased to $67.8 million in the first quarter of 1998 versus $70.0 million in the same quarter of 1997, indicating an improvement in margins recognized on currently performing contracts. Group overhead increased by $2.3 million during the three months ended March 31, 1998 compared to the same period in 1997. The increase reflects the inclusion of $0.5 million in general and administrative costs incurred by ICT, a $0.7 million charge to increase reserves for contingencies and lastly, a combination of other increases in marketing and administrative expenses which were not incurred at similar levels during the same quarter in 1997. The fluctuation in group overhead expenses from the 1997 quarterly results to the 1998 quarterly results is not expected to be as significant in the subsequent quarters of this year. Corporate general and administrative expense remained relatively unchanged quarter over quarter both in absolute dollars and as a percentage of service revenue. Interest Expense - ---------------- Interest expense increased $0.5 million during the three months ended March 31, 1998 versus the same quarter in 1997. Included, however, in interest expense for the first quarter of 1997 was a reduction in expense of $0.4 million reflecting the favorable resolution of a foreign income tax matter. Income Tax Expense - ------------------ The Company's effective income tax rate increased to 28% during the quarter ended March 31, 1998 versus 22% for the quarter ended March 31, 1997. The increase is attributable to the tax effects of projected growth in the Company's earnings by foreign operations and to increases in goodwill amortization from the ICT acquisition. The income tax provision for both periods presented was computed by excluding the minority interest in Kaiser-Hill's income because Kaiser-Hill is a flow-through entity for tax purposes and is owned partially by an outside party. Liquidity and Capital Resources During the three months ended March 31, 1998, cash and cash equivalents increased over $12.8 million to $32.0 million. Operating activities generated $10.0 million in cash, investing activities provided $4.8 million in cash, and financing activities used $2.5 million in cash. The effect of foreign currency exchange rate fluctuations on cash also increased the first quarter's ending cash balance by $0.5 million. Operating Activities - -------------------- The Company's cash flow from operations is the combination of operating income, charges to income that do not require the use of cash, such as depreciation and amortization and other proceeds of cash that do not result in increases to operating income. Investing Activities - -------------------- The acquisition of ICT, via an exchange of shares of common stock, brought $3.8 million in cash to the Company during the first quarter of 1998. Additionally, during the quarter ended March 31, 1998, the Company collected $2.4 million generated by the 1997 sale of its remaining minority investment in entities that own and operate a pulverized coal injection facility. The Company sold the majority of this investment in 1996 and collected the sales price of $16.5 million in the first quarter of 1997. Other uses of cash for investing purposes continue to consist of outlays for fixed assets, primarily software, computers and consulting expenditures necessary to complete the Company's implementation of a new financial system by the end of 1998. The consulting expenditures were not incurred at the same level during the comparable quarter in 1997. 16 Also during the first quarter of 1998, however, with no cash impact, the Company wrote off fully depreciated leasehold improvements of approximately $4.0 million Financing Activities - -------------------- Net activity in credit facility borrowings added $0.5 million in cash while payments of minority interest made in the first quarter of 1998 used $3.1 million in cash. As of March 31, 1998, the Company had $4.5 million in cash borrowings, $22.7 million of performance letters of credit outstanding, and $16.7 million of additional credit available under the credit facility. Additionally during the quarter, the Company received notice that the credit facility used by the Kaiser-Hill subsidiary, which expires on June 30, 1998, will be renewed for another twelve months. Liquidity and Capital Resources Outlook - --------------------------------------- The Company believes that current projected levels of cash flows and the availability of financing, including borrowings under the Company's credit facility, will be adequate to fund its current level of operations, including interest obligations, throughout the next 12 months. The credit facility limits the Company's ability to make acquisitions and other investments, and the Indentures governing the Company's Series B Senior Notes and Senior Subordinated Notes limit the Company's ability to make restricted payments, including certain payments in connection with investments and acquisitions. Limitations imposed by the credit facility and the Indentures mean that it will be necessary for the Company to obtain permission from its lenders in order to issue additional equity securities for the funding of any significant acquisitions and/or joint ventures. In addition to the cash requirements of the Company's daily operations, the Company has semiannual interest payments of $9.1 million due in June and December for the Series B Senior Notes and Senior Subordinated Notes. The Company expects to meet this interest obligation with either operating cash flows or borrowings under its credit facility. The Company is also contemplating the near-term opportunity to redeem the Series B Senior Notes and the Senior Subordinated Notes, both due in 2003, which can be called on December 31, 1998. Impact of New Accounting Standard In June, 1997, the Financial Accounting Standards Board issued FASB Statement No. 130 - Reporting Comprehensive Income. The Statement requires that companies begin reporting Comprehensive Income during the fiscal year beginning after December 15, 1997. Comprehensive income is therein defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners. The Company has adopted the Statement effective with the first quarter of 1998. In June, 1997, the Financial Accounting Standards Board also issued FASB Statement No. 131 - Disclosures about Segments of an Enterprise and Related Information. The Statement establishes standards for the way that public business enterprise report information about operating segments and requires that those enterprises report selected information about operating segments in interim financial reports issued to shareholders. The Statement is effective for fiscal years beginning after December 15, 1997 and does not require application in interim financial statements in the initial year of adoption. Accordingly, the Company will adopt the Statement as part of its financial statements for the year ended December 31, 1998 and will not include disclosures in its 1998 interim financial statements. In February, 1998, the Financial Accounting Standards Board issued FASB Statement No. 132 - Employers' Disclosures about Pensions and Other Postretirement Benefits. The Statement revised employers' disclosures about pension and other postretirement benefit plans. It does not change the measurement or recognition of those plans. The Statement is effective for fiscal years beginning after December 15, 1997. The Company will adopt the disclosure requirements in its financial statements for the year ended December 31, 1998. 17 Item 3. Quantitative and Qualitative Disclosures About Market Risk. Applicable to Company for filings that include financial statements for fiscal years ending after June 15, 1998. Part II - Other Information Item 1. Legal Proceedings As previously reported in the Annual Report on Form 10-K for the year ended December 31, 1997. Item 2. Changes in Securities and Use of Proceeds (a) None (b) None (c) On February 18, 1998, the Company's Board of Directors approved the acquisition of ICT Spectrum Constructors, Inc., a contractor based in Boise, Idaho, specializing in construction management of fabrication plants and other facilities for semiconductor and microelectronics customers. The transaction, which was not underwritten, closed on March 17, 1998. Each share of ICT Spectrum stock was exchanged for shares of the Company's common stock, resulting in the issuance of 1.5 million shares of ICF Kaiser common stock. The exchanged ICF Kaiser shares carry the guarantee that the fair market value of each share of stock will reach $5.36 by March 1, 2001. In the event the fair market value does not attain the guaranteed level, the Company is obligated to make up the shortfall either through the payment of cash or by issuing additional shares of its common stock, depending upon the Company's preference. Given that the current fair market value of the Company's stock is significantly below the amount of the guarantee and that the Company's current credit facility and Indentures governing the Company's Series B Senior Notes and Senior Subordinated Notes restrict the amount of cash that can be used to make up the shortfall, the Company will be required to assume that any periodic shortfall from the guaranteed price will be settled through the issuance of additional shares of common stock. Total contingently issuable shares of common stock, however, cannot exceed 1.5 million. Any additional shares assumed issued will be included in the diluted earnings per share calculations for applicable future reporting periods until the earlier of the contingency resolution or March 1, 2001. The acquisition was accounted for as a purchase and resulted in approximately $5.0 million of goodwill which will be amortized over 12 years. The 1.5 million shares were not registered under the Securities Act of 1933. The Company relied on Section 4(2) of that Act for this offering to a limited number of ICT Spectrum employees who became Company employees at the closing. The offerees were represented by a Purchaser Representative and were provided with substantial disclosure comparable to that required under Regulation D. The unregistered shares contain restrictions preventing their sale prior to March 1, 2001. (d) Not applicable Item 3. Defaults Upon Senior Securities (a) None (b) None 18 Item 4. Submission of Matters to a Vote of Security Holders None Item 5. Other Information On May 1, 1998, the shareholders of the Company elected Mr. Michael E. Tennenbaum to be a new outside director of the Company; his term expires in 2001. Item 6. Exhibits and Reports on Form 8-K (a) The exhibits filed as part of this report are listed below: No. 27 Financial Data Schedule (b) Reports on Form 8-K None Signatures Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report of Form 10-Q to be signed on its behalf by the undersigned thereunto duly authorized. ICF KAISER INTERNATIONAL, INC. (Registrant) Date: May 14, 1998 /s/ Kenneth L. Campbell ----------------------- Kenneth L. Campbell Executive Vice President and Chief Financial Officer (Duly authorized officer and principal financial officer) 19 EX-27.1 2 EXHIBIT 27.1
5 3-MOS DEC-31-1998 JAN-01-1998 MAR-31-1998 31,990,000 0 264,667,000 8,620,000 0 317,738,000 49,418,000 37,454,000 406,330,000 221,077,000 141,624,000 0 0 243,000 36,357,000 406,330,000 0 305,256,000 0 268,455,000 0 667,000 4,821,000 4,105,000 1,149,000 445,000 0 0 0 445,000 0.02 0.02 Excludes current portion of bonds, mortgages, and similar debt. Represents gross revenue which includes costs of certain services subcontracted to third parties and other reimbursable direct project costs, such as materials procured by the Company on behalf of its customers.
EX-27.2 3 EXHIBIT 27.2
5 10-MOS DEC-31-1995 MAR-01-1995 DEC-31-1995 16,357,000 0 237,674,000 9,435,000 0 277,441,000 42,909,000 33,369,000 369,517,000 192,852,000 120,112,000 19,787,000 0 213,000 28,214,000 369,517,000 0 916,744,000 0 800,071,000 0 601,000 13,255,000 6,303,000 2,091,000 2,252,000 0 0 0 2,252,000 0.02 0.02 Excludes current portion of bonds, mortgages, and similar debt. Represents gross revenue which includes costs of certain services subcontracted to third parties and other reimbursable direct project costs, such as materials procured by the Company on behalf of its customers.
EX-27.3 4 EXHIBIT 27.3
5 1 3-MOS DEC-31-1996 JAN-01-1996 MAR-31-1996 30,900,000 0 226,945,000 11,864,000 0 269,290,000 45,381,000 34,718,000 361,626,000 172,085,000 129,173,000 19,838,000 0 218,000 30,572,000 361,626,000 0 311,119,000 0 272,986,000 0 443,000 4,100,000 3,598,000 1,001,000 1,324,000 0 0 0 1,324,000 0.04 0.04 Excludes current portion of bonds, mortgages, and similar debt. Represents gross revenue which includes costs of certain services subcontracted to third parties and other reimbursable direct project costs, such as materials procured by the Company on behalf of its customers.
EX-27.4 5 EXHIBIT 27.4
5 6-MOS DEC-31-1996 JAN-01-1996 JUN-30-1996 15,185,000 0 231,772,000 12,479,000 0 255,647,000 47,166,000 35,642,000 348,338,000 166,496,000 120,281,000 19,889,000 0 218,000 31,314,000 348,338,000 0 643,439,000 0 461,587,000 0 826,000 8,311,000 8,195,000 2,295,000 2,957,000 0 0 0 2,957,000 0.09 0.09 Excludes current portion of bonds, mortgages, and similar debt. Represents gross revenue which includes costs of certain services subcontracted to third parties and other reimbursable direct project costs, such as materials procured by the Company on behalf of its customers.
EX-27.5 6 EXHIBIT 27.5
5 9-MOS DEC-31-1996 JAN-01-1996 SEP-30-1996 21,022,000 0 246,821,000 12,653,000 0 277,908,000 48,839,000 36,595,000 374,535,000 175,899,000 133,384,000 19,940,000 0 224,000 32,968,000 374,535,000 0 1,023,410,000 0 692,628,000 0 1,255,000 12,829,000 9,285,000 840,000 3,720,000 0 0 0 3,720,000 0.10 0.10 Excludes current portion of bonds, mortgages, and similar debt. Represents gross revenue which includes costs of certain services subcontracted to third parties and other reimbursable direct project costs, such as materials procured by the Company on behalf of its customers.
EX-27.6 7 EXHIBIT 27.6
5 12-MOS DEC-31-1996 JAN-01-1996 DEC-31-1996 16,761,000 0 232,728,000 9,450,000 0 276,874,000 48,410,000 37,208,000 365,973,000 162,976,000 156,519,000 0 0 223,000 34,669,000 365,973,000 0 1,248,443,000 0 1,100,742,000 0 1,881,000 17,334,000 14,484,000 2,607,000 5,834,000 0 0 0 5,834,000 0.17 0.17 Excludes current portion of bonds, mortgages, and similar debt. Represents gross revenue which includes costs of certain services subcontracted to third parties and other reimbursable direct project costs, such as materials procured by the Company on behalf of its customers.
EX-27.7 8 EXHIBIT 27.7
5 3-MOS DEC-31-1997 JAN-01-1997 MAR-30-1997 21,208,000 0 224,567,000 9,539,000 0 256,764,000 49,587,000 37,851,000 345,643,000 160,564,000 137,643,000 0 0 224,000 34,749,000 345,643,000 0 265,957,000 0 232,266,000 0 447,000 4,353,000 2,584,000 568,000 47,000 0 0 0 47,000 0.00 0.00 Excludes current portion of bonds, mortgage, and similar debt. Represents gross revenue which includes costs of certain services subcontracted to third parties and other reimbursable direct project costs, such as materials procured by the Company on behalf of its customers.
EX-27.8 9 EXHIBIT 27.8
5 6-MOS DEC-31-1997 JAN-01-1997 JUN-30-1997 12,355,000 0 256,812,000 10,013,000 0 281,334,000 50,874,000 38,108,000 370,653,000 182,590,000 141,767,000 0 0 224,000 34,278,000 370,653,000 0 507,543,000 0 367,418,000 0 871,000 9,157,000 5,846,000 1,134,000 50,000 0 0 0 50,000 0.00 0.00 Excludes current portion of bonds, mortgage, and similar debt. Represents gross revenue which includes costs of certain services subcontracted to third parties and other reimbursable direct project costs, such as materials procured by the Company on behalf of its customers.
EX-27.9 10 EXHIBIT 27.9
5 9-MOS DEC-31-1997 JAN-01-1997 SEP-30-1997 13,929,000 0 309,785,000 10,434,000 0 333,492,000 51,063,000 39,010,000 421,757,000 240,482,000 138,880,000 0 0 225,000 33,749,000 421,757,000 0 839,716,000 0 589,206,000 0 1,345,000 13,397,000 9,124,000 1,642,000 170,000 0 0 0 170,000 0.01 0.01 Excludes current portion of bonds, mortgages, and similar debt. Represents gross revenue which includes costs of certain services subcontracted to third parties and other reimbursable direct project costs, such as materials procured by the Company on behalf of its customers.
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