Investor Presentation August 2020 Tracy Pagliara Randy Lay President and CEO Senior VP & CFO Your Trust. Our Passion . Company Confidential
Cautionary Notes Note: Unless otherwise noted, all discussion is based upon continuing operations. Forward-looking Statement Disclaimer This presentation contains “forward-looking statements” within the meaning of the term set forth in the Private Securities Litigation Reform Act of 1995. The forward- looking statements include statements or expectations regarding the Company’s ability to realize opportunities and successfully achieve its growth and strategic initiatives, the Company’s strategy to generate cash and strengthen its capital structure, the Company’s ability to uplist to a major exchange in 2020, the impact of the COVID-19 pandemic on the Company’s business, operations, and financial condition, the Company’s ability to control costs, future demand for the Company’s services, the Company’s ability to diversity its business, offset the impact of the expected Vogtle project completion, manage expenses, reduce working capital, and improve returns for shareholders, the Company’s performance, work in the nuclear, industrial, and chemical markets, expectations for future growth of revenue, profitability and earnings, including the Company’s ability to grow its core business, expand its customer base, increase backlog and convert backlog to revenue, as well as revenue, profitability and earnings, the Company’s ability to expand in the energy deliver, fossil fuel and renewable energy markets, and other related matters. These statements reflect the Company’s current views of future events and financial performance and are subject to a number of risks and uncertainties, some of which have been, and may further be, exacerbated by the COVID-19 pandemic, including its ability to comply with the terms of its debt instruments and access letters of credit, ability to implement strategic initiatives, business plans, and liquidity plans, and ability to maintain effective internal control over financial reporting and disclosure controls and procedures. Actual results, performance or achievements may differ materially from those expressed or implied in the forward-looking statements. Additional risks and uncertainties that could cause or contribute to such material differences include, but are not limited to, reduced need for construction or maintenance services in the Company’s targeted markets, or increased regulation of such markets, loss of any of the Company’s major customers, whether pursuant to the loss of pending or future bids for either new business or an extension of existing business, termination of customer or vendor relationships, cost increases and project cost overruns, unforeseen schedule delays, poor performance by its subcontractors, cancellation of projects, the impact of the COVID-19 pandemic on the Company generally or on any of the Company’s customers or vendors upon which it relies, including, among other things, changes in capital spending by the Company’s customers and the significant adverse impacts on economic and market conditions of the COVID-19 pandemic and the Company’s ability to respond to the challenges and business disruption presented by the COVID-19 pandemic, the recent disruption of the global energy market and resulting low fuel prices, competition, including competitors being awarded business by current customers, damage to the Company’s reputation, warranty or product liability claims, increased exposure to environmental or other liabilities, failure to comply with various laws and regulations, failure to attract and retain highly-qualified personnel, loss of customer relationships with critical personnel, volatility of the Company’s stock price, deterioration or uncertainty of credit markets, and changes in the economic, social and political conditions in the United States, including the banking environment or monetary policy. Other important factors that may cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the Company’s filings with the U.S. Securities and Exchange Commission, including the section of the Annual Report on Form 10-K for its 2019 fiscal year titled “Risk Factors.” Any forward- looking statement speaks only as of the date of this presentation. Except as may be required by applicable law, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, and you are cautioned not to rely upon them unduly. Non-GAAP Financial Measures This presentation will discuss some non-GAAP financial measures, which the Company believes are useful in evaluating its performance. You should not consider the presentation of this additional information in isolation or as a substitute for results prepared in accordance with GAAP. The Company has provided reconciliations of comparable GAAP to non-GAAP measures in tables found on the slides following the “Supplemental Information” slide of this presentation. 2
Overview & Investment Thesis • A leading provider of construction and maintenance services for blue-chip customers in the energy & industrial markets • Operations restructured, driving improved financial performance/outlook • Tremendous market opportunity with low risk business model; demand largely immune to economic cycles and geopolitical disruptions • Solid and growing backlog – with business development initiatives in place to further diversify the Company and penetrate new end-markets • Good cash flow from operations, with minimal capital expenditures and substantial net operating losses (NOLs) to reduce cash tax obligations • Completed refinancing and rights offering – broadly subscribed – strengthening financial flexibility • Goal to uplist from the OTC to a national exchange in 2020, subject to market conditions Market Capitalization $33M Average Volume (3 mo.) 33,500 Common Shares Outstanding 25.3M 52-Week Price Range $0.87 - $2.20 Ownership: Institutions 55% Recent Price $1.32 Insiders 24% 3
Some Historical Perspective A restructured, streamlined, focused company… New leadership hired to realign business operations & drive growth Finalized sale and closure of non-core operations in 2016-18 Relocated HQ in 2018 — eliminated 30 permanent positions and reduced SG&A by $17.6M Implemented enhanced internal controls over financial reporting and eliminated material weaknesses Put in place strategic growth initiatives to penetrate new markets and diversify backlog Recapitalized balance sheet with refinanced credit facilities and rights offering 4
A Diverse Array of Energy & Industrial Offerings • Capital and maintenance and modification projects and new construction • Protective coatings and linings • Outages, shutdowns and turnarounds • Insulation • Capital construction and upgrades • Asbestos and lead paint abatement • Staff and craft labor • Roofing and siding systems • Welding, machining, safety and quality services • Material condition upgrade programs • Emergency repair services • Fire protection systems • Civil, mechanical and electrical installation and repairs • Valve & turbine maintenance and repairs • Boiler/steam generator service and repair • Wastewater system maintenance and upgrades Fossil Plants Pulp & Paper Mills Nuclear Plants Wastewater Pipeline Terminals & Energy Delivery Stations (Tunnels) Treatment Plants 5 5
Core Markets & Existing/Target Customers ENERGY Power Nuclear Fuel Storage/ Renewables Fossil US/Canada Decommissioning (Nuclear) Energy Delivery INDUSTRIAL Chemical Water Pulp & Paper 6
Williams Current / Recent Project Sites Bruce Power Port Elgin, ON Energy Northwest OPG Pickering, ON Richland, WA AEP Cook Berrien County, MI Pilgram Plymouth, MA ConEd New York, NY Holtec & CDI Camden, NJ Oyster Creek Pixel Lacey Township, NJ Chillicothe, OH Peach Bottom Watts Bar Browns Ferry Delta, PA Spring City, TN Athens, AL GUBMK Knoxville, TN Sequoyah Soddy-Daisy, TN SONGS Pendleton, CA Corporate Headquarters Vogtle Waynesboro, GA Tucker, GA Hatch Nuclear Baxley, GA Fuel Storage / Decommissioning JEA Jacksonville, FL WestRock Fossil, Energy Delivery & Renewables Haldor Topsoe Clay County Utility Authority Cottonton, AL Pasadena, TX Middleburg, FL TOOP Entergy Oil & Gas Orange Park, FL Buckeye Jackson, MS Farley Entergy Corpus Christie, TX Dothan, AL Water GRU River Bend Station, LA Apex Oil Gainesville, FL Galveston, TX Pulp & Paper 7
Addressable Markets – Large and Growing 2020 through 2024 (approximate $ in millions) Target Markets Annual Addressable Opportunities Nuclear – U.S. $200 - $600 Nuclear – Canada $125 - $250 Nuclear – Fuel Storage/ Decommissioning $125 - $300 Fossil $75 - $150 Energy Delivery $50 - $150 Renewables $25 - $100 Chemical $50 - $200 Industrial (Water / Pulp & Paper) $50 - $250 TOTAL ~$700 - $2,000 8
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