Hill International Reports Third Quarter and First Nine Months 2013 Financial Results; Strong Consulting Fee Growth of 26% Drives Net Earnings Up 96% in the Third Quarter
Total revenue for the third quarter of 2013 was
EBITDA (as defined below) for the third quarter of 2013 was
The company's total backlog at
"We are very pleased that our strong financial performance has continued for three consecutive quarters," said
First Nine Months 2013 Results
Total revenue for the first nine months of 2013 was a record
EBITDA for the first nine months of 2013 was a record
2013 Guidance
Based on the company's performance in the first nine months, Hill is narrowing the range of guidance that it gave earlier this year. The company currently estimates that 2013 consulting fee revenue will be between
Update on
During the past several months, accounts receivable related to work performed by Hill prior to
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 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 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
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EARNINGS RELEASE TABLES | |||||||
(In 000's, Except Per Share Data) | |||||||
(Unaudited) | |||||||
Consolidated Statement of Operations | |||||||
Three Months Ended |
Nine Months Ended |
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2013 | 2012 | 2013 | 2012 | ||||
Consulting fee revenue | $ 130,181 | $ 103,565 | $ 381,164 | $ 306,831 | |||
Reimbursable expenses | 17,013 | 16,322 | 50,567 | 48,297 | |||
Total revenue | 147,194 | 119,887 | 431,731 | 355,128 | |||
Cost of services | 75,734 | 58,459 | 223,789 | 176,722 | |||
Reimbursable expenses | 17,013 | 16,322 | 50,567 | 48,297 | |||
Total direct expenses | 92,747 | 74,781 | 274,356 | 225,019 | |||
Gross profit | 54,447 | 45,106 | 157,375 | 130,109 | |||
Selling, general and administrative expenses | 46,195 | 40,016 | 131,884 | 124,559 | |||
Operating profit | 8,252 | 5,090 | 25,491 | 5,550 | |||
Interest expense and related financing fees, net | 5,489 | 4,757 | 17,257 | 12,748 | |||
Earnings (loss) before income taxes | 2,763 | 333 | 8,234 | (7,198) | |||
Income tax (benefit) expense | (179) | (1,109) | 3,983 | (2,621) | |||
Net earnings (loss) | 2,942 | 1,442 | 4,251 | (4,577) | |||
Less: net earnings - noncontrolling interests | 386 | 138 | 1,356 | 1,179 | |||
Net earnings (loss) attributable to |
$ 2,556 | $ 1,304 | $ 2,895 | $ (5,756) | |||
Basic earnings (loss) per common share - |
$ 0.06 | $ 0.03 | $ 0.07 | $ (0.15) | |||
Basic weighted average common shares outstanding | 39,351 | 38,226 | 38,949 | 38,446 | |||
Diluted earnings (loss) per common share - |
$ 0.06 | $ 0.03 | $ 0.07 | $ (0.15) | |||
Diluted weighted average common shares outstanding | 39,494 | 38,566 | 39,135 | 38,446 |
Selected Segment Data | ||||||||
Three Months Ended |
Nine Months Ended |
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2013 | 2012 | 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 | 37.5 % | 39.4 % | 36.9 % | 37.9 % | ||||
Selling, general and administrative expenses |
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SG&A expenses as a percentage of consulting fee revenue | 26.2 % | 29.0 % | 24.3 % | 29.7 % | ||||
Operating profit |
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Operating profit as a percent of consulting fee revenue | 11.3 % | 10.4 % | 12.6 % | 8.2 % | ||||
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 | 55.9 % | 55.7 % | 55.8 % | 55.3 % | ||||
Selling, general and administrative expenses |
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SG&A expenses as a percentage of consulting fee revenue | 43.5 % | 45.7 % | 44.9 % | 47.3 % | ||||
Operating profit |
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Operating profit as a percent of consulting fee revenue | 12.4 % | 10.0 % | 11.0 % | 8.0 % |
Selected Other Financial Data | ||||
Three Months Ended |
Nine Months Ended |
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2013 | 2012 | 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 | 41.8 % | 43.6 % | 41.3 % | 42.4 % |
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 | 30.2 % | 33.3 % | 29.1 % | 34.3 % |
Corporate expenses |
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Corporate expenses as a percentage of consulting fee revenue | 5.3 % | 5.4 % | 5.5 % | 6.3 % |
Operating profit |
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Operating profit as a percent of consulting fee revenue | 6.3 % | 4.9 % | 6.7 % | 1.8 % |
Effective income tax rate | (6.5) % | (333.0) % | 48.4 % | 36.4 % |
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 interest |
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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 2013 were
Three Months Ended |
Nine Months Ended |
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2013 | 2012 | 2013 | 2012 | |
Net earnings (loss) |
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Interest expense, net | 5,489 | 4,757 | 17,257 | 12,748 |
Income tax expense (benefit) | (179) | (1,109) | 3,983 | (2,621) |
Depreciation and amortization | 2,725 | 2,923 | 7,921 | 9,245 |
EBITDA |
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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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