Business
Concrete Pumping Holdings Reports Strong Fourth Quarter and Fiscal Year 2021 Results, Provides Financial Outlook for Fiscal Year 2022
DENVER, Jan. 12, 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, Jan. 12, 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 fourth quarter and fiscal year ended October 31, 2021. Fourth Quarter Fiscal Year 2021 Summary vs. Fourth Quarter of Fiscal Year 2020 (where applicable) Revenue increased 11% to $87.8 million compared to $79.2 million.Gross profit increased 5% to $37.3 million compared to $35.5 million. Income from operations increased 169% to $11.7 million compared to $4.3 million.Net income attributable to common shareholders improved to $2.8 million or $0.05 per diluted share, compared to a net loss attributable to common shareholders of $3.1 million or $(0.06) per diluted share.Adjusted EBITDA1 was $28.3 million compared to $29.9 million, with Adjusted EBITDA margin at 32.2% compared to 37.8%.Amounts outstanding under debt agreements was $376.0 million with net debt1 of $366.7 million. Total available liquidity was $129.9 million as of October 31, 2021, compared to $142.2 million as of July 31, 2021. 2021 fourth quarter included growth investments of $14.1 million related to recent asset acquisitions. Fiscal Year 2021 Summary vs. Fiscal Year 2020 Revenue increased 4% to $315.8 million compared to $304.3 million.Gross profit increased to $137.7 million compared to $137.3 million. Income from operations increased to $38.0 million compared to a loss from operations of $31.7 million.Net loss attributable to common shareholders improved to $16.8 million or $(0.31) per diluted share, compared to a net loss attributable to common shareholders of $63.2 million or $(1.20) per diluted share.Adjusted EBITDA was $104.3 million compared to $107.3 million, with Adjusted EBITDA margin at 33.0% compared to 35.3%. ________________1Adjusted EBITDA and net debt are financial measures that are not calculated in accordance with Generally Accepted Accounting Principles in the United States (“GAAP”). See “Non-GAAP Financial Measures” below for a discussion of the definition of the non-GAAP financial measures used in this release and a reconciliation to the most comparable GAAP measure. Management Commentary “In the fourth quarter we grew revenue across all segments and reported double-digit consolidated revenue growth, which we...