PRINCETON JUNCTION, N.J., Aug. 8, 2012 (GLOBE NEWSWIRE) -- Mistras Group, Inc. (NYSE:MG), a leading "one source" global provider of technology-enabled asset protection solutions, today reported financial results for its fiscal year and fourth quarter ending May 31, 2012. Revenue for fiscal 2012 was $436.9 million and net income was $21.4 million, or $0.74 per diluted share. Fiscal 2012 Financial Highlights: Fourth Quarter 2012 Financial Highlights: Chairman and Chief Executive Officer, Dr. Sotirios J. Vahaviolos stated, "I am very proud that Mistras completed the year with its best performance on record. Fiscal 2012 was another excellent year for Mistras, as we once again achieved growth of more than 20% in revenue, Adjusted EBITDA*, operating income and net income. We continue to be pleased with the momentum of our business, especially the revenue growth we achieved across all of our end-user markets." "While we fell short of our fourth quarter margin goals, which were largely impacted by timing, we expect to increase operating leverage in fiscal 2013," Vahaviolos added. "The fundamentals of our business are strong and I am confident in our prospects going forward and believe we will continue to deliver solid results and double digit growth in revenue and profitability. We are very pleased with our cash flow and liquidity, which can help facilitate accretive investments and acquisitions in fiscal 2013." Outlook and Guidance for Fiscal 2013 The Company's outlook is for continued double digit growth in revenue and Adjusted EBITDA*. The Company projects its fiscal 2013 revenues to be in the range of $495 million to $520 million and Adjusted EBITDA* to be in the range of $74 million to $84 million. Mistras does not provide quarterly guidance, but expects to affirm or update its annual guidance at least quarterly. Earnings Conference Call In connection with this earnings release, Mistras will hold its quarterly conference call on Thursday, August 9th 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 1-877-261-8990 and use confirmation code 33036016 when prompted. The International dial-in number is 1-847-619-6441. 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; 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 or contact Frank Joyce, Chief Financial Officer at 609-716-4103. The MISTRAS Group, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6966 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 2011 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 terms "Adjusted EBITDA", "Adjusted Net Income", and adjusted earnings per share are financial measurements not calculated in accordance with generally accepted accounting principles in the U.S ("GAAP"). The Company believes that investors and other users of the financial statements benefit from the presentation of Adjusted EBITDA, Adjusted Net Income, and adjusted earnings per share because they provide additional metrics to compare the Company's operating performance on a consistent basis and measure underlying trends and results of the Company's business. An explanation of Adjusted EBITDA, Adjusted Net Income, and adjusted earnings per share and reconciliations of these to financial measurements under GAAP are set forth in the tables attached to this press release.Mistras Group, Inc. Unaudited Consolidated Statement of Operations (in thousands, except per share data) For the year ended May 31, For the three months ended May 31, 2012 2011 2012 2011 Revenues: Services $ 394,035 $ 308,702 $ 112,938 $ 92,086 Products 42,840 29,887 14,152 10,043 Total revenues 436,875 338,589 127,090 102,129 Cost of revenues: Cost of services 271,676 209,512 77,406 61,758 Cost of products sold 19,940 12,468 7,846 4,664 Depreciation related to services 14,929 12,576 4,290 3,324 Depreciation related to products 640 630 77 163 Total cost of revenues 307,185 235,186 89,619 69,909 Gross profit 129,690 103,403 37,471 32,220 Selling, general and administrative expenses 83,098 65,983 23,533 18,884 Research and engineering 2,059 2,150 290 512 Depreciation and amortization 6,455 5,386 1,668 1,497 Acquisition-related costs 1,309 -- 799 -- Legal reserve -- 273 -- (78) Income from operations 36,769 29,611 11,181 11,405 Other expenses Interest expense 3,803 2,773 1,183 816 Gain on extinguishment of long-term debt (671) -- (784) -- Income before provision for income taxes 33,637 26,838 10,782 10,589 Provision for income taxes 12,291 10,502 3,619 3,940 Net income 21,346 16,336 7,163 6,649 Net loss (income) attributable to noncontrolling interests, net of taxes 7 95 (31) 69 Net income attributable to Mistras Group, Inc. 21,353 16,431 7,132 6,718 Accretion of preferred stock -- -- -- -- Net income attributable to common shareholders $ 21,353 $ 16,431 $ 7,132 $ 6,718 Earnings per common share: Basic $ 0.77 $ 0.61 $ 0.25 $ 0.25 Diluted $ 0.74 $ 0.61 $ 0.25 $ 0.25 Weighted average common shares outstanding: Basic 27,839 26,724 27,972 26,899 Diluted 28,685 26,933 28,935 27,384 Mistras Group, Inc. Unaudited Operating Data by Segment (in thousands) Three months ended May 31, Year ended May 31, 2012 2011 2012 2011 Revenues Services $ 96,300 $ 85,041 $ 349,793 $ 283,139 Products and Systems 13,654 10,131 40,083 26,105 International 20,672 9,736 59,466 36,798 Corporate and eliminations (3,536) (2,779) (12,467) (7,453) $ 127,090 $ 102,129 $ 436,875 $ 338,589 Three months ended May 31, Year ended May 31, 2012 2011 2012 2011 Gross profit Services $ 26,412 $ 24,479 $ 94,413 $ 77,883 Products and Systems 5,626 4,799 18,578 13,239 International 6,843 3,456 19,106 12,922 Corporate and eliminations (1,410) (514) (2,407) (641) $ 37,471 $ 32,220 $ 129,690 $ 103,403 Mistras Group, Inc. Unaudited Reconciliation of
Net Income Attributable to Mistras Group, Inc. to EBITDA and Adjusted EBITDA(in thousands) Three months ended May 31, Year ended May 31, 2012 2011 2012 2011 EBITDA and Adjusted EBITDA data Net income attributable to Mistras Group, Inc. $ 7,132 $ 6,718 $ 21,353 $ 16,431 Interest expense 1,183 816 3,803 2,773 Provision for income taxes 3,619 3,940 12,291 10,502 Depreciation and amortization 6,035 4,984 22,024 18,592 EBITDA $ 17,969 $ 16,458 $ 59,471 $ 48,298 Legal reserve -- (78) -- 273 Stock compensation expense 1,306 1,071 5,097 3,751 Acquisition related costs 799 -- 1,309 -- Gain on extinguishment of debt (784) -- (671) -- Adjusted EBITDA $ 19,290 $ 17,451 $ 65,206 $ 52,322 Mistras Group, Inc. Unaudited Reconciliation of
Net Income Attributable to Mistras Group, Inc. (GAAP) to Adjusted Net Income and Adjusted Earnings Per Share (Non-GAAP)(in thousands) Three months ended May 31, Years ended May 31, 2012 2011 2012 2011 Adjusted net income Net income attributable to Mistras Group, Inc. (GAAP) $ 7,132 $ 6,718 $ 21,353 $ 16,431 Acquisition-related costs ($0.8 million and $1.3 million, pre-tax for the three months and year ended May 31, 2012, respectively) 531 -- 831 -- Legal reserve ($0.3 million, pre-tax for the year ended May 31, 2011) -- -- -- 166 Gain on extinguishment of long-term debt ($0.8 million and $0.7 million, pre-tax for the three months and year ended May 31, 2012, respectively) (521) -- (426) -- Adjusted net income (Non-GAAP) $ 7,142 $ 6,718 $ 21,758 $ 16,597 Adjusted diluted net earnings per common share Diluted earnings per common share (GAAP) $ 0.25 $ 0.25 $ 0.74 $ 0.61 Acquisition-related costs 0.02 -- 0.03 -- Legal reserve -- -- -- 0.01 Gain on extinguishment of long-term debt (0.02) -- (0.01) -- Adjusted diluted net earnings per common share (Non-GAAP) $ 0.25 $ 0.25 $ 0.76 $ 0.62 Mistras Group, Inc. Other Financial Information (in thousands) May 31, 2012 2011 Selected Balance Sheet Information: Cash and cash equivalents $ 8,410 $ 10,879 Working capital 69,304 56,191 Total debt 59,274 37,327 Total Mistras Group, Inc. stockholder's equity 193,012 167,157 CONTACT: Press Release Contact:
Justin Vogel
609-716-4107
justin.vogel@mistrasgroup.com
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