Mistras Group, Inc. Delivers First Quarter Revenue Growth of 34%; Net Income Increases 103%
10 Outubro 2011 - 5:01PM
Mistras Group, Inc. (NYSE:MG), a leading "one source" global
provider of technology-enabled asset protection solutions, today
reported financial results for the first quarter of fiscal 2012.
Revenue for the first quarter of fiscal 2012 was $91.4 million, an
increase of 34%, over the $68.4 million reported in the first
quarter of fiscal 2011. Net income for the first quarter of fiscal
2012 grew by 103% to $3.2 million, or $0.11 per diluted share,
versus $1.6 million, or $0.06 per diluted share, in the first
quarter of fiscal 2011. Adjusted EBITDA*, a non-GAAP measure
detailed later in this release, increased 42% to $12.0 million in
the first quarter of fiscal 2012 versus $8.5 million in the first
quarter of fiscal 2011.
Consistent with prior quarters, organic growth contributed the
bulk of the revenue gain. In the first quarter of fiscal 2012, the
organic growth rate was 19%, while acquisition growth was 12% and
the balance of growth was due to foreign currency fluctuations.
Additional Financial Highlights for the first quarter of
Fiscal 2012:
- Operating income margins grew by 170 basis points and Adjusted
EBITDA* margins grew by 70 basis points compared to the same
quarter of fiscal 2011.
- The Company generated $12.8 million in net cash from operating
activities in the first quarter of fiscal 2012 versus $9.2 million
in the same quarter of fiscal 2011, representing an increase of
39%.
- Revenues from the oil and gas market grew by 24% while revenues
from all other markets combined grew by more than 40% in the first
quarter of fiscal 2012.
Chairman and Chief Executive Officer, Dr. Sotirios J. Vahaviolos
stated that, "We were pleased with the continued momentum of our
business in the first quarter of fiscal 2012, which is
traditionally a soft quarter for us. Once again, organic revenue
growth was a significant driver behind our results, rising to 19%
in the first quarter. Our unique approach, which provides 'One
Source' Asset Protection Solutions to our customers, continues to
receive broad acceptance in the many target markets that we
serve."
Business Outlook/Guidance for Fiscal Year
2012
The Company's outlook is for continued double digit growth in
revenue and Adjusted EDITDA*. The Company is affirming its
previously issued guidance for fiscal 2012 revenues to be in the
range of $375 million to $390 million and Adjusted EBITDA* to be in
the range of $59 million to $64 million. Mistras does not provide
specific guidance for individual quarters, but will update its
annual guidance at least quarterly.
Earnings Conference Call
In connection with this earnings release, Mistras will hold its
quarterly conference call on Tuesday, October 11, 2011 at 9:00 a.m.
(Eastern). The call will be broadcast over the Web and can be
accessed on Mistras' Website, www.mistrasgroup.com. Individuals in
the U.S. wishing to participate in the conference call by phone may
call 1-800-901-5241 and use confirmation code 55375743 when
prompted. The International dial-in number is 1-617-786-2963.
About Mistras Group, Inc.
MISTRAS is a leading "one source" global provider of
technology-enabled asset protection solutions used to evaluate the
structural integrity of critical energy, industrial and public
infrastructure. Mission critical services and solutions are
delivered globally and provide customers the ability to extend the
useful life of their assets, improve productivity &
profitability, comply with government safety and environmental
regulations and enhance risk management operational decisions.
MISTRAS uniquely combines its industry-leading products and
technologies - 24/7 on-line monitoring of critical assets;
mechanical integrity (MI) and non-destructive testing (NDT)
services; and its proprietary world class data warehousing &
analysis software- to provide comprehensive and competitive
products, systems and services solutions from a single source
provider.
For more information, please visit the company's website
at www.mistrasgroup.com or contact Frank Joyce, Chief Financial
Officer at 609-716-4103. The MISTRAS Group, Inc. logo is available
at http://www.globenewswire.com/newsroom/prs/?pkgid=6966
Forward-Looking and Cautionary Statements
Certain statements made in this press release are
"forward-looking statements" about Mistras' financial results and
estimates, products and services, business model, strategy, growth
opportunities, profitability and competitive position. These
forward-looking statements generally use words such as "future,"
"possible," "potential," "targeted," "anticipate," "believe,"
"estimate," "expect," "intend," "plan," "predict," "project,"
"will," "may," "should," "could," "would" and other similar words
and phrases. Such statements are not guarantees of future
performance or results, and will not necessarily be accurate
indications of the times, or by which, such performance or results
will be achieved, if at all. These statements are subject to risks
and uncertainties that could cause actual performance or results to
differ materially from those expressed in these statements. A list,
description and discussion of these and other risks and
uncertainties can be found in the "Risk Factors" section of the
Company's Annual Report on Form 10-K filed with the Securities and
Exchange Commission on August 12, 2011, as updated by our reports
on Form 10-Q and Form 8-K. The forward-looking statements are made
as of the date hereof, and Mistras undertakes no obligation to
update such statements as a result of new information, future
events or otherwise.
* Use of Non-GAAP Measures
The term "Adjusted EBITDA" is a financial measurement not
calculated in accordance with U.S. generally accepted accounting
principles. The Company believes that investors and other users of
the financial statements benefit from the presentation of Adjusted
EBITDA because it provides an additional metric to compare the
Company's operating performance on a consistent basis and measure
underlying trends and results of the Company's business. A
reconciliation of this to a financial measurement under GAAP is set
forth in a table attached to this press release.
Mistras Group,
Inc. |
Unaudited Consolidated
Balance Sheets |
(in thousands, except
share data) |
|
|
|
|
August 31, 2011 |
May 31, 2011 |
ASSETS |
|
|
Current Assets |
|
|
Cash and cash
equivalents |
$ 6,491 |
$ 10,879 |
Accounts receivable, net |
72,706 |
78,031 |
Inventories, net |
10,226 |
9,830 |
Deferred income taxes |
1,282 |
1,278 |
Prepaid expenses and other current
assets |
6,825 |
6,761 |
Total current assets |
97,530 |
106,779 |
Property, plant and equipment, net |
52,750 |
49,168 |
Intangible assets, net |
28,163 |
27,304 |
Goodwill |
68,970 |
64,146 |
Other assets |
1,104 |
1,240 |
Total assets |
$ 248,517 |
$ 248,637 |
|
|
|
LIABILITIES, PREFERRED STOCK AND
EQUITY |
|
|
Current Liabilities |
|
|
Current portion of long-term debt |
$ 6,551 |
$ 7,226 |
Current portion of capital lease
obligations |
6,526 |
5,853 |
Accounts payable |
5,580 |
6,656 |
Accrued expenses and other current
liabilities |
29,020 |
28,028 |
Income taxes payable |
2,365 |
2,825 |
Total current liabilities |
50,042 |
50,588 |
Long-term debt, net of current portion |
9,495 |
14,625 |
Obligations under capital leases, net of
current portion |
11,047 |
9,623 |
Deferred income taxes |
2,920 |
2,863 |
Other long-term liabilities |
3,719 |
3,452 |
Total liabilities |
77,223 |
81,151 |
|
|
|
Commitments and contingencies |
|
|
Preferred stock, 10,000,000 shares
authorized |
-- |
-- |
Equity |
|
|
Common stock, $0.01 par value,
200,000,000 shares authorized, 27,712,038 and 27,667,122 shares
issued and outstanding as of August 31, 2011 and May 31, 2011,
respectively |
277 |
277 |
Additional paid-in capital |
181,521 |
180,594 |
Accumulated deficit |
(10,789) |
(14,017) |
Accumulated other comprehensive income
(loss) |
(7) |
303 |
Total Mistras Group, Inc. stockholders'
equity |
171,002 |
167,157 |
Noncontrolling interest |
292 |
329 |
Total equity |
171,294 |
167,486 |
Total liabilities, preferred stock and
equity |
$ 248,517 |
$ 248,637 |
|
|
|
Mistras Group,
Inc. |
Unaudited Consolidated
Statement of Operations |
(in thousands, except
per share data) |
|
|
|
|
Three
months ended August 31, |
|
2011 |
2010 |
Revenues: |
|
|
Services |
$ 82,902 |
$ 61,252 |
Products |
8,545 |
7,158 |
Total revenues |
91,447 |
68,410 |
Cost of revenues: |
|
|
Cost of services |
56,887 |
41,391 |
Cost of products sold |
3,640 |
3,277 |
Depreciation related to
services |
3,323 |
2,809 |
Depreciation related to
products |
177 |
155 |
Total cost of
revenues |
64,027 |
47,632 |
Gross profit |
27,420 |
20,778 |
Selling, general and administrative
expenses |
19,381 |
15,479 |
Research and engineering |
589 |
555 |
Depreciation and amortization |
1,479 |
1,178 |
Legal reserve |
-- |
250 |
Income from operations |
5,971 |
3,316 |
Other expenses |
|
|
Interest expense |
661 |
690 |
Income before provision for
income taxes |
5,310 |
2,626 |
Provision for income taxes |
2,116 |
1,054 |
Net income |
3,194 |
1,572 |
Net loss attributable to noncontrolling
interests, net of taxes |
34 |
20 |
Net income attributable to
Mistras Group, Inc. |
$ 3,228 |
$ 1,592 |
Earnings per common share: |
|
|
Basic |
$ 0.12 |
$ 0.06 |
Diluted |
$ 0.11 |
$ 0.06 |
Weighted average common shares
outstanding: |
|
|
Basic |
27,677 |
26,664 |
Diluted |
28,225 |
26,778 |
|
|
|
Mistras Group,
Inc. |
Unaudited Operating
Data by Segment |
(in
thousands) |
|
|
|
|
|
|
|
Three months
ended August 31, |
|
2011 |
2010 |
|
|
|
Revenues |
|
|
Services |
$ 75,689 |
$ 55,282 |
Products and
Systems |
7,513 |
5,310 |
International |
9,773 |
9,040 |
Corporate and
eliminations |
(1,528) |
(1,222) |
|
$ 91,447 |
$ 68,410 |
|
|
|
|
|
|
|
|
|
|
Three months
ended August 31, |
|
2011 |
2010 |
|
|
|
Gross
profit |
|
|
Services |
$ 20,308 |
$ 15,001 |
Products and
Systems |
3,751 |
2,569 |
International |
3,431 |
3,271 |
Corporate and
eliminations |
(70) |
(63) |
|
$ 27,420 |
$ 20,778 |
|
|
|
Mistras Group,
Inc. |
Unaudited
Reconciliation of Net Income Attributable to Mistras Group, Inc. to
EBITDA and Adjusted EBITDA |
(in
thousands) |
|
|
|
|
Three
months ended August 31, |
|
2011 |
2010 |
EBITDA and Adjusted EBITDA
data |
|
|
Net income attributable to Mistras Group,
Inc. |
$ 3,228 |
$ 1,592 |
Interest expense |
661 |
690 |
Provision for income taxes |
2,116 |
1,054 |
Depreciation and amortization |
4,979 |
4,142 |
EBITDA |
$ 10,984 |
$ 7,478 |
Legal reserve |
-- |
250 |
Stock compensation expense |
1,002 |
729 |
Adjusted EBITDA |
$ 11,986 |
$ 8,457 |
CONTACT: Nestor S. Makarigakis
Manager of Marketing and Communications
MISTRAS Group, Inc.
1 (609) 716-4000
marcom@mistrasgroup.com
www.mistrasgroup.com
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