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MYR Group Inc. Announces Fourth-Quarter And Full-Year 2010 Results

ROLLING MEADOWS, Ill., March 8, 2011 (GLOBE NEWSWIRE) -- MYR Group Inc. ("MYR") (Nasdaq:MYRG), a leading specialty contractor serving the electrical infrastructure market in the United States, today announced its fourth-quarter and full-year 2010 financial results.

Highlights

  • Q4 2010 revenues of $155.1 million compared to Q4 2009 revenues of $173.3 million.
  • Q4 2010 Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA), a non-GAAP financial measure, of $14.0 million compared to $10.5 million in Q4 2009.
  • Q4 2010 diluted earnings per share (EPS) of $0.29 compared to $0.21 in Q4 2009.
  • Full-year 2010 revenues of $597.1 million compared to full-year 2009 revenues of $631.2 million.
  • Full-year 2010 EBITDA of $42.7 million compared to full-year 2009 EBITDA of $40.8 million.
  • Full-year 2010 diluted EPS of $0.78 compared to full-year 2009 diluted EPS of $0.83.
  • Year-end 2010 backlog of $520.9 million compared to year-end 2009 backlog of $204.4 million.

Management Comments

Bill Koertner, MYR Group's President and CEO, said, "Although we experienced a decrease in 2010 revenues and gross margin over 2009, we are proud of our overall performance given the market conditions over the past few years. Revenues decreased in the 2010 fourth quarter compared to the 2009 fourth quarter, but our gross margins and profitability improved period over period. We also experienced a substantial increase in bidding activity in the second half of 2010 on large transmission projects. We were awarded two major contracts at the end of the year, as we previously announced, and were selected as one of the two contractors for the CAPX2020 work in Minnesota in early 2011. These projects will contribute to our work load over the next several years. While we see improvements in the economy, we believe there will be continuing challenges ahead, particularly in our C&I markets and utility distribution business. We also see the first half of 2011 as a transition period of winding down existing large projects while at the same time we begin to ramp up new multi-year large transmission projects. Over the last several years, we have made significant investments in recruiting and developing management and craft personnel and procuring the specialty equipment and tooling required to support the industry's anticipated growth. It appears the long-awaited transmission build-out is at hand, and we expect to execute on our plan and put those assets to work."

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