March 25, 2009 / 10:52 PM / in 9 years

UPDATE 1-Seacliff posts Q4 profit; says looking at acquisitions

* Q4 EPS C$0.18/shr; adj EPS C$0.30/shr

* Q4 consolidated rev C$138 million

* Sets Q1 div C$0.05/shr

March 25 (Reuters) - Canada’s Seacliff Construction Corp SDC.TO posted a fourth-quarter profit as institutional clients helped it weather the economic slowdown and said it was looking at acquiring other construction companies.

“We remain confident that the institutional infrastructure sector will sustain us at a reasonable level of profitability through this economic downturn,” CEO Bill Crarer said.

With over C$113 million cash on hand and no debt, the company said it was the right time to pursue strategic acquisitions of other general and electrical contracting companies.

For the fourth quarter, Seacliff reported net income of C$3.9 million or 18 Canadian cents a share, compared with C$8.1 million or 53 Canadian cents a share, a year ago.

Excluding items, the company reported earnings of 30 Canadian cents for the quarter ended Dec. 31, in line with the consensus mean of analyst expectations, according to Reuters Estimates.

Seacliff also announced a new quarterly dividend policy and set a dividend of 5 Canadian cents a share for the first quarter.

Shares of the Vancouver, British Columbia-based company closed at C$7.25 Wednesday on the Toronto Stock Exchange. (Reporting by Ashutosh Joshi in Bangalore; Editing by Anthony Kurian) ((ashutosh.joshi@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: ashutosh.joshi.reuters.com@reuters.net))

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below