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

Stocks in this article: MYRG

Selling, general and administrative expenses (SG&A) decreased approximately $3.9 million, or 7.9 percent, to $44.6 million in the full year of 2010 compared to $48.5 million in the full year of 2009. The decrease was primarily due to the elimination of a $1.6 million severance liability as a result of the amended employment agreements of the Company's six executive officers, and an overall reduction in profit sharing and other employee‑related compensation and benefit costs. As a percentage of revenues, these expenses decreased to 7.5 percent for the full year of 2010, from 7.7 percent for the full year of 2009.

For the full year of 2010, net income was $16.1 million, or $0.78 per diluted share, compared to $17.2 million, or $0.83 per diluted share, for the same period of 2009. EBITDA for the full year of 2010 was $42.7 million, or 7.1 percent of revenues, compared to $40.8 million, or 6.5 percent of revenues, for the full year of 2009. The increase in EBITDA as a percentage of revenues was mainly due to an increase in depreciation expense, partially offset by a reduction in gross profit margins as discussed above.

Backlog

As of December 31, 2010, MYR's backlog was approximately $520.9 million, consisting of $429.0 million in the T&D segment and $91.9 million in the C&I segment. Total backlog increased $316.5 million, or 154.9 percent, from $204.4 million reported at December 31, 2009. The increase at the end of 2010 compared to the end of 2009 was primarily related to several large contracts that were awarded in the Company's T&D segment at the end of 2010.

Total backlog at December 31, 2010 was $325.8 million higher as compared to the $195.1 million backlog reported at September 30, 2010. T&D backlog increased $313.4 million, or 271.2 percent, while C&I backlog increased $12.4 million, or 15.6 percent, compared to backlog at September 30, 2010.  

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