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Primoris Services Corporation Announces 2012 Fourth Quarter And Full Year Financial Results

Operating income for the 2012 fourth quarter was $28.1 million, or 5.8% of total revenues, compared to $25.3 million, or 6.8% of total revenues, for the same period last year.

Net other expense in the 2012 fourth quarter was $1.2 million, which was a $3.3 million decline from the 2011 fourth quarter. The decline was primarily due to expenses and charges associated with the WesPac investment in 2011.

The provision for income taxes for the 2012 fourth quarter was $9.0 million, for an effective tax rate of 33.3%, compared to $8.3 million, for an effective tax rate of 40.1%, in the 2011 fourth quarter. The decrease in the effective tax rate was primarily caused by the tax treatment of the Rockford settlement.

Net income attributable to Primoris for the 2012 fourth quarter was $17.0 million, or $0.33 per diluted share, compared to net income of $12.5 million, or $0.24 per diluted share, in the same period in 2011.

Fully diluted shares outstanding for the 2012 fourth quarter increased by 0.2% to 51.4 million from 51.3 million in 2011’s fourth quarter. The increase in shares was due to shares issued as part of the Sprint acquisition, for director compensation and for the company’s long-term incentive program, offset by shares repurchased under a share repurchase plan. During the 2012 fourth quarter, the Company did not purchase any shares of stock under its 2012 share repurchase program, which expired on December 31, 2012.

     

2012 FULL YEAR RESULTS OVERVIEW

 

Segment Revenues

(in thousands, except %)

 
For the twelve months ended December 31,
2012

Unaudited

    2011

Unaudited

    % of     % of
Total Total

Segment

Revenue Revenue Revenue Revenue
 
East Construction Services $ 662,248 43.0 % $ 528,745 36.2 %
West Construction Services 832,860 54.0 % 881,733 60.4 %
Engineering   46,626 3.0 %   49,672 3.4 %
Total $ 1,541,734 100.0 % $ 1,460,150 100.0 %
 

Segment Gross Profit

(in thousands, except %)

 
For the twelve months ended December 31,
2012

Unaudited

2011

Unaudited

% of % of
Gross Segment Gross Segment

Segment

Profit Revenue Profit Revenue
 
East Construction Services $

63,811

9.6 % $ 57,118 10.8 %
West Construction Services 119,328 14.3 % 118,385 13.4 %
Engineering   9,571 20.5 %   9,700 19.5 %
Total $ 192,710 12.5 % $ 185,203 12.7 %
 

OTHER FINANCIAL INFORMATION

Primoris’s balance sheet at December 31, 2012 included cash and cash equivalents of $157.6 million, working capital of $144.0 million, total debt and capital leases of $155.4 million and stockholders’ equity of $332.6 million. The balance sheet included a $23.4 million liability representing the estimated fair value for earnout payments for Rockford’s financial performance for 2012 and Sprint’s performance for 2012 and potential earnout payments for Sprint’s financial performance for 2013, Saxon’s performance for 2013 or 2014, and Q3C’s financial performance for the 13 ½ month period ending December 31, 2013 and for 2014.

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