Exhibit 99.1

 

 


NV5 ANNOUNCES RECORD FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS

 

Hollywood, FL – March 9, 2017 – NV5 Global, Inc. (Nasdaq: NVEE) (“NV5” or the “Company”), a provider of professional and technical engineering and consulting solutions, today reported financial results for the fourth quarter and year ended December 31, 2016.

 

 

Fourth Quarter 2016 Financial Highlights

 

 

Total Revenues for the quarter were $64.2 million, an increase of 51% from $42.5 million in the fourth quarter of 2015. Gross Revenues – GAAP for the quarter were $63.0 million, an increase of 49% from $42.3 million in the fourth quarter of 2015.

 

 

Net Revenues for the quarter were $51.1 million, an increase of 52% from $33.6 million in the fourth quarter of 2015.

 

 

Organic growth in the fourth quarter of 2016 was 8%.

 

 

EBITDA for the quarter was $7.0 million up from $5.2 million for the fourth quarter of 2015.

 

 

Gross Margin for the quarter was 49%, compared to 45% for the fourth quarter of 2015.

 

 

Net income for the quarter was $3.3 million, a 23% increase from $2.7 million in the fourth quarter of 2015.

     
 

Adjusted EPS for the quarter was $0.44 per diluted share compared to $0.41 per diluted share in the fourth quarter of 2015. GAAP EPS for the quarter was $0.31 per diluted share compared to $0.33 per diluted share. GAAP EPS and Adjusted EPS reflect weighted-average shares outstanding of 10,507,542 for the fourth quarter of 2016, compared to weighted-average shares outstanding of 8,017,366 for the fourth quarter of 2015.

 

“2016 was a successful year for organic and strategic growth at NV5,” said Dickerson Wright, PE, Chairman and CEO of NV5. “We achieved our objective of reaching $300 million in run-rate revenue with at least 12% EBITDA by the end of the year and once again exceeded industry standards for organic growth. We have set a new goal to reach $600 million in revenue by 2020 and we have initiated 2017 guidance that reflects that threshold of 600/20 we have set for ourselves. We encountered unanticipated challenges in the third and fourth quarters of 2016, namely, significant delays to a number of our transportation infrastructure projects in New Jersey brought on by legislative gridlock, and project delays in the Western states due to heavy rains and flooding. Both problems have since been improved, and we were still able to achieve organic growth of 8% in the fourth quarter. Our ability to achieve 8% organic growth despite these obstacles speaks well for our business model. We continue to strengthen our existing verticals and platforms for strategic opportunities and organic growth.”

 

 
 

The following information was filed by Nv5 Global, Inc. (NVEE) on Thursday, March 9, 2017 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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