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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