Exhibit 99.1

 

 

 

NV5 ANNOUNCES EXCEPTIONAL FOURTH QUARTER AND FULL YEAR 2017 FINANCIAL RESULTS; ISSUES 2018 GUIDANCE

 

Hollywood, FL – March 8, 2018 – 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 30, 2017.

 

 

Fourth Quarter 2017 Financial Highlights

 

 

Total Revenues for the quarter were $95.1 million, an increase of 48% year-over-year. Gross Revenues – GAAP for the quarter were $94.0 million, an increase of 49% year-over-year.

 

Net Revenues for the quarter were $73.2 million, an increase of 43% year-over-year

 

Organic revenue growth in the fourth quarter of 2017 was 6%.

 

EBITDA for the quarter was $11.8 million or 16% of Net Revenues, compared to $7.0 million or 14% of Net Revenues in the fourth quarter of 2016.

 

Fourth quarter of 2017 net income and earnings per share reflect a one-time tax benefit of approximately $5.9 million reflecting the impact from the enactment on December 22, 2017 of the Tax Cuts and Jobs Act of 2017 (“2017 Tax Reform”).

 

Net Income for the quarter was $11.5 million, a 250% increase from $3.3 million in the fourth quarter of 2016. Excluding the impact of the 2017 Tax Reform Net Income would have been $5.6 million, an increase of 71% compared to the fourth quarter of 2016.

 

Adjusted EPS for the quarter was $1.26 per diluted share, an increase of 207% from $0.41 per diluted share in the fourth quarter of 2016. Excluding the impact of the 2017 Tax Reform Adjusted EPS would have been $0.71 per share, an increase of 73% compared to the fourth quarter of 2016.

 

GAAP EPS for the quarter was $1.06 per diluted share over 10.9 million shares, an increase of 242% from $0.31 per diluted share over 10.5 million shares in the fourth quarter of 2016. Excluding the impact of the 2017 Tax Reform GAAP EPS would have been $0.51 per share, an increase of 65% compared to the fourth quarter of 2016.

 

Backlog was $296 million as of December 30, 2017, a 34% increase from $221 million as of December 31, 2016.

 

 

“We are very pleased to announce an exceptional performance of our fourth quarter and Full Year 2017 results and we are looking forward to increased organic, acquisition and strategic growth for 2018. Our success in the fourth quarter and Full Year 2017 was reflected in our strong backlog, profitability, and substantial growth in our strategic geographic presence and service offerings,” said Dickerson Wright, PE Chairman and CEO of NV5. “Our fourth quarter revenues were the highest of any quarter. This is noteworthy as the fourth quarter is typically our second slowest quarter based on seasonality. In the fourth quarter, revenues increased 48%, EBITDA increased 70% and Net Income increased 250%. In the Full Year 2017, revenues increased 48%, EBITDA increased 61%, and Net Income increased 107%. Our acquisition pipeline is very strong and we are pleased with the management structure we have in place to ensure operational growth in both our Infrastructure and Buildings, Technology and Sciences groups.”

 

1

The following information was filed by Nv5 Global, Inc. (NVEE) on Thursday, March 8, 2018 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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