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

 

     
     
MYR GROUP INC.    
Unaudited Consolidated Selected Data, Net Income Per Share    
And EBITDA Reconciliation    
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 
         
 Summary Data:         
 Contract revenues   $ 162,035  $ 152,767  $ 457,893  $ 441,941
 Gross profit   $ 20,715  $ 17,036  $ 56,525  $ 48,918
 Income from operations   $ 8,169  $ 6,207  $ 20,687  $ 16,756
 Net income   $ 5,769  $ 3,901  $ 12,967  $ 10,034
         
 Income per common share (1):         
- 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 (1):         
- Basic   19,775  19,915  19,739  19,868
- Diluted   20,763  20,776  20,690  20,766
         
 Reconciliation of Net Income to EBITDA:         
 Net income   $ 5,769  $ 3,901  $ 12,967  $ 10,034
 Interest expense (income), net   181  384  448  772
 Provision for income taxes   2,151  1,891  7,093  5,836
 Depreciation and amortization   3,391  4,053  9,854  11,969
 EBITDA (2)   $ 11,492  $ 10,229  $ 30,362  $ 28,611
         
(1)  The Company calculates net income per common share in accordance with ASC 260, Earnings Per Share. Basic earnings per share are calculated by dividing net income by the weighted average number of shares outstanding for the reporting period. Diluted earnings per share are computed similarly, except that it reflects the potential dilutive impact that would occur if dilutive securities were exercised into common shares. Potential common shares are not included in the denominator of the diluted earnings per share calculation when inclusion of such shares would be anti-dilutive or included performance conditions that were not met.        
         
(2)  EBITDA is not recognized under GAAP and does not purport to be an alternative to net income as a measure of operating performance or to net cash flows provided by operating activities as a measure of liquidity.        
CONTACT:  MYR Group Inc. 
          Marco A. Martinez, Chief Financial Officer
          847-290-1891
          investorinfo@myrgroup.com

          Dresner Corporate Services
          Investor Contact: 
          Philip Kranz
          312-780-7240
          pkranz@dresnerco.com

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