Delaware
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001- 34481
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22-3341267
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||
(State or other jurisdiction
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(Commission
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(IRS Employer
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||
of incorporation)
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File Number)
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Identification No.)
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195 Clarksville Road
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08550
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Princeton Junction, New Jersey
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(Zip Code)
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(Address of principal executive offices)
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For the nine months ended February 28,
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||||||||||||||||
2011 | 2010 | |||||||||||||||
Net cash provided by operating activities
|
$ | 21,365 | $ | 12,351 | ||||||||||||
Less
|
||||||||||||||||
Purchases of property, plant and equipment
|
9,729 | 6,714 | ||||||||||||||
Minus real estate related capital expenditures
|
(2,299 | ) | — | |||||||||||||
Net non-real estate capital expenditures
|
(7,430 | ) | (6,714 | ) | ||||||||||||
Free cash flow
|
$ | 13,935 | $ | 5,637 |
99.1
|
Press release issued by Mistras Group, Inc. dated April 12, 2011.
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MISTRAS GROUP, INC.
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||||
Date: April 12, 2011 |
By:
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/s/ Michael C. Keefe | ||
Name:
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Michael C. Keefe
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|||
Title:
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Executive Vice President, General Counsel and Secretary
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Exhibit No.
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Description
|
|
99.1
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Press release issued by Mistras Group, Inc. dated April 12, 2011.
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·
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Revenue grew 23% in the first nine months of fiscal 2011 to $236.5 million, up from $192.3 million in the first nine months of fiscal 2010.
|
|
·
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Adjusted EBITDA*, a non-GAAP measure detailed later in this release, grew 35% to $34.9 million in the first nine months of fiscal 2011 versus $25.8 million in the first nine months of fiscal 2010.
|
|
·
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Adjusted EBITDA* as a percentage of revenue increased 130 basis points in the first 9 months of fiscal 2011 to approximately 15%.
|
|
·
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Net income grew 89% for the first nine months of fiscal 2011 to $9.7 million, or $0.36 per diluted share, up from $5.2 million or $0.21 per diluted share in the first nine months of fiscal 2010.
|
|
·
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The Company generated $21.4 million in net cash from operating activities in the first nine months of fiscal 2011, versus $12.4 million in the first nine months of fiscal 2010, representing an increase of 73%.
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|
·
|
Gross profit as a percentage of revenue, or gross profit margin, was up in both the third quarter (110 basis points) and first nine months (10 basis points) of fiscal 2011 versus prior year.
|
February 28, 2011
|
May 31, 2010
|
|||||||
ASSETS
|
||||||||
Current Assets
|
||||||||
Cash and cash equivalents
|
$ | 6,560 | $ | 16,037 | ||||
Accounts receivable, net
|
62,290 | 54,721 | ||||||
Inventories, net
|
10,285 | 8,736 | ||||||
Deferred income taxes
|
2,271 | 2,189 | ||||||
Prepaid expenses and other current assets
|
5,622 | 5,292 | ||||||
Total current assets
|
87,028 | 86,975 | ||||||
Property, plant and equipment, net
|
46,322 | 39,981 | ||||||
Intangible assets, net
|
19,317 | 16,088 | ||||||
Goodwill
|
53,442 | 44,315 | ||||||
Other assets
|
896 | 1,273 | ||||||
Total assets
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$ | 207,005 | $ | 188,632 | ||||
LIABILITIES, PREFERRED STOCK AND EQUITY
|
||||||||
Current liabilities
|
||||||||
Current portion of long-term debt
|
$ | 4,769 | $ | 6,303 | ||||
Current portion of capital lease obligations
|
5,997 | 5,370 | ||||||
Accounts payable
|
4,733 | 4,640 | ||||||
Accrued expenses and other current liabilities
|
22,288 | 20,090 | ||||||
Income taxes payable
|
2,212 | 3,281 | ||||||
Total current liabilities
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39,999 | 39,684 | ||||||
Long-term debt, net of current portion
|
9,793 | 5,691 | ||||||
Obligations under capital leases, net of current portion
|
8,676 | 9,199 | ||||||
Deferred income taxes
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3,526 | 2,087 | ||||||
Other long-term liabilities
|
1,058 | 1,417 | ||||||
Total liabilities
|
63,052 | 58,078 | ||||||
Commitments and contingencies
|
||||||||
Preferred stock, 10,000,000 shares authorized
|
— | — | ||||||
Equity
|
||||||||
Common stock, $0.01 par value, 200,000,000 shares authorized, 26,670,181 and 26,663,528 shares issued and outstanding as of February 28, 2011 and May 31, 2010, respectively
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267 | 267 | ||||||
Additional paid-in capital
|
164,764 | 162,054 | ||||||
Accumulated deficit
|
(20,735 | ) | (30,448 | ) | ||||
Accumulated other comprehensive loss
|
(707 | ) | (1,587 | ) | ||||
Total Mistras Group, Inc. stockholders’ equity
|
143,589 | 130,286 | ||||||
Noncontrolling interest
|
364 | 268 | ||||||
Total equity
|
143,953 | 130,554 | ||||||
Total liabilities, preferred stock and equity
|
$ | 207,005 | $ | 188,632 |
Three months ended February 28,
|
Nine months ended February 28,
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
Revenues:
|
||||||||||||||||
Services
|
$ | 72,411 | $ | 57,966 | $ | 216,616 | $ | 176,484 | ||||||||
Products
|
6,802 | 6,390 | 19,844 | 15,860 | ||||||||||||
Total revenues
|
79,213 | 64,356 | 236,460 | 192,344 | ||||||||||||
Cost of Revenues:
|
||||||||||||||||
Cost of services
|
50,696 | 41,641 | 147,754 | 120,516 | ||||||||||||
Cost of goods sold
|
2,460 | 2,343 | 7,804 | 6,184 | ||||||||||||
Depreciation of services
|
3,307 | 2,547 | 9,252 | 7,262 | ||||||||||||
Depreciation of products
|
153 | 198 | 467 | 589 | ||||||||||||
Total cost of revenues
|
56,616 | 46,729 | 165,277 | 134,551 | ||||||||||||
Gross profit
|
22,597 | 17,627 | 71,183 | 57,793 | ||||||||||||
Selling, general and administrative expenses
|
16,005 | 14,110 | 47,099 | 40,929 | ||||||||||||
Research and engineering
|
514 | 586 | 1,638 | 1,518 | ||||||||||||
Depreciation and amortization
|
1,385 | 1,299 | 3,889 | 3,558 | ||||||||||||
Legal reserve
|
— | — | 351 | (297 | ) | |||||||||||
Income from operations
|
4,693 | 1,632 | 18,206 | 12,085 | ||||||||||||
Other expenses
|
||||||||||||||||
Interest expense
|
596 | 744 | 1,957 | 2,825 | ||||||||||||
Loss on extinguishment of long-term debt
|
— | — | — | 387 | ||||||||||||
Income before provision for income taxes and noncontrolling interest
|
4,097 | 888 | 16,249 | 8,873 | ||||||||||||
Provision for income taxes
|
1,690 | 123 | 6,562 | 3,692 | ||||||||||||
Net income
|
2,407 | 765 | 9,687 | 5,181 | ||||||||||||
Net loss (income) attributable to noncontrolling interests, net of taxes
|
36 | 9 | 26 | (30 | ) | |||||||||||
Net income attributable to Mistras Group, Inc.
|
2,443 | 774 | 9,713 | 5,151 | ||||||||||||
Accretion of preferred stock
|
— | — | — | 6,499 | ||||||||||||
Net income attributable to common shareholders
|
$ | 2,443 | $ | 774 | $ | 9,713 | $ | 11,650 | ||||||||
Earnings per common share:
|
||||||||||||||||
Basic
|
$ | 0.09 | $ | 0.03 | $ | 0.36 | $ | 0.58 | ||||||||
Diluted
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$ | 0.09 | $ | 0.03 | $ | 0.36 | $ | 0.21 | ||||||||
Weighted average common shares outstanding:
|
||||||||||||||||
Basic
|
26,667 | 26,469 | 26,665 | 20,103 | ||||||||||||
Diluted
|
26,919 | 27,764 | 26,824 | 24,511 |
Three months ended February 28,
|
Nine months ended February 28,
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
Revenues
|
||||||||||||||||
Services
|
$ | 66,708 | $ | 52,912 | $ | 198,098 | $ | 159,552 | ||||||||
Products and Systems
|
5,436 | 4,768 | 15,974 | 13,137 | ||||||||||||
International
|
8,671 | 8,092 | 27,062 | 23,322 | ||||||||||||
Corporate and eliminations
|
(1,602 | ) | (1,416 | ) | (4,674 | ) | (3,667 | ) | ||||||||
$ | 79,213 | $ | 64,356 | $ | 236,460 | $ | 192,344 |
Three months ended February 28,
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Nine months ended February 28,
|
|||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Gross profit
|
||||||||||||||||
Services
|
$ | 16,650 | $ | 11,898 | $ | 53,404 | $ | 41,831 | ||||||||
Products and Systems
|
3,049 | 2,711 | 8,440 | 7,217 | ||||||||||||
International
|
2,935 | 3,222 | 9,466 | 9,212 | ||||||||||||
Corporate and eliminations
|
(37 | ) | (204 | ) | (127 | ) | (467 | ) | ||||||||
$ | 22,597 | $ | 17,627 | $ | 71,183 | $ | 57,793 |
Three months ended February 28,
|
Nine months ended February 28,
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
EBITDA and Adjusted EBITDA data
|
||||||||||||||||
Net income attributable to Mistras Group, Inc.
|
$ | 2,443 | $ | 774 | $ | 9,713 | $ | 5,151 | ||||||||
Interest expense
|
596 | 744 | 1,957 | 2,825 | ||||||||||||
Provision for income taxes
|
1,690 | 123 | 6,562 | 3,692 | ||||||||||||
Depreciation and amortization
|
4,845 | 4,044 | 13,608 | 11,409 | ||||||||||||
EBITDA
|
$ | 9,574 | $ | 5,685 | $ | 31,840 | $ | 23,077 | ||||||||
Legal reserve
|
— | — | 351 | (297 | ) | |||||||||||
Large customer bankruptcy
|
— | — | — | 767 | ||||||||||||
Stock compensation expense
|
903 | 827 | 2,680 | 1,860 | ||||||||||||
Loss on extinguishment of debt
|
— | — | — | 387 | ||||||||||||
Adjusted EBITDA
|
$ | 10,477 | $ | 6,512 | $ | 34,871 | $ | 25,794 |