HOLLYWOOD, FL — (Marketwired) — 11/12/13 — NV5 Holdings, Inc. (the “Company”) (NASDAQ: NVEE) (NASDAQ: NVEEW), a provider of professional and technical engineering and consulting solutions, reported financial results for the third quarter and nine months ended September 30, 2013.
Total gross contract revenues increased 12% to $18.6 million.
Gross profit increased 7% to $9.1 million.
Net income increased 37% to $931,000 or $0.23 per diluted share, compared to net income of $679,000 or $0.27 per diluted share.
Total gross contract revenues in the third quarter of 2013 increased 12% to $18.6 million, compared to $16.6 million in the third quarter of 2012. The increase was due to organic growth primarily from the start of new projects as well as the contribution from the Company–s acquisitions in 2013.
Gross profit in the third quarter of 2013 increased 7% to $9.1 million, compared to $8.6 million in the third quarter of 2012. The increase in gross profit was due primarily to the increase in revenues.
Net income in the third quarter of 2013 increased 37% to $931,000 or $0.23 per diluted share, compared to net income of $679,000 or $0.27 per diluted share in the third quarter of 2012. The calculation of earnings per share in the third quarter of 2013 reflects the full effect of 1,610,000 additional shares issued in connection with the Company–s April 2013 initial public offering, none of which were outstanding during any portion of the third quarter of 2012.
At September 30, 2013, cash and cash equivalents totaled $6.8 million, compared to $2.3 million at December 31, 2012.
At September 30, 2013, NV5 Holdings reported backlog of approximately $58.4 million compared to approximately $45.0 million at December 31, 2012.
Total gross contract revenues in the first nine months of 2013 increased 13% to $51.3 million, compared to $45.5 million in the first nine months of 2012. The increase was due to organic growth primarily from the start of new projects as well as the contribution from the Company–s acquisitions in 2013.
Gross profit in the first nine months of 2013 increased 9% to $26.1 million, compared to $23.8 million in the first nine months of 2012.
Net income in the first nine months of 2013 increased 185% to $2.2 million or $0.63 per diluted share, compared to net income of $781,000 or $0.31 per diluted share in the first nine months of 2012. The calculation of earnings per share in the first nine months of 2013 reflects the weighted average effect of 1,610,000 additional shares issued in connection with the Company–s April 2013 initial public offering, none of which were outstanding during any portion of the first nine months of 2012.
“NV5 experienced another quarter of healthy double-digit revenue and net income growth, while expanding backlog for the third consecutive quarter,” said Dickerson Wright, Chairman and CEO of NV5 Holdings. “We continue to see NV5 grow in a fragmented market environment.”
“Our strong third quarter results are not only due to the positive performance of our acquisitions, but to our continuous companywide focus on adding value through process and performance optimization. Ultimately, we believe our momentum so far in 2013 demonstrates the scalability of our model and strong platform for integration.”
NV5 has raised the lower end of its guidance for fiscal year 2013 and now expects gross contract revenues to range between $66 million and $70 million, which would represent an increase of approximately 9% to 16% from 2012 gross contract revenues.
NV5 Holdings will hold a conference call today at 4:30 p.m. Eastern time to discuss its third quarter 2013 results.
The Company–s Chairman and CEO, Dickerson Wright, and CFO, Michael Rama, will host the conference call, followed by a question and answer period.
Date: Tuesday, November 12, 2013
Time: 4:30 p.m. Eastern time
Toll-free dial-in number: 1-877-941-4774
International dial-in number: 1-480-629-9760
Conference ID: 4647058
Webcast:
The conference call will be webcast live and available for replay via the investor section of the company–s website at .
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Liolios Group at 1-949-574-3860.
A replay of the conference call will be available after 7:30 p.m. Eastern time on the same day through December 12, 2013.
Toll-free replay number: 1-877-870-5176
International replay number: 1-858-384-5517
Replay ID: 4647058
NV5 Holdings, Inc. (NASDAQ: NVEE) (NASDAQ: NVEEW) is a provider of professional and technical engineering and consulting solutions to public and private sector clients in the infrastructure, energy, 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 22 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 . Also visit the Company on , , , and .
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. Such forward-looking statements include, but are not limited to, statements regarding the Company–s acquisition and growth strategies; ability to establish a leading, national engineering platform around its five business lines; and guidance relating to financial projections for fiscal year 2013, including gross contract revenues. 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.
Richard Tong
Tel 1-954-495-2114
Liolios Group, Inc.
Cody Slach
Tel 1-949-574-3860