Primoris Services Corporation Announces Record 2011 Third Quarter Financial Results

Primoris Services Corporation (NASDAQ GS: PRIM) (“Primoris” or “Company”) today announced financial results for its third quarter ended September 30, 2011.

The Company also announced that on November 3, 2011, its Board of Directors declared a $0.03 per share cash dividend to stockholders of record as of December 30, 2011, payable on or about January 16, 2012.

Brian Pratt, Chairman, President and Chief Executive Officer of Primoris, commented, “Our revenues and net income in the third quarter of 2011 were the highest-ever in our over 60-year history, and each of our business segments reported improved quarter-over-quarter profitability. In addition, revenues for the first nine months of 2011 exceeded $1 billion. Our West Coast underground and industrial groups benefitted from increased pipeline integrity and maintenance work and continuing power-related construction projects. Our results also benefitted from our strategy of measured and sustainable growth, as both of our recent acquisitions, James Construction Group (“JCG”) and Rockford Corporation (“Rockford”), were strong contributors to third quarter results.

“Although we may see some fluctuations in revenues and earnings over the next several quarters due to the completion of major projects such as Rockford’s Ruby pipeline, we are pleased with both recent contract awards and the pace of our new business development efforts. During the quarter, our recorded backlog rose to $1.09 billion from $1.03 billion at June 30, 2011, driven by the signing of a number of new contracts that reflect the overall diversity of our business. We added contracts for projects in such areas as heavy highway construction, drainage systems, chilled water lines, mining-related activities, pipeline projects associated with work at the Marcellus Shale, carbon dioxide and natural gas transmission, and pipeline construction and relocation.”

Mr. Pratt concluded, “Our financial position remains strong. Our balance sheet at September 30, 2011 included $118.7 million in cash and short-term investments. We are proud of our success in the face of uncertain business conditions that persist in many of our end markets. While we remain ever-mindful of the current macro-economic conditions affecting the nation as a whole, we are cautiously optimistic about our future opportunities.”

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