Exhibit 99.1

 

 

 

 

 

NV5 ANNOUNCES RECORD FIRST QUARTER 2019 RESULTS AND RAISES FULL YEAR 2019 GUIDANCE

 

 

Hollywood, FL – May 8, 2019 – 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 first quarter ended March 30, 2019.

 

 

“NV5's record results across all financial metrics in the first quarter of 2019 once again demonstrate that our time-tested plan for steady growth driven by synergy, strategic acquisitions and process optimization is working," said Dickerson Wright, PE, Chairman and CEO of NV5. "In the first quarter, Gross Revenues increased 24%, EBITDA increased 34%, and Net Income increased 29%. Our backlog also increased by 43% and cash flow from operating activities increased 351%. Our acquisitions of CHI and CALYX in the later part of 2018 contributed to our 2019 budgeted revenues and have helped us expand our service offerings and our geographic presence. We expect that our acquisition of The Sextant Group earlier this year, which was not fully reflected in our first quarter 2019 results, will likewise contribute to earnings and profitability and expansion of our backlog. Our core business and acquisition pipeline remain very strong and we look forward to more organic and acquisition growth in the remainder of 2019."

 

First Quarter 2019 Financial Highlights

 

 

Total Revenues for the quarter were $118.0 million, an increase of 24% year-over-year. Gross Revenues – GAAP for the quarter were $117.3 million, an increase of 24% year-over-year.

 

Net Revenues for the quarter were $90.7 million, an increase of 18% year-over-year.

 

Organic revenue growth for the quarter was 5%. Organic growth is measured by internal growth of our existing business plus growth from acquisitions.

 

EBITDA for the quarter was $13.5 million or 15% of Net Revenues, an increase of 34% from $10.1 million, or 13% of Net Revenues in the first quarter of 2018.

 

Net Income for the quarter was $5.5 million, an increase of $1.3 million, or 29% compared to $4.3 million in the first quarter of 2018. 

 

Adjusted EPS for the quarter was $0.76 per diluted share, an increase of 29% from $0.59 in the first quarter of 2018.

 

GAAP EPS for the quarter was $0.44 per diluted share, an increase of 13% from $0.39 in the first quarter of 2018.

 

Backlog was $441 million as of March 30, 2019, a 43% increase from $309 million as of March 31, 2018.

 

Cash flow from operating activities increased $12.7 million, or 351% to $16.3 million for the quarter compared to $3.6 million in the first quarter of 2018.

  Long-term debt decreased 47% to $31 million for the quarter compared to $59 million in the first quarter of 2018.
  Cash and cash equivalents increased 166% to $45.8 million for the quarter compared to $17.2 million in the first quarter of 2018.

 

 

The following information was filed by Nv5 Global, Inc. (NVEE) on Wednesday, May 8, 2019 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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