Primoris Services Corporation Announces 2012 Fourth Quarter New Contract WorkValued at over $253 Million
DALLAS--(BUSINESS WIRE)-- Primoris Services Corporation (NASDAQ Global Select: PRIM) ("Primoris" or "Company") today announced new contract work totaling approximately $253.3 million for the period between October 1, 2012 and December 31, 2012. This contract work is in addition to previously announced individual projects. The new contracts and work authorizations secured by Primoris subsidiaries include power, pipeline, gas utility, water/wastewater, highway infrastructure and parking infrastructure projects throughout the continental United States.
Of the total awards, contracts valued at approximately $49 million are cost reimbursable projects and will not be included in backlog.
In the West Construction Services Segment:
The ARB Underground Group has recently acquired approximately $25.6 million in new contract work in California, substantially all of which will be completed by the end of 2013. This new work includes:
approximately $3.9 million for retrofit and pipeline integrity work from major California utility companies;
and $21.7 million for underground gas and electric distribution projects.
The ARB Industrial Group acquired approximately $15.7 million in industrial and power maintenance related projects in California. The majority of this work will be completed during 2013.
ARB Structures secured a new parking structure contract in California valued at approximately $12.1 million. This project should be complete by the end of 2013.
Rockford Corporation was awarded contracts for new natural gas pipeline and gathering systems totaling approximately $22.6 million. The new contracts represent additional work in the Marcellus Shale region of Pennsylvania. All of this work should be completed by the third quarter of 2013.
Q3 Contracting, a Primoris subsidiary acquired in November 2012 and headquartered in Little Canada, MN, secured approximately $36.0 million for gas and utility distribution work in the Midwest region of the United States. The new contract awards include both unit price work and service contract renewals. The new work will commence in the first quarter and will extend to the end of 2013.
In the East Construction Services Segment:
James Construction Group was awarded new contract work totaling approximately $91.7 million. The Heavy Civil new work will extend through 2014, while the Industrial and Infrastructure & Maintenance awards should be substantially complete by the end of 2013.
The James Heavy Civil group new work encompasses over $40 million of new highway and transportation infrastructure projects across central and southeast Texas, and approximately $9.4 million of new bridge and highway work in Louisiana.
The James Industrial group was awarded over $34.1 million for construction related to chemical and industrial facilities primarily in south Louisiana.
The James Infrastructure and Maintenance group was awarded approximately $8.2 million for power plant and industrial related site work in Louisiana, Florida and Texas.
Cardinal Contractors was successful in securing approximately $31.3 million of new work, with $24.9 located in Dallas, Texas and approximately $6.4 in Florida. The new water/wastewater construction projects and GML rehabilitation/lining work should be completed in 2014.
Sprint Pipeline Services secured $18.3 million of new work in south Texas. This new work includes:
$15.2 million of pipeline and gas processing work in south Texas, to be complete in 2013;
and a $3.1 million award by Sunoco Logistics Partners, L.P. for the civil and mechanical work associated with a 26" pipeline and meter station near Goodrich, Texas.This work is slated to be completed by the end of the first quarter of 2013.
Founded in 1946, Primoris, through various subsidiaries, has grown to become one of the largest construction service enterprises 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 more than doubled its size, 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 detailed in the "Risk Factors" section and other portions of our Annual Report on Form 10-K, our Form 10-Q, 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.
Primoris Services Corporation
Kate Tholking, 214-740-5615
Director of Investor Relations
KEYWORDS: United States North America Texas
The article Primoris Services Corporation Announces 2012 Fourth Quarter New Contract Work Valued at over $253 Million originally appeared on Fool.com.
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