2014 Q4 Form 10-Q Financial Statement

#000114420414065287 Filed on November 05, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q3
Revenue $251.0M $248.5M $232.9M
YoY Change -1.41% 6.69% -7.05%
Cost Of Revenue $208.9M $215.7M $200.4M
YoY Change -5.35% 7.66% -9.31%
Gross Profit $42.08M $32.72M $32.48M
YoY Change 24.36% 0.74% 9.84%
Gross Profit Margin 16.77% 13.17% 13.95%
Selling, General & Admin $19.60M $19.28M $19.58M
YoY Change 8.29% -1.5% 25.17%
% of Gross Profit 46.58% 58.92% 60.27%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $8.500M $8.600M $7.258M
YoY Change 10.39% 18.49% 13.05%
% of Gross Profit 20.2% 26.28% 22.34%
Operating Expenses $19.60M $19.28M $19.58M
YoY Change 7.69% -1.5% 25.17%
Operating Profit $22.48M $13.41M $13.08M
YoY Change 43.77% 2.51% -8.13%
Interest Expense -$200.0K $179.0K $175.0K
YoY Change 0.0% 2.29% -52.45%
% of Operating Profit -0.89% 1.34% 1.34%
Other Income/Expense, Net $0.00 $2.000K $2.000K
YoY Change 0.0% -102.3%
Pretax Income $22.30M $13.29M $12.91M
YoY Change 42.95% 2.95% -6.35%
Income Tax $8.200M $4.883M $4.591M
% Of Pretax Income 36.77% 36.75% 35.57%
Net Earnings $14.13M $8.404M $8.315M
YoY Change 40.96% 1.07% -4.93%
Net Earnings / Revenue 5.63% 3.38% 3.57%
Basic Earnings Per Share $0.68 $0.40 $0.39
Diluted Earnings Per Share $0.66 $0.39 $0.38
COMMON SHARES
Basic Shares Outstanding 20.78M shares 20.99M shares 20.86M shares
Diluted Shares Outstanding 21.52M shares 21.45M shares

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $77.60M $64.60M $62.90M
YoY Change 1.44% 2.7% 278.92%
Cash & Equivalents $77.64M $64.61M $62.89M
Short-Term Investments
Other Short-Term Assets $6.880M $2.683M $2.572M
YoY Change 9.5% 4.32% 67.01%
Inventory $44.60M $61.40M $41.90M
Prepaid Expenses
Receivables $158.1M $160.4M $181.1M
Other Receivables $15.00M $14.50M $13.60M
Total Short-Term Assets $313.5M $316.7M $314.5M
YoY Change -3.23% 0.7% 16.45%
LONG-TERM ASSETS
Property, Plant & Equipment $148.7M $154.0M $140.5M
YoY Change 4.0% 9.6% 7.22%
Goodwill $46.60M $46.60M $46.60M
YoY Change 0.0% 0.0% 0.0%
Intangibles $9.865M $9.949M $10.28M
YoY Change -3.27% -3.25% -3.16%
Long-Term Investments
YoY Change
Other Assets $1.467M $1.462M $1.794M
YoY Change -15.88% -18.51% -6.42%
Total Long-Term Assets $206.6M $212.0M $199.2M
YoY Change 2.54% 6.44% 4.73%
TOTAL ASSETS
Total Short-Term Assets $313.5M $316.7M $314.5M
Total Long-Term Assets $206.6M $212.0M $199.2M
Total Assets $520.1M $528.7M $513.7M
YoY Change -1.02% 2.92% 11.61%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $62.25M $68.15M $67.12M
YoY Change -21.81% 1.54% -27.77%
Accrued Expenses $54.60M $39.40M $39.20M
YoY Change 1.11% 0.51% -1.01%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $171.6M $192.6M $206.5M
YoY Change -16.04% -6.74% 5.17%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.216M $1.074M $1.350M
YoY Change -1.38% -20.44% 7.31%
Total Long-Term Liabilities $1.216M $1.074M $1.350M
YoY Change -1.38% -20.44% 7.31%
TOTAL LIABILITIES
Total Short-Term Liabilities $171.6M $192.6M $206.5M
Total Long-Term Liabilities $1.216M $1.074M $1.350M
Total Liabilities $197.5M $217.4M $229.5M
YoY Change -13.87% -5.29% 5.76%
SHAREHOLDERS EQUITY
Retained Earnings $171.2M $157.1M $124.7M
YoY Change 27.13% 26.02% 38.28%
Common Stock $151.3M $154.0M $159.3M
YoY Change -6.25% -3.32% 4.2%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $322.6M $311.3M $284.2M
YoY Change
Total Liabilities & Shareholders Equity $520.1M $528.7M $513.7M
YoY Change -1.02% 2.92% 11.61%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income $14.13M $8.404M $8.315M
YoY Change 40.96% 1.07% -4.93%
Depreciation, Depletion And Amortization $8.500M $8.600M $7.258M
YoY Change 10.39% 18.49% 13.05%
Cash From Operating Activities $21.40M $29.30M $33.50M
YoY Change -9.32% -12.54% 165.87%
INVESTING ACTIVITIES
Capital Expenditures -$3.000M -$10.80M $9.622M
YoY Change -73.21% -212.24% -17.51%
Acquisitions
YoY Change
Other Investing Activities $100.0K $0.00 $400.0K
YoY Change -66.67% -100.0% -20.0%
Cash From Investing Activities -$2.900M -$10.70M -$9.200M
YoY Change -73.64% 16.3% -17.12%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -5.400M -8.600M 1.000M
YoY Change -700.0% -960.0% -110.99%
NET CHANGE
Cash From Operating Activities 21.40M 29.30M 33.50M
Cash From Investing Activities -2.900M -10.70M -9.200M
Cash From Financing Activities -5.400M -8.600M 1.000M
Net Change In Cash 13.10M 10.00M 25.30M
YoY Change -2.96% -60.47% -432.89%
FREE CASH FLOW
Cash From Operating Activities $21.40M $29.30M $33.50M
Capital Expenditures -$3.000M -$10.80M $9.622M
Free Cash Flow $24.40M $40.10M $23.88M
YoY Change -29.89% 67.94% 2453.8%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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us-gaap Prior Period Reclassification Adjustment Description
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<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b><i>Reclassification</i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Certain reclassifications were made to prior year amounts to conform to the current year presentation. The Company reclassified shares withheld to satisfy employee tax obligations upon vesting of restricted and performance shares to repurchase of common shares on the condensed consolidated statements of cash flows for the nine months ended September 30, 2013.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
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EarningsPerShareBasic
1.18
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.06
CY2013Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.39
CY2014Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.40
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.14
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.03
CY2013Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.38
CY2014Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.39
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
438577 shares
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
23.96
CY2014Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
25000000 USD
CY2014Q3 myrg Adjustments To Additional Paid In Capital Under Stock Repurchased Costs
AdjustmentsToAdditionalPaidInCapitalUnderStockRepurchasedCosts
10500000 USD
CY2014Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
14500000 USD
us-gaap Cost Of Services
CostOfServices
557109000 USD
us-gaap Cost Of Services
CostOfServices
602656000 USD
CY2013Q3 us-gaap Cost Of Services
CostOfServices
200407000 USD
CY2014Q3 us-gaap Cost Of Services
CostOfServices
215749000 USD
us-gaap Gross Profit
GrossProfit
91039000 USD
us-gaap Gross Profit
GrossProfit
90332000 USD
CY2013Q3 us-gaap Gross Profit
GrossProfit
32483000 USD
CY2014Q3 us-gaap Gross Profit
GrossProfit
32724000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
51727000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
54267000 USD
CY2013Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
19576000 USD
CY2014Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
19282000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
251000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
250000 USD
CY2013Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
84000 USD
CY2014Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
83000 USD
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
770000 USD
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
119000 USD
CY2013Q3 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
256000 USD
CY2014Q3 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
48000 USD
us-gaap Investment Income Interest
InvestmentIncomeInterest
3000 USD
us-gaap Investment Income Interest
InvestmentIncomeInterest
90000 USD
CY2013Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
0 USD
CY2014Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
57000 USD
us-gaap Interest Expense
InterestExpense
537000 USD
us-gaap Interest Expense
InterestExpense
534000 USD
CY2013Q3 us-gaap Interest Expense
InterestExpense
175000 USD
CY2014Q3 us-gaap Interest Expense
InterestExpense
179000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-15000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
164000 USD
CY2013Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
2000 USD
CY2014Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
2000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
39282000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
35654000 USD
CY2013Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
12906000 USD
CY2014Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
13287000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
14545000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
13237000 USD
CY2013Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4591000 USD
CY2014Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4883000 USD
us-gaap Depreciation
Depreciation
21203000 USD
us-gaap Depreciation
Depreciation
24551000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
2551000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
3271000 USD
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
400000 USD
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
1407000 USD
us-gaap Other Noncash Expense
OtherNoncashExpense
114000 USD
us-gaap Other Noncash Expense
OtherNoncashExpense
95000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
13907000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-13062000 USD
us-gaap Increase Decrease In Unbilled Receivables
IncreaseDecreaseInUnbilledReceivables
-19864000 USD
us-gaap Increase Decrease In Unbilled Receivables
IncreaseDecreaseInUnbilledReceivables
20859000 USD
us-gaap Increase Decrease In Insurance Settlements Receivable
IncreaseDecreaseInInsuranceSettlementsReceivable
90000 USD
us-gaap Increase Decrease In Insurance Settlements Receivable
IncreaseDecreaseInInsuranceSettlementsReceivable
484000 USD
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-795000 USD
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-2439000 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-18745000 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-11162000 USD
us-gaap Increase Decrease In Billing In Excess Of Cost Of Earnings
IncreaseDecreaseInBillingInExcessOfCostOfEarnings
34429000 USD
us-gaap Increase Decrease In Billing In Excess Of Cost Of Earnings
IncreaseDecreaseInBillingInExcessOfCostOfEarnings
-4484000 USD
us-gaap Increase Decrease In Self Insurance Reserve
IncreaseDecreaseInSelfInsuranceReserve
-390000 USD
us-gaap Increase Decrease In Self Insurance Reserve
IncreaseDecreaseInSelfInsuranceReserve
308000 USD
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
1051000 USD
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
2932000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
71493000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
33624000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
914000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
230000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
31540000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
35992000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-30626000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-35762000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1717000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
450000 USD
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
971000 USD
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
390000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
542000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
10585000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
56000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
38000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-9707000 USD
dei Document Type
DocumentType
10-Q
dei Amendment Flag
AmendmentFlag
false
dei Document Period End Date
DocumentPeriodEndDate
2014-09-30
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Entity Registrant Name
EntityRegistrantName
MYR GROUP INC.
dei Entity Central Index Key
EntityCentralIndexKey
0000700923
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
dei Trading Symbol
TradingSymbol
MYRG
CY2014Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
20779219 shares
us-gaap Stock Repurchase Program Expiration Date
StockRepurchaseProgramExpirationDate
2015-08-31
myrg Share Based Compensation Arrangement By Share Based Payment Award Number Of Performance Measures
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfPerformanceMeasures
2 pure
myrg Share Based Compensation Arrangement By Share Based Payment Award Number Of Plans
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfPlans
2 pure
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2014Q3 myrg Loss Contingency Insurance Policy Deductible For Each Line Of Coverage Excluding Health
LossContingencyInsurancePolicyDeductibleForEachLineOfCoverageExcludingHealth
1000000 USD
CY2014Q3 myrg Loss Contingency Health Insurance Deductible For Qualified Individuals
LossContingencyHealthInsuranceDeductibleForQualifiedIndividuals
100000 USD
CY2014Q3 myrg Adjustments To Additional Paid In Capital Under Stock Repurchased Costs Settled
AdjustmentsToAdditionalPaidInCapitalUnderStockRepurchasedCostsSettled
9800000 USD

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