The Shaw Group Inc reported financial results for its fourth quarter and fiscal year ended August 31, 2007. Net income for the three months ended August 31, 2007, inclusive of its investment in Westinghouse, was $0.6 million, or $0.01 per diluted share.
Excluding the Westinghouse segment, net income was $36.9 million, or $0.44 per diluted share. In comparison, for the three months ended August 31, 2006, which was prior to the Westinghouse investment, Shaw reported net income of $13.3 million, or $0.17 per diluted share.
Earnings before interest expense, income taxes, depreciation and amortization (EBITDA) for the three months ended August 31, 2007, including the Westinghouse segment, were $13.4 million. These results included a $52 million pre-tax and non-cash foreign exchange translation loss on the company's Japanese Yen denominated debt that partially funded the investment in Westinghouse.
Excluding the Westinghouse segment, fourth quarter 2007 EBITDA was $64.2 million compared to fourth quarter 2006 EBITDA of $30.1 million. Revenues for the fourth quarter 2007 were $1.6 billion compared to $1.2 billion in the prior year quarter, a 40 percent increase.
Shaw generated approximately $176 million in operating cash flow during the fourth quarter of 2007 as compared to $162 million in the fourth quarter 2006. The company's global cash balance at August 31, 2007, exceeded $360 million.
For the fiscal year ended August 31, 2007, inclusive of its investment in Westinghouse, Shaw reported a net loss of $19.0 million, or $0.24 per diluted share. Excluding the Westinghouse segment, fiscal year 2007 net income was $19.4 million, or $0.24 per diluted share. For the fiscal year ended August 31, 2006, Shaw reported net income of $50.2 million, or $0.63 per diluted share.
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