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EX - 99.1 2 pressrelease_020521.htm EX - 99.1 Exhibit 99.1 CPI CONSTRUCTION PARTNERS INC . A LEADING INFRASTRUCTURE COMPANY NEWS RELEASE Construction Partners , Inc. Announces Fiscal 2021 First Quarter Results Company Maintains Fiscal 2021 Outlook DOTHAN , AL , February 5 , 2021 Construction Partners , Inc. ( NASDAQ : ROAD ) ( the “ Company ” ) , a vertically integrated civil infrastructure company specializing in the construction and maintenance of roadways across five southeastern states , today reported financial and operating results for the quarter ended December 31 , 2020 . Key Metrics : First Quarter of Fiscal 2021 Compared to First Quarter of Fiscal 2020 Revenue was $ 190.9 million , up 8.9 % Gross profit was $ 30.6 million , up 28.8 % Net income was $ 7.9 million , up 44.1 % ( 1 ) - Adjusted EBITDA was $ 23.1 million , up 34.4 % - Adjusted EBITDA margin ( ¹ ) was 12.1 % , up 230 bps Project backlog at December 31 , 2020 was $ 655.6 million , compared to $ 608.1 million at September 30 , 2020 . Charles E. Owens , the Company's President and Chief Executive Officer , said , “ We are pleased with our performance in the first quarter of fiscal 2021 , and we are maintaining our previously announced outlook for the year . Consistent demand in both private and public markets , coupled with our disciplined approach in bidding and project management , effective utilization of crews and equipment , and vertical integration synergies , drove strong financial performance in the first quarter . " Owens continued , “ We see strength in the funding programs across the states in which we operate , where the demand for road repair and maintenance is ongoing . We also expanded our geographic footprint in the first quarter with four bolt - on acquisitions in North Carolina . We now operate 48 hot - mix asphalt plants , which represent distinct markets across the five southeastern states that we serve . " Ned N. Fleming , III , the Company's Executive Chairman , stated , “ The entire organization continues to operate at a highly effective level , yielding solid financial results . Many of the macroeconomic dynamics and positive internal factors that we experienced in the fourth quarter have persisted into this year . In addition , we have significantly expanded the number of markets in which we operate through the acquisition of 13 hot - mix asphalt plants in the past four months . Under the leadership and direction of our experienced management team , the future of the company is bright . " Conference Call The Company will conduct a conference call today at 9:00 a.m. Central Time to discuss financial and operating results for the fiscal 2021 first quarter ended December 31 , 2020. To access the call live by phone , dial ( 412 ) 902-0003 and ask for the Construction Partners call at least 10 minutes prior to the start time . A telephonic replay will be available through February 12 , 2020 by calling ( 201 ) 612-7415 and using passcode 13714879 # . A webcast of the call will also be available live and for later replay on the Company's Investor Relations website at www.constructionpartners.net . About Construction Partners , Inc. Construction Partners , Inc. is a vertically integrated civil infrastructure company operating across five southeastern states , with 48 hot - mix asphalt plants , nine aggregate facilities and one liquid asphalt terminal . Publicly funded projects make up the majority of its business and include local and state roadways , interstate highways , airport runways and bridges . The majority of the Company's public projects are maintenance - related . Private sector projects include paving and sitework for office and industrial parks , shopping centers , local businesses and residential developments . To learn more , visit www.constructionpartners.net . ( ¹ ) Adjusted EBITDA and Adjusted EBITDA margin are financial measures not presented in accordance with generally accepted accounting principles ( " GAAP " ) . Please see " Reconciliation of Non - GAAP Financial Measures " at the end of this press release .