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MYR Group Inc. Announces Fourth-Quarter And Full-Year 2012 Results

Stocks in this article: MYRG

For the full year of 2012, net income was $34.3 million, or $1.60 per diluted share, compared to $18.3 million, or $0.87 per diluted share, for the same period of 2011. EBITDA for the full year of 2012 was $80.7 million, or 8.1 percent of revenues, compared to $49.1 million, or 6.3 percent of revenues, for the full year of 2011. The increase in EBITDA as a percentage of revenues was mainly due to the higher gross margin and lower selling, general and administrative expenses as a percentage of revenues.

Backlog

Total backlog at December 31, 2012 increased $6.3 million compared to the $491.3 million reported at September 30, 2012. T&D backlog decreased $15.3 million, or 3.9 percent, while C&I backlog increased $21.6 million, or 21.6 percent, during this period.

As of December 31, 2012, MYR's backlog was $497.6 million, consisting of $375.7 million in the T&D segment and $121.9 million in the C&I segment. Compared to December 31, 2011, T&D backlog decreased $236.4 million, or 38.6 percent, while C&I backlog increased $41.2 million, or 51.2 percent.

Backlog may not accurately represent the revenues that MYR expects to realize during any period. The timing of contract awards as well as the type and duration of large projects can significantly affect MYR's backlog at any point in time. The amount of subcontractor and material cost in our projects under contract at any one point in time can also affect MYR's backlog. Backlog reporting methods can vary considerably from company to company depending on each company's backlog definition. Backlog should not be relied upon as a stand-alone indicator of future results.

Balance Sheet

As of December 31, 2012, MYR had cash and cash equivalents of $19.8 million and $155.3 million of borrowing availability under its credit facility. MYR's credit facility provides for revolving loans, letters of credit and swingline loans and matures in December 2016.

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