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|FOR IMMEDIATE RELEASE|| |
MISCOR Group Reports Improved Revenue and Earnings for 2011
Amounts in 000s
MASSILLON, OHIO, Mar. 1, 2012 MISCOR Group, Ltd. (MIGL), a provider of electro-mechanical repair and complementary services to a broad range of industries, today announced financial results for the full year ending Dec. 31, 2011. Following the completion of significant restructuring, changed senior leadership, and a refocused strategic plan implemented over the last year, the parent company of Magnetech Industrial Services, Inc. and HK Engine Components, LLC (HKEC) achieved annual profitability for the first time since going public in August 2006.
We are excited about our achievements this past year. We have weathered the storm as our prior restructuring initiatives begin to yield positive results in a persistently volatile environment. Over the last year and a half we have undertaken broad cost cutting measures, including a recent refinancing of our senior secured credit facility, while our customer base continues to recognize our operational excellence and contribution to their success, stated Michael P. Moore, President and CEO of MISCOR Group. We have proactively taken steps to improve gross margins via strategic sourcing and implementing operational efficiencies. These efforts are reflected in our growing top and bottom line results, as well as our reduced SG&A expenses.
For the year ended 2011, the Company reported a $5,105 or 12.5% increase in net revenues to $45,887, compared to restated net revenues of $40,782 for 2010, due to improvements in both volume and pricing. Gross profits from continuing operations totaled $9,444 or 20.6% of revenues, up from restated gross profits of $6,947 or 17.0% from last year. This is an increase in gross profits of $2,497 or 36.1%. SG&A expenses from continuing operations were $8,247, compared to restated SG&A expenses of $9,513 during the previous year, reflecting a 13.3% improvement. Net income from continuing operations ended at $654, or $0.06 per basic and fully diluted common share, compared to restated net loss of ($11,477), or a ($0.98) loss per basic and fully diluted common share for the year 2010. This is an increase in net income from continuing operations of $12,131. The 2010 net loss from continuing operations includes a charge of $7,831 related to goodwill impairment. Overall net income for the Company was $654 or $0.06 per basic and fully diluted common share in 2011 versus a net loss of ($11,889) or ($1.01) loss per basic and fully diluted common share in 2010. In December 2011, HKECs classification was changed from held-for-sale to held-and-used. The 2010 results have been restated to reflect this change.
Consolidated EBITDA increased by $4,919 to $3,644 for the year ended December 31, 2011 from ($1,275) for year ended December 31, 2010. The primary increase in Consolidated EBITDA is a result of increased profitability during the year ended December 31, 2011.
Our intense focus on profit improvement has solidified our position as a leading provider of industrial services and products. By delivering unmatched experience, quality and innovation, we have been able to create long-term relationships and tangible value for our employees, customers and shareholders, Moore continued. We look forward to the opportunities this coming year will bring as we continue to help create customer success by actively strengthening and broadening our superior position in the areas of industrial maintenance and repair, as well as manufacturing and remanufacturing power assemblies for large diesel engines.
About MISCOR Group, Ltd.
Massillon, Ohio-based MISCOR Group, Ltd. (MIGL) provides electrical and mechanical solutions to industrial, commercial and institutional customers through two segments: Industrial Services, consisting of the Companys maintenance and repair services to several industries, including electric utilities, wind power, transportation, chemical, oil, pulp and paper, metal manufacturing and forming, and repairing, manufacturing, and remanufacturing industrial lifting magnets for the steel and scrap industries; and Rail Services, consisting of the Companys manufacturing of power assemblies, engine parts, and other components related to large diesel engines.
The following information was filed by Miscor Group, Ltd. (MIGL) on Thursday, March 1, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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