Mpw Industrial Services (NASDAQ:MPWG)
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MPW Reports Fiscal Second Quarter Results
HEBRON, Ohio, Feb. 14 /PRNewswire-FirstCall/ -- MPW Industrial Services Group,
Inc. (NASDAQ:MPWG) today announced total revenue of $23.0 million for the
second fiscal quarter ended December 31, 2004. Revenue increased $0.7 million
from $22.3 million for the quarter ended December 31, 2003. The Company
reported a net loss of $(23) thousand, or $0.00 per share, for the second
fiscal quarter ended December 31, 2004, compared with a net loss of $(0.6)
million, or $(0.05) per share, for the same period last year.
CEO Comments
Monte Black, Chairman and Chief Executive Officer, commented, "While the
Company's revenue has continued to grow over previous quarters, I am still not
satisfied with our top line performance." Mr. Black added, "We are continuing
to place significant emphasis on our sales and marketing efforts to increase
our revenues and overall profitability."
Quarterly Discussion
The 3.2% increase in revenues to $23.0 million for the quarter ended December
31, 2004 was primarily the result of increased base load work from new and
existing customers, combined with new business from an acquisition in the
Industrial Cleaning and Facility Maintenance and Support Services segments,
slightly offset by a decrease in revenues in the Industrial Container Cleaning
segment primarily driven by lower volumes due to a slowdown in the automotive
industry."
Income from operations was $0.2 million, or 0.9% as a percentage of revenue,
for the three months ended December 31, 2004 compared to a loss from operations
of $(29) thousand, or (0.1)% as a percentage of revenue, for the three months
ended December 31, 2003. The increase in operating income was driven by
improved revenues combined with decreased operating supply costs due to better
inventory utilization, lower workers compensation costs and lower depreciation
expense, slightly offset by increased compensation expense and higher fuel
costs.
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 four principal service lines
that are integral to a wide variety of manufacturing processes. These four
service lines are industrial cleaning, facility maintenance and support
services, 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)
December 31, June 30,
2004 2004
(unaudited)
ASSETS
Cash $725 $2,237
Accounts receivable, net 15,771 14,866
Inventories 2,351 2,119
Deferred income taxes 1,813 1,679
Prepaid expenses 1,128 1,070
Other current assets 73 2
Total current assets 21,861 21,973
Property and equipment, net 29,093 30,198
Goodwill 6,044 6,044
Other intangibles, net 6,904 6,284
Other assets 194 192
Total assets $64,096 $64,691
LIABILITIES
Accounts payable $3,926 $3,513
Accrued compensation and related taxes 1,981 1,902
Current maturities of long-term debt 1,237 1,261
Other accrued liabilities 5,552 5,608
Total current liabilities 12,696 12,284
Long-term debt 17,017 17,631
Deferred income taxes 2,871 3,447
Total liabilities 32,584 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 December 31, 2004
and June 30, 2004, respectively 107 107
Additional paid-in capital 40,921 40,921
Accumulated deficit (9,616) (9,690)
Accumulated other comprehensive
income (loss) 100 (9)
Total shareholders' equity 31,512 31,329
Total liabilities and
shareholders' equity $64,096 $64,691
MPW INDUSTRIAL SERVICES GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share data)
Three Months Ended Six Months Ended
December 31, December 31,
2004 2003 2004 2003
(unaudited)
Revenues $23,035 $22,315 $45,860 $41,975
Cost of services (including
depreciation) 18,366 18,090 36,404 35,107
Gross profit 4,669 4,225 9,456 6,868
Selling, general and administrative
expenses 4,458 4,254 8,799 9,128
Income (loss) from operations 211 (29) 657 (2,260)
Interest expense, net 263 278 547 561
Income (loss) from operations before
income taxes (benefit) (52) (307) 110 (2,821)
Provision (benefit) for income taxes (29) 263 36 (818)
Net income (loss) $(23) $(570) $74 $(2,003)
Net income (loss) per share, basic
and diluted $- $(0.05) $0.01 $(0.18)
Weighted average shares outstanding 10,709 10,951 10,709 10,947
Weighted average shares outstanding,
assuming dilution 10,709 10,951 10,786 10,947
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