EX-99.1 3 d513913dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO

NV5 Holdings Reports Fourth Quarter and Full Year 2012 Results

HOLLYWOOD, Florida – April 1, 2013 – 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.

 

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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.

 

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NV5 HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

 

     December 31,
2011
     December 31,
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   
  

 

 

    

 

 

 

 

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NV5 HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS COMPREHENSIVE INCOME

(in thousands, except share data)

 

     Year Ended  
     December 31, 2011     December 31, 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

NVEE@liolios.com

 

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