2017 Revenues of $485.7 million; Service
Revenues of $94.4 Million
Conference Call Scheduled for 9:00am ET
Tuesday April 3, 2018
Limbach Holdings, Inc. (NASDAQ:LMB) (“Limbach” or the “Company”)
today announced financial results for the quarter and fiscal year
ended December 31, 2017. Full-year revenues increased 8.7% versus
the prior year to $485.7 million in 2017. Service segment revenue
of $94.4 million grew 14.8% from the prior year while Construction
segment revenues grew 7.3% to $391.4 million.
Other key financial highlights of the year included:
- Gross margin was 13.5%, compared with
12.5% in the prior year. Gross margin improved versus 2016 due
largely to the combination of improved project execution and
improved overall market pricing, a trend the Company expects to
continue in the near-term.
- Construction revenue growth of 7.3%
versus 2016 was positively impacted by strong performances in the
Mid-Atlantic, Michigan, and Eastern Pennsylvania branches, offset
by declines in the Southern California and New England branches.
The Company continues to benefit from the diversity of geographic
regions and market sectors, and the lack of any meaningful
concentration with any one customer, all of which are a strategic
advantage Limbach expects to maintain over the coming years.
- Limbach experienced strong sector
performance from our presence in the healthcare, entertainment,
sports and commercial sectors, and with its emerging expansion into
the Mission Critical (large data centers) and Industrial
sectors.
- Year over year Service segment revenue
growth of 14.8% was led by the Michigan, Florida and Southern
California branches.
- Pre-tax income was $3.9 million for the
full-year 2017, compared with a pre-tax loss of $(2.0) million in
the prior year. 2017 pre-tax income includes $1.7 million of
non-cash stock-based compensation expense.
- 2017 Income Tax expense was $3.2
million resulting in an effective tax rate of 81.6%. This higher
rate was due to a one-time charge of $1.7 million from the
revaluation of the Company’s Deferred Tax Assets due to the
recently-enacted federal tax legislation.
- Net loss attributable to common
stockholders in 2017 was $(0.9) million, compared with net income
of $1.4 million in 2016.
- Construction operations contributed
80.6% of total revenue, while Service operations contributed
19.4%.
- Aggregate backlog at December 31, 2017
was $461.4 million, of which $34.7 million was Service work.
Limbach expects approximately 65% of our aggregate backlog to be
recognized as revenue in fiscal 2018.
- Maintenance Base grew to $12.9 million
at December 31, 2017 from $11.3 million a year ago. Sales of
maintenance contracts year-on-year increased by a record $3.4
million, or 31%.
- Combined Construction and Service sales
pipeline, a measure of opportunities the Company is tracking,
stands at $3.3 billion compared to $2.4 billion at December 31,
2016.
Management Commentary
Charlie Bacon, CEO of Limbach, commented, “We accomplished a
tremendous amount in 2017, highlighted by full-year revenues of
$485.7 million, which was up 8.7% from the prior year. That
exceeded our internal projections for the year and was also in
excess of the high end of our initial financial guidance which we
shared with the market on April 17, 2017. We recorded revenue
growth in both our operating segments, as Construction revenue
increased 7.3% to $391.4 million, while Service revenue grew 14.8%
to $94.4 million. Within our Service segment, our maintenance base
grew to $12.9 million from $11.3 million. We focus on growing the
maintenance base because it leads to “Pull-Through Revenue” of
approximately four times the value of the maintenance base, so I am
certainly pleased to see this growth.
Our bottom-line results were weighed down by several
non-recurring expenses, including those stemming from investments
we made to enhance our financial reporting and to meet other public
company reporting requirements as we completed our transition to
becoming a public company. Adjusted EBITDA for the year was $16.7
million. The Company would have been at the top end of its guidance
range if not for these expenses. Finally, the recent passage of the
Tax Cuts and Jobs Act also triggered a one-time charge of $1.7
million due to the revaluation of our deferred tax assets. Going
forward, we look forward to our corporate tax rate moving
significantly lower.”
Mr. Bacon continued, “All of our field intelligence suggests
that the wind is at our backs in terms of non-residential
construction demand in the end-markets in which we focus. Recent
reports from industry research firms such as FMI have confirmed
that view. We are also very excited about our initial success in
the Mission Critical sector, with the award of our first
large-scale data center project. We were chosen for this project
due to our reputation as a premium specialty contractor. Companies
owning and operating the latest generation of data centers demand
design, engineering and construction excellence, and we are
perfectly-positioned to win significant additional business in this
growth sector based on our capabilities in these functional areas.
I am very excited about our prospects for 2018 and look forward to
reporting on our progress throughout the year.”
Fourth Quarter
Highlights
Revenues
Fourth quarter 2017 revenues of $131.4 million were down 1.7%
versus $133.7 million for the prior year period due to the timing
of commencement of multiple new Construction projects. As these
newly started projects mature further, the Company anticipates a
return to year-over-year Construction segment growth. Construction
operations accounted for 82.1% of revenues while Service operations
provided the remaining 17.9%.
Gross Margin
Gross margin for the fourth quarter of 2017 was 15.9%, up
significantly from 11.3% in the fourth quarter of 2016. On a dollar
basis, gross profit in the fourth quarter was $20.9 million,
compared with $15.1 million for the prior year period. The
year-over-year improvement in fourth quarter 2017 gross profit was
driven by improved project mix and generally positive industry
pricing trends.
Operating Income
The Company reported operating income of $5.1 million in the
fourth quarter of 2017, compared to an operating loss of $(0.8)
million for the prior year period. The increase in operating income
was due primarily to improved gross profits while the Company was
able to reduce total operating expenses to $15.8 million, which was
down slightly from $15.9 million a year ago. Selling, General and
Administrative expenses totaled $15.1 million in the fourth quarter
of 2017, versus $14.2 million a year ago. Fourth quarter SG&A
includes $0.7 million of non-cash stock-based compensation expense.
Amortization of Intangibles expense declined from $1.6 million in
the fourth quarter of 2016 to $0.8 million the same period of 2017.
As a percentage of total revenue, fourth quarter 2017 SG&A
accounted for 11.5% compared with 10.6% of total revenue in the
fourth quarter of 2016.
Tax Expense
As a result of the recently-enacted federal tax legislation, the
Company was required to take a one-time charge due to the
revaluation of its Deferred Tax Assets. The one-time charge of $1.7
million contributed significantly to an overall effective tax rate
of 75.6% in the fourth quarter, based on a total tax provision of
$3.5 million. The tax rate without the one-time charge was 37.6%.
The Company does not expect this expense to recur.
Full Year Highlights
Revenues
2017 revenues of $485.7 million were up 8.7% versus $447.0
million for the prior year, led by Service segment growth of 14.8%.
Construction segment revenues also featured solid growth of 7.3%
versus the prior year period. Construction operations represented
80.6% of total revenue while Service operations represented the
remaining 19.4%.
Gross Margin
Gross margin for the full year 2017 was 13.5% versus 12.5% for
the prior year. On a dollar basis, gross profit in the 2017 was
$65.6 million, compared with $55.7 million for the prior year
period. Construction segment gross margin was 11.4% in the 2017, up
from 10.4% in 2016. Service segment gross margin in 2017 increased
to 22.1%, versus 21.3% in the year-ago period. Gross margin
improved in both segments in 2017 due to the combination of
improved industry pricing, solid project execution and favorable
contract terms which allowed for incremental margin on multiple
jobs.
Operating Income
The Company reported operating income of $6.0 million for the
full year 2017 compared to operating income of $4.1 million for the
prior year period. The increase in operating income was due
primarily to the combination of revenue growth coupled with
improved gross margins, which more than offset increased Selling,
General and Administrative expenses.
Selling, General and Administrative expense increased 15.7% to
$56.0 million in 2017, compared with $48.4 million in 2016.
SG&A expense growth was driven by a combination of planned
increases in corporate infrastructure to support Company growth
objectives along with under-budgeted, non-recurring costs
associated with remediation efforts related to the Company’s
internal control over financial reporting. As a percentage of total
revenue, 2017 SG&A accounted for 11.5% compared with 10.8% of
total revenue in 2016.
Backlog
Aggregate backlog at December 31, 2017 was $461.4 million, an
increase of 6.2% compared with $434.3 million at December 31, 2016.
Within the aggregate backlog figures, Construction backlog at
December 31, 2017 was $426.7 million, an increase of 9.3% from
$390.2 million at December 31, 2016. In addition, Service backlog
at December 30, 2017 was $34.7 million compared to $44.1 million as
of December 31, 2016. The Company expects approximately $302.0
million of total backlog to be converted to revenues within the
current fiscal year.
Balance Sheet
At December 31, 2017, the Company had current assets of $166.3
million and current liabilities of $135.5 million, representing a
current ratio of 1.23x. Working capital was $30.8 million at
December 31, 2017, an increase of $2.3 million or 8.1% from
December 31, 2016. Long-term debt, net of the current portion and
debt issuance costs, was $20.6 million at December 31, 2017, down
from $21.5 million at December 31, 2016. The Company was in
compliance with all bank covenants as of December 31, 2017.
2018 Guidance
The Company is introducing guidance for 2018, summarized in the
table below.
FY 2018 Estimate Revenues $510 -
$530 million Adjusted EBITDA $20 - $24 million
Conference Call Details
Date: Tuesday, April 3, 2018 Time: 9:00 a.m. Eastern Time
Participant Dial-In Numbers: Domestic callers: (866)
604-1698 International callers: (201) 389-0844
Access by Webcast
The call will also be simultaneously webcast over the Internet
via the “Investor Relations” section of LMB’s website at
www.limbachinc.com or by clicking on the conference call link:
http://limbachinc.equisolvewebcast.com/q4-2017. An audio replay of
the call will be archived on the Company’s website for 365
days.
LIMBACH HOLDINGS, INC
Condensed Consolidated Statements
ofOperations
(Unaudited) Successor Successor
(in thousands, except share data and per share data)
October 1, 2017 through
December 31, 2017
October 1, 2016 through
December 31, 2016
Revenue $ 131,412 $ 133,715 Cost of revenue 110,506 118,609
Gross profit 20,906 15,106 Operating expenses: Selling,
general and administrative expenses 15,060 14,216 Amortization of
intangibles 751 1,649 Total operating expenses 15,811
15,865 Operating income (loss) 5,095 (759 )
Other income (expenses): Interest income (expense), net (472 ) (943
) Loss from early extinguishment of debt 0 (2,172 )
Gain (loss) on sale of property and
equipment
9 (228 ) Total other expenses (463 ) (3,344 ) Income (loss)
before income taxes 4,632 (4,103 ) Income tax (provision) benefit
(3,503 ) 1,593 Net income (loss) 1,129 (2,510 ) Dividends on
cumulative redeemable convertible preferred stock 179 263 Premium
paid on partial preferred redemption 0 0 Net earnings
(loss) attributable to Limbach Holdings, Inc. common stockholders $
950 $ (2,773 ) Net income attributable to Limbach Holdings
LLC member unit holders
Successor
EPS
Basic earnings (loss) per share for common stock: Net
earnings (loss) attributable to Limbach Holdings, Inc. common
stockholders $ 0.13 $ (0.45 ) Diluted earnings (loss) per
share for common stock: Net earnings (loss)
attributable to Limbach Holdings, Inc. common stockholders $ 0.12
$ (0.45 ) Weighted average number of shares outstanding:
Basic 7,504,293 6,128,794 Diluted 8,069,682 6,128,794
LIMBACH HOLDINGS, INC Condensed Consolidated Statements
of Operations Successor Successor
Predecessor (in thousands, except share data and per
share data)
January 1, 2017 through
December 31, 2017
July 20, 2016 through
December 31, 2016
January 1, 2016 through
July 19, 2016
Revenue $ 485,739 $ 225,604 $ 221,391 Cost of revenue 420,116
198,427 192,911 Gross profit 65,623 27,177
28,480 Operating expenses: Selling, general and administrative
expenses 56,023 24,425 24,015 Amortization of intangibles 3,582
3,103 0 Total operating expenses 59,605
27,528 24,015 Operating income (loss) 6,018
(351 ) 4,465 Other income (expenses): Interest income
(expense), net (2,034 ) (1,796 ) (1,898 ) Loss from early
extinguishment of debt 0 (2,172 ) 0
Gain (loss) on sale of property and
equipment
(121 ) (250 ) 1 Total other expenses (2,155 ) (4,218 )
(1,897 ) Income (loss) before income taxes 3,863 (4,569 ) 2,568
Income tax (provision) benefit (3,151 ) 3,871 0 Net
income (loss) 712 (698 ) 2,568 Dividends on cumulative redeemable
convertible preferred stock 809 423 0 Premium paid on partial
preferred redemption 847 0 0
Net loss attributable to Limbach Holdings,
Inc. common stockholders
$ (944 ) $ (1,121 ) Net income attributable to Limbach
Holdings LLC member unit holders $ 2,568
Successor
EPS
Basic loss per share for common stock:
Net loss attributable to Limbach Holdings,
Inc. common stockholders
$ (0.13 ) $ (0.19 )
Diluted loss per share for common
stock:
Net loss attributable to Limbach Holdings,
Inc. common stockholders
$ (0.13 ) $ (0.19 ) Weighted average number of shares outstanding:
Basic 7,471,371 6,039,875 Diluted 7,471,371 6,039,875
LIMBACH HOLDINGS, INC. Condensed Consolidated Balance
Sheets (in thousands, except share data)
December 31, 2017 December 31, 2016
ASSETS Current assets: Cash and cash
equivalents $ 626 $ 7,406 Restricted cash 113 113 Accounts
receivable, net 129,343 113,972 Costs and estimated earnings in
excess of billings on uncompleted contracts 33,006 31,959 Advances
to and equity in joint ventures, net 11 10 Other current assets
3,161 1,723
Total current assets 166,260
155,183 Property and equipment, net 17,918 18,541 Intangible
assets, net 14,225 17,807 Goodwill 10,488 10,488 Deferred tax asset
3,664 4,268 Other assets 465 588
Total assets
$ 213,020 $ 206,875
LIABILITIES
Current liabilities: Current portion of long-term debt $
6,358 $ 4,476 Accounts payable, including retainage 67,438 57,034
Billing in excess of costs and estimated earnings on uncompleted
contracts 28,543 39,190 Accrued income taxes 2,220 - Accrued
expenses and other current liabilities 30,925 26,029
Total current liabilities 135,484 126,729
Long-term debt
20,556 21,507 Other long-term liabilities 861 817
Total liabilities 156,901 149,053 Commitments and
contingencies
-
-
Redeemable convertible preferred stock, net, par value of $0.0001,
1,000,000 shares authorized, 280,000 issued and outstanding as of
December 31, 2017 and 400,000 issued and outstanding as of December
31, 2016, respectively ($7,853 and $10,365 redemption value at
December 30, 2017 and December 31, 2016, respectively) 7,959 10,374
STOCKHOLDERS' EQUITY AND MEMBERS' EQUITY Common stock, par
value $0.0001, 100,000,000 shares authorized; 7,504,133 issued and
outstanding at December 31, 2017 and 7,454,491 at December 31,
2016, respectively 1 1 Additional paid-in capital 54,738 55,162
Accumulated deficit (6,579 ) (7,715 )
Total stockholders'
equity 48,160 47,448
Total liabilities and
stockholders' equity $ 213,020 $ 206,875
Limbach Holdings, Inc. Condensed
Consolidated Statements of Cash Flows
Successor Successor Predecessor (in
thousands)
January 1, 2017 through
December 31,2017
July 20, 2016 through
September 30,2016
January 1,
2016throughJuly 19,2016
Cash flows from operating activities: Net income (loss) $
712 $ (698 ) $ 2,568 Adjustments to reconcile net income to cash
provided by operating activities: Depreciation and amortization
9,118 5,756 1,582 Allowance for doubtful accounts 259 219 50 Stock
based compensation expense 1,656 0 1,349 Capitalized deferred
interest on subordinated debt 0 84 1,395 Amortization of debt
issuance costs 181 492 0
Deferred income tax provision
(benefit)
603 (3,888 ) 0 Accretion of preferred stock discount to redemption
value 21 4 0 Loss from early extinguishment of debt 0 2,172 0
Loss on sale of property and equipment
121 250 1 Changes in operating assets and liabilities: Increase in
restricted cash 0 (50 ) 0 (Increase) decrease in accounts
receivable (15,630 ) (33,606 ) 5,722 (Increase) decrease in costs
and estimated earnings in excess of billings on uncompleted
contracts (1,046 ) 6,256 (18,698 ) (Increase) decrease in other
current assets 698 549 (662 ) (Increase) decrease in other assets 1
95 (95 ) Increase (decrease) in accounts payable 10,404 16,661
(6,973 ) Increase (decrease) in billings in excess of costs and
estimated earnings on uncompleted contracts (10,647 ) 9,123 4,276
Increase (decrease) in accrued taxes 2,220 0 0 Increase (decrease)
in accrued expenses and other current liabilities (2,780 ) (478 )
10,847 Increase (decrease) in other long-term liabilities 44
173 277
Net cash used in operating
activities (4,065 ) 3,114 1,639
Cash flows from investing activities: Proceeds from sale of
property and equipment 70 2,085 7 Advances to joint ventures (1 )
(4 ) 0
Purchase of property and equipment
0 (1,281 ) 0
Acquisition of Limbach Holdings LLC, net
of cash acquired
0 (32,158 ) 0
Proceeds from trust account
(3,303 ) 18,005 (2,114 )
Net cash used in investing
activities (3,234 ) (13,353 ) (2,107 )
Limbach Holdings, Inc. Condensed Consolidated Statements
of Cash Flows (continued) Successor
Successor Predecessor Cash flows from financing
activities: January 1, 2017 through December
31, 2017 July 20, 2016 through September 30,
2016 January 1, 2016through July 19,
2016
Increase in bank overdraft 7,780 0 0 Proceeds from revolving credit
facility 0 0 60,122 Payments on revolving credit facility 0 (3,492)
(63,630) Proceeds from Credit Agreement term loan 0 24,000 0
Payments on Credit Agreement term loan (4,865) (1,500) 0 Proceeds
from Subordinated Loan 0 13,084 0 Payments on Subordinated Loan 0
(15,340) 0 Proceeds from Credit Agreement revolver 111,562 34,501 0
Payments on Credit Agreement revolver (105,904) (34,501) 0 Payments
on term loan (33) (539) (1,038) Payments on subordinated debt
facility 0 (23,604) 0 Payments on capital leases (1,690) (730)
(660) Repayment of promissory note to affiliate 0 (125) 0 Payments
on financed insurance premium (2,135) 0 0 Proceeds from issuance of
redeemable convertible preferred stock 0 9,946 0 Convertible
preferred stock redeemed (3,847) 0 0 Convertible preferred stock
dividends paid (245) 0 0 Taxes paid related to net-share settlement
of equity awards (104) 0 0 Proceeds from sale of common stock 0
17,236 0 Debt issuance costs 0 (1,313) 0 Distributions to members 0
0 (195)
Net cash provided by (used in) financing
activities 519 17,623 (5,401)
Increase (decrease) in
cash and cash equivalents (6,780) 7,384 (5,869) Cash and cash
equivalents, beginning of period, Limbach Holdings, Inc. 7,406 22
Cash and cash equivalents, beginning of period, Limbach Holdings
LLC 6,107 Cash and cash equivalents, end of
period $ 626 $ 7,406 $ 238
Supplemental disclosures of
cash flow information Noncash investing and financing
transactions: Property and equipment acquired with capital leases $
1,801 $ 1,259 $ 1,014 Interest paid $ 1,882 $ 3,390 $ 693 Financed
insurance premium $ 2,135 $ 0 $ 0
LIMBACH
HOLDINGS, INC Condensed Consolidated Statements of
Operations Successor
Successor Predecessor
2017
CombinedIncrease/(Decrease)
(in thousands, except for percentages)
January 1, 2017 through
December 31, 2017
July 20, 2016 through
December 31, 2016
January 1, 2016 through
July 19, 2016
$ % Revenue Construction $ 391,364 $ 181,663 183,100
26,601 7.3 % Service 94,375 43,941 38,291
12,143 14.8 % Total revenue 485,739 225,604 221,391 38,744
8.7 % Gross profit: Construction 44,790 17,821 20,300 6,669
17.5 % Service 20,833 9,356 8,180 3,297
18.8 % Total gross profit 65,623 27,177 28,480
9,966 17.9 % Selling, general and administrative
expenses: Construction 25,764 10,628 11,680 3,456 15.5 % Service
13,888 5,460 6,302 2,126 18.1 % Corporate 16,371 8,337
6,033 2,001 13.9 % Total selling, general and
administrative expenses 56,023 24,425 24,015
7,583 15.7 % Amortization of intangibles 3,582
3,103 0 479 15.4 % Operating income
(loss): Construction 19,026 7,193 8,620 3,213 20.3 % Service 6,945
3,896 1,878 1,171 20.3 % Corporate (19,953 ) (11,440 ) (6,033 )
(2,480 ) -14.2 % Operating income (loss) $ 6,018 $ (351 )
4,465 1,904 46.3 %
LIMBACH HOLDINGS,
INC Condensed Consolidated Statements of Operations
(Unaudited)
Increase/(Decrease) (in thousands, except for percentages)
October 1, 2017 through December 31, 2017
October 1, 2016 through December 31, 2016
$ % Revenue Construction $ 107,899 $ 107,746
153 0.1% Service 23,513 25,969 (2,456) -9.5% Total revenue 131,412
133,715 (2,303) -1.7% Gross profit: Construction 14,793
9,772 5,021 51.4% Service 6,113 5,334 779 14.6% Total gross profit
20,906 15,106 5,800 38.4% Selling, general and
administrative expenses: Construction 6,916 6,229 687 11.0% Service
3,341 3,029 312 10.3% Corporate 4,803 4,958 (155) -3.1% Total
selling, general and administrative expenses 15,060 14,216 844 5.9%
Amortization of intangibles 751 1,649 (898) -54.5%
Operating income (loss): Construction 7,877 3,543 4,334 122.3%
Service 2,772 2,305 467 20.3% Corporate (5,554) (6,607) 1,053 15.9%
Operating income (loss) $ 5,095 $ (759) 5,854 771.3%
* Use of Non-GAAP Financial
Measures
Adjusted EBITDA
In assessing the performance of our business, management
utilizes a variety of financial and performance measures. The key
measure is Adjusted EBITDA. Adjusted EBITDA is a non-GAAP financial
measure. We define Adjusted EBITDA as net income (loss) plus
depreciation and amortization expense, interest expense, and taxes,
as further adjusted to eliminate the impact of, when applicable,
other non-cash expenses or expenses that are unusual or
non-recurring. We believe that Adjusted EBITDA is meaningful to our
investors to enhance their understanding of our financial
performance for the current period and our ability to generate cash
flows from operations that are available for taxes, capital
expenditures and debt service. We understand that Adjusted EBITDA
is frequently used by securities analysts, investors and other
interested parties as a measure of financial performance and to
compare our performance with the performance of other companies
that report Adjusted EBITDA. Our calculation of Adjusted EBITDA,
however, may not be comparable to similarly titled measures
reported by other companies. When assessing our operating
performance, investors and others should not consider this data in
isolation or as a substitute for net income (loss) calculated in
accordance with GAAP. Further, the results presented by Adjusted
EBITDA cannot be achieved without incurring the costs that the
measure excludes. A reconciliation of Adjusted EBITDA to net income
(loss), the most comparable GAAP measure, is provided below.
Reconciliation of Adjusted EBITDA to Net
Income (Loss)
Successor Successor (in
thousands)
October 1, 2017through
December 31, 2017
October 1, 2016 through
December 31, 2016
Net income (loss) $ 1,129 $ (2,510) Adjustments:
Depreciation and amortization 1,735 2,967 Interest expense 472 943
Income tax provision (benefit) 3,503 (1,593) Non-cash Stock Based
Compensation 739 -- Adjusted EBITDA $ 7,578 $ (193)
Successor Successor
Predecessor (in thousands)
January 1, 2017
through
December 31, 2017
July 20, 2016
through
December 31, 2016
January 1, 2016
through
July 19, 2016
Net income (loss) $ 712 $ (698) $ 2,568 Adjustments:
Depreciation and amortization 9,118 5,756 1,582 Interest expense
2,034 1,796 1,898 Income tax provision (benefit) 3,151 (3,871) --
Non-cash Stock Based Compensation 1,656 -- -- Loss from early
extinguishment of debt -- 2,172 -- Loss on sale of property and
equipment -- 190 -- Legacy legal costs -- 1,079 154 Management fees
-- -- 671 Business combination expenses (option expenses) -- --
1,549 Adjusted EBITDA $ 16,671 $ 6,424 $ 8,422
About Limbach
Limbach Holdings, Inc. is an integrated building systems
provider – managing all components of mechanical, electrical,
plumbing and control systems, from system design and construction
through performance and maintenance. The Company engineers,
constructs and services the mechanical, plumbing, air conditioning,
heating, building automation, electrical and control systems in
both new and existing buildings. Customers include building owners
in the private, not-for-profit and public/government sectors. With
headquarters in Pittsburgh, PA, Limbach operates from 10
strategically located business units throughout the United States
including Western Pennsylvania (Pittsburgh), Eastern Pennsylvania
(Warrington, PA), New Jersey (South Brunswick), New England
(Wilmington, MA), Ohio (Columbus and Athens, OH), Michigan (Pontiac
and Lansing, MI), Southern California (Seal Beach, CA), and
Mid-Atlantic (Laurel, MD). Our design engineering and innovation
center, Limbach Engineering & Design Services, is based in
Orlando, Florida. Harper Building Systems, a Limbach Holdings, Inc.
company, operates throughout Florida with offices in Tampa and Lake
Mary, North of Orlando. Our approximately 1,500 employees strive to
be the customer’s 1st Choice in terms of the services provided,
vertical markets and geographies served. Our commitment to safety,
advanced technology, human development and reliable execution has
enabled Limbach to attract and retain the industry’s top leadership
talent, skilled craftspeople and professional management staff.
Forward-Looking
Statements
We make forward-looking statements in this press release within
the meaning of the Private Securities Litigation Reform Act of
1995. These forward-looking statements relate to expectations or
forecasts for future events, including, without limitation, our
earnings, adjusted EBITDA, revenues, expenses, capital expenditures
or other future financial or business performance or strategies,
results of operations or financial condition. These statements may
be preceded by, followed by or include the words “may,” “might,”
“will,” “will likely result,” “should,” “estimate,” “plan,”
“project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,”
“seek,” “continue,” “target” or similar expressions. These
forward-looking statements are based on information available to us
as of the date they were made, and involve a number of risks and
uncertainties which may cause them to turn out to be wrong.
Accordingly, forward-looking statements should not be relied upon
as representing our views as of any subsequent date, and we do not
undertake any obligation to update forward-looking statements to
reflect events or circumstances after the date they were made,
whether as a result of new information, future events or otherwise,
except as may be required under applicable securities laws. As a
result of a number of known and unknown risks and uncertainties,
our actual results or performance may be materially different from
those expressed or implied by these forward-looking statements.
Please refer to our most recent annual report on Form 10-K , which
is available on the SEC’s website (www.sec.gov), for a full
discussion of the risks and other factors that may impact any
forward-looking statements in this press release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180402005892/en/
Investor Relations:The Equity Group Inc.Jeremy Hellman,
CFASenior Associate(212) 836-9626 / jhellman@equityny.comOrLimbach
Holdings, Inc.John T. Jordan, Jr.Executive Vice President and Chief
Financial Officer(301) 623-4799 / john.jordan@limbachinc.com
Limbach (NASDAQ:LMB)
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