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SHAWCOR LTD . ( TSX : SCL ) PRESS RELEASE March 10th , 2021 • • • • • SHAWCOR LTD . ANNOUNCES FOURTH QUARTER 2020 RESULTS Fourth quarter 2020 revenue was $ 326 million , 3 % lower than the $ 334 million reported in the fourth quarter of 2019 . Adjusted EBITDA¹ in the fourth quarter of 2020 was $ 46 million , 56 % higher than the $ 30 million reported in the fourth quarter of 2019. The current quarter includes $ 6 million of COVID - 19 related government wage subsidies . During the fourth quarter of 2020 , the Company sold its Pipeline Performance Products business and recorded a gain of $ 52 million . Net Income² in the fourth quarter of 2020 was $ 56 million ( or earnings per share of $ 0.79 diluted ) compared with a net loss of $ 82 million ( or loss per share of $ 1.17 diluted ) in the fourth quarter of 2019. Excluding the impact of impairment charges , restructuring costs , gains on the sale of land and other , investment in associates , and operating unit and the adjustment for Argentina hyperinflationary accounting , adjusted net income² in the fourth quarter of 2020 was $ 9 million ( or adjusted earnings per share² of $ 0.13 ) compared with adjusted net loss² of $ 4.0 million ( or $ 0.06 adjusted loss per share² ) in the fourth quarter of 2019 . The Company's order backlog was $ 453 million at December 31 , 2020 , lower compared to the backlog of $ 542 million at September 30 , 2020 . Mr. Steve Orr , Chief Executive Officer of Shawcor Ltd. remarked “ Fourth quarter adjusted EBITDA , before COVID related government assistance , was $ 40 million , surpassing the $ 25 to $ 30 million range that we expected . Performance was positively impacted by continued strengthening in the Company's non - oil and gas related businesses and a return to profitability across our oil and gas related businesses , especially offshore pipe coating . Additionally , in the quarter we continued our actions to strengthen our balance sheet , including the sale of the Pipeline Performance Products business , and to keep our employees safe while servicing customers . ” Mr. Orr added “ Although there will be volatility on quarterly performance in 2021 due to project execution timing and yearly seasonal cycles , we have confidence that we will deliver a stronger annual performance over 2020. This improvement will be supported by increased demand for our products and services across all the markets we service , the execution of secured work in our backlog and the positive impact from our cost control activities . Growing optimism for 2021 and beyond is underpinned by supportive long - term fundamentals and our positioning to deliver sustainable results while maintaining the ability to participate in our customers ' large capital projects . ” ' EBITDA , Adjusted EBITDA , adjusted net income or loss and adjusted earnings or loss per share are Non - GAAP measures and do not have standardized meanings under GAAP and are not necessarily comparable to similar measures provided by other companies . See Section 7.0 - Reconciliation of Non - GAAP Measures for further details and a reconciliation of these Non - GAAP measures . 2 Net Income attributable to shareholders of the Company .