Earnings Call Excerpt
Insituform Technologies Inc. (INSU)
Q3 2009 Earnings Call
October 28, 2009 9:30 am ET
Executives
Joe Burgess – President and Chief Executive Officer
David Martin – Vice President and Chief Financial Officer
David Morris – Senior Vice President and General Counsel
Chuck Voltz – Senior Vice President North American Rehabilitation
Analysts
Arnold Ursaner – CJS Securities
Eric Stine – Northland Securities
Glenn Wortman – Sidoti & Company
Debra Coy – Janney Montgomery Scott
Jonathan Ellis – Bank of America Merrill Lynch
Mark Siegel – Canaccord Adams
Presentation
Operator
Good day and welcome to the Insituform Technologies third quarter 2009 earnings call. Today's call is being recorded. Any financial or statistical information presented during this call including any non-GAAP measures, the most directly comparable GAAP measures and reconciliation to GAAP results will be available on our Website, insituform.com.
During this conference call we will make forward-looking statements, which are inherently subject to risks and uncertainties. Our results could differ materially from those currently anticipated due to a number of factors described in our SEC filings and throughout this conference call.
We do not assume the duty to update forward-looking statements. Please use caution and do not rely on such statements. Now I'd like to turn the call over to Insituform's President and CEO, Joe Burgess.
Joe Burgess
Good morning and thank you for participating on Insituform's call for the third quarter 2009 results. Joining me on today's call are David Martin, Senior Vice President and Chief Financial Officer, David Morris, Senior Vice President and General Counsel and Chuck Voltz, Senior Vice President North American Rehabilitation.
As it has been our practice over the last few quarters, I'll make a few remarks discussing the third quarter results along with some updates on market factors and key projects that will drive future performance. Then we'll spend the balance of the time available responding to your questions.
For the quarter, income from continuing operations was $11.8 million representing a 51% increase over third quarter 2008. Earnings per share continuing operations, excluding the acquisition related credit recorded in the quarter, were $0.28 per diluted share, which is essentially flat with 2008 performance.
We'll look at the individual business units in detail but I note at the outset that North American Sewer Rehabilitation enjoyed another strong quarter, continuing to enjoy gross margins better than 25%, and finally beginning to monetize the backlog that we've been building throughout 2009.
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