MG is a leading one source global provider of technology enabled asset protection solutions, used to evaluate the structural integrity of critical energy, industrial and public infrastructure.
Mission critical services and solutions are delivered globally and provide customers the ability to extend the useful life of their assets, improve productivity & profitability, comply with government safety and environmental regulations and enhance risk management operational decisions.
MG serves a global customer base of companies with asset-intensive infrastructure, including companies in the oil and gas, fossil and nuclear power, public infrastructure, chemicals, aerospace and defense, transportation, primary metals and metalworking, pharmaceuticals, and food processing industries
MG reported financial results for its fiscal third quarter ending February 28, 2011.
- Revenue for the third quarter of fiscal 2011 was $79.2 million, an increase of $14.9 million, or 23%, compared to $64.4 million reported in the third quarter of fiscal 2010.
- Adjusted non-GAAP EBITDA increased 61% to $10.5 million in the third quarter of fiscal 2011 versus $6.5 million in the third quarter of fiscal 2010.
- Net income for the third quarter of fiscal 2011 tripled to $2.4 million, or $0.09 per diluted share, versus $0.8 million, or $0.03 per diluted share, in the third quarter of fiscal 2010.
On its Business Outlook for Fiscal 2011, MG is forecasting continued double digit growth in Revenues and Adjusted EBITDA for the remainder of Fiscal 2011. MG is affirming its previously issued guidance and projects its fiscal 2011 revenues to be above the midpoint of the range of $310 million to $340 million and Adjusted EBITDA* to be above the midpoint of the range of $45 million to $50 million.
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