On Tuesday, Pittsburgh, Pennsylvania-based industrial service provider TMS International Corporation announced its Q4 and fiscal 2011 results. Revenue After Raw Materials Costs--the company's measurement of sales performance--was $137.9 million, an increase of 15 percent compared to $119.8 million in Q42010.Adjusted earnings before interest, taxes, depreciation and amortization(EBITDA) for Q4 was $31.7 million compared to $29.2 million of Adjusted EBITDA in the prior year--an increase of 8 percent. TMS's Adjusted EBITDA Margin for Q4 of fiscal 2011 was 23 percent compared to 24.4 percent in Q4 of fiscal 2010. The company's year-over-year margin decline can be attributed to new contracts in start-up mode and the impact of unfavorable contract situations at three of the company's 82 locations.
Full-year results for 2011 are an increase in Revenue After Raw Material Costs of 18 percent to $549.5 million from $466.1 million for 2010. While Adjusted EBITDA for fiscal 2011 increased 12 percent to $134.0 million from $119.9 million in 2010 with the Adjusted EBITDA margin for 2011 was 24.4 percent compared to 25.7 percent for 2010.