$PRIM
Primoris Services Corp

2010 Q4 Form 10-K Financial Statement

#000110465912015638 Filed on March 05, 2012

View on sec.gov

Income Statement

Concept 2010 Q4 2010 2009
Revenue $333.2M $941.8M $467.0M
YoY Change 184.3% 101.66% -21.88%
Cost Of Revenue $289.4M $819.0M $391.4M
YoY Change 198.04% 109.22% -25.78%
Gross Profit $43.80M $122.8M $75.58M
YoY Change 116.83% 62.47% 7.35%
Gross Profit Margin 13.15% 13.04% 16.18%
Selling, General & Admin $21.10M $64.99M $34.78M
YoY Change 75.83% 86.84% 14.04%
% of Gross Profit 48.17% 52.92% 46.02%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $11.90M $17.90M $8.700M
YoY Change 325.0% 105.79% 38.1%
% of Gross Profit 27.17% 14.58% 11.51%
Operating Expenses $21.20M $64.99M $34.78M
YoY Change 78.15% 86.84% 14.04%
Operating Profit $22.60M $57.80M $40.40M
YoY Change 172.29% 43.07% 1.26%
Interest Expense -$1.700M $6.196M $7.700M
YoY Change -153.13% -19.53% 20.31%
% of Operating Profit -7.52% 10.72% 19.06%
Other Income/Expense, Net -$500.0K -$1.429M $0.00
YoY Change
Pretax Income $20.50M $55.68M $48.11M
YoY Change 84.68% 15.72% 14.01%
Income Tax $8.300M $22.06M $18.35M
% Of Pretax Income 40.49% 39.62% 38.14%
Net Earnings $12.30M $33.62M $25.90M
YoY Change 232.43% 29.79% -28.85%
Net Earnings / Revenue 3.69% 3.57% 5.55%
Basic Earnings Per Share $0.79 $0.81
Diluted Earnings Per Share $241.7K $0.72 $0.75
COMMON SHARES
Basic Shares Outstanding 42.69M shares 31.94M shares
Diluted Shares Outstanding 46.88M shares 34.42M shares

Balance Sheet

Concept 2010 Q4 2010 2009
SHORT-TERM ASSETS
Cash & Short-Term Investments $141.4M $141.4M $120.1M
YoY Change 17.74% 17.74% 36.63%
Cash & Equivalents $115.4M $115.4M $90.00M
Short-Term Investments $26.00M $26.00M $30.10M
Other Short-Term Assets $35.00M $35.00M $23.60M
YoY Change 48.31% 48.31% 8.26%
Inventory $25.60M $42.90M $33.70M
Prepaid Expenses
Receivables $205.6M $205.6M $108.2M
Other Receivables $2.500M $2.500M $300.0K
Total Short-Term Assets $427.4M $427.4M $285.8M
YoY Change 49.56% 49.55% 28.45%
LONG-TERM ASSETS
Property, Plant & Equipment $123.2M $123.2M $92.60M
YoY Change 33.01% 33.05% 273.39%
Goodwill $94.18M
YoY Change
Intangibles $40.63M
YoY Change
Long-Term Investments $18.81M $18.80M $5.600M
YoY Change 235.8% 235.71% 1020.0%
Other Assets $0.00
YoY Change -100.0%
Total Long-Term Assets $276.8M $276.8M $192.6M
YoY Change 43.71% 43.72% 548.48%
TOTAL ASSETS
Total Short-Term Assets $427.4M $427.4M $285.8M
Total Long-Term Assets $276.8M $276.8M $192.6M
Total Assets $704.2M $704.2M $478.4M
YoY Change 47.2% 47.2% 89.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $89.48M $89.50M $62.60M
YoY Change 42.95% 42.97% 22.75%
Accrued Expenses $55.86M $54.10M $43.80M
YoY Change 27.53% 23.52% 34.36%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $9.623M $29.70M $21.10M
YoY Change -54.39% 40.76% 167.09%
Total Short-Term Liabilities $381.6M $381.6M $244.5M
YoY Change 56.07% 56.07% 45.19%
LONG-TERM LIABILITIES
Long-Term Debt $38.43M $73.20M $78.00M
YoY Change -50.73% -6.15% 188.89%
Other Long-Term Liabilities $4.147M $28.70M $9.300M
YoY Change -55.41% 208.6%
Total Long-Term Liabilities $42.58M $101.9M $87.30M
YoY Change -51.23% 16.72% 223.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $381.6M $381.6M $244.5M
Total Long-Term Liabilities $42.58M $101.9M $87.30M
Total Liabilities $496.0M $496.0M $334.4M
YoY Change 48.32% 48.33% 69.92%
SHAREHOLDERS EQUITY
Retained Earnings $71.98M
YoY Change
Common Stock $136.3M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $208.2M $208.2M $144.0M
YoY Change
Total Liabilities & Shareholders Equity $704.2M $704.2M $478.4M
YoY Change 47.2% 47.2% 89.69%

Cashflow Statement

Concept 2010 Q4 2010 2009
OPERATING ACTIVITIES
Net Income $12.30M $33.62M $25.90M
YoY Change 232.43% 29.79% -28.85%
Depreciation, Depletion And Amortization $11.90M $17.90M $8.700M
YoY Change 325.0% 105.79% 38.1%
Cash From Operating Activities $71.80M $81.00M $25.90M
YoY Change 1004.62% 212.74% -60.94%
INVESTING ACTIVITIES
Capital Expenditures -$5.800M $23.64M $9.314M
YoY Change 346.15% 153.81% -192.22%
Acquisitions
YoY Change
Other Investing Activities -$18.80M -$30.50M $15.00M
YoY Change -1144.44% -303.33% -208.7%
Cash From Investing Activities -$24.70M -$54.20M $5.700M
YoY Change -5040.0% -1050.88% -123.85%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $21.69M $442.0K
YoY Change 4807.24% -98.5%
Debt Paid & Issued, Net $12.70M $21.51M
YoY Change -40.97%
Cash From Financing Activities -13.20M -1.400M -14.50M
YoY Change -456.76% -90.34% -54.83%
NET CHANGE
Cash From Operating Activities 71.80M 81.00M 25.90M
Cash From Investing Activities -24.70M -54.20M 5.700M
Cash From Financing Activities -13.20M -1.400M -14.50M
Net Change In Cash 33.90M 25.40M 17.10M
YoY Change 216.82% 48.54% 66.02%
FREE CASH FLOW
Cash From Operating Activities $71.80M $81.00M $25.90M
Capital Expenditures -$5.800M $23.64M $9.314M
Free Cash Flow $77.60M $57.36M $16.59M
YoY Change 894.87% 245.83% -78.29%

Facts In Submission

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CY2009 us-gaap Increase Decrease In Unbilled Receivables
IncreaseDecreaseInUnbilledReceivables
-9420000 USD
CY2009 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
442000 USD
CY2009 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
21506000 USD
CY2009 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
2539000 USD
CY2009 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
17330000 USD
CY2011 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
5318000 USD
CY2011 us-gaap Repayments Of Subordinated Debt
RepaymentsOfSubordinatedDebt
20710000 USD
CY2011 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
22329000 USD
CY2011 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
6282000 USD
CY2011 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-22609000 USD
CY2011 us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
39000000 USD
CY2011 us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
36000000 USD
CY2011 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
3443000 USD
CY2011 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
29052000 USD
CY2011 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
6735000 USD
CY2011 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
3965000 USD
CY2011 us-gaap Increase Decrease In Billing In Excess Of Cost Of Earnings
IncreaseDecreaseInBillingInExcessOfCostOfEarnings
-67539000 USD
CY2011 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
17241000 USD
CY2011 prim Increase Decrease In Inventories Prepaid Expenses And Other Assets
IncreaseDecreaseInInventoriesPrepaidExpensesAndOtherAssets
6654000 USD
CY2011 us-gaap Increase Decrease In Unbilled Receivables
IncreaseDecreaseInUnbilledReceivables
24591000 USD
CY2011 us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
-20767000 USD
CY2011 prim Increase Decrease In Customer Retention Deposits And Restricted Cash Current
IncreaseDecreaseInCustomerRetentionDepositsAndRestrictedCashCurrent
18972000 USD
CY2011 prim Increase Decrease In Deferred Tax Assets Liabilities Net
IncreaseDecreaseInDeferredTaxAssetsLiabilitiesNet
-7453000 USD
CY2011Q4 us-gaap Dividends Payable Amount
DividendsPayableAmount
1532000 USD
CY2011 us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
10136000 USD
CY2011 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-335000 USD
CY2010Q4 us-gaap Dividends Payable Amount
DividendsPayableAmount
1234000 USD
CY2010Q4 us-gaap Business Acquisition Purchase Price Allocation Liabilities Assumed
BusinessAcquisitionPurchasePriceAllocationLiabilitiesAssumed
-77489000 USD
CY2010Q4 us-gaap Business Acquisition Purchase Price Allocation Notes Payable And Long Term Debt
BusinessAcquisitionPurchasePriceAllocationNotesPayableAndLongTermDebt
-16712000 USD
CY2010Q4 us-gaap Business Acquisition Purchase Price Allocation Assets Acquired
BusinessAcquisitionPurchasePriceAllocationAssetsAcquired
141570000 USD
CY2010 us-gaap Cash Acquired From Acquisition
CashAcquiredFromAcquisition
19623000 USD
CY2010 us-gaap Income Taxes Paid
IncomeTaxesPaid
26794000 USD
CY2010 us-gaap Interest Paid
InterestPaid
6131000 USD
CY2010 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
25433000 USD
CY2010 us-gaap Net Cash Provided By Used In Discontinued Operations
NetCashProvidedByUsedInDiscontinuedOperations
-874000 USD
CY2010 us-gaap Cash Provided By Used In Operating Activities Discontinued Operations
CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations
-874000 USD
CY2010 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-1364000 USD
CY2010 us-gaap Distribution Made To Member Or Limited Partner Cash Distributions Paid
DistributionMadeToMemberOrLimitedPartnerCashDistributionsPaid
1966000 USD
CY2010 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
4404000 USD
CY2010 us-gaap Payments For Repurchase Of Warrants
PaymentsForRepurchaseOfWarrants
277000 USD
CY2010 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
-390000 USD
CY2010 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
21690000 USD
CY2010 us-gaap Repayments Of Subordinated Debt
RepaymentsOfSubordinatedDebt
27001000 USD
CY2010 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
12696000 USD
CY2010 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
4600000 USD
CY2010 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
27500000 USD
CY2010 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-54177000 USD
CY2010 us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
48058000 USD
CY2010 us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
44000000 USD
CY2010 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
2967000 USD
CY2010 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
23640000 USD
CY2010 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
4147000 USD
CY2010 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
5375000 USD
CY2010 us-gaap Increase Decrease In Billing In Excess Of Cost Of Earnings
IncreaseDecreaseInBillingInExcessOfCostOfEarnings
55825000 USD
CY2010 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
12391000 USD
CY2010 prim Increase Decrease In Inventories Prepaid Expenses And Other Assets
IncreaseDecreaseInInventoriesPrepaidExpensesAndOtherAssets
6837000 USD
CY2010 us-gaap Increase Decrease In Unbilled Receivables
IncreaseDecreaseInUnbilledReceivables
3765000 USD
CY2010 us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
42148000 USD
CY2010 prim Increase Decrease In Customer Retention Deposits And Restricted Cash Current
IncreaseDecreaseInCustomerRetentionDepositsAndRestrictedCashCurrent
5673000 USD
CY2010 prim Increase Decrease In Deferred Tax Assets Liabilities Net
IncreaseDecreaseInDeferredTaxAssetsLiabilitiesNet
1091000 USD
CY2010 us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
9491000 USD
CY2009 us-gaap Stock Issued1
StockIssued1
64500000 USD
CY2011 dei Entity Registrant Name
EntityRegistrantName
Primoris Services Corp
CY2011 dei Entity Central Index Key
EntityCentralIndexKey
0001361538
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 Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2011 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2011 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2011 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2011Q2 dei Entity Public Float
EntityPublicFloat
366200000 USD
CY2012Q1 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
51071527 shares
CY2011 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2011
CY2011 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2011 us-gaap Payments For Repurchase Of Other Equity
PaymentsForRepurchaseOfOtherEquity
2030000 USD
CY2010Q4 prim Equity Issued Value For Acquistions
EquityIssuedValueForAcquistions
-13600000 USD
CY2009Q4 prim Equity Issued Value For Acquistions
EquityIssuedValueForAcquistions
-65500000 USD

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