SAN MARCOS, TX -- (Marketwired) -- 06/05/13 -- Thermon Group Holdings, Inc. (NYSE: THR) ("Thermon" or the "Company") today announced consolidated financial results for the fiscal year ended March 31, 2013. The Company posted record revenue of $284.0 million and record fully diluted GAAP EPS of $0.85. For Q4 2013, the Company had revenue of $71.7 million and fully diluted GAAP EPS of $0.18 as compared to revenue of $69.6 million and fully diluted GAAP EPS of $0.20 for Q4 2012.
Highlights for the year and comparisons versus the prior year include:
•Record fiscal year revenue of $284.0 million, an increase of 4% •Gross profit of $132.8 million, essentially flat with prior year •Record GAAP EPS of $0.85 on a fully diluted basis versus $0.40 •Record free cash flow totaled $1.10 per share versus a $0.19 use of cash per share •A 37% reduction in net debt, from $117.7 million to $74.3 million
"Thermon posted another strong fiscal year, achieving records in revenue, GAAP EPS and free cash flow per share and we look to have another record setting year in fiscal 2014," said Rodney Bingham, President and Chief Executive Officer.
In fiscal 2013 the Company generated record revenue of $284.0 million reflecting 4% growth versus revenue of $272.3 million in fiscal 2012. Foreign currency negatively impacted revenue by approximately $7.1 million versus fiscal 2012. US Dollar strength versus the Euro and Canadian Dollar were the primary causes at $4.7 and $1.5 million, respectively. Gross margin percentage was 46.8% for fiscal 2013 compared to 48.5% in fiscal 2012. Fiscal 2013 margins were impacted by an increase in Greenfield revenue, which grew to 42% of revenue in fiscal 2013 versus 39% in fiscal 2012. Greenfield projects typically generate lower margins than MRO/UE sales, due to the higher level of low margin third party products associated with Greenfield sales. Adjusted EBITDA excluding management fees was $72.4 million, an increase of $1.0 million versus fiscal 2012.
Net income was $27.0 million versus $12.0 million in fiscal 2012. After excluding transaction expenses, the Company generated record adjusted net income of $28.8 million and $0.91 per fully diluted common share in fiscal 2013 versus fiscal 2012 adjusted net income of $25.9 million and $0.85 per fully diluted common share. Foreign currency headwinds reduced fiscal 2013 Adjusted EPS by $0.02 per fully diluted share versus fiscal 2012. Our cash balance for fiscal 2013 grew 104%, from $21.5 million to $43.8 million.
Q4 2013 revenue of $71.7 million reflected an increase of approximately 3% compared to revenue of $69.6 million in Q4 2012. Gross margin was 44.5% of revenue in Q4 2013 versus 49.6% in Q4 2012. The mix of Greenfield revenue grew to 43% in Q4 2013 versus 39% in the year ago period. Adjusted EBITDA excluding management fees was $15.7 million in Q4 2013 versus $18.1 million generated in Q4 2012.
Q4 2013 net income of $5.6 million reflected a decrease of $0.7 million versus $6.3 million generated in Q4 2012. Free cash flow for the quarter amounted to $0.45 per share versus $0.22 per share in Q4 2012. Backlog at the end of the quarter was $95.2 million.
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