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

BACKLOG

At December 31, 2012, total backlog was $1.35 billion compared to $1.16 billion at December 31, 2011. Primoris expects that approximately 57% of total backlog at December 31, 2012 will be recognized as revenue in 2013, with $435 million expected for the East Construction Services segment, $320 million for the West Construction Services segment and $14 million for the Engineering segment.

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. In 2012, approximately $292.6 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, Thursday, March 7, 2013 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) 407-8293 (Domestic)
  • (201) 689-8349 (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 tripled its revenue 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 Annual Report on Form 10-K for the period ended December 31, 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

Twelve Months Ended

December 31 ,

December 31,

2012     2011 2012     2011
 
Revenues $ 480,883 $ 373,066 $ 1,541,734 $ 1,460,150
Cost of revenues   426,064     322,020     1,349,024     1,274,947  
Gross profit 54,819 51,046 192,710 185,203
Selling, general and administrative expenses   26,740     25,779     96,424     86,204  
Operating income 28,079 25,267 96,286 98,999
 
Other income (expense):
Income (loss) from non-consolidated entities (709 ) (3,287 ) 186 4,018
Foreign exchange loss (6 ) 154 (36 ) (96 )
Other expense 91 (171 ) (870 ) (1,088 )
Interest income 14 34 157 331
Interest expense   (575 )   (1,191 )   (3,619 )   (5,431 )
Income before provision for income taxes 26,894 20,806 92,104 96,733
 
Provision for income taxes   (8,962 )   (8,335 )   (33,837 )   (38,174 )
Net income 17,932 12,471 58,267 58,559
Net income attributable to noncontrolling interests   (911 )   -     (1,511 )   -  
Net income attributable to Primoris $ 17,021   $ 12,471   $ 56,756   $ 58,559  
 
Earnings per share:
Basic: $ 0.33 $ 0.24 $ 1.10 $ 1.15
Diluted: $ 0.33 $ 0.24 $ 1.10 $ 1.14
 
 
Weighted average common shares outstanding:
Basic 51,404 51,059 51,391 50,707
Diluted 51,418 51,292 51,406 51,153
     

CONDENSED CONSOLIDATED BALANCE SHEETS

(In Thousands, Except Share Amounts)

(Unaudited)

 
December 31, December 31,
  2012 2011
ASSETS      
 
Current assets:
Cash and cash equivalents $ 157,551 $ 120,306
Short term investments 3,441 23,000
Customer retention deposits and restricted cash 35,377 31,490
Accounts receivable, net 268,095 187,378
Costs and estimated earnings in excess of billings 41,701 41,866
Inventory and uninstalled contract materials 37,193 31,926
Deferred tax assets 10,477 10,659
Prepaid expenses and other current assets   10,800   13,252
Total current assets 564,635 459,877
Property and equipment, net 184,840 129,649
Investment in non-consolidated entities 12,831 12,687
Intangible assets, net 51,978 32,021
Goodwill 116,941 94,179
Total assets $ 931,207 $ 728,413
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
Current liabilities:
Accounts payable $ 151,546 $ 106,725
Billings in excess of costs and estimated earnings 158,892 137,729
Accrued expenses and other current liabilities 76,152 59,923
Dividends payable -- 1,532
Current portion of capital leases 3,733 6,623
Current portion of long-term debt 19,446 13,870
Current portion of subordinated debt -- 15,167
Current portion of contingent earnout liabilities   10,900   3,450
Total current liabilities 420,669 345,019
Long-term capital leases, net of current portion 3,831 4,047
Long-term debt, net of current portion 128,367 55,852
Long-term subordinated debt, net of current portion -- 7,334
Long-term contingent earnout liabilities, net of current portion 12,531 9,268
Deferred tax liabilities 20,018 21,079
Other long-term liabilities   13,153   10,882
Total liabilities $ 598,569 $ 453,481
Stockholders’ equity
Preferred Stock - $0001 par value, 1,000,000 shares authorized, none issued and outstanding at December 31, 2012 and 2011, respectively -- --
Common stock-$.0001 par value; 90,000,000 shares authorized, 51,403,686 and 51,059,132 issued and outstanding at December 31, 2012 and December 31, 2011 5 5
Additional paid-in capital 155,605 150,003
Retained earnings 175,517 124,924
Noncontrolling interest 1,511   --
Total stockholders’ equity   332,638   274,932
Total liabilities and stockholders’ equity $ 931,207 $ 728,413




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