This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

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

Stock quotes 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."

1 of 6

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,744.28 -60.43 -0.36%
S&P 500 1,937.26 -8.90 -0.46%
NASDAQ 4,397.2270 -24.8580 -0.56%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs