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Aegion 2014 Annual Report

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Aegion 2014 Annual Report AEGION CORPORATION 2014 RESILIENT BY DESIGN 2014 BUILDING ON A STRONG FOUNDATION ANNUAL REPORT 1 SAFER 2 DIVERSIFIED 3 INNOVATIVE 4 NIMBLE 5 GROWING Why our safety How our business What our new How we are improving What the right programs outperform realignment better product development execution and tailoring technologies industry standards positions us to serve efforts are producing our products and and services in our customers services to meet attractive end evolving market needs markets are yielding AEGION IS BUILDING ON A STRONG FOUNDATION — WE ARE RESILIENT BY DESIGN. If your foundation is strong, you can build almost anything on it. At Aegion, we have spent the past five years building such a foundation. A culture that puts the safety of our employees, customers and communities first and foremost is at its core. Our foundation has been balanced by adding more recurring revenues in a mix of growth markets to our stable of project-based work. While firmly rooted, our foundation is adaptable, allowing for flexibility in the way we approach the marketplace throughout the world. And it is constantly renewing itself through innovation. In 2014, we continued to solidify this foundation. Most notably, we realigned our business platforms to be more market facing. This new alignment allows us to move quickly to recognize our customers’ signals so we can better respond with the infrastructure solutions, corrosion protection and energy services they need. It also positions us to operate more efficiently and execute more effectively. It refines the way we think about our customers and relate to them. It helps ensure that our foundation is not only strong, but also dependable and lasting. We are aiming for consistent growth. By design. AEGION IS BUILDING ON A STRONG FOUNDATION — WE ARE RESILIENT BY DESIGN. FINANCIAL HIGHLIGHTS 2014 2013 2012 2011 2010 (IN THOUSANDS, EXCEPT PER SHARE DATA) FOR THE YEARS ENDED DECEMBER 31 Revenue $1,331,421 $1,091,420 $1,016,831 $925,766 $905,259 Gross Profit 279,983 247,021 243,754 202,679 227,537 Operating Income (Loss) (19,812) 66,882 81,803 45,707 87,525 Income (Loss) From Continuing Operations (33,320) 50,812 54,374 27,134 60,973 Income From Continuing Operations (non-GAAP)1 52,202 49,451 57,064 37,460 60,973 Net Income (Loss) (37,167) 44,351 52,661 26,547 60,462 Diluted Earnings (Loss) Per Share Income (Loss) Per Share From Continuing Operations ($0.88) $1.30 $1.37 $0.68 $1.55 Income Per Share From Continuing Operations (non-GAAP)1 1.37 1.27 1.44 0.94 1.55 Net Income (Loss) Per Share (0.98) 1.13 1.33 0.67 1.53 Operating Cash Flow From Continuing $81,868 $88,065 $110,951 $22,149 $53,475 Operations 1For 2014, 2013, 2012 and 2011, amounts exclude restructuring and impairment charges, reserves for disputed and long-dated receivables, acquisition-related escrow settlements, acquisition-related expenses, prior debt redemption expenses and joint venture and divestiture activity (non-GAAP); see reconciliation Page A-1 Aegion Corporation Annual Report | 2 DEAR FELLOW STOCKHOLDERS: I was named President and Chief Executive Officer of in France, Switzerland, India, Hong Kong, Singapore and Aegion on October 6, 2014 after filling the role on an Malaysia. Municipal wastewater funding in those markets interim basis since May. The last 10 months have been is not consistent enough for a specialty, single-application a period of positive change for both Aegion and its contractor like Aegion to achieve stable earnings. We will outlook. By implementing a realignment and restructuring instead sell our high-quality CIPP products and technical program last October, we positioned Aegion to achieve services to local general contractors. sustainable growth going forward and addressed certain challenges we have faced in recent years. I am pleased Second, we restructured our Louisiana Bayou pipe coating to take this opportunity to express my excitement, facility to significantly lower its breakeven point while confidence and optimism about the future of Aegion. maintaining the capacity needed to compete for the large deepwater oil projects that are expected to be developed Let me begin with safety and accountability. The Aegion in the Gulf of Mexico over the next several years. management team and I are committed to these two values as each demonstrates how we are operating Third, we integrated Fyfe/Fibrwrap and Insituform to the business. leverage Insituform’s 3,000+ North American municipal clients, operational footprint and back office capabilities with Fyfe’s excellent Tyfo® Fibrwrap® fiber-reinforced SAFETY polymer system. Finally, we reconfigured our organization into three new Aegion had an industry-leading safety record entering platforms that each address unique key market trends: 2014, as measured by OSHA statistics, and we made further improvements during the year. We need a best-in-class safety culture to attract and retain talent. INFRASTRUCTURE CORROSION ENERGY We need it to grow our relationships with customers and SOLUTIONS PROTECTION SERVICES open new markets. We need it to improve productivity and lower costs. We need it to be good stewards in the Fyfe/Fibrwrap, The Bayou Brinderson communities where we live and work. However, safety is our Insituform Companies, CCSI, highest priority because it is simply the right thing to do. Corrpro, CRTS and United Pipeline Systems Despite a strong record overall, several serious employee accidents in 2014 are each a poignant reminder to the entire organization that safety is a continuous The realignment and restructuring program is expected to improvement process with no endpoint. Aegion generate annual pre-tax savings of $8 to $11 million, some employees are accountable for their own and others’ of which we captured in the fourth quarter of 2014, and safety—that’s our mantra. improve our return on invested capital by approximately 100 basis points. While these actions will come at an estimated cash cost of $11 to $14 million, the anticipated ACCOUNTABILITY FOR RESULTS savings will generate a 15-month payback on the cash cost and, more importantly, create a more predictable and Every Aegion employee is also accountable for the stable earnings profile for our future. results that drive the value we deliver to our customers, Taken together, our realignment and restructuring as well stockholders, employees and the communities we serve. as long-term assest impairment charges totaled $102 We missed the expectations we set for our financial results million in 2014. While the realignment and restructuring in 2014. The management team and I are not satisfied program is mostly complete, we expect to incur a final $5 with this result and have been working to address the to $8 million of trailing cash costs in 2015. issues behind it. These actions are improving our bottom line. In the second We took major steps in October toward better leveraging half of 2014, we delivered non-GAAP earnings per share our strengths, reducing ongoing expenses and improving of $0.91, the highest since 2010. The fact that we achieved execution in ways that produce both top- and bottom-line these results amid the distractions of our realignment growth. First, we decided to exit the municipal and restructuring program is a tribute to the focus and cured-in-place pipe (CIPP) contracting businesses perseverance of the entire management team. 3 | Aegion Corporation Annual Report The year included many bright spots and encouraging our execution to achieve ever-higher levels of customer signs for Aegion’s future. Consolidated revenues increased satisfaction. Our local presence provides Aegion with 22 percent to $1.33 billion in 2014. While GAAP-reported a perspective on market requirements that we use to operating income and earnings per share were negative prioritize the development or acquisition of new products due to the realignment and restructuring program and and services. We enhance margins through product long-term asset impairment charges, non-GAAP results manufacturing. The diversification of our services across tell a more encouraging story. Aegion’s operating income our global end markets provides balance to our overall grew 17 percent to $85 million, and earnings per share revenue and profit generation. grew 8 percent to $1.37 in 2014, even without excluding the significant contributions from an acquisition-related I am truly excited about Aegion’s prospects for the earn-out reversal included in 2013 results and the full-year future based on three factors that should drive continued benefit of a joint venture sold in March 2014. Execution profitable growth. The Company is exceptionally well improved across Aegion during the year as well. positioned strategically to take advantage of key market trends in each of our platforms. We have a INFRASTRUCTURE SOLUTIONS PLATFORM very experienced management team and the Company generates strong cash flow. The Infrastructure Solutions platform had an outstanding year. Compared to 2013, revenues grew 7 percent to $567 KEY MARKET TRENDS million, and operating income grew 55 percent to $44 million. Operating margins expanded by over 200 basis Aging urban infrastructure will increasingly require points to 8 percent. Insituform North America delivered rehabilitation and maintenance over the long term. While a third straight year of increasing revenues and profits. the pace of growth is often based on government funding, Fyfe/Fibrwrap recovered as expected and turned a profit the market need results in a long-term stable growth on a non-GAAP basis. The platform’s momentum should opportunity for Aegion’s Infrastructure Solutions platform continue in 2015 based on the positive benefits of the and its market leading brands, Insituform® and Fibrwrap®. realignment and restructuring program, strong backlog and a growing sales funnel. Investment in pipeline infrastructure in North America is required to transport oil and gas from non-conventional fields, like the oil sands, the Gulf of Mexico deepwater CORROSION PROTECTION PLATFORM reserves and the oil and gas shale reserves, to end The Corrosion Protection platform faced some challenges markets in a safe and environmentally responsible in 2014 as revenues grew slightly to $458 million and manner.
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