10-Q Filing

MYR GROUP INC. CIK: 700923 Q1 2013

Filing Information

Form Type	10-Q
Accession Number	`0001047469-13-005731`
Period End Date	20130331
Filing Date	20130508
Fiscal Year	2013
Fiscal Period	Q1
XBRL Instance	myrg-20130331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 80 Income Statement 33 Cash Flow Statement 55

Balance Sheet 80 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowances (in dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.18M	USD	Point-in-time
Accounts receivable, allowances (in dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.30M	USD	Point-in-time
Property and equipment, accumulated depreciation (in dollars)	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$88.04M	USD	Point-in-time
Property and equipment, accumulated depreciation (in dollars)	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$94.68M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.75M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$19.82M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$34.01M	USD	Point-in-time
Intangible assets, accumulated amortization (in dollars)	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$2.56M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$21.28M	USD	Point-in-time
Intangible assets, accumulated amortization (in dollars)	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$2.64M	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
Accounts receivable, net of allowances of $1,184 and $1,305, respectively	`AccountsReceivableNetCurrent`	$167.24M	USD	Point-in-time
Accounts receivable, net of allowances of $1,184 and $1,305, respectively	`AccountsReceivableNetCurrent`	$159.35M	USD	Point-in-time
Preferred stock, authorized shares	`PreferredStockSharesAuthorized`	4.00M	shares	Point-in-time
Costs and estimated earnings in excess of billings on uncompleted contracts	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$61.77M	USD	Point-in-time
Preferred stock, authorized shares	`PreferredStockSharesAuthorized`	4.00M	shares	Point-in-time
Costs and estimated earnings in excess of billings on uncompleted contracts	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$43.27M	USD	Point-in-time
Deferred income tax assets	`DeferredTaxAssetsNetCurrent`	$12.74M	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
Deferred income tax assets	`DeferredTaxAssetsNetCurrent`	$12.74M	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
Receivable for insurance claims in excess of deductibles	`InsuranceSettlementsReceivable`	$11.34M	USD	Point-in-time
Receivable for insurance claims in excess of deductibles	`InsuranceSettlementsReceivable`	$11.38M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Refundable income taxes	`IncomeTaxesReceivable`	$1.04M	USD	Point-in-time
Common stock, authorized shares	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, authorized shares	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$4.40M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$5.10M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$253.08M	USD	Point-in-time
Common stock, issued shares	`CommonStockSharesIssued`	20.75M	shares	Point-in-time
Common stock, issued shares	`CommonStockSharesIssued`	20.98M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$278.40M	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $94,680 and $88,042, respectively	`PropertyPlantAndEquipmentNet`	$128.91M	USD	Point-in-time
Common stock, outstanding shares	`CommonStockSharesOutstanding`	20.98M	shares	Point-in-time
Property and equipment, net of accumulated depreciation of $94,680 and $88,042, respectively	`PropertyPlantAndEquipmentNet`	$134.88M	USD	Point-in-time
Common stock, outstanding shares	`CommonStockSharesOutstanding`	20.75M	shares	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 $2,642 and $2,558, respectively	`IntangibleAssetsNetExcludingGoodwill`	$10.45M	USD	Point-in-time
Intangible assets, net of accumulated amortization of $2,642 and $2,558, respectively	`IntangibleAssetsNetExcludingGoodwill`	$10.53M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.90M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.87M	USD	Point-in-time
Total assets	`Assets`	$466.35M	USD	Point-in-time
Total assets	`Assets`	$446.89M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$61.23M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$84.48M	USD	Point-in-time
Billings in excess of costs and estimated earnings on uncompleted contracts	`BillingsInExcessOfCostCurrent`	$32.59M	USD	Point-in-time
Billings in excess of costs and estimated earnings on uncompleted contracts	`BillingsInExcessOfCostCurrent`	$32.24M	USD	Point-in-time
Accrued self insurance	`SelfInsuranceReserveCurrent`	$39.55M	USD	Point-in-time
Accrued self insurance	`SelfInsuranceReserveCurrent`	$39.58M	USD	Point-in-time
Accrued income taxes	`AccruedIncomeTaxesCurrent`	$1.42M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$32.24M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$26.02M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$160.45M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$188.89M	USD	Point-in-time
Deferred income tax liabilities	`DeferredTaxLiabilitiesNoncurrent`	$21.53M	USD	Point-in-time
Deferred income tax liabilities	`DeferredTaxLiabilitiesNoncurrent`	$21.53M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$1.24M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$1.27M	USD	Point-in-time
Total liabilities	`Liabilities`	$183.25M	USD	Point-in-time
Total liabilities	`Liabilities`	$211.66M	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, 2013 and December 31, 2012	`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, 2013 and December 31, 2012	`PreferredStockValueOutstanding`	-	USD	Point-in-time
Common stock-$0.01 par value per share; 100,000,000 authorized shares; 20,981,098 and 20,747,161 shares issued and outstanding at March 31, 2013 and December 31, 2012, respectively	`CommonStockValueOutstanding`	$206.00K	USD	Point-in-time
Common stock-$0.01 par value per share; 100,000,000 authorized shares; 20,981,098 and 20,747,161 shares issued and outstanding at March 31, 2013 and December 31, 2012, respectively	`CommonStockValueOutstanding`	$208.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$156.56M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$154.56M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$106.88M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$99.92M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$263.64M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$254.69M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$466.35M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$446.89M	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`	$201.34M	USD	1 Quarter
Contract costs	`CostOfServices`	$214.12M	USD	1 Quarter
Contract costs	`CostOfServices`	$174.04M	USD	1 Quarter
Gross profit	`GrossProfit`	$27.30M	USD	1 Quarter
Gross profit	`GrossProfit`	$26.10M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$16.01M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$15.92M	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`	$127.00K	USD	1 Quarter
Gain on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$178.00K	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$10.23M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$11.39M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$3.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$183.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$182.00K	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$5.00K	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$-27.00K	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$10.02M	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$11.21M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$4.25M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$3.81M	USD	1 Quarter
Net income	`NetIncomeLoss`	$6.21M	USD	1 Quarter
Net income	`NetIncomeLoss`	$6.96M	USD	1 Quarter
-Basic (in dollars per share)	`EarningsPerShareBasic`	$0.30	USD	1 Quarter
-Basic (in dollars per share)	`EarningsPerShareBasic`	$0.33	USD	1 Quarter
-Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.29	USD	1 Quarter
-Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.32	USD	1 Quarter
-Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	20.30M	shares	1 Quarter
-Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	20.66M	shares	1 Quarter
-Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	21.09M	shares	1 Quarter
-Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	21.31M	shares	1 Quarter

Cash Flow Statement 55 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$6.21M	USD	1 Quarter
Net income	`NetIncomeLoss`	$6.96M	USD	1 Quarter
Depreciation and amortization of property and equipment	`Depreciation`	$5.70M	USD	1 Quarter
Depreciation and amortization of property and equipment	`Depreciation`	$6.88M	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`	$751.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$694.00K	USD	1 Quarter
Gain on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$127.00K	USD	1 Quarter
Gain on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$178.00K	USD	1 Quarter
Other non-cash items	`OtherNoncashExpense`	$34.00K	USD	1 Quarter
Other non-cash items	`OtherNoncashExpense`	$34.00K	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-7.89M	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$28.42M	USD	1 Quarter
Costs and estimated earnings in excess of billings on uncompleted contracts	`IncreaseDecreaseInUnbilledReceivables`	$-18.50M	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`	$-38.00K	USD	1 Quarter
Receivable for insurance claims in excess of deductibles	`IncreaseDecreaseInInsuranceSettlementsReceivable`	$-180.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-339.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-590.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$6.18M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-23.65M	USD	1 Quarter
Billings in excess of costs and estimated earnings on uncompleted contracts	`IncreaseDecreaseInBillingInExcessOfCostOfEarnings`	$-349.00K	USD	1 Quarter
Billings in excess of costs and estimated earnings on uncompleted contracts	`IncreaseDecreaseInBillingInExcessOfCostOfEarnings`	$3.81M	USD	1 Quarter
Accrued self insurance	`IncreaseDecreaseInSelfInsuranceReserve`	$-38.00K	USD	1 Quarter
Accrued self insurance	`IncreaseDecreaseInSelfInsuranceReserve`	$-647.00K	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$1.43M	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-4.77M	USD	1 Quarter
Net cash flows provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$12.49M	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`	$178.00K	USD	1 Quarter
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$140.00K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$8.33M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$12.46M	USD	1 Quarter
Net cash flows used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-8.19M	USD	1 Quarter
Net cash flows used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-12.28M	USD	1 Quarter
Net borrowings (repayments) on revolving credit facility	`ProceedsFromRepaymentsOfLinesOfCredit`	$-10.00M	USD	1 Quarter
Employee stock option and restricted stock transactions	`ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions`	$-74.00K	USD	1 Quarter
Employee stock option and restricted stock transactions	`ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions`	$679.00K	USD	1 Quarter
Excess tax benefit from stock-based awards	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$20.00K	USD	1 Quarter
Excess tax benefit from stock-based awards	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$563.00K	USD	1 Quarter
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$11.00K	USD	1 Quarter
Net cash flows provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-10.06M	USD	1 Quarter
Net cash flows provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$1.24M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$1.46M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$-30.26M	USD	1 Quarter
Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$3.75M	USD	Point-in-time
Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$19.82M	USD	Point-in-time
Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$34.01M	USD	Point-in-time
Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$21.28M	USD	Point-in-time
End of period	`CashAndCashEquivalentsAtCarryingValue`	$3.75M	USD	Point-in-time
End of period	`CashAndCashEquivalentsAtCarryingValue`	$19.82M	USD	Point-in-time
End of period	`CashAndCashEquivalentsAtCarryingValue`	$34.01M	USD	Point-in-time
End of period	`CashAndCashEquivalentsAtCarryingValue`	$21.28M	USD	Point-in-time

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