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Atlas Technical Consultants Inc. (ATCX), headquartered in Austin, Texas, is a leading provider of professional testing, inspection, engineering, environmental, program management, and consulting services. With a nationwide footprint and more than 3,300 employees, Atlas is dedicated to offering comprehensive solutions to clients across various sectors including transportation, commercial, water, government, education, and industrial markets. The company's core services include testing, inspecting, certifying, planning, designing, and managing diverse projects, ensuring top-notch service quality and client satisfaction.
Recently, Atlas has made significant strides in innovation by deploying Data Recon, an application-based software designed to collate structural data on a small tablet. This innovative tool reduces field time by more than 50 percent and streamlines data collection processes. Additionally, Atlas collaborated with STRUCINSPECT to implement automated, data-collection methodologies along with artificial intelligence-assisted software. This collaboration has enabled the identification, quantification, and sizing of defects, and the generation of 3D models and orthomosaic maps, giving LA Metro critical insights for optimized maintenance decisions.
As a prime consultant, Atlas secured a five-year contract with an annual $1.2-million budget to provide structural inspection services. The work includes inspecting and rating light-rail and roadway bridges, tunnels, pedestrian crossings, and retaining walls. Each structure undergoes a visual inspection, a federal 'State of Good Repair' condition rating, and recommendations for corrective repairs tailored to specific defects. Detailed inspection reports and comprehensive databases for defects, assets, and photos are also part of the service.
Atlas is committed to complying with regulatory standards, performing inspections in accordance with the Federal Transit Administration, California Public Utilities Commission, Federal Highway Administration, National Bridge Inspection Standards, American Public Transportation Association (APTA), and Metro Engineering Standards.
Atlas' achievements extend to its five-year, $12-million master agreement with the Georgia Department of Transportation (GDOT) to conduct engineering design review services. With a longstanding partnership with GDOT, Atlas has been delivering engineering design review services for over 35 years. The company will schedule and conduct field plan reviews, ensuring adherence to AASHTO and GDOT guidance documents, and oversee review responses to findings, thereby playing a crucial role in maximizing the return on investment for public transportation tax dollars.
For more information about Atlas Technical Consultants and their innovative solutions, visit their website.
Atlas Technical Consultants (Nasdaq: ATCX) has been awarded a $2.4 million contract by Forsyth County, Georgia, for Construction Management and Inspection services related to the widening of State Route 369 and constructing an interchange at SR 400. This project, with a $45.1 million construction budget, aims to enhance the existing two-lane roadway and upgrade an intersection to a grade-separated cloverleaf interchange, collaborating with the Georgia Department of Transportation. Atlas has partnered with Forsyth County for over 20 years.
Atlas Technical Consultants, Inc. (Nasdaq: ATCX) has secured a three-year contract with the City of Augusta, Georgia, to provide environmental compliance, testing, and engineering services. This project involves landfill site studies, design services, and compliance activities, potentially renewable for two additional years. The landfill, Deans Bridge MSW Landfill, processes 1,000 to 1,500 tons of waste each day. Atlas’s expertise aims to enhance community safety around the landfill area.
Atlas Technical Consultants (Nasdaq: ATCX) reported strong fourth quarter 2020 results with gross revenue of $125.7 million, up from $113.0 million YOY, boosted by infrastructure work and acquisitions. However, the company incurred a net loss of $6.3 million, versus a loss of $5.5 million a year earlier. For FY 2021, Atlas projects revenue between $500 million and $520 million and adjusted EBITDA between $70 million and $76 million. The company completed several acquisitions and a comprehensive recapitalization to strengthen its balance sheet and enhance growth opportunities.
Atlas Technical Consultants (Nasdaq: ATCX) announced its acquisition of Atlantic Engineering Laboratories (AEL), enhancing its operational capacity in the New York Tri-State area. AEL, with over 275 employees, specializes in materials testing and inspection since 2004. This strategic move aims to leverage AEL's reputation for quality and customer service to accelerate growth and expand Atlas' cross-selling capabilities. The deal is set to close in Q2 2021, with terms undisclosed, promising synergies in environmental and engineering services.
Atlas Technical Consultants (ATCX) announced a major recapitalization designed to enhance liquidity and reduce its cost of capital. The company replaced its existing debt with a more favorable $432 million long-term loan maturing in 2028, along with a $75 million delayed draw term loan and a $40 million revolving credit facility. This restructuring will save approximately $13 million in cash outlays in year one and $8 million annually thereafter. Additionally, all Series A preferred equity units have been redeemed, marking significant progress in simplifying Atlas's capital structure.
Atlas Technical Consultants (Nasdaq: ATCX) will announce its fourth quarter and full year 2020 financial results on March 8, 2021, after market close. A conference call and webcast to discuss these results will take place at 5:00 p.m. Eastern time. Interested parties can access the live event and replay it via the company's website. With a strong national presence and over 3,300 employees, Atlas offers a wide range of testing, inspection, engineering, and consulting services across various sectors, including transportation and government.
Atlas Technical Consultants (ATCX) has been awarded a $9 million contract by the California Department of Transportation (Caltrans) to perform professional and technical services for a duration of three years. This collaboration builds on Atlas/Alta Vista's robust history with Caltrans, providing essential materials testing for major infrastructure projects. The contract aims to enhance engineering standards and deliver innovative solutions to meet the challenges of California's extensive infrastructure needs.
Atlas Technical Consultants (Nasdaq: ATCX) has secured a $5 million contract from the Texas Department of Transportation (TxDOT) for the reconstruction and widening of US 290 and State Highway 71 in Austin. As the owner's representative, Atlas will conduct Owner Verification Testing & Inspection (OVT&I) for this five-year project. With over 20 years of partnership with TxDOT, Atlas has participated in 22 out of 25 relevant projects, reinforcing its expertise in the sector. Construction is slated to begin in early Fall 2021.
Atlas Technical Consultants (ATCX) has secured a significant contract worth $2.6 million for special inspection and materials testing services at the University of California San Diego's Theatre District Living and Learning Neighborhood project. This contract spans three years and involves providing services for a mixed-use development including five buildings with a capacity of approximately 2,000 student beds, alongside facilities such as an auditorium and conference center. This partnership highlights Atlas's ongoing collaboration with UCSD on various important projects.
Atlas Technical Consultants (Nasdaq: ATCX) has successfully completed the acquisition of WesTest LLC, a provider of transportation-related testing and inspection services. This strategic move enhances Atlas's presence and cross-selling abilities in the transportation sector. CEO L. Joe Boyer highlighted the integration of WesTest's team and clientele as a substantial opportunity for growth, driven by increased investments from state Departments of Transportation (DOTs). The acquisition's terms remain undisclosed, but it marks a significant step in expanding Atlas’s service offerings.
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