Mistras Group, Inc. (NYSE:MG), a leading "one source" global
provider of technology-enabled asset protection solutions, today
reported financial results for the fiscal 2012 second quarter
ending November 30, 2011. Revenue for the second quarter was $114.2
million, an increase of 29%, over the $88.8 million reported in the
second quarter of fiscal 2011. Adjusted EBITDA*, a non-GAAP measure
detailed later in this release, increased 29% to $20.6 million in
the second quarter of fiscal 2012 versus $15.9 million in the
second quarter of fiscal 2011. Net income for the second quarter of
fiscal 2012 grew by 40% to $8.0 million, or $0.28 per diluted
share, versus $5.7 million, or $0.21 per diluted share, in the
second quarter of fiscal 2011. During the quarter the Company
recorded a $0.3 million pre-tax benefit from acquisition related
activities which increased diluted earnings per share by
approximately $0.01.
Consistent with prior quarters, organic growth contributed the
bulk of the revenue gain. In the second quarter of fiscal 2012 the
organic growth rate was 19%, followed by acquisition growth of 9%
and the balance due to foreign currency fluctuations. Also
consistent with prior quarters, the second quarter revenue gain was
achieved across a broad range of target markets.
Additional Financial Highlights for the Fiscal 2012
second quarter and 6 month period:
- In the first six months of fiscal 2012, revenues grew by 31% to
$205.7 million, adjusted EBITDA grew by 33% to $32.5 million, and
net income grew by 54% to $11.2 million, or $0.39 per diluted
share.
- Operating income margins rose in both the second quarter and
the first six months of fiscal 2012, increasing to 9.7% of revenues
in the first six months of fiscal 2012, versus 8.6% in the prior
year.
- SG&A as a percent of revenues declined in both the second
quarter and first six months of fiscal 2012, declining to 18.8% of
revenues in the first six months of fiscal 2012, versus 19.8 % in
the prior year.
- After the quarter close, the Company replaced its existing
revolving credit facility with a new five-year, $125.0 million
facility which matures in December 2016.
Chairman and Chief Executive Officer Dr. Sotirios J. Vahaviolos
stated that, "I am pleased with the momentum of our business in the
second quarter, as we achieved new highs in Revenue, Adjusted
EBITDA, Net Income and EPS. Once again, our 19% organic revenue
growth rate was a significant driver behind our results."
Business Outlook/Guidance for Fiscal Year
2012
The Company's outlook is for continued double digit growth in
revenue and Adjusted EDITDA*. Based on the results of the first six
months of fiscal 2012, the Company is raising its previously issued
guidance and now projects its fiscal 2012 revenues to be in the
range of $400 million to $415 million, up from the previous range
of $375 million to $390 million, and Adjusted EBITDA* to be in the
range of $64 million to $68 million, up from the previous range of
$59 million to $64 million. Mistras does not provide specific
guidance for individual quarters, but will reaffirm or update its
annual guidance at least quarterly.
Dr. Vahaviolos concluded, "We are pleased with the positive
developments that we have seen in many of our end markets thus far
in the year and we expect that our unique approach of providing
'One Source Asset Protection Solutions' to our customers will
continue to receive broad acceptance worldwide for the remainder of
this year and beyond."
Earnings Conference Call
In connection with this earnings release, Mistras will hold its
quarterly conference call on Monday, January 9, 2012 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 1-866-730-5762 and use confirmation code 47865317 when
prompted. The International dial-in number is 1-857-350-1586.
About Mistras Group, Inc.
Mistras offers one of the broadest "one source" services and
technology-enabled asset protection solution portfolios in the
industry used to evaluate the structural integrity of energy,
industrial and public infrastructure. Mission critical services and
solutions are delivered globally and provide customers with the
ability to extend the useful life of their assets, improve
productivity and 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 and
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 at, 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 the Company's 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 Adjusted EBITDA 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) |
|
|
|
|
November 30,
2011 |
May 31, 2011 |
ASSETS |
|
|
Current Assets |
|
|
Cash and cash
equivalents |
$ 5,319 |
$ 10,879 |
Restricted
cash |
3,700 |
-- |
Accounts receivable,
net |
102,782 |
78,031 |
Inventories,
net |
10,997 |
9,830 |
Deferred income
taxes |
1,280 |
1,278 |
Prepaid expenses and
other current assets |
8,305 |
6,761 |
Total current assets |
132,383 |
106,779 |
Property, plant and equipment, net |
54,216 |
49,168 |
Intangible assets, net |
27,826 |
27,304 |
Goodwill |
71,814 |
64,146 |
Other assets |
1,323 |
1,240 |
Total assets |
$ 287,562 |
$ 248,637 |
|
|
|
LIABILITIES, PREFERRED STOCK AND
EQUITY |
|
|
Current Liabilities |
|
|
Current portion of long-term
debt |
$ 5,733 |
$ 7,226 |
Current portion of capital
lease obligations |
6,339 |
5,853 |
Accounts payable |
6,171 |
6,656 |
Accrued expenses and other
current liabilities |
33,118 |
28,028 |
Income taxes payable |
1,925 |
2,825 |
Total current liabilities |
53,286 |
50,588 |
Long-term debt, net of current portion |
34,191 |
14,625 |
Obligations under capital leases, net of
current portion |
12,283 |
9,623 |
Deferred income taxes |
2,916 |
2,863 |
Other long-term liabilities |
3,702 |
3,452 |
Total liabilities |
106,378 |
81,151 |
|
|
|
Commitments and contingencies |
|
|
Preferred stock, 10,000,000 shares
authorized |
-- |
-- |
Equity |
|
|
Common stock, $0.01 par value,
200,000,000 shares authorized, 27,916,036 and 27,667,122 shares
issued and outstanding as of November 30, 2011 and May 31, 2011,
respectively |
279 |
277 |
Additional paid-in capital |
184,553 |
180,594 |
Accumulated deficit |
(2,833) |
(14,017) |
Accumulated other comprehensive
(loss) income |
(1,065) |
303 |
Total Mistras Group, Inc.
stockholders' equity |
180,934 |
167,157 |
Noncontrolling interest |
250 |
329 |
Total equity |
181,184 |
167,486 |
Total liabilities, preferred
stock and equity |
$ 287,562 |
$ 248,637 |
|
Mistras Group,
Inc. |
Unaudited Consolidated
Statement of Operations |
(in thousands, except
per share data) |
|
|
|
|
|
|
Three
months ended November 30, |
Six months
ended November 30, |
|
2011 |
2010 |
2011 |
2010 |
Revenues: |
|
|
|
|
Services |
$ 103,942 |
$ 82,953 |
$ 186,844 |
$ 144,205 |
Products |
10,278 |
5,884 |
18,823 |
13,042 |
Total revenues |
114,220 |
88,837 |
205,667 |
157,247 |
Cost of revenues: |
|
|
|
|
Cost of services |
71,047 |
55,667 |
127,934 |
97,058 |
Cost of products sold |
4,216 |
2,067 |
7,856 |
5,344 |
Depreciation related to
services |
3,556 |
3,136 |
6,879 |
5,945 |
Depreciation related to
products |
186 |
159 |
363 |
314 |
Total cost of
revenues |
79,005 |
61,029 |
143,032 |
108,661 |
Gross profit |
35,215 |
27,808 |
62,635 |
48,586 |
Selling, general and administrative
expenses |
19,378 |
15,615 |
38,759 |
31,094 |
Research and engineering |
602 |
569 |
1,191 |
1,124 |
Depreciation and amortization |
1,503 |
1,326 |
2,982 |
2,504 |
Acquisition-related costs |
(339) |
-- |
(339) |
-- |
Legal reserve |
-- |
101 |
-- |
351 |
Income from operations |
14,071 |
10,197 |
20,042 |
13,513 |
Other expenses |
|
|
|
|
Interest expense |
1,145 |
671 |
1,806 |
1,361 |
Income before provision for
income taxes |
12,926 |
9,526 |
18,236 |
12,152 |
Provision for income taxes |
5,008 |
3,818 |
7,124 |
4,872 |
Net
income |
7,918 |
5,708 |
11,112 |
7,280 |
Net loss (income) attributable to
noncontrolling interests, net of taxes |
38 |
(30) |
72 |
(10) |
Net income attributable to
Mistras Group, Inc. |
$ 7,956 |
$ 5,678 |
$ 11,184 |
$ 7,270 |
Earnings per common share: |
|
|
|
|
Basic |
$ 0.29 |
$ 0.21 |
$ 0.40 |
$ 0.27 |
Diluted |
$ 0.28 |
$ 0.21 |
$ 0.39 |
$ 0.27 |
Weighted average common shares
outstanding: |
|
|
|
|
Basic |
27,786 |
26,665 |
27,731 |
26,664 |
Diluted |
28,600 |
26,816 |
28,417 |
26,795 |
|
Mistras Group,
Inc. |
Unaudited Operating
Data by Segment |
(in
thousands) |
|
|
|
|
|
|
Three
months ended November 30, |
Six months
ended November 30, |
|
2011 |
2010 |
2011 |
2010 |
|
|
|
Revenues |
|
|
|
|
Services |
$ 96,909 |
$ 76,108 |
$ 172,598 |
$ 131,390 |
Products and
Systems |
9,092 |
5,228 |
16,605 |
10,538 |
International |
11,857 |
9,350 |
21,630 |
18,390 |
Corporate and
eliminations |
(3,638) |
(1,849) |
(5,166) |
(3,071) |
|
$ 114,220 |
$ 88,837 |
$ 205,667 |
$ 157,247 |
|
|
|
|
|
|
Three
months ended November 30, |
Six months
ended November 30, |
|
2011 |
2010 |
2011 |
2010 |
|
|
|
Gross
profit |
|
|
|
|
Services |
$ 27,053 |
$ 21,753 |
$ 47,361 |
$ 36,754 |
Products and
Systems |
4,263 |
2,821 |
8,014 |
5,390 |
International |
4,246 |
3,260 |
7,677 |
6,531 |
Corporate and
eliminations |
(347) |
(26) |
(417) |
(89) |
|
$ 35,215 |
$ 27,808 |
$ 62,635 |
$ 48,586 |
|
Mistras Group,
Inc. |
Unaudited
Reconciliation of Net Income Attributable to Mistras Group, Inc. to
EBITDA and Adjusted EBITDA |
(in
thousands) |
|
|
|
|
|
|
Three
months ended November 30, |
Six months
ended November 30, |
|
2011 |
2010 |
2011 |
2010 |
EBITDA and Adjusted EBITDA
data |
|
|
Net income attributable to Mistras Group,
Inc. |
$ 7,956 |
$ 5,678 |
$ 11,184 |
$ 7,270 |
Interest expense |
1,145 |
671 |
1,806 |
1,361 |
Provision for income taxes |
5,008 |
3,818 |
7,124 |
4,872 |
Depreciation and amortization |
5,245 |
4,621 |
10,224 |
8,763 |
EBITDA |
$ 19,354 |
$ 14,788 |
$ 30,338 |
$ 22,266 |
Stock Compensation |
1,545 |
1,047 |
2,547 |
1,776 |
Acquisition-related costs |
(339) |
-- |
(339) |
-- |
Legal reserve |
-- |
101 |
-- |
351 |
Adjusted EBITDA |
$ 20,560 |
$ 15,936 |
$ 32,546 |
$ 24,393 |
CONTACT: Nestor S. Makarigakis
Manager of Marketing Communications
marcom@mistrasgroup.com
1(609)716-4000
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