2013 Q4 Form 10-Q Financial Statement

#000110465914001415 Filed on January 09, 2014

View on sec.gov

Income Statement

Concept 2013 Q4 2012 Q4
Revenue $156.8M $137.7M
YoY Change 13.81% 20.58%
Cost Of Revenue $104.5M $95.82M
YoY Change 9.05% 21.29%
Gross Profit $47.98M $41.91M
YoY Change 14.49% 19.0%
Gross Profit Margin 30.61% 30.43%
Selling, General & Admin $29.85M $23.36M
YoY Change 27.77% 20.56%
% of Gross Profit 62.22% 55.75%
Research & Development $786.0K $530.0K
YoY Change 48.3% -11.96%
% of Gross Profit 1.64% 1.26%
Depreciation & Amortization $6.785M $6.462M
YoY Change 5.0% 23.2%
% of Gross Profit 14.14% 15.42%
Operating Expenses $30.64M $23.89M
YoY Change 28.22% 19.58%
Operating Profit $15.25M $15.75M
YoY Change -3.14% 14.98%
Interest Expense -$800.0K -$800.0K
YoY Change 0.0% -27.27%
% of Operating Profit -5.25% -5.08%
Other Income/Expense, Net
YoY Change
Pretax Income $14.48M $14.93M
YoY Change -3.02% 15.51%
Income Tax $5.196M $5.745M
% Of Pretax Income 35.88% 38.48%
Net Earnings $9.257M $9.163M
YoY Change 1.03% 15.17%
Net Earnings / Revenue 5.91% 6.65%
Basic Earnings Per Share
Diluted Earnings Per Share $319.6K $317.2K
COMMON SHARES
Basic Shares Outstanding 28.38M shares 28.14M shares
Diluted Shares Outstanding 29.10M shares 29.01M shares

Balance Sheet

Concept 2013 Q4 2012 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $16.20M $8.000M
YoY Change 102.5% 50.94%
Cash & Equivalents $16.24M $7.985M
Short-Term Investments
Other Short-Term Assets $13.50M $9.600M
YoY Change 40.63% -27.82%
Inventory $12.83M $11.54M
Prepaid Expenses
Receivables $122.4M $105.9M
Other Receivables $0.00 $0.00
Total Short-Term Assets $165.1M $135.0M
YoY Change 22.32% 1.93%
LONG-TERM ASSETS
Property, Plant & Equipment $70.50M $69.80M
YoY Change 1.01% 28.77%
Goodwill $118.7M $117.3M
YoY Change 1.15%
Intangibles $49.28M $58.20M
YoY Change -15.32%
Long-Term Investments
YoY Change
Other Assets $1.315M $750.0K
YoY Change 75.33% -42.31%
Total Long-Term Assets $250.8M $246.1M
YoY Change 1.92% 58.59%
TOTAL ASSETS
Total Short-Term Assets $165.1M $135.0M
Total Long-Term Assets $250.8M $246.1M
Total Assets $415.9M $381.0M
YoY Change 9.14% 32.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.27M $8.937M
YoY Change 26.14% 44.15%
Accrued Expenses $42.90M $38.70M
YoY Change 10.85% 26.47%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $7.899M $7.948M
YoY Change -0.62% -34.31%
Total Short-Term Liabilities $74.10M $69.94M
YoY Change 5.95% 31.22%
LONG-TERM LIABILITIES
Long-Term Debt $70.80M $51.72M
YoY Change 36.9% 11.22%
Other Long-Term Liabilities $17.76M $23.35M
YoY Change -23.94% 531.08%
Total Long-Term Liabilities $88.56M $75.07M
YoY Change 17.97% 49.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $74.10M $69.94M
Total Long-Term Liabilities $88.56M $75.07M
Total Liabilities $186.0M $171.7M
YoY Change 8.35% 61.38%
SHAREHOLDERS EQUITY
Retained Earnings $33.88M $20.78M
YoY Change 63.04%
Common Stock $283.0K $282.0K
YoY Change 0.35%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $229.6M $209.1M
YoY Change
Total Liabilities & Shareholders Equity $415.9M $381.0M
YoY Change 9.14% 32.49%

Cashflow Statement

Concept 2013 Q4 2012 Q4
OPERATING ACTIVITIES
Net Income $9.257M $9.163M
YoY Change 1.03% 15.17%
Depreciation, Depletion And Amortization $6.785M $6.462M
YoY Change 5.0% 23.2%
Cash From Operating Activities $4.090M $5.850M
YoY Change -30.09% -147.25%
INVESTING ACTIVITIES
Capital Expenditures -$5.800M -$2.770M
YoY Change 109.39% 214.77%
Acquisitions
YoY Change
Other Investing Activities -$11.91M -$26.93M
YoY Change -55.77% 215.71%
Cash From Investing Activities -$17.72M -$29.68M
YoY Change -40.3% 215.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 23.20M 24.43M
YoY Change -5.03% 16.83%
NET CHANGE
Cash From Operating Activities 4.090M 5.850M
Cash From Investing Activities -17.72M -29.68M
Cash From Financing Activities 23.20M 24.43M
Net Change In Cash 9.570M 600.0K
YoY Change 1495.0% -168.18%
FREE CASH FLOW
Cash From Operating Activities $4.090M $5.850M
Capital Expenditures -$5.800M -$2.770M
Free Cash Flow $9.890M $8.620M
YoY Change 14.73% -174.96%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
mg Incremental Common Shares Attributable To Stock Options Outstanding
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mg Incremental Common Shares Attributable To Stock Options Outstanding
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us-gaap Basis Of Accounting
BasisOfAccounting
<div style="font-size:10.0pt;font-family:Times New Roman;"> <p style="MARGIN: 0in 0in 0pt;"><b><i><font style="FONT-STYLE: italic; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold;" size="2">Basis of Presentation</font></i></b></p> <p style="MARGIN: 0in 0in 0pt;">&#160;</p> <p style="MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">The condensed consolidated financial statements contained in this report are unaudited. In the opinion of management, the condensed consolidated financial statements include all adjustments, which are of a normal recurring nature, necessary for a fair presentation of the results for the interim periods of the fiscal years ending May&#160;31, 2014 and 2013. Reference to a fiscal year means the fiscal year ended May&#160;31. Certain items included in these statements are based on management&#8217;s estimates. Actual results may differ from those estimates. The results of operations for any interim period are not necessarily indicative of the results expected for the year. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the notes to consolidated financial statements contained in the Company&#8217;s Annual Report on Form&#160;10-K (&#8220;Annual Report&#8221;) for fiscal 2013, as filed with the Securities and Exchange Commission on August&#160;14, 2013.</font></p> <p style="MARGIN: 0in 0in 0pt;">&#160;</p> </div>
us-gaap Prior Period Reclassification Adjustment Description
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<div style="font-size:10.0pt;font-family:Times New Roman;"> <p style="MARGIN: 0in 0in 0pt;"><b><i><font style="FONT-STYLE: italic; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold;" size="2">Reclassification</font></i></b></p> <p style="MARGIN: 0in 0in 0pt;">&#160;</p> <p style="MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">Certain amounts in prior periods have been reclassified to conform to the current year presentation. Such reclassifications did not have a material effect on the Company&#8217;s financial condition or results of operations as previously reported. For the three and six months ended November&#160;30, 2012, the Company reclassified $0.3 million and $0.5 million, respectively, related to interest accretion imputed on its acquisition related contingent consideration liabilities from interest expense to acquisition-related expense, net, which is a component of income from operations. See Note 4 &#8212; <i>Acquisitions</i> for further discussion with regards to acquisition-related expense, net.</font></p> <p style="MARGIN: 0in 0in 0pt;">&#160;</p> </div>
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dei Entity Registrant Name
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Mistras Group, Inc.
dei Entity Central Index Key
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dei Document Type
DocumentType
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dei Document Period End Date
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dei Amendment Flag
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dei Current Fiscal Year End Date
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dei Entity Current Reporting Status
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dei Entity Filer Category
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dei Document Fiscal Year Focus
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mg Interest Expense And Amortization Of Deferred Charges
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us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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21877000 USD
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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ComprehensiveIncomeNetOfTax
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393000 USD
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4644000 USD
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NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
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NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
13130000 USD
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NetCashProvidedByUsedInContinuingOperations
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mg Deferred Income Tax Noncash Expense Benefit
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275000 USD
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651000 USD
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mg Increase Decrease In Other Accrued Liabilities And Deferred Liabilities
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us-gaap Increase Decrease In Accrued Income Taxes Payable
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1829000 USD
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27396000 USD
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PaymentsToAcquireIntangibleAssetsAndSoftware
482000 USD
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PaymentsToAcquireBusinessesNetOfCashAcquired
27033000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
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435000 USD
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NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
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RepaymentsOfLongTermCapitalLeaseObligations
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IncomeTaxesPaid
4673000 USD
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CapitalLeaseObligationsIncurred
2460000 USD
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7715000 USD
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CashAndCashEquivalentsAtCarryingValue
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CashAndCashEquivalentsAtCarryingValue
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CashAndCashEquivalentsAtCarryingValue
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FiniteLivedIntangibleAssetsAccumulatedAmortization
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1666000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
7570000 USD
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CapitalLeaseObligationsIncurred
3443000 USD
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CommitmentsAndContingencies
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PreferredStockValue
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CY2013Q4 us-gaap Preferred Stock Value
PreferredStockValue
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CY2013Q4 us-gaap Prepaid Expense And Other Assets Current
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10940000 USD
CY2013Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1315000 USD
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AccountsPayableCurrent
11273000 USD
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6760000 USD
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AccruedIncomeTaxesCurrent
1198000 USD
CY2013Q4 us-gaap Capital Lease Obligations Noncurrent
CapitalLeaseObligationsNoncurrent
10728000 USD
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DeferredTaxLiabilitiesNoncurrent
12629000 USD
CY2013Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
17760000 USD
CY2013Q4 us-gaap Common Stock Value
CommonStockValue
283000 USD
CY2013Q4 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
197462000 USD
CY2013Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
33880000 USD
CY2013Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-2020000 USD
CY2013Q4 us-gaap Minority Interest
MinorityInterest
248000 USD
CY2013Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
229853000 USD
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143139000 USD
CY2013Q4 us-gaap Sales Revenue Goods Net
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13616000 USD
CY2013Q4 us-gaap Cost Of Services
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98860000 USD
CY2013Q4 us-gaap Cost Of Goods Sold
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5634000 USD
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CostOfServicesDepreciation
4026000 USD
CY2013Q4 us-gaap Cost Of Goods Sold Depreciation
CostOfGoodsSoldDepreciation
258000 USD
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2501000 USD
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AcquisitionRelatedCostsAndFairValueAdjustmentsToInitialPurchasePriceAllocation
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InterestExpenseAndAmortizationOfDeferredCharges
772000 USD
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IncomeTaxExpenseBenefit
5196000 USD
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NetIncomeLossAttributableToNoncontrollingInterest
27000 USD
us-gaap Sales Revenue Goods Net
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21112000 USD
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187484000 USD
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2697000 USD
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ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
27000 USD
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2432000 USD
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21000 USD
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2 item
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0 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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us-gaap Share Based Compensation
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us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
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265000 USD
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2802000 USD
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22000 USD
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2524000 USD
mg Increase Decrease In Other Accrued Liabilities And Deferred Liabilities
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124000 USD
us-gaap Increase Decrease In Accrued Income Taxes Payable
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us-gaap Repayments Of Long Term Capital Lease Obligations
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3757000 USD
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mg Payments Of Contingent Consideration For Business Acquisitions
PaymentsOfContingentConsiderationForBusinessAcquisitions
500000 USD
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
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122000 USD
us-gaap Proceeds From Stock Options Exercised
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362000 USD
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OtherNoncashIncomeExpense
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mg Payment Of Deposit For Business Combination
PaymentOfDepositForBusinessCombination
11000000 USD
CY2013Q4 us-gaap Escrow Deposit
EscrowDeposit
11000000 USD

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