Dyna Mac

Dyna Mac: Results below estimates. 1Q rev at $23.5m -39.1% yoy +99.3% qoq with net income at $3.3m -51.4% yoy +263.9% qoq. Lower rev was attributed to projects being in early stages of fabrication with has lower % of completion and hence lower rev recognition. Co recorded EPS of 0.36c. On a more positive note, co announces 2 new fabrication contracts of US$31.6m. The contracts are for 4 units of Manifold Racks and 3 units of topside modules and were signed with SBM Offshore and Bumi Armada. Work is expected to commence in 2Q2012 and to complete by 2Q2013. Co currently trades at trailing P.E of 13.9x.