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National Technical Systems Reports Fiscal 2012 Fourth Quarter, Year-End Results

CALABASAS, Calif. April 30, 2012 January 31

$40.3 million $34.0 million $155.4 million $142.4 million

William C. McGinnis

$98 million $155 million

January 31, 2012 $2.2 million $0.17 $1.8 million $400,000

Fourth Quarter

$40.3 million mid-December 2010 mid-July 2011 September 1, 2011

$7.7 million $7.6 million

$2.2 million $0.17 $618,000 $0.05 $321,000 $0.03

Fiscal 2012

$155.4 million $142.4 million

"Our revenue increase was based primarily on growth in our telecommunications, automotive and energy markets, and we see this continuing through fiscal 2013 and beyond," said McGinnis.  "That growth was partially offset by a decrease in the aerospace market, which is traditionally one of our strongest revenue generators.  However, we see the potential for improvement in aerospace business in the next fiscal year, including increased work with Boeing."

$30.3 million $30.9 million

$491,000 $0.05 $0.04 $2.2 million $0.17 $381,000 $5.4 million $0.54 $0.51 $1.7 million $0.18

$17.4 million $19.5 million $3,017,000

$14 million June 2011

January 31, 2012 $7.7 million $30.9 million $152.7 million $50.2 million $64.7 million

Outlook

February 1, 2012 $164 million to $169 million $20 million and $22 million

The foregoing outlook is based on management’s expectations based on assumptions about market conditions and the Company’s future operating performance, which the Company believes are reasonable at this time.  The Company’s business involves procuring and performing on larger contracts.  The timing of receipt of those contracts can have a significant impact on operating results for any quarter.  Consequently, the Company’s results may vary significantly from quarter to quarter.  In addition, changes in macroeconomic conditions, delays in government spending and other factors can cause actual results to vary from expectations.  See "Forward-Looking Statements" below.

Conference Call 

11:30 a.m. Eastern Time 8:30 a.m. Pacific Time January 31 www.nts.com

Non-GAAP Financial Measure – Adjusted EBITDA

This news release includes Adjusted EBITDA, which is a non-GAAP financial measure as defined by SEC Regulation G, that management believes is among the more important measures of performance in its industry because it provides insight into operating cash flows independent of a company’s capital structure or tax position and is a key factor in determining a company’s valuation.  Management also believes Adjusted EBITDA provides a meaningful trend of operating performance, as well as a measure of liquidity and the Company’s ability to service debt.  Adjusted EBITDA should not be construed as a substitute for net income (loss) (as determined in accordance with GAAP) for the purpose of analyzing the Company’s operating performance or financial position, as Adjusted EBITDA is not defined by GAAP.

NTS defines Adjusted EBITDA as earnings (net income) before interest, taxes, depreciation and amortization, as adjusted to eliminate the effects of stock-based compensation and non-cash impairment loss.

About National Technical Systems

www.nts.com

Forward-Looking Statements

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: With the exception of historical information, statements in this press release concerning future operations, plans or events are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.  Those forward looking statements, including statements about the Company’s anticipated future operating results, are based on management’s expectations at this time.  Actual results may vary significantly from those suggested by the forward-looking statements due to uncertainties and a number of important risk factors. Those factors include, but are not limited to, the risk factors noted in NTS’ Annual Report on 10-K and other filings with the Securities and Exchange Commission.  Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.  NTS undertakes no obligation to release publicly the result of any revisions to these forward-looking statements that may be made to reflect circumstances or unanticipated events occurring after the date of this release.

 

TABLES FOLLOW

NATIONAL TECHNICAL SYSTEMS, INC. AND SUBSIDIARIES

Consolidated Statements of Operations

 Three Months Ended

 Twelve Months Ended

 January 31,

 January 31,

2012

2011

2012

2011

Net revenues

$ 40,315,000

$ 33,990,000

$155,407,000

$142,381,000

Cost of sales

30,527,000

25,847,000

117,822,000

103,420,000

     Gross profit

9,788,000

8,143,000

37,585,000

38,961,000

Selling, general and administrative expense

7,735,000

7,604,000

30,272,000

30,897,000

Impairment loss

2,208,000

2,208,000

Equity loss from non-consolidated subsidiary

19,000

161,000

29,000

269,000

   Operating income

(174,000)

378,000

5,076,000

7,795,000

Other income (expense):

   Interest expense, net

(904,000)

(353,000)

(2,465,000)

(1,219,000)

   Other income, net

1,449,000

219,000

1,238,000

3,961,000

Total other income (expense), net

545,000

(134,000)

(1,227,000)

2,742,000

Income before income taxes and noncontrolling interests

371,000

244,000

3,849,000

10,537,000

Income taxes

724,000

504,000

2,111,000

4,676,000

Net (loss) income from continuing operations

(353,000)

(260,000)

1,738,000

5,861,000

Loss from discontinued operations, net of tax

(59,000)

(28,000)

(381,000)

(78,000)

Net (loss) income

(412,000)

(288,000)

1,357,000

5,783,000

Net income attributable to noncontrolling interests

(206,000)

(33,000)

(866,000)

(433,000)

Net (loss) income attributable to NTS

$   (618,000)

$   (321,000)

$       491,000

$     5,350,000

Net (loss) income from continuing operations attributable to NTS

(559,000)

(293,000)

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