Business
Concrete Pumping Holdings Reports First Quarter Fiscal Year 2022 Results
DENVER, March 10, 2022 (GLOBE NEWSWIRE) -- Concrete Pumping Holdings, Inc. (Nasdaq: BBCP) (the “Company” or “CPH”), a leading provider of concrete pumping and
About this update from Concrete Pumping Holdings, Inc.
[{"type":"text","content":"DENVER, March 10, 2022 (GLOBE NEWSWIRE) -- Concrete Pumping Holdings, Inc. (Nasdaq: BBCP) (the “Company” or “CPH”), a leading provider of concrete pumping and waste management services in the U.S. and U.K., reported financial results for the quarter ended January 31, 2022. First Quarter Fiscal Year 2022 Summary vs. First Quarter Fiscal Year 2021 (unless otherwise noted) Revenue increased 21.3% to $85.4 million compared to $70.4 million.Gross margin was 39.9% compared to 42.4%.Net income available to common shareholders increased to $0.7 million or $0.01 per diluted share, compared to a net loss attributable to common shareholders of $(12.8) million or $(0.24) per diluted share.Adjusted EBITDA1 increased 7.3% to $24.0 million compared to $22.4 million, with Adjusted EBITDA margin of 28.1% compared to 31.7%.Amounts outstanding under debt agreements was $391.2 million with net debt1 of $388.4 million. Total available liquidity was $108.0 million as of January 31, 2022, compared to $129.9 million as of October 31, 2021. 2022 first quarter included growth investments of $19.2 million related to recent acquisition of the assets of Pioneer Concrete Pumping. Management Commentary “During the first quarter, we improved revenue across all segments more than 20%, further highlighting the strength and momentum of our business,” said Bruce Young, CEO of the Company. “Our residential and infrastructure work continued to drive the bulk of the outperformance and it is encouraging to see the recovery of commercial projects as the pandemic wanes and people return to work. Similar to last quarter, rapid year-over-year inflation, particularly in diesel fuel, impacted our gross margin. However, our team has done a good job recalibrating our rates and we believe we are well positioned to offset such inflationary headwinds in 2022. “As we look further into fiscal year 2022, we expect to take full advantage of strong residential and infrastructure end markets, while remaining proactive on opportunities in the rebounding commercial space. We remain committed to maximizing shareholder value by leveraging our unique operational capabilities, market momentum and accretive M&A strategy.” _______________1 Adjusted EBITDA and net debt are financial measures that are not calculated in accordance with Generally Accepted Accounting Principles in the United State...