MISTRAS DELIVERS INCREASED PROFITABILITY & 21% SECOND QUARTER REVENUE GROWTH NET INCOME OF $3.6 MILLION & ADJUSTED EBITDA OF $12.3 MILLION
Princeton Junction, NJ - Jan. 07, 2010
- Mistras Group, Inc. (NYSE: MG) today reported financial results for the second quarter of fiscal 2010, which ended November 30, 2009. Revenues were a record high $71.9 million, a 21% increase as compared to the second quarter of fiscal 2009. Adjusted EBITDA for the quarter was $12.3 million as compared to $11.9 million for the second quarter of fiscal 2009 and $7.0 million for the first quarter of fiscal 2010. Net income attributable to Mistras Group, Inc. was $3.6 million as compared to $3.2 million during the second quarter of fiscal 2009 and $0.8 million for the first quarter of fiscal 2010. Fully diluted earnings per share for the quarter was $0.14 versus a negative ($0.97) reported in the second quarter of fiscal 2009.
Key highlights for the quarter included:
- Grew Services segment revenues by approximately 30% as compared to the same quarter in fiscal 2009.
- Expanded adjusted EBITDA margin to 17.1% of revenues as compared to 12.4% in the first quarter, while more than doubling the consolidated operating income margin to 10.7% compared to 5.0% in the first quarter.
- Achieved gross profit improvement of 422 basis points in the Products and Systems segment as compared to the same quarter in fiscal 2009.
- Won a new contract to develop an ultrasonic imaging system to test advanced composite materials for the new Joint Strike Fighter.
- Acquired a small division of an engineering company that provides additional skilled service technicians to assist in addressing the growing nuclear industry.
Chairman and Chief Executive Officer, Dr. Sotirios J. Vahaviolos commented that "We continue to have solid growth attributable to customer acceptance of our unique and comprehensive asset protection solutions. Our record revenues and strong Services segment growth in the quarter was driven by several new multi-year contracts obtained this fiscal year, continued growth in our mechanical integrity services, and acquisitions."
"This growth was partially offset by revenue decreases in our International segment, which represented only 10.4% of our total revenues, as the economy and foreign exchange rates had a greater impact in the quarter. Our Product and Systems segment had revenues higher than the first fiscal quarter and on par with the same quarter last year. Overall, we see all our markets stabilizing and expect continued growth in our business. We are encouraged by the improved profitability compared to our first quarter, and believe we will continue this trend through the second half of our fiscal year."
Second Quarter Performance [+/-]
Segment Results [+/-]
Initial Public Offering and Related Transactions [+/-]
Earnings Conference Call [+/-]
About Mistras Group, Inc. [+/-]
Forward-Looking and Cautionary Statement [+/-]
View this Release in Full, including:
Mistras Group Inc. and Subsidiaries Unaudited Statement of Operations
For more information, please contact Paul "Pete" Peterik, Chief Financial Officer at 609-716-4103.