Mistras Group, Inc. and its subsidiaries provide proprietary, technology-enabled non-destructive testing (NDT) solutions used to evaluate the structural integrity of critical energy, industrial, and public infrastructure worldwide. It offers traditional NDT services, such as mechanical integrity services and tank inspection; and advanced NDT services, including automated ultrasonic phased array inspection, guided ultrasonic long wave testing, and advanced infrared inspection.
Revenues Up 23%, Adjusted EBITDA Up 61%, Net Income Triples
Mistras Group, Inc. (NYSE:MG), a leading “one source” global provider of technology-enabled asset protection solutions, reported financial results for its fiscal third quarter ending February 28, 2011. Revenue for the third quarter of fiscal 2011 was $79.2 million, an increase of $14.9 million, or 23%, compared to $64.4 million reported in the third quarter of fiscal 2010. Adjusted EBITDA, a non-GAAP measure detailed later in this release, increased 61% to $10.5 million in the third quarter of fiscal 2011 versus $6.5 million in the third quarter of fiscal 2010. Net income for the third quarter of fiscal 2011 tripled to $2.4 million, or $0.09 per diluted share, versus $0.8 million, or $0.03 per diluted share, in the third quarter of fiscal 2010.
Revenue growth of 23% in the fiscal third quarter was driven by organic growth of 17% and acquisition growth of 6% with minimal impact from movements in foreign currency. During the third quarter of fiscal 2011, the Company achieved revenue growth across all of its segments, including gains of 26% in the Services segment, 14% in the Products and Systems segment and 7% in the International segment.
Additional Financial Highlights for the 3 month and 9 month periods:
Revenue grew 23% in the first nine months of fiscal 2011 to $236.5 million, up from $192.3 million in the first nine months of fiscal 2010.
Adjusted EBITDA, a non-GAAP measure detailed later in this release, grew 35% to $34.9 million in the first nine months of fiscal 2011 versus $25.8 million in the first nine months of fiscal 2010.
Adjusted EBITDA as a percentage of revenue increased 130 basis points in the first 9 months of fiscal 2011 to approximately 15%.
Net income grew 89% for the first nine months of fiscal 2011 to $9.7 million, or $0.36 per diluted share, up from $5.2 million or $0.21 per diluted share in the first nine months of fiscal 2010.
The Company generated $21.4 million in net cash from operating activities in the first nine months of fiscal 2011, versus $12.4 million in the first nine months of fiscal 2010, representing an increase of 73%.
Gross profit as a percentage of revenue, or gross profit margin, was up in both the third quarter (110 basis points) and first nine months (10 basis points) of fiscal 2011 versus prior year.
Chairman and Chief Executive Officer, Dr. Sotirios J. Vahaviolos stated that, “We are very pleased with the financial results for the third quarter, which is historically one of our softer quarters. Consistent, sustained revenue and EBITDA growth has helped us drive our operating leverage, generate more cash from operations and improve our G&A expenses as a percentage of revenues. Once again, our ‘one source’ asset protection solution model has demonstrated its ability to significantly improve results over the prior year as it will be moving forward.”
For more information, please visit the company’s website at www.mistrasgroup.com or contact Frank Joyce, Chief Financial Officer at 609-716-4103.
Use of Non-GAAP Measures
The term “Adjusted EBITDA” is a financial measurement not calculated in accordance with U.S. generally accepted accounting principles. The Company believes that investors and other users of the financial statements benefit from the presentation of Adjusted EBITDA because it provides an additional metric to compare the Company’s operating performance on a consistent basis and measures underlying trends and results of the Company’s business. An explanation of Adjusted EBITDA and a reconciliation of this to a financial measurement under GAAP are set forth in a table attached to this press release.
Adjusted EBITDA” is defined as net income attributable to Mistras Group, Inc . plus: interest expense, provision for income taxes, depreciation and amortization, stock-based compensation expense, certain acquisition related costs and certain one-time and generally non-recurring items (which are included in the reconciliation above).
National Health Partners, Inc. (NHPR)
National Health Partners, Inc. is a national healthcare savings organization that provides discount healthcare membership programs to uninsured and underinsured people through a national healthcare savings network called “CARExpress.” CARExpress is one of the largest networks of hospitals, doctors, dentists, pharmacists and other healthcare providers in the country and is comprised of over 1,000,000 medical professionals that belong to such PPOs as CareMark and Aetna. The company’s primary target customer group is the 47 million Americans who have no health insurance of any kind.
Dental diseases such as tooth decay and gum disease are two of the most common human diseases.
Other dental problems such as orthodontic problems or stained/discolored teeth, although they are mostly cosmetic and not dental health problems, concern an increasing number of people in recent years due to the modern way of life. Some dental problems as bad breath and dry mouth might be symptoms of other serious health problems or systemic diseases.
According to the National Health Partners, Inc. the CARExpress dental program gives them immediate savings. There are no limits to their visits and as a member of CARExpress they can save between 15% - 50% off their dental services through their participating network of 76,000 dentists and specialists nationwide including:
General Dentists, Endodontists, Orthodontist, Periodontists and Oral Surgeons.
For more information about National Health Partners, Inc visit its website at www.nationalhealthpartners.com.
CTPartners (AMEX:CTP) a leading global retained executive search firm, announced that Greg Konstans has joined the firm as a Partner in the Financial Services Practice. Greg’s primary market focus will include consumer and diversified financial services, human resources, and financial officer searches. He will be based in Dallas. Greg joins CTPartners from Russell Reynolds where he served as Co-Head of the Consumer Financial Services Practice in the Americas and as a senior member of the firm’s Financial Officers and Human Resources Practices. Greg has recruited numerous senior executives, including CEOs, COOs, CFOs and CHROs, as well as board members for a broad range of clients.
CTPartners Executive Search LLC provides executive search services worldwide. It offers retained executive search services to fill executive level positions, including chief executive officers, chief financial officers, chief operating officers, chief information officers, and other senior executive officers, as well as board of directors� positions.
Tiens Biotech Group USA Inc. (AMEX:TBV) a company dedicated to the research, development, manufacturing, and marketing of nutrition supplement products, including wellness products and dietary supplements, announced financial results for the year ended December 31, 2010. For 2010, revenue was $41.3 million, compared to $62.0 million for 2009. Net income for 2010 was $4.8 million, or $0.07 per share, compared to $23.8 million, or $0.33 per share for 2009. Results for 2010 mainly reflect a decrease in international sales. For 2010, international revenue was $16.4 million, compared to $34.7 million for 2009. In 2008, China’s Administration of Quality Supervision, Inspection and Quarantine carried out a national campaign against unsafe food and substandard products, which brought on a general slow-down and backlog of export clearances for Chinese food products. Upon the lifting of the regulations, overseas affiliated companies began to purchase more products, thereby increasing sales for 2009.
Tiens Biotech Group (USA), Inc. engages in the research, development, manufacture, and marketing of nutrition supplement products. It offers wellness products and dietary supplements in various forms, including powder, tea, capsules, tablets, granules, and soft gel capsules.
Servotronics Inc. (AMEX:SVT) announced that its Board of Directors declared a $0.15 per share cash dividend. The dividend will be paid on May 20, 2011 to shareholders of record on April 29, 2011. This dividend does not represent that the Company will pay dividends on a regular or scheduled basis.
Servotronics, Inc., together with its subsidiaries, designs, manufactures, and markets control components and consumer products in the United States and internationally.
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