- JBA is a leading MEP engineering, acoustics, technology, and fire protection consulting firm
- Acquisition expected to be immediately accretive
- Provides preliminary third quarter 2016 results
- Revises Full Year 2016 Guidance
Bank of America Senior Credit Facilityexpected to provide up to $140 million
- M&A pipeline remains robust
Reconfirms run rate revenues of
$300 millionby the end of 2016
Since 1966, JBA's team of approximately 220 professionals has been serving major public and private clients such as Hilton,
Regarding the acquisition, Dickerson Wright, PE, Chairman and CEO of NV5, said, "Incorporating JBA's highly skilled and established team into the NV5 family will expand and strengthen NV5's existing energy and environmental platform by introducing our professionals to new clients and making new services available to our existing clients. We have identified many great opportunities for our two organizations to move forward together and become a significant player in highly profitable markets we have sought to enter."
Selected Preliminary Third Quarter 2016 Results
The Company expects to report the following estimated financial results for the third quarter of 2016:
- Total Revenues of approximately
- Gross Revenues - GAAP of approximately
- Net income of approximately
- Adjusted EPS of approximately
$0.40per diluted share
- GAAP EPS of approximately
Preliminary results remain subject to the completion of the Company's quarter-end accounting procedures and adjustments and are subject to change.
The Company will host its regularly scheduled conference call to discuss final third quarter 2016 financial results on
2016 Outlook Update
The Company is revising its guidance for full-year 2016 for Total Revenues and Earnings. In August, the Company projected its full year 2016 Total Revenues, including the impact of acquisitions closed through
A majority of the anticipated shortfall is due to the ongoing delay of multiple transportation infrastructure projects in
As disclosed in the Company's Form 8-K filed on
NV5 will host an investment community conference call on
Toll-free dial-in number: +1 877-311-4180
International dial-in number: +1 616-548-5594
Conference ID: 7690725
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 approximately one hour following the conclusion of the call through
Toll-free replay number: +1 855-859-2056
International replay number: +1 404-537-3406
Replay PIN number: 7690725
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. 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 in this news release. Such factors include: (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, except as required by law.
Use of Non-GAAP Financial Measures
Total Revenues is not a measure of financial performance under U.S. generally accepted accounting principles ("GAAP"). Gross Revenues - GAAP include sub-consultant costs and other direct costs which are generally pass-through costs. Furthermore, Gross Revenues - GAAP eliminates intercompany revenues where the Company performed the service in lieu of using a third-party sub-consultant. Therefore, the Company believes that Total Revenues, which is a non-GAAP financial measure commonly used in our industry, provides a meaningful perspective on its business results. A reconciliation of gross revenues as reported in accordance with GAAP to Total Revenues is provided at the end of this news release.
Adjusted earnings per diluted share data ("Adjusted EPS") is not a measure of financial performance under GAAP. Adjusted EPS reflects adjustments to reported diluted earnings per share ("GAAP EPS") data to eliminate amortization expense of intangible assets from acquisitions. As the Company continues its acquisition strategy, the growth in Adjusted EPS will likely increase at a greater rate than GAAP EPS as reported in accordance with GAAP. A reconciliation of GAAP EPS to Adjusted EPS provided at the end of this news release.
NV5's definition of Total Revenues and Adjusted EPS may differ from other companies reporting similarly named measures. These measures should be considered in addition to, and not as a substitute for, or superior to, other measures of financial performance prepared in accordance with GAAP, such as contract revenues, net income and diluted earnings per share.
|NV5 GLOBAL, INC. AND SUBSIDIARIES|
|RECONCILIATION OF GROSS REVENUES TO TOTAL REVENUES|
|Three Months Ended|
|Gross Revenues - GAAP||$||60,091|
|Add:||Intercompany revenues in lieu of
|NV5 GLOBAL, INC. AND SUBSIDIARIES|
|RECONCILIATION OF GAAP EPS TO ADJUSTED EPS|
|Three Months Ended|
|Net Income - per diluted share||$||0.33|
|Per diluted share adjustments:|
|Add:||Amortization expense of intangible assets||0.12|
|Income tax expense||(0.04||)|
Director of Investor Relations