Exterior Plastering Contractor
Location: Southeast
Industry: Building and Const. Services > Construction Sub-Contractors
Financials
Gross Revenue: $1,130,000
Gross Revenue Comments: Fiscal Year 2007
Cash Flow: $2,190,000
Cash Flow Comments: EBITDA
Business Summary
Business Overview
The Company is a plastering contractor specializing in exterior finishing including stucco, EIFS (Exterior Insulation Finish Systems) and interior plaster on both residential and commercial projects. Organized as a C-Corporation, the Company currently employs approximately thirty (30) full-time individuals in the areas of estimating, project management, office management and financial management and an average of one hundred and fifty (150) contracted plasters and laborers.
In 2007, the Company refocused its efforts from revenue growth to gross margin stability and has achieved approximately $11.3M in revenue, $2.19M EBITDA, with appox. 28% gross margins as compared to the 2006 gross margin of 26.5%.
The Company has achieved an average annual growth rate of 25% over the past five (5) years. In 2006 recognized revenue hit an adjusted all-time high, reaching approximately $11.8 million with a normalized EBITDA of $1.69 million. 2005 adjusted revenue was $10.36 million with an adjusted EBITDA of $463 thousand. In addition to a strong core business, significant growth opportunities support continued strong growth.
Growth Opportunities
Geographic Expansion: The Company does not currently bid on all projects they are invited to review. Management believes the hiring of an experienced Estimator will expand business. This effort is projected to increase 2009 and 2010 revenue by $4M and $5.25 million, respectively.
In addition, the Company is planning further geographic growth into other metropolitan areas. Projected revenue in 2009 and 2010 is $1M and $3.25 million, respectively.
Product Expansion: Management believes drywall and metal studs to be a potential parallel business opportunity. Should the Company owners choose such an expansion, it is projected for 2008 to increase revenue by $3 million.
Employee Expansion: Additional Estimator and/or Project Manager will increase efficiencies and project opportunities. Should the Company owners choose such an expansion, it is projected for 2008 to increase revenue by $1 million.
Direct Sales: Company currently bids on invited projects only. A direct sales effort will increase bidding opportunities and increase gross margins.
The Company is a plastering contractor specializing in exterior finishing including stucco, EIFS (Exterior Insulation Finish Systems) and interior plaster on both residential and commercial projects. Organized as a C-Corporation, the Company currently employs approximately thirty (30) full-time individuals in the areas of estimating, project management, office management and financial management and an average of one hundred and fifty (150) contracted plasters and laborers.
In 2007, the Company refocused its efforts from revenue growth to gross margin stability and has achieved approximately $11.3M in revenue, $2.19M EBITDA, with appox. 28% gross margins as compared to the 2006 gross margin of 26.5%.
The Company has achieved an average annual growth rate of 25% over the past five (5) years. In 2006 recognized revenue hit an adjusted all-time high, reaching approximately $11.8 million with a normalized EBITDA of $1.69 million. 2005 adjusted revenue was $10.36 million with an adjusted EBITDA of $463 thousand. In addition to a strong core business, significant growth opportunities support continued strong growth.
Growth Opportunities
Geographic Expansion: The Company does not currently bid on all projects they are invited to review. Management believes the hiring of an experienced Estimator will expand business. This effort is projected to increase 2009 and 2010 revenue by $4M and $5.25 million, respectively.
In addition, the Company is planning further geographic growth into other metropolitan areas. Projected revenue in 2009 and 2010 is $1M and $3.25 million, respectively.
Product Expansion: Management believes drywall and metal studs to be a potential parallel business opportunity. Should the Company owners choose such an expansion, it is projected for 2008 to increase revenue by $3 million.
Employee Expansion: Additional Estimator and/or Project Manager will increase efficiencies and project opportunities. Should the Company owners choose such an expansion, it is projected for 2008 to increase revenue by $1 million.
Direct Sales: Company currently bids on invited projects only. A direct sales effort will increase bidding opportunities and increase gross margins.
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