NV5 Holdings, Inc. (the "Company") (NASDAQ: NVEEU), a provider of
professional and technical engineering and consulting solutions,
reported financial results for the first quarter ended March 31,
2013.
First Quarter 2013 Highlights vs. First Quarter
2012
- Total gross contract revenues increased 11% to $15.6
million
- Gross profit increased 11% to $8.3 million
- Net income increased to $0.6 million, or $0.23 per diluted
share, compared to a net loss of $0.3 million, or $(0.15) per
diluted share
First Quarter 2013 Financial Results Total
gross contract revenues in the first quarter of 2013 increased 11%
to $15.6 million, compared to $14.1 million in the first 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 its third quarter 2012 acquisition
of Kaco.
Gross profit in the first quarter of 2013 was $8.3 million, or
53.5% of total gross contract revenues, compared to $7.5 million,
or 53.1% of total gross contract revenues, in the first quarter of
2012. The 11% increase in gross profit was due primarily to the
increase in revenues.
Net income in the first quarter of 2013 was $0.6 million, or
$0.23 per diluted share, compared to a net loss of $0.3 million, or
$(0.15) per diluted share, in the first quarter of 2012.
At March 31, 2013, cash and cash equivalents totaled $1.1
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 March 31, 2013, the Company reported backlog of approximately
$53 million, an 18% increase compared to approximately $45 million
at December 31, 2012.
Management Commentary "During the first
quarter of 2013, we experienced double-digit revenue growth, which
drove our net income of $0.23 per share," said Dickerson Wright,
Chairman and CEO of NV5 Holdings. "These results were achieved
through new project wins, prudent expense management and our third
quarter 2012 acquisition of Kaco, a 30-person engineering
firm."
"Subsequent to the first quarter of 2013, we acquired an owner's
representation and program management firm, Consilium Partners,"
continued Wright. "This strategic acquisition supplements our
established infrastructure presence nationally, specifically in the
Rocky Mountain region, and is expected to be immediately accretive
to our earnings. We remain committed to our acquisition strategy
and are enthusiastic about our growing pipeline of
opportunities."
Wright concluded: "As we look towards the rest of 2013, we are
encouraged by the development we are seeing in our backlog and
expect continued organic revenue growth and the benefit of scale,
integration and leverage in our business."
2013 Outlook The Company expects fiscal
year 2013 gross contract revenues to range between $62 million and
$70 million, which would represent an increase of approximately 2%
to 16% from 2012 gross contract revenues.
Conference Call NV5 Holdings will hold a
conference call today at 4:30 p.m. Eastern time to discuss its
first 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, May 14, 2013 Time: 4:30 p.m. Eastern time (1:30
p.m. Pacific time) Dial-In number: 1-877-941-8416 International
number: 1-480-629-9808 Conference ID: 4618559 Webcast:
http://edge.media-server.com/m/p/9usndi7e/lan/en
The conference call will also 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 June 14, 2013.
Toll-free Replay Number: 1-877-870-5176 International Replay
Number: 1-858-384-5517 Replay ID: 4618559
About NV5 Holdings, Inc. NV5 Holdings,
Inc. (NASDAQ: NVEEU) is a 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. Also visit the
Company on Twitter, LinkedIn, Facebook, and Vimeo.
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. Such forward-looking statements
include, but are not limited to, statements regarding the Consilium
Partners acquisition being immediately accretive to the Company's
earnings, growing the Company's pipeline, and financial projections
for fiscal year 2013. 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)
March 31, December 31,
2013 2012
------------- -------------
Assets (unaudited)
Current assets:
Cash and cash equivalents $ 1,130 $ 2,294
Accounts receivable, net of allowance for
doubtful accounts of $1,526 and $1,631 as of
March 31, 2013 and December 31, 2012,
respectively 15,728 15,052
Prepaid expenses and other current assets 377 311
Deferred income tax assets 557 543
------------- -------------
Total current assets 17,792 18,200
Property and equipment, net 1,420 1,273
Intangible assets, net 2,536 2,758
Goodwill 5,857 5,857
Cash surrender value of officers' life
insurance 657 656
Other assets 1,087 600
Deferred income tax assets 675 619
------------- -------------
Total assets $ 30,024 $ 29,963
============= =============
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 3,350 $ 3,261
Accrued liabilities 4,215 3,082
Income taxes payable 256 1,992
Billings in excess of costs and estimated
earnings on uncompleted contracts 311 430
Client deposits 34 47
Current portion of stock repurchase obligation 765 772
Current portion of notes payable 4,048 3,538
------------- -------------
Total current liabilities 12,979 13,122
Stock repurchase obligations, less current
portion 1,465 1,621
Notes payable, less current portion 3,594 3,851
------------- -------------
Total liabilities 18,038 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, 2,600,000 shares issued
and outstanding as of March 31, 2013 and
December 31, 2012 26 26
Additional paid-in capital 9,126 9,065
Retained earnings 2,834 2,278
------------- -------------
Total stockholders' equity 11,986 11,369
------------- -------------
Total liabilities and stockholders' equity $ 30,024 $ 29,963
============= =============
NV5 HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
(in thousands, except share data)
Three Months Ended
--------------------------
March 31, March 31,
2013 2012
------------ ------------
Gross contract revenues $ 15,580 $ 14,098
Direct costs (excluding depreciation and
amortization):
Salaries and wages 4,468 3,884
Sub-consultant services 2,383 2,329
Other direct costs 388 397
------------ ------------
Total direct costs 7,239 6,610
------------ ------------
Gross Profit 8,341 7,488
------------ ------------
Operating Expenses:
Salaries and wages, payroll taxes and benefits 4,915 5,018
General and administrative 1,392 1,722
Facilities and facilities related 854 780
Depreciation and amortization 351 402
------------ ------------
Total operating expenses 7,512 7,922
------------ ------------
Income (loss) from operations 829 (434)
------------ ------------
Other (expense) income:
Interest expense (93) (81)
------------ ------------
Total other (expense) (93) (81)
------------ ------------
Income (loss) before income tax (expense)
benefit 736 (515)
Income tax (expense) benefit (180) 173
------------ ------------
Net income (loss) and comprehensive income
(loss) $ 556 $ (342)
============ ============
Basic Earnings (Loss) per Share $ 0.25 $ (0.15)
============ ============
Diluted Earnings (Loss) per Share $ 0.23 $ (0.15)
============ ============
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Company Contact: 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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