Delaware
|
13-3032158
|
(State
or other jurisdiction of
incorporation
or organization)
|
(I.R.S.
Employer Identification No.)
|
Class
|
Outstanding
at April 24, 2006
|
|
Class
A Common Stock, $.01 par value
|
27,176,273
Shares
|
Page
No.
|
|||
Part
I
|
Financial
Information:
|
||
Item
1.
|
Financial
Statements (unaudited):
|
||
Consolidated
Statements of Income for the Three Months Ended March 31, 2006 and
2005
|
3 | ||
Consolidated
Balance Sheets as of March 31, 2006 and December 31, 2005
|
4 | ||
Consolidated
Statements of Cash Flows for the Three Months Ended March 31, 2006
and
2005
|
5 | ||
Notes
to Consolidated Financial Statements as of March 31, 2006
|
6 | ||
Item
2.
|
Management’s
Discussion and Analysis of Financial
|
||
Condition
and Results of Operations
|
17 | ||
Item
3.
|
Quantitative
and Qualitative Disclosures About Market Risk
|
25 | |
Item
4.
|
Controls
and Procedures
|
25
|
|
Part
II
|
Other
Information:
|
||
Item
1.
|
Legal
Proceedings
|
26 | |
Item
4.
|
Submission
of Matters to a Vote of Security Holders
|
26
|
|
Item
6.
|
Exhibits
|
27 | |
Signatures
|
28
|
||
Index
to Exhibits
|
29
|
For
the Three Months
|
|||||||
Ended
March 31,
|
|||||||
2006
|
2005
|
||||||
Revenues
|
$
|
143,564
|
$
|
136,277
|
|||
Cost
of revenues
|
114,899
|
110,178
|
|||||
Gross
profit
|
28,665
|
26,099
|
|||||
Operating
expenses
|
22,887
|
23,458
|
|||||
Operating
income
|
5,778
|
2,641
|
|||||
Other
(expense) income:
|
|||||||
Interest
expense
|
(1,809
|
)
|
(2,167
|
)
|
|||
Interest
income
|
518
|
291
|
|||||
Other
|
133
|
45
|
|||||
Total
other expense
|
(1,158
|
)
|
(1,831
|
)
|
|||
Income
before taxes on income
|
4,620
|
810
|
|||||
Taxes
on income
|
1,594
|
283
|
|||||
Income
before minority interests and equity in earnings
|
3,026
|
527
|
|||||
Minority
interests
|
(27
|
)
|
(40
|
)
|
|||
Equity
in earnings (losses) of affiliated companies
|
35
|
(87
|
)
|
||||
Net
income
|
$
|
3,034
|
$
|
400
|
|||
Basic
earnings per share
|
$
|
0.11
|
$
|
0.01
|
|||
Diluted
earnings per share
|
$
|
0.11
|
$
|
0.01
|
March
31, 2006
|
December
31, 2005
|
|||||||
Assets
|
||||||||
Current
Assets
|
||||||||
Cash
and cash equivalents
|
$
|
64,148
|
$
|
77,069
|
||||
Restricted
cash
|
6,512
|
5,588
|
||||||
Receivables,
net
|
84,516
|
85,896
|
||||||
Retainage
|
33,806
|
33,138
|
||||||
Costs
and estimated earnings in excess of billings
|
39,647
|
32,503
|
||||||
Inventories
|
18,989
|
15,536
|
||||||
Prepaid
expenses and other assets
|
23,579
|
24,294
|
||||||
Total
current assets
|
271,197
|
274,024
|
||||||
Property,
plant, and equipment,
less accumulated depreciation
|
93,170
|
95,657
|
||||||
Other
assets
|
||||||||
Goodwill
|
131,536
|
131,544
|
||||||
Other
assets
|
15,774
|
17,103
|
||||||
Total
other assets
|
147,310
|
148,647
|
||||||
Total
Assets
|
$
|
511,677
|
$
|
518,328
|
||||
Liabilities
and Stockholders’ Equity
|
||||||||
Current
liabilities
|
||||||||
Current
maturities of long-term debt
|
$
|
16,646
|
$
|
18,264
|
||||
Accounts
payable and accrued expenses
|
94,110
|
94,560
|
||||||
Billings
in excess of costs and estimated earnings
|
15,680
|
14,017
|
||||||
Total
current liabilities
|
126,436
|
126,841
|
||||||
Long-term
debt,
less current maturities
|
65,055
|
80,768
|
||||||
Other
liabilities
|
5,102
|
5,497
|
||||||
Total
liabilities
|
196,593
|
213,106
|
||||||
Minority
interests
|
1,759
|
1,726
|
||||||
Commitments
and contingencies (Note 7)
|
-
|
-
|
||||||
Stockholders’
equity
|
||||||||
Preferred
stock, undesignated, $.10 par - shares authorized
|
||||||||
2,000,000;
none outstanding
|
-
|
-
|
||||||
Common
stock, $.01 par - shares authorized 60,000,000;
|
||||||||
shares
issued 29,531,573 and 29,294,849;
|
||||||||
shares
outstanding 27,174,109 and 26,937,385
|
295
|
293
|
||||||
Unearned
restricted stock
|
(1,703
|
)
|
(937
|
)
|
||||
Additional
paid-in capital
|
147,417
|
140,309
|
||||||
Retained
earnings
|
215,119
|
212,085
|
||||||
Treasury
stock - 2,357,464 shares
|
(51,596
|
)
|
(51,596
|
)
|
||||
Accumulated
other comprehensive income
|
3,793
|
3,342
|
||||||
Total
stockholders’ equity
|
313,325
|
303,496
|
||||||
Total
Liabilities and Stockholders’ Equity
|
$
|
511,677
|
$
|
518,328
|
For
the Three Months
|
|||||||
Ended
March 31,
|
|||||||
2006
|
2005
|
||||||
Cash
flows from operating activities:
|
|||||||
Net
income
|
$
|
3,034
|
$
|
400
|
|||
Adjustments
to reconcile to net cash provided by (used in) operating
activities:
|
|||||||
Depreciation
|
5,059
|
4,573
|
|||||
Amortization
|
307
|
423
|
|||||
Deferred
income taxes
|
(575
|
)
|
4
|
||||
Equity-based
compensation expense
|
1,420
|
84
|
|||||
Other
|
1,652
|
84
|
|||||
Change
in restricted cash related to operating activities
|
(925
|
)
|
(96
|
)
|
|||
Changes
in operating assets and liabilities:
|
|||||||
Receivables,
including costs and estimated earnings in excess of
billings
|
(6,030
|
)
|
(15,067
|
)
|
|||
Inventories
|
(3,451
|
)
|
(2,824
|
)
|
|||
Prepaid
expenses and other assets
|
832
|
159
|
|||||
Accounts
payable and accrued expenses
|
951
|
(741
|
)
|
||||
Net
cash provided by (used in) operating activities
|
2,274
|
(13,001
|
)
|
||||
Cash
flows from investing activities:
|
|||||||
Capital
expenditures
|
(3,383
|
)
|
(7,631
|
)
|
|||
Proceeds
from sale of fixed assets
|
250
|
33
|
|||||
Liquidation
of life insurance cash surrender value
|
1,423
|
-
|
|||||
Net
cash used in investing activities
|
(1,710
|
)
|
(7,598
|
)
|
|||
Cash
flows from financing activities:
|
|||||||
Proceeds
from issuance of common stock
|
3,012
|
26
|
|||||
Additional
tax benefit from stock option exercises recorded in
|
|||||||
additional
paid in capital
|
625
|
-
|
|||||
Principal
payments on long-term debt
|
(15,726
|
)
|
(15,738
|
)
|
|||
Principal
payments on notes payable
|
(1,606
|
)
|
-
|
||||
Deferred
financing charges paid
|
(103
|
)
|
(260
|
)
|
|||
Net
cash used in financing activities
|
(13,798
|
)
|
(15,972
|
)
|
|||
Effect
of exchange rate changes on cash
|
313
|
(1,178
|
)
|
||||
Net
decrease in cash and cash equivalents for the
period
|
(12,921
|
)
|
(37,749
|
)
|
|||
Cash
and cash equivalents, beginning of period
|
77,069
|
93,246
|
|||||
Cash
and cash equivalents, end of period
|
$
|
64,148
|
$
|
55,497
|
|||
Supplemental
disclosures of cash flow information:
|
|||||||
Cash
paid for:
|
|||||||
Interest
|
$
|
1,418
|
$
|
2,037
|
|||
Income
taxes, net
|
1,796
|
583
|
1.
|
GENERAL
|
2.
|
EQUITY-BASED
COMPENSATION
|
2006
|
||
Volatility
|
41.7
|
% |
Expected
term (years)
|
4.8
|
|
Dividend
yield
|
0.0
|
% |
Risk-free
rate
|
4.3
|
% |
Weighted
Average
|
|||||||
Grant
Date
|
|||||||
Shares
|
Fair
Value
|
||||||
Outstanding
at December 31, 2005
|
83,900
|
$
|
16.64
|
||||
Granted
|
50,800
|
19.41
|
|||||
Vested
|
-
|
-
|
|||||
Forfeited
|
-
|
-
|
|||||
Outstanding
at March 31, 2006
|
134,700
|
$
|
17.68
|
|
Three
Months Ended
|
||||||
|
March
31,
|
||||||
2006
|
|
|
2005
|
||||
Restricted
stock expense
|
$
|
211
|
$
|
55
|
|||
Forfeitures
|
-
|
(61
|
)
|
||||
Restricted
stock expense (benefit), net
|
211
|
(6
|
)
|
||||
Tax
(benefit) expense
|
(82
|
)
|
2
|
||||
Net
expense (benefit)
|
$
|
129
|
$
|
(4
|
)
|
|
Deferred Stock
Units |
Weighted Average |
|||||
Outstanding
at December 31, 2005
|
78,432
|
$
|
16.39
|
||||
Granted
|
-
|
-
|
|||||
Shares
distributed
|
(3,200
|
)
|
15.56
|
||||
Forfeited/Expired
|
-
|
-
|
|||||
Outstanding
at March 31, 2006
|
75,232
|
$
|
16.42
|
Options
Outstanding
|
Options
Exercisable
|
|||||||||||||||||||||
Weighted
|
||||||||||||||||||||||
Average
|
Weighted
|
Weighted
|
||||||||||||||||||||
Remaining
|
Average
|
Aggregate
|
Average
|
Aggregate
|
||||||||||||||||||
Range
of
|
Number
|
Contractual
|
Exercise
|
Intrinsic
|
Number
|
Exercise
|
Intrinsic
|
|||||||||||||||
Exercise
Price
|
Outstanding
|
Term
(Yrs)
|
Price
|
Value
|
Exercisable
|
Price
|
Value
|
|||||||||||||||
$4.00
to $10.00
|
29,400
|
1.6
|
$
|
8.75
|
$
|
524,790
|
29,400
|
$
|
8.75
|
$
|
524,790
|
|||||||||||
$10.01
to $20.00
|
832,896
|
5.8
|
16.36
|
8,530,348
|
338,184
|
15.38
|
3,795,641
|
|||||||||||||||
$20.00
and above
|
580,120
|
5.3
|
25.56
|
1,220,280
|
528,120
|
26.05
|
906,200
|
|||||||||||||||
Total
Outstanding
|
1,442,416
|
5.5
|
$
|
19.90
|
$
|
10,275,418
|
895,704
|
$
|
21.45
|
$
|
5,226,631
|
|
Shares
|
Weighted
Average
Exercise
Price
|
Weighted
Average
Remaining
Contractual
Term
(Yrs)
|
|
Aggregate
Intrinsic
Value
|
||||||||
Outstanding
at December 31, 2005
|
1,381,476
|
$
|
19.53
|
||||||||||
Granted
|
316,000
|
19.41
|
|||||||||||
Exercised
|
(182,724
|
)
|
16.48
|
||||||||||
Forfeited/Expired
|
(72,336
|
)
|
19.21
|
||||||||||
Outstanding
at March 31, 2006
|
1,442,416
|
$
|
19.90
|
5.5
|
$
|
10,275,418
|
|||||||
Exercisable
at March 31, 2006
|
895,704
|
$
|
21.45
|
5.1
|
$
|
5,226,631
|
Three
Months Ended
March
31, 2005 |
||||
Net
income, as reported
|
$
|
400
|
||
Add:
Total equity-based compensation expense
included
in net income, net of related tax benefits
|
54
|
|||
Deduct:
Total equity-based compensation expense
determined
under fair value method for all awards,
net
of related tax effects
|
(387
|
)
|
||
Pro
forma net income
|
$
|
67
|
||
Basic
earnings per share as reported:
|
$
|
0.01
|
||
Basic
earnings per share pro forma:
|
0.00
|
|||
Diluted
earnings per share as reported:
|
$
|
0.01
|
||
Diluted
earnings per share pro forma:
|
0.00
|
Three
Months Ended March 31,
|
||
2006
|
2005
|
|
Weighted
average number of common shares
|
||
used
for basic EPS
|
26,918,383
|
26,744,588
|
Effect
of dilutive stock options, restricted stock,
|
||
and
deferred stock units (Note 2)
|
428,263
|
173,223
|
Weighted
average number of common shares
|
||
and
dilutive potential common stock used in dilutive EPS
|
27,346,646
|
26,917,811
|
Three
Months Ended March 31,
|
|||||||
2006
|
|
|
2005
|
||||
Revenues:
|
|||||||
Rehabilitation
|
$
|
111,658
|
$
|
105,228
|
|||
Tunneling
|
19,384
|
23,949
|
|||||
Tite
Liner®
|
12,522
|
7,100
|
|||||
Total
revenues
|
$
|
143,564
|
$
|
136,277
|
|||
Gross
profit (loss):
|
|||||||
Rehabilitation
|
$
|
25,334
|
$
|
23,807
|
|||
Tunneling
|
(616
|
)
|
265
|
||||
Tite
Liner®
|
3,947
|
2,027
|
|||||
Total
gross profit
|
$
|
28,665
|
$
|
26,099
|
|||
Operating
income (loss):
|
|||||||
Rehabilitation
|
$
|
6,460
|
$
|
5,122
|
|||
Tunneling
|
(3,029
|
)
|
(3,399
|
)
|
|||
Tite
Liner®
|
2,347
|
918
|
|||||
Total
operating income
|
$
|
5,778
|
$
|
2,641
|
Three
Months Ended
March
31,
|
|||||||
2006
|
2005
|
||||||
Revenues:
|
|||||||
United
States
|
$
|
113,331
|
$
|
109,032
|
|||
Canada
|
9,073
|
6,524
|
|||||
Europe
|
17,085
|
20,328
|
|||||
Other
foreign
|
4,075
|
393
|
|||||
Total
Revenues
|
$
|
143,564
|
$
|
136,277
|
|||
Gross
Profit:
|
|||||||
United
States
|
$
|
20,992
|
$
|
19,055
|
|||
Canada
|
2,993
|
2,033
|
|||||
Europe
|
3,657
|
4,904
|
|||||
Other
foreign
|
1,023
|
107
|
|||||
Total
Gross Profit
|
$
|
28,665
|
$
|
26,099
|
|||
Operating
income (loss):
|
|||||||
United
States
|
$
|
4,235
|
$
|
1,610
|
|||
Canada
|
1,617
|
936
|
|||||
Europe
|
(703
|
)
|
166
|
||||
Other
foreign
|
629
|
(71
|
)
|
||||
Total
Operating Income
|
$
|
5,778
|
$
|
2,641
|
As
of March 31, 2006
|
||||||||||
Gross
Carrying Amount
|
Accumulated
Amortization
|
Net
Carrying Amount
|
||||||||
Amortized
intangible assets:
|
||||||||||
License
agreements
|
$
|
3,894
|
$
|
(1,688
|
)
|
$
|
2,206
|
|||
Customer
relationships
|
1,797
|
(301
|
)
|
1,496
|
||||||
Patents
and trademarks
|
14,500
|
(13,109
|
)
|
1,391
|
||||||
Non-compete
agreements
|
3,239
|
(2,562
|
)
|
677
|
||||||
Total
|
$
|
23,430
|
$
|
(17,660
|
)
|
$
|
5,770
|
As
of December 31, 2005
|
||||||||||
Gross
Carrying Amount
|
Accumulated
Amortization
|
Net
Carrying Amount
|
||||||||
Amortized
intangible assets:
|
||||||||||
License
agreements
|
$
|
3,894
|
$
|
(1,644
|
)
|
$
|
2,250
|
|||
Customer
relationships
|
1,797
|
(271
|
)
|
1,526
|
||||||
Patents
and trademarks
|
14,500
|
(13,038
|
)
|
1,462
|
||||||
Non-compete
agreements
|
3,239
|
(2,400
|
)
|
839
|
||||||
Total
|
$
|
23,430
|
$
|
(17,353
|
)
|
$
|
6,077
|
Quarter
Ended March 31,
|
|||||||
2006
|
2005
|
||||||
Aggregate
amortization expense
|
$
|
307
|
$
|
423
|
|||
Estimated
amortization expense:
|
|||||||
For
year ending December 31, 2006
|
$
|
1,228
|
|||||
For
year ending December 31, 2007
|
1,079
|
||||||
For
year ending December 31, 2008
|
382
|
||||||
For
year ending December 31, 2009
|
272
|
||||||
For
year ending December 31, 2010
|
272
|
Description
of Covenant
|
Fiscal
Quarter
|
Amended
Covenant(2)
|
Actual
Ratio
or
Amount(2)
|
$110
million 8.88% Senior Notes, Series A, due February 14, 2007 and $65
million 6.54% Senior Notes, Series 2003-A, due April 24,
2013
|
|||
Fixed
Charge Coverage Ratio
|
First
quarter 2006
|
No
less than 2.00 to 1.0
|
2.68
|
Second
quarter 2006
|
No
less than 2.00 to 1.0
|
n/a
|
|
Third
quarter 2006
|
No
less than 2.25 to 1.0
|
n/a
|
|
Fourth
quarter 2006
|
No
less than 2.25 to 1.0
|
n/a
|
|
First
quarter 2007 and thereafter
|
No
less than 2.50 to 1.0
|
n/a
|
|
Ratio
of consolidated indebtedness to EBITDA(1)
|
No
greater than 3.00 to 1.0
|
1.63
|
|
Consolidated
net worth(1)
|
No
less than the sum of $260 million plus 50% of net income after December
31, 2004; $268.1 million required as of first quarter 2006
|
313.3
million
at
March
31, 2006
|
|
Ratio
of consolidated indebtedness to consolidated capitalization(1)
|
No
greater than 0.45 to 1.0
|
0.24
at
March 31, 2006
|
|
Quarter
Ended March 31, 2006
|
||||||||||||||||||||||||||
Segment
|
Revenues
|
Gross Profit |
Gross Profit |
Operating Expense |
Operating Income/(Loss) |
Operating Income/(Loss)Percentage |
||||||||||||||||||||
Rehabilitation
|
$
|
111,658
|
$
|
25,334
|
22.7
|
%
|
$
|
18,874
|
$
|
6,460
|
5.8
|
%
|
||||||||||||||
Tunneling
|
19,384
|
(616
|
)
|
|
-3.2
|
2,413
|
(3,029
|
)
|
-15.6
|
|||||||||||||||||
Tite
Liner®
|
12,522
|
3,947
|
31.5
|
1,600
|
2,347
|
18.7
|
||||||||||||||||||||
TOTAL
|
$
|
143,564
|
$
|
28,665
|
20.0
|
%
|
$
|
22,887
|
$
|
5,778
|
4.0
|
%
|
Quarter
Ended March 31, 2005
|
||||||||||||||||||||||||||
Segment
|
Revenues
|
Gross Profit |
Gross Profit |
Operating Expense |
Operating Income/(Loss) |
Operating Income/(Loss)Percentage |
||||||||||||||||||||
Rehabilitation
|
$
|
105,228
|
$
|
23,807
|
22.6
|
%
|
$
|
18,685
|
$
|
5,122
|
4.9
|
%
|
||||||||||||||
Tunneling
|
23,949
|
265
|
|
|
1.1
|
3,664
|
(3,399
|
)
|
-14.2
|
|||||||||||||||||
Tite
Liner®
|
7,100
|
2,027
|
28.5
|
1,109
|
918
|
12.9
|
||||||||||||||||||||
TOTAL
|
$
|
136,277
|
$
|
26,099
|
19.2
|
%
|
$
|
23,458
|
$
|
2,641
|
1.9
|
%
|
Quarter
Ended
|
|||||||
March
31, 2006 vs. 2005
|
|||||||
Total
|
Percentage
|
||||||
Increase
|
Increase
|
||||||
(Decrease)
|
(Decrease)
|
||||||
All
Segments
|
|||||||
Revenues
|
$
|
7,287
|
5.3
|
%
|
|||
Gross
profit
|
2,566
|
9.8
|
|||||
Operating
expenses
|
(571
|
)
|
-2.4
|
||||
Operating
income
|
3,137
|
118.8
|
|||||
Rehabilitation
|
|||||||
Revenues
|
6,430
|
6.1
|
|||||
Gross
profit
|
1,527
|
6.4
|
|||||
Operating
expenses
|
189
|
1.0
|
|||||
Operating
income
|
1,338
|
26.1
|
|||||
Tunneling
|
|||||||
Revenues
|
(4,565
|
)
|
-19.1
|
||||
Gross
profit
|
(881
|
)
|
-332.5
|
||||
Operating
expenses
|
(1,251
|
)
|
-34.1
|
||||
Operating
income
|
370
|
-10.9
|
|||||
Tite
Liner®
|
|||||||
Revenues
|
5,422
|
76.4
|
|||||
Gross
profit
|
1,920
|
94.7
|
|||||
Operating
expenses
|
491
|
44.3
|
|||||
Operating
income
|
1,429
|
155.7
|
|||||
Interest
Expense and Taxes
|
|||||||
Interest
expense
|
(358
|
)
|
-16.5
|
||||
Taxes
on income
|
1,311
|
463.3
|
Impact
in
|
||||
2006
|
||||
|
(in
thousands)
|
|||
Debt
principal amortization - Series A Notes
|
$
|
(349
|
)
|
|
Increased
rates due to debt amendments on March 16, 2005
|
84
|
|||
Other
|
(93
|
)
|
||
Total
|
$
|
(358
|
)
|
Backlog
|
March
31,
2006
|
December
31,
2005
|
September
30,
2005
|
June
30,
2005
|
March
31,
2005
|
|||||||||||
(in
millions)
|
||||||||||||||||
Rehabilitation
|
$
|
216.2
|
$
|
213.3
|
$
|
207.8
|
$
|
202.8
|
$
|
181.4
|
||||||
Tunneling
|
50.2
|
66.3
|
83.6
|
113.4
|
99.5
|
|||||||||||
Tite
Liner®
|
20.1
|
20.2
|
10.7
|
12.8
|
13.2
|
|||||||||||
Total
|
$
|
286.5
|
$
|
299.8
|
$
|
302.1
|
$
|
329.0
|
$
|
294.1
|
March
31, 2006
|
December
31, 2005
|
||||||
|
(in
thousands)
|
||||||
Cash
and cash equivalents
|
$
|
64,148
|
$
|
77,069
|
|||
Cash
restricted - in escrow
|
6,512
|
5,588
|
Payments
Due by Period
|
||||||||||||||||||||||
Cash
Obligations(1)(3)
|
Total
|
2006
|
2007
|
2008
|
2009
|
2010
|
Thereafter
|
|||||||||||||||
Long-term
debt
|
$
|
81,646
|
$
|
936
|
$
|
15,710
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
65,000
|
||||||||
Interest
on long-term
debt
|
33,279
|
4,949
|
4,949
|
4,251
|
4,251
|
4,251
|
10,628
|
|||||||||||||||
Line
of credit facility(2)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Operating
leases
|
36,444
|
10,171
|
10,479
|
8,763
|
4,760
|
1,278
|
993
|
|||||||||||||||
Total
contractual cash
obligations
|
$
|
151,369
|
$
|
16,056
|
$
|
31,138
|
$
|
13,014
|
$
|
9,011
|
$
|
5,529
|
$
|
76,621
|
||||||||
(1)
|
Cash
obligations are not discounted. See Notes 7 and 8 to the consolidated
financial statements contained in this report regarding commitments
and
contingencies and financings,
respectively.
|
(2)
|
As
of March 31, 2006, there was no borrowing balance on the $35.0 million
credit facility, and therefore, there was no applicable interest
rate as
the rates are determined on the borrowing date. The available balance
was
$19.5 million, and the commitment fee was 0.225%. The remaining $15.5
million was used for non-interest bearing letters of credit, $14.5
million
of which were collateral for insurance and $1.0 million for work
performance. We generally use the credit facility for short-term
borrowings and disclose amounts outstanding as a current
liability.
|
(3)
|
A
resin supply contract with one of our vendors is excluded from this
table.
See “Market Risk - Commodity Risk” under Item 3 of this report for further
discussion.
|
Name
|
For
|
Withheld
|
Stephen
P. Cortinovis
|
23,519,730
|
1,115,817
|
Stephanie
A. Cuskley
|
23,450,154
|
1,185,393
|
John
P. Dubinsky
|
23,445,451
|
1,190,096
|
Juanita
H. Hinshaw
|
22,541,241
|
2,094,306
|
Alfred
T. McNeill
|
23,443,416
|
1,192,131
|
Thomas
S. Rooney, Jr.
|
23,514,161
|
1,121,386
|
Sheldon
Weinig
|
23,174,754
|
1,460,793
|
Alfred
L. Woods
|
23,519,504
|
1,116,043
|
For
|
Against
|
Abstain
|
Broker
Non-Votes
|
15,738,834
|
3,788,940
|
2,041,848
|
3,065,925
|
For
|
Against
|
Abstain
|
Broker
Non-Votes
|
13,163,882
|
6,360,779
|
2,042,476
|
3,068,410
|
For
|
Against
|
Abstain
|
Broker
Non-Votes
|
18,885,535
|
638,057
|
2,046,030
|
3,065,925
|
5.
|
Ratification
of the appointment of PricewaterhouseCoopers LLP as independent auditors
for the fiscal year ending December 31,
2006:
|
For
|
Against
|
Abstain
|
Broker
Non-Votes
|
24,040,613
|
580,478
|
14,456
|
0
|
INSITUFORM
TECHNOLOGIES, INC.
|
|
April
28, 2006
|
/s/
David A.
Martin
|
David
A. Martin
|
|
Vice
President and Controller
|
|
Principal
Financial and Accounting Officer
|
These exhibits are numbered in accordance with the Exhibit Table of Item 6.01 of Regulation S-K. | |
3.1(a)
|
Restated
Certificate of Incorporation, as amended, of the Company (incorporated
by
reference to Exhibit 3.1 to the quarterly report on Form 10-Q for
the
quarter ended June 30, 2000), and Certificate of Designation, Preferences
and Rights of Series A Junior Participating Preferred Stock (incorporated
by reference to Exhibit 3.1 to the annual report on Form 10-K for
the year
ended December 31, 2001), as amended by Certificate of Amendment
of
Restated Certificate of Incorporation, as amended, of the Company,
dated
April 27, 2005 (incorporated by reference to Exhibit 3.1(b) to the
quarterly report on Form 10-Q for the quarter ended March 31,
2005).
|
31.1
|
Certification
of Thomas S. Rooney, Jr. pursuant to Section 302 of the Sarbanes-Oxley
Act
of 2002, filed herewith.
|
31.2
|
Certification
of David A. Martin pursuant to Section 302 of the Sarbanes-Oxley
Act of
2002, filed herewith.
|
32.1
|
Certification
of Thomas S. Rooney, Jr. pursuant to 18 U.S.C. Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, filed
herewith.
|
32.2
|
Certification
of David A. Martin pursuant to 18 U.S.C. Section 1350, as adopted
pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002, filed herewith.
|