MYR Group Inc. Announces Third-Quarter And First Nine-Months 2010 Results
For the first nine months of 2010, net income was $10.0 million, or $0.48 per diluted share, compared to net income of $13.0 million, or $0.63 per diluted share, for the same period of 2009. EBITDA in the first nine months of 2010 was $28.6 million, or 6.5 percent of revenues, compared to $30.4 million, or 6.6 percent of revenues, for the same period of 2009. The decrease in EBITDA as a percentage of revenues was mainly due to a decrease in gross profit margin as discussed above, which was partially offset by an increase in depreciation cost.
As of September 30, 2010, MYR's backlog was approximately $195.1 million, consisting of $115.6 million in the T&D segment and $79.5 million in the C&I segment. Total backlog decreased $56.5 million, or 22.5 percent, from $251.6 million reported at September 30, 2009. The decrease in backlog comparing the third quarter of 2010 to the third quarter of 2009 was primarily related to the contract completion process and the resulting revenue recognition of a few significant transmission projects that were awarded in the latter half of 2008. These significant projects had not been replaced with projects of similar size as of September 30, 2010.
Total backlog at September 30, 2010 was $4.5 million lower as compared to the $199.6 million backlog reported at June 30, 2010. T&D backlog decreased $8.5 million, or 6.9 percent, while C&I backlog increased $4.0 million, or 5.3 percent, compared to backlog at June 30, 2010.MYR's method of tracking and reporting backlog may differ from methods used by other companies. The timing of contract awards and the duration of large projects can significantly affect MYR's backlog and, therefore, should not be viewed or relied upon as a stand-alone indicator of future results. Balance Sheet As of September 30, 2010, MYR had cash and cash equivalents of $39.2 million and total long-term debt of $30.0 million under a term loan. The Company also had a $75 million revolving credit facility, which had a $15.0 million letter of credit outstanding against the total credit available at September 30, 2010. MYR's long-term credit agreement, which encompasses the term loan and the revolving credit facility, matures on August 31, 2012.
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