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Limbach Holdings Reports Fourth Quarter and Full Year 2016 Results

Full Year 2016 Revenues up 34.9%; Aggregate Backlog up 15% at December 31, 2016

Conference Call Scheduled for 11:00am ET Tuesday April 18, 2017

PITTSBURGH--(BUSINESS WIRE)-- Limbach Holdings, Inc. (NASDAQ: LMB) (“Limbach” or the “Company”) today announced financial results for the fourth quarter and fiscal year ended December 31, 2016. Revenues increased 34.9% to $447.0 million in 2016 compared with 2015; while backlog rose to $434.3 million at December 31, 2016 compared to $378.1 million at December 31, 2015.

Other key financial highlights of the year included (comparisons to prior year period):

  • FY 2016 gross margin was 12.5%, compared with 13.7% in the prior year.
  • FY 2016 net income was $1.4 million (after successor period tax benefit of $3.9 million), compared to $4.4 million for 2015 as an LLC.
  • Construction backlog rose 10% to $390.2 million at December 31, 2016 from $355.4 million at December 31, 2015.
  • Service backlog at December 31, 2016 was $44.1 million, which was up 94% from $22.7 million.
  • Revenues were split 82%/18% between Construction and Service segments.
  • FY 2016 Adjusted EBITDA of $16.8 million, an increase of 25.9% versus 2015.
  • Because of the Business Combination that closed on July 20th the financial statements present predecessor and successor results which when added together total the Company’s full year results

Management Commentary

Charlie Bacon, CEO of Limbach commented, “We are pleased to report that 2016 was very much a success on building a foundation for financial and operational achievement. Our top line revenues were up 34.9% versus last year, with our Construction segment growing 33.3% while Service grew 42.3%. Our gross margin for the full year was 12.5%, which was about the same as it was in Q3, as we continue to build a large, “showcase” project we have underway which carries a slightly lower gross margin, although it does provide a very meaningful contribution in terms of absolute gross profit dollars. We continue to expect our margins to work higher over time as higher-margin service revenues build along with the completion of this large project. While the initial cost of transitioning to a public company did impact our bottom line profitability in 2016, we exceeded our expectations in terms of top line sales and backlog and have a high percentage of our business booked for 2017.”

Mr. Bacon continued, “2016 was a resounding success for Limbach, featuring a number of accomplishments on many fronts. First and foremost, we achieved our goal of going public, followed in short order by an uplisting to NASDAQ and a successful follow on equity offering. Throughout our investor outreach, those of you who we have had the pleasure to meet or speak with have also heard me emphasize our employees and corporate culture. It is something we pride ourselves on and I am very happy to note that in the 14 years we have been conducting internal employee surveys, we hit an all-time high score in 2016.”

Fourth Quarter Highlights

Revenues

Fourth quarter 2016 revenues of $133.7 million were up 45.6% versus $91.8 million for the prior year period, led by Construction growth of 37.9%. Service work grew 107.7% versus the prior year period. As a percentage of revenues, Construction represented 81% while Service provided the remaining 19%. On a geographic basis, the Southern California, Michigan and Florida branches generated the highest growth while all regional offices other than Michigan reported Services growth on a year over year basis.

Gross Margin

Gross margin for the fourth quarter of 2016 was 11.3%, down from 14.3% for the prior year period and 12.8% for the third quarter of 2016. The decrease was driven by project mix as the Company had a large project underway which carries a lower margin profile than the corporate average along with other adjustments to contracts in progress. On a dollar basis, gross profit in the fourth quarter was $15.1 million, compared with $13.2 million for the prior year period.

Operating Income (Loss)

The Company reported an operating loss of $0.8 million compared to operating income of $2.8 million for the prior year period. The decline in operating income was due primarily to the write down noted above, along with increased Selling, General and Administrative expenses. Fourth quarter 2016 Selling, General and Administrative expense increased to $14.2 million from $10.3 million in the fourth quarter of 2015. As a percentage of total revenue, fourth quarter 2016 SG&A accounted for 10.6% compared 11.2% of total revenue in the fourth quarter of 2015.

Full Year Highlights

Revenues

Full year 2016 revenues of $447.0 million were up 34.9% versus $331.4 million for the prior year period, led by Construction growth of $91.2 million, or 33.3%. Service work grew 42.3% versus the prior year period to $82.2 million. As a percentage of revenues, Construction represented 82% while Service provided the remaining 18%. On a geographic basis, the Michigan, Florida, Southern California, and Ohio branches generated the highest percentage growth compared to 2015.

Gross Margin

Gross margin for the full year 2016 of 12.5% was down from 13.7% in 2015 as the Company continued work on a large project which carries a lower margin profile than the corporate average along with other adjustments to contracts in progress. On a dollar basis, gross profit in 2016 was $55.7 million, compared with $45.4 million for the prior year period.

Operating Income (Loss)

The Company reported operating income of $4.1 million compared to $7.6 million for the prior year period. The decrease in operating income was due to increased costs associated with the transition to public company status, including non-recurring expenses totaling $3.7 million and amortization of intangibles of $3.1 million. Total SG&A expense for the full-year 2016 was $48.4 million versus $37.8 million in 2015. The 2016 SG&A includes costs associated with the business combination which closed in July, and increased depreciation expense due to revaluing of fixed assets, none of which were incurred in 2015. As a percentage of total revenue, full year 2016 SG&A accounted for 10.8% compared to 11.4% of total revenue in 2015.

Backlog

Aggregate backlog at the end of 2016 was $434.3 million, an increase of 14.9% compared with $378.1 million at the same time a year ago. Within the aggregate backlog figures, Construction backlog at December 31, 2016 was $390.2 million, an increase of 9.8% from $355.4 million a year ago. The Company expects approximately 67% of Construction backlog to be converted to revenues within the current fiscal year. In addition, Service backlog at December 31, 2016 was $44.1 million compared to $22.7 million as of December 31, 2015, an increase of 94%. Geographically, the current backlog is well-dispersed, with the Mid-Atlantic, Michigan, Florida and Southern California branches providing the largest contributions to backlog.

The Company expects approximately 76% of the total Construction and Service backlog to be converted to revenues within the current fiscal year, with the remainder in 2018 and 2019.

Balance Sheet

At December 31, 2016, the Company had current assets of $155.2 million and current liabilities of $126.7 million, representing a current ratio of 1.22x. Working capital was $28.5 million at December 31st, 2016, an increase of $1.6 million or 6% from December 31, 2015. Long-term debt, net of the current portion was $21.5 million at December 31, 2016, down from $31.0 million at December 31, 2015.

2017 Guidance

The Company is providing the following revenue and Adjusted EBITDA guidance for 2017:

           
          FY 2017 Estimate
Revenues         $460 - $480 million
Adjusted EBITDA*         $18 – 20 million

With respect to expected 2017 Adjusted EBITDA, a quantitative reconciliation is not available without unreasonable efforts due to the high variability, complexity and low visibility with respect to adjustments that could be made with respect to taxes, transaction costs, stock-based compensation and other items which are, when applicable, excluded from Adjusted EBITDA. These items are expected to have a potentially unpredictable, and potentially significant, impact on our future financial results presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”).

Conference Call Details

 
Date: Tuesday, April 18, 2017
Time: 11:00 a.m. Eastern Time
 
Participant Dial-In Numbers:
Domestic callers: (866) 604-1698
International callers: (201) 389-0844

Access by Webcast

The call will also be simultaneously webcast over the Internet via the “Investor Relations” section of LMB’s website at www.limbachinc.com or by clicking on the conference call link: http://limbachinc.equisolvewebcast.com/q4-2016. An audio replay of the call will be archived on the Company’s website for 365 days.

LIMBACH HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

(in thousands, except share and per share data)

    Successor   Predecessor
(in thousands, except share and per share data) July 20,
2016
through
December 31,
2016

January 1,
2016
through
July 19,
2016

 

January 1,
2015
through
December 31,
2015

Revenue $ 225,604 $ 221,391 $ 331,350
Cost of revenue   198,427   192,911   285,938
Gross profit   27,177   28,480   45,412
Operating expenses:
Selling, general and administrative 24,425 24,015 37,767
Amortization of intangibles   3,103  

 
Total operating expenses   27,528   24,015   37,767
Operating income   (351 )   4,465   7,645
Other income (expenses):
Interest income (expense), net (1,796

)

(1,898 ) (3,200 )
Loss from early extinguishment of debt (2,172 )
Gain (loss) on sale of property and equipment   (250 )   1   (73 )
Total other expenses   (4,218 )   (1,897 )   (3,273 )
Income (loss) before income taxes (4,569 ) 2,568 4,372
Income tax benefit   3,871    
Net income (loss) (698 ) 2,568 4,372
Dividends on cumulative redeemable convertible preferred stock   423    
Net income (loss) attributable to Limbach Holdings, Inc. common stockholders $ (1,121

)

Net income (loss) attributable to Limbach Holdings LLC member unit holders $ 2,568 $ 4,372

Successor EPS

Basic earnings (loss) per share for common stock:
Net loss attributable to Limbach common stockholders $ (0.19

)

Diluted earnings (loss) per share for common stock:
Net loss attributable to Limbach common stockholders $ (0.19 )
Weighted average number of shares outstanding:
Basic 6,039,875
Diluted 6,039,875
 

LIMBACH HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

(in thousands, except share and per share data)

    Successor       Predecessor
(in thousands, except share and per share data)    

October 1, 2016
through
December 31,
2016

     

October 1, 2015
through
December 31,
2015

Revenue $ 133,715 $ 91,780
Cost of revenue 118,609   78,618  
Gross profit 15,106   13,162  
Operating expenses:
Selling, general and administrative 14,216 10,313
Amortization of intangibles 1,649   0  
Total operating expenses 15,865   10,313  
Operating income (759 ) 2,849  
Other income (expenses):
Interest income (expense), net (943 ) (839 )
Loss from early extinguishment of debt (2,172 ) 0
Gain (loss) on sale of property and equipment (228 ) (77 )
Total other expenses (3,344 ) (916 )
Income (loss) before income taxes (4,103 ) 1,933
Income tax benefit (1,593 ) 0  
Net income (loss) (2,510 ) 1,933
Dividends on cumulative redeemable convertible preferred stock 263   0  
Net income (loss) attributable to Limbach Holdings, Inc. common stockholders $ (2,773 )
Net income (loss) attributable to Limbach Holdings LLC member unit holders $ 1,933  

Successor EPS

Basic earnings (loss) per share for common stock:
Net income (loss) attributable to Limbach common stockholders $ (0.45

)

 

Diluted earnings (loss) per share for common stock:
Net income (loss) attributable to Limbach common stockholders $ (0.45

)

 

Weighted average number of shares outstanding:
Basic 6,128,794
Diluted 6,128,794
 

LIMBACH HOLDINGS INC AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

($ in Thousands)

       
Successor Predecessor
December 31, December 31,
(in thousands, except share data) 2016 2015
 
ASSETS
Current assets
Cash and cash equivalents $ 7,406 $ 6,107
Restricted cash 113 63
Accounts receivable, net 113,972 85,357
Costs and estimated earnings in excess of billings on uncompleted contracts 31,959 20,745
Advances to and equity in joint ventures, net 10 6
Other current assets   1,723   1,793
Total current assets $ 155,183 $ 114,071
 
Property and equipment, net $ 18,541 $ 13,221
Intangible assets, net 17,807 -
Goodwill 10,488 -
Deferred tax asset 4,268 -
Other assets   588   37

Total assets

$ 206,875 $ 127,329
 
LIABILITIES
Current liabilities
Current portion of long-term debt $ 4,476 $ 2,698
Accounts payable, including retainage 57,034 42,569
Billings in excess of costs and estimated earnings on uncompleted contracts 39,190 26,272
Accrued expenses and other current liabilities   26,029   15,660
Total current liabilities 126,729 87,199
Long-term debt 21,507 30,957

Other long-term liabilities

  817   964
Total liabilities $ 149,053 $ 119,120
Commitments and contingencies - -

Redeemable convertible preferred stock, net, par value $0.0001, 1,000,000 shares authorized, 400,000 issued and outstanding as of December 31, 2016 ($10,365 redemption value as of December 31, 2016)

  10,374   -
 
STOCKHOLDERS’ EQUITY AND MEMBERS’ EQUITY
Members’ equity, 10,000,000 Class A units authorized, issued and outstanding as of December 31, 2015 8,209
Common stock, $.0001 par value; 100,000,000 shares authorized, issued and 7,454,491 issued and outstanding as of December 31, 2016 1 -
Additional paid-in capital 55,162 -

Accumulated deficit

  (7,715 )   -
Total stockholders’ equity and members’ equity $ 47,448 $ 8,209

Total liabilities and stockholders’ equity and members’ equity

$ 206,875 $ 127,329
 

LIMBACH HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

     
Successor Predecessor
(in thousands)    

July 20,
2016
through
December 31,
2016

   

January 1,
2016
through
July 19,
2016

   

January 1,
2015
through
December 31,
2015

 
Cash flows from operating activities:  
Net income (loss) $ (698 ) $ 2,568 $ 4,372
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization 5,756 1,582 2,630
Allowance for doubtful accounts 219 50 (41 )
Stock based compensation expense 1,349
Capitalized deferred interest on subordinated debt 84 1,395 2,702
Amortization of debt issuance costs 492
Deferred tax provision (3,871 )
Accretion of preferred stock discount to redemption value 4
Loss from early extinguishment of debt 2,172
(Gain) loss on sale of property and equipment 250 1 73
Changes in operating assets and liabilities:
(Increase) decrease in restricted cash (50 )
(Increase) decrease in accounts receivable (33,606 ) 5,722 (11,458 )
(Increase) decrease in costs and estimated earnings in excess of billings on uncompleted contracts 6,256 (18,698 ) (7,849 )
(Increase) decrease in other current assets 549 (662 ) (50 )
(Increase) decrease in other assets 78 (95 ) 1
Increase (decrease) in accounts payable 16,661 (6,973 ) 2,658
Increase (decrease) in billings in excess of costs and estimated earnings on uncompleted contracts 9,123 4,276 1,603
Increase (decrease) in accrued expenses and other current liabilities (478 ) 10,847 6,616

Increase (decrease) in other long-term liabilities

  173   277   (651 )

Net cash provided by operating activities

  3,114   1,639   606
Cash flows from investing activities:
Proceeds from sale of property and equipment 2,085 7 58
Advances to joint ventures (4 ) (1 )
Purchase of property and equipment (1,281 ) (2,114 ) (2,380 )
Acquisition of Limbach Holdings LLC, net of cash acquired (32,158 )
Proceeds from trust account   18,005    

Net cash used in investing activities

  (13,353 )   (2,107 )   (2,323 )
Cash flows from financing activities:
Proceeds from revolving credit facility 60,122 63,553
Payments on revolving credit facility (3,492 ) (63,630 ) (61,053 )
Proceeds from Credit Agreement term loan 24,000
Payments Credit Agreement term loan (1,500 )
 
Proceeds from Subordinated Loan 13,084
Payments on Subordinated Loan (15,340 )
Proceeds from Credit Agreement revolver 34,501
Payments on Credit Agreement revolver (34,501 )
Payments on term loan (539 ) (1,038 ) (2,074 )
Payments on subordinated debt facility (23,604 )
Payments on capital leases (730 ) (660 ) (1,090 )
Repayment of promissory note to affiliate (125 )
Proceeds from issuance of redeemable convertible preferred stock 9,946
Proceeds from sale of common stock 17,236
Debt issuance costs (1,313 )
Distributions to members     (195 )   (124 )

Net cash provided by (used in) financing activities

  17,623   (5,401 )   (788 )
Increase (decrease) in cash and cash equivalents 7,384 (5,869 ) (2,505 )
Cash and cash equivalents, beginning of period – Limbach Holdings, Inc. 22

Cash and cash equivalents, beginning of period – Limbach Holdings LLC

    6,107   8,612
Cash and cash equivalents, end of period $ 7,406 $ 238 $ 6,107
 
 
 

LIMBACH HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Continued)

(Unaudited)

 

Supplemental disclosures of cash flow information

Noncash investing and financing transactions:

 

Property and equipment acquired financed with capital leases

$

1,259

$

1,014

$

1,547

Interest paid

$

3,390

$

693

$

527

 

LIMBACH HOLDINGS, INC.

OPERATING RESULTS BY SEGMENT

(Unaudited)

  Successor     Predecessor   Predecessor  
(in thousands)

July 20, 2016

through

December 31,
2016

January 1, 2016

through

July 19,
2016

January 1, 2015

through

December 31,
2015

2016 Combined

Increase/

(Decrease)

($) ($) ($) $   %
Revenue:  
Construction $ 181,663 $ 183,100 $ 273,563 $ 91,200 33.3 %
Service   43,941   38,291   57,787   24,445   42.3 %
Total revenue   225,604   221,391   331,350   115,645   34.9 %
 
Cost of revenue:
Construction 163,842 162,800 241,427 85,215 35.3 %
Service   34,585   30,111   44,511   20,185   45.3 %
Total cost of revenue   198,427   192,911   285,938   105,400   36.9 %
 
Gross Profit:
Construction 17,821 20,300 32,136 5,985 18.6 %
Service   9,356   8,180   13,276   4,260   32.1 %
Total gross profit   27,177   28,480   45,412   10,245   22.6 %
 
Selling, general and administrative expenses:
Construction 10,628 11,680 19,278 3,030 15.7 %
Service 5,460 6,302 9,855 1,907 19.4 %
Corporate   8,337   6,033   8,634   5,736   66.4 %
Total selling, general and administrative expenses   24,425   24,015   37,767   10,673   28.3 %
 
Amortization of intangibles 3,103 - - 3,103 100.0 %
 
Operating income:
Construction 7,193 8,620 12,858 2,955 23.0 %
Service 3,896 1,878 3,421 2,353 68.8 %
Corporate   (11,440

)

 

  (6,033 )   (8,634 )   (8,839 )   -102.4 %
Operating income   (351

)

 

  4,465   7,645   (3,531 )   -46.2 %
 

LIMBACH HOLDINGS, INC.

OPERATING RESULTS BY SEGMENT

(Unaudited)

           
Successor Predecessor
(Amounts in thousands)

October 1, 2016

through

December 31, 2016

October 1, 2015

through

December 31, 2015

($) ($)
Revenue:
Construction $ 107,746 $ 78,104
Service   25,969     12,501  
Total revenue  

133,715

    91,780  
 
Cost of revenue:
Construction 97,974 69,280
Service   20,635     9,338  
Total cost of revenue   118,609     78,618  
 
Gross Profit:
Construction 9,772 9,063
Service   5,334     3,163  
Total gross profit   15,106     13,162  
 
Selling, general and administrative expenses:
Construction 6,229 4,296
Service 3,029 2,403
Corporate   4,958     3,614  
Total selling, general and administrative expenses   14,216     10,313  
 
Amortization of intangibles 1,649 -
 
Operating income:
Construction 3,543 4,767
Service 2,305 760
Corporate   (6,607 )   (2,678 )
Operating income   (759 )   2,849  
 

* Use of Non-GAAP Financial Measures

Adjusted EBITDA

In assessing the performance of our business, management utilizes a variety of financial and performance measures. The key measure is Adjusted EBITDA. Adjusted EBITDA is a non-GAAP financial measure. We define Adjusted EBITDA as net income (loss) plus depreciation and amortization expense, interest expense, taxes, as further adjusted to eliminate the impact of non-recurring or unusual operating expenses such as certain management fees, unusual debt extinguishment expenses, loss on the sale of a long owned real estate asset, public company and business combination expenses, and expenses recognized associated with the management and settlement of a long standing legal dispute relating to a project completed in 2003. We believe that Adjusted EBITDA is meaningful to our investors to enhance their understanding of our financial performance for the current period, exclusive of expenses that are unusual or will not recur or were not planned in the current year and did not occur in prior years. We understand that Adjusted EBITDA is frequently used by securities analysts, investors and other interested parties as a measure of financial performance and to compare our performance with the performance of other companies that report Adjusted EBITDA. Our calculation of Adjusted EBITDA, however, may not be comparable to similarly titled measures reported by other companies. When assessing our operating performance, investors and others should not consider this data in isolation or as a substitute for net income (loss) calculated in accordance with GAAP. Further, the results presented by Adjusted EBITDA cannot be achieved without incurring the costs that the measure excludes. A reconciliation of Adjusted EBITDA to net income (loss), the most comparable GAAP measure, is provided below under “Reconciliation of Adjusted EBITDA to Net Income (Loss).”

Reconciliation of Adjusted EBITDA to Net Income (Loss)

       
Successor Predecessor
20-Jul-16 1-Jan-16   1-Jan-15
through through through
31-Dec-16 19-Jul-16 31-Dec-15
(Dollar amounts in thousands)     ($) ($) ($)
Net income (loss) $ (1,121 ) $ 2,568 $ 4,372
 
Adjustments:
Depreciation and amortization 5,756 1,582 2,630
Interest expense 1,796 1,898 3,200
Taxes   (3,871 )   -     -  
EBITDA 2,560 6,048 10,202
Loss from early extinguishment of debt 2,172 - -
Loss on sale of property and equipment 190 - 73
Management fees - 671 1,336
Consulting fees - - 224
Acquisition costs - - 37
Operating expenses due to public company status 1,934 -
Business combination expenses (option expenses) - 1,549 -
Preferred stock dividends 423 -
Teamster settlement - - 417
Non-recurring incentives - - 687
Legacy legal costs   1,079     154     350  
Adjusted EBITDA attributable to Limbach Holdings LLC member unit holders $ 8,422   $ 13,326  
Adjusted EBITDA attributable to Limbach Holdings, Inc. common stockholders $ 8,358  
 

About Limbach

Limbach Holdings, Inc. is an integrated building systems provider – managing all components of mechanical, electrical, plumbing and control systems, from system design and construction through performance and maintenance. The Company engineers, constructs and services the mechanical, plumbing, air conditioning, heating, building automation, electrical and control systems in both new and existing buildings. Customers include building owners in the private, not-for-profit and public/government sectors. With headquarters in Pittsburgh, PA, Limbach operates from 10 strategically located business units throughout the United States including Western Pennsylvania (Pittsburgh), Eastern Pennsylvania (Warrington, PA), New Jersey (South Brunswick), New England (Wilmington, MA), Ohio (Columbus and Athens, OH), Michigan (Pontiac and Lansing, MI), Southern California (Garden Grove, CA), and Mid-Atlantic (Laurel, MD). Our design engineering and innovation center, Limbach Engineering & Design Services, is based in Orlando, Florida. Harper Building Systems, a Limbach Holdings, Inc. company, operates throughout Florida with offices in Tampa and Lake Mary, North of Orlando. Our approximately 1,500 employees strive to be the customer’s 1st Choice in terms of the services provided, vertical markets and geographies served. Our commitment to safety, advanced technology, human development and reliable execution has enabled Limbach to attract and retain the industry’s top leadership talent, skilled craftspeople and professional management staff.

Forward-Looking Statements

We make forward-looking statements in this press release within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to expectations or forecasts for future events, including, without limitation, our earnings, Adjusted EBITDA, revenues, expenses, capital expenditures or other future financial or business performance or strategies, results of operations or financial condition. These statements may be preceded by, followed by or include the words “may,” “might,” “will,” “will likely result,” “should,” “estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “continue,” “target” or similar expressions. These forward-looking statements are based on information available to us as of the date they were made, and involve a number of risks and uncertainties which may cause them to turn out to be wrong. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. As a result of a number of known and unknown risks and uncertainties, our actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Please refer to our most recent annual report on Form 10-K , which is available on the SEC’s website (www.sec.gov), for a full discussion of the risks and other factors that may impact any forward-looking statements in this press release.

Investor Relations:
The Equity Group Inc.
Jeremy Hellman, CFA, 212-836-9626
Senior Associate
jhellman@equityny.com
or
Limbach Holdings, Inc.
John T. Jordan, Jr., 301-623-4799
Executive Vice President and Chief Financial Officer
john.jordan@limbachinc.com

Source: Limbach Holdings, Inc.