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, December 31,
2011 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, December 31,
2011 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
============ ============
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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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