Insituform Technologies Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2009. The company reported third quarter income from continuing operations of $11.8 million or $0.30 per diluted share, representing a 51% increase from the third quarter of 2008, when income from continuing operations was $7.8 million or $0.28 per diluted share. The third quarter 2009 results were favorably impacted by a pre-tax adjustment of $1.6 million, relating to certain earn-out obligations in connection with the February 2009 acquisition of substantially all of the assets of The Bayou Companies L.L.C. that will not be paid as a result of weaker than anticipated financial results at Bayou due to weaker energy markets and delays in pipeline development projects. The impact of this adjustment was recorded as a credit against previously recorded acquisition-related costs. Third quarter net income was $9.1 million, or $0.23 per diluted share compared to $6.7 million, or $0.24 per diluted share, for the third quarter of 2008. Consolidated revenues in the third quarter of 2009 were $201.9 million, a 46.4% increase compared to $137.9 million for the third quarter of 2008. Excluding Bayou and Corrpro revenues, consolidated revenues for the third quarter of 2009 would have been $142.4 million, a $4.5 million, or 3.3%, increase from third quarter 2008 revenues. This increase was primarily due to growth in Asia-Pacific Sewer Rehabilitation segment and North American Sewer Rehabilitation segment, partially offset by lower revenues in European Sewer Rehabilitation segment and Water Rehabilitation segment. Consolidated operating income in the quarter of 2009 was $17.7 million compared to $10.27 million for the same period last year. Excluding the results of Bayou and Corrpro, consolidated operating income was $14.6 million, a $4.3 million, or 42.2%, increase from the third quarter of 2008. The company reported income before income taxes of $15.86 million compared to $9.9 million for the same period last year. For the first nine months of 2009, the company reported income from continuing operations was $18.4 million, or $0.50 per diluted share, compared to $13.7 million, or $0.49 per diluted share, in the first nine months of 2008. Excluding pre-tax of $6.6 million of transaction and severance costs associated with the acquisitions of Bayou and Corrpro Companies Inc., income from continuing operations for the first nine months of 2009 would have been approximately $22.9 million, or $0.62 per diluted share. For the first nine months of 2009, net income was $14.5 million, or $0.40 per diluted share, compared to net income of $12.0 million, or $0.43 per diluted share, in the first nine months of 2008. Adjusted net income would have been $19.0 million, or $0.52 per diluted share, for the first nine months of 2009. For the first nine months of 2009, consolidated revenues increased $113.7 million, or 28.5%, to $513.1 million from $389.4 million in the same period of 2008. The primary factors driving improved performance in the third quarter were also responsible for increased profitability during the nine months ended September 30, 2009 versus the same period in 2008. The company reported operating income of $31.25 million and income before income taxes of $26.4 million compared to operating income of $19.7 million and income before income taxes of $19.5 million for the same period last year. The company announced the strong fourth quarter 2009 results expected of $0.40 to $0.42 per diluted share. For the full year 2009, reflecting recent acquisitions in line with previous guidance, at $1.02 to $1.04 per diluted share, excluding acquisition related transaction and severance costs. The company believes that 2010 will be the strongest year in Insituform's history.

Insituform Technologies Inc., Q3 2009 Earnings Call, Oct 28 2009

Insituform Technologies Inc. expected to Report Fiscal Year 2009 Results on February 22, 2010. This event was calculated by Capital IQ (Created on October 6, 2009).