Primoris Services Corporation (NASDAQ Global Select: PRIM) (“Primoris” or “Company”) today announced that its James Construction Group subsidiary recently executed a new contract with the Texas Department of Transportation for approximately $241.3 million.
The new contract is for a massive project to rebuild a six mile section of I-35 through Temple, Texas. The work encompasses the complete reconstruction of I-35 to widen the existing 4 lanes of the interstate to 8 lanes and add new frontage roads through the city of Temple. The 48 month project is scheduled to begin in mid-2013 and be completed in mid-2017. This section is part of the major capacity expansion program for I-35 between Salado and Hillsboro Texas. With this project award, James now has five I-35 projects in the region, totaling $663 million to be constructed over the next five years. The construction activities for the new contract will include:
- over 1.9 million cubic yards of excavation
- 128,000 linear feet of underground drainage
- 629,000 square feet of retaining walls
- 20 new bridges
- 907,000 square yards of concrete pavement
- 229,000 tons of asphalt and the other miscellaneous items require to complete the new interstate project.
Founded in 1946, Primoris, through various subsidiaries, has grown to become one of the largest construction service enterprises 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.comFORWARD 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 detailed in the "Risk Factors" section and other portions of our Annual Report on Form 10-K, our Form 10-Q, 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.
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