Mistras Group, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended February 28, 2013. For the quarter, the company reported total revenues of $133,661,000 against $104,118,000 a year ago. Income from operations was $4,982,000 against $5,422,000 a year ago. Income before provision for income taxes was $4,100,000 against $4,619,000 a year ago. Net income attributable to the company was $2,751,000 or $0.09 per diluted share against $3,037,000 or $0.11 per basic and diluted share a year ago. EBITDA was $12,174,000 against $11,040,000 a year ago. Adjusted EBITDA was $12,506,000 against $13,370,000 a year ago. Adjusted net income (Non-GAAP) was $1,938,000 or $0.07 per diluted share against $3,759,000 or $0.13 per diluted share a year ago. Revenue growth of 28% in the quarter was led by acquisition growth of 23% and organic growth of 6%. Revenue in the first nine months grew by 24% led by acquisition growth of 20% and organic growth of 5%. For the nine months, the company reported total revenues of $384,777,000 against $309,785,000 a year ago. Income from operations was $28,435,000 against $25,089,000 a year ago. Income before provision for income taxes was $25,977,000 against $22,855,000 a year ago. Net income attributable to the company was $16,195,000 or $0.56 per diluted share against $14,221,000 or $0.50 per diluted share a year ago. EBITDA was $48,095,000 against $41,003,000 a year ago. Adjusted EBITDA was $51,838,000 against $45,916,000 a year ago. Adjusted net income (Non-GAAP) was $15,567,000 or $0.54 per diluted share against $14,917,000 or $0.52 per diluted share a year ago. The company reported net cash provided by operating activities of $27.6 million, up 31% from the $21 million in the prior year. In addition, the company spent $8.9 million in cash on capital expenditures and leased another $2.9 million of capital equipment, bringing total capital expenditure outlays to $11.8 million or 3.1% of revenues. This compares to total capital expenditures of $15 million or 4.8% of revenues for the first nine months of fiscal 2012. As of February 28, 2013, net debt was $82.6 million The company's outlook is for continued double digit growth in revenue and adjusted EBITDA. The company is confident in its long-term prospects, but in light of the current business and economic environment, the company now estimates its fiscal 2013 adjusted EBITDA to be in the range of $75 million to $80 million, and revenues to be in the high end of its previous guidance of $525 million to $535 million.

Mistras Group, Inc., Q3 2013 Earnings Call, Apr 09, 2013

Mistras Group, Inc. announced that they will report Q3, 2013 results at 5:00 PM, Eastern Standard Time on Apr 08, 2013