Mistras Group, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended November 30, 2013; Revised Earnings Guidance for Fiscal 2014
January 08, 2014 at 09:01 pm
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Mistras Group, Inc. announced unaudited consolidated earnings results for the second quarter and six months ended November 30, 2013. During the second quarter, the company had revenue of $156.8 million, an increase of 13.8% over the prior year period. Net income attributable to Mistras Group, Inc. was $9.3 million, or $0.32 per diluted share compared with net income of $9.2 million or $0.32 per diluted share in the prior year period. Adjusted EBITDA was $22.6 million compared with $23.9 million in the prior year period. Income from operations was $15.252 million compared with $15.747 million in the prior year period. Income before provision for income taxes was $14.48 million compared with $14.931 million in the prior year period. EBITDA was $22.01 million compared with $22.186 million in the prior year period. Net income excluding acquisition-related items (non-GAAP) was $8.902 million, or $0.31 per diluted share compared with $9.415 million or $0.33 per diluted share in the prior year period. Total company income from operations before acquisition-related expense, net (non-GAAP) was $14.841 million compared with $15.846 million in the prior year period.
During the first half of fiscal 2014, the company had revenue of $292.6 million, an increase of 16.5% over the prior year period. Net income attributable to Mistras Group, Inc. was $14.9 million, or $0.51 per diluted share, compared with net income of $13.4 million or $0.46 per diluted share in the prior year period. Adjusted EBITDA was $38.6 million in the first half compared with $39.3 million in the prior year period. Income from operations was $24.827 million compared with $23.453 million in the prior year period. Income before provision for income taxes was $23.31 million compared with $21.877 million in the prior year period. EBITDA was $38.356 million compared with $35.921 million in the prior year period. Net income excluding acquisition-related items (non-GAAP) was $13.164 million, or $0.45 per diluted share compared with $13.765 million or $0.47 per diluted share in the prior year period. The company's operating cash flow was $15.6 million for the first half of fiscal 2014. Total company income from operations before acquisition-related expense, net (non-GAAP) was $22.319 million compared with $23.659 million in the prior year period. Included in results for the second quarter and first half of fiscal 2014 were favorable pre-tax net acquisition-related adjustments of $0.4 million and $2.5 million, respectively, which favorably impacted earnings per diluted share by $0.01 in the second quarter and $0.06 in the first half.
The Company is increasing its previously issued guidance for fiscal 2014 revenues and Adjusted EBITDA. Previously the Company expected revenue to be in the range of from $570 million to $600 million, and Adjusted EBITDA to be in the range of $74 million to $80 million. The Company now expects that its revenue will be in the range of $590 million to $615 million, and Adjusted EBITDA will be in a range of from $77 million to $83 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 Earnings Results for the Second Quarter and Six Months Ended November 30, 2013; Revised Earnings Guidance for Fiscal 2014