• MISTRAS Announces Third Quarter 2022 Results

    Source: Nasdaq GlobeNewswire / 02 Nov 2022 16:01:01   America/New_York

    Quarterly Consolidated Top-line Growth of 2.2%

    Quarterly Consolidated Gross Profit Margin increase of 20 bps

    Successfully completed bank refinancing, which upsized available liquidity, lowered effective credit spread and provided covenant flexibility

    PRINCETON JUNCTION, N.J., Nov. 02, 2022 (GLOBE NEWSWIRE) -- MISTRAS Group, Inc. (MG: NYSE), a leading "one source" multinational provider of integrated technology-enabled asset protection solutions, reported financial results for its third quarter and nine months ended September 30, 2022.

    Highlights of the Third Quarter 2022*

    • Revenue of $178.5 million, up 2.2%, a 5.1% increase excluding the impact of unfavorable foreign currency exchange**
    • Gross profit of $53.8 million, with gross profit margin of 30.1%, a 20 basis points increase
    • Income from operations of $9.1 million, essentially flat with prior year
    • Net income of $4.4 million or $0.14 per diluted share, up 29.4% and 27.3%, respectively
    • Adjusted EBITDA of $18.6 million, essentially flat with prior year

    Highlights of the Year-to-Date 2022

    • Revenue of $519.2 million, up 2.6%, a 4.8% increase excluding the impact of unfavorable foreign currency exchange**
    • Gross profit of $147.2 million, essentially flat with prior year
    • Interest expense of $6.8 million, a decrease of 21.9%
    • Gross debt of $201.2 million and Net debt of $183.1 million

    *    All comparisons are consolidated and versus the equivalent prior year period, unless otherwise noted.
    ** Foreign currency exchange impact is calculated by converting current period financial results in local currency, using the prior period exchange rates, and comparing this amount to the current period financial results in local currency using the current period exchange rate.

    For the third quarter of 2022, consolidated revenue was $178.5 million, a 2.2% increase, but up 5.1% excluding the impact of unfavorable foreign currency exchange. Revenue growth was driven by a 5.4% increase in Services’ Segment revenue, which benefitted from the timing of energy-related projects and a continued rebound in the Aerospace and Defense industry.   As a result, the Services’ Segment achieved its highest ever third quarter revenue, exceeding the previous high in the third quarter of 2019.

    Third quarter 2022 consolidated gross profit increased $1.6 million compared to the prior year period, with a gross profit margin increase of 20 basis points. The improvement in gross margin was primarily due to a favorable sales mix, driven by strength in the Aerospace & Defense market.

    Selling, general and administrative expenses in the third quarter of 2022 were $41.6 million, up from $39.2 million in the third quarter of 2021, primarily due to certain incremental costs incurred related to the Company’s debt refinancing, in addition to the reversal of remaining COVID-19 temporary cost reductions in August of 2021, which were initially implemented in 2020. Nevertheless, selling, general and administrative expenses remain below the pre-pandemic level of the third quarter 2019.

    For the third quarter of 2022, the Company reported net income of $4.4 million or $0.14 per diluted share.

    Chief Executive Officer Dennis Bertolotti commented, “This was our ninth consecutive quarter of revenue growth, led by a record Services’ segment third quarter and a 27% increase in our consolidated Aerospace & Defense revenue, both of which were the highest level since the onset of the pandemic. While our customer pricing has yet to catch up with our inflationary cost increases, we managed to nevertheless expand gross margin from a year ago. The strong US dollar continues to have an adverse effect on our international results, impacting both revenue and profitability, which would have otherwise significantly improved from a year ago assuming constant exchange rates.

    Mr. Bertolotti continued, “Onstream, our inline inspection business within the midstream sector, reported its’ second consecutive, all-time high quarter. We expect growth in this business to continue through the remainder of 2022 and into 2023, due to increased production levels and the corresponding transportation and distribution activity, due to high crude oil prices.”

    Mr. Bertolotti concluded, “Although inflation remains an immediate challenge, we are continuing to make progress as we actively engage with our customers, although the subsequent pricing adjustments continues to lag the current pay rate increases. Our continuing and intensifying focus on improving our overhead cost profile, coupled with ongoing recovery in our end markets, positions us to improve profitability heading into 2023. Our recently announced new credit facility allows us the flexibility to increase our investment in organic and inorganic growth initiatives. Mistras has made significant progress in strengthening our base and adapting to changes in our dynamic and expanding market.   Our strategy is to capitalize on our strong brand name and unparalleled experience in our legacy markets while investing in new and evolving markets to accelerate growth. We are proud to have responsibly managed our business through some of the most historically turbulent times over the past several years, that our largest markets have ever seen. We will continue to implement and expand the necessary measures, including further calibration of our overhead costs.”

    Performance by certain Segments:

    Services segment third quarter revenue was $152.8 million, up 5.4% from $145.0 million in the prior year quarter. Revenue continues to reflect recovery in the Oil & Gas and Aerospace & Defense markets. For the third quarter, gross profit was $44.9 million, compared to $41.7 million in the prior year. Gross profit margin was 29.4% for the third quarter of 2022, compared to 28.8% in the third quarter of 2021. This increase of 60 basis points was due primarily to favorable sales mix, partially offset by a prior year benefit associated with Canadian wage subsidies that were available during the COVID-19 pandemic and are no longer being provided.

    International segment third quarter revenues were $25.7 million, down 11.7% from $29.1 million in the prior year quarter but up 2.3% in local currencies, which represents organic growth, primarily due to increased opportunities in a recovering Aerospace & Defense market. International segment third quarter gross profit margin was 29.9%, compared to 31.1% in the prior year, a 120-basis point decrease attributable to inflationary impacts prevalent in the European region, partially offset by favorable sales mix and price increases in response to these inflationary impacts.

    Cash Flow and Balance Sheet
    The Company’s net cash from operating activities was $10.5 million for the first nine months of 2022, compared to $22.5 million in the prior year. Free cash flow was $0.9 million for the first nine months of 2022, compared to $6.5 million in the prior year. For the third quarter of 2022, free cash flow was $0.2 million, compared to ($0.9) million in the prior year period.
    Operating cash flow in the third quarter of 2022 was adversely affected by a significant build up in working capital, primarily attributable to September 2022 being the highest billing month of the year.  

    The Company’s net debt (total debt less cash and cash equivalents) was $183.1 million as of September 30, 2022, compared to $178.5 million as of December 31, 2021. Gross debt increased by $0.8 million during the quarter ended September 30, 2022, from $200.4 million as of June 30, 2022, to $201.2 million as of September 30, 2022.

    Outlook
    Updating to reflect current market conditions, the Company is adjusting its previously announced outlook for the full year 2022 and now anticipates revenue between $683 and $693 million, Adjusted EBITDA between $53 and $58 million and free cash flow between $15 and $18 million. Note that unfavorable foreign currency exchange** is expected to lower revenue and Adjusted EBITDA (after translation into U.S. Dollars), by approximately $15 million and $2 million, respectively, on a full year basis for 2022, compared to the original outlook for the year. The Company expects both operating and free cash flow to improve in the fourth quarter of 2022, not only from continued positive operating results, but also due to an anticipated decrease in working capital from September 30, 2022.

    Conference Call
    In connection with this release MISTRAS will hold a conference call on November 3, 2022, at 9:00 a.m. (Eastern). To listen to the live webcast of the conference call, visit the Investor Relations section of MISTRAS Group’s website at www.mistrasgroup.com.

    Note there is a new process to participate in the live question and answer session. Individuals wishing to participate may preregister at: https://register.vevent.com/register/BIe041ca5bd840444586f978d13b652b7d. Upon registering, a dial-in number and unique PIN will be provided to join the conference call.

    Following the conference call, an archived webcast of the call will be available for one year by visiting the Investor Relations section of MISTRAS Group’s website.

    About MISTRAS Group, Inc. - One Source for Asset Protection Solutions®
    MISTRAS Group, Inc. (NYSE: MG) is a leading "one source" multinational provider of integrated technology-enabled asset protection solutions, helping to maximize the safety and operational uptime for civilization’s most critical industrial and civil assets. Backed by an innovative, data-driven asset protection portfolio, proprietary technologies, strong commitment to Environmental, Social, and Governance (ESG) initiatives, and a decades-long legacy of industry leadership, MISTRAS leads clients in the oil and gas, aerospace and defense, renewable and nonrenewable power, civil infrastructure, and manufacturing industries towards achieving operational and environmental excellence. By supporting these organizations that help fuel our vehicles and power our society; inspecting components that are trusted for commercial, defense, and space craft; building real-time monitoring equipment to enable safe travel across bridges; and helping to propel sustainability, MISTRAS helps the world at large. MISTRAS enhances value for its clients by integrating asset protection throughout supply chains and centralizing integrity data through a suite of Industrial IoT-connected digital software and monitoring solutions. The company’s core capabilities also include non-destructive testing field and in-line inspections enhanced by advanced robotics, laboratory quality control and assurance testing, sensing technologies and NDT equipment, asset and mechanical integrity engineering services, and light mechanical maintenance and access services.

    For more information about how MISTRAS helps protect civilization’s critical infrastructure, visit www.mistrasgroup.com or contact Nestor S. Makarigakis, Group Vice President of Marketing at marcom@mistrasgroup.com.

    Forward-Looking and Cautionary Statements
    Certain statements made in this press release are "forward-looking statements" about MISTRAS' financial results and estimates, products and services, business model, strategy, growth opportunities, profitability and competitive position, and other matters. These forward-looking statements generally use words such as "future," "possible," "potential," "targeted," "anticipate," "believe," "estimate," "expect," "intend," "plan," "predict," "project," "will," "may," "should," "could," "would" and other similar words and phrases. Such statements are not guarantees of future performance or results, and will not necessarily be accurate indications of the times at, or by which, such performance or results will be achieved, if at all. These statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in these statements. A list, description and discussion of these and other risks and uncertainties can be found in the "Risk Factors" section of the Company's 2021 Annual Report on Form 10-K dated March 14, 2022, as updated by our reports on Form 10-Q and Form 8-K. The forward-looking statements are made as of the date hereof, and MISTRAS undertakes no obligation to update such statements as a result of new information, future events or otherwise.

    Use of Non-GAAP Measures
    In addition to financial information prepared in accordance with generally accepted accounting principles in the U.S. (GAAP), this press release also contains adjusted financial measures that we believe provide investors and management with supplemental information relating to operating performance and trends that facilitate comparisons between periods and with respect to projected information. The term "Adjusted EBITDA" used in this release is a financial measurement not calculated in accordance with GAAP and is defined as net income attributable to MISTRAS Group, Inc. plus: interest expense, provision for income taxes, depreciation and amortization, share-based compensation expense and certain acquisition related costs (including transaction due diligence costs and adjustments to the fair value of contingent consideration), foreign exchange (gain) loss, non-cash impairment charges and, if applicable, certain additional special items which are noted. A reconciliation of Adjusted EBITDA to a financial measurement under GAAP is set forth in a table attached to this press release. The Company also used the term “net debt”, a non-GAAP measurement defined as the sum of the current and long-term portions of long-term debt, less cash and cash equivalents and the term “free cash flow”, a non-GAAP measurement the Company defines as cash provided by operating activities less capital expenditures (which is classified as an investing activity). A reconciliation of these non-GAAP financial measurement to the most comparable GAAP financial measurement are also set forth in tables attached to this press release. In the tables attached is also a table reconciling “Segment and Total Company Income (Loss) from operations (GAAP) to Income before special items (non-GAAP), “Net Income (GAAP)" to "Net Income Excluding Special Items (non-GAAP)”, and “Diluted EPS (GAAP)” to “Diluted EPS Excluding Special Items (non-GAAP)” which reconciles the non-GAAP financial measurement to a GAAP financial measurement.


    Mistras Group, Inc. and Subsidiaries
    Condensed Consolidated Balance Sheets
    (in thousands, except share and per share data)

      September 30, 2022 December 31, 2021
    ASSETS (unaudited)  
    Current Assets    
    Cash and cash equivalents $18,084  $24,110 
    Accounts receivable, net  131,396   109,511 
    Inventories  13,260   12,686 
    Prepaid expenses and other current assets  11,693   15,031 
    Total current assets  174,433   161,338 
    Property, plant and equipment, net  76,133   86,578 
    Intangible assets, net  50,337   59,381 
    Goodwill  197,433   205,439 
    Deferred income taxes  589   2,174 
    Other assets  41,521   47,285 
    Total assets $540,446  $562,195 
    LIABILITIES AND EQUITY    
    Current Liabilities    
    Accounts payable $12,805  $12,870 
    Accrued expenses and other current liabilities  83,070   83,863 
    Current portion of long-term debt  7,365   20,162 
    Current portion of finance lease obligations  3,967   3,765 
    Income taxes payable  305   755 
    Total current liabilities  107,512   121,415 
    Long-term debt, net of current portion  193,847   182,403 
    Obligations under finance leases, net of current portion  9,380   9,752 
    Deferred income taxes  8,786   8,385 
    Other long-term liabilities  33,865   39,328 
    Total liabilities  353,390   361,283 
    Equity    
    Preferred stock, 10,000,000 shares authorized      
    Common stock, $0.01 par value, 200,000,000 shares authorized, 29,842,496 and 29,546,263 shares issued and outstanding  297   295 
    Additional paid-in capital  242,093   238,687 
    Accumulated deficit  (14,335)  (17,988)
    Accumulated other comprehensive loss  (41,282)  (20,311)
    Total Mistras Group, Inc. stockholders’ equity  186,773   200,683 
    Non-controlling interests  283   229 
    Total equity  187,056   200,912 
    Total liabilities and equity $540,446  $562,195 


    Mistras Group, Inc. and Subsidiaries
    Unaudited Condensed Consolidated Statements of Income
    (in thousands, except per share data)

     Three Months Ended September 30, Nine Months Ended September 30,
      2022  2021  2022   2021
            
    Revenue$178,462 $174,556 $519,155  $505,968
    Cost of revenue 119,110  116,750  354,848   341,780
    Depreciation 5,568  5,590  17,074   16,635
    Gross profit 53,784  52,216  147,233   147,553
    Selling, general and administrative expenses 41,590  39,221  124,303   118,579
    Bad debt provision for troubled customers, net of recoveries     289   
    Legal settlement and insurance recoveries, net     (994)  1,030
    Research and engineering 450  595  1,523   1,942
    Depreciation and amortization 2,629  2,918  8,058   9,070
    Acquisition-related expense, net 1  246  63   1,068
    Income from operations 9,114  9,236  13,991   15,864
    Interest expense 2,735  2,326  6,790   8,694
    Income before provision for income taxes 6,379  6,910  7,201   7,170
    Provision for income taxes 1,985  3,513  3,494   3,187
    Net Income 4,394  3,397  3,707   3,983
    Less: net income attributable to noncontrolling interests, net of taxes 21  17  54   28
    Net Income attributable to Mistras Group, Inc.$4,373 $3,380 $3,653  $3,955
            
    Earnings per common share       
    Basic$0.15 $0.11 $0.12  $0.13
    Diluted$0.14 $0.11 $0.12  $0.13
    Weighted-average common shares outstanding:       
    Basic 29,965  29,619  29,879   29,550
    Diluted 30,245  30,127  30,209   30,093


    Mistras Group, Inc. and Subsidiaries
    Unaudited Operating Data by Segment
    (in thousands)

     Three Months Ended September 30, Nine Months Ended September 30,
      2022   2021   2022   2021 
    Revenues       
    Services$152,778  $144,976  $435,251  $414,251 
    International 25,693   29,100   83,441   88,699 
    Products and Systems 3,078   3,308   8,666   9,499 
    Corporate and eliminations (3,087)  (2,828)  (8,203)  (6,481)
     $178,462  $174,556  $519,155  $505,968 
            
            
     Three Months Ended September 30, Nine Months Ended September 30,
      2022   2021   2022   2021 
    Gross profit       
    Services$44,869  $41,749  $118,348  $116,587 
    International 7,694   9,038   25,324   26,278 
    Products and Systems 1,189   1,422   3,514   4,655 
    Corporate and eliminations 32   7   47   33 
     $53,784  $52,216  $147,233  $147,553 


    Mistras Group, Inc. and Subsidiaries
    Unaudited Revenues by Category
    (in thousands)

    Revenue by industry was as follows:

    Three Months Ended September 30, 2022Services International Products Corp/Elim Total
    Oil & Gas$90,578 $6,418 $35 $  $97,031
    Aerospace & Defense 16,784  4,397  112     21,293
    Industrials 9,728  5,834  436     15,998
    Power generation & Transmission 10,378  1,946  456     12,780
    Other Process Industries 10,283  3,033  8     13,324
    Infrastructure, Research & Engineering 4,936  1,784  1,150     7,870
    Petrochemical 3,427  280       3,707
    Other 6,664  2,001  881  (3,087)  6,459
    Total$152,778 $25,693 $3,078 $(3,087) $178,462


    Three Months Ended September 30, 2021Services International Products Corp/Elim Total
    Oil & Gas$83,534 $8,548 $370 $  $92,452
    Aerospace & Defense 12,717  3,897  101     16,715
    Industrials 10,560  6,693  336     17,589
    Power generation & Transmission 11,412  2,615  660     14,687
    Other Process Industries 8,819  3,035  32     11,886
    Infrastructure, Research & Engineering 7,136  2,467  808     10,411
    Petrochemical 4,974  72       5,046
    Other 5,824  1,773  1,001  (2,828)  5,770
    Total$144,976 $29,100 $3,308 $(2,828) $174,556


    Nine Months Ended September 30, 2022Services International Products Corp/Elim Total
    Oil & Gas$270,289 $22,018 $212 $  $292,519
    Aerospace & Defense 49,106  14,455  246     63,807
    Industrials 28,529  17,868  1,271     47,668
    Power generation & Transmission 22,578  6,505  1,979     31,062
    Other Process Industries 32,217  10,305  23     42,545
    Infrastructure, Research & Engineering 10,625  6,016  2,489     19,130
    Petrochemical 10,056  413       10,469
    Other 11,851  5,861  2,446  (8,203)  11,955
    Total$435,251 $83,441 $8,666 $(8,203) $519,155


              
    Nine Months Ended September 30, 2021Services International Products Corp/Elim Total
    Oil & Gas$248,584 $26,017 $638 $  $275,239
    Aerospace & Defense 37,319  12,341  165     49,825
    Industrials 30,621  17,736  1,081     49,438
    Power generation & Transmission 27,019  7,776  2,249     37,044
    Other Process Industries 27,031  9,574  76     36,681
    Infrastructure, Research & Engineering 15,479  9,477  2,777     27,733
    Petrochemical 16,375  191       16,566
    Other 11,823  5,587  2,513  (6,481)  13,442
    Total$414,251 $88,699 $9,499 $(6,481) $505,968

    Revenue by Oil & Gas Sub-category was as follows:

     Three months ended September 30, Nine months ended September 30,
      2022 2021 2022 2021
    Oil and Gas Revenue by sub-category       
    Upstream$36,328 32,793 117,436 102,923
    Midstream 28,925 30,232 86,781 82,467
    Downstream 31,778 29,427 88,302 89,849
    Total$97,031 92,452 292,519 275,239


    Mistras Group, Inc. and Subsidiaries
    Unaudited Reconciliation of
    Segment and Total Company Income (Loss) from Operations (GAAP) to Income before Special Items (non-GAAP)
    (in thousands)

     Three Months Ended September 30, Nine Months Ended September 30,
      2022   2021   2022   2021 
    Services:       
    Income from operations (GAAP)$16,700  $16,085  $35,315  $38,991 
    Bad debt provision for troubled customers, net of recoveries       289    
    Reorganization and other costs 12      40   97 
    Legal settlement and insurance recoveries, net       (841)  1,650 
    Acquisition-related expense, net    246   45   1,034 
    Income from operations before special items (non-GAAP)$16,712  $16,331  $34,848  $41,772 
    International:       
    Income from operations (GAAP)$814  $1,169  $2,678  $2,158 
    Reorganization and other costs (15)  (2)  (114)  124 
    Income from operations before special items (non-GAAP)$799  $1,167  $2,564  $2,282 
    Products and Systems:       
    Loss from operations (GAAP)$(333) $(281) $(1,334) $(653)
    Reorganization and other costs          27 
    Loss from operations before special items (non-GAAP)$(333) $(281) $(1,334) $(626)
    Corporate and Eliminations:       
    Loss from operations (GAAP)$(8,067) $(7,737) $(22,668) $(24,632)
    Loss on debt modification 693      693   278 
    Legal settlement and insurance recoveries, net       (153)  (620)
    Reorganization and other costs 133      139    
    Acquisition-related expense, net 1      19   34 
    Loss from operations before special items (non-GAAP)$(7,240) $(7,737) $(21,970) $(24,940)
    Total Company:       
    Income from operations (GAAP)$9,114  $9,236  $13,991  $15,864 
    Bad debt provision for troubled customers, net of recoveries       289    
    Reorganization and other costs 130   (2)  65   248 
    Loss on debt modification 693      693   278 
    Legal settlement and insurance recoveries, net       (994)  1,030 
    Acquisition-related expense, net 1   246   64   1,068 
    Income from operations before special items (non-GAAP)$9,938  $9,480  $14,108  $18,488 


    Mistras Group, Inc. and Subsidiaries
    Unaudited Summary Cash Flow Information
    (in thousands)

     Three Months Ended September 30, Nine Months Ended September 30,
      2022   2021   2022   2021 
    Net cash provided by (used in):       
    Operating activities$2,722  $4,343  $10,531  $22,469 
    Investing activities (2,378)  (5,176)  (8,877)  (15,494)
    Financing activities 303   4,104   (4,753)  (8,866)
    Effect of exchange rate changes on cash (1,172)  (616)  (2,927)  (1,272)
    Net change in cash and cash equivalents$(525) $2,655  $(6,026) $(3,163)
            
            


    Mistras Group, Inc. and Subsidiaries
    Unaudited Reconciliation of
    Net Cash Provided by Operating Activities (GAAP) to Free Cash Flow (non-GAAP)
    (in thousands)

     Three Months Ended September 30, Nine Months Ended September 30,
      2022   2021   2022   2021 
            
    Net cash provided by operating activities (GAAP)$2,722  $4,343  $10,531  $22,469 
    Less:       
    Purchases of property, plant and equipment (2,358)  (4,942)  (9,050)  (15,130)
    Purchases of intangible assets (181)  (269)  (580)  (887)
    Free cash flow (non-GAAP)$183  $(868) $901  $6,452 


    Mistras Group, Inc. and Subsidiaries
    Unaudited Reconciliation of
    Gross Debt (GAAP) to Net Debt (non-GAAP)
    (in thousands)

      September 30, 2022 December 31, 2021
         
    Current portion of long-term debt $7,365  $20,162 
    Long-term debt, net of current portion  193,847   182,403 
    Total Gross Debt (GAAP)  201,212   202,565 
    Less: Cash and cash equivalents  (18,084)  (24,110)
    Total Net Debt (non-GAAP) $183,128  $178,455 


    Mistras Group, Inc. and Subsidiaries
    Unaudited Reconciliation of
    Net Income (GAAP) to Adjusted EBITDA (non-GAAP)
    (in thousands)

     Three Months Ended September 30, Nine Months Ended September 30,
      2022   2021   2022   2021
        
    Net Income (GAAP)$4,394  $3,397  $3,707  $3,983
    Less: Net income attributable to non-controlling interests, net of taxes 21   17   54   28
    Net Income attributable to Mistras Group, Inc.$4,373  $3,380  $3,653  $3,955
    Interest expense 2,735   2,326   6,790   8,694
    Provision for income taxes 1,985   3,513   3,494   3,187
    Depreciation and amortization 8,197   8,508   25,132   25,705
    Share-based compensation expense 1,396   1,452   4,166   3,916
    Acquisition-related expense 1   246   63   1,068
    Reorganization and other related costs (benefit), net 130   (2)  65   248
    Legal settlement and insurance recoveries, net       (994)  1,030
    Loss on debt modification 693      693   278
    Bad debt provision for troubled customers, net of recoveries       289   
    Foreign exchange (gain) loss (928)  (587)  (924)  366
    Adjusted EBITDA (non-GAAP)$18,582  $18,836  $42,427  $48,447


    Mistras Group, Inc. and Subsidiaries
    Unaudited Reconciliation of
    Net Income (GAAP) and Diluted EPS (GAAP) to Net Income Excluding Special Items (non-GAAP)
    and Diluted EPS Excluding Special Items (non-GAAP)
    (dollars in thousands, except per share data)

     Three Months Ended September 30,  Nine Months Ended September 30,
      2022   2021    2022   2021 
    Net income attributable to Mistras Group, Inc. (GAAP)$4,373  $3,380   $3,653  $3,955 
    Special items 824   244    117   2,624 
    Tax impact on special items (188)  (59)   (8)  (616)
    Special items, net of tax$636  $185   $109  $2,008 
    Net income attributable to Mistras Group, Inc. Excluding Special Items (non-GAAP)$5,009  $3,565   $3,762  $5,963 
             
    Diluted EPS (GAAP)$0.14  $0.11   $0.12  $0.13 
    Special items, net of tax 0.02   0.01       0.07 
    Diluted EPS Excluding Special Items (non-GAAP)$0.16  $0.12   $0.12  $0.20 

     


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