Great Lakes Dredge reports record results

Sand berm building after the Deepwater Horizon spill helped Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) achieve record  financial results for the quarter and year ended December 31, 2010. Great Lakes is the largest provider of dredging services in the U.S.

President & CFO Bruce Biemeck said, “Great Lakes delivered another record year, resulting in net income attributable to Great Lakes for the year ended December 31, 2010 of $34.6 million, nearly double that of 2009. The results in 2010 were driven by increased fleet employment throughout the year and improved average margins on projects. During the second half of 2010, we worked on the berm construction project related to the Deepwater Horizon oil spill. We are proud of our response to this important undertaking, and our contributions to constructing the sand berms off the Louisiana coast. One of our vessels continues to work on this project in the first quarter of 2011.”

“We ended 2010 with the $45 million acquisition of L.W. Matteson, Inc., a maintenance dredging, environmental dredging and levee construction company headquartered in Burlington, Iowa.” Mr. Bierneck said. “Matteson fits well into our strategy of growing the Company through opportunities that are complementary to our skill sets. In addition, Matteson performs levee and lake dredging with its smaller portable dredges, a market in which Great Lakes has not competed since our business evolved into larger special purpose equipment. Matteson will be a part of our new Rivers and Lakes market in 2011. The integration of the business in the first two months has gone well, and we anticipate this acquisition will be accretive to earnings and EBITDA in 2011.”

You can access the full fourth quarter and year end report HERE

February 22, 2011