HOLLYWOOD, FL -- (Marketwire) -- 04/01/13 -- 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.
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.
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