Michael Baker reports earnings fall for 2012
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Michael Baker today reported a fourth-quarter loss and sharply lower earnings for all of 2012, citing one-time costs, a weak economic climate, and the lack of funding for government infrastructure projects.
The Moon engineering services firm also raised its quarterly dividend 2 cents to 16 cents per share.
The company said it lost $2.3 million, or 24 cents per share, in the fourth quarter, vs. earnings of $4.4 million, or 47 cents per share, in the year-ago period. Revenue declined 10 percent to $141.2 million.
The fourth-quarter results reflect $5 million in one-time costs, including severance costs for a restructuring plan the company implemented during the quarter.
For all of 2012, Baker reported net income of $2.8 million, or 29 cents per share, vs. $17.3 million, or $1.85 per share, in 2011. Revenue increased 10 percent to $593.4 million.
Baker said it had a $1.65 billion backlog of business at the end of the year vs. $1.59 billion at the end of 2011.
The results come as Baker faces an unsolicited takeover offer from DC Capital Partners of Alexandria, Va., which owns 5.2 percent of Baker's shares. In December, the private equity firm offered to acquire Baker for $24.25 per share.
The results were reported before the market opened. Shortly before 11 a.m., Baker shares were trading at $23.99, up 27 cents.
First Published March 5, 2013 12:11 am