MISTRAS Group, Inc. (MG: NYSE), a leading "one source" global
provider of technology-enabled asset protection solutions, reported
financial results for its second quarter ended June 30, 2019.
For the second quarter of 2019 compared to the prior year
period, consolidated revenues increased 5% to $200.6 million from
$191.8 million, consolidated gross profit was up 9% to $60.1
million from $55.1 million, consolidated gross margin expanded by
120 basis points to 29.9% from 28.7%, and operating income
increased 50% to $15.4 million from $10.3 million.
Chief Executive Officer Dennis Bertolotti stated, "I am very
pleased with our second quarter performance and remain confident in
our outlook for the balance of the year. Results in the
second quarter picked up as anticipated and were consistent with
our expectations. Top and bottom line results improved
significantly, both year-over-year and sequentially, reflecting
continued market share gains and our strategic focus on increasing
returns. Our management of working capital and cash
generation program are also achieving significant progress,
allowing us to pay down $17.5 million of debt in the second quarter
alone, bringing the total year to date 2019 reduction to $20.1
million.”
“We are focused on building a business that is sustainable and
responsive to the customers we serve, as our industry and its needs
evolve. Our redesigned business model is robust, with gross
margins significantly improved both year-over-year and
sequentially, due to a better sales mix as well as ongoing
efficiency and productivity enhancements. We continue to keep
tight control on our overhead cost structure, even as we continue
to invest in strengthening our business. We remain a
recognized industry leader today and are increasing our current
market share, and look to continue expanding in the future.”
“In addition to strength in our core businesses, our recent
acquisition is also performing as expected. Onstream has
performed well in 2019, with a significant increase in volume in
the United States, where we have been successful in gaining
traction with MISTRAS’ existing midstream relationships.
Onstream is a strong pillar of our overall growth strategy focused
on pipeline integrity”
Our specific performance by certain segments during the quarter
was as follows:
Services segment second quarter revenues
increased by $13.5 million or 9%. This improvement in the top
line was driven by acquisition expansion coupled with organic
growth. Services segment gross profit margins improved 210
basis points in the second quarter to 29.3% from 27.2% due to
favorable operating leverage.
International segment second quarter revenues
decreased by $4.0 million or 10%, primarily due to unfavorable
currency translation and the run-off of German staff leasing
contracts. Lower revenue led to a slight decrease in the
second quarter International segment gross profit margin compared
to the year ago quarter.
The Company generated $21.1 million of cash flows from operating
activities and $9.1 million of free cash flow in the first half of
2019, compared to $20.1 million and $8.9 million, respectively, in
the prior year period.
Adjusted EBITDA was $24.0 million for the second quarter of 2019
compared with $21.1 million in the prior year, an increase of 14%
year over year.
The Company’s net debt (total debt less cash and cash
equivalents of $12.5 million) was $257.9 million at June 30, 2019,
down from $265.1 million at December 31, 2018. The Company’s gross
debt has decreased by $20.2 million during 2019, to $270.4 million
at June 30, 2019 from $290.6 million at December 31, 2018, due to
repayments made by the Company against outstanding borrowings.
In the second quarter of 2019, the Company recorded a recovery
of bad debts of $2.7 million on a pre-tax basis.
Guidance for 2019
The Company is reaffirming its guidance for 2019. The Company’s
outlook remains as follows:
- Total revenues are expected to be between $765 million to $785
million;
- Adjusted EBITDA is expected to be between $90 million and $93
million;
- Capital expenditures are expected to be up to $25 million;
and
- Free cash flow is expected to be between $42 million to $45
million.
Mr. Bertolotti concluded, "Our second quarter organic revenue
growth, market share gains, expanding margins and improved bottom
line results were consistent with our expectations and validate
that we are executing to our plan for 2019. Our sequentially
improving performance and momentum into the third quarter gives me
confidence that we will achieve our outlook for the full year.”
Conference CallIn connection with this release,
MISTRAS will hold a conference call on August 6, 2019 at 9:00 a.m.
(Eastern). The call will be broadcast over the Web and can be
accessed on MISTRAS' Website, www.mistrasgroup.com. Individuals in
the U.S. wishing to participate in the conference call by phone may
dial 1-844-832-7227 and use confirmation code 9961057 when
prompted. The International dial-in number is 1-224-633-1529.
Those who wish to listen to the call later can access an archived
copy of the conference call at the MISTRAS Website.
About MISTRAS Group, Inc.MISTRAS offers
one of the broadest "one source" services and technology-enabled
asset protection solution portfolios in the industry used to
evaluate the structural integrity of energy, industrial and public
infrastructure and commercial aerospace components. Mission
critical services and solutions are delivered globally and provide
customers with the ability to extend the useful life of their
assets, improve productivity and profitability, comply with
government safety and environmental regulations and enhance risk
management operational decisions.
MISTRAS uniquely combines its industry leading products and
technologies - 24/7 on-line monitoring of critical assets;
mechanical integrity ("MI") and non-destructive testing ("NDT")
services; destructive testing services; and its proprietary world
class data warehousing and analysis software - to provide
comprehensive and competitive products, systems and services
solutions from a single source provider.
For more information, please visit the company's website at
www.mistrasgroup.com or contact Nestor S. Makarigakis, Group
Director, Marketing Communications at marcom@mistrasgroup.com.
Forward-Looking and Cautionary Statements
Certain statements made in this press release are
"forward-looking statements" about MISTRAS' financial results and
estimates, products and services, business model, strategy, growth
opportunities, profitability and competitive position, and other
matters. These forward-looking statements generally use words such
as "future," "possible," "potential," "targeted," "anticipate,"
"believe," "estimate," "expect," "intend," "plan," "predict,"
"project," "will," "may," "should," "could," "would" and other
similar words and phrases. Such statements are not guarantees of
future performance or results, and will not necessarily be accurate
indications of the times at, or by which, such performance or
results will be achieved, if at all. These statements are subject
to risks and uncertainties that could cause actual performance or
results to differ materially from those expressed in these
statements. A list, description and discussion of these and other
risks and uncertainties can be found in the "Risk Factors" section
of the Company's 2018 Annual Report on Form 10-K dated March 15,
2019, as updated by our reports on Form 10-Q and Form 8-K. The
forward-looking statements are made as of the date hereof, and
MISTRAS undertakes no obligation to update such statements as a
result of new information, future events or otherwise.
Use of Non-GAAP MeasuresIn addition to
financial information prepared in accordance with generally
accepted accounting principles in the U.S. (GAAP), this press
release also contains adjusted financial measures that we believe
provide investors and management with supplemental information
relating to operating performance and trends that facilitate
comparisons between periods and with respect to projected
information. The term "Adjusted EBITDA" used in this release is a
financial measurement not calculated in accordance with GAAP and is
defined as net income attributable to MISTRAS Group, Inc. plus:
interest expense, provision for income taxes, depreciation and
amortization, share-based compensation expense and certain
acquisition related costs (including transaction due diligence
costs and adjustments to the fair value of contingent
consideration), foreign exchange (gain) loss and, if applicable,
certain special items which are noted. A reconciliation of
Adjusted EBITDA to a financial measurement under GAAP is set forth
in a table attached to this press release. In the press release,
the Company also uses the term "non-GAAP Net Income,", which is
GAAP net income adjusted for certain items management believes are
unusual and non-recurring. In the tables attached is a table
reconciling "Net Income (Loss) (GAAP)" to "Net Income Excluding
Special Items (non-GAAP), which reconciles the non-GAAP amount to a
GAAP measurement. In addition, the Company has also included
in the attached tables non-GAAP measurement” “Segment and Total
Company Income (Loss) Before Special Items”, reconciling these
measurements to financial measurements under GAAP. The Company uses
the term “free cash flow”, a non-GAAP measurement the Company
defines as cash provided by operating activities less capital
expenditures (which is classified as an investing activity). The
Company also uses the term “net debt”, a non-GAAP measurement
defined as the sum of the current and long-term portions of
long-term debt, less cash and cash equivalents.
Mistras Group, Inc. and
SubsidiariesCondensed Consolidated Balance
Sheets(in thousands, except share and per share
data)
|
|
(unaudited) |
|
|
|
|
June 30, 2019 |
|
December 31, 2018 |
ASSETS |
|
|
|
|
Current Assets |
|
|
|
|
Cash and cash equivalents |
|
$ |
12,501 |
|
|
$ |
25,544 |
|
Accounts receivable, net |
|
155,043 |
|
|
148,324 |
|
Inventories |
|
13,685 |
|
|
13,053 |
|
Prepaid expenses and other current assets |
|
16,765 |
|
|
15,870 |
|
Total current assets |
|
197,994 |
|
|
202,791 |
|
Property, plant and equipment,
net |
|
95,442 |
|
|
93,895 |
|
Intangible assets, net |
|
107,753 |
|
|
111,395 |
|
Goodwill |
|
283,017 |
|
|
279,259 |
|
Deferred income taxes |
|
2,882 |
|
|
1,930 |
|
Other assets |
|
46,385 |
|
|
4,767 |
|
Total assets |
|
$ |
733,473 |
|
|
$ |
694,037 |
|
LIABILITIES AND
EQUITY |
|
|
|
|
Current Liabilities |
|
|
|
|
Accounts payable |
|
$ |
18,840 |
|
|
$ |
13,863 |
|
Accrued expenses and other current liabilities |
|
82,897 |
|
|
73,895 |
|
Current portion of long-term debt |
|
7,056 |
|
|
6,833 |
|
Current portion of finance lease obligations |
|
3,680 |
|
|
3,922 |
|
Income taxes payable |
|
2,497 |
|
|
1,958 |
|
Total current liabilities |
|
114,970 |
|
|
100,471 |
|
Long-term debt, net of current
portion |
|
263,381 |
|
|
283,787 |
|
Obligations under finance
leases, net of current portion |
|
9,826 |
|
|
9,075 |
|
Deferred income taxes |
|
25,041 |
|
|
23,148 |
|
Other long-term
liabilities |
|
38,976 |
|
|
6,482 |
|
Total liabilities |
|
452,194 |
|
|
422,963 |
|
Commitments and
contingencies |
|
|
|
|
Equity |
|
|
|
|
Preferred stock, 10,000,000 shares authorized |
|
— |
|
|
— |
|
Common stock, $0.01 par value, 200,000,000 shares authorized,
28,685,486 and 28,562,608 shares issued |
|
286 |
|
|
285 |
|
Additional paid-in capital |
|
228,883 |
|
|
226,616 |
|
Retained earnings |
|
73,691 |
|
|
71,553 |
|
Accumulated other comprehensive loss |
|
(21,777 |
) |
|
(27,557 |
) |
Total Mistras Group, Inc. stockholders’ equity |
|
281,083 |
|
|
270,897 |
|
Non-controlling interests |
|
196 |
|
|
177 |
|
Total equity |
|
281,279 |
|
|
271,074 |
|
Total liabilities and equity |
|
$ |
733,473 |
|
|
$ |
694,037 |
|
Mistras Group, Inc. and
SubsidiariesUnaudited Condensed Consolidated
Statements of Income(in thousands, except per
share data)
|
|
|
|
|
Three months ended |
|
Six months ended |
|
June 30, 2019 |
|
June 30, 2018 |
|
June 30, 2019 |
|
June 30, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
200,616 |
|
|
$ |
191,793 |
|
|
$ |
377,403 |
|
|
$ |
379,423 |
|
Cost of revenue |
135,063 |
|
|
131,084 |
|
|
257,480 |
|
|
264,872 |
|
Depreciation |
5,482 |
|
|
5,626 |
|
|
10,978 |
|
|
11,323 |
|
Gross
profit |
60,071 |
|
|
55,083 |
|
|
108,945 |
|
|
103,228 |
|
Selling, general and administrative expenses |
41,923 |
|
|
41,267 |
|
|
83,686 |
|
|
80,301 |
|
Bad debt provision for troubled customers, net of recoveries |
(2,693 |
) |
|
— |
|
|
2,798 |
|
|
— |
|
Pension withdrawal expense |
— |
|
|
— |
|
|
534 |
|
|
— |
|
Research and engineering |
754 |
|
|
913 |
|
|
1,611 |
|
|
1,669 |
|
Depreciation and amortization |
4,119 |
|
|
2,965 |
|
|
8,291 |
|
|
5,916 |
|
Acquisition-related expense (benefit), net |
549 |
|
|
(366 |
) |
|
1,002 |
|
|
(1,360 |
) |
Income from
operations |
15,419 |
|
|
10,304 |
|
|
11,023 |
|
|
16,702 |
|
Interest expense |
3,579 |
|
|
1,895 |
|
|
7,106 |
|
|
3,686 |
|
Income before
provision for income taxes |
11,840 |
|
|
8,409 |
|
|
3,917 |
|
|
13,016 |
|
Provision for income taxes |
4,397 |
|
|
2,409 |
|
|
1,760 |
|
|
4,096 |
|
Net
income |
7,443 |
|
|
6,000 |
|
|
2,157 |
|
|
8,920 |
|
Less: net income attributable to non-controlling interests, net of
taxes |
12 |
|
|
— |
|
|
19 |
|
|
12 |
|
Net income
attributable to Mistras Group, Inc. |
$ |
7,431 |
|
|
$ |
6,000 |
|
|
$ |
2,138 |
|
|
$ |
8,908 |
|
Earnings per common
share: |
|
|
|
|
|
|
|
Basic |
$ |
0.26 |
|
|
$ |
0.21 |
|
|
$ |
0.07 |
|
|
$ |
0.31 |
|
Diluted |
$ |
0.26 |
|
|
$ |
0.20 |
|
|
$ |
0.07 |
|
|
$ |
0.30 |
|
Weighted average common shares
outstanding: |
|
|
|
|
|
|
|
Basic |
28,657 |
|
|
28,346 |
|
|
28,616 |
|
|
28,325 |
|
Diluted |
28,862 |
|
|
29,334 |
|
|
28,918 |
|
|
29,349 |
|
Mistras Group, Inc. and
SubsidiariesUnaudited Operating Data by
Segment(in thousands)
|
|
|
|
|
Three months ended |
|
Six months ended |
|
June 30, 2019 |
|
June 30, 2018 |
|
June 30, 2019 |
|
June 30, 2018 |
Revenues |
|
|
|
|
|
|
|
Services |
$ |
161,210 |
|
|
$ |
147,718 |
|
|
$ |
301,507 |
|
|
$ |
293,313 |
|
International |
|
37,090 |
|
|
|
41,111 |
|
|
|
72,252 |
|
|
|
79,567 |
|
Products and Systems |
|
4,269 |
|
|
|
5,386 |
|
|
|
7,701 |
|
|
|
11,570 |
|
Corporate and eliminations |
|
(1,953 |
) |
|
|
(2,422 |
) |
|
|
(4,057 |
) |
|
|
(5,027 |
) |
|
$ |
200,616 |
|
|
$ |
191,793 |
|
|
$ |
377,403 |
|
|
$ |
379,423 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Six months ended |
|
June 30, 2019 |
|
June 30, 2018 |
|
June 30, 2019 |
|
June 30, 2018 |
Gross
profit |
|
|
|
|
|
|
|
Services |
$ |
47,208 |
|
|
$ |
40,127 |
|
|
$ |
84,573 |
|
|
$ |
74,837 |
|
International |
|
11,058 |
|
|
|
12,689 |
|
|
|
21,418 |
|
|
|
23,396 |
|
Products and Systems |
|
1,825 |
|
|
|
2,213 |
|
|
|
3,064 |
|
|
|
5,103 |
|
Corporate and eliminations |
|
(20 |
) |
|
|
54 |
|
|
|
(110 |
) |
|
|
(108 |
) |
|
$ |
60,071 |
|
|
$ |
55,083 |
|
|
$ |
108,945 |
|
|
$ |
103,228 |
|
|
|
|
|
|
|
|
|
Mistras Group, Inc. and
SubsidiariesUnaudited Reconciliation
ofSegment and Total Company Income from Operations
(GAAP) to Income before Special Items
(non-GAAP)(in thousands)
|
|
|
|
|
Three months ended |
|
Six months ended |
|
June 30, 2019 |
|
June 30, 2018 |
|
June 30, 2019 |
|
June 30, 2018 |
|
|
|
|
|
|
|
|
|
($ in thousands) |
|
($ in thousands) |
Services: |
|
|
|
|
|
|
|
Income from operations (GAAP) |
$ |
20,905 |
|
|
$ |
16,328 |
|
|
$ |
24,958 |
|
|
$ |
28,603 |
|
Bad debt provision for troubled customers, net of recoveries |
|
(1,977 |
) |
|
|
— |
|
|
|
2,778 |
|
|
|
— |
|
Pension withdrawal expense |
|
— |
|
|
|
— |
|
|
|
534 |
|
|
|
— |
|
Reorganization and other costs |
|
77 |
|
|
|
— |
|
|
|
77 |
|
|
|
— |
|
Acquisition-related expense (benefit), net |
|
397 |
|
|
|
43 |
|
|
|
702 |
|
|
|
(990 |
) |
Income before special items (non-GAAP) |
|
19,402 |
|
|
|
16,371 |
|
|
|
29,049 |
|
|
|
27,613 |
|
International: |
|
|
|
|
|
|
|
Income from operations (GAAP) |
|
2,450 |
|
|
|
2,455 |
|
|
|
2,234 |
|
|
|
3,375 |
|
Reorganization and other costs |
|
107 |
|
|
|
492 |
|
|
|
265 |
|
|
|
581 |
|
|
|
|
|
|
|
|
|
Acquisition-related expense (benefit), net |
|
— |
|
|
|
(409 |
) |
|
|
— |
|
|
|
(409 |
) |
Bad debt provision for troubled customers, net of recoveries |
|
(716 |
) |
|
|
— |
|
|
|
20 |
|
|
|
— |
|
Income before special items (non-GAAP) |
|
1,841 |
|
|
|
2,538 |
|
|
|
2,519 |
|
|
|
3,547 |
|
Products and
Systems: |
|
|
|
|
|
|
|
Loss from operations (GAAP) |
|
(405 |
) |
|
|
(656 |
) |
|
|
(1,733 |
) |
|
|
(384 |
) |
Reorganization and other costs |
|
— |
|
|
|
29 |
|
|
|
— |
|
|
|
29 |
|
Loss before special items (non-GAAP) |
|
(405 |
) |
|
|
(627 |
) |
|
|
(1,733 |
) |
|
|
(355 |
) |
Corporate and
Eliminations: |
|
|
|
|
|
|
|
Loss from operations (GAAP) |
|
(7,531 |
) |
|
|
(7,823 |
) |
|
|
(14,436 |
) |
|
|
(14,892 |
) |
Reorganization and other costs |
|
— |
|
|
|
— |
|
|
|
60 |
|
|
|
— |
|
Acquisition-related expense, net |
|
152 |
|
|
|
— |
|
|
|
300 |
|
|
|
39 |
|
Loss before special items (non-GAAP) |
|
(7,379 |
) |
|
|
(7,823 |
) |
|
|
(14,076 |
) |
|
|
(14,853 |
) |
Total
Company: |
|
|
|
|
|
|
|
Income from operations (GAAP) |
$ |
15,419 |
|
|
$ |
10,304 |
|
|
$ |
11,023 |
|
|
$ |
16,702 |
|
Pension withdrawal expense |
|
— |
|
|
|
— |
|
|
|
534 |
|
|
|
— |
|
Bad debt provision for troubled customers, net of recoveries |
|
(2,693 |
) |
|
|
— |
|
|
|
2,798 |
|
|
|
— |
|
Reorganization and other costs |
|
184 |
|
|
|
521 |
|
|
|
402 |
|
|
|
610 |
|
Acquisition-related expense (benefit), net |
|
549 |
|
|
|
(366 |
) |
|
|
1,002 |
|
|
|
(1,360 |
) |
Income before special items (non-GAAP) |
$ |
13,459 |
|
|
$ |
10,459 |
|
|
$ |
15,759 |
|
|
$ |
15,952 |
|
|
|
|
|
|
|
|
|
Mistras Group, Inc. and
SubsidiariesUnaudited Summary Cash Flow
Information(in thousands)
|
|
Six months ended |
|
June 30, 2019 |
|
June 30, 2018 |
Net cash provided by (used
in): |
|
|
|
Operating activities |
$ |
21,105 |
|
|
$ |
20,095 |
|
Investing activities |
|
(11,048 |
) |
|
|
(10,287 |
) |
Financing activities |
|
(23,139 |
) |
|
|
(19,258 |
) |
Effect of exchange rate
changes on cash |
|
39 |
|
|
|
(561 |
) |
Net change in cash and cash
equivalents |
$ |
(13,043 |
) |
|
$ |
(10,011 |
) |
|
|
|
|
|
|
|
|
Mistras Group, Inc. and
SubsidiariesUnaudited Reconciliation of
Net Cash Provided by Operating Activities (GAAP) to Free Cash Flow
(non-GAAP)(in
thousands)
|
|
|
Six months ended |
|
June 30, 2019 |
|
June 30, 2018 |
GAAP: Net cash provided by operating activities |
$ |
21,105 |
|
|
$ |
20,095 |
|
Less: |
|
|
|
Purchases of property, plant
and equipment |
|
(11,562 |
) |
|
|
(10,963 |
) |
Purchases of intangible
assets |
|
(441 |
) |
|
|
(265 |
) |
non-GAAP: Free cash
flow |
$ |
9,102 |
|
|
$ |
8,867 |
|
|
|
|
|
Mistras Group, Inc. and
SubsidiariesUnaudited Reconciliation
ofNet Income to Adjusted
EBITDA(in thousands)
|
Three months ended |
|
Six months ended |
|
June 30, 2019 |
|
June 30, 2018 |
|
June 30, 2019 |
|
June 30, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
7,443 |
|
|
$ |
6,000 |
|
|
$ |
2,157 |
|
|
$ |
8,920 |
|
Less: net income attributable to non-controlling interests, net of
taxes |
|
12 |
|
|
|
— |
|
|
|
19 |
|
|
|
12 |
|
Net income
attributable to Mistras Group, Inc. |
$ |
7,431 |
|
|
$ |
6,000 |
|
|
$ |
2,138 |
|
|
$ |
8,908 |
|
Interest expense |
|
3,579 |
|
|
|
1,895 |
|
|
|
7,106 |
|
|
|
3,686 |
|
Provision for income
taxes |
|
4,397 |
|
|
|
2,409 |
|
|
|
1,760 |
|
|
|
4,096 |
|
Depreciation and
amortization |
|
9,601 |
|
|
|
8,591 |
|
|
|
19,269 |
|
|
|
17,239 |
|
Share-based compensation
expense |
|
1,511 |
|
|
|
1,703 |
|
|
|
2,867 |
|
|
|
2,829 |
|
Acquisition-related expense
(benefit), net |
|
549 |
|
|
|
(366 |
) |
|
|
1,002 |
|
|
|
(1,360 |
) |
Reorganization and other
related costs |
|
184 |
|
|
|
521 |
|
|
|
402 |
|
|
|
610 |
|
Pension withdrawal
expense |
|
— |
|
|
|
— |
|
|
|
534 |
|
|
|
— |
|
Bad debt provision for
troubled customers, net of recoveries |
|
(2,693 |
) |
|
|
— |
|
|
|
2,798 |
|
|
|
— |
|
Foreign exchange (gain)
loss |
|
(568 |
) |
|
|
338 |
|
|
|
(1,198 |
) |
|
|
389 |
|
Adjusted EBITDA |
$ |
23,991 |
|
|
$ |
21,091 |
|
|
$ |
36,678 |
|
|
$ |
36,397 |
|
|
|
|
|
|
|
|
|
Mistras Group, Inc. and
SubsidiariesUnaudited Reconciliation
ofNet Income (GAAP) and Diluted EPS (GAAP) to Net
Income Excluding Special Items (non-GAAP)and
Diluted EPS Excluding Special Items (non-GAAP)(in
thousands, except per share data)
|
|
Three months ended June 30, |
|
Six months ended June 30, |
|
|
2019 (1) |
|
2018 (2) |
|
2019 (1) |
|
2018 (2) |
|
Net income attributable to
Mistras Group, Inc. (GAAP) |
|
$ |
7,431 |
|
|
$ |
6,000 |
|
$ |
2,138 |
|
$ |
8,908 |
|
|
Special items, net of tax |
|
|
(1,274 |
) |
|
|
110 |
|
|
3,031 |
|
|
(532 |
) |
|
Net income attributable to
Mistras Group, Inc. Excluding Special Items (non-GAAP) |
|
$ |
6,157 |
|
|
$ |
6,110 |
|
$ |
5,169 |
|
$ |
8,376 |
|
|
|
|
|
|
Diluted EPS (GAAP) |
|
$ |
0.26 |
|
|
$ |
0.20 |
|
$ |
0.07 |
|
$ |
0.30 |
|
|
Special items, net of tax |
|
|
(0.04 |
) |
|
|
— |
|
|
0.10 |
|
|
(0.02 |
) |
|
Diluted EPS Excluding Special
Items (non-GAAP) |
|
$ |
0.22 |
|
|
$ |
0.20 |
|
$ |
0.17 |
|
$ |
0.28 |
|
|
|
|
|
|
|
|
|
(1) The Company's
tax effect on special items was calculated utilizing the Company's
effective tax rate, exclusive of discrete items, for the three and
six months ended June 30, 2019, which was 35% and 36%
respectively. |
|
|
(2) The Company
modified the prior year tax effect on special items to be
consistent with the current year methodology. The effective
tax rate for the three and six months ended June 30, 2018,
exclusive of discrete items, was 29% for both periods. The
impact of this change on the three months ended June 30, 2018 was
approximately $0.1 million and $0.01 per diluted share and on the
six months ended June 30, 2018 was $0.1 million and no impact per
diluted share. |
Media Contact: Nestor S. Makarigakis, Group Director of
Marketing Communications, marcom@mistrasgroup.com, 1 (609)
716-4000
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