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

 

MYR GROUP INC.    
Unaudited Consolidated Statements of Operations    
Three and Nine Months Ended September 30, 2009 and 2010    
     
     
  Three months ended Nine months ended
   September 30,   September 30, 
(in thousands, except per share data)  2009   2010   2009   2010 
Contract revenues   $ 162,035  $ 152,767  $ 457,893  $ 441,941
Contract costs   141,320  135,731  401,368  393,023
Gross profit   20,715  17,036  56,525  48,918
Selling, general and administrative expenses   12,590  11,023  35,925  32,635
Amortization of intangible assets   84  84  251  251
Gain on sale of property and equipment   (128)  (278)  (338)  (724)
Income from operations   8,169  6,207  20,687  16,756
Other income (expense)        
Interest income   27  14  201  37
Interest expense   (208)  (398)  (649)  (809)
Other, net   (68)  (31)  (179)  (114)
Income before provision for income taxes   7,920  5,792  20,060  15,870
Income tax expense  2,151  1,891  7,093  5,836
Net income  $ 5,769  $ 3,901  $ 12,967  $ 10,034
Income per common share:        
—Basic   $ 0.29  $ 0.20  $ 0.66  $ 0.51
—Diluted   $ 0.28  $ 0.19  $ 0.63  $ 0.48
Weighted average number of common shares and potential common shares outstanding:        
—Basic   19,775  19,915  19,739  19,868
—Diluted   20,763  20,776  20,690  20,766

 

     
     
MYR GROUP INC.    
Unaudited Consolidated Statements of Cash Flows    
Three and Nine Months Ended September 30, 2009 and 2010    
     
  Three months ended Nine months ended
   September 30,   September 30, 
(in thousands)  2009   2010   2009   2010 
 Cash flows from operating activities:         
Net income  $ 5,769  $ 3,901  $ 12,967  $ 10,034
Adjustments to reconcile net income to net cash flows provided by (used in) operating activities —        
Depreciation and amortization of property and equipment  3,307  3,969  9,603  11,718
Amortization of intangible assets   84  84  251  251
Stock-based compensation expense  231  394  693  1,210
Excess tax benefit from stock-based awards  (241)  (1)  (241)  (149)
Deferred income taxes   129  (812)  129  (812)
Gain on sale of property and equipment   (128)  (278)  (338)  (724)
Other non-cash items   22  22  64  64
Changes in operating assets and liabilities        
Accounts receivable, net   (14,511)  (5,700)  (7,617)  2,822
Costs and estimated earnings in excess of billings on uncompleted contracts   (4,545)  (8,258)  (6,704)  (7,330)
Receivable for insurance claims in excess of deductibles   47  49  113  (264)
Other assets   165  1,341  1,265  3,246
Accounts payable   2,798  1,272  11,358  (4,213)
Billings in excess of costs and estimated earnings on uncompleted contracts   112  2,636  (7,235)  749
Accrued self insurance   305  (237)  1,091  734
Other liabilities   (859)  504  (6,136)  (5,047)
Net cash flows provided by (used in) operating activities  (7,315)  (1,114)  9,263  12,289
 Cash flows from investing activities:         
Proceeds from sale of property and equipment   261  280  548  751
Purchases of property and equipment   (5,216)  (4,950)  (20,252)  (12,082)
Net cash flows used in investing activities  (4,955)  (4,670)  (19,704)  (11,331)
 Cash flows from financing activities:         
Payments of capital lease obligations  (12)  (6)  (25)  (38)
Employee stock option transactions  204  30  338  536
Excess tax benefit from stock-based awards  241  1  241  149
Equity financing costs   (22)  —   (33)  — 
Net cash flows provided by financing activities  411  25  521  647
 Net increase (decrease) in cash and cash equivalents   (11,859)  (5,759)  (9,920)  1,605
 Cash and cash equivalents:         
 Beginning of period   44,015  44,940  42,076  37,576
 End of period   $ 32,156  $ 39,181  $ 32,156  $ 39,181

 

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