Mistras Group, Inc. Announces Fiscal 2013 Results
07 Agosto 2013 - 5:01PM
Mistras Group, Inc. (NYSE:MG), a leading "one source" global
provider of technology-enabled asset protection solutions, today
reported fiscal 2013 fourth quarter and full year results. Results
for the full year of fiscal 2013 include revenue of $529.3 million,
and net income of $11.6 million, or $0.40 per share. The fourth
quarter results include revenue of $144.5 million and a net loss of
$4.5 million, or ($0.16) per share. Both the fourth quarter and
full year were impacted by a $9.9 million goodwill impairment
charge discussed below.
Summary financial highlights for the fiscal 2013 fourth
quarter and full year:
- Adjusted EBITDA of $16.5 million in the fourth quarter and
$68.3 million for the full year.
- Adjusted Diluted Earnings Per Share of $0.16 in the fourth
quarter and $0.70 for the full year, which excludes the impact of
the goodwill impairment charge and acquisition related expense,
net.
- 21% revenue growth in fiscal 2013, including 6% organic growth
for the Services segment.
- Net Cash Provided by Operating Activities of $43.5 million for
the fiscal year, a 39% increase over the prior year.
- During the quarter, the Company recognized a goodwill
impairment charge related to its operations in Brazil totaling
approximately $9.9 million, which reduced EPS by approximately
$0.34 per share in the fourth quarter and full year.
Outlook and Guidance for Fiscal 2014
Consistent with the guidance communicated during its June 26,
2013 conference call, the Company expects 2014 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 does not
provide quarterly guidance, but expects to update its annual
guidance at least quarterly.
Sotirios Vahaviolos, Mistras Chairman and Chief Executive
Officer stated "The difficult economic environments in Europe and
Brazil, as well as a tight market in the U.S. resulted in a
disappointing finish for fiscal 2013. However, despite the weaker
fourth quarter, we still had good profitable results for the year.
We are encouraged by the 6% organic growth of our Services business
under an adverse competitive U.S. marketplace in fiscal 2013,
which, combined with the award of new evergreen contracts in
Europe, positions us for a good start and strong finish for fiscal
2014."
Conference Call
In connection with this release, Mistras will hold a conference
call on Thursday, August 8, 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 1-866-515-2909
and use confirmation code 76981828 when prompted. The International
dial-in number is 1-617-399-5123.
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 terms "Adjusted EBITDA" and "Adjusted Diluted Earnings Per
Share" used in this release are financial measurements not
calculated in accordance with generally accepted accounting
principles in the U.S. ("GAAP"). Reconciliations of Adjusted
EBITDA and Adjusted Diluted Earnings Per Share to financial
measurements under GAAP are set forth in a table attached to this
press release. In addition, the Company has also included in
the tables for non-GAAP measurements the non-GAAP measurement
"Adjusted Net Income" reconciling this measurement 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
Diluted 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 and per share data) |
|
|
|
|
May
31, |
|
2013 |
2012 |
ASSETS |
|
|
Current Assets |
|
|
Cash and cash
equivalents |
$ 7,802 |
$ 8,410 |
Accounts receivable, net |
108,554 |
104,515 |
Inventories |
12,504 |
12,492 |
Deferred income taxes |
2,621 |
1,885 |
Prepaid expenses and other current
assets |
8,156 |
6,321 |
Total current assets |
139,637 |
133,623 |
Property, plant and equipment, net |
68,419 |
63,527 |
Intangible assets, net |
52,428 |
34,469 |
Other assets |
906 |
1,378 |
Goodwill |
115,270 |
96,819 |
Total assets |
$ 376,660 |
$ 329,816 |
|
|
|
LIABILITIES AND EQUITY |
|
|
Current Liabilities |
|
|
Accounts payable |
$ 8,490 |
$ 11,944 |
Accrued expenses and other current
liabilities |
47,839 |
39,334 |
Current portion of long-term debt |
7,418 |
5,971 |
Current portion of capital lease
obligations |
6,766 |
5,951 |
Income taxes payable |
1,703 |
1,119 |
Total current liabilities |
72,216 |
64,319 |
Long-term debt, net of current portion |
52,849 |
34,258 |
Obligations under capital leases, net of
current portion |
10,923 |
13,094 |
Deferred income taxes |
11,614 |
4,901 |
Other long-term liabilities |
18,778 |
19,996 |
Total liabilities |
166,380 |
136,568 |
|
|
|
Commitments and contingencies |
|
|
|
|
|
Equity |
|
|
Preferred stock, 10,000,000 shares
authorized |
-- |
-- |
Common stock, $0.01 par value,
200,000,000 shares authorized, 28,210,862 and
28,025,507 shares issued and outstanding as of May 31, 2013
and May 31, 2012, respectively |
282 |
280 |
Additional paid-in capital |
195,241 |
188,443 |
Retained earnings |
18,982 |
7,336 |
Accumulated other comprehensive loss |
(4,452) |
(3,047) |
Total Mistras Group, Inc. stockholders'
equity |
210,053 |
193,012 |
Noncontrolling interests |
227 |
236 |
Total equity |
210,280 |
193,248 |
Total liabilities and equity |
$ 376,660 |
$ 329,816 |
|
|
|
|
|
Mistras Group, Inc. and
Subsidiaries |
Unaudited Consolidated
Statements of Operations |
(in thousands, except
per share data) |
|
|
|
|
|
|
Three
months ended |
Years
ended |
|
May 31, 2013 |
May 31, 2012 |
May 31, 2013 |
May 31, 2012 |
Revenues: |
|
|
|
|
Services |
$ 135,802 |
$ 112,938 |
$ 487,268 |
$ 394,035 |
Products and systems |
8,703 |
14,152 |
42,014 |
42,840 |
Total revenues |
144,505 |
127,090 |
529,282 |
436,875 |
Cost of revenues: |
|
|
|
|
Cost of services |
98,000 |
77,406 |
346,769 |
271,676 |
Cost of products and systems sold |
3,254 |
7,846 |
16,276 |
19,940 |
Depreciation related to services |
4,398 |
4,290 |
16,963 |
14,929 |
Depreciation related to products and
systems |
310 |
77 |
903 |
640 |
Total cost of
revenues |
105,962 |
89,619 |
380,911 |
307,185 |
Gross profit |
38,543 |
37,471 |
148,371 |
129,690 |
Selling, general and administrative
expenses |
27,729 |
23,533 |
101,792 |
83,098 |
Research and engineering |
646 |
290 |
2,447 |
2,059 |
Depreciation and amortization |
2,246 |
1,668 |
8,781 |
6,455 |
Acquisition-related expense, net |
(1,135) |
971 |
(2,141) |
1,980 |
Goodwill impairment |
9,938 |
-- |
9,938 |
-- |
Income (loss) from operations |
(881) |
11,009 |
27,554 |
36,098 |
Other expenses |
|
|
|
|
Interest expense |
830 |
1,011 |
3,288 |
3,132 |
Gain on extinguishment of long-term debt |
-- |
(784) |
-- |
(671) |
Income (loss) before provision for income
taxes |
(1,711) |
10,782 |
24,266 |
33,637 |
Provision for income taxes |
2,878 |
3,619 |
12,627 |
12,291 |
Net income (loss) |
(4,589) |
7,163 |
11,639 |
21,346 |
|
|
|
|
|
Net (income) loss attributable to
noncontrolling interests, net of taxes |
40 |
(31) |
7 |
7 |
Net income (loss) attributable to Mistras
Group, Inc. |
$ (4,549) |
$ 7,132 |
$ 11,646 |
$ 21,353 |
Earnings (net loss) per common share: |
|
|
|
|
Basic |
$ (0.16) |
$ 0.25 |
$ 0.41 |
$ 0.77 |
Diluted |
$ (0.16) |
$ 0.25 |
$ 0.40 |
$ 0.74 |
Weighted average common shares
outstanding: |
|
|
|
|
Basic |
28,202 |
27,972 |
28,141 |
27,839 |
Diluted |
28,202 |
28,935 |
29,106 |
28,685 |
|
|
|
|
|
Mistras Group, Inc. and
Subsidiaries |
Unaudited Operating
Data by Segment |
(in
thousands) |
|
|
|
|
|
|
Three
months ended May 31, |
Year ended
May 31, |
|
2013 |
2012 |
2013 |
2012 |
|
|
|
|
|
Revenues |
|
|
|
|
Services |
$ 102,704 |
$ 96,300 |
$ 380,851 |
$ 349,793 |
International |
38,118 |
20,672 |
126,840 |
59,466 |
Products and Systems |
7,683 |
13,654 |
33,301 |
40,083 |
Corporate and
eliminations |
(4,000) |
(3,536) |
(11,710) |
(12,467) |
|
$ 144,505 |
$ 127,090 |
$ 529,282 |
$ 436,875 |
|
|
|
|
|
|
|
|
|
|
|
Three
months ended May 31, |
Year ended
May 31, |
|
2013 |
2012 |
2013 |
2012 |
|
|
|
Gross
profit |
|
|
|
|
Services |
$ 26,779 |
$ 26,412 |
$ 98,907 |
$ 94,413 |
International |
8,088 |
6,843 |
32,319 |
19,106 |
Products and Systems |
3,937 |
5,626 |
16,947 |
18,578 |
Corporate and
eliminations |
(261) |
(1,410) |
198 |
(2,407) |
|
$ 38,543 |
$ 37,471 |
$ 148,371 |
$ 129,690 |
|
|
|
|
|
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 May 31, |
Year ended
May 31, |
|
2013 |
2012 |
2013 |
2012 |
EBITDA and Adjusted EBITDA
data |
|
|
Net income (loss) attributable to Mistras
Group, Inc. (GAAP) |
$ (4,549) |
$ 7,132 |
$ 11,646 |
$ 21,353 |
Interest expense |
830 |
1,011 |
3,288 |
3,132 |
Provision for income taxes |
2,878 |
3,619 |
12,627 |
12,291 |
Depreciation and amortization |
6,954 |
6,035 |
26,647 |
22,024 |
EBITDA (non-GAAP) |
6,113 |
17,797 |
54,208 |
58,800 |
Stock compensation expense |
1,536 |
1,306 |
6,285 |
5,097 |
Acquisition-related expense, net |
(1,135) |
971 |
(2,141) |
1,980 |
Goodwill impairment |
9,938 |
-- |
9,938 |
-- |
Gain on extinguishment of debt |
-- |
(784) |
-- |
(671) |
Adjusted EBITDA (non-GAAP) |
$ 16,452 |
$ 19,290 |
$ 68,290 |
$ 65,206 |
|
|
|
|
|
Mistras Group, Inc. and
Subsidiaries |
Unaudited
Reconciliation of Net Income Attributable to Mistras Group, Inc.
(GAAP) to Adjusted Net Income and Adjusted Diluted Earnings Per
Share (Non-GAAP) |
(in thousands, except
per share data) |
|
|
|
|
|
|
Three
months ended May 31, |
Year ended
May 31, |
|
2013 |
2012 |
2013 |
2012 |
Adjusted Net Income |
|
|
|
|
Net income (loss) attributable to Mistras
Group, Inc. (GAAP) |
$ (4,549) |
$ 7,132 |
$ 11,646 |
$ 21,353 |
Acquisition-related expense, net ($1.1
million benefit and $1.0 million expense, pre-tax, for the
three months ended May 31, 2013 and 2012, respectively and
$2.1 million benefit and $2.0 million expense, pretax, for the year
ended May 31, 2013 and 2012, respectively) |
(738) |
645 |
(1,351) |
1,257 |
Goodwill impairment |
9,938 |
-- |
9,938 |
-- |
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) |
$ 4,651 |
$ 7,256 |
$ 20,233 |
$ 22,184 |
|
|
|
|
|
Adjusted Diluted Earnings Per
Share |
|
|
|
|
Diluted earnings (loss) per common share
(GAAP) |
$ (0.16) |
$ 0.25 |
$ 0.40 |
$ 0.74 |
Acquisition-related expense |
(0.03) |
0.02 |
(0.04) |
0.04 |
Goodwill impairment |
0.35 |
-- |
0.34 |
-- |
Gain on extinguishment of long-term debt |
-- |
(0.02) |
-- |
(0.01) |
Adjusted Diluted Earnings Per Share
(non-GAAP) |
$ 0.16 |
$ 0.25 |
$ 0.70 |
$ 0.77 |
CONTACT: Nestor S. Makarigakis,
Manager of Marketing Communications
marcom@mistrasgroup.com
1(609)716-4000
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