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Mistras Group Delivers Strong Fiscal 2012 Revenue And Earnings Growth

PRINCETON JUNCTION, N.J., Aug. 8, 2012 (GLOBE NEWSWIRE) -- Mistras Group, Inc. (NYSE:MG), a leading "one source" global provider of technology-enabled asset protection solutions, today reported financial results for its fiscal year and fourth quarter ending May 31, 2012. Revenue for fiscal 2012 was $436.9 million and net income was $21.4 million, or $0.74 per diluted share.

Fiscal 2012 Financial Highlights:

  • Revenue of $436.9 million increased 29%; organic revenue growth was 16%.
  • Achieved double digit growth in all three business segments.
  • Adjusted EBITDA*, a non-GAAP measure detailed later in this release, increased 25% to $65.2 million.
  • Adjusted Net Income*, a non-GAAP measurement detailed later in this release, increased 31% to $21.8 million, or $0.76 per diluted share.
  • Ended fiscal 2012 with $8.4 million in cash, $50.9 million in net debt and $100.0 million available on the revolving credit facility.
  • SG&A as a percent of revenues was 19.0%, versus 19.5% in fiscal 2011.

Fourth Quarter 2012 Financial Highlights:

  • Revenue was $127.1 million, an increase of 24% from the fourth quarter of fiscal 2011.
  • Adjusted EBITDA* increased 11% to $19.3 million.
  • Adjusted Net Income* was $7.1 million, or $0.25 per diluted share.

Chairman and Chief Executive Officer, Dr. Sotirios J. Vahaviolos stated, "I am very proud that Mistras completed the year with its best performance on record. Fiscal 2012 was another excellent year for Mistras, as we once again achieved growth of more than 20% in revenue, Adjusted EBITDA*, operating income and net income. We continue to be pleased with the momentum of our business, especially the revenue growth we achieved across all of our end-user markets."

"While we fell short of our fourth quarter margin goals, which were largely impacted by timing, we expect to increase operating leverage in fiscal 2013," Vahaviolos added. "The fundamentals of our business are strong and I am confident in our prospects going forward and believe we will continue to deliver solid results and double digit growth in revenue and profitability. We are very pleased with our cash flow and liquidity, which can help facilitate accretive investments and acquisitions in fiscal 2013."

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