- In the third quarter of 2007 gross revenue increased 11.9% to C$235.3 million compared to C$210.2 million for the same period in 2006. Net revenue increased 13.7% to C$207.0 million compared to C$182.0 million and net income was up 5.5% to C$17.4 million from C$16.5 million. Diluted earnings per share were up 5.6% to C$0.38 in the third quarter 2007 compared to C$0.36 in 2006.
- Year-to-date 2007 gross revenue increased 15.2% to C$696.3 million compared to C$604.3 million over the first nine months of 2006. Net revenue increased 16.6% to $615.0 million compared to C$527.3 million while net income increased 12.8% to C$50.3 million compared to C$44.6 million. Diluted earnings per share were up 12.4% to C$1.09 compared to C$0.97 for the same period in 2006.
- In the quarter Stantec completed the acquisition of Trico Engineering Consultants, Inc. in North Charleston, South Carolina adding about 130 employees specializing in civil engineering, surveying, landscape architecture, and planning. The Company also acquired San Francisco firm, Chong Partners Architecture with approximately 175 employees and additional offices in Sacramento and San Diego.
- In addition at the beginning of the fourth quarter Stantec completed the acquisitions of Neill and Gunter, a full service consulting engineering firm with approximately 650 employees primarily located in Fredericton, New Brunswick; Halifax, Nova Scotia; and Portland, Maine along with Woodlot Alternatives, a firm with 65 people also in Portland, Maine.
- Complete Financial Statements, Notes to the Financial Statements, and Management’s Discussion and Analysis will be filed on Sedar (www.sedar.com) and Edgar (www.sec.gov) on November 1, 2007 and are available to download from the Investor Relations section. You may also contact Stantec for a copy of the documents.
"The continuing consistency of our results this quarter reflects the ability of our business model to adapt to changing market conditions throughout North America," says Tony Franceschini, Stantec President & CEO. “While we have experienced a slight slowdown in the Urban Land area we are seeing strong growth in our Industrial and Environment areas and we have a positive outlook for our Transportation and Buildings practices."
Projects awarded to Stantec this quarter demonstrate the Company’s growing service offering and geographic diversity. Stantec was awarded a contract by the City of Anaheim, California to provide on call design services for water and sewer treatment, pipeline, pump station, and reservoir infrastructure projects through to January 2009. In Manitoba and Colorado the Company is providing annual bridge inspections for hundreds of bridges for Manitoba Infrastructure and Transportation and the Colorado Department of Transportation, respectively. In New York City the Buildings group continues to work on the restoration and rehabilitation of the interior of New York City Hall, a historic landmark originally built in 1811, for the New York City Department of City-Wide Administrative Services. This assignment, which follows various projects we have completed at the building since 1998, brings together our expertise in architecture, structural engineering, preservation/restoration, high-definition scanning (a laser survey technology used to create three-dimensional electronic models), and sustainable design consulting and filing for Leadership in Energy and Environmental Design®Existing Building (LEED-EB) certification. In Alberta the Industrial group is providing engineering services for the installation of infrastructure at the Athasbasca Upgrader, a bitumen-processing facility owned by Total E&P Canada Ltd. Drawing on expertise from several of our practice areas, the scope of work will include water management planning and studies; raw water intake and pipeline engineering; wastewater treatment and effluent pipeline engineering; environmental impact assessment submission support; rail logistics and materials handling engineering; the design of administration, control, and fire hall buildings; and access road and administration area studies.
“Our employees continue to execute Stantec’s business strategy by effectively taking advantage of work sharing opportunities and teaming up with experts throughout the Company to win projects and provide value to our clients,” says Franceschini.
The third quarter Conference Call, to be held today at 4:00 PM EDT (2:00 PM MDT), will be broadcast live and archived in the Investor Relations section.
Stantec provides professional design and consulting services in planning, engineering, architecture, surveying, economics, and project management. We support public and private sector clients in a diverse range of markets in the infrastructure and facilities sector at every stage, from initial concept and financial feasibility to project completion and beyond. Our services are offered through over 7,500 employees operating out of more than 100 locations in North America. Stantec trades on the TSX under the symbol STN and on the NYSE under the symbol SXC. Stantec is One Team providing Infinite Solutions.
Cautionary note regarding forward-looking statements
This press release contains "forward-looking statements". Some of these statements may involve risks and uncertainties and other factors that may be beyond the control of Stantec and cause actual results to be materially different from those contained in such forward-looking statements. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in Stantec's filings with the Canadian provincial securities commissions and the United States Securities and Exchange Commission.