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Last $6.40 USD
Change Today -0.12 / -1.84%
Volume 101.1K
PMFG On Other Exchanges
Symbol
Exchange
Stuttgart
As of 8:10 PM 09/1/15 All times are local (Market data is delayed by at least 15 minutes).

pmfg inc (PMFG) Key Developments

PMFG, Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended June 27, 2015; Reports Impairment Charges for the Fourth Quarter Ended June 27, 2015

PMFG, Inc. reported earnings results for the fourth quarter and full year ended June 27, 2015. For the quarter, the company reported revenue in the fourth quarter of fiscal 2015 decreased $2.0 million, or 5.0%, to $37.7 million compared to the fourth quarter of fiscal 2014. The decline in revenue is largely attributed to a strong fourth quarter in fiscal 2014 in Environmental Systems segment. On a sequential basis, revenue in the fourth quarter of fiscal 2015 increased $2.9 million, or 8.4%, over the third quarter of fiscal 2015. Net loss attributable to the common stockholders was $6.7 million, or $0.31 per basic and diluted share, in the quarter compared to a net loss of $30.0 million, or $1.42 per basic and diluted share, in the prior year period. Operating loss was $5.657 million against $30.386 million a year ago. Loss before income taxes was $6.604 million against $31.082 million a year ago. Non-GAAP operating loss was $3.250 million against $3.711 million a year ago. Non-GAAP loss before income taxes was $4.197 million against $4.407 million a year ago. Non-GAAP net loss attributable to the common stockholders was $4.256 million or $0.20 per basic and diluted share against $5.483 million or $0.26 per basic and diluted share a year ago. Non-GAAP adjusted LBITDA was $3.230 million against $3.109 million a year ago. For the year, the company reported revenue for the fiscal year ended June 27, 2015 increased $28.0 million, or 21.4%, to $158.6 million. The year-over-year growth in revenue is largely attributed to increased Environmental Systems revenue in the United States with positive contributions from the EMEA and APAC regions. The net loss attributable to the common stockholders was $8.5 million or $0.40 per diluted share for fiscal 2015 compared to a net loss of $38.4 million and $1.82 per diluted share in the prior fiscal year. Operating loss was $6.811 million against $37.240 million a year ago. Loss before income taxes was $7.702 million against $39.595 million a year ago. Non-GAAP operating loss was $4.972 million against $9.504 million a year ago. Non-GAAP loss before income taxes was $7.101 million against $11.859 million a year ago. Non-GAAP net loss attributable to the common stockholders was $7.871 million or $0.37 per basic and diluted share against $12.941 million or $0.61 per basic and diluted share a year ago. Non-GAAP adjusted LBITDA was $2.851 million against $7.632 million a year ago. Cash flows in fiscal 2015 include $3.3 million used in operating activities. For the fourth quarter, the company reported loss on impairment of goodwill and intangibles of $0.406 million against $26.631 million a year ago.

PMFG, Inc. Announces Two New Equipment Orders with a Combined Value of $8.3 Million

PMFG, Inc. announced that it has been awarded large contracts for two projects with a combined value of $8.3 million. The first project includes Ultra Filter Separators for a new, grassroots natural gas pipeline located in the Gulf Coast region of the United States. The equipment will be delivered by June 2016. The second project includes multi-unit SCR systems for new combined cycle power generation units being built in the United States to meet growing regional electric power demands. The equipment will be installed in a power generation plant located in the mid-Atlantic region of the United States in the fall of calendar 2016 through the spring of calendar 2017.

Terry and Georgia Brown Commences Action in the Court of Chancery of the State of Delaware Against PMFG, Inc, CECO Environmental Corp., Top Gear Acquisition Inc., and Top Gear Acquisition II LLC

On July 17, 2015, Terry and Georgia Brown, on behalf of themselves and similarly situated shareholders of PMFG, Inc., commenced an action in the Court of Chancery of the State of Delaware. CECO Environmental Corp., Top Gear Acquisition, Inc., Top Gear Acquisition II LLC and each of the members of the board of directors of PMFG were named as defendants in the Delaware Action. Plaintiffs bring this shareholder class action, challenging a stock and cash transaction by which CECO will acquire each issued and outstanding share of PMFG for $6.85 per share. Both companies' boards of directors have approved the deal.

PMFG, Inc. Announces Resignation of Jon Segelhorst as Vice President

On June 15, 2015, Jon Segelhorst, a Vice President of PMFG, Inc. resigned from all positions with the company effective immediately.

PMFG, Inc. Announces Earnings Results for the Third Quarter and Nine Months Ended March 28, 2015; Revises Earnings Guidance for the Full Year of Fiscal 2015

PMFG, Inc. announced earnings results for the third quarter and nine months ended March 28, 2015. For the quarter, the company reported revenues of $34,766,000 compared to $32,273,000 a year ago. Operating loss was $2,707,000 compared to $3,617,000 a year ago. Loss before income taxes was $2,273,000 compared to $4,203,000 a year ago. Net loss attributable to the company was $2,273,000 compared to $3,781,000 a year ago. Basic and diluted loss per share was $0.11 compared to $0.18 a year ago. Adjusted EBITDA was $3,549,000 compared to $3,124,000 a year ago. On non-GAAP basis, the company reported revenues of $34,766,000 compared to $32,273,000 a year ago. Operating loss was $2,707,000 compared to $2,977,000 a year ago. Loss before income taxes was $3,511,000 compared to $3,563,000 a year ago. Net loss attributable to the company was $3,611,000 compared to $3,141,000 a year ago. Basic and diluted loss per share was $0.17 compared to $0.15 a year ago. Net cash used by operating activities for the three months ended March 28, 2015, was approximately $4 million compared to cash used by operating activities of $4.6 million for the three months ended March 29, 2014. Higher revenue in the quarter reflects the increased demand for the company’s Environmental Systems applications and the addition of CCA, which was acquired in March 2014. For the nine months, the company reported revenues of $120,945,000 compared to $90,958,000 a year ago. Operating loss was $1,154,000 compared to $6,852,000 a year ago. Loss before income taxes was $1,098,000 compared to $8,513,000 a year ago. Net loss attributable to the company was $1,808,000 compared to $8,376,000 a year ago. Basic and diluted loss per share was $0.09 compared to $0.40 a year ago. Adjusted EBITDA was $3,581,000 compared to of $7,341,000 a year ago. On non-GAAP basis, the company reported revenues of $120,945,000 compared to $90,958,000 a year ago. Operating loss was $1,952,000 compared to $5,791,000 a year ago. Loss before income taxes was $3,134,000 compared to $7,452,000 a year ago. Net loss attributable to the company was $3,844,000 compared to $7,458,000 a year ago. Basic and diluted loss per share was $0.018 compared to $0.35 a year ago. The year-over-year growth in revenue is largely attributed to increased revenue in the United States with positive contributions from the EMEA and APAC regions. The company revised earnings guidance for the full year of fiscal 2015. The company previously provided an update revenue forecast of $160 million to $170 million in the fiscal year and gross margins for the backup of the year in line with the first half of the year. Given the performance in the third quarter, the company now expects the annual revenue to be between $156 million and $161 million, with a blended gross margin for the full year towards the low end of its historical range of 30% to 32%.

 

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Price/Sales 0.9x
Price/Book 1.6x
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TEV/Sales 0.7x
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