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Primoris Services Corporation Announces 2012 Third Quarter Financial Results

Backlog should not be considered a comprehensive indicator of future revenues, as a significant portion of Primoris’s revenues are derived from projects that are not part of a backlog calculation and projects that are considered a part of backlog may be cancelled by our customers. For the nine months ended September 30, 2012, approximately $201.1 million of revenue was generated by projects that were not included in backlog.

CONFERENCE CALL

Brian Pratt, Chairman, President and Chief Executive Officer, and Peter J. Moerbeek, Executive Vice President and Chief Financial Officer will host a conference call today, Tuesday, November 6, 2012 at 11:30 am Eastern Time / 10:30 am Central Time to discuss the results.

Interested parties may participate in the call by dialing:

  • (877) 407-8029 (Domestic)
  • (201) 689-8029 (International)

The conference call will also be broadcasted live via the Investor Relations section of Primoris’s website at www.prim.com. Once at the Investor Relations section, please click on “Events & Presentations”. If you are unable to participate in the live call, the conference call will be archived and can be accessed for approximately 90 days.

ABOUT PRIMORIS

Founded in 1946, Primoris, through various subsidiaries, has grown to become one of the largest specialty contractors and infrastructure companies in the United States. Serving diverse end markets, Primoris provides a wide range of construction, fabrication, maintenance, replacement, water and wastewater, and engineering services to major public utilities, petrochemical companies, energy companies, municipalities, and other customers. Since December 2009, Primoris has more than doubled its size and the Company’s national footprint now extends from Florida, along the Gulf Coast, through California, into the Pacific Northwest and Canada. For additional information, please visit www.prim.com.

FORWARD LOOKING STATEMENTS

This press release contains certain forward-looking statements, including with regard to the Company’s future performance. Words such as "estimated," "believes," "expects," "projects," “may,” and "future" or similar expressions are intended to identify forward-looking statements. Forward-looking statements inherently involve risks and uncertainties, including without limitation, those described in this press release and those detailed in the "Risk Factors" section and other portions of our Quarterly Report on Form 10-Q for the period ended September 30, 2012, which we expect to file on November 6, 2012, and other filings with the Securities and Exchange Commission. Primoris does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

         

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In Thousands, Except Per Share Amounts)

(Unaudited)

 

Three Months Ended

September 30,

Nine Months Ended

September 30,

2012

   

2011

2012

   

2011

 
Revenues $ 431,842 $ 375,483 $ 1,060,851 $ 1,087,084
Cost of revenues   375,551     323,362     922,960     952,927  
Gross profit 56,291 52,121 137,891 134,157
Selling, general and administrative expenses   26,014     20,103     69,684     60,425  
Operating income 30,277 32,018 68,207 73,732
 
Other income (expense):
Income (loss) from non-consolidated entities (159 ) 2,079 895 7,305

Foreign exchange gain (loss)

18 (214 ) (30 ) (250 )
Other expense (382 ) (314 ) (961 ) (917 )
Interest income 96 39 143 297
Interest expense   (937 )   (1,516 )   (3,044 )   (4,240 )
Income before provision for income taxes 28,913 32,092 65,210 75,927

 

 

Provision for income taxes   (10,965 )   (12,744 )   (24,875 )   (29,839 )
Net income 17,948 19,348 40,335 46,088
Net income attributable to noncontrolling interests   (432 )   -     (600 )   -  
Net income attributable to Primoris $ 17,516 $ 19,348 $ 39,735 $ 46,088
 
Earnings per share:
Basic: $ 0.34 $ 0.38 $ 0.77 $ 0.91
Diluted: $ 0.34 $ 0.38 $ 0.77 $ 0.90
 
 
Weighted average common shares outstanding:
Basic 51,398 51,054 51,387 50,596
Diluted 51,404 51,054 51,402 51,085
       

CONDENSED CONSOLIDATED BALANCE SHEETS

(In Thousands, Except Share Amounts)

(Unaudited)

 
September 30, December 31,

2012

2011

ASSETS
 
Current assets:
Cash and cash equivalents $ 76,654 $ 120,306
Short term investments 6,380 23,000
Customer retention deposits and restricted cash 34,814 31,490
Accounts receivable, net 263,144 187,378
Costs and estimated earnings in excess of billings 63,931 41,866
Inventory and uninstalled contract materials 37,334 31,926
Deferred tax assets 10,659 10,659
Prepaid expenses and other current assets   7,992   13,252
Total current assets 500,908 459,877
Property and equipment, net 159,369 129,649
Investment in non-consolidated entities 12,322 12,687
Intangible assets, net 32,452 32,021
Goodwill   104,019   94,179
Total assets $ 809,070 $ 728,413
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
Current liabilities:
Accounts payable $ 133,098 $ 106,725
Billings in excess of costs and estimated earnings 145,582 137,729
Accrued expenses and other current liabilities 84,783 59,923
Dividends payable 1,542 1,532
Current portion of capital leases 3,656 6,623
Current portion of long-term debt 16,107 13,870
Current portion of subordinated debt - 15,167
Current portion of contingent earnout liabilities   10,050   3,450
Total current liabilities 394,818 345,019
Long-term capital leases, net of current portion 3,833 4,047
Long-term debt, net of current portion 58,109 55,852
Long-term subordinated debt, net of current portion - 7,334
Long-term contingent earnout liabilities, net of current portion 4,879 9,268
Deferred tax liabilities 21,079 21,079
Other long-term liabilities   10,104   10,882
Total liabilities   492,822   453,481

Stockholders’ equity

Common stock-$.0001 par value; 90,000,000 shares authorized, 51,403,686 and 51,059,132 issued and outstanding at September 30, 2012 and December 31, 2011

5

5
Additional paid-in capital 155,605 150,003
Retained earnings 160,038 124,924
Noncontrolling interest   600   -
Total stockholders’ equity   316,248   274,932
Total liabilities and stockholders’ equity $ 809,070 $ 728,413




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