Babcock & Wilcox Announces Third Quarter 2014 Results

CHARLOTTE, N.C.--(BUSINESS WIRE)--

The Babcock & Wilcox Company BWC (“B&W” or the “Company”) today reported third quarter 2014 revenues of $737.9 million, a decrease of $36.9 million, or 4.8%, from the third quarter of 2013, while GAAP earnings per share increased $0.03 per share to $0.57 for the third quarter of 2014 compared to $0.54 in the prior year period. Adjusted earnings per share, which excludes a $0.04 per share net impact of a non-recurring investment gain offset by a mid-year pension mark-to-market adjustment and restructuring costs for the quarter, were $0.53 for the three months ended September 30, 2014 compared to $0.57 in the third quarter of 2013.

“Significantly improved third quarter revenue and margin relative to the first half of the year demonstrate that our focus on efficiency, costs, and targeted business development is beginning to positively impact the business,” said Mr. E. James Ferland, President and Chief Executive Officer. “Our Nuclear Operations segment continued its strong performance, recording its highest ever third quarter revenue while maintaining its operating margin. The Power Generation segment produced a solid quarter with improved revenue and operating margins in line with our expectations. We are pleased with these results and believe they represent a step forward for the Company. We are confident that the actions we are taking position B&W for steady improvement in our top and bottom lines in 2015 and beyond.”

In a separate release issued today, the Company also announced that its Board of Directors has unanimously approved pursuing the tax-free spin-off of the Company's Power Generation business to B&W shareholders. The planned separation of the Power Generation and Government & Nuclear Operations businesses is expected to create two independent, publicly-traded companies equipped with the resources, strategic autonomy, and financial flexibility to enhance long-term shareholder value.

Results of Operations

Consolidated revenues for the third quarter of 2014 were $737.9 million, a decrease of 4.8%, compared to $774.8 million for the third quarter of 2013. The Nuclear Operations segment revenues increased by 5.4%, to $297.5 million, primarily attributable to increased activity in the manufacturing of nuclear components for the U.S. Government programs. Revenues in the Power Generation segment were $402.0 million in the three months, 5.8% below the corresponding period in 2013 but 22.8% higher sequentially compared to the previous quarter. The year-over-year decrease was primarily due to the timing and level of activities related to new build steam generation systems projects together with lower revenue from the new build environmental equipment business. The MEGTEC acquisition contributed $48.9 million of revenues during the third quarter of 2014. Revenues from the Nuclear Energy segment were $21.5 million, compared to $52.5 million in the prior year period, a decrease of $31.0 million primarily attributable to management's decision earlier in the year to exit the low margin nuclear projects business.

GAAP operating income for the third quarter of 2014 decreased $16.9 million to $65.2 million compared to $82.1 million in the same period of 2013. The mPower segment recorded a $5.1 million loss in the third quarter of 2014 compared to a $25.6 million loss in the corresponding period in 2013, due to the slower pace of development under the restructured mPower program. For the quarter, Technical Services operating income decreased $13.4 million to $5.0 million, primarily attributable to the loss of the Pantex and Y-12 contracts. Operating income in the Power Generation segment was $35.3 million, a $3.0 million decrease from $38.3 million in the 2013 period, primarily due to lower revenues. Operating income in the Nuclear Operations segment decreased $1.9 million in the quarter from last year's record third quarter profit to $61.9 million, while the Nuclear Energy segment reported a loss of $6.7 million in the period compared to $0.0 million in the same prior year period.

Operating income for the third quarter of 2014 includes an $11.1 million pension mark-to-market adjustment, due to a re-measurement of the Canadian pension plan, as well as $8.7 million of special charges for restructuring activities and $0.6 million of MEGTEC acquisition costs. Excluding these charges, adjusted operating income for the third quarter of 2014 was $85.6 million compared to adjusted operating income of $86.9 million in the third quarter of 2013.

“We are pleased with the progress we've made across our different businesses during the period,” said Mr. Ferland. “In addition to the solid results in the Nuclear Operations and Power Generation segments this quarter, the Nuclear Energy segment reported bookings in excess of $100 million. mPower spending was reduced and is pacing to our targeted $15 million annual run rate. Our international business development activities are expanding in markets where there is a healthy pipeline of coal and renewables opportunities. As a result, we expect solid bookings in these areas in the coming months. Our margin improvement programs remain on track and we continue to look for additional opportunities to reduce costs and improve efficiency.”

Liquidity and Debt

The Company's cash and investments position, net of restricted cash, was $220.5 million at the end of the third quarter of 2014, a decrease of $140.8 million compared to $361.3 million as of December 31, 2013. During the three month period ended September 30, 2014, the Company repurchased common shares totaling $50.0 million, paid dividends of $10.7 million, and contributed $34.1 million to its pension plans. For the first nine months of 2014, the Company returned $182.6 million of capital to shareholders through its share repurchase and dividend programs, acquired MEGTEC for a net $142.8 million, and contributed $58.9 million to its pension plans.

As of September 30, 2014, outstanding balances under the Credit Agreement included a $150.0 million term loan, $154.4 million borrowed under the revolving credit facility, and letters of credit issued under the revolving credit facility totaling $170.2 million, resulting in $825.4 million of availability as of the end of the third quarter.

Quarterly Dividend and Share Repurchase

On October 31, 2014, the Company declared a quarterly cash dividend of $0.10 per common share. The dividend will be payable on December 16, 2014 to shareholders of record on November 20, 2014.

During the third quarter of 2014, the Company repurchased 1.63 million shares of its common stock at a total cost of $50.0 million. Program to date through September 30, 2014, the Company had repurchased a total of 14.22 million shares at a cost of $403.4 million leaving $346.6 million of capacity remaining under its previously announced $750 million share repurchase authorizations.

Outlook

The Company raised the lower end of the range for adjusted earnings per share for the full year 2014 to $1.75 to $1.85, from the previous range of $1.70 to $1.85. Adjusted earnings per share exclude restructuring charges, the mark-to-market adjustments for pension and other post-retirement benefits, and other non-recurring gains and losses. The Company also expects 2014 consolidated revenues to be approximately $2.9 billion, compared to the previous range of $2.9 billion to $3.0 billion.

Conference Call to Discuss Third Quarter 2014 Results and Announcement of Planned Spin-off

Date:					Thursday, November 6, 2014, at 8:30 a.m. EST
Live Webcast:					Investor Relations section of website at www.babcock.com

Forward-Looking Statements

B&W cautions that this release contains forward-looking statements, including, without limitation, statements relating to the manner, tax-free nature and expected benefits associated with separating B&W's power generation business and its government and nuclear operations business into two independent, publicly traded companies; bookings, to the extent they may be viewed as an indicator of future revenues; and our 2014 outlook. These forward-looking statements are based on management's current expectations and involve a number of risks and uncertainties, including, among other things, the proposed separation not being completed as anticipated or at all; delays or other difficulties in completing the separation, including the inability to satisfy the conditions for its completion; disruptions experienced with customers and suppliers; the inability of either business to successfully operate independently; the inability to retain key personnel; adverse changes in the industries in which we operate and delays, changes or termination of contracts in backlog. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. For a more complete discussion of these and other risk factors, see B&W's filings with the Securities and Exchange Commission, including our annual report on Form 10-K for the year ended December 31, 2013 and subsequent quarterly reports on Form 10-Q. B&W cautions not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.

About B&W

The Babcock & Wilcox Company is a leader in clean energy technology and services, primarily for the nuclear, fossil and renewable power markets as well as a premier advanced technology and mission critical defense contractor. B&W has locations worldwide and employs approximately 11,000 people, in addition to joint venture employees throughout the world. A company overview presentation, which will be presented at investor conferences and meetings throughout this quarter, is available on the Investor Relations section of our website. For additional information please visit our website at www.babcock.com.

EXHIBIT 1
THE BABCOCK & WILCOX COMPANY
RECONCILIATION OF NON-GAAP OPERATING INCOME AND EARNINGS PER SHARE*
		Three Months Ended September 30, 2014
		GAAP			Gain on Centrus Transaction				Pension & OPEB MTM (Gain) / Loss			MEGTEC Acquisition			mPower Restructuring			GCI Impact			Non-GAAP
Operating Income		$	65.2		$		-		$	11.1		$	0.6		$	0.3		$	8.4		$	85.6
Other Income / (Expense)			15.9				(18.6)			-			-			-			-			(2.7)
Provision for Income Taxes			(20.7)				-			(2.9)			(0.2)			(0.1)			(2.7)			(26.6)
Net Income			60.4				(18.6)			8.2			0.4			0.2			5.7			56.3
Net Loss (Income) Attributable to Non-Controlling Interest			0.8				-			-			-			-			-			0.8
Net Income Attributable to The Babcock & Wilcox Company		$	61.2		$		(18.6)		$	8.2		$	0.4		$	0.2		$	5.7		$	57.1
Diluted Earnings per Common Share		$	0.57		$		(0.17)		$	0.08		$	0.00		$	0.00		$	0.05		$	0.53
Effective Tax Rate			25.5%																			32.1%
		Three Months Ended September 30, 2013
		GAAP			Gain on Centrus Transaction				Pension & OPEB MTM (Gain) / Loss			MEGTEC Acquisition			mPower Restructuring			GCI Impact			Non-GAAP
Operating Income		$	82.1		$		-		$	-		$	-		$	-		$	4.8		$	86.9
Other Income / (Expense)			(0.7)				-			-			-			-			-			(0.7)
Provision for Income Taxes			(24.4)				-			-			-			-			(1.6)			(26.0)
Net Income			57.0				-			-			-			-			3.2			60.2
Net Loss (Income) Attributable to Non-Controlling Interest			3.4				-			-			-			-			-			3.4
Net Income Attributable to The Babcock & Wilcox Company		$	60.4		$		-		$	-		$	-		$	-		$	3.2		$	63.6
Diluted Earnings per Common Share		$	0.54		$		-		$	-		$	-		$	-		$	0.03		$	0.57
Effective Tax Rate			30.0%																			30.2%
		Nine Months Ended September 30, 2014
		GAAP			Gain on Centrus Transaction				Pension & OPEB MTM (Gain) / Loss			MEGTEC Acquisition			mPower Restructuring			GCI Impact			Non-GAAP
Operating Income		$	153.9		$		-		$	11.1		$	2.1		$	22.4		$	20.6		$	210.1
Other Income / (Expense)			16.6				(18.6)			-			-			-			-			(2.0)
Provision for Income Taxes			(45.5)				-			(2.9)			(0.7)			(7.6)			(7.0)			(63.7)
Net Income			125.0				(18.6)			8.2			1.4			14.8			13.6			144.4
Net Loss (Income) Attributable to Non-Controlling Interest			7.6				-			-			-			-			-			7.6
Net Income Attributable to The Babcock & Wilcox Company		$	132.7		$		(18.6)		$	8.2		$	1.4		$	14.8		$	13.6		$	152.1
Diluted Earnings per Common Share		$	1.21		$		(0.17)		$	0.08		$	0.01		$	0.14		$	0.12		$	1.39
Effective Tax Rate			26.7%																			30.6%
		Nine Months Ended September 30, 2013
		GAAP			Gain on Centrus Transaction				Pension & OPEB MTM (Gain) / Loss			MEGTEC Acquisition			mPower Restructuring			GCI Impact			Non-GAAP
Operating Income		$	241.0		$		-		$	-		$	-		$	-		$	25.5		$	266.5
Other Income / (Expense)			0.8				-			-			-			-			-			0.8
Provision for Income Taxes			(70.2)				-			-			-			-			(8.7)			(78.9)
Net Income			171.6				-			-			-			-			16.8			188.4
Net Loss (Income) Attributable to Non-Controlling Interest			8.9				-			-			-			-			-			8.9
Net Income Attributable to The Babcock & Wilcox Company		$	180.5		$		-		$	-		$	-		$	-		$	16.8		$	197.3
Diluted Earnings per Common Share		$	1.60		$		$ -		$	-		$	-		$	-		$	0.15		$	1.75
Effective Tax Rate			29.0%																			29.5%

* B&W is providing non-GAAP information regarding certain of its historical results and guidance on future earnings per share to supplement the results provided in accordance with GAAP and it should not be considered superior to, or as a substitute for, the comparable GAAP measures. B&W believes the non-GAAP measures provide meaningful insight in the Company's operational performance and provides these measures to investors to help facilitate comparisons of operating results with prior periods and to assist them in understanding B&W's ongoing operations.

EXHIBIT 2
THE BABCOCK & WILCOX COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
ASSETS
		September 30,			December 31,
		2014			2013
		(Unaudited)
		(In thousands)
Current Assets:
Cash and cash equivalents		$	196,921		$	346,116
Restricted cash and cash equivalents			43,200			45,945
Investments			19,046			10,748
Accounts receivable – trade, net			424,875			360,323
Accounts receivable – other			66,052			45,480
Contracts in progress			350,165			370,820
Inventories			116,533			113,058
Deferred income taxes			97,770			97,170
Other current assets			57,297			47,764
Total Current Assets			1,371,859			1,437,424
Property, Plant and Equipment			1,179,435			1,126,683
Less accumulated depreciation			716,309			679,604
Net Property, Plant and Equipment			463,126			447,079
Investments			4,483			4,426
Goodwill			395,301			281,708
Deferred Income Taxes			117,159			127,076
Investments in Unconsolidated Affiliates			141,914			184,831
Intangible Assets			114,540			81,521
Other Assets			48,388			45,088
TOTAL		$	2,656,770		$	2,609,153

THE BABCOCK & WILCOX COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
LIABILITIES AND STOCKHOLDERS' EQUITY
		September 30,			December 31,
		2014			2013
		(Unaudited)
		(In thousands, except share and per share amounts)
Current Liabilities:
Notes payable and current maturities of long-term debt		$	8,890		$	4,671
Accounts payable			212,069			319,774
Accrued employee benefits			100,690			163,833
Accrued liabilities – other			87,707			58,192
Advance billings on contracts			232,008			317,771
Accrued warranty expense			59,574			56,436
Income taxes payable			10,182			6,551
Total Current Liabilities			711,120			927,228
Long-Term Debt			298,776			225
Accumulated Postretirement Benefit Obligation			46,049			43,194
Environmental Liabilities			55,951			53,391
Pension Liability			346,198			336,878
Other Liabilities			58,709			65,296
Stockholders' Equity:
Common stock, par value $0.01 per share, authorized 325,000,000 shares; issued 121,417,899 and 120,536,910 shares at September 30, 2014 and December 31, 2013, respectively			1,214			1,205
Preferred stock, par value $0.01 per share, authorized 75,000,000 shares; No shares issued			-			-
Capital in excess of par value			772,842			747,189
Retained earnings			756,572			656,916
Treasury stock at cost, 14,910,058 and 10,068,731 shares at September 30, 2014 and December 31, 2013, respectively			(423,821)			(268,971)
Accumulated other comprehensive income			17,242			28,348
Stockholders' Equity – The Babcock & Wilcox Company			1,124,049			1,164,687
Noncontrolling interest			15,918			18,254
Total Stockholders' Equity			1,139,967			1,182,941
TOTAL		$	2,656,770		$	2,609,153

THE BABCOCK & WILCOX COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2014			2013			2014			2013
		(Unaudited)
		(In thousands, except share and per share amounts)
Revenues		$	737,902		$	774,834		$	2,085,925		$	2,466,393
Costs and Expenses:
Cost of operations			554,614			578,394			1,569,229			1,884,134
Research and development costs			8,379			23,787			63,293			52,970
Losses (gains) on asset disposals and impairments, net			(605)			1,258			852			1,345
Selling, general and administrative expenses			108,987			102,576			305,590			313,113
Special charges for restructuring activities			8,675			4,849			28,803			25,504
Total Costs and Expenses			680,050			710,864			1,967,767			2,277,066
Equity in Income of Investees			7,308			18,151			35,760			51,713
Operating Income			65,160			82,121			153,918			241,040
Other Income (Expense):
Interest income			267			480			876			1,135
Interest expense			(2,978)			(631)			(4,798)			(2,238)
Other – net			18,625			(533)			20,527			1,878
Total Other Income (Expense)			15,914			(684)			16,605			775
Income before Provision for Income Taxes			81,074			81,437			170,523			241,815
Provision for Income Taxes			20,671			24,416			45,474			70,217
Net Income			60,403			57,021			125,049			171,598
Net Loss Attributable to Noncontrolling Interest			811			3,425			7,646			8,892
Net Income Attributable to The Babcock & Wilcox Company		$	61,214		$	60,446		$	132,695		$	180,490
Earnings per Common Share:
Basic:
Net Income Attributable to The Babcock & Wilcox Company		$	0.57		$	0.54		$	1.22		$	1.61
Diluted:
Net Income Attributable to The Babcock & Wilcox Company		$	0.57		$	0.54		$	1.21		$	1.60
Shares used in the computation of earnings per share (Note 10):
Basic			107,105,986			110,931,376			109,103,879			112,309,170
Diluted			107,444,284			111,749,381			109,482,318			113,049,700

THE BABCOCK & WILCOX COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
		Nine Months Ended
		September 30,
		2014			2013
		(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:		(In thousands)
Net Income		$	125,049		$	171,598
Non-cash items included in net income:
Depreciation and amortization			57,400			51,341
Income of investees, net of dividends			16,920			(18,419)
Losses on asset disposals and impairments			3,870			1,345
Gain on exchange of USEC investment			(18,647)			-
In-kind research and development costs			5,830			11,289
Recognition of losses for pension and postretirement plans			12,952			2,265
Stock-based compensation expense			11,786			13,072
Excess tax benefits from stock-based compensation			(568)			(64)
Changes in assets and liabilities, net of effects of acquisitions:
Accounts receivable			(62,220)			(44,663)
Accounts payable			(115,271)			5,305
Contracts in progress and advance billings on contracts			(74,214)			(140,862)
Inventories			138			10,559
Income taxes			(11,804)			(1,284)
Accrued and other current liabilities			13,206			(3,588)
Pension liability, accrued postretirement benefit obligation and employee benefits			(66,679)			(69,842)
Other, net			17,057			5,921
NET CASH USED IN OPERATING ACTIVITIES			(85,195)			(6,027)
CASH FLOWS FROM INVESTING ACTIVITIES:
Decrease in restricted cash and cash equivalents			2,745			14,669
Purchases of property, plant and equipment			(55,877)			(45,288)
Acquisition of business, net of cash acquired			(127,705)			-
Purchase of intangible assets			(722)			(2,200)
Purchases of available-for-sale securities			(21,225)			(79,747)
Sales and maturities of available-for-sale securities			31,663			122,677
Investment in equity and cost method investees			(4,900)			(2,807)
Proceeds from asset disposals			846			586
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES			(175,175)			7,890
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of short-term borrowing and long-term debt			(4,424)			(157)
Borrowings under short-term arrangements			2,855			649
Borrowings under Credit Agreement			809,300			-
Repayments under Credit Agreement			(504,900)			-
Payment of debt issuance costs			(5,390)			-
Repurchase of common shares			(149,774)			(140,143)
Dividends paid to common shareholders			(32,799)			(27,082)
Excess tax benefits from stock-based compensation			568			64
Exercise of stock options			3,854			3,756
Other			(202)			(414)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES			119,088			(163,327)
EFFECTS OF EXCHANGE RATE CHANGES ON CASH			(7,913)			(2,255)
NET DECREASE IN CASH AND CASH EQUIVALENTS			(149,195)			(163,719)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD			346,116			383,547
CASH AND CASH EQUIVALENTS AT END OF PERIOD		$	196,921		$	219,828
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest (net of amount capitalized)		$	3,573		$	1,341
Income taxes (net of refunds)		$	52,845		$	70,602
SCHEDULE OF NON-CASH INVESTING ACTIVITY:
Accrued capital expenditures included in accounts payable		$	3,201		$	6,040

THE BABCOCK & WILCOX COMPANY
BUSINESS SEGMENT INFORMATION
		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2014			2013			2014			2013
		(Unaudited)
		(In thousands)
REVENUES:
Power Generation		$	402,016		$	426,960		$	1,041,473		$	1,359,614
Nuclear Operations			297,489			282,120			877,141			874,245
Technical Services			20,236			25,242			70,706			77,903
Nuclear Energy			21,529			52,470			114,236			179,171
mPower			-			343			278			980
Adjustments and Eliminations			(3,368)			(12,301)			(17,909)			(25,520)
TOTAL		$	737,902		$	774,834		$	2,085,925		$	2,466,393
SEGMENT INCOME:
Power Generation		$	35,260		$	38,348		$	61,017		$	102,213
Nuclear Operations			61,893			63,819			180,103			184,280
Technical Services			4,951			18,398			34,818			47,812
Nuclear Energy			(6,698)			21			(4,627)			10,201
mPower			(5,140)			(25,576)			(63,782)			(53,627)
SUBTOTAL			90,266			95,010			207,529			290,879
Corporate			(5,352)			(8,040)			(13,729)			(24,335)
Special Charges for Restructuring Activities			(8,675)			(4,849)			(28,803)			(25,504)
Mark to Market Adjustment			(11,079)			-			(11,079)			-
TOTAL		$	65,160		$	82,121		$	153,918		$	241,040
EQUITY IN INCOME (LOSS) OF INVESTEES:
Power Generation		$	2,859		$	3,287		$	5,659		$	10,596
Nuclear Operations			-			-			-			-
Technical Services			4,419			15,063			30,069			41,595
Nuclear Energy			30			(199)			32			(478)
mPower			-			-			-			-
TOTAL		$	7,308		$	18,151		$	35,760		$	51,713
PENSION EXPENSE:
Power Generation		$	191		$	750		$	1,382		$	2,240
Nuclear Operations			872			1,133			2,616			3,399
Technical Services			48			72			144			216
Nuclear Energy			1,013			899			3,495			3,038
mPower			-			-			-			-
Corporate			484			505			1,459			1,515
Mark to Market Adjustment			11,079			0			11,079			-
TOTAL		$	13,687		$	3,359		$	20,175		$	10,408
DEPRECIATION AND AMORTIZATION:
Power Generation		$	9,886		$	5,720		$	21,193		$	16,519
Nuclear Operations			7,380			6,769			21,037			20,182
Technical Services			-			48			1			144
Nuclear Energy			1,614			1,648			4,968			4,832
mPower			263			122			712			365
Corporate			3,204			3,178			9,489			9,299
TOTAL		$	22,347		$	17,485		$	57,400		$	51,341
RESEARCH AND DEVELOPMENT, NET:
Power Generation		$	4,502		$	4,585		$	12,795		$	16,128
Nuclear Operations			-			54			5			67
Technical Services			6			17			24			56
Nuclear Energy			602			879			1,512			3,079
mPower			3,269			18,252			48,957			33,640
TOTAL		$	8,379		$	23,787		$	63,293		$	52,970
CAPITAL EXPENDITURES:
Power Generation		$	4,788		$	1,553		$	10,886		$	13,403
Nuclear Operations			7,101			8,187			24,210			21,599
Technical Services			-			66			-			66
Nuclear Energy			4,852			1,163			13,089			4,141
mPower			99			331			1,983			1,745
Corporate			1,215			555			5,709			4,334
TOTAL		$	18,055		$	11,855		$	55,877		$	45,288
BACKLOG:
Power Generation		$	2,132,985		$	2,176,110		$	2,132,985		$	2,176,110
Nuclear Operations			2,376,438			2,530,159			2,376,438			2,530,159
Technical Services			4,475			15,388			4,475			15,388
Nuclear Energy			273,415			185,632			273,415			185,632
mPower			-			2,221			-			2,221
TOTAL		$	4,787,313		$	4,909,510		$	4,787,313		$	4,909,510
BOOKINGS:
Power Generation		$	320,079		$	270,214		$	1,011,358		$	1,041,851
Nuclear Operations			93,426			(20,476)			877,434			416,238
Technical Services			12,523			33,055			70,155			86,120
Nuclear Energy			100,837			34,711			238,863			82,839
mPower			-			-			-			-
TOTAL		$	526,865		$	317,504		$	2,197,810		$	1,627,048