PRINCETON JUNCTION, NJ - Mistras Group Inc. reported financial results for the first quarter of fiscal 2010, which ended August 31, 2009. Revenues were $56.1 million, a 19.3% increase compared to the first quarter of fiscal 2009. Adjusted EBITDA for the quarter was $7 million, which was nearly identical to its results in the first quarter of fiscal 2009. Net income attributable to Mistras Group Inc. was $0.8 million as compared to $1.5 million during the first quarter of fiscal 2009.
Key highlights for the quarter included:
Growth in Services segment revenues of 27.7%
Consolidated income from operations of $2.8 million
New enterprise-wide PCMS software sales and several multi-year service contracts obtained during the quarter
Two acquisitions completed providing additional skilled service technicians and complementary technologies
"Customer acceptance of our unique and comprehensive asset protection solutions provided us with solid first quarter growth. Our strong services growth was driven by several new multi-year contracts, continued growth in our mechanical integrity services, and acquisitions."
"This revenue growth was offset by decreases in our products and systems and international segments, which together represent approximately 20% of our total revenues. While the economy had a greater impact in these segments, we see considerable proposal activity and have multiple revenue opportunities, especially given our strategy for international expansion and additional market growth created by our development of new technologies and customer solutions," says Chairman and Chief Executive Officer Dr. Sotirios J. Vahaviolos.
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