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Hill International, Inc. (HIL)

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Neutralpattern detected
Previous Close1.4900
Open1.4900
Bid1.4900 x 800
Ask1.5000 x 900
Day's Range1.4850 - 1.5299
52 Week Range1.0800 - 3.7200
Volume77,639
Avg. Volume221,865
Market Cap83.416M
Beta (5Y Monthly)1.80
PE Ratio (TTM)8.82
EPS (TTM)0.1690
Earnings DateAug 06, 2020
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target EstN/A
  • GlobeNewswire

    Hill International Reports Second Quarter 2020 Financial Results

    Second Quarter 2020 Overview * Consulting Fee Revenue (“CFR”) of $75.8 million * Net loss of $2.0 million, or $(0.03) per diluted share * Adjusted net income of $3.6 million or $0.06 per diluted share * Adjusted EBITDA grew 7.3% over last year’s second quarter to $5.3 million * New contract awards totaled approximately $70 million for the quarter ended June 30, 2020 * Total liquidity at June 30, 2020 rose by $8.9 million from March 31, 2020 and cash from operations was $6.4 millionPHILADELPHIA, Aug. 05, 2020 (GLOBE NEWSWIRE) -- Hill International, Inc. (NYSE:HIL) ("Hill" or the "Company"), the global leader in managing construction risk, announced today its financial results for the second quarter ended June 30, 2020 (“Q2 2020”).“While we are continuing to address the effects of COVID-19 on certain aspects of our operations, Hill’s Q2 2020 performance improved across several metrics compared to the first quarter of 2020 and we remain cautiously optimistic for the balance of the year,” said Hill CEO Raouf Ghali.  “We generated operating profit and exited the second quarter in a strong financial position. I am very proud of how our team has responded to these challenges and their continuing commitment to serving our global client base. During Q2 2020, we secured approximately $70 million of new awards in Europe, the Middle East, and the United States.  We continue to focus on global infrastructure projects, which we believe are resilient, sustainable and potential catalysts for economic growth as we emerge from this crisis.”“We reported our sixth consecutive quarter of positive Adjusted EBITDA, generated $6.4 million of cash from operations and, when compared to March 31, 2020, increased our total liquidity by $8.9 million to $27.8 million” said Todd Weintraub, Hill’s Chief Financial Officer.Q2 2020 Financial Results OverviewHill's consulting fee revenue ("CFR") was $75.8 million, compared to $77.0 million in the second quarter of 2019 ("Q2 2019"). CFR in Q2 of 2020 was negatively impacted by approximately $10.0 million from deferred and canceled projects due in large part to the uncertainties created by COVID-19.Selling, general, and administrative ("SG&A") expenses were $26.9 million, or 35.5% of CFR, compared to $27.4 million, or 35.6% of CFR, in Q2 2019. The Company is on track to achieve the $10 million in corporate cost reductions in 2020 announced last quarter.Operating profit for Q2 2020 was $3.3 million, compared to operating profit of $4.6 million in Q2 2019. Adjusted operating profit, a non-GAAP measure (see definition and reconciliation below) was $4.8 million in Q2 2020 compared to $4.2 million in Q2 2019.During Q2 2020, Hill determined to shut down its operations in Brazil, which had become increasingly challenging due to that country’s ongoing economic crisis and, more recently, the impact of COVID-19.  These market forces combined to produce a negative impact on Hill’s total operations. In connection with the closure, Hill recorded a non-recurring, non-cash loss of $4.1 million (“Brazil Office Closure”).Net loss attributable to Hill in Q2 2020 was $2.0 million, or $0.03 per diluted share, compared to net income attributable to Hill of $1.6 million, or $0.03 per diluted share, in Q2 2019, due primarily to the Brazil charge. Adjusted net income, a non-GAAP measure (see definition and reconciliation in the table below), improved to $3.6 million from $1.2 million in Q2 2019.Adjusted EBITDA, a non-GAAP measure (see definition and reconciliation below) rose 7.3% to $5.3 million in Q2 2020 from $4.9 million in Q2 2019.Financial Condition and BacklogNet cash provided by operating activities in Q2 2020 improved to $6.4 million from net cash used in operating activities of $7.0 million in Q2 2019. Free cash flow (as defined below) for Q2 2020 was $6.2 million, which represents net cash provided by operating activities, less $0.1 million in purchases of property and equipment during the quarter. Free cash flow during Q2 2019 was $(7.7) million, which represents net cash used in operating activities, less $0.7 million in property and equipment purchased during the quarter.Unrestricted cash at June 30, 2020 was $23.2 million, a $7.1 million improvement from March 31, 2020 and a $7.3 million increase from December 31, 2019. The Company had approximately $4.6 million in available and undrawn credit facilities at June 30, 2020, up $1.8 million from $2.8 million at March 31, 2020. These improvements increased the Company's total liquidity by $8.9 million from March 31, 2020.Cash flow generation and the increases in cash and liquidity during the quarter were achieved primarily from the Company's operating activities. The Company is currently evaluating the recently opened Main Street Lending Programs to determine its eligibility.Backlog (which is a non-GAAP measure; see definition below) decreased to $647.9 million at June 30, 2020 as compared to $706.5 million at March 31, 2020 and $764.7 million December 31, 2019, which included re-evaluation and write down of the realizable value of a number of contracts booked before January 1, 2019, some of which were as a result of the impacts of COVID-19. Backlog also declined in Q2 2020 as the result of other COVID-related cancellations and scope reductions.2020 Financial GuidanceCFR for 2020 is expected to range between $300 - $310 million, consisting of both new awards and extensions of existing contracts. Annual gross margin is targeted at 38% - 39% for 2020, consistent with previous guidance.SG&A for 2020 is expected to approximate $110 million, down from our previous estimate of $120 million and reflecting the previously announced removal of an additional $10 million in annual corporate costs initiated in Q1 2020. Adjusted EBITDA for 2020 is expected to range between $16 million - $20 million.Non-GAAP MeasuresThe following measures below are not measures of financial performance under U.S. generally accepted accounting principles ("GAAP") and should be considered in addition to and not as a substitute for, or superior to, the related measure of performance prepared in accordance with GAAP.BacklogBacklog represents the Company's estimate of the amount of uncompleted projects under contract and awards in-hand that are expected to be recognized as CFR in future periods as a component of total revenue. Hill's backlog is based upon the binding nature of the underlying contract, commitment or letter of intent, and other factors, including the economic, financial and regulatory viability of the project and the likelihood of the contract being extended, renewed or canceled. Although backlog reflects business that the Company considers to be firm, cancellations or scope adjustments may occur. It is an important indicator of future performance and is used by the Company in planning Hill's operational needs. Backlog is not a measure defined in GAAP and the Company's methodology for determining backlog may not be comparable to the methodology used by other companies in determining their backlog.Adjusted Operating Profit (Loss)Adjusted operating profit (loss) is operating profit (loss), adjusted to exclude non-recurring items and non-cash items including unrealized foreign currency exchange losses (gains), share-based compensation and the write-off of leasehold improvements previously included in property and equipment on the Company's consolidated balance sheets. The Company believes that adjusted operating profit (loss) is useful to investors and other external users of Hill's financial statements as a measure of a company's core ongoing operations, without regard to generally non-recurring items and non-cash activity.Adjusted Net Income (Loss) Attributable to HillAdjusted net income (loss) attributable to Hill is net income (loss) attributable to Hill, adjusted to exclude non-recurring and non-cash items including unrealized foreign currency exchange losses (gains), share-based compensation and the write-off of leasehold improvements previously included in property and equipment on the Company's consolidated balance sheets. The Company believes that adjusted net income (loss) attributable to Hill is useful to investors and other external users of Hill's financial statements as a measure of a company's operating performance, without regard to generally non-recurring items and non-cash activity.EBITDAEarnings before interest, taxes, depreciation and amortization ("EBITDA"), in addition to operating profit, net income, and other GAAP measures, is a useful indicator of Hill's financial and operating performance. Investors should recognize that EBITDA might not be comparable to similarly titled measures of other companies. The Company believes that EBITDA is useful to investors and other external users of Hill's financial statements in evaluating its operating performance because EBITDA is widely used by investors to measure a company’s operating performance without regard to items such as interest expense, taxes, and depreciation and amortization, which can vary substantially from company to company depending upon accounting methods and book value of assets, capital structure and the method by which assets were acquired.Adjusted EBITDA is EBITDA, adjusted to exclude the impact of certain items, including non-recurring, one-time costs (as presented in the table below) and non-cash items such as unrealized foreign currency exchange losses (benefit) and share-based compensation expense. The Company believes that adjusted EBITDA helps its investors and other external users of Hill’s financial statements understanding of a company’s operating performance, without regard to non-recurring and other non-cash activity.The Company does not provide a reconciliation of its 2020 financial guidance for such non-GAAP measure to GAAP due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation, including adjustments that could be made for non-recurring, one-time costs and other charges reflected in its reconciliation of historic numbers.Free Cash FlowFree cash flow, a non-GAAP measure, includes net cash provided by (used in) continuing operations, less purchases of property and equipment. Free cash flow is a useful indicator that provides additional perspective on Hill's ability to generate cash that is available to the Company for taxes and other corporate purposes. Investors should recognize that free cash flow might not be comparable to similarly-titled measures of other companies. This measure should be considered in addition to, and not as a substitute for or superior to, any measure of performance prepared in accordance with GAAP.Conference CallManagement will host a conference call on Thursday, August 6, 2020 at 12:00 pm ET to discuss the results and business activities. Interested parties may participate in the call by dialing:  * (877) 407-9753 (Domestic) or * (201) 493-6739 (International)The call will also be accessible on the “Investor Relations” section of Hill’s website at www.hillintl.com.  Click on “Financial Information” and then “Conferences and Calls”.About Hill InternationalHill International, with approximately 2,700 professionals in more than 65 offices worldwide, provides program management, project management, construction management, and other consulting services to clients in a variety of market sectors. Engineering News-Record magazine recently ranked Hill as the eighth-largest construction management firm in the United States. For more information on Hill, please visit our website at www.hillintl.com.Forward Looking StatementsCertain statements contained herein may be considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and it is our intent that any such statements be protected by the safe harbor created thereby. Except for historical information, the matters set forth herein including, but not limited to, any statements of belief or intent, any statements concerning our plans, strategies, and objectives for future operations and any statements regarding our expectations for the timing of our work on projects are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and assumptions and are subject to certain risks and uncertainties, including but not limited to the effects of any continued spread of the COVID-19 virus or effects of decreased oil and gas prices. Although we believe that the expectations, estimates, and assumptions reflected in our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Important factors that could cause our actual results to differ materially from estimates or projections contained in our forward-looking statements are set forth in the Risk Factors section and elsewhere in the reports we have filed with the Securities and Exchange Commission, including that unfavorable global economic conditions may adversely impact our business, our backlog may not be fully realized as revenue, and our expenses may be higher than anticipated. We do not intend, and undertake no obligation, to update any forward-looking statement.Hill International, Inc.  The Equity Group Inc.    Elizabeth J. Zipf, LEED AP BD+CDevin Sullivan Senior Vice President Hill International, IncSenior Vice President One Commerce Square(212) 836-9608 2005 Market Street, 17th Floordsullivan@equityny.com Philadelphia, PA 19103  (215) 309-7707Lena Cati elizabethzipf@hillintl.com Vice President  (212) 836-9611  lcati@equityny.com HILL INTERNATIONAL, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands)  June 30, 2020 December 31, 2019 Assets (Unaudited)   Cash and cash equivalents $23,198  $15,915  Cash - restricted 4,423  4,666  Accounts receivable, net 105,435  103,892  Current portion of retainage receivable 17,075  16,459  Accounts receivable - affiliates 23,237  18,776  Prepaid expenses and other current assets 12,658  9,340  Income tax receivable 1,542  2,256  Total current assets 187,568  171,304  Property and equipment, net 9,771  11,895  Cash - restricted, net of current portion 4,040  4,401  Operating lease right-of-use assets 15,279  17,451  Financing lease right-of-use assets 96  —  Retainage receivable 5,430  5,695  Acquired intangibles, net 178  232  Goodwill 44,431  48,024  Investments 2,667  1,711  Deferred income tax assets 2,929  3,800  Other assets 2,493  5,038  Total assets $274,882  $269,551  Liabilities and Stockholders’ Equity     Current maturities of notes payable and long-term debt $1,828  $1,792  Accounts payable and accrued expenses 66,914  65,172  Income taxes payable 1,888  3,152  Current portion of deferred revenue 7,628  10,773  Current portion of operating lease liabilities 5,465  5,736  Current portion of financing lease liabilities 27  —  Other current liabilities 8,357  4,876  Total current liabilities 92,107  91,501  Notes payable and long-term debt, net of current maturities 53,570  41,150  Retainage payable 2,017  1,551  Deferred income taxes 418  419  Deferred revenue 1,321  3,041  Non-current operating lease liabilities 14,910  17,030  Non-current financing lease liabilities 69  —  Other liabilities 3,277  4,631  Total liabilities 167,689  159,323  Commitments and contingencies     Stockholders’ equity:     Preferred stock, $0.0001 par value; 1,000 shares authorized, none issued —  —  Common stock, $0.0001 par value; 100,000 shares authorized, 62,609 shares and 62,708 shares issued at June 30, 2020 and December 31, 2019, respectively 6   6  Additional paid-in capital 214,161  212,759  Accumulated deficit (79,895) (71,360) Accumulated other comprehensive income (loss) 1,279  (3,817) Less treasury stock of 6,807 and 6,546 at June 30, 2020 and December 31, 2019, respectively (29,056) (28,231) Hill International, Inc. share of equity 106,495  109,357  Noncontrolling interests 698  871  Total equity 107,193  110,228  Total liabilities and stockholders’ equity $274,882  $269,551  HILL INTERNATIONAL, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited)  Three Months Ended June 30, Six Months Ended June 30,   2020 2019 2020 2019 Consulting fee revenue $75,760  $77,035  $152,910  $156,035  Reimbursable expenses 18,689  21,222  34,847  40,905  Total revenue $94,449  $98,257  $187,757  $196,940  Direct expenses 65,032   66,955  130,080  134,202  Gross profit 29,417  31,302  57,677  62,738  Selling, general and administrative expenses 26,857  27,407  54,955  58,744  Foreign currency exchange loss (benefit) 265  8  4,316  (18)  Plus: Share of profit of equity method affiliates 1,014  717  1,038  1,131  Operating profit (loss) $3,309  $4,604  $(556) $5,143  Interest and related financing fees, net 1,296  1,411  2,595  2,923  Other loss, net (3,847) —  (3,502) —  (Loss) earnings before income taxes $(1,834) $3,193  $(6,653) $2,220  Income tax expense 102  1,493  1,705  2,588  Net (loss) earnings $(1,936) $1,700  $(8,358) $(368) Less: net earnings - noncontrolling interests 18  83  177  150  Net (loss) earnings attributable to Hill International, Inc. $(1,954) $1,617  $(8,535) $(518)           Basic (loss) earnings per common share - Hill International, Inc. $(0.03) $0.03  $(0.15) $(0.01) Basic weighted average common shares outstanding 56,409  56,032  56,476  55,989            Diluted (loss) earnings per common share - Hill International,Inc. $(0.03) $0.03  $(0.15) $(0.01) Diluted weighted average common shares outstanding 56,409  56,032  56,476  55,989  HILL INTERNATIONAL, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Three Months Ended June 30,(1) Six Months Ended June 30,   2020 2019 2020 2019  Cash flows from operating activities:         Net loss(1,936) 1,700  (8,358)  (368)   Adjustments to reconcile net loss to net cash provided by (used in):         Depreciation and amortization251  794  2,675   1,585    (Recovery) provision for bad debts(531) (1,491) (1,010)  (557)   Amortization of deferred loan fees173  182  348   361    Deferred tax expense (benefit)184  (13) 674   (362)   Share-based compensation802  801  1,201   1,042    Operating lease right-of-use assets(843) 1,156  1,956   2,564    Loss on liquidation of subsidiary4,064  —  4,064   —    Foreign currency remeasurement losses (gains)(986) (445) 3,390   (956)   Changes in operating assets and liabilities:         Accounts receivable2,579  4,953  (1,624)  10,343    Accounts receivable - affiliate1,681  (4,970) (4,462)  (5,188)   Prepaid expenses and other current assets(977) (1,147) (3,585)  (596)   Income taxes receivable350  (402) 305   (601)   Retainage receivable1,010  (235) 255   (1,482)   Other assets(2,577) 391  (1,346)  1,081    Accounts payable and accrued expenses2,837  (9,336) 4,801   (2,485)   Income taxes payable(1,681) 302  (1,250)  1,322    Deferred revenue(1,522) (548) (4,516)  (3,971)   Operating lease liabilities(843) (1,375) (2,166)  (2,817)   Other current liabilities2,966  2,177  3,662   2,208    Retainage payable436  (26) 465   25    Other liabilities(283) 510  (33)  288    Net cash (used in) provided by operating activities6,378  (7,022) (4,554)  1,436    Cash flows from investing activities:         Purchase of property and equipment(139) (702) (972)  (1,575)   Net cash used in investing activities(139) (702) (972)  (1,575)   Cash flows from financing activities:         Proceeds from term loans1,265  —  1,265   —    Repayment of term loans(217) (265) (434)  (531)   Proceeds from revolving loans9,404  (4,543) 28,196   5,311    Repayment of revolving loans(8,332) 7,669  (16,168)  (993)   Proceeds from stock issued under employee stock purchase plan151  113  201   147    Net cash provided by financing activities2,271  2,974  13,060   3,934    Effect of exchange rate changes on cash, cash equivalents and restricted cash(333) 99  (846)  (934)   Deconsolidated cash9  —  9   —    Net (decrease) increase in cash, cash equivalents and restricted cash8,168  (4,651) 6,679   2,861    Cash, cash equivalents and restricted cash — beginning of period    24,982   23,107    Cash, cash equivalents and restricted cash — end of period    $31,661   $25,968      Six Months Ended June 30, Supplemental disclosures of cash flow information: 2020 2019 Interest and related financing fees paid $2,141  $2,774  Income taxes paid 1,425  1,980  Transfer of proceeds from shares pledged as collateral to treasury stock 825  —  Cash paid for amounts included in the measurement of lease liabilities 3,831  4,068  Right-of-use assets obtained in exchange for operating lease liabilities (2) 347  18,689  Right-of-use assets obtained in exchange for finance lease liabilities 96  —  (1) Amounts for the three months ended June 30, 2020 and 2019 calculated based on the change between the six months ended June 30, 2020 and 2019 and the three months ended March 31, 2020 and 2019. (2) Amount for the six months ended June 30, 2019 relates to the Company's January 1, 2019 adoption of Accounting Standards Update ("ASU") 2016-2, Leases (Topic 842).  See Note 14 - Leases to the Company's Consolidated Financial Statements for the period ended June 30, 2020. HILL INTERNATIONAL, INC. AND SUBSIDIARIES RECONCILIATION OF NON-GAAP MEASURES (In thousands)The following table includes a reconciliation of these non-GAAP measures to its most directly comparable GAAP measure:  Three Months Ended June 30, Six Months Ended June 30,   2020 2019 2020 2019           Operating profit (loss) $3,309   $4,604   $(556)  $5,143   Adjustments to operating profit (loss)         Share-based compensation 802   801   1,201   1,042   Unrealized foreign currency exchange loss (benefit) 56   (147)  4,159   (499)  Write-off of leasehold improvement (1) —   —   1,582   —   Non-recurring activity(2) 636   (1,072)  636   146   Adjusted operating profit $4,803   $4,186   $7,022   $5,832             Net (loss) earnings (1,936)  1,700   (8,358)  (368)  Less: net earnings - noncontrolling interests 18   83   177   150   Net (loss) earnings attributable to Hill International, Inc. $(1,954)  $1,617   $(8,535)  $(518)  Adjustments to net (loss) earnings attributable to Hill International, Inc.         Interest and related financing fees, net 1,296   1,411   2,595   2,923   Income tax expense 102   1,493   1,705   2,588   Depreciation and amortization expense (1) 251   794   2,675   1,585   EBITDA (305)  5,315   (1,560)  6,578   Adjustments to EBITDA:         Share-based compensation 802   801   1,201   1,042   Unrealized foreign currency exchange loss (benefit) 56   (147)  4,159   (499)  Brazil Office Closure 4,064   —   4,064   —   Non-recurring activity(2) 636   (1,072)  636   146   Adjusted EBITDA $5,253   $4,897   $8,500   $7,267             Net (loss) earnings attributable to Hill International, Inc. $(1,954)  $1,617   $(8,535)  $(518)  Adjustments to net (loss) earnings attributable to Hill International, Inc.         Share-based compensation 802   801   1,201   1,042   Unrealized foreign currency exchange loss (benefit) 56   (147)  4,159   (499)  Write-off of leasehold improvement (1) —   —   1,582   —   Brazil Office Closure 4,064   —   4,064   —   Non-recurring activity(2) 636   (1,072)  636   146   Adjusted net income $3,604   $1,199   $3,107   $171   (1) The write-off of leasehold improvements that was incurred during the quarter ended March 31, 2020 as a result of the sublease of the Company's corporate headquarters as part of its cost reduction initiatives was included in depreciation and amortization expense and is reflected in SG&A in the Company's consolidated statements of operations.(2) Non-recurring activity includes costs incurred/(recovered) from the Company's Profit Improvement Plan during Q2 2019 and the settlement of Hill's employer tax liability under its former subsidiary recognized during Q2 2020, which are both reflected in SG&A within the Company's consolidated statements of operations.(HIL-G)

  • GlobeNewswire

    Riverfront Park U.S. Pavilion Project, Managed by Hill International, Receives DBIA National Award of Merit

    PHILADELPHIA and SPOKANE, Wash., Aug. 04, 2020 (GLOBE NEWSWIRE) -- Hill International (NYSE:HIL), the global leader in managing construction risk, announced today that the U.S. Pavilion Project, part of the Riverfront Park Redevelopment Program in Spokane, WA, has been recognized with an award by the Design-Build Institute of America (DBIA). The project earned DBIA’s National Award of Merit in the Civic/Assembly category. The award will be presented to the project team at DBIA’s 2020 Design-Build Conference & Expo on October 29. The project is also a nominee for the National Award of Excellence in the same category and one of three finalists for the Best in Architecture Award. The National Award of Excellence and Best Architecture winners will be announced at the conference. Hill provided owner’s representative services on the $24.7 million project.“It was an exceptional experience managing the design-build process involved in this once-in-a-lifetime project,” says Hill Vice President Matthew Walker, AIA, CCM, DBIA, who served as project manager for Hill’s team on the U.S. Pavilion. “Our efforts to achieve the client’s reimagined goals for this iconic structure were only possible due to the collaborative and fluid nature inherent to the progressive design-build delivery method. Early contractor and specialty subcontractor involvement and a nimble design-build team that was able to accommodate numerous program changes during construction were keys to the project’s success.”Director of the City of Spokane Parks and Recreation Department Garret Jones agreed with Matthew’s assessment of design-build, saying: “We were thrilled to have the opportunity for the park’s first design-build project on the Pavilion. This process not only afforded us valuable efficiencies, it produced a better final product.”“The reimagined U.S. Pavilion project pays homage to the original structure, draws the public back into the park, and serves as a lantern to the community with its cutting edge LED light blades,” Matthew goes on. “The end result is a project that far exceeds the owner’s and community’s expectations. We at Hill are very honored to have played our part in this incredible project.”The project scope included removing all structures added to the U.S. Pavilion grounds after the 1974 World’s Fair; renovating the 16,000 SF, two-story, concrete west building; remediating contaminated soils and industrial debris; and creating an amphitheater below the cable-net structure for events ranging from farmers markets to small musical events. The scope also included inspecting and performing necessary maintenance to the 46-year-old cable-net structure as well as repainting the mast and metal ring. The U.S. Pavilion program also included “wow” factors to draw people into the park and offer them unique experiences. These include bright, color-changing LED light blades attached to the cable structure with flexible mounting points; the Elevated Experience, which provides visitors a unique, high vantage point where they can survey Riverfront Park; and artistically designed, fabric shade sails.Hill served as owner’s representative providing project/construction management from progressive design-build procurement to project completion. Hill’s leadership was instrumental in recommending the project delivery method, achieving Washington state approval to use progressive design-build, and managing the procurement and design phases through acceptance of the project’s guaranteed maximum price. Hill was also responsible for the successful management of the project team during the construction and closeout phases."The U.S. Pavilion project and its team have already been recognized with the National Recreation and Parks Association’s 2020 Innovation in Park Design Award and the 2019 Build Northwest Special Projects Award," says Raouf Ghali, Hill’s Chief Executive Officer. “We are extremely proud to have our efforts recognized by DBIA with this newest award. I would like to congratulate every Hill professional that contributed to the success of this award-winning project.”DBIA is an authority on the design-build method of project delivery. Founded in 1993, the membership organization is comprised of architectural, engineering, and construction professionals, as well as academics, students, and project owners. Its more than 5,000 members regularly collaborate and innovate to deliver some of America’s most successful design-build projects. For more information, please visit DBIA’s website at www.dbia.org.About Hill InternationalHill International, with approximately 2,700 professionals in more than 65 offices worldwide, provides program management, project management, construction management, and other consulting services to clients in a variety of market sectors. Engineering News-Record magazine recently ranked Hill as the eighth-largest construction management firm in the United States. For more information on Hill, please visit our website at www.hillintl.com.Forward Looking StatementsCertain statements contained herein may be considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and it is our intent that any such statements be protected by the safe harbor created thereby. Except for historical information, the matters set forth herein including, but not limited to, any statements of belief or intent, any statements concerning our plans, strategies, and objectives for future operations are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and assumptions and are subject to certain risks and uncertainties. Although we believe that the expectations, estimates, and assumptions reflected in our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Important factors that could cause our actual results to differ materially from estimates or projections contained in our forward-looking statements are set forth in the Risk Factors section and elsewhere in the reports we have filed with the Securities and Exchange Commission, including that unfavorable global economic conditions may adversely impact our business, our backlog may not be fully realized as revenue, and our expenses may be higher than anticipated. We do not intend, and undertake no obligation, to update any forward-looking statement.Hill International, Inc. Elizabeth J. Zipf, LEED AP BD+C Senior Vice President (215) 309-7707 elizabethzipf@hillintl.comThe Equity Group, Inc. Devin Sullivan Senior Vice President (212) 836-9608 dsullivan@equityny.com

  • GlobeNewswire

    Hill International Selected to Provide Owner’s Engineer Services for the Cyprus LNG Import Terminal Project

    PHILADELPHIA and NICOSIA, Cyprus, July 31, 2020 (GLOBE NEWSWIRE) -- Hill International (NYSE:HIL), the global leader in managing construction risk, announced today that it was selected by the Natural Gas Infrastructure Company of Cyprus (ETYFA) to lead an international consortium and provide owner’s engineer services in connection with the Cyprus Liquefied Natural Gas (LNG) Import Terminal Project, the nation’s largest and most anticipated energy project. With a budget of over €289 million ($336 million) and an implementation timeframe of 24 months, the project will be constructed at Vasilikos Bay on the southern coast of Cyprus. It represents the beginning of a new energy era for Cyprus, bringing to fruition years of the nation’s efforts to end energy isolation, ensure diversification of energy sources, strengthen the security of supply, reduce the cost of energy, and protect the environment.The project’s main components include: a former LNG carrier with a storage capacity of 136,000 cubic meters that will be converted to a floating storage and regasification unit (FSRU) in China; construction of a jetty and a jetty-borne gas pipeline; construction of an onshore gas pipeline and associated infrastructure. After the LNG carrier is converted to an FSRU, the vessel will be equipped with a state-of-the-art regasification modular unit. The completed terminal will be capable of receiving LNG from LNG carriers ranging in size from 120,000 to 217,000 cubic meters.Following an international tender, ETYFA have entered into an agreement with the joint venture of China Petroleum Pipeline Engineering, Metron, Hudong-Zhonghua Shipbuilding, and Wilhelmsen Ship Management to engineer, procure, construct, manage, and operate the project. Hill, as owner’s engineer, will oversee the implementation of the project by carrying out design reviews and supervising the works at the shipyard in China and at the Vasilikos site in Cyprus. Given the technical and commercial requirements of the project, Hill is leading a team formed with Bureau Veritas Maritime & Offshore Solutions and reputable engineering firms Tractebel and Gazocean.“We are delighted and honored to support the Republic of Cyprus in delivering this critical infrastructure project,” says Manolis Sigalas, Hill Vice President & Managing Director for Southern Europe. “As this assignment requires multidisciplinary expertise in the fields of shipping, marine works, and gas infrastructure, we are excited to be leading such a distinguished team of global firms to support our client. We share Cyprus’ vision and objectives for the project and will work hard with all stakeholders involved for its successful delivery.”The project is co-financed by the European Union through a Connecting Europe Facility grant, loan facilities from the European Investment Bank and European Bank for Reconstruction and Development, and equity participation by the Electricity Authority of Cyprus.“This is an important win for Hill in the Eastern Mediterranean and in the regional oil and gas sector,” says Hill Chief Executive Officer Raouf Ghali. “We are proud to be expanding our operational presence in Cyprus with such an impactful infrastructure project and we remain optimistic about the region’s future prospects.”About Hill InternationalHill International, with approximately 2,700 professionals in more than 55 offices worldwide, provides program management, project management, construction management, and other consulting services to clients in a variety of market sectors. Engineering News-Record magazine recently ranked Hill as the eighth-largest construction management firm in the United States. For more information on Hill, please visit our website at www.hillintl.com.Forward Looking StatementsCertain statements contained herein may be considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and it is our intent that any such statements be protected by the safe harbor created thereby. Except for historical information, the matters set forth herein including, but not limited to, any statements of belief or intent, any statements concerning our plans, strategies, and objectives for future operations are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and assumptions and are subject to certain risks and uncertainties. Although we believe that the expectations, estimates, and assumptions reflected in our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Important factors that could cause our actual results to differ materially from estimates or projections contained in our forward-looking statements are set forth in the Risk Factors section and elsewhere in the reports we have filed with the Securities and Exchange Commission, including that unfavorable global economic conditions may adversely impact our business, our backlog may not be fully realized as revenue, and our expenses may be higher than anticipated. We do not intend, and undertake no obligation, to update any forward-looking statement.Hill International, Inc. Elizabeth J. Zipf, LEED AP BD+C Senior Vice President (215) 309-7707 elizabethzipf@hillintl.comThe Equity Group, Inc. Devin Sullivan Senior Vice President (212) 836-9608 dsullivan@equityny.com