Mistras Group, Inc. Announces Unaudited Consolidated Financial Results for the Second Quarter and Six Months Ended November 30, 2012; Revised Earnings Guidance for the Year of 2013
January 08, 2013 at 04:01 pm
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Mistras Group, Inc. announced unaudited consolidated financial results for the second quarter and six months ended November 30, 2012. For the quarter, the company reported total revenues of $137.729 million against $114.220 million a year ago. Income from operations was $16.006 million against $14.071 million a year ago. Income before provision for income taxes was $14.931 million against $12.926 million a year ago. Net income attributable to the company was $9.163 million or $0.32 per diluted share against $7.956 million or $0.28 per diluted share a year ago. Adjusted EBITDA was $23.857 million against $20.560 million a year ago. Adjusted net income (Non-GAAP) was $9.065 million or $0.32 per diluted share against $7.748 million or $0.27 per diluted share a year ago. Revenue growth in the quarter was achieved through a combination of organic growth of 2% and acquisition growth of 19% with the balance of the revenue flexed due to foreign exchange.
For the six months, the company reported total revenues of $251.116 million against $205.667 million a year ago. Income from operations was $23.998 million against $20.042 million a year ago. Income before provision for income taxes was $21.877 million against $18.236 million a year ago. Net income attributable to the company was $13.444 million or $0.46 per diluted share against $11.184 million or $0.39 per diluted share a year ago. Adjusted EBITDA was $39.333 million against $32.546 million a year ago. Adjusted net income (Non-GAAP) was $13.236 million or $0.45 per diluted share against $10.978 million or $0.38 per diluted share a year ago. the company generated net cash provided by operating activities of $27.8 million. In addition, the company spent $5.2 million in cash on capital expenditures and leased another $2.5 million of capital equipment, bringing total capital expenditure outlays for the first six months to $7.7 million or 3.1% of revenues. This compares to a total capital expenditure outlay of $10.3 million or 5% of revenues through the first 6 months of fiscal 2012. Net debt increased to $71.3 million as of November 30, 2012, up from $50.9 million at the end of fiscal 2012.
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 Group, Inc. is a provider of integrated technology-enabled asset protection solutions. The Companyâs segments include North America, International and Products and Systems. Its North America segment provides asset protection solutions in the United States and Canada, which consists primarily of non-destructive testing, inspection, mechanical and engineering services that are used to evaluate the structural integrity and reliability of critical energy, industrial and public infrastructure and commercial aerospace components. Software, digital and data services are included in this segment. Its International segment offers services, products and systems similar to those of the other segments to select markets within Europe, the Middle East, Africa, Asia and South America. Its Products and Systems segment designs, manufactures, sells, installs and services its asset protection products and systems, including equipment and instrumentation, predominantly in the United States.
Mistras Group, Inc. Announces Unaudited Consolidated Financial Results for the Second Quarter and Six Months Ended November 30, 2012; Revised Earnings Guidance for the Year of 2013