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Primoris Services Corporation Announces 2010 Fourth Quarter And Full Year Financial Results

Stocks in this article: PRIM

Q4 2010 Financial Highlights

  • Revenues increased to $333.2 million from $117.2 million at Q4 2009
  • Net income of $12.3 million, or $0.24 per diluted share, compared to Q4 2009 net income of $3.7 million, or $0.10 per diluted share
  • $141.4 million in cash, cash equivalents, and short-term investments at December 31, 2010
  • Total backlog at December 31, 2010 of $895.8 million

DALLAS, March 16, 2011 (GLOBE NEWSWIRE) -- Primoris Services Corporation (Nasdaq:PRIM) ("Primoris" or "Company") today announced financial results for its fourth quarter and full year ended December 31, 2010. Primoris's results for the fourth quarter and full year of 2010 included the results of James Construction Group (JCG), which was acquired in the fourth quarter of 2009, and Rockford Corporation which was acquired on November 12, 2010 (see " Note Regarding Rockford Acquisition" later in this press release).

The Company also announced that on March 10, 2011, its Board of Directors declared a $0.025 per share cash dividend to stockholders of record as of March 31, 2011, payable on or about April 15, 2011.

Brian Pratt, Chairman, President and Chief Executive Officer of Primoris, commented, "2010 was a record year for Primoris, highlighted by a continuing commitment to expanding our geographic reach, broadening our services platform and maintaining a strong financial position. The acquisitions of JCG in late 2009 and Rockford in November 2010 contributed significantly to our operating results, allowing us to end the year with just under $1.0 billion in total revenue and a substantial improvement in profitability. Each of our three operating segments posted improved revenues and each contributed favorably to our results."

Mr. Pratt continued, "We ended the year in a solid financial position, including cash and short term investments of $141.4 million, a modest debt profile and operating cash flow of $81.8 million. As we look ahead to 2011, we acknowledge the competitive environment and end markets in which we operate. Still, we are pleased with the progress of Rockford's Ruby Pipeline Project contract, which contributed approximately $79.2 million in revenues in 2010. Based on current projections, we believe that the Ruby Pipeline contract will generate additional revenues to Primoris in excess of $200 million in 2011. Rockford expects to complete its portion of the Ruby Pipeline Project, passing through the states of Nevada and Oregon, by summer 2011. We are also pleased with the pace of new work at our other businesses. Thus far in 2011, we have announced new contracts valued at more than $225 million in highway infrastructure, power generation, and power production infrastructure."

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