EPiC Achieves Record Annual Revenues, Grows Business

EPiC, a provider of engineering, management consulting, training and data management services to the energy industry, has announced its financial and operating results for the three and twelve months ended December 31, 2008.

Since its inception, EPiC has grown through three accretive acquisitions. In August 2007, EPiC acquired The Carnrite Group, LLC ("Carnrite"), a management consulting company focused on providing strategic and operational consulting services to the broad energy industry. In December 2007, EPiC acquired Pearl Investment Company ("Pearl"), a diversified engineering and energy services company. In February 2008, EPiC acquired Epic Integrated Solutions, LLC ("EIS"), a global training company.

"Despite the challenging economic environment, EPiC has achieved record annual revenues, an expanded international base, and the implementation of a new enterprise system. EPiC has achieved these major milestones while aggressively managing costs, leaving us better positioned to weather the economic downturn and emerge stronger when our industry and the economy improves," said Rex Doyle, Chief Executive Officer of EPiC.

Fourth Quarter 2008 Financial Results:

  • Revenues were $16.8 million for the fourth quarter of 2008, a 147% increase compared to the $6.8 million for the same period of 2007.
  • Consulting fee revenue was $8.4 million for the fourth quarter of 2008, a 24% increase as compared to $6.8 million for the same period of 2007.
  • Reimbursed materials revenue was $8.4 million for the fourth quarter of 2008 as compared to no revenue for the same period of 2007.
  • Loss From Operations was $13.8 million for the fourth quarter of 2008, a 712% increase compared to a $1.7 million loss for the same period of 2007.
  • EBITDA was a $5.5 million loss for the fourth quarter of 2008, a 686% increase compared to a $.7 million loss for the same period of 2007. EBITDA is a non-GAAP measure and is defined and reconciled to net income later in this press release.
  • During the fourth quarter of 2008, EPiC had a net loss of $18.2 million, or $0.42 per weighted average common shares outstanding, a 810% increase compared to a net loss of $2.0 million, or $0.05 per share in the fourth quarter of 2007. Net loss in the quarter was negatively impacted by stock compensation expense, bad debt write off, impairment charge to long-lived assets, amortization of intangible assets, and a loss on the write down of an asset held for sale. Excluding total non-cash expenses and other one-time expenses of $15.4 million, the fourth quarter 2008 net loss would have been $2.8 million or $0.06 per diluted share.

Full Year 2008 Financial Results:

  • Revenues were $72.2 million for 2008, a 749% increase compared to the $8.5 million for 2007.
  • Consulting fee revenue was $39.6 million for 2008, a 366% increase as compared to $8.5 million for 2007.
  • Reimbursed materials revenue was $32.6 million for 2008 as compared to no revenue for 2007.
  • Loss From Operations was $15.3 million for the year, a 1,175% increase compared to a $1.2 million loss for 2007.
  • EBITDA was a $4.6 million loss for 2008, a 207% increase compared to a $1.5 million loss for 2007. EBITDA is a non-GAAP measure and is defined and reconciled to net income later in this press release.
  • During 2008, EPiC had a net loss of $26.6 million, or $0.62 per weighted average common shares outstanding, a 505% increase compared to a net loss of $4.4 million, or $0.11 per share in 2007. Net loss for the year was negatively impacted by stock compensation expense, bad debt write off, impairment charge to long-lived assets, amortization of intangible assets, and a loss on the write down of an asset held for sale. Excluding total non-cash expenses and other one-time expenses of $23.5 million, the 2008 net loss would have been $3.1 million or $0.07 per diluted share.
  • Cash flow from operations increased by $4.5 million in 2008, which allowed us to generate cash on hand of $4.8 million at the end of the year.

As of February 26, 2009, EPiC's potential backlog for consulting services to be performed in the future was approximately $43.5 million. This compares with a combined backlog of approximately $28.3 million as of September 30, 2008.
 

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