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Williams Industrial Services Group Achieves Earnings per Share of $0.07 from Continuing Operations in Second Quarter 2019

Williams Industrial Services Group Inc. (OTCQX: WLMS) ("Williams" or the "Company"), a construction and maintenance services company, today reported its financial results for its second quarter and six months ended June 30, 2019. Unless otherwise noted, amounts and disclosures throughout this release relate to continuing operations.

Tracy Pagliara, President and CEO of Williams, commented, "As expected, we had improved results in the quarter which were augmented by the successful execution on the nuclear outage work we perform every other year under a long-term maintenance agreement. Importantly, we are making meaningful progress on key initiatives that should drive backlog growth by year end. We recently were awarded an $8.6 million contract for civil and structural work on a new crude oil terminal. To win this, we first performed well on smaller projects and gained the confidence of our customer to be awarded larger scope work. In addition, our Canada nuclear, nuclear decommissioning and water/wastewater infrastructure growth initiatives are also gaining traction as we pursue additional orders that could lead to meaningful backlog additions."

He added, "Since the end of the quarter, we have won over $15 million in new awards, including the midstream terminal project and decommissioning work. Our progress and momentum with opportunities in our targeted end markets further underscore the value we are creating for our customers and our shareholders."

Second Quarter 2019 Highlights

Second quarter 2019 revenue increased $23.5 million, or 49.0%, from the prior-year period to $71.5 million with gross margin of 12.9%. Total operating expenses were $6.7 million; SG&A expenses were reduced 17.3% compared with the prior-year period and represented 9.3% of revenue. Operating income for the 2019 second quarter was $2.5 million, an improvement of $6.2 million over the operating loss in the prior-year period. Income from continuing operations was $1.3 million, or $0.07 per diluted share, and net income was $2.0 million, or $0.11 per diluted share. Adjusted EBITDA from continuing operations was $4.0 million, up from essentially break even in the second quarter of 2018 and up from $2.4 million in the first quarter of 2019. See NOTE 1--Non-GAAP Financial Measures in the attached tables for important disclosures regarding Williams' use of adjusted EBITDA, as well as a reconciliation of income (loss) from continuing operations to adjusted EBITDA. Total backlog at June 30, 2019 declined to $409.0 million of which approximately 33.8%, or $138.3 million, is expected to convert to revenue in the next twelve months. Strong revenue recognition from outage work and advancement toward in-service dates for Vogtle Units 3 and 4 more than offset a light level of new awards in the quarter.

Second Quarter 2019 Financial Results Review (compared with the prior-year period unless noted otherwise)

Second Quarter 2019 Revenue Bridge

                                  
(in millions)                                                   $ Change
--------------------------------                                                                ------------------------------  ------------------------------
Second quarter 2018 revenue                     $         48.0  
                                                          15.9  
   Timing of scheduled outage
                                                           6.1  
   Net change in project revenue
                                                           4.6  
   Canada
                                                           0.1  
   Plant Vogtle Units 3 and 4
                                                          (3.2 )
   Decommissioning
                                                                                                ------------------------------  ---------- --------------------
                                                          23.5  
      Total change
                                                                                                ------------------------------  ---------- --------------------
Second quarter 2019 revenue                     $         71.5  
                                                                                                ---------- -------------------- ---------- --------------------

Revenue in the second quarter grew $23.5 million, or 49.0%, mostly as a result of scheduled nuclear outage work performed every other year under a long-term agreement. Also contributing to the growth in revenue were services provided for the nuclear industry in Canada, a market the Company entered into in 2018, and increased scope for a fossil power generation customer.

Gross profit for the first quarter of 2019 increased $2.4 million, although gross margin declined to 12.9% from 14.1%. The decrease in gross margin was due to lower margins related to the scheduled nuclear outage work and initial scope of work performed in the Canada nuclear industry.

Operating expenses were $6.7 million, down 35.7%. The measurable reduction in expenses was primarily a result of the completed restructuring achievements in 2018, including $3.1 million lower compensation expense. There was

$0.3 million in severance expense in the 2019 second quarter, while the prior-year period included $2.2 million in severance expense associated with the 2018 restructuring plan.

Interest expense was $1.5 million for the quarter compared with $2.4 million in the prior-year period as the net result of higher loan balances favorably impacted by lower interest rates.

Year to Date 2019 Financial Results Review (compared with the prior-year period unless noted otherwise)

Year to Date 2019 Revenue Bridge

                                  
(in millions)                                                   $ Change
--------------------------------                                                                ------------------------------  ------------------------------
2018 revenue                                    $         91.1  
                                                          16.8  
   Timing of scheduled outage
                                                          13.3  
   Net change in project revenue
                                                           6.0  
   Canada
                                                          (0.3 )
   Plant Vogtle Units 3 and 4
                                                          (4.8 )
   Decommissioning
                                                                                                ------------------------------  ---------- --------------------
                                                          31.0  
      Total change
                                                                                                ------------------------------  ---------- --------------------
2019 revenue                                    $        122.1  
                                                                                                ---------- -------------------- ---------- --------------------

Revenue for the first half of 2019 was up $31.0 million, or 34.1%, primarily due to the work related to the scheduled nuclear outage, growth from entry into the nuclear industry in Canada this year and increased project work at a fossil fuel power generation facility. This was partially offset by lower revenue from decommissioning due to delays encountered by the customer's project.

Gross profit for the first half of 2019 was up $2.7 million, while gross margin declined to 13.0% from 14.5% due to lower margins associated with the nuclear outage and the margins for the initial scope of work in Canada.

Operating expenses were down $5.9 million due primarily to a reduction in employee-related expenses, including severance, from the restructuring that was completed at the end of 2018.

Balance Sheet

As of June 30, 2019, Williams had $3.8 million in cash, including restricted cash. During 2018, the Company refinanced its term-debt facility with a four-year, $35.0 million term loan and also secured a three-year, $15.0 million revolving credit facility.

Backlog

                                                              
                                    Three Months Ended June 30, 2019                                   Six Months Ended June 30, 2019
                                                                             ------------------------------------------------------------                         ------------------------------------------------------------
Backlog - beginning of period          $               478,706     $               501,604  
New awards                                               1,732                      19,018  
Adjustments and cancellations, net                          47                      10,515  
Revenue recognized                                     (71,466 )                                     (122,118 )
                                                                             ------------------------------  ---------- --------------------                      ------------------------------  ---------- --------------------
Backlog - end of period                $               409,019     $               409,019  
                                                                             ---------- -------------------- ---------- --------------------                      ---------- -------------------- ---------- --------------------

Total backlog as of June 30, 2019 was $409.0 million, compared with $478.7 million at March 31, 2019. The reduction in backlog primarily resulted from the work completed on the nuclear outage and the completion of several projects in the quarter. Williams estimates that approximately $138.3 million, or 33.8% of total backlog, will be converted to revenue in the next twelve months. This compares with $181.1 million of backlog at the end of the first quarter that the Company anticipated would be converted to revenue over the succeeding twelve-month period. Since the end of the quarter, the Company has been awarded $15.5 million in new contracts.

Outlook

The Company has raised the lower end of its expectations for revenue in 2019 and maintained its expectations for gross margins, SG&A as a percent of sales and adjusted EBITDA from continuing operations.

                             
2019 Guidance                                                               
-------------------------------------------- -------------------- ----------------------------------------------------------------------------
Revenue:                                       $230 million to $240 million, 24% year-over-year growth at midpoint of range
Gross margin:                                  11% to 13%
SG&A:                                          8% to 9% of revenue
Adjusted EBITDA from continuing operations*:   $10 million to $12 million
-------------------------------------------- -------------------- ----------------------------------------------------------------------------

*See Note 1--Non-GAAP Financial Measures for information regarding the use of adjusted EBITDA and forward-looking non-GAAP financial measures.

Mr. Pagliara concluded, "We are confident in our ability to deliver on our expectations in 2019 while we also advance towards our goal to build substantial backlog for 2020 and beyond. We continue to execute on our strategy to aggressively grow our core business, expand to new customers and markets, strengthen and diversify specialty service offerings and drive best-in-class execution to create substantially more scale and profitability. We believe we are addressing the right markets that create the best opportunity for growth in revenue and earnings, with successful execution."

Webcast and Teleconference

The Company will host a conference call on Thursday, August 15, 2019, at 9:00 a.m. Eastern time. A webcast of the call and an accompanying slide presentation will be available at www.wisgrp.com. To access the conference call by telephone, listeners should dial 201-493-6780.

An audio replay of the call will be available from 12:00 p.m. Eastern time on the day of the teleconference until the end of day on August 29, 2019. To listen to the audio replay, dial 412-317-6671 and enter conference ID number 13692269. Alternatively, you may access the webcast replay at http://ir.wisgrp.com/, where a transcript will be posted once available.

About Williams

Williams Industrial Services Group has been safely helping plant owners and operators enhance asset value for more than 50 years. The Company provides a broad range of construction, maintenance and modification, and support services to customers in energy, power and industrial end markets. Williams' mission is to be the preferred provider of construction, maintenance, and specialty services through commitment to superior safety performance, focus on innovation, and dedication to delivering unsurpassed value to its customers.

Additional information about Williams can be found on its website: www.wisgrp.com.

Forward-looking Statement Disclaimer

This press release contains "forward-looking statements" within the meaning of the term set forth in the Private Securities Litigation Reform Act of 1995. The forward-looking statements include statements or expectations regarding the Company's ability to realize opportunities and successfully achieve its growth and strategic initiatives, such as midstream oil & gas opportunities, water-related projects and expansion into Canada, as well as expectations for future growth, backlog conversion, revenue, profitability and earnings, the continuing impact of the Company's cost reduction, reorganization and restructuring efforts, expectations relating to the Company's performance, expected work in the energy and industrial markets, and other related matters. These statements reflect the Company's current views of future events and financial performance and are subject to a number of risks and uncertainties, including its ability to comply with the terms of its debt instruments and access letters of credit, ability to implement strategic initiatives, business plans, and liquidity plans, and ability to implement and maintain effective internal control over financial reporting and disclosure controls and procedures. Actual results, performance or achievements may differ materially from those expressed or implied in the forward-looking statements. Additional risks and uncertainties that could cause or contribute to such material differences include, but are not limited to, reduced need for construction or maintenance services in the Company's targeted markets, or increased regulation of such markets, loss of any of the Company's major customers, whether pursuant to the loss of pending or future bids for either new business or an extension of existing business, termination of customer or vendor relationships, cost increases and project cost overruns, unforeseen schedule delays, poor performance by its subcontractors, cancellation of projects, competition, including competitors being awarded business by current customers, damage to the Company's reputation, warranty or product liability claims, increased exposure to environmental or other liabilities, failure to comply with various laws and regulations, failure to attract and retain highly-qualified personnel, loss of customer relationships with critical personnel, volatility of the Company's stock price, deterioration or uncertainty of credit markets, and changes in the economic, social and political conditions in the United States, including the banking environment or monetary policy.

Other important factors that may cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the Company's filings with the U.S. Securities and Exchange Commission, including the section of the Annual Report on Form 10-K for its 2018 fiscal year titled "Risk Factors." Any forward-looking statement speaks only as of the date of this press release. Except as may be required by applicable law, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, and you are cautioned not to rely upon them unduly.

Financial Tables Follow.

 
                                                                                                                                                                           WILLIAMS INDUSTRIAL SERVICES GROUP INC. AND SUBSIDIARIES
                                                                                                                                                                          CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
                                                                                                                                            
                                                                                                       Three Months Ended June 30,                                                                                                                             Six Months Ended June 30,
                                                                                --------------------------------------------------------------------------------------------------------------------------------------------                              --------------------------------------------------------------------------------------------------------------------------------------------
($ in thousands, except share and per share amounts)                                       2019                                                              2018                                                              2019                                                              2018
----------------------------------------------------------                      ------------------------------------------------------------                         ------------------------------------------------------------                         ------------------------------------------------------------                         ------------------------------------------------------------
Revenue                                                               $       71,466              $       47,975              $      122,118              $       91,096  
Cost of revenue                                                               62,274                      41,228                     106,244                      77,899  
                                                                                ------------------------------  ---------- --------------------                      ------------------------------  ---------- --------------------                      ------------------------------  ---------- --------------------                      ------------------------------  ---------- --------------------
                                                                                                                                            
Gross profit                                                                   9,192                       6,747                      15,874                      13,197  
Gross margin                                                                    12.9 %                                         14.1 %                                         13.0 %                                         14.5 %
                                                                                                                                                       
Selling and marketing expenses                                                   165                         476                         405                         902  
General and administrative expenses                                            6,474                       7,549                      11,236                      14,116  
Restructuring charges                                                                      --                     2,202                                   --                     2,225  
Depreciation and amortization expense                                             76                         220                         148                         441  
                                                                                ------------------------------  ---------- --------------------                      ------------------------------  ---------- --------------------                      ------------------------------  ---------- --------------------                      ------------------------------  ---------- --------------------
Total operating expenses                                                       6,715                      10,447                      11,789                      17,684  
                                                                                ------------------------------  ---------- --------------------                      ------------------------------  ---------- --------------------                      ------------------------------  ---------- --------------------                      ------------------------------  ---------- --------------------
                                                                                                                                            
Operating income (loss)                                                        2,477                      (3,700 )                                        4,085                      (4,487 )
Operating margin                                                                 3.5 %                                         (7.7 )%                                         3.3 %                                         (4.9 )%
                                                                                                                                                       
Interest expense, net                                                          1,519                       2,397                       2,993                       3,775  
Other (income) expense, net                                                     (343 )                                         (293 )                                         (668 )                                         (505 )
                                                                                ------------------------------  ---------- --------------------                      ------------------------------  ---------- --------------------                      ------------------------------  ---------- --------------------                      ------------------------------  ---------- --------------------
Total other (income) expenses, net                                             1,176                       2,104                       2,325                       3,270  
                                                                                ------------------------------  ---------- --------------------                      ------------------------------  ---------- --------------------                      ------------------------------  ---------- --------------------                      ------------------------------  ---------- --------------------
                                                                                                                                            
Income (loss) from continuing operations before income tax                     1,301                      (5,804 )                                        1,760                      (7,757 )
Income tax expense (benefit)                                                      15                         220                          79                         505  
                                                                                ------------------------------  ---------- --------------------                      ------------------------------  ---------- --------------------                      ------------------------------  ---------- --------------------                      ------------------------------  ---------- --------------------
Income (loss) from continuing operations                                       1,286                      (6,024 )                                        1,681                      (8,262 )
                                                                                ------------------------------  ---------- --------------------                      ------------------------------  ---------- --------------------                      ------------------------------  ---------- --------------------                      ------------------------------  ---------- --------------------
                                                                                                                                            
Loss from discontinued operations before income tax                              (57 )                                       (2,195 )                                         (121 )                                       (3,903 )
Income tax expense (benefit)                                                    (776 )                                         (725 )                                         (748 )                                         (683 )
                                                                                ------------------------------  ---------- --------------------                      ------------------------------  ---------- --------------------                      ------------------------------  ---------- --------------------                      ------------------------------  ---------- --------------------
Income (loss) from discontinued operations                                       719                      (1,470 )                                          627                      (3,220 )
                                                                                                                                            
                                                                                ------------------------------  ------------------------------                       ------------------------------  ------------------------------                       ------------------------------  ------------------------------                       ------------------------------  ------------------------------
Net income (loss)                                                     $        2,005              $       (7,494 )                               $        2,308              $      (11,482 )
                                                                                ---------- -------------------- ---------- --------------------                      ---------- -------------------- ---------- --------------------                      ---------- -------------------- ---------- --------------------                      ---------- -------------------- ---------- --------------------
                                                                                                                                            
Basic earnings (loss) per common share                                                                                                                         
Income (loss) from continuing operations                              $         0.07              $        (0.33 )                               $         0.09              $        (0.46 )
Income (loss) from discontinued operations                                      0.04                       (0.08 )                                         0.03                       (0.18 )
                                                                                ------------------------------  ---------- --------------------                      ------------------------------  ---------- --------------------                      ------------------------------  ---------- --------------------                      ------------------------------  ---------- --------------------
Basic earnings (loss) per common share                                $         0.11              $        (0.41 )                               $         0.12              $        (0.63 )
                                                                                ---------- -------------------- ---------- --------------------                      ---------- -------------------- ---------- --------------------                      ---------- -------------------- ---------- --------------------                      ---------- -------------------- ---------- --------------------
                                                                                                                                            
Diluted earnings (loss) per common share                                                                                                                       
Income (loss) from continuing operations                              $         0.07              $        (0.33 )                               $         0.09              $        (0.46 )
Income (loss) from discontinued operations                                      0.04                       (0.08 )                                         0.03                       (0.18 )
                                                                                ------------------------------  ---------- --------------------                      ------------------------------  ---------- --------------------                      ------------------------------  ---------- --------------------                      ------------------------------  ---------- --------------------
Diluted earnings (loss) per common share                              $         0.11              $        (0.41 )                               $         0.12              $        (0.63 )
                                                                                ---------- -------------------- ---------- --------------------                      ---------- -------------------- ---------- --------------------                      ---------- -------------------- ---------- --------------------                      ---------- -------------------- ---------- --------------------
                                                                                                                                            
Weighted average common shares outstanding (basic)                        18,712,244                  18,233,226                  18,613,097                  18,087,368  
Weighted average common shares outstanding (diluted)                      19,021,107                  18,233,226                  19,083,431                  18,087,368  
                                                                                                                                                                                                                                       
                                                                                                                                                           WILLIAMS INDUSTRIAL SERVICES GROUP INC. AND SUBSIDIARIES
                                                                                                                                                               CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
 
($ in thousands, except share and per share amounts)                                                                                                                                                                  June 30, 2019                                                        December 31, 2018
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                      ------------------------------------------------------------                         ----------------------------------------------------------------------
ASSETS                                                                                                                                                                                                                                  
Current assets:                                                                                                                                                                                                                         
                                                                                                                                                                                            $                 3,361     $                           4,475  
   Cash and cash equivalents
                                                                                                                                                                                                                467                                   467  
   Restricted cash
                                                                                                                                                                                                             27,580                                22,724  
   Accounts receivable, net of allowance of $229 and $140, respectively
                                                                                                                                                                                                             12,092                                 8,218  
   Contract assets
                                                                                                                                                                                                              2,247                                 1,735  
   Other current assets
                                                                                                                                                                                                               ------------------------------  ---------- --------------------                      ------------------------------  -------------------- --------------------
                                                                                                                                                                                                             45,747                                37,619  
      Total current assets
                                                                                                                                                                                                                     
Property, plant and equipment, net                                                                                                                                                                              345                                   335  
Goodwill                                                                                                                                                                                                     35,400                                35,400  
Intangible assets, net                                                                                                                                                                                       12,500                                12,500  
Other long-term assets                                                                                                                                                                                        9,074                                 1,650  
                                                                                                                                                                                                               ------------------------------  ---------- --------------------                      ------------------------------  -------------------- --------------------
                                                                                                                                                                                            $               103,066     $                          87,504  
   Total assets
                                                                                                                                                                                                               ---------- -------------------- ---------- --------------------                      ---------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                     
LIABILITIES AND STOCKHOLDERS' EQUITY                                                                                                                                                                         
                                                                                                                                                                                                                     
Current liabilities:                                                                                                                                                                                                                    
                                                                                                                                                                                            $                10,101     $                           2,953  
   Accounts payable
                                                                                                                                                                                                              9,372                                10,859  
   Accrued compensation and benefits
                                                                                                                                                                                                              3,297                                 3,278  
   Contract liabilities
                                                                                                                                                                                                              3,642                                 3,274  
   Short-term borrowings
                                                                                                                                                                                                                700                                   525  
   Current portion of long-term debt
                                                                                                                                                                                                              9,108                                 5,518  
   Other current liabilities
                                                                                                                                                                                                                370                                   640  
   Current liabilities of discontinued operations
                                                                                                                                                                                                               ------------------------------  ---------- --------------------                      ------------------------------  -------------------- --------------------
                                                                                                                                                                                                             36,590                                27,047  
      Total current liabilities
Long-term debt, net                                                                                                                                                                                          32,818                                32,978  
Deferred tax liabilities                                                                                                                                                                                      2,662                                 2,682  
Other long-term liabilities                                                                                                                                                                                   5,263                                 1,396  
Long-term liabilities of discontinued operations                                                                                                                                                              4,487                                 5,188  
                                                                                                                                                                                                               ------------------------------  ---------- --------------------                      ------------------------------  -------------------- --------------------
                                                                                                                                                                                                             81,820                                69,291  
   Total liabilities
                                                                                                                                                                                                               ------------------------------  ---------- --------------------                      ------------------------------  -------------------- --------------------
Commitments and contingencies                                                                                                                                                                                                           
Stockholders' equity:                                                                                                                                                                                        
                                                                                                                                                                                                                197                                   197  
   Common stock, $0.01 par value, 170,000,000 shares authorized and 19,767,605 and 19,767,605 shares issued, respectively, and 19,019,408 and 18,660,218 shares outstanding, respectively
                                                                                                                                                                                                             81,191                                80,424  
   Paid-in capital
                                                                                                                                                                                                                (44 )                                         --  
   Accumulated other comprehensive loss
                                                                                                                                                                                                            (60,089 )                                                (62,397 )
   Accumulated deficit
                                                                                                                                                                                                                 (9 )                                                    (11 )
   Treasury stock, at par (748,197 and 1,107,387 common shares, respectively)
                                                                                                                                                                                                               ------------------------------  ---------- --------------------                      ------------------------------  -------------------- --------------------
                                                                                                                                                                                                             21,246                                18,213  
      Total stockholders' equity
                                                                                                                                                                                                               ------------------------------  ---------- --------------------                      ------------------------------  -------------------- --------------------
                                                                                                                                                                                            $               103,066     $                          87,504  
         Total liabilities and stockholders' equity
                                                                                                                                                                                                               ---------- -------------------- ---------- --------------------                      ---------- -------------------- -------------------- --------------------
                                                                                                                            
                                                                                                          WILLIAMS INDUSTRIAL SERVICES GROUP INC. AND SUBSIDIARIES
                                                                                                         CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
 
                                                                                                                                                Six Months Ended June 30,
                                                                                                                        --------------------------------------------------------------------------------------------------------------------------------------------
(in thousands)                                                                                                                     2019                                                              2018
--------------------------------------------------------------------------------------------------                      ------------------------------------------------------------                         ------------------------------------------------------------
Operating activities:                                                                                                                          
                                                                                                     $                 2,308     $               (11,482 )
   Net income (loss)
                                                                                                                                                          
   Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
                                                                                                                        (627 )                                        3,220  
   Net (income) loss from discontinued operations
                                                                                                                         (20 )                                          403  
      Deferred income tax provision (benefit)
                                                                                                                         148                         441  
      Depreciation and amortization on plant, property and equipment and intangible assets
                                                                                                                         308                         219  
      Amortization of deferred financing costs
                                                                                                                                   --                       210  
      Loss on disposals of property, plant and equipment
                                                                                                                          89                         (67 )
      Bad debt expense
                                                                                                                         891                         507  
      Stock-based compensation
                                                                                                                                   --                     1,301  
      Paid-in-kind interest
                                                                                                                                                          
      Changes in operating assets and liabilities, net of businesses acquired and sold:
                                                                                                                      (4,945 )                                        4,514  
         Accounts receivable
                                                                                                                      (3,874 )                                       (2,628 )
         Contract assets
                                                                                                                        (512 )                                        2,368  
         Other current assets
                                                                                                                       1,124                      (1,079 )
         Other assets
                                                                                                                       7,148                         189  
         Accounts payable
                                                                                                                      (2,738 )                                        2,608  
         Accrued and other liabilities
                                                                                                                          19                        (943 )
         Contract liabilities
                                                                                                                        ------------------------------  ---------- --------------------                      ------------------------------  ---------- --------------------
                                                                                                                        (681 )                                         (219 )
   Net cash provided by (used in) operating activities, continuing operations
                                                                                                                        (344 )                                       (4,110 )
   Net cash provided by (used in) operating activities, discontinued operations
                                                                                                                        ------------------------------  ---------- --------------------                      ------------------------------  ---------- --------------------
                                                                                                                      (1,025 )                                       (4,329 )
   Net cash provided by (used in) operating activities
                                                                                                                        ------------------------------  ---------- --------------------                      ------------------------------  ---------- --------------------
Investing activities:                                                                                                                                     
                                                                                                                        (161 )                                         (114 )
   Purchase of property, plant and equipment
                                                                                                                        ------------------------------  ---------- --------------------                      ------------------------------  ---------- --------------------
                                                                                                                        (161 )                                         (114 )
   Net cash provided by (used in) investing activities, continuing operations
                                                                                                                                   --                       319  
   Net cash provided by (used in) investing activities, discontinued operations
                                                                                                                        ------------------------------  ------------------------------                       ------------------------------  ---------- --------------------
                                                                                                                        (161 )                                          205  
   Net cash provided by (used in) investing activities
                                                                                                                        ------------------------------  ---------- --------------------                      ------------------------------  ---------- --------------------
Financing activities:                                                                                                                                     
                                                                                                                        (121 )                                         (328 )
   Repurchase of stock-based awards for payment of statutory taxes due on stock-based compensation
                                                                                                                     110,746                                   --
   Proceeds from short-term borrowings
                                                                                                                    (110,378 )                                                    --
   Repayments of short-term borrowings
                                                                                                                        (175 )                                                    --
   Repayments of long-term debt
                                                                                                                        ------------------------------  ---------- --------------------                                                      ------------------------------
                                                                                                                          72                        (328 )
   Net cash provided by (used in) financing activities, continuing operations
                                                                                                                                   --                                 --
   Net cash provided by (used in) financing activities, discontinued operations
                                                                                                                        ------------------------------  ------------------------------                       ------------------------------  ------------------------------
                                                                                                                          72                        (328 )
   Net cash provided by (used in) financing activities
                                                                                                                        ------------------------------  ---------- --------------------                      ------------------------------  ---------- --------------------
                                                                                                                      (1,114 )                                       (4,452 )
   Net change in cash, cash equivalents and restricted cash
Cash, cash equivalents and restricted cash, beginning of period                                                        4,942                      16,156  
                                                                                                                        ------------------------------  ---------- --------------------                      ------------------------------  ---------- --------------------
Cash, cash equivalents and restricted cash, end of period                                            $                 3,828     $                11,704  
                                                                                                                        ---------- -------------------- ---------- --------------------                      ---------- -------------------- ---------- --------------------
                                                                                                                                       
Supplemental Disclosures:                                                                                                                                 
Cash paid for interest                                                                               $                 2,355     $                 1,498  
Cash paid for income taxes, net of refunds                                                           $                             --   $                    16  
                                                                                                                            

WILLIAMS INDUSTRIAL SERVICES GROUP INC. AND SUBSIDIARIES NON-GAAP FINANCIAL MEASURE (UNAUDITED)

This press release contains financial measures not derived in accordance with accounting principles generally accepted in the United States ("GAAP"). A reconciliation to the most comparable GAAP measure is provided below.

ADJUSTED EBITDA-CONTINUING OPERATIONS                                                                                                        
                                                                                                                                                             
                                                                                     Three Months Ended June 30,                                                                                                                             Six Months Ended June 30,
                                                              --------------------------------------------------------------------------------------------------------------------------------------------                              --------------------------------------------------------------------------------------------------------------------------------------------
(in thousands)                                                           2019                                                              2018                                                              2019                                                              2018
----------------------------------------                      ------------------------------------------------------------                         ------------------------------------------------------------                         ------------------------------------------------------------                         ------------------------------------------------------------
Net income (loss)-continuing operations    $                 1,286     $                (6,024 )                      $                 1,681     $                (8,262 )
Add back:                                                                                                                                    
                                                                76                         220                         148                         441  
   Depreciation and amortization expense
                                                             1,519                       2,397                       2,993                       3,775  
   Interest expense, net
                                                                         --                        30                                   --                       160  
   Restatement expenses
                                                               586                         313                         891                         507  
   Stock-based compensation
                                                                15                         220                          79                         505  
   Income tax expense (benefit)
                                                                21                                   --                        21                                   --
   Bank restructuring costs
                                                               324                                   --                       324                       2,216  
   Severance costs
                                                                         --                       489                                   --                       815  
   Asset disposition costs
                                                                         --                     2,202                                   --                     2,225  
   Restructuring charges
                                                                         --                                 --                       189                                   --
   Loss on other receivables
                                                               (95 )                                                    --                      (159 )                                                    --
   Foreign currency gain
                                                               241                                   --                       241                                   --
   Other nonrecurring expenses
                                                                64                          65                         128                         130  
   Franchise taxes
                                                              ------------------------------  ---------- --------------------                      ------------------------------  ---------- --------------------                      ------------------------------  ---------- --------------------                      ------------------------------  ---------- --------------------
Adjusted EBITDA-continuing operations      $                 4,037     $                   (88 )                      $                 6,536     $                 2,512  
                                                              ---------- -------------------- ---------- --------------------                      ---------- -------------------- ---------- --

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