Hill International Reports First Quarter 2013 Financial Results; Record Revenues Drive 2,480% EBITDA Growth
Total revenue for the first quarter of 2013 was a record
EBITDA (as defined below) for the first quarter of 2013 was
The company's total backlog at
"We had a much-improved first quarter this year," said
Business Segment Results
In addition to providing consolidated financial results, Hill also reports separate financial results for its two operating segments: the
Total revenue at Hill's
Total revenue at Hill's
Conference Call
About
The
Forward-Looking Statements
Certain statements contained herein may be considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and it is our intent that any such statements be protected by the safe harbor created thereby. Except for historical information, the matters set forth herein including, but not limited to, any projections of revenues, earnings or other financial items; any statements concerning our plans, strategies and objectives for future operations; and any statements regarding future economic conditions or performance, are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and assumptions and are subject to certain risks and uncertainties. Although we believe that the expectations, estimates and assumptions reflected in our forward-looking statements are reasonable, actual results
could differ materially from those projected or assumed in any of our forward-looking statements. Important factors that could cause our actual results, performance and achievements, or industry results to differ materially from estimates or projections contained in our forward-looking statements are set forth in the Risk Factors section and elsewhere in the reports we have filed with the
(HIL-F)
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EARNINGS RELEASE TABLES | ||
(In 000's, Except Per Share Data) | ||
(Unaudited) | ||
Consolidated Statement of Operations |
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Three months ended |
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2013 | 2012 | |
Consulting fee revenue |
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Reimbursable expenses | 13,517 | 16,616 |
Total revenue | 136,073 | 115,813 |
Cost of services | 72,698 | 58,462 |
Reimbursable expenses | 13,517 | 16,616 |
Total direct expenses | 86,215 | 75,078 |
Gross profit | 49,858 | 40,735 |
Selling, general and administrative expenses | 42,459 | 43,472 |
Operating profit (loss) | 7,399 | (2,737) |
Interest and related financing fees, net | 5,487 | 4,841 |
Earnings (loss) before income taxes | 1,912 | (7,578) |
Income tax expense (benefit) | 1,874 | (1,041) |
Net earnings (loss) | 38 | (6,537) |
Less: net earnings - noncontrolling interest | 418 | 199 |
Net loss attributable to |
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Basic loss per common share - |
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Basic weighted average common shares outstanding | 38,664 | 38,526 |
Diluted loss per common share - |
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Diluted weighted average common shares outstanding | 38,664 | 38,526 |
Selected Segment Data | ||
Three months ended |
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2013 | 2012 | |
Project Management | ||
Consulting fee revenue |
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Total revenue |
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Gross profit |
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Gross profit as a percent of consulting fee revenue | 36.6% | 36.2% |
Selling, general and administrative expenses |
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SG&A expenses as a percentage of consulting fee revenue | 23.5% | 31.4% |
Operating profit |
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Operating profit as a percent of consulting fee revenue | 13.0% | 4.9% |
Construction Claims | ||
Consulting fee revenue |
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Total revenue |
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Gross profit |
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Gross profit as a percent of consulting fee revenue | 54.9% | 54.7% |
Selling, general and administrative expenses |
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SG&A expenses as a percentage of consulting fee revenue | 46.1% | 50.1 % |
Operating profit |
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Operating profit as a percent of consulting fee revenue | 8.9% | 4.5 % |
Selected Other Financial Data | ||
Three months ended |
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2013 | 2012 | |
Consulting fee revenue |
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Total revenue |
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Gross profit |
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Gross profit as a percentage of consulting fee revenue | 40.7% | 41.1 % |
Selling, general and administrative expenses (excluding corporate expenses) |
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Selling, general and administrative expenses (excluding corporate expenses) as a percentage of consulting fee revenue | 28.6% | 36.3% |
Corporate expenses |
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$ 7,472 |
Corporate expenses as a percentage of consulting fee revenue | 6.0 % | 7.5% |
Operating profit (loss) |
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Operating profit (loss) as a percent of consulting fee revenue | 6.0% | (2.8) % |
Effective income tax rate | 98.0% | 13.7 % |
Selected Balance Sheet Data | ||
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Cash and cash equivalents |
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Accounts receivable, net | 231,863 | 211,176 |
Current assets | 276,115 | 257,270 |
Total assets | 436,523 | 421,673 |
Current liabilities | 146,438 | 150,135 |
Total debt | 124,462 | 109,456 |
Stockholders' equity: | ||
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124,915 | 127,546 |
Noncontrolling interests | 13,769 | 13,557 |
Total equity |
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EBITDA Reconciliation
Earnings before interest, taxes, depreciation and amortization ("EBITDA") for the first quarter of 2013 were
Three months ended |
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2013 | 2012 | |
Net loss attributable to |
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Interest and related financing fees, net | 5,487 | 4,841 |
Income tax expense (benefit) | 1,874 | (1,041) |
Depreciation and amortization | 2,539 | 3,305 |
EBITDA |
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$ 369 |
CONTACT:Source:Hill International, Inc. John P. Paolin Senior Vice President ofMarketing and Corporate Communications (856) 810-6210 johnpaolin@hillintl.comThe Equity Group Inc. Devin Sullivan Senior Vice President (212) 836-9608 dsullivan@equityny.com
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