News Column

NV5 Holdings Reports Fourth Quarter and Full Year 2012 Results

Page 2 of 1

LogoTracker

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.

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 ------------ ------------ AssetsCurrent 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' EquityCurrent 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 18,594Commitments and contingenciesStockholders' 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 $ 60,576Direct costs (excluding depreciation and amortization):Salaries and wages 16,810 17,041Sub-consultant services 11,992 9,846Other 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 18,348General and administrative 6,677 6,105Facilities and facilities related 3,408 3,390Depreciation and amortization 1,949 1,468Acquisition 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 1,968Income tax (expense) (436) (675) ------------ ------------Income from continuing operations 1,916 1,293Discontinued operations, net of tax 33 - ------------ ------------Net income 1,949 1,293Non-controlling interest in (income) of Nolte Associates, Inc., net of tax (530) - ------------ ------------Net income attributable to NV5 Holdings, Inc 1,419 1,293Other 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 ============ ============





Add to Digg Bookmark with del.icio.us Add to Newsvine



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



Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters