Insituform Technologies Reports Record 3rd Quarter Results
Tuesday, October 26, 2010
ST. LOUIS--(BUSINESS WIRE)--Oct. 26, 2010-- Insituform Technologies, Inc. (Nasdaq Global Select Market: INSU) today reported third quarter income from continuing operations of $18.8 million ($0.48 per diluted share), representing a 59.6 percent increase from the third quarter of 2009, when income from continuing operations was $11.8 million ($0.30 per diluted share).
For the first nine months of 2010, income from continuing operations was $43.1 million, or $1.10 per diluted share, compared to $18.4 million, or $0.50 per diluted share, in the first nine months of 2009. Excluding $6.6 million ($4.5 million, net of tax) of acquisition-related expenses associated with the acquisitions of The Bayou Companies and Corrpro Companies, income from continuing operations for the first nine months of 2009 would have been approximately $22.9 million, or $0.62 per diluted share (non-GAAP).
Joe Burgess, President and Chief Executive Officer, commented, “This quarter’s results represent the strongest in our Company’s history. Our bottom-line grew by almost 60 percent from the same period last year, and our operating margin exceeded 11 percent for the quarter, the best in many years. We saw operating income growth across all of our segments, with the exception of Water Rehabilitation, which experienced a modest decline. Our Energy and Mining segment led the way with spectacular performance in each of its business lines - linings, coatings and cathodic protection. While we experienced a slight decline in backlog this quarter, we are continuing to see robust market conditions on a global basis in each of our market segments. With these strong results and our expectations for a solid fourth quarter, we are confident we will achieve our full year guidance of $1.50 to $1.55 in earnings per share.”
“While operating income improved in North American Sewer Rehabilitation by more than 16 percent this quarter, the overall performance in this segment was disappointing. We continued to experience project execution issues that have negatively impacted the business’ gross margin in recent quarters. Since 2009, we have been taking measures to improve our execution quality by upgrading project management talent and making process improvements, but we have more progress to make. The market conditions continue to be strong and this quarter’s margin performance is not indicative of trends in the marketplace. We have increased crew capacity by more than 8 percent from last year at this time, leading to a 15 percent growth in revenue on a last 12 month basis. Our bid table for the upcoming quarter is strong, and we expect to see backlog increases as we head into 2011 and a return to 2009 gross margin levels.”
“Our European Sewer Rehabilitation segment performed well, despite weaker market conditions that have continued to persist in many European countries. Despite a 31 percent decline in revenue, we delivered a 24 percent improvement to operating income, on better project performance and lower operating expenses. Our recent restructuring efforts are beginning to pay dividends, and we expect this segment of our business to continue to deliver improved results. Notwithstanding weak economic conditions, we are seeing improved bidding opportunities in our key markets, including the United Kingdom, the Netherlands and Germany.”
“Performance in our Asia-Pacific Sewer Rehabilitation operation improved during the third quarter, on the strength of our Australian and Singaporean businesses, which have ramped up operating capabilities in 2010. Our Indian operation continued to see project release delays, due to excessive weather conditions and the Commonwealth Games, which recently concluded. We believe that the Indian market will begin releasing projects in the coming months. Each of our operations in Australia, Hong Kong and Singapore have strong backlog and will continue to increase production in the coming quarters. We are also seeing significant prospects for additional work in these markets, along with other growing areas, such as Malaysia, the Philippines, and China.”
“We continued to make strides in our overall development of the InsituMain(TM) product line for our Water Rehabilitation segment during the third quarter. While our third quarter order intake was low, our visibility to new projects continues to be strong. We remain confident that 2011 will yield positive operating results for this segment.”
“Our Energy and Mining segment had its best quarterly operating performance in history, with the Bayou and Corrpro acquisitions delivering more than 20 percent accretion to earnings per share in the third quarter. Each of the Bayou coating facilities had strong production during the quarter due to large projects, and experienced much improved margins. Bayou’s ancillary welding and specialty coatings businesses also delivered stronger profitability and continued to experience favorable market conditions. Once again, Corrpro and United Pipeline Systems contributed strongly to the bottom-line with year over year improved margins throughout each of their geographic operations. Each of these businesses is on pace for record revenue and operating income for the full year. Contract backlog in our Energy and Mining segment was fairly flat with last quarter, while revenue has grown significantly. Market conditions continue to be strong on a global basis for this business unit.”
Consolidated revenues in the third quarter of 2010 were $239.6 million, an 18.7 percent increase over the third quarter of 2009. The increase was driven primarily by our Energy and Mining segment, which increased $33.1 million, or 47.5 percent, from the third quarter of 2009. Within our Energy and Mining segment, we experienced revenue increases across all our businesses, particularly within our coating services operations. Revenues in our North American Sewer Rehabilitation segment increased by $12.5 million, or 13.2 percent, compared to the third quarter of 2009, as a result of higher crew capacity deployed in response to recent backlog growth. Third-party product sales in our North American Sewer Rehabilitation segment were at an all-time quarterly high of $4.9 million, compared to $2.9 million in the third quarter of 2009. Revenues in our Asia-Pacific Sewer Rehabilitation segment decreased by $0.8 million, or 8.4 percent, primarily as a result of lower revenues in India and Hong Kong due to project release delays. Our European Sewer Rehabilitation segment experienced a $7.2 million, or 31.2 percent, decrease in revenue, primarily reflective of lower revenues in France due to weaker backlog and the Netherlands due to timing delays of project releases. Our Water Rehabilitation revenues increased by $0.2 million, or 3.6 percent, for the third quarter of 2010 compared to the prior year quarter.
Consolidated gross profit for the third quarter of 2010 totaled $61.4 million, an increase of $8.3 million, or 15.6 percent, from the same period in 2009. Gross profit as a percent of revenue was 25.6 percent, compared to 26.3 percent in the third quarter of 2009, representing a small decrease, due primarily to lower margins in our North American Sewer Rehabilitation segment. The overall increase in gross profit within our Energy and Mining segment was primarily due to strong performance across all business lines within the segment. Our Energy and Mining segment’s gross profit increased by $9.6 million, or 48.1 percent, in the third quarter of 2010 compared to the prior year quarter. Gross profit in North American Sewer Rehabilitation decreased by $0.1 million, or 0.3 percent, while gross profit margins were lower principally due to project execution issues. Our European Sewer Rehabilitation segment experienced a decrease in gross profit quarter over quarter, due to the decline in revenues and lower performance in France and the Netherlands, while gross profit margins improved to 30.3 percent, compared to 26.8 percent in the third quarter of 2009. Gross profit in our Asia-Pacific Sewer Rehabilitation segment increased substantially as a result of increases in our Australian and Singaporean businesses. Gross profit in our Water Rehabilitation segment decreased by $0.2 million in the third quarter of 2010 compared to the third quarter of 2009, due primarily to weak project execution in the United States and Asia.
Consolidated operating expenses for the third quarter of 2010 decreased $0.9 million, or 2.3 percent, from $37.0 million in the same period of 2009. The decrease was primarily due to continued cost savings in our North American Sewer Rehabilitation and European Sewer Rehabilitation segments. Our Asia-Pacific Sewer Rehabilitation segment recorded an increase in operating expenses due to additional project management and operational support in connection with growth in the business. The increase in operating expense in our Energy and Mining segment was due to the inclusion of operating expenses from Bayou Perma-Pipe Canada, our Canadian pipe coating joint venture (“Bayou-Canada”), and Bayou Delta Double Jointing, our specialty welding joint venture (“DDJ”), which were not included in the third quarter of 2009. Operating expenses as a percentage of revenue decreased to 15.1 percent for the third quarter of 2010 from 18.3 percent in the prior year quarter.
Consolidated operating income in the third quarter of 2010 increased $9.3 million, or 52.3 percent, from $17.7 million in the same period of 2009.
Third quarter net income was $18.8 million, or $0.48 per diluted share. This compares to $9.1 million, or $0.23 per diluted share, for the third quarter of 2009, a 105.6 percent increase.
For the first nine months of 2010, consolidated revenues increased $155.9 million, or 30.4 percent, to $669.0 million compared to the prior year period. Gross profit increased $37.6 million, or 28.5 percent, to $169.3 million compared to the same period of 2009. The primary factors driving improved performance in the third quarter were also responsible for increased profitability during the nine months ended September 30, 2010, in addition to the inclusion of three full quarters of activity from Bayou and Corrpro. Operating expenses increased $15.0 million, or 15.9 percent, to $108.8 million compared to the same period of 2009. In 2009, operating expenses included $6.6 million of acquisition-related expenses from the acquisitions of Bayou and Corrpro, but did not include expenses for the periods prior to their respective acquisition dates. Operating expenses grew in our Asia-Pacific Sewer Rehabilitation and Energy and Mining segments due to significant business growth. The increase in operating expenses in our Energy and Mining segment was attributable to the inclusion of operating expenses for Bayou and Corrpro for the entire nine-month period in 2010 and the inclusion of operating expenses for Bayou-Canada and DDJ, which were not included in the results of the nine-month period ended September 30, 2009.
For the first nine months of 2010, net income was $43.0 million, or $1.09 per diluted share, compared to $14.5 million, or $0.40 per diluted share, in the first nine months of 2009.
Total contract backlog was $454.6 million at September 30, 2010, representing a $13.1 million, or 2.8 percent, decrease from September 30, 2009.
Contract backlog in our North American Sewer Rehabilitation segment was $185.1 million at September 30, 2010, representing a $1.3 million, or 0.7 percent, increase from September 30, 2009. The increase from September 30, 2009 was principally a result of growth in the market over the last year, partially due to federal stimulus funding. The market opportunities in the upcoming quarters remain strong, despite lack of stimulus funding.
Contract backlog in our European Sewer Rehabilitation segment was $26.0 million at September 30, 2010 compared to $40.7 million at September 30, 2009. The decrease in backlog from September 30, 2009 was principally due to market weakness in France and the United Kingdom, coupled with our exit from the Polish, Romanian and Belgium contracting markets. We are beginning to see an increase in bidding opportunities in the United Kingdom, and our strongest market, the Netherlands, remains robust.
Contract backlog in our Asia-Pacific Sewer Rehabilitation segment was $81.3 million at September 30, 2010, representing a $3.2 million, or 3.7 percent, decrease from September 30, 2009. The decrease was due to a backlog decline in India, partially offset by backlog increases in Hong Kong and Australia and the inclusion of Singapore backlog following our acquisition of the Singaporean company in January 2010. Bidding in India has commenced once again, but no significant orders were signed during the third quarter of 2010. Market conditions continue to be strong in Australia, Hong Kong and Singapore, and we are pursuing strategic opportunities in several markets, including Malaysia, the Philippines and China.
Water Rehabilitation contract backlog was $5.9 million at September 30, 2010, compared to $7.5 million at September 30, 2009. We have completed a number of small- and medium-diameter projects and continue to validate our large diameter capability for this market.
Energy and Mining contract backlog at September 30, 2010 was $156.3 million, representing a $5.1 million, or 3.4 percent, increase from September 30, 2009. The increase from September 30, 2009 was due to growth within our industrial liner business, partially offset by declines within our pipe coating businesses. At this time, we are seeing short-term lulls in availability of large diameter pipe coating projects. However, we are experiencing sustained market opportunities on a global basis and we expect to see continued positive growth trends for the foreseeable future due to stronger oil, gas and mining commodity markets.
Unrestricted cash increased in the third quarter of 2010 to $98.2 million from $90.1 million at June 30, 2010, primarily as a result of growth in earnings, while growth in working capital resulting from the significant increase in revenues has constrained cash flow. Unrestricted cash decreased from December 31, 2009 of $106.1 million, due primarily to growth in working capital caused by increased revenue. However, unrestricted cash increased from September 30, 2009 of $90.7 million, as a result of growth in earnings, partially offset by increased working capital.
Insituform Technologies, Inc. is a worldwide leader in global pipeline protection.Insituform provides proprietary technologies and services for rehabilitating sewer, water and energy and mining piping systems and the corrosion protection of industrial pipelines.More information about Insituform can be found on its internet site at www.insituform.com.
The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. The Company makes forward-looking statements in this news release that represent the Company’s beliefs or expectations about future events or financial performance. These forward-looking statements are based on information currently available to the Company and on management’s beliefs, assumptions, estimates or projections and are not guarantees of future events or results. When used in this document, the words “anticipate,” “estimate,” “believe,” “plan,” “intend, ”may,“ ”will“ and similar expressions are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. Such statements are subject to known and unknown risks, uncertainties and assumptions, including those referred to in the ”Risk Factors“ section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2009, as filed with the Securities and Exchange Commission on March 1, 2010. In light of these risks, uncertainties and assumptions, the forward-looking events may not occur. In addition, our actual results may vary materially from those anticipated, estimated, suggested or projected. Except as required by law, we do not assume a duty to update forward-looking statements, whether as a result of new information, future events or otherwise. Investors should, however, review additional disclosures made by the Company from time to time in its periodic filings with the Securities and Exchange Commission. Please use caution and do not place reliance on forward-looking statements. All forward-looking statements made by the Company in this news release are qualified by these cautionary statements.
Regulation G Statement
Insituform has presented certain information in this release excluding certain items that impacted income and diluted earnings per share. The (non-GAAP) earnings per share exclude one or more of the following: the earnings impact of the exclusion of acquisition-related expenses, or the exclusion of Bayou and Corrpro financial information. Insituform management uses such non-GAAP information internally to evaluate financial performance for its operations, as the Company believes it allows the Company to more accurately compare the Company’s ongoing performance across periods.
Insituform(R), the Insituform(R) logo, InsituMain(TM), United Pipeline Systems(R), Bayou Companies(TM) and Corrpro(R) are the registered and unregistered trademarks of Insituform Technologies, Inc. and its affiliates. INSITUFORM TECHNOLOGIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (in thousands, except per share amounts)
For the Three Months EndedSeptember 30, For the Nine Months EndedSeptember 30,
2010 20092010 2009
Revenues$239,585$201,852$668,959$513,060 Cost of revenues 178,166 148,730 499,661 381,349 Gross profit61,41953,122169,298131,711 Acquisition-related expenses(1,700)(1,600)(1,700)6,619 Operating expenses 36,164 37,018 108,790 93,839 Operating income26,95517,70462,20831,253 Other income (expense): Interest income73120240304 Interest expense(1,940)(2,327)(6,204)(5,804) Other 71 363 44 655 Total other expense (1,796) (1,844) (5,920) (4,845) Income before taxes on income25,15915,86056,28826,408 Taxes on income 7,934 4,939 17,618 7,684 Income before equity in earnings of affiliated companies17,22510,92138,67018,724 Equity in earnings of affiliated companies, net of tax 2,792 1,011 5,470 704 Income before discontinued operations20,01711,93244,14019,428 Loss from discontinued operations, net of tax (16) (2,646) (93) (3,936) Net income20,0019,28644,04715,492 Less: net income attributable to noncontrolling interests (1,191) (139) (999) (1,003) Net income attributable to common stockholders$18,810 $9,147 $43,048 $14,489
Earnings per share attributable to common stockholders: Basic: Income from continuing operations$0.48$0.31$1.11$0.50 Loss from discontinued operations (0.00) (0.07) (0.01) (0.10) Net income$0.480.24$1.100.40 Diluted: Income from continuing operations$0.48$0.30$1.10$0.50 Loss from discontinued operations (0.00) (0.07) (0.01) (0.10) Net income$0.48$0.23$1.09$0.40
Weighted average number of shares: Basic39,060,07638,482,48039,032,69836,665,437 Diluted39,419,03839,026,07239,387,91537,095,714
INSITUFORM TECHNOLOGIES. INC. STATEMENT OF OPERATIONS RECONCILIATION (Unaudited) (Non-GAAP) (in thousands, except share and per share information)
Nine Months Ended September 30, 2009
ConsolidatedResults Acquisition-relatedexpenses ResultsExcludingAcquisition-relatedexpenses Post-AcquisitionBayou andCorrproResults ResultsExcludingAcquisition-related expenses andBayou andCorrproResults
Revenues$513,060$-$513,060$131,090$381,970 Cost of revenues 381,349 - 381,349 97,165 284,184 Gross profit131,711-131,71133,92597,786 Operating expenses 100,458 (6,619) 93,839 28,502 65,337 Operating income31,2536,61937,8725,42332,449 Other income (expense): Interest income304-3043301 Interest expense(5,804)-(5,804)(28)(5,776) Other 655 - 655 595 60 Total other income (expense) (4,845) - (4,845) 570 (5,415) Income before taxes on income26,4086,61933,0275,99327,034 Taxes on income 7,684 2,160 9,844 2,201 7,643 Income before equity in earnings of affiliated companies18,7244,45923,1833,79219,391 Equity in earnings of affiliated companies 704 - 704 155 549 Income from continuing operations19,4284,45923,8873,94719,940 Loss from discontinued operations, net of tax (3,936) - (3,936) - (3,936) Net income15,4924,45919,9513,94716,004 Less: net income attributable to noncontrolling interests (1,003) - (1,003) - (1,003) Net income attributable to common stockholders$14,489 $4,459 $18,948 $3,947 $15,001
Earnings per share attributable to common stockholders: Basic: Income from continuing operations$0.50$0.62$0.68 Loss from discontinued operations (0.10) (0.10) (0.14) Net income0.400.52$0.54 Diluted: Income from continuing operations$0.50$0.62$0.67 Loss from discontinued operations (0.10) (0.10) (0.14) Net income$0.40$0.52$0.53
Weighted average number of shares: Basic36,665,43736,665,43727,975,582 Diluted37,095,71437,095,71428,405,859
INSITUFORM TECHNOLOGIES, INC. AND SUBSIDIARIES SEGMENT DATA (Unaudited) (In thousands)
Three Months Ended September 30, Nine Months Ended September 30,
2010 2009 2010 2009
Revenues: North American Sewer Rehabilitation$107,347$94,858$296,051$259,049 European Sewer Rehabilitation15,92923,15251,56262,067 Asia-Pacific Sewer Rehabilitation8,9839,81132,60622,154 Water Rehabilitation4,4454,28911,7708,740 Energy and Mining 102,881 69,742 276,970 161,050 Total revenues$239,585 $201,852 $668,959 $513,060
Gross profit (loss): North American Sewer Rehabilitation$24,019$24,082$68,276$64,915 European Sewer Rehabilitation4,8316,21214,08116,354 Asia-Pacific Sewer Rehabilitation2,9732,6147,6656,382 Water Rehabilitation(10)220808(35) Energy and Mining 29,606 19,994 78,468 44,095 Total gross profit$61,419 $53,122 $169,298 $131,711
Operating income (loss): North American Sewer Rehabilitation$12,006$10,322$29,360$25,844 European Sewer Rehabilitation1,3631,0952,5952,120 Asia-Pacific Sewer Rehabilitation6906134612,407 Water Rehabilitation(497)(334)(685)(2,371) Energy and Mining(1) (2) 13,393 6,008 30,477 3,253 Total operating income$26,955 $17,704 $62,208 $31,253
(1) $6.6 million of acquisition and severance costs were included in the operating results of the Energy and Mining segment for the nine months ended September 30, 2009.
(2) Bayou and Corrpro contributed $5.4 million of operating income to this segment in the nine-month period ended September 30, 2009 during the 222-day period following the Company’s acquisition of Bayou on February 20, 2009 and during the 183-day period following the Company’s acquisition of Corrpro on March 31, 2009.
INSITUFORM TECHNOLOGIES, INC. AND SUBSIDIARIES CONTRACT BACKLOG (Unaudited) (In millions)
Backlog September 30,2010 June 30,2010 March 31,2010 December 31,2009 September 30,2009
North American Sewer Rehabilitation$185.1$206.6$208.6$180.9$183.8 European Sewer Rehabilitation26.022.724.737.240.7 Asia-Pacific Sewer Rehabilitation81.376.073.357.484.5 Water Rehabilitation220.127.116.11.77.5 Energy and Mining 156.3 161.1 187.6 180.2 151.2 Total $454.6 $475.2 $497.1 $463.4 $467.7
(1) Contract backlog is our expectation of revenues to be generated from received, signed and uncompleted contracts, the cancellation of which is not anticipated at the time of reporting. Contract backlog excludes any term contract amounts for which there is not specific and determinable work released and projects where we have been advised that we are the low bidder, but have not formally been awarded the contract.
INSITUFORM TECHNOLOGIES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands, except share amounts)
September 30,2010 December 31,2009
Assets Current assets Cash and cash equivalents$98,230$106,064 Restricted cash6571,339 Receivables, net179,191147,835 Retainage25,69022,656 Costs and estimated earnings in excess of billings73,15764,821 Inventories40,92532,125 Prepaid expenses and other assets30,46327,604 Current assets of discontinued operations 1,189 1,189 Total current assets 449,502 403,633 Property, plant and equipment, less accumulated depreciation 159,338 148,435 Other assets Goodwill182,141180,506 Identified intangible assets, less accumulated amortization74,45378,311 Investments in affiliated companies25,76327,581 Deferred income tax assets10,27111,203 Other assets 5,711 8,827 Total other assets298,339306,428 Non-current assets of discontinued operations 4,040 4,283
Total Assets$911,219 $862,779
Liabilities and Equity Current liabilities Accounts payable and accrued expenses$157,128$146,702 Billings in excess of costs and estimated earnings12,03212,697 Current maturities of long-term debt, line of credit and notes payable11,60812,742 Current liabilities of discontinued operations 311 339 Total current liabilities181,079172,480 Long-term debt, less current maturities94,087101,500 Deferred income tax liabilities33,31631,449 Other liabilities9,38812,849 Non-current liabilities of discontinued operations 1,727 979 Total liabilities 319,597 319,257
Stockholders’ equity Preferred stock, undesignated, $.10 par - shares authorized 2,000,000; none outstanding-- Common stock, $.01 par - shares authorized 125,000,000 and 60,000,000; shares issued and outstanding 39,234,350 and 38,933,944392389 Additional paid-in capital249,974242,563 Retained earnings329,835286,787 Accumulated other comprehensive income 3,481 8,313 Total stockholders’ equity before noncontrolling interests583,682538,052 Noncontrolling interests 7,940 5,470 Total equity 591,622 543,522
Total Liabilities and Equity$911,219 $862,779
INSITUFORM TECHNOLOGIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (in thousands)
For the Nine MonthsEnded September 30,
Cash flows from operating activities: Net income$44,047$15,492 Loss from discontinued operations 93 3,936 Income from continuing operations44,14019,428 Adjustments to reconcile to net cash provided by operating activities: Depreciation and amortization22,97119,966 (Gain) loss on sale of fixed assets19(171) Equity-based compensation expense5,2273,603 Deferred income taxes2,329641 Dividend received, net of loss from equity in earnings of affiliated companies9401,777 Reversal of earnout(1,700)(1,600) Other(889)451 Changes in operating assets and liabilities: Restricted cash623(121) Receivables net, retainage and costs and estimated earnings in excess of billings(41,455)(11,707) Inventories(8,472)403 Prepaid expenses and other assets(2,098)9,636 Accounts payable and accrued expenses 7,017 (8,889) Net cash provided by operating activities of continuing operations28,65233,417 Net cash provided by (used in) operating activities of discontinued operations (441) 1,632 Net cash provided by operating activities 28,211 35,049
Cash flows from investing activities: Capital expenditures(28,630)(15,833) Proceeds from sale of fixed assets381916 Proceeds from net foreign investment hedges-6,818 Patent expenditures(1,176)(1,948) Purchase of Singapore licensee(1,257)- Purchase of Insituform-Hong Kong and Insituform-Australia-(278) Purchase of Bayou and Corrpro, net of cash acquired - (209,714) Net cash used in investing activities of continuing operations(30,682)(220,039) Net cash provided by investing activities of discontinued operations - 750 Net cash used in investing activities (30,682) (219,289)
Cash flows from financing activities: Proceeds from issuance of common stock, including tax benefit of stock option exercises2,162128,204 Proceeds from notes payable597- Principal payments on notes payable(1,808)(2,438) Investments from noncontrolling interests1,681- Distribution to noncontrolling interests(398)- Dividend paid to non-controlling interest-(959) Principal payments on long-term debt(7,500)(5,000) Proceeds from long-term debt - 50,000 Net cash provided by (used in) financing activities (5,266) 169,807 Effect of exchange rate changes on cash (97) 5,775 Net decrease in cash and cash equivalents for the period(7,834)(8,658) Cash and cash equivalents, beginning of period 106,064 99,321 Cash and cash equivalents, end of period$98,230 $90,663
CONTACT: Insituform Technologies, Inc.
David A. Martin, Senior Vice President and Chief Financial Officer
KEYWORD: UNITED STATES NORTH AMERICA MISSOURI
INDUSTRY KEYWORD: CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE OTHER CONSTRUCTION & PROPERTY
SOURCE: Insituform Technologies, Inc. Copyright Business Wire 2010 http://www.businesswire.com/news/home/20101025007360/en
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