Mistras Group Agrees to Legal Settlement and Updates Earnings Guidance for its Recently Completed Fiscal Year 2016
20 Julho 2016 - 5:01PM
Mistras Group (NYSE:MG), a leading “one source” global provider of
technology-enabled asset protection solutions, has agreed to
settle, subject to court approval, the class action case pending in
U.S. District Court for the Northern District of California,
Visceral and Kruger v. Mistras Group, Inc., involving claims
related to California and Federal wage and hour and other labor
laws.
In connection with this settlement, the Company
will take a one-time pre-tax charge of $6.3 million, or
approximately $0.13 per diluted share, net-of-tax. This
non-recurring charge will be recognized in the fourth quarter of
fiscal year 2016 that ended on May 31, 2016. Management believes
this charge is not indicative of current ongoing performance or
underlying performance trends. Accordingly, the Company will
exclude this charge from Adjusted EBITDA for the fourth quarter and
fiscal year ended May 31, 2016.
Based upon its preliminary results, the Company
believes that it achieved positive organic growth during the fourth
quarter of its fiscal year 2016 that ended May 31, 2016, and
believes that it slightly exceeded previous financial guidance for
both revenues and Adjusted EBITDA, despite an adverse impact from
Canadian oil sands fires. The Company plans to announce its
financial guidance for fiscal year 2017 once its audited financial
statements for fiscal year 2016 are completed.
Dr. Sotirios Vahaviolos, Chairman and Chief
Executive Officer of the Company, commented, “We are pleased to
settle this lawsuit and to move forward. We had many challenges in
the fourth quarter, including the distraction created by this legal
settlement, the unforeseen challenges imposed by the Canadian oil
sands fires, and a market in which several competitors recently
reported significant organic revenue declines. Despite these
challenges, Mistras continued to outperform the market and
completed a record fiscal year with strong performance.”
Conference Call
The Company will hold a conference call to discuss
the contents of this press release on Thursday, July 21, 2016 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 1-844-832-7227 and use confirmation code
53306056 when prompted. The International dial-in number is
1-224-633-1529.
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; destructive testing 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 2015
(“2015 Annual Report”) filed with the Securities and Exchange
Commission (“SEC”) on August 12, 2015, 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. ("US GAAP").
Information about the Company’s use of this measurement is included
in the 2015 Annual Report and its subsequent quarterly reports on
Form 10-Q for fiscal year 2016 filed with the SEC and available on
the Company’s website.
Media Contact: Nestor S. Makarigakis,
Group Director of Marketing Communications,
marcom@mistrasgroup.com, 1(609)716-4000
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