2010 Q4 Form 10-K Financial Statement

#000104746912002223 Filed on March 07, 2012

View on sec.gov

Income Statement

Concept 2010 Q4 2009 2008 Q4
Revenue $155.1M $631.2M $153.3M
YoY Change -10.5% 2.45% -1.98%
Cost Of Revenue $133.3M $555.3M $128.6M
YoY Change -13.39% 5.58% -6.27%
Gross Profit $21.80M $75.91M $24.70M
YoY Change 12.37% -15.85% 28.65%
Gross Profit Margin 14.06% 12.03% 16.11%
Selling, General & Admin $12.00M $48.47M $13.10M
YoY Change -4.0% -4.22% -64.31%
% of Gross Profit 55.05% 63.85% 53.04%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.300M $13.19M $3.000M
YoY Change 19.44% 18.83% 15.38%
% of Gross Profit 19.72% 17.38% 12.15%
Operating Expenses $12.10M $48.47M $13.20M
YoY Change -3.97% -4.97% -64.13%
Operating Profit $9.700M $27.52M $11.50M
YoY Change 42.65% -29.79% -165.34%
Interest Expense -$200.0K $852.0K -$200.0K
YoY Change 0.0% -221.71% -71.43%
% of Operating Profit -2.06% 3.1% -1.74%
Other Income/Expense, Net $0.00 -$208.0K -$100.0K
YoY Change 4.0%
Pretax Income $9.500M $26.68M $11.50M
YoY Change 43.94% -31.76% -163.89%
Income Tax $3.400M $9.446M $3.900M
% Of Pretax Income 35.79% 35.4% 33.91%
Net Earnings $6.100M $17.20M $7.600M
YoY Change 41.86% -27.12% -164.41%
Net Earnings / Revenue 3.93% 2.73% 4.96%
Basic Earnings Per Share $0.87
Diluted Earnings Per Share $293.3K $0.83 $370.7K
COMMON SHARES
Basic Shares Outstanding 19.76M shares
Diluted Shares Outstanding 20.70M shares

Balance Sheet

Concept 2010 Q4 2009 2008 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $62.60M $37.60M $42.10M
YoY Change 66.49% -10.69% 22.03%
Cash & Equivalents $62.62M $37.60M $42.08M
Short-Term Investments
Other Short-Term Assets $3.719M $13.50M $14.40M
YoY Change -72.45% -6.25% 16.13%
Inventory $29.30M $30.70M $25.80M
Prepaid Expenses
Receivables $107.2M $100.3M $94.00M
Other Receivables $10.50M $11.50M $9.200M
Total Short-Term Assets $223.9M $193.6M $185.4M
YoY Change 15.66% 4.42% -0.8%
LONG-TERM ASSETS
Property, Plant & Equipment $96.59M $88.00M $75.90M
YoY Change 9.76% 15.94% 31.77%
Goodwill $46.60M
YoY Change
Intangibles $11.20M
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.831M $1.900M $2.300M
YoY Change -3.63% -17.39% -8.0%
Total Long-Term Assets $156.2M $148.0M $136.7M
YoY Change 5.56% 8.27% 14.97%
TOTAL ASSETS
Total Short-Term Assets $223.9M $193.6M $185.4M
Total Long-Term Assets $156.2M $148.0M $136.7M
Total Assets $380.1M $341.6M $322.1M
YoY Change 11.28% 6.05% 5.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $41.31M $39.90M $30.20M
YoY Change 3.53% 32.12% -1.95%
Accrued Expenses $34.00M $41.90M $32.90M
YoY Change 2.72% 27.36% 8.22%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $300.0K $0.00
YoY Change -25.0%
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $138.8M $120.8M $123.3M
YoY Change 14.93% -2.03% -8.53%
LONG-TERM LIABILITIES
Long-Term Debt $30.00M $30.00M $30.00M
YoY Change 0.0% 0.0% 0.0%
Other Long-Term Liabilities $636.0K $900.0K $900.0K
YoY Change -29.33% 0.0% -35.71%
Total Long-Term Liabilities $30.64M $30.90M $30.90M
YoY Change -0.85% 0.0% -1.59%
TOTAL LIABILITIES
Total Short-Term Liabilities $138.8M $120.8M $123.3M
Total Long-Term Liabilities $30.64M $30.90M $30.90M
Total Liabilities $187.4M $167.5M $166.7M
YoY Change 11.9% 0.48% -4.69%
SHAREHOLDERS EQUITY
Retained Earnings $47.36M
YoY Change
Common Stock $145.1M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares 0.000 shares
Shareholders Equity $192.7M $174.1M $155.4M
YoY Change
Total Liabilities & Shareholders Equity $380.1M $341.6M $322.1M
YoY Change 11.28% 6.05% 5.33%

Cashflow Statement

Concept 2010 Q4 2009 2008 Q4
OPERATING ACTIVITIES
Net Income $6.100M $17.20M $7.600M
YoY Change 41.86% -27.12% -164.41%
Depreciation, Depletion And Amortization $4.300M $13.19M $3.000M
YoY Change 19.44% 18.83% 15.38%
Cash From Operating Activities $32.50M $23.90M $23.90M
YoY Change 122.6% -38.4% 119.27%
INVESTING ACTIVITIES
Capital Expenditures -$9.800M $29.68M -$4.500M
YoY Change 4.26% -206.0% 7.14%
Acquisitions
YoY Change
Other Investing Activities $500.0K $700.0K $300.0K
YoY Change 150.0% -63.16% -160.0%
Cash From Investing Activities -$9.300M -$28.90M -$4.200M
YoY Change 1.09% 10.73% -10.64%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 200.0K 500.0K -600.0K
YoY Change -109.62% -103.33%
NET CHANGE
Cash From Operating Activities 32.50M 23.90M 23.90M
Cash From Investing Activities -9.300M -28.90M -4.200M
Cash From Financing Activities 200.0K 500.0K -600.0K
Net Change In Cash 23.40M -4.500M 19.10M
YoY Change 333.33% -160.0% -21.07%
FREE CASH FLOW
Cash From Operating Activities $32.50M $23.90M $23.90M
Capital Expenditures -$9.800M $29.68M -$4.500M
Free Cash Flow $42.30M -$5.780M $28.40M
YoY Change 76.25% -108.65% 88.08%

Facts In Submission

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<table style="font-size:10pt; font-family:'Times New Roman',times,serif;"> <tr> <td> <p style="FONT-FAMILY: times"><font size="2"><b>1. Organization and Business </b></font></p> <p style="FONT-FAMILY: times"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;MYR Group&#160;Inc. ("the Company") is a holding company of specialty electrical construction service providers and is comprised of six operating subsidiaries: The L. E. Myers&#160;Co., a Delaware corporation; Hawkeye Construction,&#160;Inc., an Oregon corporation; Harlan Electric Company, a Michigan corporation; Sturgeon Electric Company,&#160;Inc., a Michigan corporation; MYR Transmission Services,&#160;Inc., a Delaware corporation; ComTel Technology&#160;Inc., a Colorado corporation; MYRpower,&#160;Inc., a Delaware corporation and Great Southwestern Construction,&#160;Inc., a Colorado corporation. </font></p> <p style="FONT-FAMILY: times"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company performs construction services in two business segments: Transmission and Distribution ("T&amp;D"), and Commercial and Industrial ("C&amp;I"). T&amp;D customers include electric utilities, cooperatives and municipalities nationwide. The Company provides a broad range of services which includes design, engineering, procurement, construction, upgrade, maintenance and repair services with a particular focus on construction, maintenance and repair throughout the continental United States. The Company also provides C&amp;I electrical contracting services to facility owners and general contractors in the western United States.</font></p></td></tr></table>
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IncreaseDecreaseInSelfInsuranceReserve
219000 USD
CY2009 us-gaap Increase Decrease In Billing In Excess Of Cost Of Earnings
IncreaseDecreaseInBillingInExcessOfCostOfEarnings
-7035000 USD
CY2009 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
13781000 USD
CY2009 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
1898000 USD
CY2009 us-gaap Increase Decrease In Insurance Settlements Receivable
IncreaseDecreaseInInsuranceSettlementsReceivable
-886000 USD
CY2009 us-gaap Increase Decrease In Unbilled Receivables
IncreaseDecreaseInUnbilledReceivables
4919000 USD
CY2011 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-17968000 USD
CY2009 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
6604000 USD
CY2009 us-gaap Other Noncash Expense
OtherNoncashExpense
85000 USD
CY2009 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
3876000 USD
CY2009 us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
247000 USD
CY2009 us-gaap Share Based Compensation
ShareBasedCompensation
923000 USD
CY2009 us-gaap Depreciation
Depreciation
13190000 USD
CY2010 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
44837000 USD
CY2010 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-4369000 USD
CY2010 us-gaap Increase Decrease In Self Insurance Reserve
IncreaseDecreaseInSelfInsuranceReserve
944000 USD
CY2010 us-gaap Increase Decrease In Billing In Excess Of Cost Of Earnings
IncreaseDecreaseInBillingInExcessOfCostOfEarnings
19842000 USD
CY2010 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-1718000 USD
CY2010 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-662000 USD
CY2010 us-gaap Increase Decrease In Insurance Settlements Receivable
IncreaseDecreaseInInsuranceSettlementsReceivable
340000 USD
CY2010 us-gaap Increase Decrease In Unbilled Receivables
IncreaseDecreaseInUnbilledReceivables
-1441000 USD
CY2010 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
6520000 USD
CY2010 us-gaap Other Noncash Expense
OtherNoncashExpense
85000 USD
CY2010 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
1743000 USD
CY2010 us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
198000 USD
CY2010 us-gaap Share Based Compensation
ShareBasedCompensation
1603000 USD
CY2010 us-gaap Depreciation
Depreciation
15955000 USD
CY2008Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
42076000 USD
CY2009 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
521000 USD
CY2011 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
45000 USD
CY2011 dei Entity Registrant Name
EntityRegistrantName
MYR GROUP INC.
CY2011 dei Entity Central Index Key
EntityCentralIndexKey
0000700923
CY2011 dei Document Type
DocumentType
10-K
CY2011 dei Document Period End Date
DocumentPeriodEndDate
2011-12-31
CY2011 dei Amendment Flag
AmendmentFlag
false
CY2011 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2011 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2011 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2011 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2011
CY2011 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2011Q2 dei Entity Public Float
EntityPublicFloat
464000000 USD

Files In Submission

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0001047469-12-002223.txt Edgar Link pending
0001047469-12-002223-xbrl.zip Edgar Link pending
a2207698z10-k.htm Edgar Link pending
a2207698zex-10_12.htm Edgar Link pending
a2207698zex-21_1.htm Edgar Link pending
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