Thursday April 24, 2014



ShawCor swings to profit in third quarter as it looks into potential sale

TORONTO - ShawCor Ltd. (TSX: SCL.B) says it swung to a profit of $53.4 million in the third-quarter, rebounding from a year ago loss of $3.1 million.

The Toronto-based company said that amounted to earnings of 75 cents per share, compared to a loss of four cents per share in the 2011 quarter.

Revenue rose 46 per cent to $395.3 million from $271.5 million in the third quarter a year ago.

"Strong revenue growth coupled with excellent execution enabled the company to achieve a significant increase in earnings this quarter," said Bill Buckley, president and CEO.

In September, Virginia Shaw, chair of the board of directors told the board she would be prepared to possibly sell her shares as part of a sale of the company.

The company says the board has set up a committee of independent directors to conduct a strategic review of alternatives including soliciting offers from interested parties.

ShawCor announced in October it bought full ownership of Dublin-based holding company Fineglade Ltd. paying $135 million to acquire the 60 per cent it didn't already own.

The transaction beefed up ShawCor's assets, weeks after it created the independent committee.

A timeline hasn't been set for the review.

ShawCor specializes in products and services for the pipeline and oil and gas industries.


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