HOLLYWOOD, FL — (Marketwired) — 08/13/13 — NV5 Holdings, Inc. (the “Company”) (NASDAQ: NVEEU), a provider of professional and technical engineering and consulting solutions, reported financial results for the second quarter and six months ended June 30, 2013.
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.
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.
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
Webcast:
The conference call will be webcast live and available for replay via the investor section of the company–s website at .
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
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, energy, 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 22 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 . Also visit the Company on , , , and .
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.
Richard Tong
Tel 1-954-495-2114
Liolios Group, Inc.
Cody Slach
Tel 1-949-574-3860