ATLANTA--(BUSINESS WIRE)--Williams Industrial Services Group Inc. (OTCQX: WLMS) (“Williams” or the “Company”), a construction and maintenance services company, announced today that it is planning to complete the refinancing of its current debt agreements in January 2020. The Company also expects the previously announced $7 million shareholder rights offering, including a full backstop by Williams’ largest shareholder, to commence after the refinancing is completed.
The financing actions are designed to provide the necessary working capital to support the Company’s current growth. Williams will provide an update regarding the refinancing and further details on the timing of the shareholder rights offering later in January 2020.
Reaffirming 2019 Guidance and Yearend Backlog Expectations
Williams also reaffirmed its guidance for 2019:
Revenue: |
$230 million to $240 million, 24% year-over-year growth at
|
Gross margin: |
11% to 13% |
SG&A: |
8% to 9% of revenue |
Adjusted EBITDA:
|
$10 million to $12 million |
Based on timing of pending purchase orders, contract progress and contracts awarded to date, Williams expects total backlog at year end to be approximately $465 million to $515 million, including convertible backlog for 2020 of approximately $195 million to $215 million, in line with its previous expectations.
About Williams
Williams Industrial Services Group Inc. has been safely helping plant owners and operators enhance asset value for more than 50 years. The Company provides a broad range of construction, maintenance and support services to customers in energy, power and industrial end markets. Williams’ mission is to be the preferred provider of construction, maintenance, and specialty services through commitment to superior safety performance, focus on innovation, and dedication to delivering unsurpassed value to its customers.
Additional information can be found at www.wisgrp.com.
Forward-looking Statement Disclaimer
This press release contains “forward-looking statements” within the meaning of the term set forth in the Private Securities Litigation Reform Act of 1995. The forward-looking statements include statements or expectations regarding the Company’s planned debt refinancing, anticipated rights offering, and expectations for its 2019 financial results and backlog. These statements reflect the Company’s current views of future events and financial performance and are subject to a number of risks and uncertainties, including its ability to complete the refinancing on terms acceptable to the Company, maintain effective controls, safely and effectively support accelerated decommissioning of retired nuclear plants, earn additional contract awards, grow its backlog and execute its strategy. Actual results, performance or achievements may differ materially from those expressed or implied in the forward-looking statements. Additional risks and uncertainties that could cause or contribute to such material differences include, but are not limited to, reduced need for construction or maintenance services in the Company’s targeted markets, or increased regulation of such markets, loss of any of the Company’s major customers, whether pursuant to the loss of pending or future bids for either new business or an extension of existing business, termination of customer or vendor relationships, cost increases and project cost overruns, unforeseen schedule delays, poor performance by its subcontractors, cancellation of projects, competition, including competitors being awarded business by current customers, damage to the Company’s reputation, increased exposure to environmental or other liabilities, failure to comply with various laws and regulations, failure to attract and retain highly-qualified personnel, loss of customer relationships with critical personnel, volatility of the Company’s stock price, deterioration or uncertainty of credit markets, and changes in the economic, social and political conditions in the United States, including the banking environment or monetary policy.
Other important factors that may cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the Company’s filings with the U.S. Securities and Exchange Commission, including the section of the Annual Report on Form 10-K for its 2018 fiscal year titled “Risk Factors.” Any forward-looking statement speaks only as of the date of this press release. Except as may be required by applicable law, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, and you are cautioned not to rely upon them unduly.
