Exhibit 99.1
SUMMARY CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(unaudited)
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|
|
Quarter Ended |
|
Six Months Ended |
|
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|
|
|
June 30, |
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
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|
|
|
|
|
|
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|
|
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|
Revenues |
|
$ |
156,082 |
|
$ |
143,854 |
|
$ |
152,413 |
|
$ |
308,495 |
|
$ |
266,483 |
|
|
Cost of Services |
|
105,418 |
|
97,613 |
|
104,985 |
|
210,403 |
|
182,782 |
|
|||||
|
Gross Profit |
|
50,664 |
|
46,241 |
|
47,428 |
|
98,092 |
|
83,701 |
|
|||||
|
Selling, General and Administrative Expenses |
|
38,826 |
|
38,992 |
|
39,697 |
|
78,523 |
|
73,253 |
|
|||||
|
Operating Income |
|
11,838 |
|
7,249 |
|
7,731 |
|
19,569 |
|
10,448 |
|
|||||
|
Interest Expense |
|
(2,323 |
) |
(2,988 |
) |
(2,662 |
) |
(4,985 |
) |
(5,124 |
) |
|||||
|
Interest Income |
|
158 |
|
220 |
|
273 |
|
431 |
|
638 |
|
|||||
|
Other (Expense) Income |
|
1,071 |
|
431 |
|
(1,222 |
) |
(151 |
) |
431 |
|
|||||
|
Pre-tax Income |
|
10,744 |
|
4,912 |
|
4,120 |
|
14,864 |
|
6,393 |
|
|||||
|
Income Tax Provision |
|
4,652 |
|
1,974 |
|
1,717 |
|
6,369 |
|
2,544 |
|
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|
|
|
|
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|
|
|
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|
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|
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|
Net Income |
|
$ |
6,092 |
|
$ |
2,938 |
|
$ |
2,403 |
|
$ |
8,495 |
|
$ |
3,849 |
|
|
|
|
|
|
|
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|
Diluted Earnings Per Share |
|
$ |
0.17 |
|
$ |
0.08 |
|
$ |
0.07 |
|
$ |
0.24 |
|
$ |
0.11 |
|
|
Weighted Average Common and Common Equivalent Shares Outstanding—Diluted |
|
35,838 |
|
35,813 |
|
35,375 |
|
35,612 |
|
35,660 |
|
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RECONCILIATION OF GAAP NET INCOME AND EARNINGS PER SHARE TO NON-GAAP EBITDA AND EBITDA PER SHARE
(In thousands, except per share amounts)
(unaudited)
|
|
|
Quarter Ended |
|
||||||||||||||||
|
|
|
June 30, |
|
June 30, |
|
March 31, |
|
||||||||||||
|
Net Income |
|
$ |
6,092 |
|
$ |
0.17 |
|
$ |
2,938 |
|
$ |
0.08 |
|
$ |
2,403 |
|
$ |
0.07 |
|
|
Other Expense (Income) |
|
(1,071 |
) |
(0.03 |
) |
(431 |
) |
(0.01 |
) |
1,222 |
|
0.03 |
|
||||||
|
Interest Expense, net |
|
2,165 |
|
0.06 |
|
2,768 |
|
0.08 |
|
2,389 |
|
0.07 |
|
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|
Income Tax Provision |
|
4,652 |
|
0.13 |
|
1,974 |
|
0.06 |
|
1,717 |
|
0.05 |
|
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|
Depreciation |
|
1,216 |
|
0.03 |
|
1,551 |
|
0.04 |
|
1,356 |
|
0.04 |
|
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|
Amortization of Intangibles |
|
2,372 |
|
0.07 |
|
3,778 |
|
0.10 |
|
2,328 |
|
0.06 |
|
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|
EBITDA |
|
15,426 |
|
0.43 |
|
12,578 |
|
0.35 |
|
11,415 |
|
0.32 |
|
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|
Equity-based Compensation |
|
1,560 |
|
0.04 |
|
2,231 |
|
0.06 |
|
1,585 |
|
0.05 |
|
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|
Adjusted EBITDA |
|
$ |
16,986 |
|
$ |
0.47 |
|
$ |
14,809 |
|
$ |
0.41 |
|
$ |
13,000 |
|
$ |
0.37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Weighted Average Common and Common Equivalent Shares Outstanding |
|
35,838 |
|
|
|
35,813 |
|
|
|
35,375 |
|
|
|
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|
|
|
Six Months Ended |
|
||||||||||
|
|
|
June 30, |
|
June 30, |
|
||||||||
|
Net Income |
|
$ |
8,495 |
|
$ |
0.24 |
|
$ |
3,849 |
|
$ |
0.11 |
|
|
Other Expense (Income) |
|
151 |
|
0.00 |
|
(431 |
) |
(0.01 |
) |
||||
|
Interest Expense, net |
|
4,554 |
|
0.13 |
|
4,486 |
|
0.13 |
|
||||
|
Income Tax Provision |
|
6,369 |
|
0.18 |
|
2,544 |
|
0.07 |
|
||||
|
Depreciation |
|
2,572 |
|
0.07 |
|
2,892 |
|
0.08 |
|
||||
|
Amortization of Intangibles |
|
4,700 |
|
0.13 |
|
7,943 |
|
0.22 |
|
||||
|
EBITDA |
|
26,841 |
|
0.75 |
|
21,283 |
|
0.60 |
|
||||
|
Equity-based Compensation |
|
3,145 |
|
0.09 |
|
3,337 |
|
0.09 |
|
||||
|
Adjusted EBITDA |
|
$ |
29,986 |
|
$ |
0.84 |
|
$ |
24,620 |
|
$ |
0.69 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Weighted Average Common and Common Equivalent Shares Outstanding |
|
35,612 |
|
|
|
35,660 |
|
|
|
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