Mistras Group, Inc. (NYSE:MG), a leading "one source" global
provider of technology-enabled asset protection solutions, reported
financial results for its third quarter ended September 30, 2017.
Revenues for the third quarter of 2017 were $179.6 million, 6%
higher than prior year. Third quarter 2017 net loss was ($7.0)
million or ($0.25) per diluted share, versus net income of $7.2
million or $0.24 per diluted share in the prior year. Third quarter
2017 results included the following special items:
- Write-off of intangible assets pertaining to the Company’s
Products and Systems segment reduced operating income by $15.8
million ($9.8 million net-of-tax);
- Severance pertaining to cost reductions reduced operating
income by $0.5 million ($0.4 million net-of-tax)
- Reserve established for litigation settlement reduced operating
income by $1.2 million ($0.7 million net-of-tax)
Excluding these special items, the Company’s net income would
have been $4.0 million, or $0.13 per diluted share.
The Company generated $35.2 million of cash from operating
activities and $19.9 million of free cash flow during the first
nine months of 2017, both of which were reduced by the $6.3 million
payment of a prior year legal settlement. The Company used $8.4
million of its free cash flow to complete two acquisitions and
$15.9 million to repurchase common stock. The Company’s net debt
(total debt less cash) was approximately $92.0 million at September
30, 2017.
Performance by segment was as follows:
Services segment Q3 revenues increased by $10
million or 8% over prior year, despite the impact of the 2017
summer hurricanes. Services revenue continued to be
impacted by one challenged region. Revenues from all other
regions increased approximately 13%, including mid-single digit
positive organic growth.
Services segment Q3 operating income declined by $0.5 million,
or 4% over prior year, and by $0.9 million or 7%, excluding special
items. The decline was primarily driven by a challenged region
which resulted in decreased operating income. Operating
income of all other regions improved by over 10% compared with
prior year. In addition, driven by the aforementioned
hurricane impact, there was an adverse impact in utilization of
technicians during Q3.
International segment Q3 revenues increased by
$0.3 million or 1% compared with prior year, inclusive of the
beneficial impact of foreign exchange rates. International revenues
were adversely impacted by an organic decline in Germany, driven
primarily by sales declines pertaining to two customers who either
reduced or moved production in relation to aerospace business.
International segment Q3 operating income declined by $4.7
million or 82% compared with prior year. The reduction was
driven by reductions in Germany, caused by its aforementioned
revenue decline, and in the Company’s UK business. The UK business
experienced a negative sales mix and lower levels of utilization at
some of its locations. This performance caused the Company to
determine that it will take cost reduction actions in the UK
business, closing at least one location and reducing headcount.
Severance of $0.3 million was recorded in Q3 and additional
severance and charges are expected in Q4 related to this
initiative.
Products and Systems segment Q3 revenue
declined by $0.5 million or 8% compared with prior year. During Q3,
Management determined that a subsidiary of the Products and Systems
segment is no longer aligned with the future direction of this
segment, and is evaluating its alternatives concerning this
subsidiary. Goodwill and intangible assets of $15.8 million were
written off during Q3, caused by lower than previously expected
future operating performance of the segment.
Chief Executive Officer Dennis Bertolotti stated, “I continue to
be pleased with the performance of our Services segment. As
expected, market conditions in the fall of 2017 turned modestly
positive compared with an unusually low level of prior year
activity. Our team worked with our customers to minimize the impact
of the summer hurricanes and fortunately there appears to have been
no lasting physical damage from these events.”
Mr. Bertolotti added: “We are working diligently to position the
Company for its next phase of growth. During Q3 we restructured the
Services segment leadership team and as our Q3 results demonstrate,
we are already seeing benefits from increased focus and
accountability. We are committed to our Products and Systems
segment but we are reevaluating alternatives for its subsidiary and
will take decisive action there. Finally, we are in the process of
reducing costs in our UK business to get down to a core focus that
will enable strong improvement in 2018 and in the years to
come.”
Mr. Bertolotti concluded, stating, “In addition to these
initiatives, we are making good progress on our previously
announced $5 million cost reduction program, and we have integrated
our two recent acquisitions to become key contributors to our
ongoing success. Our acquisition pipeline is full with
opportunities to grow and to diversify our Services business, and
we intend to continue to pursue this growth avenue to take
advantage of what we expect will be a market that continues to
gradually improve in 2018.”
Updated Guidance for Reminder of 2017
North American inspection services market conditions have been
in line with the Company’s expectations throughout 2017, and this
is expected to continue for Q4. Services segment results have also
been in line with Company expectations and are expected to improve
over prior year in Q4. Services segment results for the fiscal year
are expected to meet our previous expectations, excluding the
adverse impacts of the summer hurricanes and the nuclear customer
bankruptcy that occurred in earlier in 2017.
The Company’s International and Products & Systems segments
have performed below expectations in 2017, driving the
restructuring actions described above. Because of this performance,
the Company now expects that its adjusted EBITDA will come in at
the lower end of our previously forecasted range of $66 million to
$70 million for calendar 2017.
Based upon its preliminary planning for 2018, the Company
expects revenue and profit growth in each of its segments next
year, driven by a number of growth initiatives and benefits to be
realized from cost reduction activities.
Conference Call
In connection with this release, Mistras will hold a conference
call on November 7, 2017 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 2898665 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 Transition Report on Form 10-K filed with the
Securities and Exchange Commission on March 20, 2017, 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
In addition to financial information prepared in accordance with
generally accepted accounting principles in the U.S. (GAAP), this
press release also contains adjusted financial measures that we
believe provide investors and management with supplemental
information relating to operating performance and trends that
facilitate comparisons between periods and with respect to
projected information. The term "Adjusted EBITDA" used in this
release is a financial measurement not calculated in accordance
with GAAP and is defined as net income attributable to Mistras
Group, Inc. plus: interest expense, provision for income taxes,
depreciation and amortization, share-based compensation expense and
certain acquisition related costs (including transaction due
diligence costs and adjustments to the fair value of contingent
consideration), foreign exchange (gain) loss and, if applicable,
certain special items which are noted. 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 in the attached tables non-GAAP measurement” “Segment
and Total Company Income (Loss) Before Special Items”, reconciling
these measurements to financial measurements under GAAP. The
Company uses the term “free cash flow”, a non-GAAP measurement the
Company defines as cash provided by operating activities less
capital expenditures (which is classified as an investing
activity). The Company also uses the term “net debt”, a
non-GAAP measurement defined as the sum of the current and
long-term portions of long-term debt and capital lease obligations,
less cash and cash equivalents.
|
Mistras Group, Inc. and
SubsidiariesCondensed Consolidated Balance
Sheets(in thousands, except share and per share
data) |
|
|
(unaudited) |
|
|
|
September 30, 2017 |
|
December 31, 2016 |
ASSETS |
|
|
|
Current Assets |
|
|
|
Cash and
cash equivalents |
$ |
26,863 |
|
|
$ |
19,154 |
|
Accounts
receivable, net |
140,189 |
|
|
130,852 |
|
Inventories |
11,237 |
|
|
10,017 |
|
Deferred
income taxes |
— |
|
|
6,230 |
|
Prepaid
expenses and other current assets |
16,077 |
|
|
16,399 |
|
Total
current assets |
194,366 |
|
|
182,652 |
|
Property, plant and
equipment, net |
77,173 |
|
|
73,149 |
|
Intangible assets,
net |
42,242 |
|
|
40,007 |
|
Goodwill |
165,704 |
|
|
169,940 |
|
Deferred income
taxes |
2,108 |
|
|
1,086 |
|
Other assets |
2,829 |
|
|
2,593 |
|
Total
assets |
$ |
484,422 |
|
|
$ |
469,427 |
|
LIABILITIES AND
EQUITY |
|
|
|
Current
Liabilities |
|
|
|
Accounts
payable |
$ |
8,925 |
|
|
$ |
6,805 |
|
Accrued
expenses and other current liabilities |
65,608 |
|
|
58,697 |
|
Current
portion of long-term debt |
2,490 |
|
|
1,379 |
|
Current
portion of capital lease obligations |
6,261 |
|
|
6,488 |
|
Income
taxes payable |
4,576 |
|
|
4,342 |
|
Total
current liabilities |
87,860 |
|
|
77,711 |
|
Long-term debt, net of
current portion |
101,803 |
|
|
85,917 |
|
Obligations under
capital leases, net of current portion |
8,349 |
|
|
9,682 |
|
Deferred income
taxes |
9,238 |
|
|
17,584 |
|
Other long-term
liabilities |
9,510 |
|
|
7,789 |
|
Total
liabilities |
216,760 |
|
|
198,683 |
|
Commitments and
contingencies |
|
|
|
Equity |
|
|
|
Preferred
stock, 10,000,000 shares authorized |
— |
|
|
— |
|
Common
stock, $0.01 par value, 200,000,000 shares authorized, 29,434,816
and29,216,745 shares issued |
294 |
|
|
292 |
|
Additional paid-in capital |
221,149 |
|
|
217,211 |
|
Treasury
stock, at cost, 1,146,249 and 420,258 shares |
(24,923 |
) |
|
(9,000 |
) |
Retained
earnings |
88,744 |
|
|
91,803 |
|
Accumulated other comprehensive loss |
(17,789 |
) |
|
(29,724 |
) |
Total
Mistras Group, Inc. stockholders’ equity |
267,475 |
|
|
270,582 |
|
Non-controlling interests |
187 |
|
|
162 |
|
Total
equity |
267,662 |
|
|
270,744 |
|
Total
liabilities and equity |
$ |
484,422 |
|
|
$ |
469,427 |
|
|
|
|
|
|
Mistras Group, Inc. and
SubsidiariesUnaudited Condensed Consolidated
Statements of Income (Loss)(in thousands, except
per share data) |
|
|
|
|
|
Three months ended |
|
Nine months ended |
|
September 30,2017 |
|
September 30,2016 |
|
September 30,2017 |
|
September 30,2016 |
|
|
|
|
|
|
|
|
Revenue |
$ |
179,570 |
|
|
$ |
168,811 |
|
|
$ |
513,326 |
|
|
$ |
514,606 |
|
Cost of
revenue |
126,316 |
|
|
112,754 |
|
|
360,144 |
|
|
352,027 |
|
Depreciation |
5,357 |
|
|
5,406 |
|
|
15,790 |
|
|
16,423 |
|
Gross
profit |
47,897 |
|
|
50,651 |
|
|
137,392 |
|
|
146,156 |
|
Selling,
general and administrative expenses |
38,217 |
|
|
34,995 |
|
|
113,491 |
|
|
107,266 |
|
Impairment charges |
15,810 |
|
|
— |
|
|
15,810 |
|
|
— |
|
Research
and engineering |
555 |
|
|
643 |
|
|
1,749 |
|
|
1,928 |
|
Depreciation and amortization |
2,738 |
|
|
2,513 |
|
|
7,854 |
|
|
8,140 |
|
Litigation charges |
1,200 |
|
|
— |
|
|
1,200 |
|
|
6,320 |
|
Acquisition-related expense (benefit), net |
(248 |
) |
|
384 |
|
|
(589 |
) |
|
(99 |
) |
Income (loss)
from operations |
(10,375 |
) |
|
12,116 |
|
|
(2,123 |
) |
|
22,601 |
|
Interest
expense |
1,081 |
|
|
778 |
|
|
3,114 |
|
|
2,218 |
|
Income (loss)
before (benefit) provision for income taxes |
(11,456 |
) |
|
11,338 |
|
|
(5,237 |
) |
|
20,383 |
|
(Benefit)
provision for income taxes |
(4,503 |
) |
|
4,083 |
|
|
(2,199 |
) |
|
6,908 |
|
Net income
(loss) |
(6,953 |
) |
|
7,255 |
|
|
(3,038 |
) |
|
13,475 |
|
Less: net
income attributable to non-controlling interests, net of taxes |
15 |
|
|
17 |
|
|
21 |
|
|
29 |
|
Net income
(loss) attributable to Mistras Group, Inc. |
$ |
(6,968 |
) |
|
$ |
7,238 |
|
|
$ |
(3,059 |
) |
|
$ |
13,446 |
|
Earnings (loss) per
common share: |
|
|
|
|
|
|
|
Basic |
$ |
(0.25 |
) |
|
$ |
0.25 |
|
|
$ |
(0.11 |
) |
|
$ |
0.46 |
|
Diluted |
$ |
(0.25 |
) |
|
$ |
0.24 |
|
|
$ |
(0.11 |
) |
|
$ |
0.45 |
|
Weighted average common
shares outstanding: |
|
|
|
|
|
|
|
Basic |
28,274 |
|
|
29,051 |
|
|
28,465 |
|
|
28,966 |
|
Diluted |
28,274 |
|
|
30,231 |
|
|
28,465 |
|
|
30,139 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mistras Group, Inc. and
SubsidiariesUnaudited Operating Data by
Segment(in thousands) |
|
|
|
|
|
Three months ended |
|
Nine months ended |
|
September 30,2017 |
|
September 30,2016 |
|
September 30,2017 |
|
September 30,2016 |
Revenues |
|
|
|
|
|
|
|
Services |
$ |
137,194 |
|
|
$ |
127,153 |
|
|
$ |
397,565 |
|
|
$ |
395,089 |
|
International |
38,200 |
|
|
37,922 |
|
|
106,360 |
|
|
105,275 |
|
Products
and Systems |
6,268 |
|
|
6,807 |
|
|
16,925 |
|
|
19,955 |
|
Corporate
and eliminations |
(2,092 |
) |
|
(3,071 |
) |
|
(7,524 |
) |
|
(5,713 |
) |
|
$ |
179,570 |
|
|
$ |
168,811 |
|
|
$ |
513,326 |
|
|
$ |
514,606 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Nine months ended |
|
September 30,2017 |
|
September 30,2016 |
|
September 30,2017 |
|
September 30,2016 |
Gross
profit |
|
|
|
|
|
|
|
Services |
$ |
34,729 |
|
|
$ |
33,704 |
|
|
$ |
100,432 |
|
|
$ |
102,652 |
|
International |
10,432 |
|
|
13,133 |
|
|
29,720 |
|
|
33,673 |
|
Products
and Systems |
2,753 |
|
|
3,686 |
|
|
7,313 |
|
|
9,475 |
|
Corporate
and eliminations |
(17 |
) |
|
128 |
|
|
(73 |
) |
|
356 |
|
|
$ |
47,897 |
|
|
$ |
50,651 |
|
|
$ |
137,392 |
|
|
$ |
146,156 |
|
|
|
|
|
|
Mistras Group, Inc. and
SubsidiariesUnaudited Reconciliation
ofSegment and Total Company Income (Loss) from
Operations (GAAP) to Income (Loss) before Special Items
(non-GAAP)(in thousands) |
|
|
|
|
|
Three months ended |
|
Nine months ended |
|
September 30,2017 |
|
September 30,2016 |
|
September 30,2017 |
|
September 30,2016 |
Services: |
|
|
|
|
|
|
|
Income
from operations |
$ |
11,699 |
|
|
$ |
12,221 |
|
|
$ |
31,211 |
|
|
$ |
30,932 |
|
Litigation charges |
— |
|
|
— |
|
|
— |
|
|
6,320 |
|
Bad debt
provision for a customer bankruptcy |
— |
|
|
— |
|
|
1,200 |
|
|
— |
|
Severance
costs |
163 |
|
|
43 |
|
|
493 |
|
|
43 |
|
Asset
write-offs and lease terminations |
— |
|
|
— |
|
|
123 |
|
|
— |
|
Acquisition-related expense (benefit), net |
(126 |
) |
|
345 |
|
|
(48 |
) |
|
(123 |
) |
Income
before special items |
11,736 |
|
|
12,609 |
|
|
32,979 |
|
|
37,172 |
|
International: |
|
|
|
|
|
|
|
Income
from operations |
1,023 |
|
|
5,751 |
|
|
3,866 |
|
|
8,925 |
|
Severance
costs |
379 |
|
|
89 |
|
|
455 |
|
|
799 |
|
Acquisition-related expense (benefit), net |
— |
|
|
11 |
|
|
(501 |
) |
|
(53 |
) |
Income
before special items |
1,402 |
|
|
5,851 |
|
|
3,820 |
|
|
9,671 |
|
Products and
Systems: |
|
|
|
|
|
|
|
Income
(loss) from operations |
(15,573 |
) |
|
806 |
|
|
(16,913 |
) |
|
560 |
|
Impairment charges |
15,810 |
|
|
— |
|
|
15,810 |
|
|
— |
|
Severance
costs |
— |
|
|
— |
|
|
— |
|
|
17 |
|
Acquisition-related expense (benefit), net |
— |
|
|
— |
|
|
— |
|
|
— |
|
Income
(loss) before special items |
237 |
|
|
806 |
|
|
(1,103 |
) |
|
577 |
|
Corporate and
Eliminations: |
|
|
|
|
|
|
|
Loss from
operations |
(7,524 |
) |
|
(6,662 |
) |
|
(20,287 |
) |
|
(17,816 |
) |
Litigation charges |
1,200 |
|
|
— |
|
|
1,200 |
|
|
— |
|
Severance
costs |
— |
|
|
133 |
|
|
— |
|
|
133 |
|
Acquisition-related expense (benefit), net |
(122 |
) |
|
28 |
|
|
(40 |
) |
|
77 |
|
Loss
before special items |
(6,446 |
) |
|
(6,501 |
) |
|
(19,127 |
) |
|
(17,606 |
) |
Total
Company |
|
|
|
|
|
|
|
Income
(loss) from operations |
$ |
(10,375 |
) |
|
$ |
12,116 |
|
|
$ |
(2,123 |
) |
|
$ |
22,601 |
|
Litigation charges |
1,200 |
|
|
— |
|
|
1,200 |
|
|
6,320 |
|
Impairment charges |
15,810 |
|
|
— |
|
|
15,810 |
|
|
— |
|
Bad debt
provision for a customer bankruptcy |
— |
|
|
— |
|
|
1,200 |
|
|
— |
|
Severance
costs |
542 |
|
|
265 |
|
|
948 |
|
|
992 |
|
Asset
write-offs and lease terminations |
— |
|
|
— |
|
|
123 |
|
|
— |
|
Acquisition-related expense (benefit), net |
(248 |
) |
|
384 |
|
|
(589 |
) |
|
(99 |
) |
Income
before special items |
$ |
6,929 |
|
|
$ |
12,765 |
|
|
$ |
16,569 |
|
|
$ |
29,814 |
|
|
|
|
Mistras Group, Inc. and
SubsidiariesUnaudited Summary Cash Flow
Information(in thousands) |
|
|
|
Nine months ended September 30, |
|
2017 |
|
2016 |
Net cash provided by
(used in): |
|
|
|
Operating activities |
$ |
35,226 |
|
|
$ |
52,109 |
|
Investing activities |
(22,516 |
) |
|
(12,487 |
) |
Financing activities |
(7,114 |
) |
|
(32,491 |
) |
Effect of exchange rate
changes on cash |
2,113 |
|
|
(221 |
) |
Net change in cash and
cash equivalents |
$ |
7,709 |
|
|
$ |
6,910 |
|
|
|
Mistras Group, Inc. and
SubsidiariesReconciliation of Net Cash Provided by
Operating Activities (GAAP) to Free Cash Flow
(non-GAAP)(in thousands) |
|
|
Nine months ended September 30,
2017 |
GAAP: Net cash
provided by operating activities |
$ |
35,226 |
|
Less: |
|
Purchases
of property, plant and equipment |
(14,413 |
) |
Purchases
of intangible assets |
(941 |
) |
Non-GAAP: Free
cash flow |
$ |
19,872 |
|
|
|
|
Mistras Group, Inc. and
SubsidiariesUnaudited Reconciliation
ofNet Income (Loss) to Adjusted
EBITDA(in thousands) |
|
|
|
Three months ended |
|
Nine months ended |
|
September 30,2017 |
|
September 30,2016 |
|
September 30,2017 |
|
September 30,2016 |
|
|
|
|
|
|
Net income
(loss) |
$ |
(6,953 |
) |
|
$ |
7,255 |
|
|
$ |
(3,038 |
) |
|
$ |
13,475 |
|
Less: net
income attributable to noncontrolling interests, net oftaxes |
15 |
|
|
17 |
|
|
21 |
|
|
29 |
|
Net income
(loss) attributable to Mistras Group, Inc. |
$ |
(6,968 |
) |
|
$ |
7,238 |
|
|
$ |
(3,059 |
) |
|
$ |
13,446 |
|
Interest expense |
1,081 |
|
|
778 |
|
|
3,114 |
|
|
2,218 |
|
(Benefit) provision for
income taxes |
(4,503 |
) |
|
4,083 |
|
|
(2,199 |
) |
|
6,908 |
|
Depreciation and
amortization |
8,095 |
|
|
7,919 |
|
|
23,644 |
|
|
24,563 |
|
Share-based
compensation expense |
1,759 |
|
|
1,966 |
|
|
5,139 |
|
|
5,161 |
|
Litigation charges |
1,200 |
|
|
— |
|
|
1,200 |
|
|
6,320 |
|
Impairment charges |
15,810 |
|
|
— |
|
|
15,810 |
|
|
— |
|
Acquisition-related
expense (benefit), net |
(248 |
) |
|
384 |
|
|
(589 |
) |
|
(99 |
) |
Severance |
542 |
|
|
265 |
|
|
948 |
|
|
992 |
|
Asset write-offs and
lease terminations |
— |
|
|
— |
|
|
123 |
|
|
— |
|
Bad debt provision for
unexpected customer bankruptcy |
— |
|
|
— |
|
|
1,200 |
|
|
— |
|
Foreign exchange (gain)
loss |
271 |
|
|
(835 |
) |
|
597 |
|
|
(1,354 |
) |
Adjusted EBITDA |
$ |
17,039 |
|
|
$ |
21,798 |
|
|
$ |
45,928 |
|
|
$ |
58,155 |
|
|
|
|
|
Mistras Group, Inc. and
SubsidiariesUnaudited Reconciliation
ofNet Income (Loss) (GAAP) and Diluted EPS (GAAP)
to Net Income (Loss) Excluding Special Items
(non-GAAP)and Diluted EPS Excluding Special Items
(non-GAAP)(in thousands) |
|
|
|
|
|
Three months ended September 30, |
|
|
2017 |
|
2016 |
Net income (loss)
(GAAP) |
|
$ |
(6,968 |
) |
|
$ |
7,238 |
|
Impairment charges |
|
9,797 |
|
|
— |
|
Severance |
|
375 |
|
|
177 |
|
Litigation charges |
|
749 |
|
|
— |
|
Net Income Excluding
Special Items (non-GAAP) |
|
$ |
3,953 |
|
|
$ |
7,415 |
|
|
|
|
|
|
Diluted EPS (GAAP) |
|
$ |
(0.25 |
) |
|
$ |
0.24 |
|
Impairment charges |
|
0.33 |
|
|
— |
|
Severance |
|
0.02 |
|
|
0.01 |
|
Litigation charges |
|
0.03 |
|
|
— |
|
Diluted EPS Excluding
Special Items (non-GAAP) |
|
$ |
0.13 |
|
|
$ |
0.25 |
|
|
Media Contact:Nestor S. MakarigakisGroup Director of Marketing
Communicationsmarcom@mistrasgroup.com1(609)716-4000
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