Mistras Group Delivers Strong Second Quarter Results
08 Janeiro 2013 - 7:01PM
Mistras Group, Inc. (NYSE:MG), a leading "one source" global
provider of technology-enabled asset protection solutions, today
reported financial results for its second quarter ended November
30, 2012. Revenue for the second quarter of fiscal 2013 was $137.7
million and net income was $9.2 million, or $0.32 per diluted
share.
Summary financial highlights for the Fiscal 2013 second
quarter and six month periods;
- Revenue grew by 21% to $137.7 million for the quarter. In the
first six months, revenues grew by 22% to $251.1 million driven by
acquisition growth of 18% and organic growth of 5%.
- Adjusted EBITDA, a non-GAAP measure detailed later in this
release, increased by 16% to $23.9 million and 21% to $39.3 million
for the three and six month periods ended November 30, 2012,
respectively.
- Gross profit increased by 19% to $41.9 million in the second
quarter and 21% in the first six months to $75.6 million.
- Net Income increased by 15% to $9.2 million for the quarter and
20% in the first six months to $13.5 million
- During the first six months of fiscal 2013, Net Cash Provided
by Operating Activities grew to $27.4 million and EPS increased to
$0.46 per diluted share versus $0.39 per diluted share in the prior
year.
Chairman and Chief Executive Officer, Dr. Sotirios J. Vahaviolos
stated, "Despite an uncertain economic environment in capital
products and services spending, the Mistras model once again
delivered strong financial results in our Second Fiscal Quarter. We
believe that our leadership position in Asset Protection Solutions,
along with our model which achieves revenue growth both organically
and through acquisitions, will continue to be the right model for
our shareholders in the future."
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 fiscal
2013 guidance and now expects revenues for fiscal 2013 to be in the
range of $525 million to $535 million and Adjusted EBITDA* to be in
the range of $78 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, January 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 1-888-396-2298 and use confirmation code 54810286 when
prompted. The International dial-in number is 1-617-847-8708.
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 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) |
|
|
|
|
November 30,
2012 |
May 31, 2012 |
ASSETS |
|
|
Current Assets |
|
|
Cash and cash
equivalents |
$ 7,985 |
$ 8,410 |
Accounts receivable, net |
105,901 |
104,515 |
Inventories, net |
11,542 |
12,492 |
Deferred income taxes |
1,876 |
1,885 |
Prepaid expenses and other current
assets |
7,650 |
6,321 |
Total current assets |
134,954 |
133,623 |
Property, plant and equipment, net |
69,796 |
63,527 |
Intangible assets, net |
58,201 |
34,469 |
Goodwill |
109,126 |
96,819 |
Other assets |
750 |
1,378 |
Total assets |
$ 372,827 |
$ 329,816 |
|
|
|
LIABILITIES, PREFERRED STOCK AND
EQUITY |
|
|
Current Liabilities |
|
|
Current portion of long-term debt |
$ 7,948 |
$ 5,971 |
Current portion of capital lease
obligations |
6,893 |
5,951 |
Accounts payable |
8,937 |
11,944 |
Accrued expenses and other current
liabilities |
41,591 |
39,334 |
Income taxes payable |
4,570 |
1,119 |
Total current liabilities |
69,939 |
64,319 |
Long-term debt, net of current portion |
51,717 |
34,258 |
Obligations under capital leases, net of
current portion |
12,763 |
13,094 |
Deferred income taxes |
5,702 |
4,901 |
Other long-term liabilities |
23,350 |
19,996 |
Total liabilities |
163,471 |
136,568 |
|
|
|
Commitments and contingencies |
|
|
Preferred stock, 10,000,000 shares
authorized |
-- |
-- |
Equity |
|
|
Common stock, $0.01 par value,
200,000,000 shares authorized, 28,161,857 and 28,025,507
shares issued and outstanding as of November 30, 2012 and May 31,
2012, respectively |
282 |
280 |
Additional paid-in capital |
191,586 |
188,443 |
Retained earnings |
20,780 |
7,336 |
Accumulated other comprehensive loss |
(3,561) |
(3,047) |
Total Mistras Group, Inc. stockholders'
equity |
209,087 |
193,012 |
Noncontrolling interest |
269 |
236 |
Total equity |
209,356 |
193,248 |
Total liabilities, preferred stock and
equity |
$ 372,827 |
$ 329,816 |
|
Mistras Group,
Inc. |
Unaudited Consolidated
Statement of Operations |
Three and Six Months
Ended November 30, 2012 and November 30, 2011 |
|
|
|
|
|
|
Three
months ended November 30, |
Six months
ended November 30, |
|
2012 |
2011 |
2012 |
2011 |
Revenues: |
|
|
|
|
Services |
$ 127,731 |
$ 103,942 |
$ 226,956 |
$ 186,844 |
Products |
9,998 |
10,278 |
24,160 |
18,823 |
Total revenues |
137,729 |
114,220 |
251,116 |
205,667 |
Cost of revenues: |
|
|
|
|
Cost of services |
87,044 |
71,047 |
157,560 |
127,934 |
Cost of products sold |
4,485 |
4,216 |
9,495 |
7,856 |
Depreciation related to services |
4,124 |
3,556 |
8,100 |
6,879 |
Depreciation related to products |
171 |
186 |
339 |
363 |
Total cost of
revenues |
95,824 |
79,005 |
175,494 |
143,032 |
Gross profit |
41,905 |
35,215 |
75,622 |
62,635 |
Selling, general and administrative
expenses |
23,362 |
19,378 |
46,854 |
38,759 |
Research and engineering |
530 |
602 |
1,047 |
1,191 |
Depreciation and amortization |
2,167 |
1,503 |
4,062 |
2,982 |
Acquisition-related expense |
(160) |
(339) |
(339) |
(339) |
Income from operations |
16,006 |
14,071 |
23,998 |
20,042 |
Other expenses |
|
|
|
|
Interest expense |
1,075 |
1,145 |
2,121 |
1,806 |
Income before provision for income
taxes |
14,931 |
12,926 |
21,877 |
18,236 |
Provision for income taxes |
5,745 |
5,008 |
8,400 |
7,124 |
Net income |
9,186 |
7,918 |
13,477 |
11,112 |
Net (income) loss attributable to
noncontrolling interests, net of taxes |
(23) |
38 |
(33) |
72 |
Net income attributable to Mistras Group,
Inc. |
$ 9,163 |
$ 7,956 |
$ 13,444 |
$ 11,184 |
Earnings per common share: |
|
|
|
|
Basic |
$ 0.33 |
$ 0.29 |
$ 0.48 |
$ 0.40 |
Diluted |
$ 0.32 |
$ 0.28 |
$ 0.46 |
$ 0.39 |
Weighted average common shares
outstanding: |
|
|
|
|
Basic |
28,144 |
27,786 |
28,094 |
27,731 |
Diluted |
29,008 |
28,600 |
29,036 |
28,417 |
|
Mistras Group, Inc. and
Subsidiaries |
Unaudited Operating
Data by Segment |
(in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
Three
months ended November 30, |
Six months
ended November 30, |
|
2012 |
2011 |
2012 |
2011 |
|
|
|
Revenues |
|
|
|
|
Services |
$ 105,213 |
$ 96,909 |
$ 187,610 |
$ 172,598 |
International |
26,777 |
11,857 |
51,206 |
21,630 |
Products and Systems |
8,439 |
9,092 |
17,973 |
16,605 |
Corporate and
eliminations |
(2,700) |
(3,638) |
(5,673) |
(5,166) |
|
$ 137,729 |
$ 114,220 |
$ 251,116 |
$ 205,667 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
months ended November 30, |
Six months
ended November 30, |
|
2012 |
2011 |
2012 |
2011 |
|
|
|
Gross
profit |
|
|
|
|
Services |
$ 30,692 |
$ 27,053 |
$ 51,632 |
$ 47,361 |
International |
7,299 |
4,246 |
14,380 |
7,677 |
Products and System |
3,975 |
4,263 |
9,220 |
8,014 |
Corporate and
eliminations |
(61) |
(347) |
390 |
(417) |
|
$ 41,905 |
$ 35,215 |
$ 75,622 |
$ 62,635 |
|
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 November 30, |
Six months
ended November 30, |
|
2012 |
2011 |
2012 |
2011 |
EBITDA and Adjusted EBITDA
data |
|
|
Net income attributable to Mistras Group,
Inc. |
$ 9,163 |
$ 7,956 |
$ 13,444 |
$ 11,184 |
Interest expense |
1,075 |
1,145 |
2,121 |
1,806 |
Provision for income taxes |
5,745 |
5,008 |
8,400 |
7,124 |
Depreciation and amortization |
6,462 |
5,245 |
12,501 |
10,224 |
EBITDA |
22,445 |
19,354 |
36,466 |
30,338 |
Stock compensation expense |
1,572 |
1,545 |
3,206 |
2,547 |
Acquisition-related costs |
(160) |
(339) |
(339) |
(339) |
Adjusted EBITDA |
$ 23,857 |
$ 20,560 |
$ 39,333 |
$ 32,546 |
|
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 November 30, |
Six months
ended November 30, |
|
2012 |
2011 |
2012 |
2011 |
Adjusted net income |
|
|
|
|
Net income attributable to Mistras Group,
Inc. (GAAP) |
$ 9,163 |
$ 7,956 |
$ 13,444 |
$ 11,184 |
Acquisition-related costs ($0.2 million and
$0.3 million, pre-tax for the three months ended November 30,
2012 and 2011 respectively and $0.3 million, pretax for each of the
six months ended November 30, 2012 and 2011) |
(98) |
(208) |
(208) |
(206) |
Adjusted net income (Non-GAAP) |
$ 9,065 |
$ 7,748 |
$ 13,236 |
$ 10,978 |
|
|
|
|
|
Adjusted diluted net earnings per
common share |
|
|
|
|
Diluted earnings per common share (GAAP) |
$ 0.32 |
$ 0.28 |
$ 0.46 |
$ 0.39 |
Acquisition-related costs |
-- |
(0.01) |
(0.01) |
(0.01) |
Adjusted diluted net earnings per common
share (Non-GAAP) |
$ 0.32 |
$ 0.27 |
$ 0.45 |
$ 0.38 |
CONTACT: Nestor S. Makarigakis, Manager of Marketing Communications,
marcom@mistrasgroup.com, 1(609)716-4000
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