• About Us
  • Privacy Policy
  • Subscribe
  • Contact Us
  • Report Spam
  • Site Security
  • Anti-Spam Policy
  • Terms and Conditions
  • Unsubscribe us
Loans Path
  • Home
  • Refinance
    HPS hires nurses, needs to amend budget |

    HPS hires nurses, needs to amend budget |

    Too much business for lenders reduces customer satisfaction

    Too much business for lenders reduces customer satisfaction

    Satisfaction of Mortgage Originators Falls in Q2 2019

    Satisfaction of Mortgage Originators Falls in Q2 2019

    Williams Industrial Services Group Reports Third Quarter 2019 Financial Results

    Williams Industrial Services Group Reports Third Quarter 2019 Financial Results

    Mortgage rates today, November 14, 2019, plus lock recommendations

    Mortgage rates today, November 14, 2019, plus lock recommendations

    Mortgage Rates Rise Again — but Don’t Anybody Panic

    Mortgage Rates Rise Again — but Don’t Anybody Panic

  • Payday Loan
    Free Market Institute hosts lecture on credit, Loan Shark Prevention Act | News

    Free Market Institute hosts lecture on credit, Loan Shark Prevention Act | News

    How to Get Out of Payday Loan Debt Now

    How to Get Out of Payday Loan Debt Now

    ‘People Are Hurting’: Why Cori Bush Is Making Another Congressional Run

    ‘People Are Hurting’: Why Cori Bush Is Making Another Congressional Run

    BNZ has payday lenders it ‘wants to stop’ among its customers

    BNZ has payday lenders it ‘wants to stop’ among its customers

    Wisconsin Congressman Behind Bipartisan Push To Crack Down On Payday Lenders

    Wisconsin Congressman Behind Bipartisan Push To Crack Down On Payday Lenders

    City eyes new rules for payday loan businesses

    City eyes new rules for payday loan businesses

  • Personal Fiance
    Family of Elizabeth Holmes’ fiancé worry she has ‘brainwashed’ him: source

    Family of Elizabeth Holmes’ fiancé worry she has ‘brainwashed’ him: source

    Ashley Martson & Her Ex-Boyfriend on 90 Day Fiance: Happily Ever After

    Ashley Martson & Her Ex-Boyfriend on 90 Day Fiance: Happily Ever After

    Mursel Explains the Big Secret He’s Been Keeping About His Relationship With Anna

    Mursel Explains the Big Secret He’s Been Keeping About His Relationship With Anna

    The Other Way’ Couple Paul Staehle and Karine Martins Split

    The Other Way’ Couple Paul Staehle and Karine Martins Split

    Danielle Jbali Rocks Sexy Outfit After Weight Loss

    Danielle Jbali Rocks Sexy Outfit After Weight Loss

    Christie Brinkley’s ex, Peter Cook, 60, reportedly lying about young fiancée’s real age

    Christie Brinkley’s ex, Peter Cook, 60, reportedly lying about young fiancée’s real age

    Trending Tags

    • Best iPhone 7 deals
    • Apple Watch 2
    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • iOS 10
    • iPhone 7
    • Sillicon Valley
  • Mortage
    Varanasi Shops Are Giving Onions On Loans & Keeping Aadhaar & Silver Jewellery As Mortgage

    Varanasi Shops Are Giving Onions On Loans & Keeping Aadhaar & Silver Jewellery As Mortgage

    Netherlands roundup: ICT scheme to continue pensions accrual with PNO Media | News

    Netherlands roundup: ICT scheme to continue pensions accrual with PNO Media | News

    Perseverance, service earn Jackson family Habitat for Humanity award

    Perseverance, service earn Jackson family Habitat for Humanity award

    How Much Of An Impact Does The Mortgage Interest Tax Deduction Really Make?

    Santa sightings and Christmas tunes: A 2019 guide to the Jackson area holiday events

    Santa sightings and Christmas tunes: A 2019 guide to the Jackson area holiday events

    CASEY: Laid off after 62 years on the job | News

    CASEY: Laid off after 62 years on the job | News

  • Cash Advance
    Alberta MPs meet to assist farmers struggling with harvest

    Alberta MPs meet to assist farmers struggling with harvest

    Edited Transcript of AAP earnings conference call or presentation 12-Nov-19 1:00pm GMT

    Local lawmakers weigh in on Wiseman NCAA decision

    Local lawmakers weigh in on Wiseman NCAA decision

    UCPath payment issues lead to student protests, causing administrative response

    UCPath payment issues lead to student protests, causing administrative response

    Berkshire Hills Golf Course Christmas lighting display falls short on charity giving

    Berkshire Hills Golf Course Christmas lighting display falls short on charity giving

    La Cosa Nostra mobster who staged robbery of N.J. pawn shop, dealt meth is going to prison

    La Cosa Nostra mobster who staged robbery of N.J. pawn shop, dealt meth is going to prison

No Result
View All Result
  • Home
  • Refinance
    HPS hires nurses, needs to amend budget |

    HPS hires nurses, needs to amend budget |

    Too much business for lenders reduces customer satisfaction

    Too much business for lenders reduces customer satisfaction

    Satisfaction of Mortgage Originators Falls in Q2 2019

    Satisfaction of Mortgage Originators Falls in Q2 2019

    Williams Industrial Services Group Reports Third Quarter 2019 Financial Results

    Williams Industrial Services Group Reports Third Quarter 2019 Financial Results

    Mortgage rates today, November 14, 2019, plus lock recommendations

    Mortgage rates today, November 14, 2019, plus lock recommendations

    Mortgage Rates Rise Again — but Don’t Anybody Panic

    Mortgage Rates Rise Again — but Don’t Anybody Panic

  • Payday Loan
    Free Market Institute hosts lecture on credit, Loan Shark Prevention Act | News

    Free Market Institute hosts lecture on credit, Loan Shark Prevention Act | News

    How to Get Out of Payday Loan Debt Now

    How to Get Out of Payday Loan Debt Now

    ‘People Are Hurting’: Why Cori Bush Is Making Another Congressional Run

    ‘People Are Hurting’: Why Cori Bush Is Making Another Congressional Run

    BNZ has payday lenders it ‘wants to stop’ among its customers

    BNZ has payday lenders it ‘wants to stop’ among its customers

    Wisconsin Congressman Behind Bipartisan Push To Crack Down On Payday Lenders

    Wisconsin Congressman Behind Bipartisan Push To Crack Down On Payday Lenders

    City eyes new rules for payday loan businesses

    City eyes new rules for payday loan businesses

  • Personal Fiance
    Family of Elizabeth Holmes’ fiancé worry she has ‘brainwashed’ him: source

    Family of Elizabeth Holmes’ fiancé worry she has ‘brainwashed’ him: source

    Ashley Martson & Her Ex-Boyfriend on 90 Day Fiance: Happily Ever After

    Ashley Martson & Her Ex-Boyfriend on 90 Day Fiance: Happily Ever After

    Mursel Explains the Big Secret He’s Been Keeping About His Relationship With Anna

    Mursel Explains the Big Secret He’s Been Keeping About His Relationship With Anna

    The Other Way’ Couple Paul Staehle and Karine Martins Split

    The Other Way’ Couple Paul Staehle and Karine Martins Split

    Danielle Jbali Rocks Sexy Outfit After Weight Loss

    Danielle Jbali Rocks Sexy Outfit After Weight Loss

    Christie Brinkley’s ex, Peter Cook, 60, reportedly lying about young fiancée’s real age

    Christie Brinkley’s ex, Peter Cook, 60, reportedly lying about young fiancée’s real age

    Trending Tags

    • Best iPhone 7 deals
    • Apple Watch 2
    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • iOS 10
    • iPhone 7
    • Sillicon Valley
  • Mortage
    Varanasi Shops Are Giving Onions On Loans & Keeping Aadhaar & Silver Jewellery As Mortgage

    Varanasi Shops Are Giving Onions On Loans & Keeping Aadhaar & Silver Jewellery As Mortgage

    Netherlands roundup: ICT scheme to continue pensions accrual with PNO Media | News

    Netherlands roundup: ICT scheme to continue pensions accrual with PNO Media | News

    Perseverance, service earn Jackson family Habitat for Humanity award

    Perseverance, service earn Jackson family Habitat for Humanity award

    How Much Of An Impact Does The Mortgage Interest Tax Deduction Really Make?

    Santa sightings and Christmas tunes: A 2019 guide to the Jackson area holiday events

    Santa sightings and Christmas tunes: A 2019 guide to the Jackson area holiday events

    CASEY: Laid off after 62 years on the job | News

    CASEY: Laid off after 62 years on the job | News

  • Cash Advance
    Alberta MPs meet to assist farmers struggling with harvest

    Alberta MPs meet to assist farmers struggling with harvest

    Edited Transcript of AAP earnings conference call or presentation 12-Nov-19 1:00pm GMT

    Local lawmakers weigh in on Wiseman NCAA decision

    Local lawmakers weigh in on Wiseman NCAA decision

    UCPath payment issues lead to student protests, causing administrative response

    UCPath payment issues lead to student protests, causing administrative response

    Berkshire Hills Golf Course Christmas lighting display falls short on charity giving

    Berkshire Hills Golf Course Christmas lighting display falls short on charity giving

    La Cosa Nostra mobster who staged robbery of N.J. pawn shop, dealt meth is going to prison

    La Cosa Nostra mobster who staged robbery of N.J. pawn shop, dealt meth is going to prison

No Result
View All Result
Loans Path
No Result
View All Result

Williams Industrial Services Group Reports Third Quarter 2019 Financial Results

Home Refinance
Share on FacebookShare on Twitter


ATLANTA–(BUSINESS WIRE)–Williams Industrial Companies Group Inc. (OTCQX: WLMS) (“Williams” or the “Firm”), a building and upkeep companies firm, right this moment reported its monetary outcomes for its third quarter and 9 months ended September 30, 2019. Until in any other case famous, quantities and disclosures all through this launch relate to persevering with operations.

Tracy Pagliara, President and CEO of Williams, commented, “Our third quarter outcomes are validation that we’re on monitor to fulfill our 2019 targets, as follows:

  • Obtain our 2019 monetary steering;
  • Develop significant backlog with a extra diversified income base, in step with our strategic plan;
  • Refinance our debt with a purpose to capitalize on the numerous potential to scale our enterprise; and
  • Strengthen our company infrastructure to additional advance our strategic plan, together with our deliberate uplisting to a significant change in 2020 to drive better shareholder worth.

We’re on monitor at nine-months into 2019 to realize our income and adjusted EBITDA expectations. Importantly, because the finish of the third quarter, we’ve got been diligently working to finalize orders that might increase our whole backlog by yr finish to roughly $465 million to $515 million, together with convertible backlog for 2020 of roughly $195 million to $215 million.”

Mr. Pagliara added, “We’re aggressively pursuing the completion of our debt refinancing to supply extra working capital to fund our strategic progress initiatives and the sturdy demand for our companies. The refinancing course of is anticipated to be accomplished by yr finish. As well as, we even have filed a registration assertion for a $7.zero million rights providing with a full backstop by our largest shareholder. The proceeds from the rights providing will present extra working capital for our progress.”

Third Quarter 2019 Monetary Outcomes Overview (in contrast with the prior-year interval except famous in any other case)

Third Quarter 2019 Income Bridge*

(in thousands and thousands)

 

$ Change

Third quarter 2018 income

 

$

 

 

53.5

 

Canada

 

 

5.zero

 

Web change in venture income

 

 

zero.1

 

Timing associated to Plant Vogtle Models three and four

 

 

(zero.three

)

Timing of decommissioning tasks

 

 

(1.four

)

Complete change

 

 

three.four

 

Third quarter 2019 income

 

$

 

 

56.9

 

*Numbers might not sum resulting from rounding

Income within the third quarter grew $three.four million, or 6.three%, as progress in Canada and different nuclear companies and fossil gasoline venture exercise greater than offset fluctuations in demand from timing on venture engagements in decommissioning and different markets. The expansion in nuclear venture exercise in Canada was the results of the Firm coming into this new finish market throughout 2018.

Gross revenue was $6.zero million, or 10.5% of income, in contrast with $10.2 million, or 19.1% of income. Final yr’s third quarter gross revenue and margin included the early termination of a fixed-price nuclear venture that contributed $three.three million to gross revenue. As well as, gross revenue and margin within the 2019 third quarter had been impacted by a $1.three million loss on a fixed-price fossil venture.

Working bills had been $5.2 million, down $four.three million, or 45.2%. As a proportion of income, promoting, basic and administrative bills (“SG&A”) had been 9.1%. The appreciable discount in bills was the results of the finished restructuring achievements in 2018, together with $1.four million decrease compensation and different worker associated bills. The third quarter of 2018 additionally had $1.four million of restructuring bills.

Curiosity expense was $1.5 million for the quarter in contrast with $three.6 million within the prior-year interval, reflecting decrease rates of interest.

Yr-to-Date 2019 Monetary Outcomes Overview (in contrast with the prior-year interval except famous in any other case)

Yr-to-Date 2019 Income Bridge*

 

 

 

 

(in thousands and thousands)

 

$ Change

2018 income

 

$

 

144.6

 

Timing of scheduled outage

 

 

16.7

 

Web change in venture income

 

 

13.5

 

Canada

 

 

11.zero

 

Timing associated to Plant Vogtle Models three and four

 

 

(zero.6

)

Timing of decommissioning tasks

 

 

(6.2

)

Complete change

 

 

34.four

 

2019 income

 

$

 

179.zero

 

*Numbers might not sum resulting from rounding

Income for the primary 9 months of 2019 was up $34.four million, or 23.eight%, primarily resulting from work associated to a scheduled nuclear outage within the second quarter, progress from entry into the nuclear trade in Canada, enlargement into the midstream oil & fuel trade and elevated income from different nuclear tasks. This progress was partially offset by decrease income from decommissioning resulting from timing of a buyer’s venture.

Gross revenue was $21.eight million, down $1.6 million from the prior-year interval. Gross margin was 12.2% and 16.2%, within the 2019 and 2018 intervals, respectively. The decline in gross margin from the prior-year interval was for causes much like the quarter, primarily the early termination of a lump sum nuclear venture that contributed $three.four million to gross revenue within the 2018 nine-month interval.

Working bills had been down $10.2 million to $17.zero million, due largely to the discount in employee-related bills, together with severance, from the restructuring that was accomplished on the finish of 2018, and decreased skilled charges associated to restructuring and the Firm’s restatement course of. As a proportion of income, SG&A was 9.four%.

Stability Sheet

As of September 30, 2019, Williams had $2.5 million in money, together with restricted money. Throughout 2018, the Firm refinanced its term-debt facility with a four-year, $35.zero million time period mortgage and in addition secured a three-year, $15.zero million revolving credit score facility.

The Firm plans to refinance its debt by the tip of 2019 to supply better capability to fund its progress initiatives. Williams individually introduced the submitting of a registration assertion for a $7.zero million rights providing with a full backstop dedication by the Firm’s largest shareholder.

Backlog

 

 

 

 

 

 

 

 

 

Three Months Ended

September 30, 2019

 

9 Months Ended

September 30, 2019

Backlog – starting of interval

 

$

409,zero19

 

$

501,604

New awards

 

 

11,661

 

 

30,844

Changes and cancellations, internet

 

 

26,815

 

 

37,165

Income acknowledged

 

 

(56,862)

 

 

(178,980)

Backlog – finish of interval

 

$

390,633

 

$

390,633

Complete backlog as of September 30, 2019 was $390.6 million, in contrast with $409.zero million at June 30, 2019 and $501.6 million at December 31, 2018. The discount in backlog from the tip of 2018 primarily resulted from the work accomplished on a buyer’s deliberate nuclear outage and completion of a number of tasks within the quarter and 9 month interval.

Williams estimates that roughly $151.three million, or 38.7% of whole backlog, will likely be transformed to income within the subsequent twelve months. This compares with $138.three million of backlog at June 30, 2019, and $173.three million of backlog at December 31, 2018, that the Firm anticipated could be transformed to income over the succeeding twelve-month interval.

Based mostly on new awards, pending buy orders and anticipated pipeline wins within the fourth quarter, Williams expects whole backlog at yr finish to be roughly $465 million to $515 million, together with convertible backlog for 2020 of roughly $195 million to $215 million.

Outlook

 

 

2019 Steerage

Income:

$230 million to $240 million, 24% year-over-year progress at

midpoint of vary

Gross margin:

11% to 13%

SG&A:

eight% to 9% of income

Adjusted EBITDA (from persevering with

operations)*:

$10 million to $12 million

*See Observe 1—Non-GAAP Monetary Measures for data relating to using adjusted EBITDA and forward-looking non-GAAP monetary measures.

Mr. Pagliara concluded, “After the profitable restructuring of our enterprise in 2018, we started this yr with nice optimism and resolve to take Williams to the following degree. After finalizing our strategic plan in early January, we’ve got vigorously pursued our targets for 2019 to advance that plan. We stay on monitor to fulfill every of these targets. Amongst different issues, the anticipated diversified progress in our backlog by yr finish is a validation of the power of our plan and the dedication of our management group to satisfy the large potential of Williams. To that finish, we plan to finish 2019 sturdy and for 2020 to be one other yr of income and profitability progress to reward our shareholders for his or her continued persistence and assist.”

Webcast and Teleconference

The Firm will host a convention name on Friday, November 15, 2019, at 10:00 a.m. Japanese time. A webcast of the decision and an accompanying slide presentation will likely be out there at www.wisgrp.com. To entry the convention name by phone, listeners ought to dial 201-493-6780.

An audio replay of the decision will likely be out there from 1:00 p.m. Japanese time on the day of the teleconference till the tip of day on November 29, 2019. To take heed to the audio replay, dial 412-317-6671 and enter convention ID quantity 13696050. Alternatively, chances are you’ll entry the webcast replay at http://ir.wisgrp.com/, the place a transcript will likely be posted as soon as out there.

About Williams

Williams Industrial Companies Group has been safely serving to plant house owners and operators improve asset worth for greater than 50 years. The Firm gives a broad vary of building, upkeep and modification, and assist companies to prospects in power, energy and industrial finish markets. Williams’ mission is to be the popular supplier of building, upkeep, and specialty companies via dedication to superior security efficiency, concentrate on innovation, and dedication to delivering unsurpassed worth to its prospects.

Further details about Williams might be discovered on its web site: www.wisgrp.com.

Ahead-looking Assertion Disclaimer

This press launch incorporates “forward-looking statements” throughout the that means of the time period set forth within the Personal Securities Litigation Reform Act of 1995. The forward-looking statements embody statements or expectations relating to the Firm’s potential to understand alternatives and efficiently obtain its progress and strategic initiatives, corresponding to midstream oil & fuel alternatives, water-related tasks and enlargement into Canada, in addition to expectations for future progress of income, profitability and earnings, together with the Firm’s potential to develop its core enterprise, increase its buyer base, enhance backlog and convert backlog to income, in addition to income, profitability and earnings, the Firm’s potential to refinance its current debt and to consummate the proposed rights providing, the Firm’s potential to uplist to a significant change in 2020, the persevering with affect of the Firm’s price discount, reorganization and restructuring efforts, expectations referring to the Firm’s efficiency, anticipated work within the power and industrial markets, and different associated issues. These statements mirror the Firm’s present views of future occasions and monetary efficiency and are topic to quite a lot of dangers and uncertainties, together with its potential to adjust to the phrases of its debt devices and entry letters of credit score, potential to implement strategic initiatives, enterprise plans, and liquidity plans, and talent to implement and keep efficient inside management over monetary reporting and disclosure controls and procedures. Precise outcomes, efficiency or achievements might differ materially from these expressed or implied within the forward-looking statements. Further dangers and uncertainties that would trigger or contribute to such materials variations embody, however usually are not restricted to, lowered want for building or upkeep companies within the Firm’s focused markets, or elevated regulation of such markets, lack of any of the Firm’s main prospects, whether or not pursuant to the lack of pending or future bids for both new enterprise or an extension of current enterprise, termination of buyer or vendor relationships, price will increase and venture price overruns, unexpected schedule delays, poor efficiency by its subcontractors, cancellation of tasks, competitors, together with opponents being awarded enterprise by present prospects, injury to the Firm’s fame, guarantee or product legal responsibility claims, elevated publicity to environmental or different liabilities, failure to adjust to varied legal guidelines and rules, failure to draw and retain highly-qualified personnel, lack of buyer relationships with vital personnel, volatility of the Firm’s inventory worth, deterioration or uncertainty of credit score markets, and adjustments within the financial, social and political situations in america, together with the banking setting or financial coverage.

Different vital elements that will trigger precise outcomes to vary materially from these expressed within the forward-looking statements are mentioned within the Firm’s filings with the U.S. Securities and Alternate Fee, together with the part of the Annual Report on Kind 10-Ok for its 2018 fiscal yr titled “Threat Components.” Any forward-looking assertion speaks solely as of the date of this press launch. Besides as could also be required by relevant regulation, the Firm undertakes no obligation to publicly replace or revise any forward-looking statements, whether or not on account of new data, future occasions or in any other case, and you’re cautioned to not rely on them unduly.

1

See NOTE 1—Non-GAAP Monetary Measures within the connected tables for vital disclosures relating to Williams’ use of adjusted EBITDA, in addition to a reconciliation of revenue (loss) from persevering with operations to adjusted EBITDA.

Monetary Tables Comply with.

 

WILLIAMS INDUSTRIAL SERVICES GROUP INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30,

 

9 Months Ended September 30,

($ in hundreds, besides share and per share quantities)

 

2019

 

2018

 

2019

 

2018

Income

 

$

 

56,862

 

 

$

 

53,467

 

 

$

 

178,980

 

 

$

 

144,563

 

Price of income

 

 

50,906

 

 

 

43,255

 

 

 

157,150

 

 

 

121,154

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross revenue

 

 

5,956

 

 

 

10,212

 

 

 

21,830

 

 

 

23,409

 

Gross margin

 

 

10.5

%

 

 

19.1

%

 

 

12.2

%

 

 

16.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Promoting and advertising and marketing bills

 

 

63

 

 

 

397

 

 

 

468

 

 

 

1,299

 

Common and administrative bills

 

 

5,091

 

 

 

7,529

 

 

 

16,327

 

 

 

21,645

 

Restructuring prices

 

 

—

 

 

1,436

 

 

 

—

 

 

three,661

 

Depreciation and amortization expense

 

 

77

 

 

 

192

 

 

 

225

 

 

 

633

 

Complete working bills

 

 

5,231

 

 

 

9,554

 

 

 

17,020

 

 

 

27,238

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Working revenue (loss)

 

 

725

 

 

 

658

 

 

 

four,810

 

 

 

(three,829

)

Working margin

 

 

1.three

%

 

 

1.2

%

 

 

2.7

%

 

 

(2.6

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

Curiosity expense, internet

 

 

1,511

 

 

 

three,622

 

 

 

four,504

 

 

 

7,397

 

Different (revenue) expense, internet

 

 

(485

)

 

 

(339

)

 

 

(1,153

)

 

 

(844

)

Complete different (revenue) bills, internet

 

 

1,026

 

 

 

three,283

 

 

 

three,351

 

 

 

6,553

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue (loss) from persevering with operations earlier than revenue

tax

 

 

(301

)

 

 

(2,625

)

 

 

1,459

 

 

 

(10,382

)

Revenue tax expense (profit)

 

 

62

 

 

 

215

 

 

 

141

 

 

 

720

 

Revenue (loss) from persevering with operations

 

 

(363

)

 

 

(2,840

)

 

 

1,318

 

 

 

(11,102

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss from discontinued operations earlier than revenue tax

 

 

(54

)

 

 

(10,619

)

 

 

(175

)

 

 

(14,522

)

Revenue tax expense (profit)

 

 

(97

)

 

 

17

 

 

 

(845

)

 

 

(666

)

Revenue (loss) from discontinued operations

 

 

43

 

 

 

(10,636

)

 

 

670

 

 

 

(13,856

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Web revenue (loss)

 

$

 

(320

)

 

$

 

(13,476

)

 

$

 

1,988

 

 

$

 

(24,958

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Primary earnings (loss) per frequent share

 

 

 

 

 

 

 

 

 

 

 

 

Revenue (loss) from persevering with operations

 

$

 

(zero.02

)

 

$

 

(zero.16

)

 

$

 

zero.07

 

 

$

 

(zero.61

)

Revenue (loss) from discontinued operations

 

 

–

 

 

 

(zero.58

)

 

 

zero.04

 

 

 

(zero.76

)

Primary earnings (loss) per frequent share

 

$

 

(zero.02

)

 

$

 

(zero.74

)

 

$

 

zero.11

 

 

$

 

(1.37

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings (loss) per frequent share

 

 

 

 

 

 

 

 

 

 

 

 

Revenue (loss) from persevering with operations

 

$

 

(zero.02

)

 

$

 

(zero.16

)

 

$

 

zero.07

 

 

$

 

(zero.61

)

Revenue (loss) from discontinued operations

 

 

–

 

 

 

(zero.58

)

 

 

zero.03

 

 

 

(zero.76

)

Diluted earnings (loss) per frequent share

 

$

 

(zero.02

)

 

$

 

(zero.74

)

 

$

 

zero.10

 

 

$

 

(1.37

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted common frequent shares excellent (fundamental)

 

 

18,732,402

 

 

 

18,315,180

 

 

 

18,653,301

 

 

 

18,164,141

 

Weighted common frequent shares excellent (diluted)

 

 

18,732,402

 

 

 

18,315,180

 

 

 

18,976,619

 

 

 

18,164,141

 

 

WILLIAMS INDUSTRIAL SERVICES GROUP INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

 

 

 

 

 

 

 

($ in hundreds, besides share and per share quantities)

 

September 30, 2019

 

December 31, 2018

ASSETS

 

 

 

 

 

 

Present belongings:

 

 

 

 

 

 

Money and money equivalents

 

$

 

2,zero04

 

 

$

 

four,475

 

Restricted money

 

 

468

 

 

 

467

 

Accounts receivable, internet of allowance of $193 and $140,

respectively

 

 

30,514

 

 

 

22,724

 

Contract belongings

 

 

12,377

 

 

 

eight,218

 

Different present belongings

 

 

three,653

 

 

 

1,735

 

Complete present belongings

 

 

49,zero16

 

 

 

37,619

 

 

 

 

 

 

 

 

Property, plant and gear, internet

 

 

285

 

 

 

335

 

Goodwill

 

 

35,400

 

 

 

35,400

 

Intangible belongings, internet

 

 

12,500

 

 

 

12,500

 

Different long-term belongings

 

 

eight,752

 

 

 

1,650

 

Complete belongings

 

$

 

105,953

 

 

$

 

87,504

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

Present liabilities:

 

 

 

 

 

 

Accounts payable

 

$

 

10,969

 

 

$

 

2,953

 

Accrued compensation and advantages

 

 

9,233

 

 

 

10,859

 

Contract liabilities

 

 

5,317

 

 

 

three,278

 

Brief-term borrowings

 

 

three,898

 

 

 

three,274

 

Present portion of long-term debt

 

 

700

 

 

 

525

 

Different present liabilities

 

 

9,807

 

 

 

5,518

 

Present liabilities of discontinued operations

 

 

342

 

 

 

640

 

Complete present liabilities

 

 

40,266

 

 

 

27,047

 

Lengthy-term debt, internet

 

 

32,738

 

 

 

32,978

 

Deferred tax liabilities

 

 

2,614

 

 

 

2,682

 

Different long-term liabilities

 

 

four,736

 

 

 

1,396

 

Lengthy-term liabilities of discontinued operations

 

 

four,466

 

 

 

5,188

 

Complete liabilities

 

 

84,820

 

 

 

69,291

 

Commitments and contingencies

 

 

 

 

 

 

Stockholders’ fairness:

 

 

 

 

 

 

Widespread inventory, $zero.01 par worth, 170,00zero,00zero shares approved

and 19,794,270 and 19,767,605 shares issued, respectively, and

19,zero57,195 and 18,660,218 shares excellent, respectively

 

 

198

 

 

 

197

 

Paid-in capital

 

 

81,380

 

 

 

80,424

 

Gathered different complete loss

 

 

(27

)

 

 

—

Gathered deficit

 

 

(60,409

)

 

 

(62,397

)

Treasury inventory, at par (737,075 and 1,107,387 frequent shares,

respectively)

 

 

(9

)

 

 

(11

)

Complete stockholders’ fairness

 

 

21,133

 

 

 

18,213

 

Complete liabilities and stockholders’ fairness

 

$

 

105,953

 

 

$

 

87,504

 

WILLIAMS INDUSTRIAL SERVICES GROUP INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

 

 

9 Months Ended September

30,

(in hundreds)

 

2019

 

2018

Working actions:

 

 

 

 

 

 

Web revenue (loss)

 

$

 

1,988

 

 

$

 

(24,958

)

Changes to reconcile internet loss to internet money (utilized in) offered by working

actions:

 

 

 

 

 

 

Web (revenue) loss from discontinued operations

 

 

(670

)

 

 

13,856

 

Deferred revenue tax provision (profit)

 

 

(68

)

 

 

608

 

Depreciation and amortization on plant, property and gear and

intangible belongings

 

 

225

 

 

 

633

 

Amortization of deferred financing prices

 

 

462

 

 

 

1,475

 

Loss on disposals of property, plant and gear

 

 

—

 

 

210

 

Unhealthy debt expense

 

 

53

 

 

 

(90

)

Inventory-based compensation

 

 

1,114

 

 

 

697

 

Paid-in-kind curiosity

 

 

—

 

 

1,964

 

Restructuring prices

 

 

—

 

 

three,661

 

Adjustments in working belongings and liabilities, internet of companies acquired and offered:

 

 

 

 

 

 

Accounts receivable

 

 

(7,843

)

 

 

(2,860

)

Contract belongings

 

 

(four,159

)

 

 

2,336

 

Different present belongings

 

 

(1,918

)

 

 

2,453

 

Different belongings

 

 

1,404

 

 

 

(1,400

)

Accounts payable

 

 

eight,zero16

 

 

 

2,zero21

 

Accrued and different liabilities

 

 

(2,705

)

 

 

three,643

 

Contract liabilities

 

 

2,039

 

 

 

(four,261

)

Web money offered by (utilized in) working actions, persevering with operations

 

 

(2,zero62

)

 

 

(12

)

Web money offered by (utilized in) working actions, discontinued operations

 

 

(350

)

 

 

(6,685

)

Web money offered by (utilized in) working actions

 

 

(2,412

)

 

 

(6,697

)

Investing actions:

 

 

 

 

 

 

Buy of property, plant and gear

 

 

(178

)

 

 

(123

)

Web money offered by (utilized in) investing actions, persevering with operations

 

 

(178

)

 

 

(123

)

Web money offered by (utilized in) investing actions, discontinued operations

 

 

—

 

 

319

 

Web money offered by (utilized in) investing actions

 

 

(178

)

 

 

196

 

Financing actions:

 

 

 

 

 

 

Repurchase of stock-based awards for fee of statutory taxes due on stock-

primarily based compensation

 

 

(154

)

 

 

(351

)

Debt issuance prices

 

 

—

 

 

(1,520

)

Proceeds from short-term borrowings

 

 

163,zero40

 

 

 

—

Repayments of short-term borrowings

 

 

(162,416

)

 

 

—

Proceeds from long-term debt

 

 

—

 

 

33,679

 

Repayments of long-term debt

 

 

(350

)

 

 

(31,154

)

Web money offered by (utilized in) financing actions, persevering with operations

 

 

120

 

 

 

654

 

Web money offered by (utilized in) financing actions, discontinued operations

 

 

—

 

 

—

Web money offered by (utilized in) financing actions

 

 

120

 

 

 

654

 

Web change in money, money equivalents and restricted money

 

 

(2,470

)

 

 

(5,847

)

Money, money equivalents and restricted money, starting of interval

 

 

four,942

 

 

 

16,156

 

Money, money equivalents and restricted money, finish of interval

 

$

 

2,472

 

 

$

 

10,309

 

 

 

 

 

 

 

 

Supplemental Disclosures:

 

 

 

 

 

 

Money paid for curiosity

 

$

 

three,527

 

 

$

 

three,555

 

Money paid for revenue taxes, internet of refunds

 

$

 

—

 

$

 

16

 

Noncash modification payment associated to time period mortgage

 

$

 

—

 

$

 

four,00zero

 

WILLIAMS INDUSTRIAL SERVICES GROUP INC. AND SUBSIDIARIES

NON-GAAP FINANCIAL MEASURE (UNAUDITED)

This press launch incorporates monetary measures not derived in accordance with accounting rules usually accepted in america (“GAAP”). A reconciliation to essentially the most comparable GAAP measure is offered beneath.

ADJUSTED EBITDA-CONTINUING OPERATIONS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30,

 

9 Months Ended September 30,

(in hundreds)

 

2019

2018

 

2019

 

2018

Web revenue (loss)-continuing operations

 

$

(363)

 

$

(2,840)

 

$

1,318

 

$

(11,102)

Add again:

 

 

 

 

 

 

 

 

 

 

 

 

Curiosity expense, internet

 

 

1,511

 

 

three,622

 

 

four,504

 

 

7,397

Revenue tax expense (profit)

 

 

62

 

 

215

 

 

141

 

 

720

Depreciation and amortization

expense

 

 

77

 

 

192

 

 

225

 

 

633

Inventory-based compensation

 

 

120

 

 

190

 

 

1,zero11

 

 

697

Severance prices

 

 

125

 

 

—

 

 

449

 

 

—

Different nonrecurring bills

 

 

—

 

 

—

 

 

241

 

 

—

Franchise taxes

 

 

64

 

 

72

 

 

192

 

 

202

Loss on different receivables

 

 

—

 

 

—

 

 

189

 

 

—

Consulting expenses-remediation

 

 

152

 

 

—

 

 

152

 

 

—

Financial institution restructuring prices

 

 

116

 

 

—

 

 

137

 

 

—

Overseas foreign money acquire

 

 

(27)

 

 

—

 

 

(186)

 

 

—

Restructuring prices

 

 

—

 

 

1,436

 

 

—

 

 

three,661

Asset disposition prices

 

 

—

 

 

—

 

 

—

 

 

815

Restatement bills

 

 

—

 

 

—

 

 

—

 

 

160

Adjusted EBITDA-continuing operations

 

$

1,837

 

$

2,887

 

$

eight,373

 

$

three,183

 

NOTE 1—Non-GAAP Monetary Measures

Adjusted EBITDA

Adjusted EBITDA will not be calculated via the appliance of GAAP and isn’t the required type of disclosure by the U.S. Securities and Alternate Fee. Adjusted EBITDA is the sum of our internet revenue (loss) earlier than curiosity expense, internet, and revenue tax (profit) expense and strange features or prices. It additionally excludes non-cash prices corresponding to depreciation and amortization. The Firm’s administration believes adjusted EBITDA is a vital measure of working efficiency as a result of it permits administration, traders and others to guage and examine the efficiency of its core operations from interval to interval by eradicating the affect of the capital construction (curiosity), tangible and intangible asset base (depreciation and amortization), taxes and strange features or prices (stock-based compensation, severance prices, different nonrecurring bills, franchise taxes, loss on different receivables, consulting bills to develop company methods, financial institution restructuring prices, international foreign money acquire, restructuring prices, asset disposition prices and restatement bills), which aren’t all the time commensurate with the reporting interval during which such objects are included. Williams’ credit score facility additionally incorporates ratios primarily based on EBITDA. Adjusted EBITDA shouldn’t be thought-about an alternative choice to internet revenue or as a greater measure of liquidity than internet money flows from working actions, as decided by GAAP, and, subsequently, shouldn’t be utilized in isolation from, however along side, the GAAP measures. Using any non-GAAP measure might produce outcomes that adjust from the GAAP measure and is probably not corresponding to a equally outlined non-GAAP measure utilized by different corporations.

Observe Relating to Ahead-Trying Non-GAAP Monetary Measures

The Firm doesn’t present a reconciliation of forward-looking non-GAAP monetary measures to their comparable GAAP monetary measures as a result of it couldn’t achieve this with out unreasonable effort as a result of unavailability of the knowledge wanted to calculate reconciling objects and as a result of variability, complexity and restricted visibility of the adjusting objects that might be excluded from the non-GAAP monetary measures in future intervals. When planning, forecasting and analyzing future intervals, the Firm does so totally on a non-GAAP foundation with out getting ready a GAAP evaluation.



Source link

admin

admin

Next Post
Open banking an opportunity: ANZ – The Australian Financial Review

Open banking an opportunity: ANZ - The Australian Financial Review

No Tickets in 3 Years Drivers Should Have Done This in 2021

Recommended.

Business owners, officials ask Oak Park to reconsider marijuana vote

Business owners, officials ask Oak Park to reconsider marijuana vote

Edited Transcript of 8572.T earnings conference call or presentation 6-Nov-19 6:00am GMT

Trending.

Bad credit score: Millennials spawning next wave of NPAs for banks?

Bad credit score: Millennials spawning next wave of NPAs for banks?

‎FanDuel Sportsbook Is Here – Try it out

Follow Us

newsletter

Categories

  • Business
  • Cash Advance
  • Mortage
  • Payday Loan
  • Personal Fiance
  • Personal Loan
  • Refinance

Advertiser Disclosure

loanspath.com is an independent, advertising-supported comparison service. The offers that appear on this site are from companies from which loanspath.com receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). loanspath.com does not include all companies or all offers available in the marketplace. loanspath.com may use other proprietary factors to impact offer listings on the website such as consumer selection or the likelihood of the applicant’s credit approval.

Tags

90 Day Fiance arts bank banking Business business news Company News credit crime dailymail Debt economics economy education entertainment Europe Finance general news Interest Rates investment Investment strategy leisure Lifestyle living loan Loans Local News Markets money MORTGAGES news Payday loans personal finance personal loans Personal saving political politics real estate Stock markets student loans technology tvshowbiz UK news United States US

Recent News

Varanasi Shops Are Giving Onions On Loans & Keeping Aadhaar & Silver Jewellery As Mortgage

Varanasi Shops Are Giving Onions On Loans & Keeping Aadhaar & Silver Jewellery As Mortgage

Netherlands roundup: ICT scheme to continue pensions accrual with PNO Media | News

Netherlands roundup: ICT scheme to continue pensions accrual with PNO Media | News

  • About Us
  • Privacy Policy
  • Subscribe
  • Contact Us
  • Report Spam
  • Site Security
  • Anti-Spam Policy
  • Terms and Conditions
  • Unsubscribe us

loanspath.com

No Result
View All Result
  • Home
  • Refinance
  • Business
  • Cash Advance
  • Mortage
  • Payday Loan
  • Personal Fiance
  • Microsoft
  • Personal Loan

loanspath.com