Mistras Group Delivers Strong Fiscal 2012 Revenue and Earnings Growth
08 Agosto 2012 - 5:02PM
Mistras Group, Inc. (NYSE:MG), a leading "one source" global
provider of technology-enabled asset protection solutions, today
reported financial results for its fiscal year and fourth quarter
ending May 31, 2012. Revenue for fiscal 2012 was $436.9 million and
net income was $21.4 million, or $0.74 per diluted share.
Fiscal 2012 Financial Highlights:
- Revenue of $436.9 million increased 29%; organic revenue growth
was 16%.
- Achieved double digit growth in all three business
segments.
- Adjusted EBITDA*, a non-GAAP measure detailed later in this
release, increased 25% to $65.2 million.
- Adjusted Net Income*, a non-GAAP measurement detailed later in
this release, increased 31% to $21.8 million, or $0.76 per diluted
share.
- Ended fiscal 2012 with $8.4 million in cash, $50.9 million in
net debt and $100.0 million available on the revolving credit
facility.
- SG&A as a percent of revenues was 19.0%, versus 19.5% in
fiscal 2011.
Fourth Quarter 2012 Financial Highlights:
- Revenue was $127.1 million, an increase of 24% from the fourth
quarter of fiscal 2011.
- Adjusted EBITDA* increased 11% to $19.3 million.
- Adjusted Net Income* was $7.1 million, or $0.25 per diluted
share.
Chairman and Chief Executive Officer, Dr. Sotirios J. Vahaviolos
stated, "I am very proud that Mistras completed the year with its
best performance on record. Fiscal 2012 was another excellent year
for Mistras, as we once again achieved growth of more than 20% in
revenue, Adjusted EBITDA*, operating income and net income. We
continue to be pleased with the momentum of our business,
especially the revenue growth we achieved across all of our
end-user markets."
"While we fell short of our fourth quarter margin goals, which
were largely impacted by timing, we expect to increase operating
leverage in fiscal 2013," Vahaviolos added. "The fundamentals of
our business are strong and I am confident in our prospects going
forward and believe we will continue to deliver solid results and
double digit growth in revenue and profitability. We are very
pleased with our cash flow and liquidity, which can help facilitate
accretive investments and acquisitions in fiscal 2013."
Outlook and Guidance for Fiscal 2013
The Company's outlook is for continued double digit growth in
revenue and Adjusted EBITDA*. The Company projects its fiscal 2013
revenues to be in the range of $495 million to $520 million and
Adjusted EBITDA* to be in the range of $74 million to $84 million.
Mistras does not provide quarterly guidance, but expects to affirm
or update its annual guidance at least quarterly.
Earnings Conference Call
In connection with this earnings release, Mistras will hold its
quarterly conference call on Thursday, August 9th 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 1-877-261-8990 and use confirmation code 33036016 when
prompted. The International dial-in number is 1-847-619-6441.
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, and other
matters. 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 for fiscal year
2011 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 terms "Adjusted EBITDA", "Adjusted Net Income", and adjusted
earnings per share are financial measurements not calculated in
accordance with generally accepted accounting principles in the U.S
("GAAP"). The Company believes that investors and other users
of the financial statements benefit from the presentation of
Adjusted EBITDA, Adjusted Net Income, and adjusted earnings per
share because they provide additional metrics to compare the
Company's operating performance on a consistent basis and measure
underlying trends and results of the Company's business. An
explanation of Adjusted EBITDA, Adjusted Net Income, and adjusted
earnings per share and reconciliations of these to financial
measurements under GAAP are set forth in the tables attached to
this press release.
Mistras Group,
Inc. |
Unaudited Consolidated
Statement of Operations |
(in thousands, except
per share data) |
|
|
|
|
|
|
For the
year ended May 31, |
For the three
months ended May 31, |
|
2012 |
2011 |
2012 |
2011 |
Revenues: |
|
|
|
|
Services |
$ 394,035 |
$ 308,702 |
$ 112,938 |
$ 92,086 |
Products |
42,840 |
29,887 |
14,152 |
10,043 |
Total revenues |
436,875 |
338,589 |
127,090 |
102,129 |
Cost of revenues: |
|
|
|
|
Cost of services |
271,676 |
209,512 |
77,406 |
61,758 |
Cost of products sold |
19,940 |
12,468 |
7,846 |
4,664 |
Depreciation related to services |
14,929 |
12,576 |
4,290 |
3,324 |
Depreciation related to products |
640 |
630 |
77 |
163 |
Total cost of
revenues |
307,185 |
235,186 |
89,619 |
69,909 |
Gross profit |
129,690 |
103,403 |
37,471 |
32,220 |
Selling, general and administrative
expenses |
83,098 |
65,983 |
23,533 |
18,884 |
Research and engineering |
2,059 |
2,150 |
290 |
512 |
Depreciation and amortization |
6,455 |
5,386 |
1,668 |
1,497 |
Acquisition-related costs |
1,309 |
-- |
799 |
-- |
Legal reserve |
-- |
273 |
-- |
(78) |
Income from operations |
36,769 |
29,611 |
11,181 |
11,405 |
Other expenses |
|
|
|
|
Interest expense |
3,803 |
2,773 |
1,183 |
816 |
Gain on extinguishment of long-term debt |
(671) |
-- |
(784) |
-- |
Income before provision for income
taxes |
33,637 |
26,838 |
10,782 |
10,589 |
Provision for income taxes |
12,291 |
10,502 |
3,619 |
3,940 |
Net income |
21,346 |
16,336 |
7,163 |
6,649 |
Net loss (income) attributable to
noncontrolling interests, net of taxes |
7 |
95 |
(31) |
69 |
Net income attributable to Mistras Group,
Inc. |
21,353 |
16,431 |
7,132 |
6,718 |
Accretion of preferred stock |
-- |
-- |
-- |
-- |
Net income attributable to common
shareholders |
$ 21,353 |
$ 16,431 |
$ 7,132 |
$ 6,718 |
Earnings per common share: |
|
|
|
|
Basic |
$ 0.77 |
$ 0.61 |
$ 0.25 |
$ 0.25 |
Diluted |
$ 0.74 |
$ 0.61 |
$ 0.25 |
$ 0.25 |
Weighted average common shares
outstanding: |
|
|
|
|
Basic |
27,839 |
26,724 |
27,972 |
26,899 |
Diluted |
28,685 |
26,933 |
28,935 |
27,384 |
|
|
|
|
|
|
|
Mistras Group,
Inc. |
Unaudited Operating
Data by Segment |
(in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
Three
months ended May 31, |
Year ended
May 31, |
|
2012 |
2011 |
2012 |
2011 |
|
|
|
|
|
Revenues |
|
|
|
|
Services |
$ 96,300 |
$ 85,041 |
$ 349,793 |
$ 283,139 |
Products and Systems |
13,654 |
10,131 |
40,083 |
26,105 |
International |
20,672 |
9,736 |
59,466 |
36,798 |
Corporate and
eliminations |
(3,536) |
(2,779) |
(12,467) |
(7,453) |
|
$ 127,090 |
$ 102,129 |
$ 436,875 |
$ 338,589 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
months ended May 31, |
Year ended
May 31, |
|
2012 |
2011 |
2012 |
2011 |
|
|
|
|
|
Gross
profit |
|
|
|
|
Services |
$ 26,412 |
$ 24,479 |
$ 94,413 |
$ 77,883 |
Products and Systems |
5,626 |
4,799 |
18,578 |
13,239 |
International |
6,843 |
3,456 |
19,106 |
12,922 |
Corporate and
eliminations |
(1,410) |
(514) |
(2,407) |
(641) |
|
$ 37,471 |
$ 32,220 |
$ 129,690 |
$ 103,403 |
|
|
Mistras Group,
Inc. |
Unaudited
Reconciliation of Net Income Attributable to Mistras Group, Inc. to
EBITDA and Adjusted EBITDA |
(in
thousands) |
|
|
|
|
|
|
Three
months ended May 31, |
Year ended
May 31, |
|
2012 |
2011 |
2012 |
2011 |
EBITDA and Adjusted EBITDA
data |
|
|
|
|
Net income attributable to Mistras Group,
Inc. |
$ 7,132 |
$ 6,718 |
$ 21,353 |
$ 16,431 |
Interest expense |
1,183 |
816 |
3,803 |
2,773 |
Provision for income taxes |
3,619 |
3,940 |
12,291 |
10,502 |
Depreciation and amortization |
6,035 |
4,984 |
22,024 |
18,592 |
EBITDA |
$ 17,969 |
$ 16,458 |
$ 59,471 |
$ 48,298 |
Legal reserve |
-- |
(78) |
-- |
273 |
Stock compensation expense |
1,306 |
1,071 |
5,097 |
3,751 |
Acquisition related costs |
799 |
-- |
1,309 |
-- |
Gain on extinguishment of debt |
(784) |
-- |
(671) |
-- |
Adjusted EBITDA |
$ 19,290 |
$ 17,451 |
$ 65,206 |
$ 52,322 |
|
|
|
|
|
|
|
Mistras Group,
Inc. |
Unaudited
Reconciliation of Net Income Attributable to Mistras Group, Inc.
(GAAP) to Adjusted Net Income and Adjusted Earnings Per Share
(Non-GAAP) |
(in
thousands) |
|
|
|
|
|
|
Three
months ended May 31, |
Years ended
May 31, |
|
2012 |
2011 |
2012 |
2011 |
Adjusted net income |
|
|
|
|
Net income attributable to Mistras Group,
Inc. (GAAP) |
$ 7,132 |
$ 6,718 |
$ 21,353 |
$ 16,431 |
Acquisition-related costs ($0.8 million and
$1.3 million, pre-tax for the three months and year ended May
31, 2012, respectively) |
531 |
-- |
831 |
-- |
Legal reserve ($0.3 million, pre-tax for the
year ended May 31, 2011) |
-- |
-- |
-- |
166 |
Gain on extinguishment of long-term debt
($0.8 million and $0.7 million, pre-tax for the three months
and year ended May 31, 2012, respectively) |
(521) |
-- |
(426) |
-- |
Adjusted net income (Non-GAAP) |
$ 7,142 |
$ 6,718 |
$ 21,758 |
$ 16,597 |
|
|
|
|
|
Adjusted diluted net earnings per
common share |
|
|
|
|
Diluted earnings per common share (GAAP) |
$ 0.25 |
$ 0.25 |
$ 0.74 |
$ 0.61 |
Acquisition-related costs |
0.02 |
-- |
0.03 |
-- |
Legal reserve |
-- |
-- |
-- |
0.01 |
Gain on extinguishment of long-term debt |
(0.02) |
-- |
(0.01) |
-- |
Adjusted diluted net earnings per common
share (Non-GAAP) |
$ 0.25 |
$ 0.25 |
$ 0.76 |
$ 0.62 |
|
|
Mistras Group,
Inc. |
Other Financial
Information |
(in
thousands) |
|
|
|
|
May
31, |
|
2012 |
2011 |
Selected Balance Sheet
Information: |
|
|
Cash and cash equivalents |
$ 8,410 |
$ 10,879 |
Working capital |
69,304 |
56,191 |
Total debt |
59,274 |
37,327 |
Total Mistras Group, Inc. stockholder's
equity |
193,012 |
167,157 |
CONTACT: Press Release Contact:
Justin Vogel
609-716-4107
justin.vogel@mistrasgroup.com
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