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Hill International Reports First Quarter 2013 Financial Results; Record Revenues Drive 2,480% EBITDA Growth

Stocks in this article: HIL

MARLTON, N.J., May 2, 2013 (GLOBE NEWSWIRE) -- Hill International (NYSE:HIL), the global leader in managing construction risk, announced today financial results for the first quarter ended March 31, 2013 (see attached tables).

Total revenue for the first quarter of 2013 was a record $136.1 million, an increase of 17.5% from the first quarter of 2012. Consulting fee revenue for the first quarter of 2013 was a record $122.6 million, an increase of 23.5% from last year's first quarter.

EBITDA (as defined below) for the first quarter of 2013 was $9.5 million, a 2,479.9% increase from the first quarter of 2012. Operating profit for the first quarter was $7.4 million, a major turnaround from an operating loss of ($2.7 million) for the first quarter of last year. Net loss for the first quarter of 2013 was ($0.4 million), or ($0.01) per diluted share, compared to a net loss of ($6.7 million), or ($0.17) per diluted share, in the first quarter of 2012.

The company's total backlog at March 31, 2013 was $921 million essentially unchanged from $923 million at December 31, 2012. Twelve-month backlog at March 31, 2013 was $381 million, also flat compared to $382 million at December 31, 2012.

"We had a much-improved first quarter this year," said Irvin E. Richter, Hill's Chairman and Chief Executive Officer. "While the company still had a small loss for the quarter, our strong revenue growth and continued focus on minimizing our overhead costs have our earnings headed in a positive direction," added Richter.

Business Segment Results

In addition to providing consolidated financial results, Hill also reports separate financial results for its two operating segments: the Project Management Group and the Construction Claims Group.

Project Management Group . Hill's Project Management Group provides program management, project management, construction management, project management oversight, troubled project turnaround, staff augmentation, project labor agreement consulting, commissioning, estimating and cost management, and labor compliance services.

Total revenue at Hill's Projects Group during the first quarter of 2013 was a record $107.6 million, an increase of 20.8% from the first quarter of 2012. Consulting fee revenue for the first quarter at the Projects Group was a record $95.0 million, an increase of 29.9% from the prior year's first quarter. Operating profit for the Projects Group for the first quarter was $12.4 million, an increase of 247.6% from the first quarter of last year.

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