Hill International Inc. (HIL, Financial) filed Quarterly Report for the period ended 2010-06-30.
Hill International Inc. has a market cap of $187.7 million; its shares were traded at around $4.65 with a P/E ratio of 10.3 and P/S ratio of 0.4.
decreases of $2,076,000 in Iraq, $1,457,000 in the Middle East and $764,000 in Poland, all driven by decreased CFR. This was partially offset by an increase of $1,409,000 in North Africa. The increase in domestic operations included $1,140,000 for Boyken and TRS and $785,000 in the New York region.
The increase in construction claims gross profit of $1,065,000 included increases of $1,172,000 in the Middle East, $416,000 in the Western region of the U.S. and $328,000 from McLachlan Lister, partially offset by a decrease in the United Kingdom.
The decrease in Project Management operating profit primarily included decreases of $3,580,000 in Iraq and $1,674,000 in the Middle East in line with the decreases in CFR and equity in earnings of affiliates discussed above. This was partially offset by an increase in North Africa of $1,900,000. In addition, due to the strengthening of the U.S. dollar against the Euro and British pound, the translation of those currencies caused a decrease in operating profit of $508,000.
Net interest expense increased $334,000 to $654,000 in the three-month period ended June 30, 2010 as compared with $320,000 in the three-month period ended June 30, 2009, primarily due to increased borrowings driven primarily by the acquisitions of Boyken, TRS, McLachlan Lister and the purchase of treasury stock.
For the three-month periods ended June 30, 2010 and 2009, we recognized net tax expense of $428,000 and $1,161,000, respectively. The Companys income tax expense for the three-month period ended June 30, 2009 was net of $142,000 benefit related to interest recalculations recognized as a reduction in the reserves for uncertain tax positions.
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Hill International Inc. has a market cap of $187.7 million; its shares were traded at around $4.65 with a P/E ratio of 10.3 and P/S ratio of 0.4.
Highlight of Business Operations:
During the second quarter of 2010, Hills project management CFR decrease of 2.0% included an organic decrease of 5.5% primarily in the Middle East and Europe partially offset by a 3.5% increase due to the acquisitions of Boyken International, Inc. (Boyken) and TRS Consultants, Inc. (TRS). The dollar decrease in project management CFR consisted of a $6,469,000 decrease in foreign projects and an increase of $5,064,000 in domestic projects. The decrease in foreign project management CFR was primarily due to decreases of $5,789,000 in Iraq, where Hills work on the Iraq Reconstruction Program is winding down, and $1,869,000 in the rest of the Middle East where work in Dubai decreased due to the poor economic conditions in that region. In addition, due to the strengthening of the U.S. dollar against the Euro and British pound, the translation of those currencies caused a decrease in CFR of $2,155,000. This was partially offset by an increase of $3,115,000 in North Africa due to expansions of contracts in Libya. The increase in domestic projects consisted primarily of the acquisitions of Boyken and TRS, along with increases in the New York and Southwest regions.decreases of $2,076,000 in Iraq, $1,457,000 in the Middle East and $764,000 in Poland, all driven by decreased CFR. This was partially offset by an increase of $1,409,000 in North Africa. The increase in domestic operations included $1,140,000 for Boyken and TRS and $785,000 in the New York region.
The increase in construction claims gross profit of $1,065,000 included increases of $1,172,000 in the Middle East, $416,000 in the Western region of the U.S. and $328,000 from McLachlan Lister, partially offset by a decrease in the United Kingdom.
The decrease in Project Management operating profit primarily included decreases of $3,580,000 in Iraq and $1,674,000 in the Middle East in line with the decreases in CFR and equity in earnings of affiliates discussed above. This was partially offset by an increase in North Africa of $1,900,000. In addition, due to the strengthening of the U.S. dollar against the Euro and British pound, the translation of those currencies caused a decrease in operating profit of $508,000.
Net interest expense increased $334,000 to $654,000 in the three-month period ended June 30, 2010 as compared with $320,000 in the three-month period ended June 30, 2009, primarily due to increased borrowings driven primarily by the acquisitions of Boyken, TRS, McLachlan Lister and the purchase of treasury stock.
For the three-month periods ended June 30, 2010 and 2009, we recognized net tax expense of $428,000 and $1,161,000, respectively. The Companys income tax expense for the three-month period ended June 30, 2009 was net of $142,000 benefit related to interest recalculations recognized as a reduction in the reserves for uncertain tax positions.
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