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MISTRAS is a leading "one source" global provider of technology-enabled asset protection solutions used to evaluate the structural integrity of critical energy, industrial and public infrastructure. Mission critical services and solutions are delivered globally and provide customers the ability to extend the useful life of their assets, improve productivity & 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 (NYSE:MI) and non-destructive testing (NDT) services; and its proprietary world class data warehousing & analysis software- to provide comprehensive and competitive products, systems and services solutions from a single source provider.
Mistras Group, Inc. Delivers First Quarter Revenue Growth of 34%; Net Income Increases 103%
EPS Increases 83%; Adjusted EBITDA Increases 42%
Mistras Group, Inc. (NYSE:MG), a leading "one source" global provider of technology-enabled asset protection solutions, reported financial results for the first quarter of fiscal 2012. Revenue for the first quarter of fiscal 2012 was $91.4 million, an increase of 34%, over the $68.4 million reported in the first quarter of fiscal 2011. Net income for the first quarter of fiscal 2012 grew by 103% to $3.2 million, or $0.11 per diluted share, versus $1.6 million, or $0.06 per diluted share, in the first quarter of fiscal 2011. Adjusted EBITDA, a non-GAAP measure detailed later in this release, increased 42% to $12.0 million in the first quarter of fiscal 2012 versus $8.5 million in the first quarter of fiscal 2011.
Consistent with prior quarters, organic growth contributed the bulk of the revenue gain. In the first quarter of fiscal 2012, the organic growth rate was 19%, while acquisition growth was 12% and the balance of growth was due to foreign currency fluctuations.
Additional Financial Highlights for the first quarter of Fiscal 2012:
Operating income margins grew by 170 basis points and Adjusted EBITDA margins grew by 70 basis points compared to the same quarter of fiscal 2011.
The Company generated $12.8 million in net cash from operating activities in the first quarter of fiscal 2012 versus $9.2 million in the same quarter of fiscal 2011, representing an increase of 39%.
Revenues from the oil and gas market grew by 24% while revenues from all other markets combined grew by more than 40% in the first quarter of fiscal 2012.
More about MG at www.mistrasgroup.com
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