MYR Group Inc. Announces Third-Quarter And First Nine-Months 2010 Results

Forward-Looking Statements

Various statements in this announcement, including those that express a belief, expectation, or intention, as well as those that are not statements of historical fact, are forward-looking statements. The forward-looking statements may include projections and estimates concerning the timing and success of specific projects and our future production, revenue, income, capital spending and investments. Our forward-looking statements are generally accompanied by words such as "estimate," "project," "predict," "believe," "expect," "anticipate," "potential," "plan," "goal" or other words that convey the uncertainty of future events or outcomes. The forward-looking statements in this announcement speak only as of the date of this announcement; we disclaim any obligation to update these statements (unless required by securities laws), and we caution you not to rely on them unduly. We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. These and other important factors, including those discussed under "Risk Factors" in our Annual Report on Form 10-K, and in other current or periodic reports which we file with the Securities and Exchange Commission, may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements.

These risks, contingencies and uncertainties include, but are not limited to, significant variations in our operating results from quarter to quarter, the competitive and cyclical nature of our industry, our ability to realize and profit from our backlog, the implementation of the Energy Policy Act of 2005, the implementation of the American Recovery and Reinvestment Act, our ability to obtain new contracts and/or replace completed or cancelled contracts, our ability to obtain adequate bonding for our projects, our ability to hire and retain key personnel and subcontractors, limitations on our internal infrastructure, the downturn in the U.S. economy and credit markets and its impact on our customers and our sources of liquidity.

 

MYR GROUP INC.
Unaudited Consolidated Balance Sheets
As of December 31, 2009 and September 30, 2010
(in thousands, except share and per share data)	December 31, 2009	September 30, 2010
ASSETS
Current assets:
Cash and cash equivalents	$ 37,576	$ 39,181
Accounts receivable, net of allowances of $1,114 and $1,157, respectively	100,652	97,830
Costs and estimated earnings in excess of billings on uncompleted contracts	30,740	38,070
Deferred income tax assets	10,186	10,608
Receivable for insurance claims in excess of deductibles	8,082	8,346
Refundable income taxes	3,036	1,542
Other current assets	3,308	1,690
Total current assets	193,580	197,267
Property and equipment, net of accumulated depreciation of $33,566 and $43,850, respectively	88,032	89,719
Goodwill	46,599	46,599
Intangible assets, net of accumulated amortization of $1,553 and $1,804, respectively	11,539	11,288
Other assets	1,899	1,850
Total assets	$ 341,649	$ 346,723
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$ 39,880	$ 37,017
Billings in excess of costs and estimated earnings on uncompleted contracts	25,663	26,412
Accrued self insurance	33,100	33,834
Other current liabilities	22,122	17,054
Total current liabilities	120,765	114,317
Long-term debt, net of current maturities	30,000	30,000
Deferred income tax liabilities	15,870	15,480
Other liabilities	899	882
Total liabilities	167,534	160,679
Commitments and contingencies
Stockholders' equity:
Preferred stock—$0.01 par value per share; 4,000,000 authorized shares; none issued and outstanding at December 31, 2009 and September 30, 2010	—	—
Common stock—$0.01 par value per share; 100,000,000 authorized shares; 19,807,421 and 19,971,574 shares issued and outstanding at December 31, 2009 and September 30, 2010, respectively	198	199
Additional paid-in capital	142,679	144,573
Retained earnings	31,238	41,272
Total stockholders' equity	174,115	186,044
Total liabilities and stockholders' equity	$ 341,649	$ 346,723

 

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