Mpw Industrial Services (NASDAQ:MPWG)
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MPW Reports Fiscal First Quarter Results
HEBRON, Ohio, Nov. 15 /PRNewswire-FirstCall/ -- MPW Industrial Services Group,
Inc. (NASDAQ:MPWG) today announced total revenue of $22.8 million for the first
fiscal quarter ended September 30, 2004. Revenue was up $3.1 million from
$19.7 million for the quarter ended September 30, 2003. The Company reported
net income of $97 thousand, or $0.01 per share, for the first fiscal quarter
ended September 30, 2004, compared with a net loss of $(1.4) million, or
$(0.13) per share, for the same period last year.
CEO Comments
Monte Black, Chairman and Chief Executive Officer, commented, "While the
Company's revenue growth has not yet reached our targeted growth rate, I am
encouraged by the revenue improvement over the first quarter of the prior
year." Mr. Black added, "As we continue to increase our marketing and sales
efforts, especially with respect to cross-marketing our diverse service
offerings, I look forward to what we can accomplish over the coming fiscal
year."
Quarterly Discussion
The 16.1% increase in revenues to $22.8 million for the quarter ended September
30, 2004 was primarily the result of several non-recurring projects, combined
with additional base work and outage work for several new and existing
customers within the Industrial Cleaning and Facility Maintenance segment.
Income from operations was $0.4 million, or 2.0% as a percentage of revenue,
for the three months ended September 30, 2004 compared to a loss from
operations of $(2.2) million, or (11.3)% as a percentage of revenue, for the
three months ended September 30, 2003. The increase in operating income was
driven by improved revenues combined with decreased bad debt expense as the
prior year included a charge related to a customer that filed bankruptcy and
lower depreciation expense, slightly offset by increased incentive compensation
expense.
Corporate Profile
Founded in 1972, MPW Industrial Services Group, Inc. is a leading provider of
integrated, technically-based industrial cleaning and related facilities
support services in North America. MPW offers three principal service lines
that are integral to a wide variety of manufacturing processes. These three
service lines are industrial cleaning and facility maintenance, industrial
container cleaning and industrial process water purification.
Forward-Looking Statements
The statements contained in this news release that are forward-looking are
based on current expectations that are subject to a number of uncertainties and
risks, and actual results may differ materially. The uncertainties and risks
include, but are not limited to, competitive and other market factors, customer
purchasing behavior, general economic conditions and other facets of the
Company's business operations. Additional information about these and other
risks and uncertainties can be found in "Investment Considerations" in the
Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2004;
and in other documents the Company files or has filed with the Securities and
Exchange Commission. Further information may also be obtained at the Company's
Internet site: http://www.mpwservices.com/ .
MPW INDUSTRIAL SERVICES GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
September 30, June 30,
2004 2004
(unaudited)
ASSETS
Cash $1,295 $2,237
Accounts receivable, net 15,847 14,866
Inventories 2,181 2,119
Deferred income taxes 1,784 1,679
Prepaid expenses 738 1,070
Other current assets 34 2
Total current assets 21,879 21,973
Property and equipment, net 29,685 30,198
Goodwill 6,044 6,044
Other intangibles, net 6,146 6,284
Other assets 86 192
Total assets $63,840 $64,691
LIABILITIES
Accounts payable $3,013 $3,513
Accrued compensation and related taxes 2,091 1,902
Current maturities of long-term debt 1,247 1,261
Other accrued liabilities 5,621 5,608
Total current liabilities 11,972 12,284
Long-term debt 17,323 17,631
Deferred income taxes 3,136 3,447
Total liabilities 32,431 33,362
SHAREHOLDERS' EQUITY
Preferred stock, $0.01 par value;
5,000,000 shares authorized;
no shares issued and outstanding - -
Common stock, no par value;
30,000,000 shares authorized;
10,708,707 shares issued and outstanding
at September 30, 2004 and June 30, 2004,
respectively 107 107
Additional paid-in capital 40,921 40,921
Accumulated deficit (9,593) (9,690)
Accumulated other comprehensive loss (26) (9)
Total shareholders' equity 31,409 31,329
Total liabilities and shareholders'
equity $63,840 $64,691
MPW INDUSTRIAL SERVICES GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share data)
Three Months Ended
September 30,
2004 2003
(unaudited)
Revenues $22,825 $19,660
Cost of services (including depreciation) 18,038 17,017
Gross profit 4,787 2,643
Selling, general and administrative expenses 4,341 4,874
Income (loss) from operations 446 (2,231)
Interest expense, net 284 283
Income (loss) from operations before income
taxes (benefit) 162 (2,514)
Provision (benefit) for income taxes 65 (1,081)
Net income (loss) $97 $(1,433)
Net income (loss) per share, basic
and diluted $0.01 $(0.13)
Weighted average shares outstanding 10,709 10,944
Weighted average shares outstanding,
assuming dilution 10,768 10,944
DATASOURCE: MPW Industrial Services Group, Inc.
CONTACT: Robert Valentine, Vice President, Chief Operating Officer and
Chief Financial Officer of MPW Industrial Services Group, Inc.,
+1-740-927-8790
Web site: http://www.mpwservices.com/
Company News On-Call: http://www.prnewswire.com/comp/126032.html