10-Q Filing

PRIMORIS SERVICES CORP CIK: 1361538 Q1 2012

Filing Information

Form Type	10-Q
Accession Number	`0001104659-12-034864`
Period End Date	20120331
Filing Date	20120509
Fiscal Year	2012
Fiscal Period	Q1
XBRL Instance	prim-20120331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 81 Income Statement 34 Cash Flow Statement 75

Balance Sheet 81 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	90.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	90.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	51.06M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	51.25M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	51.25M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	51.06M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$134.48M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$115.44M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$131.39M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$120.31M	USD	Point-in-time
Short term investments	`ShortTermInvestments`	$23.00M	USD	Point-in-time
Customer retention deposits and restricted cash	`DepositsAssetsCurrent`	$31.49M	USD	Point-in-time
Customer retention deposits and restricted cash	`DepositsAssetsCurrent`	$35.38M	USD	Point-in-time
Accounts receivable, net	`ReceivablesNetCurrent`	$187.38M	USD	Point-in-time
Accounts receivable, net	`ReceivablesNetCurrent`	$156.70M	USD	Point-in-time
Costs and estimated earnings in excess of billings	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$33.01M	USD	Point-in-time
Costs and estimated earnings in excess of billings	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$41.87M	USD	Point-in-time
Inventory	`InventoryNet`	$33.03M	USD	Point-in-time
Inventory	`InventoryNet`	$31.93M	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetCurrent`	$10.66M	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetCurrent`	$10.66M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$8.45M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$13.25M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$459.88M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$411.70M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$137.01M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$129.65M	USD	Point-in-time
Investment in non-consolidated ventures	`EquityMethodInvestments`	$12.53M	USD	Point-in-time
Investment in non-consolidated ventures	`EquityMethodInvestments`	$12.69M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$33.88M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$32.02M	USD	Point-in-time
Goodwill	`Goodwill`	$94.18M	USD	Point-in-time
Goodwill	`Goodwill`	$103.57M	USD	Point-in-time
Total assets	`Assets`	$698.69M	USD	Point-in-time
Total assets	`Assets`	$728.41M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$106.72M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$90.16M	USD	Point-in-time
Billings in excess of costs and estimated earnings	`BillingsInExcessOfCostCurrent`	$131.14M	USD	Point-in-time
Billings in excess of costs and estimated earnings	`BillingsInExcessOfCostCurrent`	$137.73M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$59.86M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$59.92M	USD	Point-in-time
Dividends payable	`DividendsPayableCurrent`	$1.53M	USD	Point-in-time
Dividends payable	`DividendsPayableCurrent`	$1.54M	USD	Point-in-time
Current portion of capital leases	`CapitalLeaseObligationsCurrent`	$6.62M	USD	Point-in-time
Current portion of capital leases	`CapitalLeaseObligationsCurrent`	$3.32M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$13.45M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$13.87M	USD	Point-in-time
Current portion of subordinated debt	`SubordinatedDebtCurrent`	$15.17M	USD	Point-in-time
Current portion of subordinated debt	`SubordinatedDebtCurrent`	$3.22M	USD	Point-in-time
Current portion of contingent earnout liabilities	`BusinessAcquisitionContingentConsiderationAtFairValueCurrent`	$3.45M	USD	Point-in-time
Current portion of contingent earnout liabilities	`BusinessAcquisitionContingentConsiderationAtFairValueCurrent`	$6.92M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$345.02M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$309.62M	USD	Point-in-time
Long-term capital leases, net of current portion	`CapitalLeaseObligationsNoncurrent`	$4.05M	USD	Point-in-time
Long-term capital leases, net of current portion	`CapitalLeaseObligationsNoncurrent`	$4.30M	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$51.31M	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$55.85M	USD	Point-in-time
Long-term subordinated debt, net of current portion	`SubordinatedLongTermDebt`	$7.33M	USD	Point-in-time
Long-term subordinated debt, net of current portion	`SubordinatedLongTermDebt`	$2.42M	USD	Point-in-time
Deferred tax liabilities	`DeferredTaxLiabilitiesNoncurrent`	$21.08M	USD	Point-in-time
Deferred tax liabilities	`DeferredTaxLiabilitiesNoncurrent`	$21.08M	USD	Point-in-time
Contingent earnout liabilities	`BusinessAcquisitionContingentConsiderationAtFairValue`	$12.20M	USD	Point-in-time
Contingent earnout liabilities	`BusinessAcquisitionContingentConsiderationAtFairValue`	$9.27M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$10.91M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$10.88M	USD	Point-in-time
Total liabilities	`Liabilities`	$453.48M	USD	Point-in-time
Total liabilities	`Liabilities`	$411.85M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock-$.0001 par value, 90,000,000 shares authorized, 51,245,369 and 51,059,132 issued and outstanding at March 31, 2012 and December 31, 2011	`CommonStockValue`	$5.00K	USD	Point-in-time
Common stock-$.0001 par value, 90,000,000 shares authorized, 51,245,369 and 51,059,132 issued and outstanding at March 31, 2012 and December 31, 2011	`CommonStockValue`	$5.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$150.00M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$152.97M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$124.92M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$133.87M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$286.85M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$274.93M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$728.41M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$698.69M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Revenues	`SalesRevenueServicesNet`	$291.57M	USD	1 Quarter
Revenues	`SalesRevenueServicesNet`	$359.64M	USD	1 Quarter
Cost of revenues	`CostOfServices`	$253.98M	USD	1 Quarter
Cost of revenues	`CostOfServices`	$319.01M	USD	1 Quarter
Gross profit	`GrossProfit`	$37.60M	USD	1 Quarter
Gross profit	`GrossProfit`	$40.63M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$20.27M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$19.84M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$17.32M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$20.79M	USD	1 Quarter
Income from non-consolidated entities	`IncomeLossFromEquityMethodInvestments`	$1.06M	USD	1 Quarter
Income from non-consolidated entities	`IncomeLossFromEquityMethodInvestments`	$826.00K	USD	1 Quarter
Foreign exchange gain (loss)	`ForeignCurrencyTransactionGainLossBeforeTax`	$36.00K	USD	1 Quarter
Foreign exchange gain (loss)	`ForeignCurrencyTransactionGainLossBeforeTax`	$-42.00K	USD	1 Quarter
Other expenses	`OtherNonoperatingIncomeExpense`	$-208.00K	USD	1 Quarter
Other expenses	`OtherNonoperatingIncomeExpense`	$-297.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$158.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$22.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$1.10M	USD	1 Quarter
Interest expense	`InterestExpense`	$1.37M	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$17.05M	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$20.14M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$7.86M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$6.56M	USD	1 Quarter
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$10.49M	USD	1 Quarter
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$12.28M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.25	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.21	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.24	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.20	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	51.10M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	49.67M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	51.34M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	51.05M	shares	1 Quarter

Cash Flow Statement 75 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$10.49M	USD	1 Quarter
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$12.28M	USD	1 Quarter
Depreciation	`Depreciation`	$5.90M	USD	1 Quarter
Depreciation	`Depreciation`	$6.42M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$1.75M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$2.77M	USD	1 Quarter
(Gain) loss on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-114.00K	USD	1 Quarter
(Gain) loss on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$339.00K	USD	1 Quarter
Income from non-consolidated entities	`IncomeLossFromEquityMethodInvestments`	$1.06M	USD	1 Quarter
Income from non-consolidated entities	`IncomeLossFromEquityMethodInvestments`	$826.00K	USD	1 Quarter
Non-consolidated entity distributions	`EquityMethodInvestmentDividendsOrDistributions`	$1.09M	USD	1 Quarter
Non-consolidated entity distributions	`EquityMethodInvestmentDividendsOrDistributions`	$1.26M	USD	1 Quarter
Customer retention deposits and restricted cash	`IncreaseDecreaseInCustomerRetentionDepositsAndRestrictedCashCurrent`	$3.89M	USD	1 Quarter
Customer retention deposits and restricted cash	`IncreaseDecreaseInCustomerRetentionDepositsAndRestrictedCashCurrent`	$3.08M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInReceivables`	$-38.30M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInReceivables`	$-61.33M	USD	1 Quarter
Costs and estimated earnings in excess of billings	`IncreaseDecreaseInUnbilledReceivables`	$8.17M	USD	1 Quarter
Costs and estimated earnings in excess of billings	`IncreaseDecreaseInUnbilledReceivables`	$-9.49M	USD	1 Quarter
Inventory, prepaid expenses and other current assets	`IncreaseDecreaseInInventoriesPrepaidExpensesAndOtherAssets`	$-3.95M	USD	1 Quarter
Inventory, prepaid expenses and other current assets	`IncreaseDecreaseInInventoriesPrepaidExpensesAndOtherAssets`	$-7.31M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-7.25M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-20.14M	USD	1 Quarter
Billings in excess of costs and estimated earnings	`IncreaseDecreaseInBillingInExcessOfCostOfEarnings`	$-36.89M	USD	1 Quarter
Billings in excess of costs and estimated earnings	`IncreaseDecreaseInBillingInExcessOfCostOfEarnings`	$-6.61M	USD	1 Quarter
Contingent earnout liabilities	`BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability`	$-297.00K	USD	1 Quarter
Contingent earnout liabilities	`BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability`	$-208.00K	USD	1 Quarter
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-1.58M	USD	1 Quarter
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-737.00K	USD	1 Quarter
Other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$-2.58M	USD	1 Quarter
Other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$-12.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$30.70M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$39.08M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$4.08M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.19M	USD	1 Quarter
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$215.00K	USD	1 Quarter
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$3.94M	USD	1 Quarter
Purchase of short-term investments	`PaymentsToAcquireShortTermInvestments`	$23.00M	USD	1 Quarter
Sale of short-term investments	`ProceedsFromSaleOfShortTermInvestments`	$26.00M	USD	1 Quarter
Sale of short-term investments	`ProceedsFromSaleOfShortTermInvestments`	$23.00M	USD	1 Quarter
Cash paid for acquisition	`PaymentsForAcquisitions`	$19.23M	USD	1 Quarter
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$2.52M	USD	1 Quarter
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-865.00K	USD	1 Quarter
Repayment of capital leases	`RepaymentsOfLongTermCapitalLeaseObligations`	$6.06M	USD	1 Quarter
Repayment of capital leases	`RepaymentsOfLongTermCapitalLeaseObligations`	$1.17M	USD	1 Quarter
Repayment of long-term debt	`RepaymentsOfLongTermDebt`	$4.96M	USD	1 Quarter
Repayment of long-term debt	`RepaymentsOfLongTermDebt`	$2.36M	USD	1 Quarter
Repayment of subordinated debt	`RepaymentsOfSubordinatedDebt`	$9.93M	USD	1 Quarter
Repayment of subordinated debt	`RepaymentsOfSubordinatedDebt`	$16.86M	USD	1 Quarter
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$822.00K	USD	1 Quarter
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$1.99M	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$1.23M	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$1.53M	USD	1 Quarter
Net cash provided by (used by) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-27.43M	USD	1 Quarter
Net cash provided by (used by) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-13.88M	USD	1 Quarter
Net change in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$14.17M	USD	1 Quarter
Net change in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$15.95M	USD	1 Quarter
Cash and cash equivalents at beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$134.48M	USD	Point-in-time
Cash and cash equivalents at beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$115.44M	USD	Point-in-time
Cash and cash equivalents at beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$131.39M	USD	Point-in-time
Cash and cash equivalents at beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$120.31M	USD	Point-in-time
Cash and cash equivalents at end of the period	`CashAndCashEquivalentsAtCarryingValue`	$134.48M	USD	Point-in-time
Cash and cash equivalents at end of the period	`CashAndCashEquivalentsAtCarryingValue`	$115.44M	USD	Point-in-time
Cash and cash equivalents at end of the period	`CashAndCashEquivalentsAtCarryingValue`	$131.39M	USD	Point-in-time
Cash and cash equivalents at end of the period	`CashAndCashEquivalentsAtCarryingValue`	$120.31M	USD	Point-in-time
Interest	`InterestPaid`	$1.37M	USD	1 Quarter
Interest	`InterestPaid`	$951.00K	USD	1 Quarter
Income taxes, net of refunds received	`IncomeTaxesPaid`	$955.00K	USD	1 Quarter
Income taxes, net of refunds received	`IncomeTaxesPaid`	$2.06M	USD	1 Quarter
Fair value of assets acquired	`BusinessAcquisitionPurchasePriceAllocationAssetsAcquired`	$28.52M	USD	Point-in-time
Estimated cash payment due sellers	`BusinessAcquisitionPurchasePriceAllocationNotesPayableAndLongTermDebt`	$-2.12M	USD	Point-in-time
Contingent liabilities	`BusinessCombinationLiabilitiesArisingFromContingenciesAmountRecognized`	$-6.20M	USD	Point-in-time
Common stock issued for acquisition	`EquityIssuedValueForAcquisitions`	$-980.00K	USD	Point-in-time
Cash paid for acquisition	`PaymentsForAcquisitions`	$19.23M	USD	1 Quarter
Accrued dividends declared	`DividendsPayableAmount`	$1.54M	USD	Point-in-time
Accrued dividends declared	`DividendsPayableAmount`	$1.28M	USD	Point-in-time

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