Churchill Corporation

Annual Highlights

2007 Highlights

Revenue was up 38% to $736.1 million
Net earnings grew 160% to $21.1 million
Work-in-hand grew 45% to $714 million
Record revenue of $525 million and pre-tax profit of $24.4 million by Stuart Olson
Tenth consecutive year of profit from Insulation Holdings
Record revenue of $117 million and pre-tax profit of $6.1 million by Laird Electric

2006 Highlights

Record revenue of $531.3 million
Sustained profitability growth
Record growth of 100% work-in-hand to $493.9 million
Increased credit facility to $21 million and added a $3 million leasing facility
Strong construction markets in Alberta, British Columbia and Saskatchewan

2005 Highlights

2004 Highlights

Stuart Olson achieved a very positive turnaround in financial results during the year
Fuller Austin had a very successful year both in terms of project execution and work procurement
Churchill succeeded in procuring work for the new fabrication facility
Both Triton and Fuller Austin secured contracts for larger projects during the year

2003 Highlights

In spite of an overall loss for the year, throughout 2003 Churchill achieved steady improvement in its quarterly financial results
In February of 2003,Churchill acquired Laird Electric, a company with strong client relationships in the Fort McMurray area
Churchill’s industrial insulation businesses had a very successful year
Lakehead Insulation, acquired in 2002, completed substantial projects, one of which was the first major insulation project Churchill companies secured in the southern Ontario industrial market
Triton added several experienced large-project managers to its roster, as well as expanding its office in Fort McMurray
A result of the project delays in 2003 gave Stuart Olson one of the largest year-end backlogs - $263.5 million - in the company’s history, meaning higher revenue and improved profitability in 2004. Restructuring of the Edmonton branch in 2003 has already resulted in improvements in revenue, profit margins and backlogs

2002 Highlights

Revenue was $312 million, up $19 million from $293 million in 2001
Net earnings were $1.0 million ($0.09 per share), compared with $5.3 million ($0.50 per share) in 2001
Return on shareholders’ equity was 3%, compared to 19% in 2001; 2002 was the first year in the past six years Churchill did not achieve top-quartile return on shareholders’ equity
Work in hand increased to a year-end record $317 million, up $48 million, or 18%, from $269 million at the end of 2001
Share price declined 8%, compared to a 12% decline in the Toronto Stock Exchange 300 Index
Acquired Lakehead Insulation in January 2002
Negotiated the acquisition of Laird Electric, which closed in early 2003

2001 Highlights

Revenue was $293 million, compared with $314 million in 2000
Earnings before interest, taxes, depreciation and amortization were $11.0 million, compared with $13.7 million in 2000
Net earnings were $5.3 million, compared with $6.7 million in 2000
Earnings per share were $0.50, compared with $0.63 in 2000
Book value per share increased 21% to $2.89 from $2.39
Return on shareholders’ equity was 19%, in the top quartile of Canadian public companies for the fifth consecutive year
Work in hand increased to a year-end record $269 million, up $36 million from $233 million at the end of 2000
Shares appreciated 59%, outperforming the TSE 300 Index by 72%

2000 Highlights