Third Quarter 2017 Revenues of $121.3
million; Service Revenues of $25.5 million
Conference Call Scheduled for 9:00am ET
Wednesday November 15, 2017
Limbach Holdings, Inc. (NASDAQ: LMB) (“Limbach” or the
“Company”) today announced financial results for the quarter ended
September 30, 2017. Revenues increased 2.1% versus the prior year
period to $121.3 million in the third quarter of 2017. Service
segment revenue of $25.5 million grew 23.0% from the prior year
quarter while Construction segment revenues declined 2.3% due to
backlog booked in the strong second quarter that was not scheduled
to commence work until after Q3.
Other key financial highlights of the quarter included:
- Gross margin was 12.7%, compared with
12.8% in the third quarter of 2016. Gross margin in the third
quarter of 2017 was negatively impacted by charges incurred on
three projects and partially offset by significant gains on a
fourth project. Despite these write downs, the business is still
exceeding our 2017 business plan at the business unit operating
level.
- Year over year Service segment revenue
growth of 23.0%, led by the Michigan, Mid-Atlantic and Southern
California branches.
- Net income was $0.1 million after
recognition of $0.9 million of compensation expense related to the
stock based compensation plan approved in Q3 and continued
unbudgeted expenses, a portion which is non-recurring, related to
the transition from private to public, compared to net income of
$0.9 million for the prior year quarter.
- Revenues were split 79%/21% between
Construction and Service segments.
- Combined backlog at September 30, 2017
was $492.2 million, $37.9 million of which was Service work. Of the
total backlog amount, approximately $120.0 million is expected to
be recognized as revenue by the end of 2017.
- Maintenance Base grew to $12.8 million
at September 30, 2017, up from $12.2 million at June 30, 2017.
- Combined Construction and Service sales
pipeline, in terms of opportunities we are tracking, stands at $3.3
billion compared to $2.4 billion at December 31, 2016.
Management Commentary
Charlie Bacon, CEO of Limbach, commented, “In keeping with the
conservative approach we take in managing the business, we took
write-downs of $3.1 million on two projects during the third
quarter which negatively impacted our gross margin. We expect to
pursue recovery of some of the charges and feel the Company is well
positioned given the embedded resolution clauses in our contracts.
Despite the need to be proactive in taking those charges, I am very
excited about where our business stands today on the heels of what
we accomplished in the quarter. At the business unit operating
level, we remain ahead of our 2017 business plan, despite these
write downs. On the overall Quarter performance, we continue to see
additional unbudgeted public expenses hitting our results. A
portion of these expenses are non-recurring.
In recent months I have pointed to data centers and other
mission critical structures as a sector where we see a lot of
opportunity. Driving that is the migration to 5G, which is expected
to lead to a million-fold increase in data processing by 2025,
according to futurist Jack Uldrich, driving even more demand for
these large data centers. During the third quarter we secured a
major data center for its first phase with one of our national
customers. This is a very significant dollar award and is just for
the first phase of multiple phases that are planned. Even more
important is the strategic value of the win. Limbach has always
built data centers, but never a major one. With this project we
teamed with two other partners. One is an ongoing relationship and
the third is a firm that has built major data centers with the end
customer. We think this positions us very well to pursue additional
opportunities in this sector. Only the preconstruction phase
services are reflected in our current backlog. We expect to book
the construction phase in Q1 of 2018.”
Mr. Bacon continued, “Overall, the pipeline of opportunities we
are tracking is approximately $3.3 billion, led by healthcare,
which accounts for around 25% of that figure. We are also opening
an office in downtown Detroit, where we are tracking over $200
million in opportunities, and to better position ourselves for the
wins, we are addressing a concern by the decision makers to have a
Detroit presence. We will be the only major mechanical contractor
in the Detroit city proper and we believe this will dramatically
improve our presence. I am also very gratified to note that Limbach
was rated #10 in the USA by Engineering New Record's Top 600 firms
published on October 23, 2017. We moved up 2 spots from #12 within
the mechanical contracting segment. We also moved up to #43 from 50
in the overall Top 600, which rates all specialty contractors in
the USA. All of our growth was organic. On the heels of that
organic growth, we continue to pursue an aggressive acquisition
strategy, led by our new Executive Vice President of M&A, Matt
Katz. Our pipeline of acquisition opportunities continues to grow,
with several targets meeting our gating criteria."
Third Quarter Highlights
Revenues
Third quarter 2017 revenues of $121.3 million were up 2.1%
versus $118.8 million for the prior year period, led by Service
segment growth of 23.0%. Construction segment revenues fell 2.3%
versus the prior year period due to the wind-down of projects in
the Michigan, Southern California, and New England regions. The
Company expects Construction segment revenues to resume a year over
year growth pattern as new projects, including many contained in
the Company’s record second quarter backlog figure, get underway.
As a percentage of revenues, Construction represented 79% while
Service provided the remaining 21%.
Gross Margin
Gross margin for the third quarter of 2017 was 12.7%, down
slightly from 12.8% in the third quarter of 2016. On a dollar
basis, gross profit in the third quarter was $15.4 million,
compared with $15.2 million for the prior year period. Third
quarter gross profit was negatively impacted by projects for three
customers. The larger project encountered a $2.0 million gross
profit write-down which resulted from design changes, delays and
sequencing issues caused by the owner and developer, which caused
cost overruns, and lack of change order processing. The Company
intends to pursue recovery of these write-downs although the timing
or amount of eventual recovery is unknown. The smaller project
required a write-down of $0.6 million due to inefficient labor and
cost overruns resulting from owner driven delays. The Company is
currently evaluating its recovery options. The Company also wrote
down a historic building renovation project by $0.5 million in the
quarter. The Company was also able to record gross profit write up
on a transit project which benefitted gross margin by $0.9 million.
The write-up was earned through effective cost management,
favorable pricing in the contract and on project purchases.
Excluding these project-specific items, gross profit would have
been $ 17.5 million, resulting in gross margin of 14.4%
Operating Income
The Company reported operating income of $1.0 million in the
third quarter of 2017, compared to an operating loss of $(0.3)
million for the prior year period. The increase in operating income
was due primarily to reduced Selling, General and Administrative
expenses, as the third quarter of 2017 did not include
non-recurring charges that were present in the year-ago period due
to the business combination taking place. Third quarter 2017
Selling, General and Administrative expense was $13.6 million
versus $14.1 million in the third quarter of 2016. SG&A
expenses continue to be negatively impacted by costs associated
with the transition from private to public as the Company becomes
Sarbanes Oxley compliant. As a percentage of total revenue, third
quarter 2017 SG&A accounted for 11.2% compared with 11.9% of
total revenue in the third quarter of 2016.
Nine Month Highlights
Revenues
Year to date 2017 revenues of $354.3 million were up 13.1%
versus $313.3 million for the prior year period, led by Service
segment growth of 25.9%. Construction segment revenues also
featured solid growth of 10.3% versus the prior year period. As a
percentage of revenues, Construction represented 80% while Service
provided the remaining 20%.
Gross Margin
Gross margin for the nine months to date in 2017 was 12.6%
versus 12.9% for the same period in 2016. On a dollar basis, gross
profit in the 2017 nine-month period was $44.7 million, compared
with $40.6 million for the prior year period. Year to date gross
margin in 2017 was negatively impacted by a large, lower-margin
project along with the margin write-downs during the third quarter
detailed above. Excluding the margin write-downs, year to date
gross margin would have been 12.9%. Construction segment gross
margin was 10.6% in the first nine months of 2017, down from 11.0%
in the same period a year ago. Service segment gross margin
decreased to 20.8% in the year to date period, versus 21.7% in the
year-ago period due to continued wins of larger-dollar,
lower-margin owner direct projects.
Operating Income
For the first nine months of 2017, the Company reported
operating income of $0.9 million compared to operating income of
$4.9 million for the prior year period. The decline in operating
income was due primarily to increased Selling, General and
Administrative expenses in the first nine months of 2017, including
ongoing costs driven by the Company’s public listing that were not
present in the first nine months of 2016, offset by the absence of
one-time expenses associated with the transition from public to
private which negatively the third quarter of 2016, coupled with
the margin items noted. Year to date 2017 Selling, General and
Administrative expense increased to $41.0 million from $34.2
million in the first nine months of 2016. SG&A expenses
continue to be negatively impacted by costs associated with the
transition from private to public as the as the Company becomes
Sarbanes Oxley compliant. As a percentage of total revenue, 2017
year to date SG&A accounted for 11.6% compared with 11.0% of
total revenue in the same period of 2016. For the first nine months
of 2017, we incurred incremental public Company expenses of $2.5
million, which were not present in the full nine-month period a
year ago.
Backlog
Aggregate backlog at the end of the third quarter was $492.2
million, an increase of 13.4% compared with $434.3 million at
December 31, 2016, although down from the record level of $513.8
million as of June 30, 2017. The Company has commitments for new
contracts, anticipated to be worth $56.0 million, that will be
booked once firm, fixed prices are established. During the third
quarter, the Company had total sales of $96 million, bringing the
year to date sales figure to approximately $400 million.
Within the aggregate backlog figures, Construction backlog at
September 30, 2017 was $454.3 million, an increase of 16.5% from
$390.2 million at December 31, 2016. In addition, Service backlog
at September 30, 2017 was $37.9 million compared to $44.1 million
as of December 31, 2016. The Company expects approximately $120.0
million of total backlog to be converted to revenues within the
current fiscal year.
Balance Sheet
At September 30, 2017, the Company had current assets of $153.7
million and current liabilities of $117.2 million, representing a
current ratio of 1.31x. Working capital was $36.5 million at
September 30, 2017, an increase of $8.1 million or 28.4% from
December 31, 2016. Long-term debt, net of the current portion and
debt issuance costs, was $29.6 million at September 30, 2017, up
from both $21.5 million at December 31, 2016, and $18.1 million at
June 30, 2017. The Company drew down $12.2 million on its revolver
at quarter end to fund working capital due to late receipt of a
large payment associated with a large ongoing project. That payment
of $7.1 million, due prior to quarter end, was subsequently
received on October 17th, with the Company using the funds to
reduce the outstanding balance on its credit revolver.
2017 Guidance
The Company is updating its guidance for 2017, including a
tightening of its expected revenue range, while maintaining its
Adjusted EBITDA guidance with the current expectation that
full-year Adjusted EBITDA is expected to be toward the lower end of
the range.
FY 2017
Estimate Revenues
$460 - $470 million Adjusted EBITDA
$18 – $20 million
With respect to projected fiscal year 2017 Adjusted EBITDA, a
quantitative reconciliation is not available without unreasonable
efforts due to the high variability, complexity and low visibility
with respect to taxes, which are excluded from Adjusted EBITDA. We
expect the variability of this item to have a potentially
unpredictable, and potentially significant, impact on our future
GAAP financial results.
Conference Call Details
Date: Wednesday, November 15, 2017 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/q3-2017. An audio replay of
the call will be archived on the Company’s website for 365
days.
LIMBACH HOLDINGS, INC Condensed
Consolidated Statements of Operations (Unaudited)
Successor Successor Predecessor (in
thousands, except share data and per share data)
July 1,
2017 through September 30, 2017 July 20,
2016 through September 30, 2016 July 1,
2016 through July 19, 2016 Revenue $ 121,299 $
91,889 $ 26,924 Cost of revenue 105,889 79,818 23,770 Gross profit
15,410 12,071 3,154 Operating expenses: Selling, general and
administrative expenses 13,609 10,207 3,899 Amortization of
intangibles 807 1,454 0 Total operating expenses 14,416 11,661
3,899 Operating income (loss) 994 410 (745) Other income
(expenses): Interest income (expense), net (545) (853) (178)
Gain(loss) on sale of property and equipment 7 (21) 4 Total other
expenses (538) (874) (174) Income (loss) before income taxes 456
(464) (919) Income tax (expense) benefit (328) 2,277 0 Net income
(loss) 128 1,813 (919) Dividends on cumulative redeemable
convertible preferred stock 149 160 0 Premium paid on partial
preferred redemption 847 0 0 Net earnings (loss) attributable to
Limbach Holdings, Inc. common stockholders $ (868) $ 1,653
Net loss attributable to Limbach Holdings LLC member unit holders $
(919)
Successor
EPS
Basic earnings (loss) per share for common stock: Net earnings
(loss) attributable to Limbach Holdings, Inc. common stockholders $
(0.12) $ 0.28 Diluted earnings (loss) per share for common stock:
Net earnings (loss) attributable to Limbach Holdings, Inc. common
stockholders $ (0.12) $ 0.27 Weighted average number of shares
outstanding: Basic 7,471,587 5,927,813 Diluted 7,471,587 6,727,813
LIMBACH HOLDINGS, INC Condensed
Consolidated Statements of Operations (Unaudited)
Successor Successor Predecessor (in
thousands, except share data and per share data)
January 1,
2017 through September 30, 2017 July 20,
2016 through September 30, 2016 January 1,
2016 through July 19, 2016 Revenue $ 354,327 $
91,889 $ 221,391 Cost of revenue 309,610 79,818 192,911 Gross
profit 44,717 12,071 28,480 Operating expenses: Selling, general
and administrative expenses 40,963 10,207 24,015 Amortization of
intangibles 2,831 1,454 0 Total operating expenses 43,794 11,661
24,015 Operating income (loss) 923 410 4,465 Other income
(expenses): Interest income (expense), net (1,562) (853) (1,898)
Gain (loss) on sale of property and equipment (130) (21) 1 Total
other expenses (1,692) (874) (1,897) Income (loss) before income
taxes (769) (464) 2,568 Income tax benefit 352 2,277 0 Net income
(loss) (417) 1,813 2,568 Dividends on cumulative redeemable
convertible preferred stock 631 160 0 Premium paid on partial
preferred redemption 847 0 0 Net earnings (loss) attributable to
Limbach Holdings, Inc. common stockholders $ (1,895) $ 1,653
Net income attributable to Limbach Holdings LLC member unit holders
$ 2,568
Successor
EPS
Basic earnings (loss) per share for common stock: Net earnings
(loss) attributable to Limbach Holdings, Inc. common stockholders $
(0.25) 0.28 Diluted earnings (loss) per share for common stock: Net
earnings (loss) attributable to Limbach Holdings, Inc. common
stockholders $ (0.25) 0.27 Weighted average number of shares
outstanding: Basic 7,460,277 5,927,813 Diluted 7,460,277 6,727,813
LIMBACH HOLDINGS, INC. Condensed
Consolidated Balance Sheets (Unaudited) Successor
(in thousands, except share data)
September 30, 2017
December 31, 2016
ASSETS Current assets: Cash and cash
equivalents $ 761 $ 7,406 Restricted cash 113 113 Accounts
receivable - trade, net 119,395 113,972 Costs and estimated
earnings in excess of billings on uncompleted contracts 29,679
31,959 Other current assets 3,798 1,733
Total current assets
153,746 155,183
Property and equipment, net of accumulated
depreciation of $7.0 million and$2.6 million at September 30, 2017
and December 31,2016, respectively
17,483 18,541 Intangible assets, net 14,976 17,807 Goodwill 10,488
10,488 Deferred tax asset 4,617 4,268 Other assets 497 588
Total
assets $ 201,807 $ 206,875
LIABILITIES Current
liabilities: Current portion of long-term debt $ 5,010 $ 4,476
Accounts payable, including retainage 56,330 57,034 Billing in
excess of costs and estimated earnings on uncompleted contracts
33,067 39,190 Accrued expenses and other current liabilities 22,823
26,029
Total current liabilities 117,230 126,729 Long-term
debt, net of current portion and debt issuance costs 29,566 21,507
Other long-term liabilities 755 817
Total liabilities
147,551 149,053 Commitments and contingencies
Redeemable convertible preferred stock,
net, par value of $0.0001, 1,000,000shares authorized, 280,000 and
400,000 issued and outstanding as ofSeptember 30, 2017 and December
31, 2016, respectively ($7,698 and $10,365redemption value at
September 30, 2017 and December 31, 2016, respectively)
7,779 10,374
STOCKHOLDERS' EQUITY AND MEMBERS' EQUITY
Common stock, par value $0.0001,
100,000,000 shares authorized; 7,454,602issued and outstanding at
September 30, 2017 and 7,454,491 at December 31, 2016,
respectively
1 1 Additional paid-in capital 54,185 55,162 Accumulated deficit
(7,709) (7,715)
Total stockholders' equity 46,477 47,448
Total liabilities and stockholders' equity $ 201,807 $
206,875
Successor
Successor Predecessor (in thousands)
January 1,
2017
through
September
30, 2017
July 20,2016throughSeptember30,
2016 January
1,2016throughJuly19, 2016 Cash
flows from operating activities: Net income (loss) $ (417 ) $ 1,813
$ 2,568 Adjustments to reconcile net income to cash provided by
operating activities: Depreciation and amortization 7,383 2,789
1,582 Allowance for doubtful accounts 289 134 50 Stock based
compensation expense 924 - 1,349 Capitalized deferred interest on
subordinated debt - 84 1,397 Amortization of debt issuance costs
135 52 - Deferred tax provision (349 ) (2,667 ) - Accretion of
preferred stock discount to redemption value 19 - - (Gain) loss on
disposition of property and equipment 130 21 (1 ) Changes in
operating assets and liabilities: (Increase) decrease in accounts
receivable (5,712) (42,855 ) 5,722 (Increase) decrease in costs and
estimated earnings in excess of billings on uncompleted contracts
2,280 10,831 (18,698 ) (Increase) decrease in other current assets
71 (251 ) (662 ) (Increase) decrease in other assets 1 94 (95 )
Increase (decrease) in accounts payable (704 ) 7,722 (6,973 )
Increase (decrease) in billings in excess of costs and estimated
earnings on uncompleted contracts (6,123 ) 12,857 4,276 Increase
(decrease) in accrued expenses and other current liabilities (3,206
) (6,035 ) 10,847 Increase (decrease) in other long-term
liabilities (62 ) 28 277 Net cash provided by
(used in) operating activities (5,341 ) (15,383 )
1,639 Cash flows from investing activities: Proceeds from
sale of property and equipment 48 69 7 Advances to joint ventures
(1 ) (1 ) - Purchase of property and equipment (2,329 ) (468 )
(2,114 ) Acquisition of Limbach Holdings LLC, net of cash acquired
- (32,158 ) - Proceeds from trust account - 19,545
- Net cash used in investing activities (2,282 )
(13,013 ) (2,107 ) Cash flows from financing
activities: Proceeds from revolving credit facility - 16,567 60,122
Proceeds from term loan - 24,000 - Proceeds from subordinated debt
- 13,000 - Payments on revolving credit facility - (8,301 ) (63,630
) Payments on Credit Agreement term loan (4,115 ) - - Proceeds from
Credit Agreement revolver 74,762 - - Payments on Credit Agreement
revolver (62,547 ) - - Payments on term loan (33 ) (1,270 ) (1,038
) Payments on subordinated debt facility - (23,604 ) -- Payments on
financed insurance premium (1,747 ) - Payments of distributions - -
(195 ) Payments on capital leases (1,250 ) (345 ) (660 ) Redemption
of preferred stock (4,092 ) - - Proceeds from issuance of
redeemable convertible preferred stock - 9,948 - Debt issuance
costs - (1,313 ) - Net cash provided by (used
in) financing activities 978 28,682 (5,401 )
Increase (decrease) in cash and cash equivalents (6,645 ) 286
(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 - 238 6,107 Cash
and cash equivalents, end of period $ 761 $ 546 $ 238
Supplemental disclosures of cash flow information Noncash
investing and financing transactions: Property and equipment
acquired financed with capital leases $ 1,344 $ 467 $ 1,014
Financed insurance premium $ 2,135 $ - $ - Interest paid $ 1,427 $
799 $ 192
Successor
Successor Predecessor (Amounts in thousands except
for percentages) July 1, 2017throughSeptember
30, 2017 July 20, 2016throughSeptember 30,
2016 July 1, 2016throughJuly 19, 2016
Increase/(Decrease) ($) ($)
($) $ % Revenue: Construction $ 95,779
$ 73,917 $ 24,150 $ (2,288 ) -2.3 % Service 25,520
17,972 2,774 4,774 23.0 % Total revenue
121,299 91,889 26,924 2,486 2.1
% Gross profit: Construction 10,068 8,049 2,639 (620 ) -5.8
% Service 5,342 4,022 515 805
17.7 % Total gross profit 15,410 12,071 3,154
185 1.2 % Selling, general and administrative
expenses: Construction 6,394 4,399 1,149 846 15.2 % Service 3,545
2,431 563 551 18.4 % Corporate 3,670 3,377
2,187 (1,894 ) -34.0 % Total selling, general and
administrative expenses 13,609 10,207 3,899
(497 ) -3.5 % Amortization of intangibles
(Corporate) 807 1,454 - (647 ) -44.5 % Operating income
(loss): Construction 3,674 3,650 1,490 (1,466 ) -28.5 % Service
1,797 1,591 (48 ) 254 16.5 % Corporate (4,477 )
(4,831 ) (2,187 ) 2,541 36.2 % Total operating
income (loss) $ 994 $ 410 $ (745 ) $ 1,329 396.7 %
Successor
Successor Predecessor (Amounts in thousands except
for percentages) January 1, 2017
through
September 30, 2017
July 20, 2016
through
September 30, 2016
January 1, 2016
through
July 19, 2016
Increase/(Decrease) ($) ($) ($)
$ % Revenue: Construction $ 283,465 $
73,917 $ 183,100 $ 26,448 10.3 % Service 70,862
17,972 38,291 14,599 25.9 % Total revenue
354,327 91,889 221,391 41,047
13.1 % Gross profit: Construction 29,997 8,049 20,300 1,648
5.8 % Service 14,720 4,022 8,180 2,518
20.6 % Total gross profit 44,717 12,071
28,480 4,166 10.3 % Selling, general and
administrative expenses: Construction 18,848 4,399 11,680 2,769
17.2 % Service 10,547 2,431 6,302 1,814 20.8 % Corporate
11,568 3,377 6,033 2,158 22.9 % Total
selling, general and administrative expenses 40,963
10,207 24,015 6,741 19.7 % Amortization
of intangibles 2,831 1,454 - 1,377 94.7 % Operating income
(loss): Construction 11,149 3,650 8,620 (1,121 ) -9.1 % Service
4,173 1,591 1,878 704 20.3 % Corporate (14,399 )
(4,831 ) (6,033 ) (3,535 ) -32.5 % Operating
income (loss) $ 923 $ 410 $ 4,465 $ (3,952 ) -81.1 %
* 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
Predecessor (in thousands)
July 1, 2017 through
September 30, 2017
July 20, 2016 through
September 30, 2016
July 1, 2016 through July
19, 2016
Net income (loss) $ 128 $ 1,813 $ (919) Adjustments:
Depreciation and amortization 2,025 2,789 149 Interest expense 545
853 178 Income tax expense (benefit) 328 (2,277) 0 Non-cash Stock
Based Compensation 924 0 0 Adjusted EBITDA $ 3,950 $ 3,178 $ (592)
Successor Successor Predecessor (in
thousands)
January 1, 2017 through
September 30, 2017
July 20, 2016 through
September 30, 2016
January 1, 2016 through
July 19, 2016
Net income (loss) $ (417) $ 1,813 $ 2,568 Adjustments:
Depreciation and amortization 7,383 2,789 1,582 Interest expense
1,562 853 1,898 Income tax (benefit) (352) (2,277) 0 Non-cash Stock
Based Compensation 924 0 0 Adjusted EBITDA $ 9,100 $ 3,178 $ 6,048
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: http://www.businesswire.com/news/home/20171114006635/en/
Investor Relations:The Equity Group Inc.Jeremy Hellman,
CFA, 212-836-9626Senior Associatejhellman@equityny.comorLimbach
Holdings, Inc.John T. Jordan, Jr., 301-623-4799Executive Vice
President and Chief Financial Officerjohn.jordan@limbachinc.com
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