MARLTON, N.J. and TRIPOLI, Libya, Feb. 27, 2014 (GLOBE NEWSWIRE) -- Hill International (NYSE: HIL ), the global leader in managing construction risk, announced today that it has received additional partial payments totaling approximately $6.1 million against the approximately $57.0 million in outstanding accounts receivable that the company had been owed from the Organization for the Development of Administrative Centres (ODAC), an agency of the Libyan national government.
The payments were made approximately 67% in U.S. dollars, 5% in British pounds and 28% in Libyan dinars. Including payments of approximately $3.1 million made during 2013, Hill has now collected approximately $9.2 million against its outstanding accounts receivable balance of $60.0 million that was owed at the time when the Libyan civil unrest began in February 2011. Hill's remaining accounts receivable balance with ODAC is now down to approximately $50.8 million of which the company expects payment in full in the near future.
"This is a major step in collecting all of our outstanding receivables from ODAC and getting back to work in Libya," said Raouf S. Ghali, President of Hill's Project Management Group (International). "We are currently in negotiations with ODAC for several new contracts and we very much appreciate their continuing efforts to work with us so that we can continue managing their higher-education construction program," added Ghali.
Hill International, with 4,000 employees in 100 offices worldwide, provides program management, project management, construction management, construction claims and other consulting services primarily to the buildings, transportation, environmental, energy and industrial markets. Engineering News-Record magazine recently ranked Hill as the 9th largest construction management firm in the United States. For more information on Hill, please visit our website at www.hillintl.com .
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Certain 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 projections of revenues, earnings or other financial items; any statements concerning our plans, strategies and objectives for future operations; and any statements regarding future economic conditions or performance, 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. We do not intend, and undertake no obligation, to update any forward-looking statement.
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Hill International, Inc. John P. Paolin Senior Vice President of Marketing and Corporate Communications (856) 810-6210 The Equity Group Inc. Devin Sullivan Senior Vice President (212) 836-9608
