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bird COMPANY : LISTING : BIRD CONSTRUCTION INC . TORONTO STOCK EXCHANGE MISSISSAUGA CITY : SYMBOL : BDT DATE : SUBJECT : May 11 , 2021 BIRD CONSTRUCTION INC . ANNOUNCES 2021 FIRST QUARTER FINANCIAL RESULTS " I am pleased to report solid first quarter 2021 financial results despite the negative impacts the global pandemic had on our operations this quarter . The Company has now posted ten successive quarters of trailing twelve month Adjusted EBITDA margin improvement and , once again , Stuart Olson contributed positively to our results demonstrating it has been accretive to Bird shareholders from day one , " said Mr. Teri McKibbon , President and CEO , Bird Construction . " The integrated company is driving new opportunities as our clients recognize the significant bench strength that has started to yield cross - selling opportunities , contributing to a robust and balanced backlog . Through our diverse national capabilities , we are uniquely positioned to benefit from both stronger resource prices and recent government budget announcements with additional infrastructure spending . The integration has resulted in a more resilient business and as we continue to pursue accretive growth , we are well positioned to create long - term value for all stakeholders . " FINANCIAL HIGHLIGHTS First Quarter 2021 compared to First Quarter 2020 • • • • • • Construction revenue of $ 444.6 million , representing a 38.2 % increase year - over - year . Net income and earnings per share were $ 7.1 million and $ 0.13 , respectively , compared to $ 1.1 million and $ 0.03 in Q1 2020 . Adjusted Earnings and Adjusted Earnings Per Share were $ 9.1 million and $ 0.17 , respectively , compared to $ 1.1 million and $ 0.03 in Q1 2020 . Adjusted EBITDA of $ 21.0 million , or 4.7 % of revenues , reflects a 178.2 % increase in Adjusted EBITDA and a 230 bps improvement in Adjusted EBITDA Margin . Backlog of $ 2,627.2 million and Pending Backlog of $ 1,684.9 million at March 31 , 2021 . Strong balance sheet with $ 128.1 million of working capital and $ 79.9 million of non - restricted cash at March 31 , 2021 . Financial Results ( in thousands of Canadian dollars , except per share amounts ) Construction revenue Net income Basic and diluted earnings per share Adjusted Earnings Per Share ( 1 ) Adjusted EBITDA ( 1 ) Cash flows from operations before changes in non - cash working capital ( 2 ) ( 1 ) See " Non - GAAP measures " at the end of this news release . $ ( 2 ) Refer to the section entitled " Cash Flow Data " in the MD & A for the period ended March 31 , 2021 . Three months ended March 31 , 2021 2020 444,637 7,119 $ 321,646 1,123 0.13 0.03 0.17 0.03 21,040 7,562 20,792 $ 7,059