NV5 Announces Record Third Quarter 2019 Revenue Results and
NV5 Announces Record Third Quarter 2019 Revenue Results and Signs Definitive Agreement to Acquire Nation’s Largest Full-Service Geospatial Solutions Provider
HOLLYWOOD, Fla., Nov. 07, 2019 (GLOBE
NEWSWIRE) -- NV5 Global, Inc. (Nasdaq: NVEE) (“NV5” or the
“Company”), a provider of professional and technical
engineering and consulting solutions, today reported financial
results for the third quarter ended September 28,
In the third quarter 2019, Gross Revenues - GAAP increased 26% year-over-year, EBITDA increased 3%, Net Income decreased 20% and Net Income adjusted for the impact of intangible amortization increased 3%. Our backlog as of September 28, 2019 increased 35% compared to September 29, 2018 and cash flows from operating activities for the nine months ended September 28, 2019 increased 23% compared to the nine months ended September 29, 2018.
In July 2019, the Company acquired two companies, GeoDesign, Inc. and WH Pacific, Inc., expanding NV5’s infrastructure design, surveying and construction quality assurance capabilities in the Pacific Northwest and supporting the Company’s ENERGY 2021 initiative. Operating results for the third quarter of 2019 were negatively affected, however, by both an unexpected delay in the Company’s liquefied natural gas (“LNG”) service line and declining revenue from contracts with the North Carolina Department of Transportation (“NCDOT”), as projects throughout the state were put on temporary hold pending funding. We expect that the project delay in...