"Our research and development efforts continue to pay dividends. We recently reported the achievement of a significant milestone in the development of B&W mPowertm small modular reactor technology through the creation of Generation mPower in alliance with Bechtel."
– Edited By Tom Lamar –
The Babcock & Wilcox Company (NYSE: BWC) ("B&W" or the "Company") today reported net income attributable to the B&W operations of McDermott International, Inc. ("MII") for the second quarter ended June 30, 2010 of $47.6 million, an increase of $30.8 million or 183% from the first quarter of 2010, and a decrease of $0.8 million or 1.6% from the second quarter of 2009. Revenues for the second quarter of 2010 were $688.5 million, an increase of $26.1 million or 3.9% from the first quarter of 2010 and a decrease of $43.6 million or 6.0% from the second quarter of 2009.
Recent Highlights
- MII Board of Directors approves spin, B&W trading on New York Stock Exchange under the symbol "BWC"
- Executed alliance with Bechtel for development and deployment of Generation mPower small modular nuclear power plants using B&W mPowertm reactor
- Awarded $285 million Department of Energy Paducah Gaseous Diffusion plant environmental cleanup contract in alliance with LATA-Stoller
- Incorporated Thermax Babcock & Wilcox Energy Solutions Private Limited, a joint venture to provide highly efficient subcritical and supercritical boilers and pulverizers to the power generation market in India
- Selected by Department of Energy to design, build and test a modular, baseload molten salt power plant using concentrated solar power, in alliance with eSolar, Inc.
- Signed definitive agreement to invest $100 million in USEC Inc. in support of the American Centrifuge Project, contingent on certain conditions
- Manufactured 70-ton nuclear reactor vessel closure head for Diablo Canyon
- Acquired electrostatic precipitator aftermarket and emissions monitoring business unit of GE Energy
"Earnings for the second quarter were better than expected due to outstanding project execution and cost savings initiatives. Also our Government Operations segment continued to deliver solid earnings as seen in the quarter," said Brandon C. Bethards, President and Chief Executive Officer of B&W. "While indicators appear to suggest that the U.S. economy is beginning to recover, albeit at a slow pace, utilities are reluctant to initiate new investment programs while power generation remains in excess capacity. Despite a difficult operating environment in power generation, the Company continues to focus on activities over which we have more control, such as safety, continuous cost improvement and project execution, all through Lean Six Sigma initiatives, and ongoing research and development of new clean energy technologies."
Results of Operations
Revenues for the second quarter of 2010 were $688.5 million, a decrease of $43.6 million or 6.0% from the second quarter of 2009. The decrease in revenues is principally due to declines in demand in the power generation markets. Lower industrial electricity usage as a result of the U.S. recession has led to declines in U.S. utility investment in new fossil-fired power generation as well as maintenance of existing capacity. These declines were partially offset by a 2.2% increase in Government Operations revenues compared to the second quarter of 2009, primarily as a result of increased volumes in the manufacture of nuclear components for the U.S. government.
Operating earnings for the second quarter of 2010 were $85.7 million, a decrease of $4.9 million, or 5.4% from the second quarter of 2009. Operating earnings are down generally as a result of the decrease in revenues related to the Power Generation Systems segment partially offset by continuous cost improvement measures and an increase in equity income from the Company's joint venture in China.
Power Generation Systems Segment
Revenues of $422.4 million for the second quarter of 2010 were down $48.6 million or 10.3% compared to the second quarter of 2009. This decrease was principally related to a decline in demand for new-build steam generation systems, which principally consists of our utility, industrial and renewable boiler products and certain service operations. In addition, we experienced a similar decrease in demand for aftermarket services primarily related to repair, alteration and maintenance activities. Lower industrial electricity usage as a result of the U.S. recession has led to declines in U.S. utility investment in new fossil-fired power generation as well as maintenance of existing capacity.
Operating earnings of $39.8 million were down $4.0 million or 9.1% in the second quarter of 2010 compared to the second quarter of 2009. The decrease in operating earnings is principally related to the decline in market demand for the Company's new-build fossil power generation products and services. In addition, selling, general and administrative expenses were higher in the current quarter as a result of the acquisition of the electrostatic precipitator aftermarket and emissions monitoring business units of GE Energy as well as additional research and development expenses related to development work on the B&W mPowertmsmall modular nuclear reactor program. These decreases were partially offset by continuous cost improvement efforts through Lean Six Sigma, an increase in operating income from our new-build environmental products which consists of scrubber and particulate control products and selective catalytic reduction systems as well as somewhat lower warranty expense. In addition, we experienced an increase in equity in income of investees primarily attributable to improved results in the Company's joint venture in China.
Government Operations Segment
Revenues of $267.2 million were up $5.8 million or 2.2% in the second quarter of 2010 compared to the second quarter of 2009. This increase is principally the result of an increase in activity for nuclear components for certain U.S. Government programs. These increases were partially offset by lower volumes in the manufacture of components for a commercial uranium enrichment project and lower volumes in commercial manufacturing.
Operating earnings of $50.5 million were down $7.0 million in the second quarter of 2010 compared to the second quarter of 2009. This decrease is principally related to lower volumes of manufactured components for a commercial uranium enrichment project as well as favorable cost adjustments related to a downblending contract at the Company's NFS facility in the three months ended June 30, 2009. These decreases were partially offset by increased contract productivity and volume in the manufacture of nuclear components for certain U.S. Government contracts and increased fees earned from the Company's management and operating contracts at several government sites.
Liquidity
The Company's net cash and investments position was $332.2 million at the end of the second quarter of 2010, a decrease of $226.1 million from the end of the fourth quarter of 2009. This decrease is principally due to a $100 million cash distribution to MII in June 2010. This pre-spin payment was made to MII to maintain appropriate working capital and liquidity levels at MII and was based on a determination by the MII board of directors after a review of expected working capital and liquidity requirements for B&W and MII post-spin as two independent public companies. Also, during the first half of 2010 the Company made approximately $62.3 million of investments in acquired businesses and capital expenditures. In addition to net cash, the Company maintains a $700 million revolving credit agreement with approximately $435 million of availability as of the end of the second quarter. The Company continues to maintain adequate liquidity to fund operations, which could include increased working capital requirements, internal growth, and research and development programs, as well as additional product and geographic expansion opportunities.
Outlook
"Our research and development efforts continue to pay dividends. We recently reported the achievement of a significant milestone in the development of B&W mPowertm small modular reactor technology through the creation of Generation mPower in alliance with Bechtel. Additionally, we recently moved one step closer to the commercialization of a full-scale oxy-coal fired power plant that includes permanent carbon dioxide capture and storage as noted in the DOE's announcement on Recovery Act Funding for carbon capture and sequestration. The recent release for public comment of the Clean Air Transport Rules (CATR) will result in a target effective date in the second quarter of 2011, assuming the rules are not further extended or otherwise litigated. We believe that as the Environmental Protection Agency finalizes the revised rules and regulations, our U.S. customers will increase their expenditures on environmental equipment to bring their operating coal-fired power plants into compliance with the new emission limits. This should result in an improvement in bookings for new environmental equipment in 2011."
"As we look into the second half of 2010, we expect positive results from NFS, as the facility is now operating its primary production lines. This follows completion of both independent third party reviews and NRC reviews of the modifications implemented to improve the safe conduct of operations. Overall we expect our Government Operations segment to continue to contribute meaningfully to our earnings and cash flows, while demand in the power generation markets is expected to remain at these current levels," Bethards concluded.
Conference Call to Discuss Second Quarter 2010 Results
|
Date: |
|
Tuesday, August 10, 2010, at 8:30 a.m. ET |
|
Live Webcast: |
Investor Relations section of Web site at www.babcock.com |
|
|
|
|
|
|||||
|
|
|||||
|
THE BABCOCK & WILCOX OPERATIONS OF McDERMOTT INTERNATIONAL, INC. CONDENSED COMBINED BALANCE SHEETS
ASSETS |
|||||
|
|
|||||
|
June 30, |
December 31, |
||||
|
2010 |
2009 |
||||
|
(Unaudited) |
|||||
|
(In thousands) |
|||||
|
|
|||||
|
Current Assets: |
|||||
|
Cash and cash equivalents |
$ |
240,347 |
$ |
469,468 |
|
|
Restricted cash and cash equivalents |
19,196 |
15,305 |
|||
|
Investments |
14 |
14 |
|||
|
Accounts receivable – trade, net |
323,697 |
319,861 |
|||
|
Accounts receivable – other |
50,258 |
39,289 |
|||
|
Contracts in progress |
288,154 |
245,998 |
|||
|
Inventories |
97,863 |
98,644 |
|||
|
Deferred income taxes |
84,343 |
96,680 |
|||
|
Other current assets |
|
48,331 |
|
|
21,456 |
|
|
|||||
|
Total Current Assets |
|
1,152,203 |
|
|
1,306,715 |
|
|
|||||
|
Property, Plant and Equipment |
948,915 |
945,298 |
|||
|
Less accumulated depreciation |
|
524,839 |
|
|
515,237 |
|
|
|||||
|
Net Property, Plant and Equipment |
|
424,076 |
|
|
430,061 |
|
|
|||||
|
Investments |
|
72,600 |
|
|
73,540 |
|
|
|||||
|
Goodwill |
|
279,904 |
|
|
262,866 |
|
|
|||||
|
Deferred Income Taxes |
|
242,827 |
|
|
270,002 |
|
|
|||||
|
Investments in Unconsolidated Affiliates |
|
86,770 |
|
|
68,327 |
|
|
|||||
|
Note Receivable from Affiliate |
|
– |
|
|
42,573 |
|
|
|||||
|
Other Assets |
|
147,442 |
|
|
149,775 |
|
|
|||||
|
TOTAL |
$ |
2,405,822 |
|
$ |
2,603,859 |
|
|
|||||
|
|
|||||
|
|
|||||
|
THE BABCOCK & WILCOX OPERATIONS OF McDERMOTT INTERNATIONAL, INC. CONDENSED COMBINED BALANCE SHEETS
LIABILITIES AND PARENT EQUITY |
|||||
|
|
|||||
|
June 30, |
December 31, |
||||
|
2010 |
2009 |
||||
|
(Unaudited) |
|||||
|
(In thousands) |
|||||
|
|
|||||
|
|
|||||
|
Current Liabilities: |
|||||
|
Notes payable and current maturities of long-term debt |
$ |
7,525 |
$ |
6,432 |
|
|
Accounts payable |
185,107 |
178,350 |
|||
|
Accounts payable to McDermott International, Inc. |
2,300 |
112,053 |
|||
|
Accrued employee benefits |
218,879 |
198,195 |
|||
|
Accrued liabilities – other |
73,556 |
74,700 |
|||
|
Advance billings on contracts |
439,312 |
537,448 |
|||
|
Accrued warranty expense |
114,780 |
115,055 |
|||
|
Income taxes payable |
|
2,074 |
|
|
12,943 |
|
|
|||||
|
Total Current Liabilities |
|
1,043,533 |
|
|
1,235,176 |
|
|
|||||
|
Long-Term Debt |
|
953 |
|
|
4,222 |
|
|
|||||
|
Accumulated Postretirement Benefit Obligation |
|
105,136 |
|
|
105,484 |
|
|
|||||
|
Environmental Liabilities |
|
49,024 |
|
|
47,795 |
|
|
|||||
|
Pension Liability |
|
525,392 |
|
|
699,117 |
|
|
|||||
|
Notes Payable to Affiliate |
|
– |
|
|
320,568 |
|
|
|||||
|
Other Liabilities |
|
96,679 |
|
|
70,791 |
|
|
|||||
|
Commitments and Contingencies |
|||||
|
|
|||||
|
Parent Equity |
|
585,105 |
|
|
120,706 |
|
|
|||||
|
TOTAL |
$ |
2,405,822 |
|
$ |
2,603,859 |
|
|
|||||
|
|
||||||||||||||||
|
|
||||||||||||||||
|
THE BABCOCK & WILCOX OPERATIONS OF McDERMOTT INTERNATIONAL, INC. CONDENSED COMBINED STATEMENTS OF INCOME |
||||||||||||||||
|
|
||||||||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
|||||||||||||
|
June 30, |
June 30, |
|||||||||||||||
|
2010 |
|
2009 |
2010 |
|
2009 |
|||||||||||
|
(Unaudited) (In thousands) |
||||||||||||||||
|
|
||||||||||||||||
|
Revenues |
|
$ |
688,496 |
|
|
$ |
732,069 |
|
|
$ |
1,350,884 |
|
|
$ |
1,517,122 |
|
|
|
||||||||||||||||
|
Costs and Expenses: |
||||||||||||||||
|
Cost of operations |
518,369 |
553,489 |
1,063,320 |
1,164,403 |
||||||||||||
|
(Gains) losses on asset disposals – net |
61 |
(30 |
) |
48 |
177 |
|||||||||||
|
Selling, general and administrative expenses |
|
|
101,846 |
|
|
|
98,196 |
|
|
|
194,569 |
|
|
|
187,165 |
|
|
Total Costs and Expenses |
|
|
620,276 |
|
|
|
651,655 |
|
|
|
1,257,937 |
|
|
|
1,351,745 |
|
|
|
||||||||||||||||
|
Equity in Income of Investees |
|
|
17,435 |
|
|
|
10,153 |
|
|
|
31,454 |
|
|
|
20,498 |
|
|
|
||||||||||||||||
|
Operating Income |
|
|
85,655 |
|
|
|
90,567 |
|
|
|
124,401 |
|
|
|
185,875 |
|
|
|
||||||||||||||||
|
Other Income (Expense): |
||||||||||||||||
|
Interest income |
261 |
943 |
710 |
2,182 |
||||||||||||
|
Interest expense |
(4,676 |
) |
(6,973 |
) |
(10,669 |
) |
(12,234 |
) |
||||||||
|
Other expense – net |
|
|
(3,945 |
) |
|
|
(7,503 |
) |
|
|
(7,035 |
) |
|
|
(9,543 |
) |
|
Total Other Expense |
|
|
(8,360 |
) |
|
|
(13,533 |
) |
|
|
(16,994 |
) |
|
|
(19,595 |
) |
|
|
||||||||||||||||
|
Income before Provision for Income Taxes |
77,295 |
77,034 |
107,407 |
166,280 |
||||||||||||
|
|
||||||||||||||||
|
Provision for Income Taxes |
|
|
29,583 |
|
|
|
28,574 |
|
|
|
42,839 |
|
|
|
64,284 |
|
|
|
||||||||||||||||
|
Net Income |
|
|
47,712 |
|
|
|
48,460 |
|
|
|
64,568 |
|
|
|
101,996 |
|
|
|
||||||||||||||||
|
Less: Net Income Attributable to Noncontrolling Interest |
|
|
(72 |
) |
|
|
(43 |
) |
|
|
(85 |
) |
|
|
(95 |
) |
|
|
||||||||||||||||
|
Net Income Attributable to The Babcock & Wilcox Operations of McDermott International, Inc. |
|
$ |
47,640 |
|
|
$ |
48,417 |
|
|
$ |
64,483 |
|
|
$ |
101,901 |
|
|
|
||||||||||||||||
|
|
|||||||
|
|
|||||||
|
THE BABCOCK & WILCOX OPERATIONS OF McDERMOTT INTERNATIONAL, INC. CONDENSED COMBINED STATEMENTS OF CASH FLOWS |
|||||||
|
|
|||||||
|
Six Months Ended |
|||||||
|
June 30, |
|||||||
|
2010 |
|
2009 |
|||||
|
(Unaudited) |
|||||||
|
(In thousands) |
|||||||
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|||||||
|
Net Income |
$ |
64,568 |
|
|
$ |
101,996 |
|
|
Non-cash items included in net income: |
|||||||
|
Depreciation and amortization |
33,397 |
31,940 |
|||||
|
Income of investees, less dividends |
(16,831 |
) |
(6,213 |
) |
|||
|
Loss on asset disposals – net |
48 |
177 |
|||||
|
Amortization of pension and postretirement costs |
42,866 |
41,357 |
|||||
|
Excess tax benefits from stock-based compensation |
(2,295 |
) |
2,476 |
||||
|
Other, net |
(13,405 |
) |
(16,643 |
) |
|||
|
Changes in assets and liabilities, net of effects of acquisitions and divestitures: |
|||||||
|
Accounts receivable |
(10,070 |
) |
59,349 |
||||
|
Net contracts in progress and advance billings on contracts |
(141,405 |
) |
(14,370 |
) |
|||
|
Accounts payable |
41,080 |
38,192 |
|||||
|
Inventories |
6,973 |
10,262 |
|||||
|
Current and deferred income taxes |
(326 |
) |
6,141 |
||||
|
Accrued and other current liabilities |
(280 |
) |
(14,669 |
) |
|||
|
Pension liability, accumulated postretirement benefit obligation and accrued employee benefits |
(64,353 |
) |
(37,821 |
) |
|||
|
Other, net |
|
3,463 |
|
|
|
(37,983 |
) |
|
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES |
|
(56,570 |
) |
|
|
164,191 |
|
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|||||||
|
Increase in restricted cash and cash equivalents |
(3,891 |
) |
(34,256 |
) |
|||
|
Purchases of property, plant and equipment |
(31,686 |
) |
(40,253 |
) |
|||
|
Acquisition of businesses, net of cash acquired |
(30,598 |
) |
– |
||||
|
Decrease in note receivable from affiliate |
43,277 |
– |
|||||
|
Net decrease in available-for-sale securities |
4,000 |
53,109 |
|||||
|
Decrease in investment in unconsolidated affiliate |
600 |
– |
|||||
|
Proceeds from asset disposals |
|
243 |
|
|
|
165 |
|
|
NET CASH USED IN INVESTING ACTIVITIES |
|
(18,055 |
) |
|
|
(21,235 |
) |
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|||||||
|
Payment of short-term borrowing and long-term debt |
(1,729 |
) |
(5,419 |
) |
|||
|
Payment of debt issuance costs |
(9,865 |
) |
– |
||||
|
Dividend paid to McDermott International, Inc. |
(100,000 |
) |
– |
||||
|
Decrease in note payable to affiliate |
(43,386 |
) |
– |
||||
|
Excess tax benefits from stock-based compensation |
2,295 |
(2,476 |
) |
||||
|
Other, net |
|
(78 |
) |
|
|
(119 |
) |
|
NET CASH USED IN FINANCING ACTIVITIES |
|
(152,763 |
) |
|
|
(8,014 |
) |
|
EFFECTS OF EXCHANGE RATE CHANGES ON CASH |
|
(1,733 |
) |
|
|
(2,752 |
) |
|
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
(229,121 |
) |
132,190 |
||||
|
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD |
|
469,468 |
|
|
|
279,646 |
|
|
CASH AND CASH EQUIVALENTS AT END OF PERIOD |
$ |
240,347 |
|
|
$ |
411,836 |
|
|
|
|||||||
|
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: |
|||||||
|
Cash paid (received) during the period for: |
|||||||
|
Interest (net of amount capitalized) |
$ |
1,912 |
$ |
879 |
|||
|
Income taxes (net of refunds) |
$ |
15,218 |
|
|
$ |
(37,623 |
) |
|
|
|||||||
|
|
|
|
|
|
||||||||||||||
|
|
||||||||||||||||||
|
Babcock & Wilcox Operations of McDermott International, Inc. |
||||||||||||||||||
|
Business Segment Information |
||||||||||||||||||
|
For the Periods Ended June 30, 2010 and 2009 |
||||||||||||||||||
|
(Unaudited) |
||||||||||||||||||
|
(In thousands) |
||||||||||||||||||
|
|
||||||||||||||||||
|
THREE MONTHS ENDED |
SIX MONTHS ENDED |
|||||||||||||||||
|
REVENUES: |
6/30/10 |
6/30/09 |
6/30/10 |
6/30/09 |
||||||||||||||
|
|
||||||||||||||||||
|
Power Generation Systems |
$ |
422,364 |
$ |
471,001 |
$ |
832,095 |
$ |
999,574 |
||||||||||
|
Government Operations |
267,175 |
261,397 |
520,426 |
518,502 |
||||||||||||||
|
Adjustments and Eliminations |
|
|
(1,043 |
) |
|
|
(329 |
) |
|
|
(1,637 |
) |
|
|
(954 |
) |
||
|
|
||||||||||||||||||
|
|
TOTAL |
|
|
$ |
688,496 |
|
|
$ |
732,069 |
|
|
$ |
1,350,884 |
|
|
$ |
1,517,122 |
|
|
|
||||||||||||||||||
|
SEGMENT INCOME: |
||||||||||||||||||
|
|
||||||||||||||||||
|
Power Generation Systems |
$ |
39,835 |
$ |
43,838 |
$ |
49,135 |
$ |
101,997 |
||||||||||
|
Government Operations |
|
|
50,513 |
|
|
|
57,473 |
|
|
|
86,466 |
|
|
|
103,225 |
|
||
|
90,348 |
101,311 |
135,601 |
205,222 |
|||||||||||||||
|
Corporate |
|
|
|
(4,693 |
) |
|
|
(10,744 |
) |
|
|
(11,200 |
) |
|
|
(19,347 |
) |
|
|
|
OPERATING INCOME |
|
$ |
85,655 |
|
|
$ |
90,567 |
|
|
$ |
124,401 |
|
|
$ |
185,875 |
|
|
|
|
||||||||||||||||||
|
EQUITY IN INCOME (LOSS) OF INVESTEES: |
||||||||||||||||||
|
|
||||||||||||||||||
|
Power Generation Systems |
$ |
7,459 |
$ |
1,501 |
$ |
12,000 |
$ |
3,144 |
||||||||||
|
Government Operations |
|
|
9,976 |
|
|
|
8,652 |
|
|
|
19,454 |
|
|
|
17,354 |
|
||
|
|
||||||||||||||||||
|
|
TOTAL |
|
|
$ |
17,435 |
|
|
$ |
10,153 |
|
|
$ |
31,454 |
|
|
$ |
20,498 |
|
|
|
||||||||||||||||||
|
PENSION EXPENSE: |
||||||||||||||||||
|
|
||||||||||||||||||
|
Power Generation Systems |
$ |
15,961 |
$ |
15,409 |
$ |
31,973 |
$ |
30,724 |
||||||||||
|
Government Operations |
11,684 |
12,158 |
23,368 |
24,317 |
||||||||||||||
|
Corporate |
|
|
|
4,698 |
|
|
|
4,581 |
|
|
|
9,397 |
|
|
|
9,170 |
|
|
|
|
||||||||||||||||||
|
|
TOTAL |
|
|
$ |
32,343 |
|
|
$ |
32,148 |
|
|
$ |
64,738 |
|
|
$ |
64,211 |
|
|
|
||||||||||||||||||
|
DEPRECIATION AND AMORTIZATION: |
||||||||||||||||||
|
|
||||||||||||||||||
|
Power Generation Systems |
$ |
5,091 |
$ |
4,619 |
$ |
10,141 |
$ |
8,954 |
||||||||||
|
Government Operations |
10,419 |
10,308 |
21,126 |
21,551 |
||||||||||||||
|
Corporate |
|
|
|
1,075 |
|
|
|
750 |
|
|
|
2,130 |
|
|
|
1,435 |
|
|
|
|
||||||||||||||||||
|
|
TOTAL |
|
|
$ |
16,585 |
|
|
$ |
15,677 |
|
|
$ |
33,397 |
|
|
$ |
31,940 |
|
|
|
||||||||||||||||||
|
RESEARCH AND DEVELOPMENT, NET |
|
$ |
16,226 |
|
|
$ |
10,544 |
|
|
$ |
33,285 |
|
|
$ |
20,527 |
|
||
|
|
||||||||||||||||||
|
CAPITAL EXPENDITURES: |
||||||||||||||||||
|
|
||||||||||||||||||
|
Power Generation Systems |
$ |
4,721 |
$ |
7,838 |
$ |
7,973 |
$ |
20,171 |
||||||||||
|
Government Operations |
6,294 |
8,751 |
21,156 |
13,997 |
||||||||||||||
|
Corporate |
|
|
|
1,690 |
|
|
|
3,635 |
|
|
|
2,557 |
|
|
|
6,085 |
|
|
|
|
||||||||||||||||||
|
|
TOTAL |
|
|
$ |
12,705 |
|
|
$ |
20,224 |
|
|
$ |
31,686 |
|
|
$ |
40,253 |
|
|
|
||||||||||||||||||
|
BACKLOG: |
||||||||||||||||||
|
|
||||||||||||||||||
|
Power Generation Systems |
$ |
1,816,130 |
$ |
2,221,966 |
||||||||||||||
|
Government Operations |
|
|
|
|
|
|
2,553,852 |
|
|
|
2,613,532 |
|
||||||
|
|
||||||||||||||||||
|
|
TOTAL |
|
|
|
|
|
|
$ |
4,369,982 |
|
|
$ |
4,835,498 |
|
||||