Hill International Reports Third Quarter and First Nine Months 2011 Financial Results
Operating profit for the third quarter of 2011 was
The company's total backlog at
"We returned to profitability in the third quarter with an aggressive focus on minimizing our overhead costs," said
First Nine Months 2011 Results
Total revenue for the first nine months of 2011 rose to
Operating loss for the first nine months of 2011 was (
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 the
Total revenue at Hill's
Total revenue at the
Conference Call
About
The
Forward-Looking Statements
Certain statements contained in this press release 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 contained in this press release, 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 include: modifications and termination of client contracts; control and operational issues pertaining to business activities that we conduct on our own behalf or pursuant to joint ventures with other parties; difficulties we may incur in implementing our acquisition strategy; the need to retain and recruit key technical and management personnel; and unexpected adjustments and cancellations related to our backlog. Additional factors that could cause actual results to differ materially from our forward-looking statements are set forth in
the reports we have filed with the
(HIL-G)
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EARNINGS RELEASE TABLES | ||||||||
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Consolidated Statement of Operations | ||||||||
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2011 | 2010 | 2011 | 2010 | |||||
Consulting fee revenue | $ 102,463 | $ 97,401 | $ 299,686 | $ 280,896 | ||||
Reimbursable expenses | 26,415 | 13,623 | 79,137 | 42,792 | ||||
Total revenue | 128,878 | 111,024 | 378,823 | 323,688 | ||||
Cost of services | 58,795 | 53,676 | 173,582 | 159,518 | ||||
Reimbursable expenses | 26,415 | 13,623 | 79,137 | 42,792 | ||||
Total direct expenses | 85,210 | 67,299 | 252,719 | 202,310 | ||||
Gross profit | 43,668 | 43,725 | 126,104 | 121,378 | ||||
Selling, general and administrative expenses | 41,810 | 37,773 | 128,875 | 109,537 | ||||
Equity in earnings of affiliates | (27) | (369) | (187) | (1434) | ||||
Operating profit (loss) | 1,885 | 6,321 | (2,584) | 13,275 | ||||
Interest expense, net | 1,922 | 1,003 | 4,380 | 2,202 | ||||
(Loss) earnings before income taxes | (37) | 5,318 | (6,964) | 11,073 | ||||
Income tax benefit | (422) | -- | (1,776) | (40) | ||||
Consolidated net earnings (loss) | 385 | 5,318 | (5,188) | 11,113 | ||||
Less: net (loss) earnings - noncontrolling interests | (269) | 218 | 251 | 672 | ||||
Net earnings (loss) attributable to |
$ 654 |
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Basic earnings (loss) per common share - |
$ 0.02 | $ 0.13 |
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$ 0.26 | ||||
Basic weighted average common shares outstanding | 38,497 | 38,673 | 38,385 | 39,602 | ||||
Diluted earnings (loss) per common share - |
$ 0.02 | $ 0.13 |
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$ 0.26 | ||||
Diluted weighted average common shares outstanding | 38,946 | 39,123 | 38,385 | 40,149 |
Selected Segment Data | ||||||||
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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 | 37.9 % | 41.6 % | 37.6 % | 38.9 % | ||||
Selling, general and administrative expenses |
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SG&A expenses as a percentage of consulting fee revenue | 30.9 % | 27.3 % | 32.3 % | 27.8 % | ||||
Operating profit before equity in earnings of affiliates |
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Equity in earnings of affiliates | $ 27 | $ 369 | $ 187 |
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Operating profit |
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Operating profit as a percent of consulting fee revenue | 7.0 % | 14.8 % | 5.5 % | 11.8 % | ||||
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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 | 54.5 % | 54.8 % | 53.8 % | 56.0 % | ||||
Selling, general and administrative expenses |
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SG&A expenses as a percentage of consulting fee revenue | 39.5 % | 44.9 % | 44.9 % | 44.4 % | ||||
Operating profit |
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Operating profit as a percent of consulting fee revenue | 14.9 % | 9.9 % | 8.9 % | 11.6 % |
Selected Other Financial Data | ||||||||
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2011 | 2010 | 2011 | 2010 | |||||
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 | 42.6 % | 44.9 % | 42.1 % | 43.2 % | ||||
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 | 33.4 % | 31.7 % | 35.7 % | 32.0 % | ||||
Corporate expenses |
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Corporate expenses as a percentage of consulting fee revenue | 7.4 % | 7.0 % | 7.3 % | 7.0 % | ||||
Operating profit (loss) |
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Operating profit (loss) as a percent of consulting fee revenue | 1.8 % | 6.5 % | (0.9) % | 4.7 % | ||||
Effective income tax rate | 1,140.5 % | -- % | 25.5 % | (0.4) % |
Selected Balance Sheet Data | ||||
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Cash and cash equivalents |
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Accounts receivable, net |
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Current assets |
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Total assets |
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Current liabilities |
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Total debt |
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Stockholders' equity: | ||||
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Noncontrolling interests |
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Total equity |
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EBITDA Reconciliation
(Unaudited)
Earnings before interest, taxes, depreciation and amortization ("EBITDA") for the third quarter of 2011 were
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2011 | 2010 | 2011 | 2010 | |
Net (loss) earnings | $ 654 |
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Interest expense, net | 1,922 | 1,003 | 4,380 | 2,202 |
Income tax benefit | (422) | -- | (1,776) | (40) |
Depreciation and amortization | 4,080 | 2,579 | 11,215 | 7,121 |
EBITDA |
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CONTACT:Source:Hill International, Inc. John P. Paolin 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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