Business
Concrete Pumping Holdings Reports Strong Preliminary Second Quarter Fiscal Year 2021 Results and Reschedules Second Quarter Fiscal Year 2021 Call to June 14, 2021
- Preliminary Q2 Results Show Strong Continued Growth and Market Resilience- Reschedule Being Driven by Finalization of Accounting for SPAC Warrants DENVER,
About this update from Concrete Pumping Holdings, Inc.
[{"type":"text","content":"- Preliminary Q2 Results Show Strong Continued Growth and Market Resilience- Reschedule Being Driven by Finalization of Accounting for SPAC Warrants DENVER, June 07, 2021 (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., is providing preliminary financial results for its second quarter of fiscal year 2021 ended April 30, 2021 and has rescheduled its second quarter fiscal 2021 earnings call to June 14, 2021. Preliminary Second Quarter Fiscal Year 2021 Summary vs. Second Quarter of Fiscal Year 2020 (where applicable) Revenue increased 4% to $76.9 million compared to $74.0 million.Gross margin increased 30 basis points to 43.3% compared to 43.0%.Adjusted EBITDA1 increased 7% to $25.0 million compared to $23.5 million, with adjusted EBITDA margin increasing 80 basis points to 32.6% compared to 31.8%.Amounts outstanding under debt agreements was $376.1 million with net debt2 of $362.4 million. Total available liquidity increased to $134.9 million as of April 30, 2021 compared to $118.4 million as of January 31, 2021.Net capital expenditures in the second quarter of fiscal 2021 were $5.5 million. _____________ 1 Adjusted EBITDA and Adjusted EBITDA margin 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 Adjusted EBITDA and a reconciliation to the most comparable GAAP measure.2 Net debt is a non-GAAP financial measure. See Non-GAAP Financial Measures below for a discussion of the definition of net debt and a reconciliation to its most comparable GAAP measure. Reschedule of Earnings Call The reschedule is being driven by the Company’s continuing evaluation of the accounting treatment for its warrants in light of the SEC Warrant Accounting Statement (as defined below). On April 12, 2021, the Acting Director of the Division of Corporation Finance and Acting Chief Accountant of the Securities and Exchange Commission together issued a public statement (the “SEC Warrant Accounting Statement”) on accounting and reporting considerations for warrants issued by special purpose acquisition companies (“SPACs”). The SEC Warrant Accounting Statement discu...