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Concrete Pumping Holdings Reports Second Quarter Fiscal Year 2025 Results
Announces $15 Million Increase to Share Repurchase Plan DENVER, June 05, 2025 (GLOBE NEWSWIRE) -- Concrete Pumping Holdings, Inc. (Nasdaq: BBCP) (the "Company" or "CPH"), a leading provider of concrete pumping and waste management services in the U.S. and U.K., reported financial results for the second quarter ended April 30, 2025. Second Quarter Fiscal Year 2025 Summary vs. Second Quarter of Fiscal Year 2024 (where applicable) Revenue of $94.0 million compared to $107.1 million. Gross profit of $36.2 million compared to $41.8 million. Income from operations of $8.3 million compared to $12.1 million. Net loss of $0.0 million compared to net income of $3.0 million. Net loss attributable to common shareholders was $0.4 million, or $(0.01) per diluted share, compared to net income of $2.6 million, or $0.05 per diluted share. Adjusted EBITDA1 of $22.5 million compared to $27.5 million, with Adjusted EBITDA margin1 of 23.9% compared to 25.7% Amounts outstanding under debt agreements were $425.0 million with net debt1 of $387.2 million. Total available liquidity at quarter end was $352.5 million compared to $216.9 million one year ago. Leverage ratio1 at quarter end of 3.7x. Management Commentary "In the second quarter, we continued to navigate a challenging construction environment, marked by persistent macroeconomic headwinds and regional weather disruptions," said CPH CEO Bruce Young. "Despite these pressures, we delivered solid results by remaining focused on cost discipline, fleet optimization, and strategic pricing across our businesses." "Our U.S. Concrete Waste Management segment once again delivered strong growth, highlighting both the appeal of our unique offering and the rising demand for sustainable jobsite solutions. Although our U.S. Concrete Pumping segment remains affected by weakness in commercial construction and, more recently, by emerging challenges in residential construction, the infrastructure market has remained resilient, helping to partially offset broader market pressures and support the segment's performance." "We remain committed to generating strong free cash flow, deleveraging the balance sheet, and pursuing disciplined, strategic M&A that complements our core capabilities and geographic footprint. These priorities position us well for long-term value creation. While the near-term demand backdrop remains challenged, we are confident that our leadership position, operational discipline, and breadth of service offerings will allow us to capitalize on the eventual recovery in commercial construction activities." ______________1 Adjusted EBITDA, Adjusted EBITDA margin, net debt and leverage ratio are financial measures that are not calculated in accordance with accounting principles generally accepted in the United States of America ("GAAP"). See "Non-GAAP Financial Measures" below for a discussion of the non-GAAP financial measures used in this release and a reconciliation to their most comparable GAAP measures. Second Quarter Fiscal Year 2025 Financial Results Revenue in the second quarter of fiscal year 2025 was $94.0 million compared to $107.1 million in the second quarter of fiscal year 2024. The decrease was primarily attributable to a continued slowdown from deferrals in commercial construction work and emerging challenges in residential work, mostly due to high interest rates, uncertainty around extensions of U.S. tax policy and adverse weather events in the months of February and April. Further, while the Company has not been directly impacted by tariffs, the added uncertainty surrounding tariffs has contributed to the deferral of certain commercial construction projects. Gross profit in the second quarter of fiscal year 2025 was $36.2 million compared to $41.8 million in the prior year quarter. Gross margin declined 50 basis points to 38.5% compared to 39.0% in the prior year quarter. General and administrative expenses ("G&A") in the second quarter declined 6% to $27.9 million compared to $29.7 million in the prior year quarter primarily due to lower labor costs of approximately $1.3 million and non-cash decreases in amortization expense of $0.8 million. As a percentage of revenue, G&A costs were 29.7% in the second quarter compared to 27.7% in the prior year quarter. Net loss in the second quarter of fiscal year 2025 was $0.0 million compared to net income of $3.0 million in the prior year quarter. Net loss attributable to common shareholders in the second quarter of fiscal year 2025 was $0.4 million, or $(0.01) per diluted share, compared to net income of $2.6 million, or $0.05 per diluted share, in the prior year quarter. Adjusted EBITDA in the second quarter of fiscal year 2025 was $22.5 million compared to $27.5 million in the prior year quarter. Adjusted EBITDA margin was 23.9% compared to 25.7% in the prior year quarter. Liquidity On April 30, 2025, the Company had debt outstanding of $425.0 million, net debt of $387.2 million and total available liquidity of $352.5 million. Segment Results Revenue in the second quarter of fiscal year 2025 was $62.1 million compared to $74.6 million in the prior year quarter. The decline was driven by a continued slowdown from deferrals in commercial construction work and emerging challenges in residential work, mostly due to high interest rates, uncertainty around extensions of U.S. tax policy and adverse weather events in the months of February and April. Further, while the Company has not been directly impacted by tariffs, the added uncertainty surrounding tariffs has contributed to the deferral of certain commercial construction projects. Net loss in the second quarter of fiscal year 2025 was $1.6 million compared to net income of $0.9 million in the prior year quarter. Adjusted EBITDA was $12.7 million in the second quarter of fiscal year 2025 compared to $17.5 million in the prior year quarter. These decreases were largely driven by the decrease in revenue, as discussed above. Revenue in the second quarter of fiscal year 2025 increased 7% to $18.1 million compared to $16.9 million in the prior year quarter. The increase was driven by organic growth and pricing improvements. Net income in the second quarter of fiscal year 2025 was $1.2 million compared to net income of $1.1 million in the prior year quarter. Adjusted EBITDA in the second quarter of fiscal year 2025 increased 12% to $6.7 million compared to $5.9 million in the prior year quarter. Increases in both net income and adjusted EBITDA are mostly due to higher revenue and disciplined cost control. Revenue in the second quarter of fiscal year 2025 was $13.8 million compared to $15.5 million in the prior year quarter. Excluding the impact from foreign currency translation, revenue was down 13% year-over-year, due to lower volumes caused by a general slowdown in commercial construction work. Net income in the second quarter of fiscal year 2025 was $0.4 million compared to $1.0 million in the prior year quarter. Adjusted EBITDA was $3.2 million in the second quarter of fiscal year 2025 compared to $4.1 million in the prior year quarter. Excluding the impact from foreign currency translation, net income and adjusted EBITDA changes were primarily related to the decrease in revenue. Fiscal Year 2025 Outlook The Company now expects fiscal year 2025 revenue to range between $380.0 million to $390.0 million, Adjusted EBITDA to range between $95.0 million to $100.0 million, and free cash flow2 to be approximately $45.0 million. These expectations assume the construction market will not start to meaningfully recover until fiscal year 2026 and that the Company continues to strengthen its organizational infrastructure and invest in its fleet to position the business for growth in fiscal 2026. ________________2 Free cash flow is defined as Adjusted EBITDA less net maintenance capital expenditures and cash paid for interest. Share Repurchase Program In June 2025, the board of directors of the Company approved a $15.0 million increase to the Company's share repurchase program. Including this increase, there have been a total of $50.0 million in authorizations since the inception of the share repurchase program in June 2022. All authorizations are set to expire on December 31, 2026. During the six months ended April 30, 2025, the Company repurchased 1,311,386 shares for a total of $7.8 million at an average share price of $5.97 per share. Including the new $15.0 million share repurchase authorization approved in June 2025, a total of $24.2 million would have been available for purchase under the Company's repurchase program as of April 30, 2025. "Today's additional $15.0 million share repurchase authorization reflects our commitment to driving shareholder value," said Bruce Young. "Our disciplined approach to capital allocation, strong free cash flow and consistent operational execution have allowed us to support the growth of our businesses while delivering expected shareholder returns and creating long-term value." Conference Call The Company will hold a conference call on Thursday, June 5, 2025, at 5:00 p.m. Eastern time to discuss its second quarter 2025 results. Date: Thursday, June 5, 2025Time: 5:00 p.m. Eastern Time (3:00 p.m. Mountain Time)Toll-free dial-in number: 1-877-407-9039International dial-in number: 1-201-689-8470Conference ID: 13752905 Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Group, Inc. at 1-949-574-3860. The conference call will be broadcast live and is available for replay here ( as well as the investor relations section of the Company's website at A replay of the conference call will be available after 8:00 p.m. Eastern Time on the same day through June 12, 2025. Toll-free replay number: 1-844-512-2921International replay number: 1-412-317-6671Replay ID: 13752905 About Concrete Pumping Holdings Concrete Pumping Holdings is the leading provider of concrete pumping services and concrete waste management services in the fragmented U.S. and U.K. markets, primarily operating under what we believe are the only established, national brands in both geographies – Brundage-Bone for concrete pumping in the U.S., Camfaud in the U.K., and Eco-Pan for waste management services in both the U.S. and U.K. The Company's large fleet of specialized pumping equipment and trained operators position it to deliver concrete placement solutions that facilitate labor cost savings to customers, shorten concrete placement times, enhance worksite safety and improve construction quality. Highly complementary to its core concrete pumping service, Eco-Pan seeks to provide a full-service, cost-effective, regulatory-compliant solution to manage environmental issues caused by concrete washout. As of April 30, 2025, the Company provided concrete pumping services in the U.S. from a footprint of approximately 90 branch locations across 22 states, concrete pumping services in the U.K. from approximately 35 branch locations, and route-based concrete waste management services from 21 operating locations in the U.S. and one shared location in the U.K. For more information, please visit or the Company's brand websites at or Forward‐Looking Statements This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. The Company's actual results may differ from expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," "outlook" and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the Company's expectations with respect to future performance, including the Company's fiscal year 2025 outlook. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside the Company's control and are difficult to predict. Factors that may cause such differences include, but are not limited to: the adverse impact of recent inflationary pressures, changes in foreign trade policies, restrictive monetary policies, global economic conditions and developments related to these conditions, such as fluctuations in fuel costs on our business; adverse and severe weather conditions; the outcome of any legal proceedings, rulings or demand letters that may be instituted against or sent to the Company or its subsidiaries; the ability of the Company to grow and manage growth profitably and retain its key employees; the ability to identify and complete targeted acquisitions and to realize the expected benefits from completed acquisitions; changes in applicable laws or regulations; the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; and other risks and uncertainties indicated from time to time in the Company's filings with the Securities and Exchange Commission, including the risk factors in the Company's latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The Company cautions that the foregoing list of factors is not exclusive. The Company cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based. Non-GAAP Financial Measures This press release presents Adjusted EBITDA, Adjusted EBITDA margin, net debt, free cash flow and leverage ratio, all of which are important financial measures for the Company but are not financial measures defined by GAAP. EBITDA is calculated by taking GAAP net income and adding back interest expense and amortization of deferred financing costs net of interest income, income tax expense, and depreciation and amortization. Adjusted EBITDA is calculated by taking EBITDA and adding back loss on debt extinguishment, stock-based compensation, changes in the fair value of warrant liabilities, other expense (income), net, goodwill and intangibles impairment and other adjustments. Other adjustments include non-recurring expenses, non-cash currency gains/losses and transaction expenses. Transaction expenses represent expenses for legal, accounting, and other professionals that were engaged in the completion of various acquisitions. Transaction expenses can be volatile as they are primarily driven by the size of a specific acquisition. As such, the Company excludes these amounts from Adjusted EBITDA for comparability across periods. The Company believes these non-GAAP measures of financial results provide useful supplemental information to management and investors regarding certain financial and business trends related to our financial condition and results of operations, and as a supplemental tool for investors to use in evaluating our ongoing operating results and trends and in comparing our financial measures with competitors who also present similar non-GAAP financial measures. In addition, these measures (1) are used in quarterly and annual financial reports and presentations prepared for management, our board of directors and investors, and (2) help management to determine incentive compensation. EBITDA and Adjusted EBITDA have limitations and should not be considered in isolation or as a substitute for performance measures calculated under GAAP. These non-GAAP measures exclude certain cash expenses that the Company is obligated to make. In addition, other companies in our industry may calculate EBITDA and Adjusted EBITDA differently or may not calculate it at all, which limits the usefulness of EBITDA and Adjusted EBITDA as comparative measures. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by total revenue for the period presented. See below for a reconciliation of Adjusted EBITDA to net income (loss) calculated in accordance with GAAP. Net debt as a specified date is calculated as all amounts outstanding under debt agreements (currently this includes the Company's term loan and revolving line of credit balances, excluding any offsets for capitalized deferred financing costs) measured in accordance with GAAP less cash. Cash is subtracted from the GAAP measure because it could be used to reduce the Company's debt obligations. A limitation associated with using net debt is that it subtracts cash and therefore may imply that there is less Company debt than the most comparable GAAP measure indicates. CPH believes this non-GAAP measure provides useful information to management and investors in order to monitor the Company's leverage and evaluate the Company's consolidated balance sheet. See "Reconciliation of Net Debt" below for a reconciliation of Net Debt to amounts outstanding under debt agreements calculated in accordance with GAAP. The leverage ratio is defined as the ratio of net debt to Adjusted EBITDA for the trailing four quarters. The Company believes its leverage ratio measures its ability to service its debt and its ability to make capital expenditures. Additionally, the leverage ratio is a standard measurement used by investors to gauge the creditworthiness of an institution. Free cash flow is defined as Adjusted EBITDA less net maintenance capital expenditures and cash paid for interest. This measure is not a substitute for cash flow from operations and does not represent the residual cash flow available for discretionary expenditures, since certain non-discretionary expenditures, such as debt servicing payments, are not deducted from the measure. CPH believes this non-GAAP measure provides useful information to management and investors in order to monitor and evaluate the cash flow yield of the business. The financial statement tables that accompany this press release include a reconciliation of Adjusted EBITDA and net debt to the applicable most comparable U.S. GAAP financial measure. However, the Company has not reconciled the forward-looking Adjusted EBITDA guidance range and free cash flow range included in this press release to the most directly comparable forward-looking GAAP measures because this cannot be done without unreasonable effort due to the lack of predictability regarding the various reconciling items such as provision for income tax expense and depreciation and amortization. Current and prospective investors should review the Company's audited annual and unaudited interim financial statements, which are filed with the U.S. Securities and Exchange Commission, and not rely on any single financial measure to evaluate the Company's business. Other companies may calculate Adjusted EBITDA, net debt and free cash flow differently and therefore these measures may not be directly comparable to similarly titled measures of other companies. Contact: Company:Iain HumphriesChief Financial Officer1-303-289-7497 Investor Relations:Gateway Group, Slach1-949-574-3860BBCP@ Concrete Pumping Holdings, Inc. Condensed Consolidated Balance Sheets As of April 30, As of October 31, (in thousands, except per share amounts) 2025 2024 Current assets: Cash and cash equivalents $ 37,788 $ 43,041 Receivables, net of allowance for doubtful accounts of $881 and $916, respectively 48,378 56,441 Inventory 6,157 5,922 Prepaid expenses and other current assets 11,231 6,956 Total current assets 103,554 112,360 Property, plant and equipment, net 412,967 415,726 Intangible assets, net 99,793 105,612 Goodwill 223,998 222,996 Right-of-use operating lease assets 24,757 26,179 Other non-current assets 11,437 12,578 Deferred financing costs 2,284 2,539 Total assets $ 878,790 $ 897,990 Current liabilities: Revolving loan $ - $ 20 Operating lease obligations, current portion 4,860 4,817 Accounts payable 12,341 7,668 Accrued payroll and payroll expenses 11,757 14,303 Accrued expenses and other current liabilities 27,069 28,673 Income taxes payable 1,861 850 Total current liabilities 57,888 56,331 Long term debt, net of discount for deferred financing costs 417,346 373,260 Operating lease obligations, non-current 20,418 21,716 Deferred income taxes 84,402 86,647 Other liabilities, non-current 11,891 13,321 Total liabilities 591,945 551,275 Zero-dividend convertible perpetual preferred stock, $0.0001 par value, 2,450,980 shares issued and outstanding as of April 30, 2025 and October 31, 2024 25,000 25,000 Stockholders' equity Common stock, $0.0001 par value, 500,000,000 shares authorized, 52,132,683 and 53,273,644 issued and outstanding as of April 30, 2025 and October 31, 2024, respectively 6 6 Additional paid-in capital 388,737 386,313 Treasury stock (35,972 ) (25,881 ) Accumulated other comprehensive income (loss) 3,089 (483 ) Accumulated deficit (94,015 ) (38,240 ) Total stockholders' equity 261,845 321,715 Total liabilities and stockholders' equity $ 878,790 $ 897,990 Concrete Pumping Holdings, Inc. Condensed Consolidated Statements of Operations Three Months Ended April 30, Six Months Ended April 30, (in thousands, except per share amounts) 2025 2024 2025 2024 Revenue $ 93,958 $ 107,062 $ 180,404 $ 204,773 Cost of operations 57,776 65,295 112,987 129,692 Gross profit 36,182 41,767 67,417 75,081 Gross margin 38.5 % 39.0 % 37.4 % 36.7 % General and administrative expenses 27,922 29,712 55,672 61,570 Income from operations 8,260 12,055 11,745 13,511 Interest expense and amortization of deferred financing costs (8,554 ) (6,903 ) (14,769 ) (13,426 ) Loss on extinguishment of debt - - (1,392 ) - Interest income 260 30 673 90 Change in fair value of warrant liabilities - - - 130 Other income (expense), net 28 44 62 84 Income (loss) before income taxes (6 ) 5,226 (3,681 ) 389 Income tax expense (benefit) (2 ) 2,180 (1,038 ) 1,169 Net income (loss) (4 ) 3,046 (2,643 ) (780 ) Less preferred shares dividends (426 ) (430 ) (865 ) (870 ) Loss available to common shareholders $ (430 ) $ 2,616 $ (3,508 ) $ (1,650 ) Weighted average common shares outstanding Basic 52,699 53,430 52,875 53,501 Diluted 52,699 54,380 52,875 53,501 Net income per common share Basic $ (0.01 ) $ 0.05 $ (0.07 ) $ (0.03 ) Diluted $ (0.01 ) $ 0.05 $ (0.07 ) $ (0.03 ) Concrete Pumping Holdings, Inc. Condensed Consolidated Statements of Cash Flows For the Six Months Ended April 30, (in thousands, except per share amounts) 2025 2024 Net loss $ (2,643 ) $ (780 ) Adjustments to reconcile net loss to net cash provided by operating activities: Non-cash operating lease expense 2,575 2,567 Foreign currency adjustments (54 ) (451 ) Depreciation 20,726 20,565 Deferred income taxes (2,706 ) (590 ) Amortization of deferred financing costs 896 890 Amortization of intangible assets 6,058 7,771 Stock-based compensation expense 905 1,273 Change in fair value of warrant liabilities - (130 ) Loss on extinguishment of debt 1,392 - Net gain on the sale of property, plant and equipment (188 ) (1,147 ) Other operating activities (46 ) 65 Net changes in operating assets and liabilities: Receivables 8,407 6,279 Inventory (130 ) 612 Other operating assets (6,297 ) (2,420 ) Accounts payable 4,296 (1,218 ) Other operating liabilities (2,424 ) (3,841 ) Net cash provided by operating activities 30,767 29,445 Cash flows from investing activities: Purchases of property, plant and equipment (19,491 ) (28,817 ) Proceeds from sale of property, plant and equipment 3,232 5,236 Net cash used in investing activities (16,259 ) (23,581 ) Cash flows from financing activities: Proceeds on long term debt 425,000 - Payments on long term debt (375,000 ) - Proceeds on revolving loan 124,474 167,611 Payments on revolving loan (124,494 ) (170,138 ) Dividends paid (53,132 ) Payment of debt issuance costs (8,153 ) - Purchase of treasury stock (8,508 ) (3,017 ) Other financing activities (136 ) 1,409 Net cash used in financing activities (19,949 ) (4,135 ) Effect of foreign currency exchange rate changes on cash 188 366 Net increase (decrease) in cash and cash equivalents (5,253 ) 2,095 Cash and cash equivalents: Beginning of period 43,041 15,861 End of period $ 37,788 $ 17,956 Concrete Pumping Holdings, Inc. Segment Revenue Three Months Ended April 30, Change (in thousands, unless otherwise stated) 2025 2024 $ % U.S. Concrete Pumping 62,109 $ 74,617 $ (12,508 ) (16.8 )% U.S. Concrete Waste Management Services(1) 18,057 16,898 1,159 6.9 % U.K. Operations 13,792 15,547 (1,755 ) (11.3 )% Total revenue $ 93,958 $ 107,062 $ (13,104 ) (12.2 )% (1) For the three months ended April 30, 2025 and 2024, intersegment revenue of $0.1 million is excluded. Six Months Ended April 30, Change (in thousands, unless otherwise stated) 2025 2024 $ % U.S. Concrete Pumping $ 119,022 $ 141,300 $ (22,278 ) (15.8 )% U.S. Concrete Waste Management Services(1) 34,750 32,518 2,232 6.9 % U.K. Operations 26,632 30,955 (4,323 ) (14.0 )% Total revenue $ 180,404 $ 204,773 $ (24,369 ) (11.9 )% (1) For the six months ended April 30, 2025 and 2024, intersegment revenue of $0.2 million isexcluded. Concrete Pumping Holdings, Inc. Segment Adjusted EBITDA and Net Income (Loss) During the first quarter of fiscal year 2025, the Company updated its methodology in which the Company allocates its corporate costs to better align with the manner in which the Company now allocates resources and measures performance. As a result, segment results for prior periods have been reclassified to conform to the current period presentation. Three Months Ended April 30, 2024 Six Months Ended April 30, 2024 (in thousands) U.S. Concrete Pumping U.S. Concrete Waste Management Services U.S. Concrete Pumping U.S. Concrete Waste Management Services As Previously Reported Net income (loss) $ (999 ) $ 3,001 $ (7,843 ) $ 5,406 Interest expense and amortization of deferred financing costs, net of interest income 6,193 - 11,947 - EBITDA 15,979 6,188 23,016 11,568 Stock-based compensation 737 - 1,273 - Other expense (income), net (7 ) - (27 ) (7 ) Other Adjustments 514 - 3,668 - Adjusted EBITDA 17,223 6,188 27,930 11,561 Recast Adjustment Net income (loss) $ 1,936 $ (1,936 ) $ 5,578 $ (5,578 ) Interest expense and amortization of deferred financing costs, net of interest income (1,566 ) 1,566 (3,323 ) 3,323 EBITDA 370 (370 ) 2,255 (2,255 ) Stock-based compensation (189 ) 189 (350 ) 350 Other expense (income), net - - 3 (3 ) Other Adjustments 67 (67 ) (774 ) 774 Adjusted EBITDA 248 (248 ) 1,134 (1,134 ) Current Report As Recast Net income (loss) $ 937 $ 1,065 $ (2,265 ) $ (172 ) Interest expense and amortization of deferred financing costs, net of interest income 4,627 1,566 8,624 3,323 EBITDA 16,349 5,818 25,271 9,313 Stock-based compensation 548 189 923 350 Other expense (income), net (7 ) - (24 ) (10 ) Other Adjustments 581 (67 ) 2,894 774 Adjusted EBITDA 17,471 5,940 29,064 10,427 Concrete Pumping Holdings, Inc. Segment Adjusted EBITDA and Net Income (Loss) Continued Net Income (Loss) Three Months Ended April 30 Change (in thousands, unless otherwise stated) 2025 2024 $ % U.S. Concrete Pumping $ (1,601 ) $ 937 $ (2,538 ) * U.S. Concrete Waste Management Services 1,202 1,065 137 (12.9 )% U.K. Operations 395 1,044 (649 ) (62.2 )% Total $ (4 ) $ 3,046 $ (3,050 ) (100.1 )% *Change is not meaningful Adjusted EBITDA Three Months Ended April 30 Change (in thousands, unless otherwise stated) 2025 2024 $ % U.S. Concrete Pumping $ 12,663 $ 17,471 $ (4,808 ) (27.5 )% U.S. Concrete Waste Management Services 6,655 5,940 715 12.0 % U.K. Operations 3,179 4,137 (958 ) (23.2 )% Total $ 22,497 $ 27,548 $ (5,051 ) (18.3 )% Net Income (Loss) Six Months Ended April 30 Change (in thousands, unless otherwise stated) 2025 2024 $ % U.S. Concrete Pumping $ (4,681 ) $ (2,265 ) $ (2,416 ) (106.7 )% U.S. Concrete Waste Management Services 1,426 (172 ) 1,598 * U.K. Operations 612 1,527 (915 ) (59.9 )% Other - 130 (130 ) * Total $ (2,643 ) $ (780 ) $ (1,863 ) (238.8 )% *Change is not meaningful Adjusted EBITDA Six Months Ended April 30 Change (in thousands, unless otherwise stated) 2025 2024 $ % U.S. Concrete Pumping $ 21,800 $ 29,064 $ (7,264 ) (25.0 )% U.S. Concrete Waste Management Services 11,701 10,427 1,274 12.2 % U.K. Operations 6,007 7,339 (1,332 ) (18.1 )% Total $ 39,508 $ 46,830 $ (7,322 ) (15.6 )% Concrete Pumping Holdings, Inc. Quarterly Financial Performance (dollars in millions) Revenue Net Income Adjusted EBITDA1 Capital Expenditures2 Adjusted EBITDA less Capital Expenditures Earnings (Loss) Per Diluted Share Q1 2024 $ 98 $ (4 ) $ 19 $ 17 $ 3 $ (0.08 ) Q2 2024 $ 107 $ 3 $ 28 $ 7 $ 21 $ 0.05 Q3 2024 $ 110 $ 8 $ 32 $ 6 $ 26 $ 0.13 Q4 2024 $ 111 $ 9 $ 34 $ 2 $ 32 $ 0.16 Q1 2025 $ 86 $ (3 ) $ 17 $ 4 $ 13 $ (0.06 ) Q2 2025 $ 94 $ - $ 22 $ 12 $ 10 $ (0.01 ) 1Adjusted EBITDA is a financial measure that is not calculated in accordance with Generally Accepted Accounting Principles in the United States ('GAAP'). See 'Non-GAAP Financial Measures' below for a discussion of the definition of this measure and reconciliation of such measure to its most comparable GAAP measure. 2Information on M&A or growth investments included in net capital expenditures have been included for relevant quarters below: *Q1 2024 capex includes approximately $5 million growth investment. *Q2 2024 capex includes approximately $1 million M&A and $3 million growth investment. *Q3 2024 capex includes approximately $4 million growth investment. *Q4 2024 capex includes approximately $3 million growth investment. *Q1 2025 capex includes approximately $2 million growth investment. *Q2 2025 capex includes approximately $2 million growth investment. Concrete Pumping Holdings, Inc. Reconciliation of Net Income to Reported EBITDA to Adjusted EBITDA Three Months Ended April 30, Six Months Ended April 30, (dollars in thousands) 2025 2024 2025 2024 Consolidated Net income (loss) $ (4 ) $ 3,046 $ (2,643 ) $ (780 ) Interest expense and amortization of deferred financing costs, net of interest income 8,294 6,873 14,096 13,336 Income tax expense (benefit) (2 ) 2,180 (1,038 ) 1,169 Depreciation and amortization 13,584 14,239 26,784 28,337 EBITDA 21,872 26,338 37,199 42,062 Loss on debt extinguishment - - 1,392 - Stock based compensation 538 737 905 1,273 Change in fair value of warrant liabilities - - - (130 ) Other expense (income), net (28 ) (44 ) (62 ) (84 ) Other adjustments(1) 115 517 74 3,709 Adjusted EBITDA $ 22,497 $ 27,548 $ 39,508 $ 46,830 U.S. Concrete Pumping Net income (loss) $ (1,601 ) $ 937 $ (4,681 ) $ (2,265 ) Interest expense and amortization of deferred financing costs, net of interest income 5,211 4,627 8,522 8,624 Income tax expense (benefit) (482 ) 515 (1,662 ) (1,588 ) Depreciation and amortization 9,006 10,270 18,081 20,500 EBITDA 12,134 16,349 20,260 25,271 Loss on debt extinguishment - - 862 - Stock based compensation 371 548 609 923 Other expense (income), net (4 ) (7 ) (18 ) (24 ) Other adjustments(1) 162 581 87 2,894 Adjusted EBITDA $ 12,663 $ 17,471 $ 21,800 $ 29,064 U.S. Concrete Waste Management Services Net income (loss) $ 1,202 $ 1,065 $ 1,426 $ (172 ) Interest expense and amortization of deferred financing costs, net of interest income 2,369 1,566 4,141 3,323 Income tax expense 332 1,067 415 1,982 Depreciation and amortization 2,651 2,120 4,927 4,180 EBITDA 6,554 5,818 10,909 9,313 Loss on debt extinguishment - - 530 - Stock based compensation 167 189 296 350 Other expense (income), net (12 ) - (14 ) (10 ) Other adjustments (54 ) (67 ) (20 ) 774 Adjusted EBITDA $ 6,655 $ 5,940 $ 11,701 $ 10,427 (1) Other adjustments include the adjustment for non-recurring expenses and non-cash currency gains/losses. For the six months ended April 30, 2024, other adjustments includes a $3.5 million non-recurring charge related to sales tax litigation. Three Months Ended April 30, Six Months Ended April 30, (dollars in thousands) 2025 2024 2025 2024 U.K. Operations Net income $ 395 $ 1,044 $ 612 $ 1,527 Interest expense, net 714 680 1,433 1,389 Income tax expense 148 598 209 775 Depreciation and amortization 1,927 1,849 3,776 3,657 EBITDA 3,184 4,171 6,030 7,348 Other expense (income), net (12 ) (37 ) (30 ) (50 ) Other adjustments 7 3 7 41 Adjusted EBITDA $ 3,179 $ 4,137 $ 6,007 $ 7,339 Other Net income $ - $ - $ - $ 130 EBITDA - - - 130 Change in fair value of warrant liabilities - - - (130 ) Adjusted EBITDA $ - $ - $ - $ - Concrete Pumping Holdings, Inc. Reconciliation of Net Debt April 30, July 31, October 31, January 31, April 30, (in thousands) 2024 2024 2024 2025 2025 Senior Notes 375,000 375,000 375,000 425,000 425,000 Revolving loan draws outstanding 16,428 - 20 - - Less: Cash (17,956 ) (26,333 ) (43,041 ) (85,132 ) (37,788 ) Net debt $ 373,472 $ 348,667 $ 331,979 $ 339,868 $ 387,212 Concrete Pumping Holdings, Inc. Reconciliation of Historical Adjusted EBITDA (dollars in thousands) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Consolidated Net income (loss) $ (3,826 ) $ 3,046 $ 7,560 $ 9,427 $ (2,639 ) $ (4 ) Interest expense and amortization of deferred financing costs 6,463 6,873 6,261 5,976 5,802 8,294 Income tax expense (benefit) (1,011 ) 2,180 3,081 3,854 (1,036 ) (2 ) Depreciation and amortization 14,097 14,239 14,491 14,283 13,200 13,584 EBITDA 15,723 26,338 31,393 33,540 15,327 21,872 Transaction expenses - - - - - - Loss on debt extinguishment - - - - 1,392 - Stock based compensation 536 737 644 477 367 538 Change in fair value of warrant liabilities (130 ) - - - - - Other expense (income), net (39 ) (44 ) (276 ) (47 ) (34 ) (28 ) Other adjustments(1) 3,191 517 (123 ) (290 ) (41 ) 115 Adjusted EBITDA $ 19,281 $ 27,548 $ 31,638 $ 33,680 $ 17,011 $ 22,497 (1) Other adjustments include the adjustment for non-recurring expenses and non-cash currency gains/losses. For the first quarter of fiscal year 2024, other adjustments includes a $3.5 million non-recurring charge related to sales tax litigation.
Roya News
01-05-2025
- Politics
- Roya News
Police arrest 400 in Istanbul: lawyers group
Police arrested more than 400 people in Istanbul on Thursday, with parts of Turkey's biggest city paralysed in a bid to prevent May Day demonstrations, a lawyers group said. On Wednesday city authorities closed metro, bus and ferry services in the metropolis and arrested 100 people who were allegedly planning to protest in the city's central Taksim Square, where demonstrations have been banned since 2013. This year's May Day comes as the government is embroiled in a showdown with the main opposition Republican People's Party (CPH), following the detention of its presidential candidate Ekrem Imamoglu. Imamoglu, who is Istanbul's mayor, is the biggest political rival of President Recep Tayyip Erdogan. "The number of arrests that have been reported to us exceeds 400," the Istanbul branch of the CHD lawyers group wrote on X on Thursday. There was no immediate comment on the detentions from city authorities. Several dozen people were arrested in neighbourhoods on the European side of the city. Several thousand people assembled in sanctioned protests called by labour unions on the Asian side of the city, according to local media. On Wednesday, rights group Amnesty International urged Turkey to lift the ban on demonstrations in Taksim. "The restrictions on May Day celebrations in Taksim Square are based on entirely spurious security and public order grounds and... must be urgently lifted," said Dinushika Dissanayake, an Amnesty's specialist on Europe. As happens every year, the square has been sealed off with metal barriers for several days, with a heavy police presence.
Arab News
01-05-2025
- Politics
- Arab News
Police arrest 400 in Istanbul: lawyers group
ISTNABUL: Police arrested more than 400 people in Istanbul on Thursday, with parts of Turkiye's biggest city paralyzed in a bid to prevent May Day demonstrations, a lawyers group said. On Wednesday city authorities closed metro, bus and ferry services in the metropolis and arrested 100 people who were allegedly planning to protest in the city's central Taksim Square, where demonstrations have been banned since 2013. This year's May Day comes as the government is embroiled in a showdown with the main opposition Republican People's Party (CPH), following the detention of its presidential candidate Ekrem Imamoglu. Imamoglu, who is Istanbul's mayor, is the biggest political rival of President Recep Tayyip Erdogan. 'The number of arrests that have been reported to us exceeds 400,' the Istanbul branch of the CHD lawyers group wrote on X on Thursday. There was no immediate comment on the detentions from city authorities. AFP journalists witnessed several dozen people arrested in neighborhoods on the European side of the city. Several thousand people assembled in sanctioned protests called by labor unions on the Asian side of the city, according to local media and an AFP journalist. On Wednesday, rights group Amnesty International urged Turkiye to lift the ban on demonstrations in Taksim. 'The restrictions on May Day celebrations in Taksim Square are based on entirely spurious security and public order grounds and... must be urgently lifted,' said Dinushika Dissanayake, an Amnesty's specialist on Europe. As happens every year, the square has been sealed off with metal barriers for several days, with a heavy police presence.
News.com.au
01-05-2025
- Politics
- News.com.au
Istanbul lockdown aims to prevent May Day marches
Istanbul authorities on Wednesday closed metro trains, buses and Bosphorous ferries, paralysing Turkey's biggest city in a bid to prevent May Day demonstrations. Ahead of the holiday, police arrested 100 people allegedly planning to protest on Istanbul's central Taksim Square, where demonstrations have been banned since 2013. The government is also embroiled in a showdown with the main opposition Republican People's Party (CPH) since the detention of its presidential candidate Ekrem Imamoglu, the mayor of Istanbul and the biggest political rival of President Recep Tayyip Erdogan. Since protests in 2013 which spread across Turkey and were suppressed by police, claiming eight lives, the government has banned gatherings in Taksim, even for the May 1 Labour Day, International Women's Day or Pride marches. From Wednesday evening, seven metro stations and some of Istanbul's busiest bus and streetcar stops were closed off, according to city authorities. The crackdown includes restrictions on access to the Kadikoy neighbourhood, where several trade unions had called for a rally on Thursday's May Day. Other emblematic locations such as the Palace of Justice and the municipal government headquarters have also been cordoned off. Since Monday, police have staged raids to round up people who called for May Day rallies at Taksim Square, media reports said. Istanbul's chief prosecutor issued arrest warrants for 108 people. - End 'spurious' ban - Rights group Amnesty International urged Turkey to lift the ban on demonstrations. "The restrictions on May Day celebrations in Taksim Square are based on entirely spurious security and public order grounds and ... must be urgently lifted," said Dinushika Dissanayake, an Amnesty's specialist on Europe. As happens every year, the square has been sealed off with metal barriers and many thousands of police likely to be deployed to prevent any violations. Police rounded up 20 people on Wednesday as part of the clampdown, Turgut Delioglu, head of the DISK union's media section, told AFP. He said the union would gather on Thursday in the Kadikoy sector. Taksim Square was fenced off last month following the arrest and jailing of Imamoglu. The move sparked the biggest anti-government protests in Turkey since 2013. Istanbul governor Davut Gul has said anyone defying the ban on demonstrations at Taksim would be prosecuted. Amnesty said the ban defied a 2023 ruling by Turkey's Constitutional Court which found the restriction on May Day rallies in the square violated unions' rights to freedom of assembly.
Int'l Business Times
01-05-2025
- Politics
- Int'l Business Times
Istanbul Lockdown Aims To Prevent May Day Marches
Istanbul authorities on Wednesday closed metro trains, buses and Bosphorous ferries, paralysing Turkey's biggest city in a bid to prevent May Day demonstrations. Ahead of the holiday, police arrested 100 people allegedly planning to protest on Istanbul's central Taksim Square, where demonstrations have been banned since 2013. The government is also embroiled in a showdown with the main opposition Republican People's Party (CPH) since the detention of its presidential candidate Ekrem Imamoglu, the mayor of Istanbul and the biggest political rival of President Recep Tayyip Erdogan. Since protests in 2013 which spread across Turkey and were suppressed by police, claiming eight lives, the government has banned gatherings in Taksim, even for the May 1 Labour Day, International Women's Day or Pride marches. From Wednesday evening, seven metro stations and some of Istanbul's busiest bus and streetcar stops were closed off, according to city authorities. The crackdown includes restrictions on access to the Kadikoy neighbourhood, where several trade unions had called for a rally on Thursday's May Day. Other emblematic locations such as the Palace of Justice and the municipal government headquarters have also been cordoned off. Since Monday, police have staged raids to round up people who called for May Day rallies at Taksim Square, media reports said. Istanbul's chief prosecutor issued arrest warrants for 108 people. Rights group Amnesty International urged Turkey to lift the ban on demonstrations. "The restrictions on May Day celebrations in Taksim Square are based on entirely spurious security and public order grounds and ... must be urgently lifted," said Dinushika Dissanayake, an Amnesty's specialist on Europe. As happens every year, the square has been sealed off with metal barriers and many thousands of police likely to be deployed to prevent any violations. Police rounded up 20 people on Wednesday as part of the clampdown, Turgut Delioglu, head of the DISK union's media section, told AFP. He said the union would gather on Thursday in the Kadikoy sector. Taksim Square was fenced off last month following the arrest and jailing of Imamoglu. The move sparked the biggest anti-government protests in Turkey since 2013. Istanbul governor Davut Gul has said anyone defying the ban on demonstrations at Taksim would be prosecuted. Amnesty said the ban defied a 2023 ruling by Turkey's Constitutional Court which found the restriction on May Day rallies in the square violated unions' rights to freedom of assembly.
