Foster Wheeler Reports Very Solid Results for Third Quarter of 2009 $0.71 fully diluted earnings per share

ZUG, Switzerland, Nov 04, 2009 (BUSINESS WIRE) -- --$90.0 million net income --$128.2 million consolidated EBITDA --Nearly $1 billion total cash and cash equivalents Foster Wheeler AG (Nasdaq: FWLT) today reported net income for the third quarter of 2009 of $90.0 million, or $0.71 per diluted share, compared with $127.9 million, or $0.88 per diluted share, in the third quarter of 2008. Net income in both quarterly periods was impacted by items as detailed in the attached table.

Excluding such items from both quarterly periods, net income in the third quarter of 2009 was $91.7 million, or $0.72 per diluted share, compared with $129.6 million, or $0.89 per diluted share, in the third quarter of 2008.

Third-quarter 2009 consolidated EBITDA (earnings before interest expense, income taxes, depreciation and amortization) was $128.2 million, compared with $165.2 million in the third quarter of 2008. Consolidated EBITDA in both quarterly periods was also impacted by items as detailed in the attached table. Excluding such items from both quarterly periods, consolidated EBITDA in the third quarter of 2009 was $129.9 million, compared with $167.0 million in the third quarter of 2008.

For the first nine months of 2009, net income was $285.1 million, or $2.24 per diluted share, compared with $426.7 million, or $2.94 per diluted share, for the first nine months of 2008. Consolidated EBITDA for the first nine months of 2009 was $395.7 million, compared with $581.0 million for the first nine months of 2008. The nine-month periods of 2009 and 2008 included items as outlined in the table accompanying this press release.

The following tables present quarterly and average quarterly data, both as reported and as adjusted. The company believes that quarterly averages provide meaningful comparative relevance for certain key metrics in light of the significant quarter-to-quarter variability that is inherent in the company's financial results.

(in millions) Q3 2009 Qtrly Avg. 2009 Q3 2008 Qtrly Avg.

2008 Net income $90 $95 $128 $132 Net income, as adjusted $92 $97 $130 $133 Consolidated EBITDA $128 $132 $165 $172 Consolidated EBITDA, as adjusted $130 $134 $167 $173 Several items in the third quarter of 2009 unfavorably impacted pre-tax income by approximately $25 million relative to the average quarter of 2008. In particular, compared to the average quarter of 2008: the impact of unfavorable currency translation in the third quarter of 2009 -- mainly in the Global Engineering and Construction (E&C) Group -- was approximately $11 million; interest income in the third quarter of 2009 was $8.5 million lower; pension expense in the third quarter of 2009 was $5.0 million higher. In addition, a higher effective tax rate in the third quarter of 2009 versus the effective rate for the average quarter of 2008 reduced net income by approximately $4 million.

Foster Wheeler's Chairman and Chief Executive Officer, Raymond J. Milchovich, said, "The company reported very solid performance for the third quarter of 2009. Major positives in the quarter included a large booking in our Global E&C Group for the remaining front-end engineering work on a petrochemical project in the Middle East. In addition, in a very challenging power market, our Global Power Group booked a new boiler order during the quarter, and the Group's commercial and operating performance continued to be excellent despite the market-related decline in revenue. The company's cash position continued its sequential-quarter build, and reached nearly $1 billion at the end of the third quarter of 2009." Global Engineering and Construction (E&C) Group (in millions) Q3 2009 Qtrly Avg. 2009 Q3 2008 Qtrly Avg. 2008 New orders booked (FW Scope) $355 $527 $664 $526 Operating revenues (FW Scope) $499 $474 $637 $558 Segment EBITDA $114 $109 $123 $134 EBITDA Margin (FW Scope) 22.9% 22.9% 19.3% 24.0% -- EBITDA in the third quarter of 2009 was unfavorably impacted by approximately $10 million of currency translation, relative to the average quarter of 2008, mainly related to the value of the British pound versus the U.S. dollar.

Nonetheless, operating results were solid, and EBITDA margin on scope revenue remained strong.

-- New orders booked in Foster Wheeler scope included the full release of remaining front-end engineering work on a petrochemical project in the Middle East. Quarterly variability in new orders reflects timing of client decisions.

-- Scope operating revenues were below the average quarter of 2008 due to currency translation impact of approximately $34 million and a slightly lower volume of work executed.

Global Power Group (GPG) (in millions) Q3 2009 Qtrly Avg. 2009 Q3 2008 Qtrly Avg. 2008 New orders booked (FW Scope) $209 $129 $432 $334 Operating revenues (FW Scope) $204 $263 $428 $424 Segment EBITDA $40 $47 $65 $60 EBITDA Margin (FW Scope) 19.4% 18.0% 15.1% 14.1% -- EBITDA in the third quarter of 2009 was below the average quarter of 2008 due primarily to lower volumes of work. EBITDA margin on scope revenue was above the average quarter of 2008, aided by the capture of profit enhancement opportunities.

-- New orders in Foster Wheeler scope increased to the highest level since the third quarter of 2008 due in part to the value of a boiler order in Poland.

Nonetheless, new orders were below the average quarter of 2008 due to continued weakness in global demand for solid-fuel boilers.

-- Scope operating revenues were below the average quarter of 2008 due primarily to lower volumes of work executed.

In commenting on the market outlook for the company's two business units, Milchovich said, "Regarding our E&C business, while the overall market is not as robust as it was in 2007 and early 2008, Foster Wheeler has a very robust list of prospects, and we have been very pleased with our booking success so far in 2009. In GPG, global demand for solid fuel boilers remains weak. However, we continue to enjoy a very high capture rate when CFB boiler projects proceed." Share Repurchase Program On September 12, 2008, the company announced that its board of directors had authorized a $750 million share repurchase program. The company purchased no shares under the program during the third quarter of 2009. To date, the company has purchased 18.1 million common shares and has approximately $265 million remaining under the existing authorization.

Net Income Attributable to Foster Wheeler AG All references to net income in this news release indicate net income attributable to Foster Wheeler AG.

Calculation of EBITDA EBITDA is a supplemental financial measure not defined in generally accepted accounting principles (GAAP). The Company defines EBITDA as net income attributable to Foster Wheeler AG before interest expense, income taxes, depreciation and amortization. The Company has presented EBITDA because it believes it is an important supplemental measure of operating performance.

Certain covenants under our current and prior senior credit agreements use an adjusted form of EBITDA such that in the covenant calculations the EBITDA as presented herein is adjusted for certain unusual and infrequent items specifically excluded in the terms of our current and prior senior credit agreements. The Company believes that the line item on its consolidated statement of operations entitled "net income attributable to Foster Wheeler AG" is the most directly comparable GAAP financial measure to EBITDA. Since EBITDA is not a measure of performance calculated in accordance with GAAP, it should not be considered in isolation of, or as a substitute for, net income attributable to Foster Wheeler AG as an indicator of operating performance or any other GAAP financial measure.

EBITDA, as calculated by the Company, may not be comparable to similarly titled measures employed by other companies. In addition, this measure does not necessarily represent funds available for discretionary use, and is not necessarily a measure of the Company's ability to fund its cash needs. As EBITDA excludes certain financial information that is included in net income attributable to Foster Wheeler AG, users of this financial information should consider the type of events and transactions that are excluded.

The Company's non-GAAP performance measure, EBITDA, has certain material limitations as follows: -- It does not include interest expense. Because the Company has borrowed money to finance some of its operations, interest is a necessary and ongoing part of its costs and has assisted the Company in generating revenue. Therefore, any measure that excludes interest expense has material limitations; -- It does not include taxes. Because the payment of taxes is a necessary and ongoing part of the Company's operations, any measure that excludes taxes has material limitations; and -- It does not include depreciation and amortization. Because the Company must utilize property, plant and equipment and intangible assets in order to generate revenues in its operations, depreciation and amortization are necessary and ongoing costs of its operations. Therefore, any measure that excludes depreciation and amortization has material limitations.

Calculation of EBITDA Margin Segment EBITDA margin is calculated by dividing business unit operating revenues in Foster Wheeler Scope into business unit EBITDA.

Foster Wheeler Scope Foster Wheeler Scope represents that portion of unfilled orders, new orders booked and operating revenues on which profit can be earned. Foster Wheeler Scope excludes revenues relating to third-party costs incurred by the Company as agent or principal on a reimbursable basis. The Company began comprehensively reporting Foster Wheeler Scope as of 2005.

Conference Call Information Foster Wheeler AG plans to hold a conference call today, Wednesday, November 4, at 10:00 a.m. (Eastern) to discuss its financial results for the quarter ended September 30, 2009.

The call will be accessible to the public by telephone or webcast, and the company will post an accompanying slide presentation in the investor relations section of its web site (www.fwc.com). To listen to the call by telephone, dial 719-457-2633 (conference I.D. No. 4957768) approximately ten minutes before the call. The conference call will also be available over the Internet at www.fwc.com or through StreetEvents at www.streetevents.comH.

A replay of the call will be available on the company's web site as well as by telephone. The replay can be accessed on the company's web site for four weeks following the call. The replay will be available by telephone for two weeks following the call and can be accessed by dialing 719-457-0820 (replay passcode 4957768 required).

Foster Wheeler AG is a global engineering and construction contractor and power equipment supplier delivering technically advanced, reliable facilities and equipment. The company employs over 14,000 talented professionals with specialized expertise dedicated to serving clients through one of its two primary business groups. The company's Global Engineering and Construction Group designs and constructs leading-edge processing facilities for the upstream oil and gas, LNG and gas-to-liquids, refining, chemicals and petrochemicals, power, environmental, pharmaceuticals, biotechnology and healthcare industries. The company's Global Power Group is a world leader in combustion and steam generation technology that designs, manufactures and erects steam generating and auxiliary equipment for power stations and industrial facilities and also provides a wide range of aftermarket services. The Company is based in Zug, Switzerland, and its operational headquarters are in Clinton, New Jersey, USA.

For more information about Foster Wheeler, please visit our Web site at www.fwc.com.

Safe Harbor Statement Foster Wheeler AG news releases may contain forward-looking statements that are based on management's assumptions, expectations and projections about the Company and the various industries within which the Company operates. These include statements regarding the Company's expectations about revenues (including as expressed by its backlog), its liquidity, the outcome of litigation and legal proceedings and recoveries from customers for claims and the costs of current and future asbestos claims and the amount and timing of related insurance recoveries. Such forward-looking statements by their nature involve a degree of risk and uncertainty. The Company cautions that a variety of factors, including but not limited to the factors described in the Company's most recent Annual Report on Form 10-K, which was filed with the U.S. Securities and Exchange Commission and the following, could cause the Company's business conditions and results to differ materially from what is contained in forward-looking statements: benefits, effects or results of the Company's redomestication, further deterioration in the economic conditions in the United States and other major international economies, changes in investment by the oil and gas, oil refining, chemical/petrochemical and power industries, changes in the financial condition of its customers, changes in regulatory environments, changes in project design or schedules, contract cancellations, changes in estimates made by the Company of costs to complete projects, changes in trade, monetary and fiscal policies worldwide, compliance with laws and regulations relating to its global operations, currency fluctuations, war and/or terrorist attacks on facilities either owned by the Company or where equipment or services are or may be provided by the Company, interruptions to shipping lanes or other methods of transit, outcomes of pending and future litigation, including litigation regarding the Company's liability for damages and insurance coverage for asbestos exposure, protection and validity of its patents and other intellectual property rights, increasing competition by non-U.S. and U.S.

companies, compliance with its debt covenants, recoverability of claims against its customers and others by the Company and claims by third parties against the Company, and changes in estimates used in its critical accounting policies.

Other factors and assumptions not identified above were also involved in the formation of these forward-looking statements and the failure of such other assumptions to be realized, as well as other factors, may also cause actual results to differ materially from those projected. Most of these factors are difficult to predict accurately and are generally beyond the Company's control.

You should consider the areas of risk described above in connection with any forward-looking statements that may be made by the Company. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. You are advised, however, to consult any additional disclosures the Company makes in proxy statements, quarterly reports on Form 10-Q, annual reports on Form 10-K and current reports on Form 8-K filed with the Securities and Exchange Commission.

Foster Wheeler AG and

Subsidiaries

Consolidated Statement of

Operations

(in thousands of dollars, except

share data and per share amounts)

(unaudited)

Fiscal Quarters Ended

Fiscal Nine Months Ended

September 30,

September 26, September 30, September 26,

2009

2008 2009 2008

Operating revenues $ 1,216,379

$ 1,718,355 $ 3,789,703 $ 5,215,101 Cost of operating revenues 1,022,542

1,489,095 3,213,155 4,522,654 Contract profit 193,837

229,260 576,548 692,447

Selling, general and administrative expenses 75,881

74,831 214,153 218,771 Other income, net (10,508 )

(3,364 ) (30,201 ) (35,035 ) Other deductions, net 6,722

13,528 19,707 25,120 Interest income (2,701 )

(12,457 ) (7,799 ) (35,155 ) Interest expense 4,648

5,193 10,117 16,204 Net asbestos-related provision/(gain) 1,745

1,725 5,251 (30,738 ) Income before income taxes 118,050

149,804 365,320 533,280 Provision for income taxes 22,061

21,050 67,625 104,683 Net income 95,989

128,754 297,695 428,597 Less: Net income attributable to noncontrolling interests 5,991

834 12,630 1,859 Net income attributable to Foster Wheeler AG $ 89,998

$ 127,920 $ 285,065 $ 426,738

Shares Outstanding:

Weighted-average number of shares 126,459,865

144,030,570 126,355,686 143,980,815 outstanding for basic earnings per share

Weighted-average number of shares 127,399,854

145,199,596 127,069,653 145,349,931 outstanding for diluted earnings per share

Earnings per share:

Basic $ 0.71

$ 0.89 $ 2.26 $ 2.96 Diluted $ 0.71

$ 0.88 $ 2.24 $ 2.94

Foster Wheeler AG and

Subsidiaries

Consolidated Balance Sheet

(in thousands of dollars)

(unaudited)

September 30,

December 26,

2009

2008 ASSETS

Current Assets:

Cash and cash equivalents $ 962,133

$ 773,163 Short-term investments 3,645

2,448 Accounts and notes receivable, net:

Trade 548,879

608,994 Other 100,289

95,633 Contracts in process 276,011

241,135 Prepaid, deferred and refundable income taxes 31,514

31,667 Other current assets 34,830

37,146 Total current assets 1,957,301 1,790,186 Land, buildings and equipment, net 400,295

383,209 Restricted cash 22,427

22,737 Notes and accounts receivable - long-term 1,578

1,788 Investments in and advances to unconsolidated affiliates 219,253

210,776 Goodwill 72,310

62,165 Other intangible assets, net 59,155

59,874 Asbestos-related insurance recovery receivable 259,553

281,540 Other assets 76,046

82,223 Deferred income taxes 104,939

116,756 TOTAL ASSETS $ 3,172,857 $ 3,011,254

LIABILITIES, TEMPORARY EQUITY AND EQUITY

Current Liabilities:

Current installments on long-term debt $ 23,226

$ 24,375 Accounts payable 290,553

365,347 Accrued expenses 281,483

303,813 Billings in excess of costs and estimated earnings on uncompleted 680,579

750,233 contracts

Income taxes payable 58,733

44,846 Total current liabilities 1,334,574 1,488,614

Long-term debt 194,801

192,989 Deferred income taxes 61,292

66,114 Pension, postretirement and other employee benefits 308,034

320,959 Asbestos-related liability 325,401

355,779 Other long-term liabilities 162,174

157,933 Commitments and contingencies

TOTAL LIABILITIES 2,386,276 2,582,388

Temporary Equity:

Non-vested share-based compensation awards subject to redemption 9,294

7,586 TOTAL TEMPORARY EQUITY 9,294

7,586

Equity:

Preferred shares -

- Common shares -

1,262 Registered shares 327,991

- Paid-in capital 604,239

914,063 Retained earnings/(accumulated deficit) 257,090

(27,975 ) Accumulated other comprehensive loss (452,416

) (494,788 ) TOTAL FOSTER WHEELER AG SHAREHOLDERS' EQUITY 736,904

392,562 Noncontrolling Interests 40,383

28,718 TOTAL EQUITY 777,287

421,280 TOTAL LIABILITIES, TEMPORARY EQUITY AND EQUITY $ 3,172,857 $ 3,011,254

Foster Wheeler AG and

Subsidiaries

Business Segments

(in thousands of dollars)

(unaudited)

Fiscal Quarters Ended

Fiscal Nine Months Ended

September 30, September 26,

September 30, September 26,

2009 2008

2009 2008 Global Engineering &

Construction Group

Backlog - in future revenues $ 4,008,500 $ 5,810,600 $ 4,008,500 $ 5,810,600 New orders booked - in future revenues 688,800 955,200

2,346,000 2,308,800 Operating revenues 1,009,352 1,287,405 2,992,235 3,928,136 EBITDA 114,134 122,828

326,044 412,976

Foster Wheeler Scope (1):

Backlog - in Foster Wheeler Scope 1,583,100 1,754,700 1,583,100 1,754,700 New orders booked - in Foster Wheeler Scope 355,400 664,300

1,580,200 1,814,800 Operating revenues - in Foster Wheeler Scope 499,140 637,424

1,421,683 1,699,445

Global Power Group

Backlog - in future revenues 624,600 1,451,600 624,600 1,451,600 New orders booked - in future revenues 212,100 435,100

394,700 1,165,700 Operating revenues 207,027 430,950

797,468 1,286,965 EBITDA 39,589 64,753

142,152 197,547

Foster Wheeler Scope (1):

Backlog - in Foster Wheeler Scope 611,900 1,438,700 611,900 1,438,700 New orders booked - in Foster Wheeler Scope 209,000 432,200

385,700 1,156,900 Operating revenues - in Foster Wheeler Scope 203,982 428,006

788,532 1,278,106

Corporate & Finance Group (2)

EBITDA (25,553 ) (22,338

) (72,480 ) (29,532 )

Consolidated

Backlog - in future revenues 4,633,100 7,262,200 4,633,100 7,262,200 New orders booked - in future revenues 900,900 1,390,300 2,740,700 3,474,500 Operating revenues 1,216,379 1,718,355 3,789,703 5,215,101 EBITDA 128,170 165,243

395,716 580,991

Foster Wheeler Scope (1):

Backlog - in Foster Wheeler Scope 2,195,000 3,193,400 2,195,000 3,193,400 New orders booked - in Foster Wheeler Scope 564,400 1,096,500 1,965,900 2,971,700 Operating revenues - in Foster Wheeler Scope 703,122 1,065,430 2,210,215 2,977,551

(1) Foster Wheeler Scope represents that portion of backlog, new

orders booked and operating revenues on which profit can be earned.

Foster Wheeler Scope excludes revenues relating to third-party costs

incurred by the company as agent or principal on a reimbursable

basis.

(2) Includes intersegment eliminations.

Foster Wheeler AG and

Subsidiaries

Reconciliations of EBITDA and

Foster Wheeler Scope

(in thousands of dollars)

(unaudited)

Fiscal Quarters Ended

Fiscal Nine Months Ended Fiscal Twelve Months Ended

September 30, September 26,

September 30, September 26, December 26,

2009 2008

2009 2008 2008 Reconciliation of EBITDA to Net

Income*

EBITDA:

Global Engineering & Construction $ 114,134 $ 122,828

$ 326,044 $ 412,976 $ 535,602 Global Power Group 39,589 64,753

142,152 197,547 239,508 Corporate & Finance Group (25,553 ) (22,338 )

(72,480 ) (29,532 ) (89,043 ) Consolidated EBITDA 128,170 165,243

395,716 580,991 686,067 Less: Interest expense 4,648 5,193

10,117 16,204 17,621 Less: Depreciation/amortization (1) 11,463 11,080

32,909 33,366 44,798 Less: Provision for income taxes 22,061 21,050

67,625 104,683 97,028 Net income* $ 89,998 $ 127,920

$ 285,065 $ 426,738 $ 526,620

Reconciliation of Foster Wheeler

Scope Operating

Revenues to Operating Revenues

Global Engineering &

Construction Group

Foster Wheeler Scope operating revenues $ 499,140 $ 637,424

$ 1,421,683 $ 1,699,445 $ 2,233,125 Flow-through revenues 510,212 649,981

1,570,552 2,228,691 2,914,102 Operating revenues 1,009,352 1,287,405

2,992,235 3,928,136 5,147,227

Global Power Group

Foster Wheeler Scope operating revenues 203,982 428,006

788,532 1,278,106 1,695,209 Flow-through revenues 3,045 2,944

8,936 8,859 11,854 Operating revenues 207,027 430,950

797,468 1,286,965 1,707,063

Consolidated

Foster Wheeler Scope operating revenues 703,122 1,065,430

2,210,215 2,977,551 3,928,334 Flow-through revenues 513,257 652,925

1,579,488 2,237,550 2,925,956 Operating revenues $ 1,216,379 $ 1,718,355

$ 3,789,703 $ 5,215,101 $ 6,854,290

(1)The depreciation / amortization by business

segment:

Fiscal Quarters Ended

Fiscal Nine Months Ended Fiscal Twelve Months Ended

September 30, September 26,

September 30, September 26, December 26,

2009 2008

2009 2008 2008 Global Engineering & Construction Group $ 5,804 $ 5,523

$ 16,314 $ 16,523 $ 22,530 Global Power Group 5,279 5,190

15,469 15,787 20,846 Corporate & Finance Group 380 367

1,126 1,056 1,422 Total depreciation / amortization $ 11,463 $ 11,080

$ 32,909 $ 33,366 $ 44,798

* Net income attributable to Foster Wheeler AG.

Foster Wheeler AG and

Subsidiaries

EBITDA, Net Income* and Diluted

Earnings Per Share Reconciliation

(in thousands of dollars, except

per share amounts)

(unaudited)

Fiscal Quarters Ended

September 30, 2009

September 26, 2008

Diluted Earnings Diluted Earnings

EBITDA Net Income* Per Share EBITDA Net Income* Per Share As adjusted $ 129,915 $ 91,743 $

0.72 $ 166,968 $ 129,645 $ 0.89

Adjustments:

Net asbestos-related (provision)/gain (1,745 ) (1,745 )

(0.01 ) (1,725 ) (1,725 ) (0.01 )

As reported $ 128,170 $ 89,998 $

0.71 $ 165,243 $ 127,920 $ 0.88

Fiscal Nine Months Ended

September 30, 2009

September 26, 2008

Diluted Earnings Diluted Earnings

EBITDA Net Income* Per Share EBITDA Net Income* Per Share As adjusted $ 400,967 $ 290,316 $

2.28 $ 550,253 $ 396,000 $ 2.73

Adjustments:

Net asbestos-related (provision)/gain (5,251 ) (5,251 )

(0.04 ) 30,738 30,738 0.21

As reported $ 395,716 $ 285,065 $

2.24 $ 580,991 $ 426,738 $ 2.94

Fiscal Twelve Months Ended

December 26, 2008

Diluted Earnings

EBITDA Net Income* Per Share As adjusted

$ 692,674 $ 533,227 $ 3.73

Adjustments:

Net asbestos-related provision

(6,607 ) (6,607 ) (0.05 )

As reported

$ 686,067 $ 526,620 $ 3.68

*Net income attributable to Foster Wheeler AG.

Foster Wheeler AG and

Subsidiaries

Average Calculations

(in thousands of dollars)

(unaudited)

2008 2008

Fiscal Nine 2009

Full Year Quarterly

Months Ended Quarterly

Amount Average

September 30, Average

Amount *

2009 Amount **

Consolidated

Net income *** $ 526,620 $ 131,655

$ 285,065 $ 95,022 Adjusted net income *** 533,227 133,307

290,316 96,772 Consolidated EBITDA 686,067 171,517

395,716 131,905 Consolidated EBITDA, as adjusted 692,674 173,169

400,967 133,656

Global Engineering &

Construction Group

New orders booked - in Foster Wheeler Scope $ 2,102,900 $ 525,725

$ 1,580,200 $ 526,733 Operating revenues - in Foster Wheeler Scope 2,233,125 558,281

1,421,683 473,894 Segment EBITDA 535,602 133,901

326,044 108,681 EBITDA margin 24.0 % 24.0 %

22.9 % 22.9 %

Global Power Group

New orders booked - in Foster Wheeler Scope $ 1,336,800 $ 334,200

$ 385,700 $ 128,567 Operating revenues - in Foster Wheeler Scope 1,695,209 423,802

788,532 262,844 Segment EBITDA 239,508 59,877

142,152 47,384 EBITDA margin 14.1 % 14.1 %

18.0 % 18.0 %

* To calculate the quarterly average dollar amounts, the company divided reported annual figures by four. ** To calculate the quarterly average dollar amounts, the company divided reported nine-month figures by three. *** Net income attributable to Foster Wheeler AG. SOURCE: Foster Wheeler AG CONTACT: Foster Wheeler AG Media Maureen Bingert, 908-730-4444 [e-mail] or Investor Relations Scott Lamb, 908-730-4155 [e-mail] or Other Inquiries 908-730-4000 [e-mail] Copyright Business Wire 2009 -0- KEYWORD: United States

Switzerland

Europe

North America

New Jersey INDUSTRY KEYWORD: Energy

Other Energy

Manufacturing

Chemicals/Plastics

Engineering

Environment

Construction & Property

Other Construction & Property SUBJECT CODE: Earnings

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