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.