10-Q Filing

MYR GROUP INC. CIK: 700923 Q1 2012

Filing Information

Form Type	10-Q
Accession Number	`0001047469-12-005651`
Period End Date	20120331
Filing Date	20120509
Fiscal Year	2012
Fiscal Period	Q1
XBRL Instance	myrg-20120331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 83 Income Statement 33 Cash Flow Statement 58

Balance Sheet 83 line items

Line Item	Tag	Value	Unit	Period
Allowances on accounts receivable (in dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.16M	USD	Point-in-time
Allowances on accounts receivable (in dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.08M	USD	Point-in-time
Accumulated depreciation on property and equipment (in dollars)	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$69.96M	USD	Point-in-time
Accumulated depreciation on property and equipment (in dollars)	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$64.34M	USD	Point-in-time
Accumulated amortization on intangible assets (in dollars)	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$2.22M	USD	Point-in-time
Accumulated amortization on intangible assets (in dollars)	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$2.31M	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, authorized shares	`PreferredStockSharesAuthorized`	4.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$34.01M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$62.62M	USD	Point-in-time
Preferred stock, authorized shares	`PreferredStockSharesAuthorized`	4.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$44.71M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.75M	USD	Point-in-time
Accounts receivable, net of allowances of $1,160 and $1,078, respectively	`AccountsReceivableNetCurrent`	$126.91M	USD	Point-in-time
Preferred stock, issued shares	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, issued shares	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable, net of allowances of $1,160 and $1,078, respectively	`AccountsReceivableNetCurrent`	$155.33M	USD	Point-in-time
Costs and estimated earnings in excess of billings on uncompleted contracts	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$53.87M	USD	Point-in-time
Costs and estimated earnings in excess of billings on uncompleted contracts	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$43.69M	USD	Point-in-time
Preferred stock, outstanding shares	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, outstanding shares	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Construction materials inventory	`InventoryRawMaterialsAndSuppliesNetOfReserves`	$1.54M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Construction materials inventory	`InventoryRawMaterialsAndSuppliesNetOfReserves`	$4.00M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, authorized shares	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Deferred income tax assets	`DeferredTaxAssetsNetCurrent`	$13.25M	USD	Point-in-time
Common stock, authorized shares	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Deferred income tax assets	`DeferredTaxAssetsNetCurrent`	$13.25M	USD	Point-in-time
Receivable for insurance claims in excess of deductibles	`InsuranceSettlementsReceivable`	$10.12M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	20.50M	shares	Point-in-time
Receivable for insurance claims in excess of deductibles	`InsuranceSettlementsReceivable`	$9.94M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	20.41M	shares	Point-in-time
Refundable income taxes	`IncomeTaxesReceivable`	$884.00K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	20.50M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	20.41M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$3.07M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$3.33M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$241.02M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$235.95M	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $69,957 and $64,345, respectively	`PropertyPlantAndEquipmentNet`	$117.18M	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $69,957 and $64,345, respectively	`PropertyPlantAndEquipmentNet`	$120.55M	USD	Point-in-time
Goodwill	`Goodwill`	$46.60M	USD	Point-in-time
Goodwill	`Goodwill`	$46.60M	USD	Point-in-time
Intangible assets, net of accumulated amortization of $2,307 and $2,223, respectively	`IntangibleAssetsNetExcludingGoodwill`	$10.87M	USD	Point-in-time
Intangible assets, net of accumulated amortization of $2,307 and $2,223, respectively	`IntangibleAssetsNetExcludingGoodwill`	$10.79M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.97M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.98M	USD	Point-in-time
Total assets	`Assets`	$412.57M	USD	Point-in-time
Total assets	`Assets`	$420.93M	USD	Point-in-time
Short-term borrowings	`ShortTermBorrowings`	$10.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$80.85M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$73.92M	USD	Point-in-time
Billings in excess of costs and estimated earnings on uncompleted contracts	`BillingsInExcessOfCostCurrent`	$28.75M	USD	Point-in-time
Billings in excess of costs and estimated earnings on uncompleted contracts	`BillingsInExcessOfCostCurrent`	$24.95M	USD	Point-in-time
Accrued self insurance	`SelfInsuranceReserveCurrent`	$38.85M	USD	Point-in-time
Accrued self insurance	`SelfInsuranceReserveCurrent`	$38.20M	USD	Point-in-time
Accrued income taxes	`AccruedIncomeTaxesCurrent`	$2.06M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$28.01M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$29.08M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$176.80M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$177.88M	USD	Point-in-time
Deferred income tax liabilities	`DeferredTaxLiabilitiesNoncurrent`	$19.35M	USD	Point-in-time
Deferred income tax liabilities	`DeferredTaxLiabilitiesNoncurrent`	$19.35M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$1.14M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$679.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$196.83M	USD	Point-in-time
Total liabilities	`Liabilities`	$198.38M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock-$0.01 par value per share; 4,000,000 authorized shares; none issued and outstanding at March 31, 2012 and December 31, 2011	`PreferredStockValueOutstanding`	-	USD	Point-in-time
Preferred stock-$0.01 par value per share; 4,000,000 authorized shares; none issued and outstanding at March 31, 2012 and December 31, 2011	`PreferredStockValueOutstanding`	-	USD	Point-in-time
Common stock-$0.01 par value per share; 100,000,000 authorized shares; 20,500,394 and 20,405,044 shares issued and outstanding at March 31, 2012 and December 31, 2011, respectively	`CommonStockValueOutstanding`	$203.00K	USD	Point-in-time
Common stock-$0.01 par value per share; 100,000,000 authorized shares; 20,500,394 and 20,405,044 shares issued and outstanding at March 31, 2012 and December 31, 2011, respectively	`CommonStockValueOutstanding`	$203.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$149.88M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$150.48M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$71.87M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$65.66M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$215.74M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$222.55M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$420.93M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$412.57M	USD	Point-in-time

Income Statement 33 line items

Line Item	Tag	Value	Unit	Period
Contract revenues	`SalesRevenueServicesNet`	$240.23M	USD	1 Quarter
Contract revenues	`SalesRevenueServicesNet`	$150.29M	USD	1 Quarter
Contract costs	`CostOfServices`	$128.71M	USD	1 Quarter
Contract costs	`CostOfServices`	$214.12M	USD	1 Quarter
Gross profit	`GrossProfit`	$26.10M	USD	1 Quarter
Gross profit	`GrossProfit`	$21.59M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$15.92M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$13.95M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$84.00K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$84.00K	USD	1 Quarter
Gain on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$71.00K	USD	1 Quarter
Gain on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$127.00K	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$7.62M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$10.23M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$29.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$210.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$182.00K	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$-27.00K	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$-22.00K	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$7.42M	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$10.02M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$3.81M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$2.92M	USD	1 Quarter
Net income	`NetIncomeLoss`	$6.21M	USD	1 Quarter
Net income	`NetIncomeLoss`	$4.50M	USD	1 Quarter
-Basic (in dollars per share)	`EarningsPerShareBasic`	$0.23	USD	1 Quarter
-Basic (in dollars per share)	`EarningsPerShareBasic`	$0.30	USD	1 Quarter
-Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.21	USD	1 Quarter
-Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.29	USD	1 Quarter
-Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	20.30M	shares	1 Quarter
-Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	19.98M	shares	1 Quarter
-Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	20.93M	shares	1 Quarter
-Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	21.09M	shares	1 Quarter

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$6.21M	USD	1 Quarter
Net income	`NetIncomeLoss`	$4.50M	USD	1 Quarter
Depreciation and amortization of property and equipment	`Depreciation`	$5.70M	USD	1 Quarter
Depreciation and amortization of property and equipment	`Depreciation`	$4.25M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$84.00K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$84.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$348.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$694.00K	USD	1 Quarter
Gain on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$71.00K	USD	1 Quarter
Gain on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$127.00K	USD	1 Quarter
Other non-cash items	`OtherNoncashExpense`	$34.00K	USD	1 Quarter
Other non-cash items	`OtherNoncashExpense`	$44.00K	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-15.32M	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$28.42M	USD	1 Quarter
Costs and estimated earnings in excess of billings on uncompleted contracts	`IncreaseDecreaseInUnbilledReceivables`	$6.11M	USD	1 Quarter
Costs and estimated earnings in excess of billings on uncompleted contracts	`IncreaseDecreaseInUnbilledReceivables`	$10.18M	USD	1 Quarter
Construction materials inventory	`IncreaseDecreaseInInventories`	$-2.46M	USD	1 Quarter
Receivable for insurance claims in excess of deductibles	`IncreaseDecreaseInInsuranceSettlementsReceivable`	$-37.00K	USD	1 Quarter
Receivable for insurance claims in excess of deductibles	`IncreaseDecreaseInInsuranceSettlementsReceivable`	$-180.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-590.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-3.24M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$6.18M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-5.86M	USD	1 Quarter
Billings in excess of costs and estimated earnings on uncompleted contracts	`IncreaseDecreaseInBillingInExcessOfCostOfEarnings`	$3.81M	USD	1 Quarter
Billings in excess of costs and estimated earnings on uncompleted contracts	`IncreaseDecreaseInBillingInExcessOfCostOfEarnings`	$-2.68M	USD	1 Quarter
Accrued self insurance	`IncreaseDecreaseInSelfInsuranceReserve`	$-647.00K	USD	1 Quarter
Accrued self insurance	`IncreaseDecreaseInSelfInsuranceReserve`	$89.00K	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$1.43M	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$606.00K	USD	1 Quarter
Net cash flows provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$13.79M	USD	1 Quarter
Net cash flows provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-12.01M	USD	1 Quarter
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$140.00K	USD	1 Quarter
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$71.00K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$8.33M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$12.22M	USD	1 Quarter
Net cash flows used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-8.19M	USD	1 Quarter
Net cash flows used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-12.15M	USD	1 Quarter
Repayments on term loan	`RepaymentsOfLongTermDebt`	$20.00M	USD	1 Quarter
Net repayments on revolving credit facility	`RepaymentsOfLongTermLinesOfCredit`	$10.00M	USD	1 Quarter
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$11.00K	USD	1 Quarter
Employee stock option transactions	`ProceedsFromStockOptionsExercised`	$34.00K	USD	1 Quarter
Employee stock option transactions	`ProceedsFromStockOptionsExercised`	$359.00K	USD	1 Quarter
Excess tax benefit from stock-based awards	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$169.00K	USD	1 Quarter
Excess tax benefit from stock-based awards	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$20.00K	USD	1 Quarter
Restricted stock tax withholdings	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$80.00K	USD	1 Quarter
Restricted stock tax withholdings	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$108.00K	USD	1 Quarter
Net cash flows used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-10.06M	USD	1 Quarter
Net cash flows used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-19.55M	USD	1 Quarter
Net decrease in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$-30.26M	USD	1 Quarter
Net decrease in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$-17.91M	USD	1 Quarter
Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$34.01M	USD	Point-in-time
Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$62.62M	USD	Point-in-time
Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$44.71M	USD	Point-in-time
Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$3.75M	USD	Point-in-time
End of period	`CashAndCashEquivalentsAtCarryingValue`	$34.01M	USD	Point-in-time
End of period	`CashAndCashEquivalentsAtCarryingValue`	$62.62M	USD	Point-in-time
End of period	`CashAndCashEquivalentsAtCarryingValue`	$44.71M	USD	Point-in-time
End of period	`CashAndCashEquivalentsAtCarryingValue`	$3.75M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.