NV5 Holdings Reports Fourth Quarter and Full Year 2012 Results

Marketwired

HOLLYWOOD, FL--(Marketwire - Apr 1, 2013) - NV5 Holdings, Inc. (the "Company") (NASDAQ: NVEEU), a leading provider of professional and technical engineering and consulting solutions, reported financial results for the fourth quarter and full year ended December 31, 2012.

Fourth Quarter 2012 Financial Results

Total gross contract revenues in the fourth quarter of 2012 were $15.1 million compared to $14.9 million in the fourth quarter of 2011.

Gross profit in the fourth quarter of 2012 was $7.9 million (52.3% of total gross contract revenues) compared to $7.2 million (48.3% of total gross contract revenues) in the fourth quarter of 2011.

Income from continuing operations in the fourth quarter of 2012 was $0.5 million compared to $0.2 million in the fourth quarter of 2011.

Net income in the fourth quarter of 2012 was $0.5 million or $0.21 per diluted share compared to $0.2 million or $0.06 per diluted share in the fourth quarter of 2011.

At December 31, 2012, cash and cash equivalents totaled $2.3 million compared to $2.8 million at December 31, 2011. Total debt was $9.8 million at December 31, 2012 compared to $7.1 million at December 31, 2011.

Full Year 2012 Financial Results

Total gross contract revenues in 2012 were $60.6 million compared to $63.4 million in 2011. The decrease in revenues is primarily due to delays in the start of new projects during 2012.

Gross profit in 2012 was $31.7 million (52.3% of total gross contract revenues) compared to $32.4 million (51.2% of total gross contract revenues) in 2011.

Income from continuing operations in 2012 was $1.3 million compared to $1.9 million in 2011.

Net income in 2012 was $1.3 million or $0.52 per diluted share compared to $1.4 million or $0.66 per diluted share in 2011.

About NV5 Holdings, Inc.

NV5 Holdings, Inc. (NASDAQ: NVEEU) is a leading provider of professional and technical engineering and consulting solutions to public and private sector clients in the infrastructure, construction, real estate and environmental markets. The Company primarily focuses on five business service verticals: construction quality assurance, infrastructure engineering, energy services, program management and environmental services. NV5 Holdings operates 20 offices in California, Colorado, Utah, Florida and New Jersey and is headquartered in Hollywood, Florida. For additional information, please visit the Company's website at www.NV5.com.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. The Company cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained herein. Such factors include, but are not limited to: (a) changes in demand from the local and state government and private clients that we serve; (b) general economic conditions, nationally and globally, and their effect on the market for our services; (c) competitive pressures and trends in our industry and our ability to successfully compete with our competitors; (d) changes in laws, regulations, or policies; and (e) the "Risk Factors" set forth in the Company's most recent SEC filings. All forward-looking statements are based on information available to the Company on the date hereof, and the Company assumes no obligation to update such statements.

 
NV5 HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
 
    December 31, 2011   December 31, 2012
Assets            
Current assets:            
  Cash and cash equivalents   $ 2,762   $ 2,294
  Accounts receivable, net of allowance for doubtful accounts of $1,284 and $1,631 as of December 31, 2011 and 2012, respectively     15,457     15,052
  Prepaid expenses and other current assets     393     311
  Deferred income tax assets     -     543
Total current assets     18,612     18,200
  Property and equipment, net     1,256     1,273
  Intangible assets, net     2,386     2,758
  Goodwill     4,336     5,857
  Cash surrender value of officers' life insurance     650     656
  Other assets     382     600
  Deferred income tax assets     378     619
Total Assets   $ 28,000   $ 29,963
             
Liabilities and Stockholders' Equity            
Current liabilities:            
  Accounts payable   $ 3,564   $ 3,261
  Accrued liabilities     3,632     3,082
  Income taxes payable     1,811     1,992
  Billings in excess of costs and estimated earnings on uncompleted contracts     528     430
  Client deposits     182     47
  Current portion of stock repurchase obligation     672     772
  Current portion of notes payable     1,055     3,538
  Deferred income taxes     690     -
Total current liabilities     12,134     13,122
  Stock repurchase obligations, less current portion     1,464     1,621
  Notes payable, less current portion     3,880     3,851
Total liabilities     17,478     18,594
             
Commitments and contingencies            
             
Stockholders' equity:            
  Preferred stock: $0.01 par value; 5,000,000 shares authorized, no shares issued and outstanding     -     -
  Common stock, $0.01 par value, 45,000,000 shares authorized, 2,698,195 and 2,600,000 shares issued and outstanding as of December 31, 2011 and 2012, respectively     27     26
  Additional paid-in capital     9,510     9,065
  Retained earnings     985     2,278
Total stockholders' equity     10,522     11,369
Total liabilities and stockholders' equity   $ 28,000   $ 29,963
   
   
NV5 HOLDINGS, INC. AND SUBSIDIARIES  
CONSOLIDATED STATEMENTS COMPREHENSIVE INCOME  
(in thousands, except share data)  
   
    Year Ended  
    December 31, 2011     December 31, 2012  
Gross contract revenues   $ 63,366     $ 60,576  
                 
Direct costs (excluding depreciation and amortization):                
Salaries and wages     16,810       17,041  
Sub-consultant services     11,992       9,846  
Other direct costs     2,146       2,021  
Total direct costs     30,948       28,908  
                 
Gross Profit     32,418       31,668  
                 
Operating Expenses:                
Salaries and wages, payroll taxes and benefits     17,561       18,348  
General and administrative     6,677       6,105  
Facilities and facilities related     3,408       3,390  
Depreciation and amortization     1,949       1,468  
Acquisition and restructuring expense     95       -  
Total operating expenses     29,690       29,311  
                 
Income from operations     2,728       2,357  
                 
Other (expense) income:                
    Interest expense     (376 )     (389 )
Total other (expense)     (376 )     (389 )
                 
Income from continuing operations before income tax expense.    
2,352
     
1,968
 
Income tax (expense)     (436 )     (675 )
Income from continuing operations     1,916       1,293  
                 
Discontinued operations, net of tax     33       -  
                 
Net income     1,949       1,293  
                 
Non-controlling interest in (income) of Nolte Associates, Inc., net of tax    
(530
)    
-
 
                 
Net income attributable to NV5 Holdings, Inc     1,419       1,293  
                 
Other comprehensive income:                
    Foreign currency translation adjustment     2       -  
Comprehensive income   $ 1,421     $ 1,293  
                 
Basic Earnings per Share:                
  Continuing operations   $ 0.71     $ 0.58  
  Discontinued operations     0.02       -  
  Total   $ 0.73     $ 0.58  
                 
Diluted Earnings per Share:                
  Continuing operations   $ 0.65     $ 0.52  
  Discontinued operations     0.01       -  
  Total   $ 0.66     $ 0.52  
Contact:
Company

NV5 Holdings, Inc.
Michael Rama
Chief Financial Officer
Tel 1-954-495-2112

Investor Relations:

Liolios Group, Inc.
Cody Slach
Tel 1-949-574-3860
Email Contact

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