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Shimmick Corporation (NASDAQ: SHIM) is a top-tier provider of water and critical infrastructure solutions across the United States. The company has a specialized focus on Water Treatment, Water Resources, and other essential infrastructure projects. Shimmick is well-known for its role in expanding, rehabilitating, upgrading, and rebuilding water and wastewater treatment facilities, including cutting-edge desalination plants. Additionally, the company works on improving water storage, dams, levees, flood control systems, and coastal protection.
Shimmick’s significance extends to mass transit systems, bridges, and military infrastructure, ensuring the nation's critical infrastructure is built, retrofitted, expanded, and maintained to the highest standards. The company's expertise is backed by a team of industry veterans, many of whom have over two decades of experience, ensuring reliable and effective project delivery.
Recent achievements for Shimmick include a remarkable 24% growth in project engagements and a gross margin of 7%. For the fiscal year ending December 29, 2023, the company reported an adjusted net income of $11 million, reflecting its ongoing efforts to optimize operational performance. Looking ahead, Shimmick is focusing on enhancing its water infrastructure capabilities while also addressing legacy project challenges.
In recent news, Shimmick announced a series of strategic actions to enhance liquidity, including the sale of non-core assets and the establishment of new financing arrangements. These initiatives aim to stabilize the company's financial condition and support its ongoing transformation into a leading water infrastructure provider.
Shimmick remains committed to delivering high-quality infrastructure solutions and maintains strong partnerships with various stakeholders, ensuring project success and customer satisfaction. The company continues to adapt and evolve, positioning itself for sustained growth and profitability in the dynamic infrastructure sector.
Shimmick (Nasdaq: SHIM), a leading water infrastructure company, has been named an Engineering-News Record Top 400 Contractor, ranking No. 193 with $656 million in annual revenue. The company also secured the No. 43 spot as a Top 50 Heavy Domestic contractor with $611 million in domestic heavy revenue.
Shimmick's ranking reflects its growing focus on water infrastructure projects, including a $248.5 million Regional Water Reclamation Facility Expansion project in Lake Elsinore, CA, a $68.1 million Laguna Treatment Plant Disinfection Improvements Project in Santa Rosa, CA, and a $114.4 million U.S. Army Corps of Engineers Folsom Main, Left Wing and Right-Wing Dams project. These initiatives underscore the company's commitment to addressing critical water challenges and expanding its presence in the water infrastructure sector.
Shimmick (Nasdaq: SHIM) has secured a $27.6 million subcontract for electrical work on the Sunol Valley Water Treatment Plant Ozonation project. This is part of a larger $234.8 million prime contract awarded to J.F. Shea Construction by the San Francisco Public Utilities Commission. The project, located in Sunol, Alameda County, aims to improve water quality for millions of Bay Area residents.
Shimmick's scope includes installing high-voltage power systems, instrumentation, and controls for the new ozonation facility. The project involves constructing an Ozone Generator Building, an Ozone Contact Basin, and supporting systems. This ozonation system will provide additional primary disinfection, improve treatment reliability, and offer protection against potential emerging contaminants.
Shimmick (Nasdaq: SHIM), a leading water infrastructure company, announced a key leadership change on June 21, 2024. Amanda Mobley has been promoted to interim Chief Financial Officer, replacing Devin Nordhagen, who is stepping down to pursue other interests. Devin will assist with the transition. Amanda has been with Shimmick since 2011 and has extensive experience in financial management roles. She previously worked as an Audit Manager for KPMG, focusing on public financial companies. Shimmick's CEO, Steve Richards, expressed confidence in Amanda's capacity to drive the company's next growth phase.
Shimmick, a leading water infrastructure company, has announced several strategic actions to enhance liquidity and drive transformation. The company has signed a $17.5 million asset purchase agreement for its foundation drilling assets, expected to close by the end of the week. Shimmick has also amended its credit facility with MidCap to cure a previously disclosed default. The quarterly report for March 29, 2024, will be filed with no changes to financial results. A settlement has been reached with AECOM regarding a lawsuit, and Peter Kravitz joins the board as an independent member. Additionally, Shimmick has secured a new $60 million revolving credit facility.
Shimmick Corp. (NASDAQ: SHIM), a leading water infrastructure company, reported first-quarter 2024 financial results, including $120 million in revenue, and $90 million from Shimmick Projects. The company experienced a net loss of $33 million and an Adjusted EBITDA loss of $24 million. Legacy backlog revenue decreased to $23 million from $56 million last year, resulting in a negative gross margin of $11 million. Shimmick announced the sale of non-core assets for $39 million and a plan to reduce future capital expenditures. The backlog stands at over $1 billion, with 83% comprising Shimmick Projects. Shimmick also won new projects, including an ozonation water project and a drainage system for over 10,000 acres. The company expects to delay filing its Quarterly Report on Form 10-Q due to ongoing negotiations with MidCap over compliance with credit facility covenants. CEO Steve Richards noted progress in evolving the business, despite challenges with legacy loss projects. Results are based on preliminary data, subject to further review.
Shimmick , a leading water infrastructure company, will release its first quarter 2024 results on May 13, 2024, followed by a conference call. Investors can access the call via phone or webcast. The company's stock symbol is SHIM on Nasdaq.
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