Expro Releases 1Q 2013 Results
Expro said it is celebrating its 40th anniversary year with strong financial results for 2013.
• Headline revenue increased by 18.5 percent to $1.2 billion (2012: $1.01 billion)
•Headline EBITDA up 44.7 percent to $290.8 million (2012: $201 million)
•Operating free cash flow of $123.2 million (2012: outflow of $44 million)
•Sale of non-core Connectors and Measurements (C&M) business generated net proceeds after transaction costs of $591.5 million
•Net proceeds of C&M used to repay senior debt of $408.5 million, with the balance earmarked for investment in the business
•Restructuring of $4.1 billion of shareholder loans eliminating reserves deficit
•Pro forma leverage fell from 7.9x to 6.2x in the year
•Liquidity improved from $173.4 million to $201 million
The company’s full financial results can be viewed online here.