Second quarter 2020 revenue was $266 million, 35% lower than the $412 million reported in the second quarter of 2019.
Adjusted EBITDA1 in the second quarter of 2020 was $4.3 million, 88% lower than the $36.2 million reported in the second quarter of 2019.Net loss2 in the second quarter of 2020 was $36.8 million (or loss per share of $0.52 diluted) compared with a net income of $51.0 million (or $0.73 earnings per share diluted) in the second quarter of 2019. Excluding the impact of restructuring cost and the adjustment for Argentina hyperinflationary accounting, adjusted net loss1 in the second quarter of 2020 was $21.9 million (or adjusted loss per share1 of $0.31) compared with adjusted net income1 of $18.9 million (or $0.27 adjusted earnings per share1) in the second quarter of 2019. The Company’s order backlog was $553 million at June 30, 2020, compared to the backlog of $575 million at March 31, 2020.Subsequent to the quarter end, the Company successfully entered in an amending agreement with its syndicate of lenders for its banking credit facility that will provide covenant relief through December 31, 2021.TORONTO, Aug. 06, 2020 (GLOBE NEWSWIRE) — Shawcor Ltd. (TSX:SCL) Mr. Steve Orr, Chief Executive Officer of Shawcor Ltd. remarked, “Second quarter revenue and Adjusted EBITDA were as expected and reflected reduced demand for the Company’s products and services as a result of the COVID-19 pandemic and reduced capital programs in the Energy sector. During the quarter the execution strength of the Company was fully leveraged and visible as we moved to retool our cost structure, keep our employees safe and service our customers in these unprecedented times.”Mr. Orr added “Although it remains difficult to predict demand and the performance in the near term, we believe that the second quarter’s performance is the lowest we will see and that improved results will be supported by sustained cost reduction, secured work and the gradual return of demand in the markets we serve. We expect that these factors will result in improved performances in many of the Company’s businesses in the quarters ahead. Actions we are taking to aggressively reduce costs and conserve liquidity, together with the delivery of work we have secured with our customers, will ensure Shawcor remains an industry leader.”1 EBITDA, Adjusted EBITDA, adjusted net income or loss and adjusted earnings or loss per share are Non-GAAP measures. Non-GAAP measures do not have standardized meanings under GAAP and are not necessarily comparable to similar measures provided by other companies. See Section 7.0 – Reconciliation of Non-GAAP Measures for further details and a reconciliation of these Non-GAAP measures.2 Net Loss attributable to shareholders of the Company.
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