Canada Dividend Investor: CUQ - <span class="din">The Churchill Corporation Reports 2012 Second Quarter Results, Declares Quarterly Dividend</span> (CAD 0.12)

Company: Churchill Corp A
Stock Name: CUQ
Amount: CAD 0.12
Announcement Date: 08/08/2012
Record Date: 26/09/2012

Dividend Detail:

Industrial and Commercial Systems Backlog Continues to Grow

CALGARY, Aug. 8, 2012 /CNW/ - The Churchill Corporation (TSX: CUQ, CUQ.DB) ("Churchill" or the "Corporation") today released its 2012 second
quarter results and declared a quarterly dividend of $0.12 per common
share. For the second quarter of 2012, Churchill's revenue was $295.8
million, EBITDA was $4.6 million, and Churchill recorded a net loss of
$4.2 million. Comparable results for the second quarter of 2011 were
revenue of $340.9 million, EBITDA of $17.0 million and net earnings of
$5.8 million. Backlog as of June 30, 2012 was $1,570.4 million compared
to $1,842.6 million as of December 31, 2011.

The dividend will be paid October 16, 2012 to shareholders of record on
September 28, 2012. The ex-dividend date is September 26, 2012. The
Corporation has a dividend reinvestment plan in place for which details
are available on Churchill's website (www.churchillcorporation.com).

SECOND QUARTER OPERATIONAL HIGHLIGHTS

Industrial Services segment backlog increases to $288.0 million compared
to $239.5 million at March 31, 2012.

Commercial Systems segment backlog increase to $218.0 million compared
to $204.4 million at March 31, 2012.

Executed a 5-year multiple use field and plant maintenance master
service agreement with a leading Canadian integrated energy company
active in Alberta's oil sands.

Negotiated improved terms and conditions for its $200 million senior
secured credit facility.

FINANCIAL HIGHLIGHTS

��

3 Months Ended June 30

��

6 Months Ended June 30

($millions, except per share amounts)

��

2012

��

2011

��

2012

��

2011

Contract revenue

��

295.8

��

340.9

��

629.0

��

645.6

Contract income

��

25.9

��

35.7

��

61.5

��

72.3

EBITDA from continuing operations

��

4.6

��

17.0

��

18.5

��

34.2

Net earnings (loss)

��

(4.2)

��

5.8

��

(1.0)

��

11.5

Net earnings (loss) per common share

��

- Basic

��

(0.17)

��

0.24

��

(0.04)

��

0.48

��

- Diluted

��

(0.17)

��

0.22

��

(0.04)

��

0.47

��

As of June 30, 2012

��

As of Dec. 31, 2011

Backlog

��

1,570.4

��

1,842.6

Long-term debt (excluding current portion)

��

69.7

��

60.4

Convertible debentures

��

77.9

��

76.7

Total assets

��

817.7

��

888.5

These financial results are presented in conformance with International
Financial Reporting Standards ("IFRS"). All figures are in Canadian
dollars unless otherwise noted. Certain financial and operational
measures referred to in this press release, including "EBITDA" and
"backlog", are not prescribed measures under IFRS. For a description of
these measures, see the Terminology section in Churchill's second
quarter 2012 management discussion and analysis ("MD&A").

Backlog of $1,570.4 million as of June 30, 2012, (December 31, 2011 -
$1,842.6 million) was comprised of General Contracting segment backlog
of $1,064.4 million (December 31, 2011 - $1,445.3 million); Commercial
Systems segment backlog of $218.0 million (December 31, 2011 - $133.3
million); and Industrial Services segment backlog of $288.0 million
(December 31, 2011 - $264.0 million).

Revenue for the second quarter of 2012 was $295.8 million compared to
$340.9 million in the three months ended June 30, 2011, a 13% decrease.
Revenue declined in the General Contracting and Industrial Services
operating segments by $38.6 million (18%) and $8.3 million (9%),
respectively. Second quarter 2012 revenue for the Commercial Systems
segment was $46.4 million compared to $46.0 million in the second
quarter of 2011.

Second quarter 2012 EBITDA was $4.6 million, compared to $17.0 million
reported in the second quarter of 2011. The decrease in EBITDA resulted
primarily from the weather and project challenges incurred in Alberta,
Saskatchewan and Manitoba.

Churchill reported a net loss of $4.2 million in the second quarter of
2012, compared to reported net earnings of $5.8 million in the three
months ended June 30, 2011. The difference was primarily attributable
to the change in EBITDA set out above.

"These second quarter of 2012 results were impacted by project specific
operational challenges," said Daryl Sands, Churchill's Executive Vice
President and CFO. "Wet weather conditions across the prairies,
administrative delays at customer sites and project execution delays
caused by the performance by a key subcontractor materially impacted
our results."

OUTLOOK

Churchill is well positioned in Western Canada to compete for projects
through its three operating business segments.

Margins for Stuart Olson Dominion are expected to gradually improve in
the latter part of 2012 and into 2013 as several legacy projects are
completed and recently awarded projects transition from design to the
tendering and construction phase.

Canem expects to deliver margins that are modestly lower than its first
half 2012 results as projects awarded in more competitive times, and
project delays resulting in a slower pace of activity, continue to be
reflected in margins.

Within the Industrial Services segment, CSG had a strong quarter as it
executed a significant amount of turnaround and maintenance work in
Alberta's oil sands. Recent backlog additions continue to provide good
visibility to future potential earnings. After a challenging quarter,
Broda is expected to turn around its operational results in the second
half of the year.

About The Churchill Corporation

The Churchill Corporation provides building construction, commercial and
industrial electrical contracting, earthmoving and industrial
insulation services to an array of public and private sector clients.
Churchill operates office locations throughout British Columbia,
Alberta, Saskatchewan, Manitoba and northern Ontario. Churchill common
shares and convertible debentures are listed on the Toronto Stock
Exchange under the symbols "CUQ" and "CUQ.DB", respectively. www.churchillcorporation.com

Forward Looking Information

This press release contains certain statements that may constitute
forward-looking information within the meaning of applicable securities
laws. This forward-looking information includes, without limitation,
statements pertaining to the Corporation's current and future projects,
and in respect to those projects, the completion status, associated
risks, margin improvement or decline, and potential earnings. Often,
but not always, forward-looking information can be identified by the
use of such words as "may", "will", "expect", "believe", "plan",
"intend", "estimate", "outlook", "forecast", "should", "anticipate" and
other similar terminology, including statements concerning possible or
assumed future results. Forward-looking information is based on
management's reasonable assumptions, analysis and estimates in respect
of its experience and perception of trends, current economic
conditions, government policies and expected developments, as well as
other material factors that it considers to be relevant at the time of
making such statements.

The forward-looking information in this press release is included solely
for the purpose of assisting investors in understanding the
Corporation's financial position and the results of its operations as
at the date hereof.�� By its nature, forward-looking information
involves known and unknown risks and uncertainties, which give rise to
the possibility that management's assumptions, analysis and estimates
will be incorrect and that the Corporation's anticipated results will
not be achieved. Although the Corporation believes that the statements
with respect to forward-looking information are reasonable and current,
such statements should not be interpreted as a guarantee of future
performance or results, and will not necessarily be an accurate
indication of whether or not such results will be achieved.
Forward-looking information is necessarily subject to a number of
factors that may cause actual results to differ materially from those
results implied by the expectations suggested by such information.
Those factors include, without limitation, the risks and uncertainties
described in the Corporation's Annual Information Form filed with the
securities regulatory authorities in Canada under the Corporation's
profile at www.sedar.com.�� Readers are encouraged to consider the foregoing risks and other
factors carefully when evaluating the forward-looking information and
are cautioned not to place undue reliance upon such information when
making investment decisions.

The forward-looking information in this press release is current to the
date hereof, and is subject to change following such date.�� While the
Corporation may elect to do so, unless required by applicable law, it
undertakes no obligation to update this information to reflect new
information or circumstances at any particular time.

��

SOURCE: The Churchill Corporation

For further information:

Andrew Apedoe
Vice President, Investor Relations
The Churchill Corporation
(403) 685-7775
Email:��inquiries@churchill-cuq.com

Ken Wetherell, CFA
Director, Investor Relations
The Churchill Corporation
(403) 685-7776
Email:��inquiries@churchill-cuq.com

Canada Dividend Investor

Wednesday, August 8, 2012

CUQ - <span class="din">The Churchill Corporation Reports 2012 Second Quarter Results, Declares Quarterly Dividend</span> (CAD 0.12)

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