OAK BROOK, Ill. - Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD), the largest provider of dredging services in the United States and a major provider of environmental and infrastructure services, today reported financial results for the quarter and year ended December 31, 2016. For the three months ended December 31, 2016, Great Lakes reported revenue of $213.4 million, net loss of $7.0 million and Adjusted EBITDA of $11.6 million.  The following non-recurring items totaling $7.3 million negatively impacted results during the fourth quarter of 2016: a loss on an asset held for sale of $2.4 million for a vessel based in the Middle East; $2.3 million in losses related to the sale of assets in the Terra services business; and a $2.6 million loss related to the wind-down of the TerraSea joint venture.  For the year ended December 31, 2016, Great Lakes reported revenue of $767.6 million, net loss of $8.2 million and Adjusted EBITDA of $72.0 million.  In addition to the $7.3 million non-recurring items in the fourth quarter that adversely impacted results, the Company recorded the following non-recurring items previously in the year, positively impacting results: an $8.6 million reversal of liabilities related to the estimated earn-out and restricted stock units associated with the GLEI acquisition due to the expected failure to meet performance expectations included within the stock purchase agreement and a $2.0 million reversal of variable employee compensation.  Interim Chief Executive Officer and Chief Financial Officer Mark Marinko stated, “In 2016, the Company executed well on our domestic dredging contracts, particularly on our rivers & lakes projects. Our performance was offset by a major decline in international work due to a smaller market in 2016 that impacted the entire international dredging industry as well as the absence of the Suez Canal project, which contributed robust revenue and contract margin in 2015.  We were pleased to have our internationally-based vessels utilized during the second half of the year, however the contracts were not at the margin of recent international projects. “Our Environmental & Infrastructure (E&I) segment’s operating loss was reduced by $21.7 million in 2016 compared to 2015.  The sale of the assets associated with the service lines of Terra Contracting Services, LLC business was finalized, which we believe is a key component for returning this segment to profitability.  For the year, this underutilized equipment and excess overhead associated with these divested assets, as well as a loss of $7.6 million on a project that the Terra business unit executed, adversely impacted the performance of our E&I segment.  Excluding the Terra business, the E&I segment exhibited a positive performance during 2016, and backlog at December 31, 2016 does not currently include projects in a loss position. “At December 31, 2016, total assets and total liabilities on our balance sheet remained consistent with year-end 2015.  During the year, we invested $54 million to finance the construction cost of our Articulated Tug & Barge (ATB) hopper dredge.  As stated previously, we expect to continue to be deploying our free cash flow until construction of this vessel is complete in the second quarter of 2017.  At the end of 2016, we were pleased to close a $250 million, three year revolving credit facility which has a structure that is designed to work well with our business.  Going forward in 2017, we will continue to exercise fiscal prudence intended to ensure the best use of our capital.” Chairman of the Board Robert Uhler stated, “Last year was transformative for the Company.  Operationally, we made significant progress repositioning the E&I segment by divesting the non-core assets that were not a strategic fit for the business.  We expect the risk controls and other processes that were implemented in 2016 to make this segment well positioned as we move forward in 2017.  We also expect the changes in leadership, including the recent additions to the Board, to enhance our ability to maximize shareholder value.”