HOLLYWOOD, FL--(Marketwired - Aug 13, 2013) - NV5 Holdings, Inc. (the "Company") (
Second Quarter 2013 Highlights vs. Second Quarter 2012
- Total gross contract revenues increased 16% to $17.1 million.
- Gross profit increased 10% to $8.6 million.
- Net income increased 66% to $737,000 or $0.18 per diluted share, compared to net income of $444,000 or $0.18 per diluted share.
Second Quarter 2013 Financial Results
Total gross contract revenues in the second quarter of 2013 increased 16% to $17.1 million, compared to $14.8 million in the second quarter of 2012. The increase was due primarily to the start of new projects in the Company's infrastructure, engineering and support services, as well as the contribution from Kaco and Consilium, which were acquired in the third quarter of 2012 and second quarter of 2013, respectively.
Gross profit in the second quarter of 2013 was $8.6 million, compared to $7.8 million in the second quarter of 2012. The 10% increase in gross profit was due primarily to the increase in revenues.
Income from operations in the second quarter of 2013 increased 46% to $1.1 million or 6.5% of total gross contract revenues, compared to $759,000 or 5.1% of total gross contract revenues in the same year-ago quarter. Net income in the second quarter of 2013 increased 66% to $737,000 or $0.18 per diluted share, compared to net income of $444,000 or $0.18 per diluted share in the second quarter of 2012. The earnings per share during the second quarter of 2013 reflects the full effect of 1,610,000 additional shares outstanding when compared to the outstanding shares during the second quarter of 2012.
At June 30, 2013, cash and cash equivalents totaled $6.7 million, compared to $2.3 million at December 31, 2012. On April 2, 2013, the Company received net proceeds of approximately $8.7 million from its initial public offering.
At June 30, 2013, NV5 Holdings reported backlog of approximately $55.0 million, compared to approximately $53.0 million at March 31, 2013 and approximately $45.0 million at December 31, 2012.
First Half 2013 Financial Results
Total gross contract revenues in the first half of 2013 increased 13% to $32.7 million, compared to $28.9 million in the first half of 2012.
Gross profit in the first half of 2013 increased 11% to $16.9 million, compared to $15.3 million in the first half of 2012.
Income from operations in the first half of 2013 increased significantly to $1.9 million or 5.9% of total gross contract revenues, compared to $325,000 or 1.1% of total gross contract revenues in the first half of 2012. Net income in the first half of 2013 also increased significantly to $1.3 million or $0.40 per diluted share, compared to net income of $102,000 or $0.04 per diluted share in the first half of 2012.
"We continued the momentum experienced in Q1 with another strong quarter of double-digit revenue and net income growth, as well as expanded backlog," said Dickerson Wright, chairman and CEO of NV5 Holdings. "These results were achieved from new project wins, our internal focus on performance optimization and the acquisitions of Consilium and Kaco."
"Our acquisitions to-date have been highly accretive and they've either introduced a new service line or strengthened an existing service in a particular geographic market," continued Wright. "This blueprint is how we expect to execute our acquisition strategy and we continue to evaluate a growing list of companies that would support our platform in this highly fragmented industry."
Wright concluded: "As we look towards the back half of 2013, we plan to continue our focus on organic growth while staying diligent on our acquisition strategy. NV5 is known in our marketplace as an acquirer that embraces a culture of entrepreneurship and we all share the vision to establish a leading, national engineering platform around our five business lines."
NV5's guidance for fiscal year 2013 remains on track with gross contract revenues expected to range between $62.0 million and $70.0 million, which would represent an increase of approximately 2% to 16% from 2012 gross contract revenues.
NV5 Holdings will hold a conference call today at 4:30 p.m. Eastern time to discuss its second quarter 2013 results.
The Company's Chairman and CEO, Dickerson Wright, and CFO, Michael Rama, will host the conference call, followed by a question and answer period.
Date: Tuesday, August 13, 2013
Time: 4:30 p.m. Eastern time
Dial-In number: 1-877-941-4774
International number: 1-480-629-9760
Conference ID: 4632610
The conference call will be webcast live and available for replay via the investor section of the company's website at www.NV5.com.
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Liolios Group at 1-949-574-3860.
A replay of the conference call will be available after 7:30 p.m. Eastern time on the same day through September 13, 2013.
Toll-free replay number: 1-877-870-5176
International replay number: 1-858-384-5517
Replay ID: 4632610
About NV5 Holdings, Inc.
NV5 Holdings, Inc. (
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. Such forward-looking statements include, but are not limited to, statements regarding the Company's acquisition and growth strategies; ability to establish a leading, national engineering platform around its five business lines; and guidance relating to financial projections for fiscal year 2013, including gross contract revenues. 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)|
|Cash and cash equivalents||$||6,711||$||2,294|
|Accounts receivable, net of allowance for doubtful accounts of $1,512 and $1,631 as of June 30, 2013 and December 31, 2012, respectively||16,723||15,052|
|Prepaid expenses and other current assets||352||311|
|Deferred income tax assets||536||543|
|Total current assets||24,322||18,200|
|Property and equipment, net||1,371||1,273|
|Intangible assets, net||2,978||2,758|
|Cash surrender value of officers' life insurance||658||656|
|Deferred income tax assets||749||619|
|Liabilities and Stockholders' Equity|
|Income taxes payable||38||1,992|
|Billings in excess of costs and estimated earnings on uncompleted contracts||472||430|
|Current portion of contingent consideration||328||--|
|Current portion of stock repurchase obligation||739||772|
|Current portion of notes payable||1,608||3,538|
|Total current liabilities||10,936||13,122|
|Contingent consideration, less current portion||621||--|
|Stock repurchase obligations, less current portion||1,334||1,621|
|Notes payable, less current portion||3,471||3,851|
|Commitments and contingencies|
|Preferred stock: $0.01 par value; 5,000,000 shares authorized, no shares issued and outstanding.||--||--|
|Common stock, $0.01 par value, 45,000,000 shares authorized, 4,225,376 and 2,600,000 shares issued and outstanding as of June 30, 2013 and December 31, 2012||42||26|
|Additional paid-in capital||16,818||9,065|
|Total stockholders' equity||20,431||11,369|
|Total liabilities and stockholders' equity||$||36,793||$||29,963|
|NV5 HOLDINGS, INC. AND SUBSIDIARIES|
|CONSOLIDATED STATEMENTS COMPREHENSIVE INCOME|
|(in thousands, except share data)|
|Three Months Ended
||Six Months Ended
|Gross contract revenues||$||17,149||$||14,823||$||32,729||$||28,921|
|Direct costs (excluding depreciation and amortization):|
|Salaries and wages||4,964||4,146||9,432||8,030|
|Other direct costs||522||552||910||949|
|Total direct costs||8,578||7,057||15,817||13,667|
|Salaries and wages, payroll taxes and benefits||4,833||4,502||9,748||9,520|
|General and administrative||1,450||1,367||2,842||3,089|
|Facilities and facilities related||809||827||1,663||1,607|
|Depreciation and amortization||372||311||723||713|
|Total operating expenses||7,464||7,007||14,976||14,929|
|Income from operations||1,107||759||1,936||325|
|Other (expense) income:|
|Total other (expense)||(43||)||(93||)||(136||)||(174||)|
|Income before income tax expense||1,064||666||1,800||151|
|Income tax expense||(327||)||(222||)||(507||)||(49||)|
|Net income and comprehensive income||$||737||$||444||$||1,293||$||102|
|Basic Earnings per Share||$||0.20||$||0.19||$||0.43||$||0.04|
|Diluted Earnings per Share||$||0.18||$||0.18||$||0.40||$||0.04|
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