APi Group recorded adjusted profit of $212 million for its last fiscal year this week as it prepares to list its shares on the New York Stock Exchange.
The New Brighton industrial-services company — bought for $2.9 billion last fall by a special-purpose acquisition corporation, J2 Acquisition Group — hopes to be listed by the end of the month, provided there are no coronavirus-related delays.
The company also is in the process of domestication, switching its incorporation to Delaware from the British Virgin Islands. Its headquarters will continue to be in New Brighton.
The company said on Wednesday it lost $150 million in the fourth quarter on net revenue of $985 million, compared with a net loss of $5 million in the same period a year earlier.
Much of the loss in the quarter ended Dec. 31 was due to costs of the transaction and other nonrecurring expenses. Adjusted net income was $61 million, or 35 cents per share, up from $50 million, or 29 cents per share, in the same quarter a year ago.
For the full year, revenue was $4.1 billion, up 9.8% from the prior year, and adjusted net income was $212 million, up $29 million over 2018, or $1.22 per share.
Adjusted financial numbers also exclude the results of two companies in the process of being sold, which have combined revenue of $519 million. The adjusted combined net revenue was $3.8 billion and organic growth was 7.7%.
“The financial results for 2019 speak to the strength of APi’s operating model,” said APi’s co-chairman and J2 partner, James Lillie, in a news release.
APi Group provides life safety, specialty and industrial services through 40 different businesses that have more than 200 locations, mostly in North America. In the presentation of quarterly and yearly results, the company included a map of COVID-19 hot spots overlaid on its locations, some of which are in areas most affected.
“Facing the worldwide shock wave of COVID-19 has brought out the best in APi’s culture and our leadership organization,” said Russ Becker, the company’s president and chief executive. “I need and want to thank each of our employees for their sacrifices. They have put APi first.”
The company, which has 14,700 employees, is organized in three business segments.
APi Group, if the move goes through, will trade on NYSE under the symbol APG.