Mistras Group announces fiscal 2013 Adjusted EBITDA* to be below guidance; Revenues grow in line with expectations
25 Junho 2013 - 5:01PM
Mistras Group, Inc. (NYSE:MG), a leading "one source" global
provider of technology-enabled asset protection solutions, today
announced that based upon preliminary results, Adjusted EBITDA* for
its fiscal year ended May 31, 2013 is expected to be approximately
$68 million. The Company also expects fiscal 2013 revenues to be
approximately $529 million, which is near the midpoint of its
previously issued guidance range of $525 million to $535 million.
This represents an increase of approximately 21% over fiscal 2012
revenues. Consistent with past practice, the Company expects to
announce final results for fiscal 2013 on or about August 8, 2013.
Some of the factors contributing to Adjusted EBITDA* being below
the Company's estimate include:
- Gross margin declines of approximately 250 basis points,
primarily in the International and Service Segments.
- Organic revenue declines of nearly 7% in the fourth quarter in
the International segment as project activity and product shipments
remain lower than expected.
- Higher than anticipated transition costs in connection with our
recent acquisitions in the International Segment.
The Company's initial estimates for fiscal 2014 guidance are for
revenues to be in the range of $570 million to $600 million and
Adjusted EBITDA* to be in the range of $74 million to $80 million.
The Company will provide updates to these estimates when it
announces the final results for the year and the fourth quarter for
fiscal 2013 on or about August 8, 2013.
Sotirios Vahaviolos, Mistras Chairman and Chief Executive
Officer, commented, "Mistras had another solid year, with strong
revenue growth and increased Adjusted EBITDA. Our profitability,
particularly in the fourth quarter, was lower than expected due to
challenging economic environments in both Europe and Brazil, and
lower gross margins in the Services and International
segments. However, the overall demand for Mistras' Asset
Protection Solutions remains strong, and we are very focused on
converting this strong demand into stronger results in fiscal
2014."
Conference Call
In connection with this release, Mistras will hold a conference
call on Wednesday, June 26, 2013 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 1-800-322-2803
and use confirmation code 38685570 when prompted. The International
dial-in number is 1-617-614-4925.
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.
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" is a financial measurement 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 because it provides an
additional metric to compare the Company's operating performance on
a consistent basis and measures underlying trends and results of
the Company's business. An explanation of Adjusted EBITDA is
included in the Company's reports on Form 10-K and Form 10-Q filed
with the Securities and Exchange Commission.
CONTACT: Media Contact:
Nestor S. Makarigakis
Manager of Marketing Communications
marcom@mistrasgroup.com
1(609)716-4000
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