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 2013,
which ended August 31, 2012. During the first quarter, the Company
had revenues of $113.4 million, net income of $4.3 million, or
$0.15 per diluted share, and Adjusted EBITDA*, a non-GAAP measure
detailed later in this release, of $15.5 million.
First Quarter Fiscal 2013 Financial
Highlights:
- Revenue of $113.4 million increased 24%.
- Adjusted EBITDA* increased 29% to $15.5 million.
- Net income increased 33% to $4.3 million, or $0.15 per diluted
share.
- Net cash provided by operating activities increased more than
60% to $21.5 million.
- Operating margins and Adjusted EBITDA* margins increased over
the prior year.
- SG&A as a percent of revenues dropped to 20.7 % versus
21.2% in the prior year.
In September 2012, the Company completed the acquisition of
German-based GMA Holding, a leader in the field of quality
assurance, non-destructive and destructive material testing, and
engineering services. GMA Holding has more than 500 employees
located in 11 offices throughout Germany, as well as operations in
the Netherlands. Revenues for GMA Holding's most recent fiscal year
were approximately $50 million and the purchase price was $36
million plus additional consideration for meeting certain
profitability targets. The Company expects the GMA acquisition will
be break-even for fiscal 2013.
Chairman and Chief Executive Officer, Dr. Sotirios J. Vahaviolos
stated, "The first quarter was another strong quarter for the
Mistras model, as significant increases in revenues produced larger
gains in net income, Adjusted EBITDA and operating cash flows. This
is indicative of how we manage the business for our shareholders."
Dr. Vahaviolos added, "We continue to expand our service offerings
with the acquisition of the GMA Group that not only bring us new
capabilities in the testing space, but also help increase our scale
in the European market".
Outlook and Guidance for Fiscal 2013
The Company's outlook is for continued double digit growth in
revenue and Adjusted EBITDA*. The Company is adjusting its
previously issued fiscal 2013 guidance and now projects its fiscal
2013 revenues to be in the range of $520 million to $535 million
and Adjusted EBITDA* to be in the range of $76 million to $85
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 Wednesday, October 10th 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 1-800-435-1398 and use confirmation code 90631470 when
prompted. The International dial-in number is 1-617-614-4078.
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.
The Mistras Group, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=6966
For more information, please visit the Company's website at
www.mistrasgroup.com or contact Frank Joyce, Chief Financial
Officer at 609-716-4103.
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 2012
filed with the Securities and Exchange Commission on August 14,
2012, 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" used in this release is a financial
measurement not calculated in accordance with generally accepted
accounting principles in the U.S. ("GAAP"). A reconciliation of
Adjusted EBITDA to a financial measurement under GAAP is set forth
in a table attached to this press release. In addition, the Company
has also included tables for non-GAAP measurements "Adjusted Net
Income" and "Adjusted Earnings Per Share," also reconciling these
measurements to a financial measurement under 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.
Mistras Group, Inc. and
Subsidiaries |
Unaudited Consolidated
Balance Sheets |
(in thousands, except
share data) |
|
|
|
|
August 31, 2012 |
May 31, 2012 |
ASSETS |
|
|
Current Assets |
|
|
Cash and cash
equivalents |
$ 7,329 |
$ 8,410 |
Accounts receivable,
net |
87,627 |
104,515 |
Inventories, net |
11,771 |
12,492 |
Deferred income
taxes |
1,860 |
1,885 |
Prepaid expenses and other
current assets |
5,190 |
6,321 |
Total current assets |
113,777 |
133,623 |
Property, plant and equipment, net |
62,181 |
63,527 |
Intangible assets, net |
32,477 |
34,469 |
Goodwill |
95,691 |
96,819 |
Other assets |
697 |
1,378 |
Total assets |
$ 304,823 |
$ 329,816 |
|
|
|
LIABILITIES, PREFERRED STOCK AND
EQUITY |
|
|
Current Liabilities |
|
|
Current portion of long-term
debt |
$ 5,589 |
$ 5,971 |
Current portion of capital
lease obligations |
6,211 |
5,951 |
Accounts payable |
7,998 |
11,944 |
Accrued expenses and other
current liabilities |
33,478 |
39,334 |
Income taxes payable |
813 |
1,119 |
Total current liabilities |
54,089 |
64,319 |
Long-term debt, net of current portion |
18,087 |
34,258 |
Obligations under capital leases, net of
current portion |
12,644 |
13,094 |
Deferred income taxes |
5,490 |
4,901 |
Other long-term liabilities |
17,778 |
19,996 |
Total liabilities |
108,088 |
136,568 |
|
|
|
Commitments and contingencies |
|
|
Preferred stock, 10,000,000 shares
authorized |
-- |
-- |
Equity |
|
|
Common stock, $0.01 par value,
200,000,000 shares authorized, 28,133,982 and 28,025,507
shares issued and outstanding as of August 31, 2012 and May 31,
2012, respectively |
281 |
280 |
Additional paid-in capital |
189,669 |
188,443 |
Retained earnings |
11,617 |
7,336 |
Accumulated other comprehensive
loss |
(5,078) |
(3,047) |
Total Mistras Group, Inc.
stockholders' equity |
196,489 |
193,012 |
Noncontrolling interest |
246 |
236 |
Total equity |
196,735 |
193,248 |
Total liabilities, preferred
stock and equity |
$ 304,823 |
$ 329,816 |
|
Mistras Group, Inc. and
Subsidiaries |
Unaudited Consolidated
Statement of Operations |
(in thousands, except
per share data) |
|
|
|
|
Three
months ended August 31, |
|
2012 |
2011 |
Revenues: |
|
|
Services |
$ 99,225 |
$ 82,902 |
Products |
14,162 |
8,545 |
Total revenues |
113,387 |
91,447 |
Cost of revenues: |
|
|
Cost of services |
70,516 |
56,887 |
Cost of products sold |
5,010 |
3,640 |
Depreciation related to
services |
3,976 |
3,323 |
Depreciation related to
products |
168 |
177 |
Total cost of
revenues |
79,670 |
64,027 |
Gross profit |
33,717 |
27,420 |
Selling, general and administrative
expenses |
23,492 |
19,381 |
Research and engineering |
517 |
589 |
Depreciation and amortization |
1,895 |
1,479 |
Acquisition-related costs |
(179) |
-- |
Income from operations |
7,992 |
5,971 |
Other expenses |
|
|
Interest expense |
1,046 |
661 |
Income before provision for
income taxes |
6,946 |
5,310 |
Provision for income taxes |
2,655 |
2,116 |
Net
income |
4,291 |
3,194 |
Net (income) loss attributable to
noncontrolling interests, net of taxes |
(10) |
34 |
Net income attributable to
Mistras Group, Inc. |
$ 4,281 |
$ 3,228 |
Earnings per common share: |
|
|
Basic |
$ 0.15 |
$ 0.12 |
Diluted |
$ 0.15 |
$ 0.11 |
Weighted average common shares
outstanding: |
|
|
Basic |
28,045 |
27,677 |
Diluted |
29,000 |
28,225 |
|
Mistras Group, Inc. and
Subsidiaries |
Unaudited Operating
Data by Segment |
(in
thousands) |
|
|
|
|
|
|
|
Three
months ended August 31, |
|
2012 |
2011 |
|
|
Revenues |
|
|
Services |
$ 82,397 |
$ 75,689 |
Products and
Systems |
9,534 |
7,513 |
International |
24,429 |
9,773 |
Corporate and
eliminations |
(2,973) |
(1,528) |
|
$ 113,387 |
$ 91,447 |
|
|
|
|
|
|
|
|
|
|
Three
months ended August 31, |
|
2012 |
2011 |
|
|
Gross
profit |
|
|
Services |
$ 20,940 |
$ 20,308 |
Products and
Systems |
5,245 |
3,751 |
International |
7,081 |
3,431 |
Corporate and
eliminations |
451 |
(70) |
|
$ 33,717 |
$ 27,420 |
|
Mistras Group, Inc. and
Subsidiaries |
Unaudited
Reconciliation of |
Net Income Attributable
to Mistras Group, Inc. to EBITDA and Adjusted EBITDA |
(in
thousands) |
|
|
|
|
Three
months ended August 31, |
|
2012 |
2011 |
EBITDA and Adjusted EBITDA
data |
|
Net income attributable to Mistras Group,
Inc. |
$ 4,281 |
$ 3,228 |
Interest expense |
1,046 |
661 |
Provision for income taxes |
2,655 |
2,116 |
Depreciation and amortization |
6,039 |
4,979 |
EBITDA |
$ 14,021 |
$ 10,984 |
Stock compensation expense |
1,634 |
1,002 |
Acquisition-related costs |
(179) |
-- |
Adjusted EBITDA |
$ 15,476 |
$ 11,986 |
|
Mistras Group, Inc. and
Subsidiaries |
Unaudited
Reconciliation of |
Net Income Attributable
to Mistras Group, Inc. (GAAP) to Adjusted Net Income and Adjusted
Earnings Per Share (Non-GAAP) |
(in thousands, except
per share data) |
|
|
|
|
Three
months ended August 31, |
|
2012 |
2011 |
Adjusted net income |
|
|
Net income attributable to Mistras Group,
Inc. (GAAP) |
$ 4,281 |
$ 3,228 |
Acquisition-related costs ($0.2 million,
pre-tax for the three months ended August 31, 2012) |
(111) |
-- |
Adjusted net income (Non-GAAP) |
$ 4,170 |
$ 3,228 |
|
|
|
Adjusted diluted net earnings per
common share |
|
|
Diluted earnings per common share (GAAP) |
$ 0.15 |
$ 0.11 |
Acquisition-related costs |
(0.01) |
-- |
Adjusted diluted net earnings per common
share (Non-GAAP) |
$ 0.14 |
$ 0.11 |
CONTACT: Nestor S. Makarigakis, Manager of Marketing Communications,
marcom@mistrasgroup.com, 1(609)716-4000
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