Thermon Group Holdings, Inc. (THR) SEC Filing 10-K Annual report for the fiscal year ending Monday, March 31, 2014

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Thermon Group Holdings, Inc.
Ticker: THR CIK: 1489096

THERMON REPORTS FISCAL 2014 RESULTS

Company Announces Fiscal 2014 Revenue of $277.3 million, Record Earnings, Free Cash Flow Per Share of $1.33 and 66% growth in cash

SAN MARCOS, Texas, May 29, 2014 -- Thermon Group Holdings, Inc. (NYSE:THR) (“Thermon” or the “Company”) today announced consolidated financial results for the fourth quarter and fiscal year ended March 31, 2014. The Company posted fiscal 2014 revenue of

$277.3 million, fully diluted GAAP EPS of $0.80 and record fully diluted Adjusted EPS of $1.20. For Q4 2014, the Company had revenue of $67.5 million and fully diluted GAAP EPS of $0.30 as compared to revenue of $71.7 million and fully diluted GAAP EPS of $0.18 for Q4 2013.

Highlights for the year and comparisons versus the prior year include:


•	Fiscal year revenue of $277.3 million, a decrease of 2%


•	Record gross profit of $135.2 million versus $132.8 million


•	Record Adjusted EPS of $1.20 on a fully diluted basis and fully diluted GAAP EPS of $0.80


•	Record Free cash flow totaled $1.33 per share versus $1.10 per share

“Thermon achieved another strong fiscal year, generating record gross profit driven by double digit MRO/UE growth. In addition to gross profit, we achieved record Adjusted EPS and Free cash flow per share. We are well positioned to return to revenue growth in fiscal 2015,” said Rodney Bingham, President and Chief Executive Officer.

In fiscal 2014, the Company generated revenue of $277.3 million reflecting a 2% decline versus revenue of $284.0 million in fiscal 2013. Foreign currency negatively impacted revenue by approximately $4.0 million versus fiscal 2013, primarily attributable to the depreciation of the Canadian Dollar. Gross profit increased 2% to $135.2 million, and as a percentage of revenue was 48.7% for fiscal 2014 compared to 46.8% in fiscal 2013. Fiscal 2014 margins were favorably impacted by an increase in MRO/UE revenue as a percentage of total revenue, which grew to 67% in fiscal 2014 versus 58% in fiscal 2013. Adjusted EBITDA was $74.4 million versus $72.4 million in fiscal 2013.

Net income was $25.8 million versus $27.0 million in fiscal 2013. After excluding transaction expenses, the Company generated record Adjusted net income of $38.6 million and Adjusted EPS of $1.20 per fully diluted common share in fiscal 2014 versus fiscal 2013 Adjusted net income of $28.8 million and Adjusted EPS of $0.91 per fully diluted common share. Foreign currency headwinds reduced fiscal 2014 Adjusted EPS by $0.03 per fully diluted share versus fiscal 2013. Our cash balance for fiscal 2014 grew 66%, from $43.8 million to $72.6 million. At the end of fiscal 2014 our total backlog was $84.8 million. On a pro forma basis, our backlog, excluding a large Greenfield project in the Canadian oil sands, grew 14% from $67.9 million at the end of fiscal 2013 to $77.6 million at the end of fiscal 2014.

Q4 2014 revenue of $67.5 million reflected a decrease of approximately 6% compared to revenue of $71.7 million in Q4 2013. Foreign currency negatively impacted Q4 2014 revenue by approximately $1.4 million and GAAP EPS by $0.02 per fully diluted share. Gross margin was 48.5% of revenue in Q4 2014 versus 44.5% in Q4 2013. MRO/UE revenue was 71% of total revenue in Q4 2014 with MRO/UE revenue growing 17% over Q4 2013. Adjusted EBITDA was $18.3 million in Q4 2014 versus $15.7 million generated in Q4 2013.

Q4 2014 net income of $9.6 million reflected an increase of $4.0 million versus $5.6 million generated in Q4 2013. Free cash flow for the quarter amounted to $0.27 per share versus $0.45 per share in Q4 2013.

OUTLOOK

The Company is introducing guidance for fiscal 2015 of mid-single digit revenue growth.

The following information was filed by Thermon Group Holdings, Inc. (THR) on Thursday, May 29, 2014 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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