2011 ANNUAL REPORT
SUBSTANTIAL INCREASE IN 2011 NET INCOME
SOLID FINANCIAL POSITION
BASIS OF PRESENTATION
Management's Discussion and Analysis is designed to provide the reader with a greater understanding of the Company's business, the Company's business strategy and performance, the Company's expectations of the future, and how the Company manages risk and capital resources.
The Company cautions that, by their nature, forward-looking statements involve risks and uncertainties, and that its actual actions and/or results could differ materially from those expressed or implied in such forward-looking statements, or could affect the extent to which a particular projection materializes.
Many factors and assumptions could have an impact on the materialization of the Company's projections, including, but not limited to, project performance, cost overruns, performance of joint venture partners, ability to attract and retain qualified personnel, subcontractors and suppliers, economic and political conditions, and other factors that are beyond its control. The Company cautions that the foregoing list of factors is not exhaustive.
2.1 OUR BUSINESS STRATEGY
Bouclier's business strategy is based on three key components and provides the flexibility necessary to remain attuned to market demands and to adapt to a rapidly changing environment. These three key components are:
This business strategy, along with Bouclier's strong operating efficiencies, the strong culture of financial accountability among its workforce, and the diversity of its revenue base, has permitted the Company to consistently sustain good results for over a decade and to pay increasing dividends to its shareholders.
RESULTS BY SEGMENT USED FOR ACCOUNTABILITY
The Company's results are evaluated by segment. The segments regroup related activities within Bouclier consistent with the way management performance is assessed.