 INDIANAPOLIS, Aug. 10, 2020 GLOBE NEWSWIRE -- Infrastructure and Energy Alternatives, Inc. NASDAQ: IEA IEA or the Company, a leading infrastructure construction company with renewable energy and specialty civil expertise, today announced its financial results for the quarter ended June 30, 2020. Quarter Highlights Revenue totaled 480.6 million, an increase of 46.5 as compared to last years second quarter. Gross margin of 11.3, an improvement of 170 basis points compared to the prior-year period. Net income of 3.6 million, or 0.09 per diluted share, as compared to a loss of 0.61 per diluted share in the prior-year period. Adjusted EBITDA of 39.3 million, a 90.8 improvement compared to the prior-year quarter. Cash and cash equivalents of 59.4 million at June 30, 2020 and no long-term debt amortization payments due until 2022. Backlog of 1.8 billion provides strong visibility. To date, realized limited impact from COVID-19. Increasing 2020 guidance.Management CommentaryIEA performed strongly in the second quarter of 2020, achieving year-over-year top-line revenue growth of 46.5, gross margin of 11.3, and bottom-line profitably of 0.09 per diluted share, said JP Roehm, IEAs President and Chief Executive Officer. In Q2, we continued to focus on expense management and taking the necessary steps to preserve our cash position. These actions resulted in positive cash flow from operations for the quarter, and we expect to achieve positive cash generation in the second half of this year. As a result of our strong performance and our current backlog, we are raising our guidance for 2020.Mr. Roehm, continued, IEAs business has remained resilient. Our new business pipeline is robust, and we are bidding on work that goes out to 2022. We are finding a growing number of opportunities across each of our end markets. With the extension of the continuity safe harbor provisions of the Production Tax Credit, for example, we are expecting an active environment for wind into at least 2021. We are also ramping up our solar business and have added 233 million in new solar awards this year. Our specialty civil business continues to make progress, and we expect to add over 150 million in new rail projects before the end of this year.Mr. Roehm, concluded, Our employees have made exceptional efforts to service our customers during these difficult times. I want to thank each and every one of our team members for ensuring that the timing, scheduling, and resource management on all our projects has remained generally consistent with what we experienced before the onset of COVID-19.Second Quarter ResultsRevenue of 480.6 million increased 46.5, or 152.6 million, in the second quarter of 2020, compared to the same period in 2019. For the Renewables Segment, revenue increased by 145.1 million, or 81.0, as a result of more favorable weather conditions at job sites, the benefit from the mobilization of several wind projects at the end of 2019, and an increase in the number and value of projects during the quarter. Specialty Civil Segment revenue increased 7.5 million, or 5.0, primarily due to higher revenue generated from the Companys heavy civil construction projects.Gross profit of 54.2 million increased 72.6, or 22.8 million, in the second quarter of 2020, compared to the same period in 2019. As a percentage of revenue, gross profit was 11.3 for the quarter, an increase of 170 basis points compared to 9.6 for the prior-year period. The increase in gross profit percentage and dollars is related to the increased revenue, coupled with much better weather conditions in the second quarter of 2020, and a larger number of construction projects in the quarter.Selling, general and administrative expenses of 28.1 million increased 8.5, or 2.2 million, in the second quarter of 2020, compared to the same period in 2019. Selling, general and administrative expenses were 5.8 of revenue in the second quarter of 2020, compared to 7.9 of revenue in the same period in 2019. The increase in selling, general and administrative expenses was primarily driven by increased compensation expense supporting significantly larger operations in both of the Companys operating segments. Interest expense increased by 4.7 million in the second quarter of 2020 to total 16.2 million, compared to 11.5 million in the same period in 2019. This increase was primarily driven by dividends on the Companys Series B Preferred Stock, which are recorded as interest expense, partially offset by the decreased borrowings under the Companys line of credit and term loan in the second quarter of 2020.Other income expense decreased by 19.9 million, to an expense of 1.6 million in the second quarter of 2020 from an income of 18.3 million for the same period in 2019. This decrease was primarily the result of the impact of reducing a contingent liability by 18.8 million in the second quarter of 2019.The provision for income taxes decreased 22.5, or 1.4 million, to an expense of 4.7 million in the second quarter of 2020, compared to an expense of 6.1 million for the same period in 2019. The effective tax rates for the periods ended June 30, 2020 and 2019 were 56.8 and 49.6, respectively. The higher effective tax rate in the second quarter of 2020 was primarily attributable to accrued dividends for the Series B Preferred Stock, which are not deductible for federal and state income taxes.Net income was 3.6 million, or 0.09 per diluted share for the quarter, as compared to 6.2 million, or a loss of 0.61 per diluted share in the second quarter of 2019. In the second quarter of 2019, net income included the benefit of the other income 18.8 million gain, which was excluded from the numerator of the earnings per share calculation.Adjusted EBITDA was 39.3 million for the quarter, as compared to 20.6 million in the second quarter of 2019. As a percentage of revenue, Adjusted EBITDA increased to 8.2, compared to 6.3 of revenue in the prior-year period. For a reconciliation of net income to Adjusted EBITDA, please see the appendix to this release.Balance SheetAs of June 30, 2020, the Company had 59.4 million of cash and cash equivalents and total debt of 367.2 million, which consisted of 173.3 million outstanding under its credit facility, 4.2 million of commercial equipment loans, and 189.7 million of Series B Preferred Stock. Series B Preferred Stock is mandatorily redeemable in 2025 and is categorized as long-term debt. At the end of the second quarter, the Company had 26.5 million of availability under its credit facility.BacklogBacklog as of June 30, 2020 totaled approximately 1.8 billion, a decrease from 2.0 billion at the end of the prior quarter. The sequential decrease in backlog is consistent with the Companys traditional seasonality. IEA defines backlog as the amount of revenue the Company expects to realize from the uncompleted portions of existing construction contracts, including new contracts under which work has not begun and awarded contracts for which the definitive project documentation is being prepared, as well as the impact of change orders and renewal options.OutlookBased on the backlog currently booked and contracts executed as of the date of this release, the Company now believes it is in a position to raise its full-year 2020 guidance. IEA anticipates revenue in the range of 1.6 billion to 1.7 billion, and Adjusted EBITDA in the range of 110 million to 125 million. This compares to previous guidance of 1.5 billion to 1.65 billion in revenue and 105 million to 125 million in Adjusted EBITDA. For a reconciliation of Adjusted EBITDA and discussion of further adjustments for cost savings and synergies, please see the appendix to this release. Any significant worsening of the COVID-19 pandemic could affect the Companys 2020 outlook.Conference CallIEA will hold a conference call to discuss its second quarter 2020 results tomorrow, August 11, 2020 at 11:00 a.m. Eastern Time. To join the conference call, please dial 877 407-0784 domestic or 201 689-8560 international and ask for Infrastructure Energy Alternatives Second Quarter 2020 Conference Call. To listen via the Internet, please visit the investor section of the Companys website at at least 15 minutes prior to the start of the call to download and install any necessary audio software. The conference call webcast will also be archived on the Companys website or by dialing 844-512-2921 and providing the PIN code: 13705007 for 30 days after the live call.About IEAInfrastructure and Energy Alternatives, Inc. IEA is a leading infrastructure construction company with renewable energy and specialty civil expertise. Headquartered in Indianapolis, Indiana, with operations throughout the country, IEAs service offering spans the entire construction process. The Company offers a full spectrum of delivery models including full engineering, procurement, and construction, turnkey, design-build, balance of plant, and subcontracting services. IEA is one of the larger providers in the renewable energy industry and has completed more than 200 utility scale wind and solar projects across North America. In the heavy civil space, IEA offers a number of specialty services including environmental remediation, industrial maintenance, specialty transportation infrastructure and other site development for public and private projects. For more information, please visit IEAs website at or follow IEA on Facebook, LinkedIn and Twitter for the latest company news and events. 