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Hill International Reports Fourth Quarter And Full Year 2012 Financial Results

MARLTON, N.J., March 11, 2013 (GLOBE NEWSWIRE) -- Hill International (NYSE:HIL), the global leader in managing construction risk, announced today financial results for the fourth quarter and full year ended December 31, 2012 (see attached tables).

Total revenue for the fourth quarter of 2012 was $125.7 million, an increase of 2.5% from $122.6 million for the fourth quarter of 2011. Consulting fee revenue for the fourth quarter of 2012 was a record $110.8 million, an increase of 11.2% from $99.6 million for the fourth quarter of 2011.

Earnings before interest, taxes, depreciation and amortization (EBITDA) for the fourth quarter of 2012 were $2.2 million, down 5.6% from $2.3 million in the fourth quarter of 2011. Operating loss for the fourth quarter was ($0.3 million) compared to an operating loss of ($1.3 million) in the year earlier quarter. Net loss in the fourth quarter of 2012 was ($22.5 million), or ($0.58) per diluted share, compared to a net loss of ($0.6 million) in the fourth quarter of 2011, or ($0.02) per diluted share.

During the fourth quarter of 2012, there were non-cash charges totaling $23.1 million that adversely impacted Hill's financial results. These charges included the following:
  • $17.7 million as a result of a reserve on the entire valuation of Hill's U.S. deferred tax asset;
  • $4.0 million as a result of a reserve taken in connection with contingent employment tax liability for certain foreign subsidiaries;
  • $1.0 million in connection with the termination of operations by the company's majority-owned subsidiary HillStone International, LLC;
  • $0.2 million as a result of the write-off of an investment in a terminated Middle East real estate development joint venture; and
  • $0.2 million as a result of a litigation settlement in connection with a terminated U.S. real estate development joint venture.

Excluding the impact of the above non-cash charges, for the fourth quarter of 2012 EBITDA would have been $6.4 million, operating profit would have been $4.1 million and net loss would have been ($1.7 million), or ($0.04) per diluted share.

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