Mistras Group, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended November 30, 2014; Revises Earnings Guidance for the Full Year of Fiscal 2015
January 07, 2015 at 04:01 pm EST
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Mistras Group, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended November 30, 2014. For the quarter, the company has posted revenue of $206,893,000 against $156,755,000 a year ago. Income from operations was $18,192,000 against $15,252,000 a year ago. Net income attributable to company was $10,427,000 or $0.35 diluted per share against $9,257,000 or $0.32 diluted per share a year ago. EBITDA was $26,593,000 against $22,010,000 a year ago. Adjusted EBITDA was $28,249,000 against $22,639,000 a year ago. The company generated $3.2 million of operating cash flow during the first half of fiscal year 2015 as compared with $15.6 million in the prior year's first half. The company used $7.3 million of cash for capital expenditures, net of equipment sales, in the first half of fiscal year 2015, and also made noncash outlays to lease $3.5 million of capital equipment. The company's aggregate capital investment during the first half was $10.8 million or 2.9% of revenue.
For the six months, the company has posted revenue of $373,466,000 against $292,593,000 a year ago. Income from operations was $21,856,000 against $24,827,000 a year ago. Net income attributable to company was $12,093,000 or $0.41 diluted per share against $14,898,000 or $0.51 diluted per share a year ago. EBITDA was $38,531,000 against $38,356,000 a year ago. Adjusted EBITDA was $41,393,000 against $38,595,000 a year ago. Net cash provided by operating activities was $3,230,000 against $15,634,000 a year ago.
Based on the strong second quarter and additional upside from NACHER, the company is increasing its revenue expectation for fiscal year 2015 to a range of $720 million to $740 million, representing growth of 16% to 19% over prior year. The company expects its Adjusted EBITDA to be within the high end of its previously announced range of from $78 million to $84 million, representing an increase of from 11% to 20% over prior year.
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. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended November 30, 2014; Revises Earnings Guidance for the Full Year of Fiscal 2015