PRINCETON JUNCTION, N.J., Oct. 10, 2011 (GLOBE NEWSWIRE) -- Mistras Group, Inc. (NYSE:MG), a leading "one source" global provider of technology-enabled asset protection solutions, today reported financial results for the first quarter of fiscal 2012. Revenue for the first quarter of fiscal 2012 was $91.4 million, an increase of 34%, over the $68.4 million reported in the first quarter of fiscal 2011. Net income for the first quarter of fiscal 2012 grew by 103% to $3.2 million, or $0.11 per diluted share, versus $1.6 million, or $0.06 per diluted share, in the first quarter of fiscal 2011. Adjusted EBITDA*, a non-GAAP measure detailed later in this release, increased 42% to $12.0 million in the first quarter of fiscal 2012 versus $8.5 million in the first quarter of fiscal 2011. Consistent with prior quarters, organic growth contributed the bulk of the revenue gain. In the first quarter of fiscal 2012, the organic growth rate was 19%, while acquisition growth was 12% and the balance of growth was due to foreign currency fluctuations. Additional Financial Highlights for the first quarter of Fiscal 2012: Chairman and Chief Executive Officer, Dr. Sotirios J. Vahaviolos stated that, "We were pleased with the continued momentum of our business in the first quarter of fiscal 2012, which is traditionally a soft quarter for us. Once again, organic revenue growth was a significant driver behind our results, rising to 19% in the first quarter. Our unique approach, which provides 'One Source' Asset Protection Solutions to our customers, continues to receive broad acceptance in the many target markets that we serve." Business Outlook/Guidance for Fiscal Year 2012 The Company's outlook is for continued double digit growth in revenue and Adjusted EDITDA*. The Company is affirming its previously issued guidance for fiscal 2012 revenues to be in the range of $375 million to $390 million and Adjusted EBITDA* to be in the range of $59 million to $64 million. Mistras does not provide specific guidance for individual quarters, but will update its annual guidance at least quarterly. Earnings Conference Call In connection with this earnings release, Mistras will hold its quarterly conference call on Tuesday, October 11, 2011 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 1-800-901-5241 and use confirmation code 55375743 when prompted. The International dial-in number is 1-617-786-2963. About Mistras Group, Inc. MISTRAS is a leading "one source" global provider of technology-enabled asset protection solutions used to evaluate the structural integrity of critical energy, industrial and public infrastructure. Mission critical services and solutions are delivered globally and provide customers the ability to extend the useful life of their assets, improve productivity & 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 & 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 or contact Frank Joyce, Chief Financial Officer at 609-716-4103. 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. 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, 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 filed with the Securities and Exchange Commission on August 12, 2011, 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" is a financial measurement not calculated in accordance with U.S. generally accepted accounting principles. The Company believes that investors and other users of the financial statements benefit from the presentation of Adjusted EBITDA because it provides an additional metric to compare the Company's operating performance on a consistent basis and measure underlying trends and results of the Company's business. A reconciliation of this to a financial measurement under GAAP is set forth in a table attached to this press release.
The MISTRAS Group, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6966Mistras Group, Inc. Unaudited Consolidated Balance Sheets (in thousands, except share data) August 31, 2011 May 31, 2011 ASSETS Current Assets Cash and cash equivalents $ 6,491 $ 10,879 Accounts receivable, net 72,706 78,031 Inventories, net 10,226 9,830 Deferred income taxes 1,282 1,278 Prepaid expenses and other current assets 6,825 6,761 Total current assets 97,530 106,779 Property, plant and equipment, net 52,750 49,168 Intangible assets, net 28,163 27,304 Goodwill 68,970 64,146 Other assets 1,104 1,240 Total assets $ 248,517 $ 248,637 LIABILITIES, PREFERRED STOCK AND EQUITY Current Liabilities Current portion of long-term debt $ 6,551 $ 7,226 Current portion of capital lease obligations 6,526 5,853 Accounts payable 5,580 6,656 Accrued expenses and other current liabilities 29,020 28,028 Income taxes payable 2,365 2,825 Total current liabilities 50,042 50,588 Long-term debt, net of current portion 9,495 14,625 Obligations under capital leases, net of current portion 11,047 9,623 Deferred income taxes 2,920 2,863 Other long-term liabilities 3,719 3,452 Total liabilities 77,223 81,151 Commitments and contingencies Preferred stock, 10,000,000 shares authorized -- -- Equity Common stock, $0.01 par value, 200,000,000 shares authorized, 27,712,038 and 27,667,122
shares issued and outstanding as of August 31, 2011 and May 31, 2011, respectively277 277 Additional paid-in capital 181,521 180,594 Accumulated deficit (10,789) (14,017) Accumulated other comprehensive income (loss) (7) 303 Total Mistras Group, Inc. stockholders' equity 171,002 167,157 Noncontrolling interest 292 329 Total equity 171,294 167,486 Total liabilities, preferred stock and equity $ 248,517 $ 248,637 Mistras Group, Inc. Unaudited Consolidated Statement of Operations (in thousands, except per share data) Three months ended August 31, 2011 2010 Revenues: Services $ 82,902 $ 61,252 Products 8,545 7,158 Total revenues 91,447 68,410 Cost of revenues: Cost of services 56,887 41,391 Cost of products sold 3,640 3,277 Depreciation related to services 3,323 2,809 Depreciation related to products 177 155 Total cost of revenues 64,027 47,632 Gross profit 27,420 20,778 Selling, general and administrative expenses 19,381 15,479 Research and engineering 589 555 Depreciation and amortization 1,479 1,178 Legal reserve -- 250 Income from operations 5,971 3,316 Other expenses Interest expense 661 690 Income before provision for income taxes 5,310 2,626 Provision for income taxes 2,116 1,054 Net income 3,194 1,572 Net loss attributable to noncontrolling interests, net of taxes 34 20 Net income attributable to Mistras Group, Inc. $ 3,228 $ 1,592 Earnings per common share: Basic $ 0.12 $ 0.06 Diluted $ 0.11 $ 0.06 Weighted average common shares outstanding: Basic 27,677 26,664 Diluted 28,225 26,778 Mistras Group, Inc. Unaudited Operating Data by Segment (in thousands) Three months ended August 31, 2011 2010 Revenues Services $ 75,689 $ 55,282 Products and Systems 7,513 5,310 International 9,773 9,040 Corporate and eliminations (1,528) (1,222) $ 91,447 $ 68,410 Three months ended August 31, 2011 2010 Gross profit Services $ 20,308 $ 15,001 Products and Systems 3,751 2,569 International 3,431 3,271 Corporate and eliminations (70) (63) $ 27,420 $ 20,778 Mistras Group, Inc. Unaudited Reconciliation of
Net Income Attributable to Mistras Group, Inc. to EBITDA and Adjusted EBITDA(in thousands) Three months ended August 31, 2011 2010 EBITDA and Adjusted EBITDA data Net income attributable to Mistras Group, Inc. $ 3,228 $ 1,592 Interest expense 661 690 Provision for income taxes 2,116 1,054 Depreciation and amortization 4,979 4,142 EBITDA $ 10,984 $ 7,478 Legal reserve -- 250 Stock compensation expense 1,002 729 Adjusted EBITDA $ 11,986 $ 8,457 CONTACT: Nestor S. Makarigakis
Manager of Marketing and Communications
MISTRAS Group, Inc.
1 (609) 716-4000
marcom@mistrasgroup.com
www.mistrasgroup.com
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