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NV5 Reports First Quarter 2014 Financial Results

HOLLYWOOD, FL -- (Marketwired) -- 05/14/14 -- NV5 Holdings, Inc. (NASDAQ: NVEE)

  • Gross Revenues Increased 22% to $19.0 Million from $15.6 million

  • Net Income Increased 27% to $707,000 from $556,000

  • Reiterates Full-Year 2014 Revenue Guidance of $94 Million to $104 Million

  • Introduces Full-Year 2014 Diluted EPS Guidance Range of $0.80 to $0.90

NV5 Holdings, Inc. (NASDAQ: NVEE) ("NV5" or the "Company"), a provider of professional and technical engineering and consulting solutions, today reported financial results for the first quarter ended March 31, 2014.

First Quarter 2014 Financial Highlights

  • Gross revenues increased 22% to $19.0 million, compared with $15.6 million in the first quarter of 2013.
  • Gross profit increased 12% to $9.4 million, compared with $8.3 million in the first quarter of 2013.
  • Net income increased 27% to $707,000 from $556,000 in the first quarter of 2013.
  • Backlog of $74.3 million as of March 31, 2014 increased 23% from $60.2 million as of December 31, 2013.

"We reported another strong quarter with double-digit increases in both revenue and net income," said Dickerson Wright, Chairman and CEO of NV5. "We also expanded our service offerings with the acquisitions of Air Quality Consulting, a specialist in occupational health safety & environmental consulting, and AK Environmental, an inspection, construction management and environmental consulting firm servicing the oil & gas industry. Our disciplined M&A strategy is working, and we will continue to be opportunistic in evaluating acquisitions that further expand our business. We also continue to focus on process improvement and scalable efficiencies throughout the Company."

First Quarter 2014 Financial Summary

Gross Revenues

Gross revenues for the first quarter 2014 increased 22% to $19.0 million, compared with $15.6 million reported for the first quarter 2013. The increase in gross revenues was due primarily to organic growth from our existing platform as well as the contribution from the Company's acquisitions in 2013 and during the first quarter of 2014.

Gross Profit

Gross profit for the first quarter 2014 was $9.4 million, compared with $8.3 million for the same period in 2013.

Net Income

Net income for the first quarter 2014 was $707,000, or $0.13 per diluted share, compared with $556,000, or $0.23 per diluted share, for the first quarter 2013. The calculation of earnings per share (diluted) for first quarter 2014 reflects shares outstanding of 5,683,151 as of March 31, 2014, compared to shares outstanding of 2,600,000 as of March 31, 2013. The operating results and earnings per share for the first quarter 2014 include an effective income tax rate of 36.6%, compared with an effective income tax rate of 24.5% for the first quarter 2013.

Balance Sheet

NV5 had cash and cash equivalents of $9.7 million as of March 31, 2014, compared with $13.9 million as of December 31, 2013. Total debt was $9.4 million at March 31, 2014, compared with $6.8 million as of December 31, 2013.


At March 31, 2014, the Company reported backlog of approximately $74.3 million compared with approximately $60.2 million at December 31, 2013.

2014 Outlook

The Company is today reiterating its 2014 guidance for gross revenues. The Company's guidance for full-year 2014 gross revenues, including the acquisitions closed during the first quarter of 2014, ranges between $94 million and $104 million, representing an increase of approximately 38% to 52% from full-year 2013 gross revenues of $68.2 million. The Company expects that full-year 2014 diluted earnings per share will range between $0.80 per share to $0.90 per share.

Conference Call

NV5 will host a conference call to discuss its first quarter 2014 financial results at 5:00 p.m. (Eastern time) on May 14, 2014.

Date: Wednesday, May 14, 2014
Time: 5:00 p.m. Eastern time
Toll-free dial-in number: +1 877-941-2068
International dial-in number: +1 480-629-9712
Conference ID: 4680939
Webcast: http://ir.nv5.com

Please dial-in at least 5-10 minutes prior to the start time in order for the operator to log your name and connect you to the conference.

A replay of the conference call will be available after 7:30 p.m. Eastern time and through May 21, 2014. To access the replay via telephone, please dial:

Toll-free replay number: +1 877-870-5176
International replay number: +1 858-384-5517
Replay PIN number: 4680939

The conference call will also be webcast live and available for replay via the investor section of the NV5 website - www.NV5.com.

About NV5

NV5 Holdings, Inc. 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. NV5 primarily focuses on five business service verticals: construction quality assurance, infrastructure engineering, energy services, program management and environmental services. The Company operates 25 offices in California, Colorado, Utah, Florida, Pennsylvania and New Jersey and is headquartered in Hollywood, Florida. For additional information, please visit the Company's website at www.NV5.com. Also visit the Company on Twitter, LinkedIn, Facebook, and Vimeo.

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, including, among others, statements with respect to the Company's outlook, projected revenues or financial items, growth position and M&A strategies, ability to evaluate acquisitions that expand the Company's business and implement process improvements and scalable efficiencies throughout the Company, guidance relating to financial projections for fiscal year 2014, including gross revenues and earnings per share. 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; (e) our ability to successfully execute our mergers and acquisitions strategy, including the integration of new companies into the Company's business; (f) backlog cancellations and adjustments; and (g) 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. AND SUBSIDIARIES
                         CONSOLIDATED BALANCE SHEETS
                      (in thousands, except share data)

                                                  March 31,    December 31,
                                                     2014          2013
                                                ------------- --------------
                     Assets                      (unaudited)
Current assets:
  Cash and cash equivalents                     $       9,694 $       13,868
  Accounts receivable, net of allowance for
   doubtful accounts of $1,470 and $1,320 as of
   March 31, 2014 and December 31, 2013,
   respectively                                        20,781         16,722
  Prepaid expenses and other current assets               867            509
  Deferred income tax assets                            1,004          1,004
                                                ------------- --------------
  Total current assets                                 32,346         32,103
  Property and equipment, net                           1,462          1,310
  Intangible assets, net                                5,432          2,993
  Goodwill                                             10,214          7,106
  Cash surrender value of officers' life
   insurance                                              522            521
  Other assets                                            170            118
  Deferred income tax assets                              724            724
                                                ------------- --------------
  Total Assets                                  $      50,870 $       44,875
                                                ============= ==============

      Liabilities and Stockholders' Equity
  Current liabilities:
  Accounts payable                              $       4,148 $        3,780
  Accrued liabilities                                   5,794          4,189
  Income taxes payable                                    673            765
    Billings in excess of costs and estimated
     earnings on uncompleted contracts                    422            401
  Client deposits                                          84            111
  Current portion of contingent consideration             381            333
  Current portion of stock repurchase
   obligation                                             665            687
  Current portion of notes payable                      3,325          1,725
                                                ------------- --------------
  Total current liabilities                            15,492         11,991
  Contingent consideration, less current
   portion                                                316            638
  Stock repurchase obligation, less current
   portion                                                799            935
  Notes payable, less current portion                   3,931          2,502
                                                ------------- --------------
  Total liabilities                                    20,538         16,066

  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, 5,683,151 and 5,504,236
     shares issued and outstanding as of March
     31, 2014 and December 31, 2013                        57             55
  Additional paid-in capital                           24,531         23,717
  Retained earnings                                     5,744          5,037
                                                ------------- --------------
  Total stockholders' equity                           30,332         28,809
                                                ------------- --------------
  Total liabilities and stockholders' equity    $      50,870 $       44,875
                                                ============= ==============

                     (in thousands, except share data)

                                                    Three Months Ended
                                                 March 31,      March 31,
                                                    2014           2013
                                               -------------  -------------
Gross revenues                                 $      18,992  $      15,580

Direct costs (excluding depreciation and
Salaries and wages                                     5,660          4,468
Sub-consultant services                                3,087          2,383
Other direct costs                                       891            388
                                               -------------  -------------
Total direct costs                                     9,638          7,239
                                               -------------  -------------

Gross Profit                                           9,354          8,341
                                               -------------  -------------

Operating Expenses:
Salaries and wages, payroll taxes and benefits         5,086          4,915
General and administrative                             1,940          1,392
Facilities and facilities related                        773            854
Depreciation and amortization                            388            351
                                               -------------  -------------
Total operating expenses                               8,187          7,512
                                               -------------  -------------

Income from operations                                 1,167            829
                                               -------------  -------------

Other expense:
Interest expense                                         (52)           (93)
                                               -------------  -------------
  Total other expense                                    (52)           (93)
                                               -------------  -------------

    Income before income tax expense                   1,115            736
    Income tax expense                                  (408)          (180)
                                               -------------  -------------
Comprehensive income                           $         707  $         556
                                               =============  =============

  Earnings per Share:
    Basic                                      $        0.14  $        0.25
                                               =============  =============
    Diluted                                    $        0.13  $        0.23
                                               =============  =============

  Weighted average shares outstanding:
    Basic                                          5,025,529      2,185,804
                                               =============  =============
    Diluted                                        5,392,612      2,422,023
                                               =============  =============

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