HOLLYWOOD, FL--(Marketwire - Apr 1, 2013) - NV5 Holdings, Inc. (the "Company") (NASDAQ: [ NVEEU ]), a leading provider of professional and technical engineering and consulting solutions, reported financial results for the fourth quarter and full year ended December 31, 2012.

Fourth Quarter 2012 Financial Results

Total gross contract revenues in the fourth quarter of 2012 were $15.1 million compared to $14.9 million in the fourth quarter of 2011.

Gross profit in the fourth quarter of 2012 was $7.9 million (52.3% of total gross contract revenues) compared to $7.2 million (48.3% of total gross contract revenues) in the fourth quarter of 2011.

Income from continuing operations in the fourth quarter of 2012 was $0.5 million compared to $0.2 million in the fourth quarter of 2011.

Net income in the fourth quarter of 2012 was $0.5 million or $0.21 per diluted share compared to $0.2 million or $0.06 per diluted share in the fourth quarter of 2011.

At December 31, 2012, cash and cash equivalents totaled $2.3 million compared to $2.8 million at December 31, 2011. Total debt was $9.8 million at December 31, 2012 compared to $7.1 million at December 31, 2011.

Full Year 2012 Financial Results

Total gross contract revenues in 2012 were $60.6 million compared to $63.4 million in 2011. The decrease in revenues is primarily due to delays in the start of new projects during 2012.

Gross profit in 2012 was $31.7 million (52.3% of total gross contract revenues) compared to $32.4 million (51.2% of total gross contract revenues) in 2011.

Income from continuing operations in 2012 was $1.3 million compared to $1.9 million in 2011.

Net income in 2012 was $1.3 million or $0.52 per diluted share compared to $1.4 million or $0.66 per diluted share in 2011.

About NV5 Holdings, Inc.

NV5 Holdings, Inc. (NASDAQ: [ NVEEU ]) is a leading provider of professional and technical engineering and consulting solutions to public and private sector clients in the infrastructure, construction, real estate and environmental markets. The Company primarily focuses on five business service verticals: construction quality assurance, infrastructure engineering, energy services, program management and environmental services. NV5 Holdings operates 20 offices in California, Colorado, Utah, Florida and New Jersey and is headquartered in Hollywood, Florida. For additional information, please visit the Company's website at [ www.NV5.com ].

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. The Company cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained herein. Such factors include, but are not limited to: (a) changes in demand from the local and state government and private clients that we serve; (b) general economic conditions, nationally and globally, and their effect on the market for our services; (c) competitive pressures and trends in our industry and our ability to successfully compete with our competitors; (d) changes in laws, regulations, or policies; and (e) the "Risk Factors" set forth in the Company's most recent SEC filings. All forward-looking statements are based on information available to the Company on the date hereof, and the Company assumes no obligation to update such statements.


NV5 HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)

		December 31, 2011		December 31, 2012
Assets
Current assets:
	Cash and cash equivalents	$	2,762	$	2,294
	Accounts receivable, net of allowance for doubtful accounts of $1,284 and $1,631 as of December 31, 2011 and 2012, respectively		15,457		15,052
	Prepaid expenses and other current assets		393		311
	Deferred income tax assets		-		543
Total current assets			18,612		18,200
	Property and equipment, net		1,256		1,273
	Intangible assets, net		2,386		2,758
	Goodwill		4,336		5,857
	Cash surrender value of officers' life insurance		650		656
	Other assets		382		600
	Deferred income tax assets		378		619
Total Assets		$	28,000	$	29,963

Liabilities and Stockholders' Equity
Current liabilities:
	Accounts payable	$	3,564	$	3,261
	Accrued liabilities		3,632		3,082
	Income taxes payable		1,811		1,992
	Billings in excess of costs and estimated earnings on uncompleted contracts		528		430
	Client deposits		182		47
	Current portion of stock repurchase obligation		672		772
	Current portion of notes payable		1,055		3,538
	Deferred income taxes		690		-
Total current liabilities			12,134		13,122
	Stock repurchase obligations, less current portion		1,464		1,621
	Notes payable, less current portion		3,880		3,851
Total liabilities			17,478		18,594

Commitments and contingencies

Stockholders' equity:
	Preferred stock: $0.01 par value; 5,000,000 shares authorized, no shares issued and outstanding		-		-
	Common stock, $0.01 par value, 45,000,000 shares authorized, 2,698,195 and 2,600,000 shares issued and outstanding as of December 31, 2011 and 2012, respectively		27		26
	Additional paid-in capital		9,510		9,065
	Retained earnings		985		2,278
Total stockholders' equity			10,522		11,369
Total liabilities and stockholders' equity		$	28,000	$	29,963



NV5 HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS COMPREHENSIVE INCOME
(in thousands, except share data)

			Year Ended
			December 31, 2011			December 31, 2012
Gross contract revenues			$	63,366		$	60,576

Direct costs (excluding depreciation and amortization):
Salaries and wages				16,810			17,041
Sub-consultant services				11,992			9,846
Other direct costs				2,146			2,021
Total direct costs				30,948			28,908

Gross Profit				32,418			31,668

Operating Expenses:
Salaries and wages, payroll taxes and benefits				17,561			18,348
General and administrative				6,677			6,105
Facilities and facilities related				3,408			3,390
Depreciation and amortization				1,949			1,468
Acquisition and restructuring expense				95			-
Total operating expenses				29,690			29,311

Income from operations				2,728			2,357

Other (expense) income:
		Interest expense		(376	)		(389	)
Total other (expense)				(376	)		(389	)

Income from continuing operations before income tax expense.				2,352			1,968
Income tax (expense)				(436	)		(675	)
Income from continuing operations				1,916			1,293

Discontinued operations, net of tax				33			-

Net income				1,949			1,293

Non-controlling interest in (income) of Nolte Associates, Inc., net of tax				(530	)		-

Net income attributable to NV5 Holdings, Inc				1,419			1,293

Other comprehensive income:
		Foreign currency translation adjustment		2			-
Comprehensive income			$	1,421		$	1,293

Basic Earnings per Share:
	Continuing operations		$	0.71		$	0.58
	Discontinued operations			0.02			-
	Total		$	0.73		$	0.58

Diluted Earnings per Share:
	Continuing operations		$	0.65		$	0.52
	Discontinued operations			0.01			-
	Total		$	0.66		$	0.52

Contributing Sources

Market Wire

N@N

NV5 Holdings Reports Fourth Quarter and Full Year 2012 Results

NV5 Holdings Reports Fourth Quarter and Full Year 2012 Results