Business
Concrete Pumping Holdings Reports Strong Second Quarter Fiscal Year 2020 Results
DENVER, June 09, 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, June 09, 2020 (GLOBE NEWSWIRE) -- Concrete Pumping Holdings, Inc. (Nasdaq: BBCP) (the “Company” or “CPH”), a leading provider of concrete pumping services and waste management services in the U.S. and U.K., today reported financial results for its second fiscal quarter ended April 30, 2020.\n Second Quarter Fiscal Year 2020 Summary vs. Second Quarter of Fiscal Year 2019 •Revenue increased 19% to $74.0 million.•Gross margin increased 370 basis points to 43.0%.•Net loss available to common shareholders was $59.4 million or $(1.13) per diluted share versus a net loss of $10.1 million or $(0.35) per diluted share. •The second quarter of 2020 included a $57.9 million non-cash goodwill and intangibles impairment charge due to the COVID-19 impact on the Company’s market capitalization. •Excluding the goodwill and intangibles impairment charge, net loss to common shareholders was $3.9 million or $(0.08) per diluted share.•Adjusted EBITDA1 increased 29% to $23.5 million with Adjusted EBITDA margin1 up 240 basis points to 31.8%. •51% Adjusted EBITDA growth in the U.S. Concrete Pumping segment on a 35% increase in revenue. •36% Adjusted EBITDA growth in the U.S. Concrete Waste Management Services segment on a 23% improvement in revenue. •Adjusted EBITDA for the U.K. Operations segment was down 38% on a 34% reduction in revenue due to COVID-19-imposed construction site closures. Management Commentary “As indicated in our second quarter pre-announcement and further supported by today’s strong results, our business has shown resilience amongst the COVID-19 pandemic, highlighting the agility of our operations and largely essential nature of our work,” said Bruce Young, CEO of CPH. “During this time, we have prioritized the safety of our employees while continuing to deliver exceptional service that our customers demand. We also continue to demonstrate the attractiveness of our business model with second quarter Adjusted EBITDA growth well outpacing our revenue growth. This has allowed us to reduce our leverage while taking other proactive measures to enhance our liquidity. “During the second quarter, we reduced net debt2 by approximately $20 million compared to the end of the first quarter of fiscal 2020 and instituted various cost saving and cash preservation measures to increase available liquidity to $33 million as of April 30th. Th...