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SHAWCOR SHAWCOR LTD . ( TSX : SCL ) PRESS RELEASE SHAWCOR LTD . ANNOUNCES SECOND QUARTER 2021 RESULTS _ TORONTO , August 10 , 2021 Shawcor Ltd. ( " Shawcor ” or the “ Company ” ) ( TSX : SCL ) reported today its operational and financial results for the three months ended June 30 , 2021. This press release should be read in conjunction with the Company's Management Discussion and Analysis ( MD & A ) and interim consolidated financial statements for the three months ended June 30 , 2021 , which are available on the Company's website and at www.sedar.com . • • • Second quarter 2021 revenue was $ 306 million , 15 % higher than the $ 266 million reported in the second quarter of 2020 . Adjusted EBITDA¹ in the second quarter of 2021 was $ 35.2 million , reflecting $ 3.1 million of COVID - 19 related government wage subsidies , 719 % higher than the $ 4.3 million of Adjusted EBITDA reported in the second quarter of 2020 , which included $ 7.5 million of COVID - 19 related government wage subsidies . Net Income² in the second quarter of 2021 was $ 2.6 million ( or income per share of $ 0.04 diluted ) compared with a net loss of $ 36.9 million ( or $ 0.52 loss per share diluted ) in the second quarter of 2020. Adjusted net income¹² in the second quarter of 2021 was $ 10.8 million ( or adjusted income per share ¹² of $ 0.15 ) compared with adjusted net loss¹² of $ 21.9 million ( or $ 0.31 adjusted loss per share ¹² ) in the second quarter of 2020 . The Company's order backlog was $ 489 million at June 30 , 2021 , compared to the backlog of $ 521 million at March 31 , 2021 . 1,2 Mr. Mike Reeves , President & Chief Executive Officer of Shawcor Ltd. remarked “ During the second quarter Shawcor delivered Adjusted EBITDA of $ 35.2 million on $ 305.9 million of revenue . Strong performance in all business segments was driven by sequentially higher pipeline coating margins , improved demand for composite pipe and robust order intake across Shawcor's non - oil and gas product portfolio . " Mr. Reeves added “ While Shawcor , like many of our peers , continues to experience raw material supply chain tightness , supportive fundamentals in the majority of our diverse end markets coupled with Shawcor's substantial backlog , commitment to technical innovation and disciplined cost management position the Company to deliver positive financial results for the remainder of 2021 and beyond while keeping our employees healthy and safe . " 1 EBITDA , Adjusted EBITDA , adjusted net income or loss and adjusted earnings or loss per share are Non - GAAP measures . Non - GAAP measures do not have standardized meanings under GAAP and are not necessarily comparable to similar measures provided by other companies . See Section 5.0 – Reconciliation of Non - GAAP Measures for further details and a reconciliation of these Non - GAAP measures . 2 Net Income ( Loss ) attributable to shareholders of the Company .