Primoris Services Corporation Announces New Contract Work Valued at over $322 Million
DALLAS--(BUSINESS WIRE)-- Primoris Services Corporation (NASDAQ Global Select: PRIM) ("Primoris" or "Company") today announced new contract work totaling approximately $322.7 million for the period between January 1, 2013 and March 31, 2013. This contract work is in addition to the two large projects announced last week. The new contracts and work authorizations secured by Primoris subsidiaries include power, pipeline, gas utility, water/wastewater, and highway infrastructure projects throughout the continental United States.
Approximately 38% of the new work will be performed under reimbursable contracts and will not be included in backlog at the end of the quarter.
In the East Construction Services Segment:
Cardinal Contractors secured approximately $12.4 million of new contract work. Roughly $6.5 million of the work is for wastewater plant improvements located in Texas. The $5.9 million of new awards in Florida includes new water/wastewater construction projects and rehabilitation/lining work. The majority of this work should be completed by the end of 2013.
James Construction Group was awarded new contract work totaling approximately $82.5 million.
The James Heavy Civil group new work encompasses over $40.1 million of new highway and transportation infrastructure projects across central and southeast Texas, and approximately $5.6 million of new bridge and highway work in Louisiana. These projects will extend in to mid-2015.
The James Industrial group was awarded over $31.1 million for construction related to chemical and industrial facilities in south Louisiana. The works should be substantially completed by the end of 2014.
The James Infrastructure and Maintenance group was awarded approximately $5.7 million for power plant, industrial, and landfill-related site work in Louisiana and Texas. This work should also be completed substantially by the end of 2014.
Saxon Construction, as part of a joint venture arrangement, was awarded approximately $76.5 million for industrial facility construction projects in Arkansas and south Texas. Saxon expects to perform $42.5 million of the $76.5 million total award. This work should be completed near year-end 2015. Saxon was also awarded a $3 million project associated with a gas processing facility in Oklahoma that should be completed by the end of 2013.
Sprint Pipeline Services secured additional awards for $27.6 million in pipeline related projects in south Texas. The largest of the projects is a $14 million contract for a new 12 inch pipeline that extends a previously announced Sprint project. All of the new work should be completed in 2013.
In the West Construction Services Segment:
The ARB Underground Group has recently acquired approximately $68.6 million in new contract work in California, substantially all of which will be completed by the end of 2013. This new work includes:
approximately $24 million for retrofit and pipeline integrity work from major California utility companies;
$31.4 million for underground gas and electric distribution projects; and
$13.2 million for pipeline construction projects.
The ARB Industrial Group acquired approximately $8.0 million in industrial and power maintenance-related projects in California. The majority of this work will be completed during 2013.
Q3 Contracting secured $59.6 million for utility distribution and pipeline-related work in the Midwest region of the United States, primarily in Minnesota and Missouri. The new work will commence in the second quarter and will extend to the end of 2013.
Rockford Corporation was awarded additional new contracts for natural gas pipeline and gathering systems in the Marcellus Shale region of Pennsylvania valued at $18.5 million. All of this work should be completed by the third 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 tripled its revenue 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
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