Net income from continuing operations for the fourth quarter of 2007 was $5.9 million, or $0.16 per fully diluted share, compared to a net loss of $3.4 million, or $0.14 per share, in the fourth quarter of 2006.
The company reported revenue from continuing operations of $337.5 million in the fourth quarter of 2007, compared to $191.1 million in the fourth quarter of 2006, which represented a 77% increase.
The increase in revenue was primarily due to expanded activity in mainline pipeline construction in the US, more construction activity in the oil sands region of Canada and results from the addition of downstream services with the acquisition of InServ. Operating income in fourth quarter 2007 was $15 million, compared to a loss of $1.3 million in the fourth quarter of 2006.
Randy Harl, president and CEO, said: Our 2007 annual results are vastly improved over 2006. We resolved many issues in 2007 which were negatively affecting the company’s performance. We now have the platform in place for Willbros to grow the size, scope and profitability of its business model.
