2017 Q2 Form 10-Q Financial Statement

#000114420417039922 Filed on August 02, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q4 2016 Q2
Revenue $356.2M $343.7M $261.9M
YoY Change 35.98% 26.73% -5.26%
Cost Of Revenue $328.7M $301.7M $230.5M
YoY Change 42.59% 26.45% -5.82%
Gross Profit $27.52M $41.94M $31.44M
YoY Change -12.46% 28.62% -0.95%
Gross Profit Margin 7.73% 12.21% 12.0%
Selling, General & Admin $25.02M $26.80M $22.52M
YoY Change 11.13% 18.06% 18.84%
% of Gross Profit 90.94% 63.89% 71.63%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $9.700M $9.700M $9.800M
YoY Change -1.02% -3.0% 4.26%
% of Gross Profit 35.25% 23.13% 31.18%
Operating Expenses $25.02M $27.10M $22.52M
YoY Change 11.13% 17.83% 18.84%
Operating Profit $3.602M $14.84M $9.142M
YoY Change -60.6% 54.45% -29.81%
Interest Expense $594.0K -$500.0K $242.0K
YoY Change 145.45% 150.0% 29.41%
% of Operating Profit 16.49% -3.37% 2.65%
Other Income/Expense, Net $751.0K $1.200M -$52.00K
YoY Change -1544.23% -700.0% 67.74%
Pretax Income $3.762M $15.90M $8.849M
YoY Change -57.49% 60.61% -30.94%
Income Tax $2.532M $8.100M $3.349M
% Of Pretax Income 67.3% 50.94% 37.85%
Net Earnings $1.230M $7.798M $5.500M
YoY Change -77.64% 32.6% -31.88%
Net Earnings / Revenue 0.35% 2.27% 2.1%
Basic Earnings Per Share $0.08 $0.49 $0.32
Diluted Earnings Per Share $0.07 $0.48 $0.31
COMMON SHARES
Basic Shares Outstanding 16.31M shares 17.35M shares
Diluted Shares Outstanding 16.50M shares 17.68M shares

Balance Sheet

Concept 2017 Q2 2016 Q4 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.00M $23.80M $3.400M
YoY Change 194.12% -40.2% -92.75%
Cash & Equivalents $10.03M $23.85M $3.363M
Short-Term Investments
Other Short-Term Assets $8.286M $8.202M $6.800M
YoY Change 21.85% 3.27% -14.71%
Inventory $93.10M $70.00M $67.20M
Prepaid Expenses
Receivables $222.2M $234.6M $161.9M
Other Receivables $4.600M $6.300M $14.70M
Total Short-Term Assets $338.2M $342.9M $254.0M
YoY Change 33.15% 13.03% -24.53%
LONG-TERM ASSETS
Property, Plant & Equipment $155.6M $154.9M $156.2M
YoY Change -0.41% -3.6% -5.83%
Goodwill $46.78M
YoY Change -0.73%
Intangibles $11.57M
YoY Change 1.8%
Long-Term Investments $0.00
YoY Change
Other Assets $3.500M $2.666M $3.500M
YoY Change 0.0% 11.36% 149.29%
Total Long-Term Assets $231.7M $230.6M $217.7M
YoY Change 6.43% 4.08% -3.63%
TOTAL ASSETS
Total Short-Term Assets $338.2M $342.9M $254.0M
Total Long-Term Assets $231.7M $230.6M $217.7M
Total Assets $569.9M $573.5M $471.7M
YoY Change 20.82% 9.25% -16.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $115.3M $99.94M $77.50M
YoY Change 48.81% 36.35% -14.4%
Accrued Expenses $12.40M $10.50M $37.80M
YoY Change -67.2% -79.41% 3.56%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.100M $1.100M $900.0K
YoY Change 22.22%
Total Short-Term Liabilities $202.8M $196.2M $187.1M
YoY Change 8.39% 9.17% -4.53%
LONG-TERM LIABILITIES
Long-Term Debt $44.88M $59.07M $23.70M
YoY Change 89.36%
Other Long-Term Liabilities $505.0K $539.0K $900.0K
YoY Change -43.89% -41.79% -26.47%
Total Long-Term Liabilities $45.38M $59.61M $24.60M
YoY Change 84.48% 6337.26% 1909.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $202.8M $196.2M $187.1M
Total Long-Term Liabilities $45.38M $59.61M $24.60M
Total Liabilities $302.7M $310.3M $226.0M
YoY Change 33.95% 59.1% 1.83%
SHAREHOLDERS EQUITY
Retained Earnings $125.1M $123.3M
YoY Change -26.68%
Common Stock $142.3M $140.3M $160.0K
YoY Change 88856.88% -13.17% -99.9%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $267.1M $263.2M $245.7M
YoY Change
Total Liabilities & Shareholders Equity $569.9M $573.5M $471.7M
YoY Change 20.81% 9.25% -16.13%

Cashflow Statement

Concept 2017 Q2 2016 Q4 2016 Q2
OPERATING ACTIVITIES
Net Income $1.230M $7.798M $5.500M
YoY Change -77.64% 32.6% -31.88%
Depreciation, Depletion And Amortization $9.700M $9.700M $9.800M
YoY Change -1.02% -3.0% 4.26%
Cash From Operating Activities $6.100M $14.00M $32.10M
YoY Change -81.0% -56.66% 322.37%
INVESTING ACTIVITIES
Capital Expenditures -$10.60M -$7.500M -$8.400M
YoY Change 26.19% 97.37% -36.84%
Acquisitions
YoY Change
Other Investing Activities $1.600M -$11.30M $800.0K
YoY Change 100.0% 1155.56% -107.34%
Cash From Investing Activities -$9.000M -$18.70M -$7.700M
YoY Change 16.88% 297.87% -68.44%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 5.300M 28.90M -47.20M
YoY Change -111.23% -258.79% -2722.22%
NET CHANGE
Cash From Operating Activities 6.100M 14.00M 32.10M
Cash From Investing Activities -9.000M -18.70M -7.700M
Cash From Financing Activities 5.300M 28.90M -47.20M
Net Change In Cash 2.400M 24.20M -22.80M
YoY Change -110.53% 157.45% 52.0%
FREE CASH FLOW
Cash From Operating Activities $6.100M $14.00M $32.10M
Capital Expenditures -$10.60M -$7.500M -$8.400M
Free Cash Flow $16.70M $21.50M $40.50M
YoY Change -58.77% -40.44% 93.78%

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us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
4603000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4598000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2173000 USD
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.41
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.15
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.4
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.15
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18336000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16237000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18638000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16476000 shares
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
515568000 USD
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
656314000 USD
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
2440000 USD
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
7403000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
10000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-84000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
10000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-84000 USD
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
dei Trading Symbol
TradingSymbol
MYRG
CY2017Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
16491656 shares
CY2017Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
474000 USD
CY2016Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
432000 USD
CY2017Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
220760000 USD
CY2016Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
209466000 USD
CY2017Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
5082000 USD
CY2016Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
4684000 USD
CY2017Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2016Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2017Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
4000000 shares
CY2016Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
4000000 shares
CY2017Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2017Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2016Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2017Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2016Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2017Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
16491656 shares
CY2017Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
16491656 shares
CY2016Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
16333139 shares
CY2016Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
16333139 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
239000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
302000 shares
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
0 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
874000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
28000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
63000 USD
CY2017Q2 myrg Net Costs And Estimated Earnings In Excess Of Billings
NetCostsAndEstimatedEarningsInExcessOfBillings
51083000 USD
CY2016Q4 myrg Net Costs And Estimated Earnings In Excess Of Billings
NetCostsAndEstimatedEarningsInExcessOfBillings
27629000 USD
CY2017Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35 pure
CY2016Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.378 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.380 pure
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35 pure
CY2016Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2017Q2 us-gaap Line Of Credit
LineOfCredit
44900000 USD
CY2016Q4 us-gaap Line Of Credit
LineOfCredit
59100000 USD
CY2017Q2 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
23700000 USD
CY2016Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
23700000 USD
CY2017Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
300000 USD
CY2016Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
300000 USD
us-gaap Use Of Estimates
UseOfEstimates
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0in"> <b><i>Use of Estimates</i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 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: 0px; FONT: 10pt Times New Roman, Times, Serif"> <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"> The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the period reported. Actual results could differ from those estimates.</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"> The most significant estimates are related to estimates of costs to complete on contracts, pending change orders and claims, shared savings, insurance reserves, income tax reserves, estimates surrounding stock-based compensation, the recoverability of goodwill and intangibles and accounts receivable reserves.</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"> In the first six months ended June 30, 2017, the Company had recognized revenues of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">5.2</font> million related to significant change orders and/or claims that had been included as contract price adjustments on certain contracts which were in the process of being negotiated in the normal course of business.</div> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; CLEAR: both"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <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"> The percentage of completion method of accounting requires the Company to make estimates about the expected revenue and gross profit on each of its contracts in process. The estimates are reviewed and revised quarterly, as needed. During the three and six months ended June 30, 2017, changes in estimates pertaining to certain projects resulted in decreased consolidated gross margin of 2.1% and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1.0</font>%, respectively. The Company&#8217;s income from operations for the three and six months ended June 30, 2017 decreased $7.4 million and $6.8 million, respectively, due to the changes in estimated gross profit. These changes in estimates resulted in decrease of $4.4 million and $4.1 million, respectively, in net income or $0.27 and $0.25, respectively, in diluted earnings per common share during the three and six months ended June 30, 2017.</div> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 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: 0px; FONT: 10pt Times New Roman, Times, Serif"> During the three months ended June 30, 2016, changes in estimates pertaining to certain projects resulted in increased consolidated gross margin of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 0.1</font>%. The Company&#8217;s income from operations for the three months ended June 30, 2016 increased $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.2</font> million due to the changes in estimated gross profit. These changes in estimates resulted in an increase of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.1</font> million in net income, or $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.01</font> in diluted earnings per common share, during the three months ended June 30, 2016. During the six months ended June 30, 2016, changes in estimates pertaining to certain projects resulted in decreased consolidated gross margin of 0.7%. The Company&#8217;s income from operations for the six months ended June 30, 2016 decreased $3.7 million due to the changes in estimated gross profit. These changes in estimates resulted in a decrease of $2.3 million in net income, or $0.12 in diluted earnings per common share, during the six months ended June 30, 2016.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2017Q2 us-gaap Insurance Settlements Receivable Noncurrent
InsuranceSettlementsReceivableNoncurrent
14646000 USD
CY2016Q4 us-gaap Insurance Settlements Receivable Noncurrent
InsuranceSettlementsReceivableNoncurrent
14692000 USD
CY2017Q2 us-gaap Self Insurance Reserve Noncurrent
SelfInsuranceReserveNoncurrent
32898000 USD
CY2016Q4 us-gaap Self Insurance Reserve Noncurrent
SelfInsuranceReserveNoncurrent
32092000 USD
us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
100000 USD
CY2017Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.673 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.472 pure
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
72297 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
15.69
CY2017Q2 myrg Accrued Self Insurance Reclassification Adjustment
AccruedSelfInsuranceReclassificationAdjustment
32900000 USD
CY2016Q4 myrg Accrued Self Insurance Reclassification Adjustment
AccruedSelfInsuranceReclassificationAdjustment
32100000 USD
CY2017Q2 myrg Receivable For Insurance Claims Reclassification Adjustment
ReceivableForInsuranceClaimsReclassificationAdjustment
14600000 USD
CY2016Q4 myrg Receivable For Insurance Claims Reclassification Adjustment
ReceivableForInsuranceClaimsReclassificationAdjustment
14700000 USD

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