Hill International updates financial outlook and restatement filing update

|About: Hill International, Inc. (HIL)|By:, SA News Editor

Hill International (NYSE:HIL) reiterates its previously issued FY2018 guidance and expects consulting fee revenue between $400M to $415M.

As of March 23, the Company had ~$15M in cash and $37M in debt or a net debt position of ~$22M.

Current backlog as of February 28 is ~$862M.

Paul Evans, our Interim CEO, commented: “Now that the organizational changes are behind us and the profit improvement plan is nearing completion, we are focused on profitability and growth for the business. We believe 10 to 12% EBITDA margins are achievable once our profit improvement plan is complete and restatement and restructuring costs are behind us. We are also making substantial progress on the restatement; however, the release schedule has been extended from our original expected dates. We look forward to getting the restatement behind us and sharing our progress with the public and investment community in the near future.”

The company plans to file restatement of previously issued financial statements in connection with the accounting for the May 2017 sale of its Construction Claims Group.

Subscribe for full text news in your inbox