Aegion Corporation Surpasses $1.0 Billion in Annual Revenues For The First Time in The Company’s History
ST. LOUIS--(BUSINESS WIRE)-- Aegion Corporation (AEGN) today announced that it has surpassed $1.0 billion in annual revenues for the first time in the Companys history.
J. Joseph Burgess, the Companys President and Chief Executive Officer, commented, Aegions diversification strategy to expand our Companys expertise in pipeline asset preservation and to enter a dynamic infrastructure rehabilitation growth market led to significant growth of our Energy and Mining platform and the creation of our Commercial and Structural platform. Over the last five years, we have more than doubled the size of our Company and, more importantly, this growth has been profitable and in market sectors and geographies that position Aegion well for the future. We are succeeding in our efforts to transform our Company into a sustainable growth and return oriented company.
From revenues of $495.6 million in 2007 to over $1.0 billion in 2012, the Company has achieved a 15 percent compounded annual growth in revenues over the last five years. More importantly, the Company will achieve a greater than 40 percent compounded annual growth in operating income over the same period (non-GAAP, including earn-out adjustments and excluding one-time acquisition related and restructuring costs), from a base of $12.9 million in 2007.
In 2008, the Company implemented a strategy to expand the Companys Energy and Mining group, which accounted for $41.6 million in revenues in 2007. In 2012, the Companys Energy and Mining group is expected to approximate $525 million in revenues. In 2011, the Company expanded into the Commercial and Structural market with its acquisition of Fyfe Groups North American business. Fyfe Groups Asian and Latin American operations were acquired in 2012. Fyfe has been a pioneer in adapting fiber reinforced polymer (FRP) composites for use in the construction rehabilitation sector including leak protection for large diameter pipelines, structural repair and reinforcements for buildings, corrosion wrapping for waterfront structures, seismic bracing for structures and force protection for commercial and government properties. The Commercial and Structural market represents a high growth/high return market, with expected Company revenues in 2013 from this market of greater than $100 million.
Burgess said, We are proud of our Companys accomplishment in surpassing $1.0 billion in annual revenues. We remain focused on positioning our Company for continued, sustainable growth and profitability. With our technologies, markets and opportunities, the future is very bright for Aegion.
About Aegion Corporation
Aegion Corporation is a global leader in infrastructure protection, providing proprietary technologies and services to protect against the corrosion of industrial pipelines and for the rehabilitation and strengthening of sewer, water, energy and mining piping systems and buildings, bridges, tunnels and waterfront structures. More information about Aegion can be found on its internet site at www.aegion.com.
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements. The Company makes forward-looking statements in this news release that represent the Companys beliefs or expectations about future events or financial performance. These forward-looking statements are based on information currently available to the Company and on managements beliefs, assumptions, estimates or projections and are not guarantees of future events or results. When used in this document, the words anticipate, estimate, believe, plan, intend, may, will and similar expressions are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. Such statements are subject to known and unknown risks, uncertainties and assumptions, including those referred to in the Risk Factors section of the Companys Annual Report on Form 10-K for the year ended December 31, 2011, as filed with the Securities and Exchange Commission on February 29, 2012, and in the Companys subsequent quarterly reports on Form 10-Q. In light of these risks, uncertainties and assumptions, the forward-looking events may not occur. In addition, the Companys actual results may vary materially from those anticipated, estimated, suggested or projected. Except as required by law, the Company does not assume a duty to update forward-looking statements, whether as a result of new information, future events or otherwise. Investors should, however, review additional disclosures made by the Company from time to time in its periodic filings with the Securities and Exchange Commission. Please use caution and do not place reliance on forward-looking statements. All forward-looking statements made by the Company in this news release are qualified by these cautionary statements.
Aegion" and the Aegion ® logo are the registered and unregistered trademarks of Aegion Corporation and its affiliates.
David F. Morris, 636-530-8000
Senior Vice President and Chief Administrative Officer
Source: Aegion CorporationCopyright Business Wire 2012