Business
Concrete Pumping Holdings Reports Fourth Quarter and Fiscal Year 2019 Results, Provides Financial Outlook for Fiscal Year 2020
DENVER, Jan. 14, 2020 (GLOBE NEWSWIRE) -- Concrete Pumping Holdings, Inc. (Nasdaq: BBCP) (the “Company” or “CPH”), a leading provider of concrete pumping
About this update from Concrete Pumping Holdings, Inc.
[{"type":"text","content":"DENVER, Jan. 14, 2020 (GLOBE NEWSWIRE) -- Concrete Pumping Holdings, Inc. (Nasdaq: BBCP) (the “Company” or “CPH”), a leading provider of concrete pumping services and concrete waste management services in the U.S. and U.K., today reported financial results for its fourth quarter and fiscal year ended October 31, 2019. \n Fourth Quarter Fiscal Year 2019 Summary Revenue increased 25% to $84.0 million as compared to the fourth quarter of fiscal year 2018.Gross margin increased 340 basis points to 46.3% as compared to the fourth quarter of fiscal year 2018.Net income attributable to common shareholders was $0.1 million or $0.00 per diluted share.Adjusted EBITDA1 increased 33% to $29.6 million with Adjusted EBITDA margin1 increasing 260 basis points to 35.2% as compared to the fourth quarter of fiscal year 2018.Net debt1 decreased $15.9 million from $434.1 million as of July 31, 2019 to $418.2 million as of October 31, 2019. Fiscal Year 2019 Financial Summary Revenue increased 16% to $283.0 million as compared to fiscal year 2018.Gross margin was up 60 basis points to 44.3% as compared to fiscal year 2018.Net loss attributable to common shareholders was $34.2 million.Adjusted EBITDA1 increased 21% to $95.5 million with Adjusted EBITDA margin1 increasing 120 basis points to 33.8% as compared to fiscal year 2018. Management Commentary “We ended the year on a strong note, with 25% revenue growth in the fourth quarter of fiscal year 2019 translating to a 33% increase in Adjusted EBITDA,” said Bruce Young, CEO of CPH. “These results were driven by our margin-enhancing acquisition of Capital Pumping in May 2019, broad end-market strength in the U.S. and accelerated growth in Eco-Pan. We also continued to gain efficiencies in our supply chain while realizing the expected synergies from the Capital Pumping acquisition. “These results were achieved despite roughly 40% of our U.S. operations being shut down in the final week of the quarter due to a severe, early winter storm that delivered snow and rain from Idaho to Texas. While we estimate the Q4 2019 revenue impact from this event was approximately $1.5 million, we expect the delayed work will be re-captured in early fiscal 2020. “As we look to the next fiscal year, we believe our positive momentum will continue. While we remain cautious in our U.K. outlook, expecting concrete pumping in th...