10-Q Filing

PRIMORIS SERVICES CORP CIK: 1361538 Q1 2013

Filing Information

Form Type	10-Q
Accession Number	`0001104659-13-038270`
Period End Date	20130331
Filing Date	20130507
Fiscal Year	2013
Fiscal Period	Q1
XBRL Instance	prim-20130331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 80 Income Statement 38 Cash Flow Statement 82

Balance Sheet 80 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`	51.56M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$141.53M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$134.48M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$120.31M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$157.55M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	51.40M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	51.56M	shares	Point-in-time
Short term investments	`ShortTermInvestments`	$3.44M	USD	Point-in-time
Short term investments	`ShortTermInvestments`	$3.18M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	51.40M	shares	Point-in-time
Customer retention deposits and restricted cash	`RestrictedCashAndInvestmentsCurrent`	$27.37M	USD	Point-in-time
Customer retention deposits and restricted cash	`RestrictedCashAndInvestmentsCurrent`	$35.38M	USD	Point-in-time
Accounts receivable, net	`ReceivablesNetCurrent`	$268.10M	USD	Point-in-time
Accounts receivable, net	`ReceivablesNetCurrent`	$249.62M	USD	Point-in-time
Costs and estimated earnings in excess of billings	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$48.16M	USD	Point-in-time
Costs and estimated earnings in excess of billings	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$41.70M	USD	Point-in-time
Inventory and uninstalled contract materials	`InventoryNet`	$37.92M	USD	Point-in-time
Inventory and uninstalled contract materials	`InventoryNet`	$37.19M	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetCurrent`	$10.48M	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetCurrent`	$10.48M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$10.81M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$10.80M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$564.63M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$529.07M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$184.84M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$195.26M	USD	Point-in-time
Investment in non-consolidated entities	`EquityMethodInvestments`	$12.81M	USD	Point-in-time
Investment in non-consolidated entities	`EquityMethodInvestments`	$13.08M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$51.98M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$50.98M	USD	Point-in-time
Goodwill	`Goodwill`	$118.96M	USD	Point-in-time
Goodwill	`Goodwill`	$116.94M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$1.18M	USD	Point-in-time
Total assets	`Assets`	$931.21M	USD	Point-in-time
Total assets	`Assets`	$908.53M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$105.88M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$151.55M	USD	Point-in-time
Billings in excess of costs and estimated earnings	`BillingsInExcessOfCostCurrent`	$158.89M	USD	Point-in-time
Billings in excess of costs and estimated earnings	`BillingsInExcessOfCostCurrent`	$160.94M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$76.15M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$76.00M	USD	Point-in-time
Dividends payable	`DividendsPayableCurrent`	$1.55M	USD	Point-in-time
Current portion of capital leases	`CapitalLeaseObligationsCurrent`	$3.73M	USD	Point-in-time
Current portion of capital leases	`CapitalLeaseObligationsCurrent`	$4.27M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$19.45M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$20.94M	USD	Point-in-time
Current portion of contingent earnout liabilities	`BusinessAcquisitionContingentConsiderationAtFairValueCurrent`	$18.73M	USD	Point-in-time
Current portion of contingent earnout liabilities	`BusinessAcquisitionContingentConsiderationAtFairValueCurrent`	$10.90M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$420.67M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$388.31M	USD	Point-in-time
Long-term capital leases, net of current portion	`CapitalLeaseObligationsNoncurrent`	$3.83M	USD	Point-in-time
Long-term capital leases, net of current portion	`CapitalLeaseObligationsNoncurrent`	$3.47M	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$128.37M	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$136.76M	USD	Point-in-time
Deferred tax liabilities	`DeferredTaxLiabilitiesNoncurrent`	$20.02M	USD	Point-in-time
Deferred tax liabilities	`DeferredTaxLiabilitiesNoncurrent`	$20.02M	USD	Point-in-time
Long-term contingent earnout liabilities, net of current portion	`BusinessAcquisitionContingentConsiderationAtFairValueNoncurrent`	$12.53M	USD	Point-in-time
Long-term contingent earnout liabilities, net of current portion	`BusinessAcquisitionContingentConsiderationAtFairValueNoncurrent`	$5.90M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$9.91M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$13.15M	USD	Point-in-time
Total liabilities	`Liabilities`	$598.57M	USD	Point-in-time
Total liabilities	`Liabilities`	$564.37M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock-$.0001 par value, 90,000,000 shares authorized, 51,562,284 and 51,403,686 issued and outstanding at March 31, 2013 and December 31, 2012	`CommonStockValue`	$5.00K	USD	Point-in-time
Common stock-$.0001 par value, 90,000,000 shares authorized, 51,562,284 and 51,403,686 issued and outstanding at March 31, 2013 and December 31, 2012	`CommonStockValue`	$5.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$155.60M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$158.64M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$175.52M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$183.74M	USD	Point-in-time
Noncontrolling interests	`MinorityInterest`	$1.78M	USD	Point-in-time
Noncontrolling interests	`MinorityInterest`	$1.51M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$344.17M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$332.64M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$908.53M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$931.21M	USD	Point-in-time

Income Statement 38 line items

Line Item	Tag	Value	Unit	Period
Revenues	`SalesRevenueServicesNet`	$410.00M	USD	1 Quarter
Revenues	`SalesRevenueServicesNet`	$291.57M	USD	1 Quarter
Cost of revenues	`CostOfServices`	$253.98M	USD	1 Quarter
Cost of revenues	`CostOfServices`	$363.90M	USD	1 Quarter
Gross profit	`GrossProfit`	$46.10M	USD	1 Quarter
Gross profit	`GrossProfit`	$37.60M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$28.62M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$20.27M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$17.32M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$17.48M	USD	1 Quarter
Income from non-consolidated entities	`IncomeLossFromEquityMethodInvestments`	$1.10M	USD	1 Quarter
Income from non-consolidated entities	`IncomeLossFromEquityMethodInvestments`	$269.00K	USD	1 Quarter
Foreign exchange loss	`ForeignCurrencyTransactionGainLossBeforeTax`	$-42.00K	USD	1 Quarter
Foreign exchange loss	`ForeignCurrencyTransactionGainLossBeforeTax`	$-59.00K	USD	1 Quarter
Other expense	`OtherNonoperatingIncomeExpense`	$-208.00K	USD	1 Quarter
Other expense	`OtherNonoperatingIncomeExpense`	$-56.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$22.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$40.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$1.42M	USD	1 Quarter
Interest expense	`InterestExpense`	$1.10M	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$16.25M	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$17.09M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$6.21M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$6.56M	USD	1 Quarter
Net income	`ProfitLoss`	$10.53M	USD	1 Quarter
Net income	`ProfitLoss`	$10.04M	USD	1 Quarter
Less net income attributable to noncontrolling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$270.00K	USD	1 Quarter
Less net income attributable to noncontrolling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$44.00K	USD	1 Quarter
Net income attributable to Primoris	`NetIncomeLossAvailableToCommonStockholdersBasic`	$10.49M	USD	1 Quarter
Net income attributable to Primoris	`NetIncomeLossAvailableToCommonStockholdersBasic`	$9.77M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.21	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.19	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.19	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.20	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	51.46M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	51.10M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	51.34M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	51.47M	shares	1 Quarter

Cash Flow Statement 82 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$10.53M	USD	1 Quarter
Net income	`ProfitLoss`	$10.04M	USD	1 Quarter
Depreciation	`Depreciation`	$9.49M	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`	$1.75M	USD	Annual
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$1.79M	USD	1 Quarter
Loss (gain) on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$339.00K	USD	1 Quarter
Loss (gain) on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-48.00K	USD	1 Quarter
Income from non-consolidated entities	`IncomeLossFromEquityMethodInvestments`	$1.10M	USD	1 Quarter
Income from non-consolidated entities	`IncomeLossFromEquityMethodInvestments`	$269.00K	USD	1 Quarter
Distributions received from non-consolidated entities	`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`	$-8.01M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInReceivables`	$-18.17M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInReceivables`	$-38.30M	USD	1 Quarter
Costs and estimated earnings in excess of billings	`IncreaseDecreaseInUnbilledReceivables`	$-9.49M	USD	1 Quarter
Costs and estimated earnings in excess of billings	`IncreaseDecreaseInUnbilledReceivables`	$6.46M	USD	1 Quarter
Inventory, prepaid expenses and other current assets	`IncreaseDecreaseInInventoriesPrepaidExpensesAndOtherCurrentAssets`	$232.00K	USD	1 Quarter
Inventory, prepaid expenses and other current assets	`IncreaseDecreaseInInventoriesPrepaidExpensesAndOtherCurrentAssets`	$-3.95M	USD	1 Quarter
Other long-term assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$381.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-46.56M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-20.14M	USD	1 Quarter
Billings in excess of costs and estimated earnings	`IncreaseDecreaseInBillingInExcessOfCostOfEarnings`	$2.05M	USD	1 Quarter
Billings in excess of costs and estimated earnings	`IncreaseDecreaseInBillingInExcessOfCostOfEarnings`	$-6.61M	USD	1 Quarter
Contingent earnout liabilities	`BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability`	$-208.00K	USD	1 Quarter
Contingent earnout liabilities	`BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability`	$-356.00K	USD	1 Quarter
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilities`	$8.00K	USD	1 Quarter
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-99.00K	USD	1 Quarter
Other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$-3.24M	USD	1 Quarter
Other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$-12.00K	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$39.83M	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-7.28M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.19M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$19.55M	USD	1 Quarter
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$3.94M	USD	1 Quarter
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$1.22M	USD	1 Quarter
Purchase of short-term investments	`PaymentsToAcquireShortTermInvestments`	$2.94M	USD	1 Quarter
Sale of short-term investments	`ProceedsFromSaleOfShortTermInvestments`	$3.20M	USD	1 Quarter
Sale of short-term investments	`ProceedsFromSaleOfShortTermInvestments`	$23.00M	USD	1 Quarter
Cash paid for acquisitions	`PaymentsForAcquisitions`	$19.23M	USD	1 Quarter
Cash paid for acquisitions	`PaymentsForAcquisitions`	$1.02M	USD	1 Quarter
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-19.09M	USD	1 Quarter
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$2.52M	USD	1 Quarter
Proceeds from issuance of long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$16.12M	USD	1 Quarter
Repayment of capital leases	`RepaymentsOfLongTermCapitalLeaseObligations`	$6.06M	USD	1 Quarter
Repayment of capital leases	`RepaymentsOfLongTermCapitalLeaseObligations`	$1.00M	USD	1 Quarter
Repayment of long-term debt	`RepaymentsOfLongTermDebt`	$4.96M	USD	1 Quarter
Repayment of long-term debt	`RepaymentsOfLongTermDebt`	$6.22M	USD	1 Quarter
Repayment of subordinated debt	`RepaymentsOfSubordinatedDebt`	$16.86M	USD	1 Quarter
Proceeds from issuance of common stock purchased by management under long-term incentive plan	`ProceedsFromIssuanceOfCommonStock`	$1.24M	USD	1 Quarter
Proceeds from issuance of common stock purchased by management under long-term incentive plan	`ProceedsFromIssuanceOfCommonStock`	$1.46M	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$1.53M	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$1.55M	USD	Point-in-time
Dividends paid	`PaymentsOfDividendsCommonStock`	$1.54M	USD	Point-in-time
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-28.17M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$10.35M	USD	1 Quarter
Net change in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$-16.02M	USD	1 Quarter
Net change in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$14.17M	USD	1 Quarter
Cash and cash equivalents at beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$141.53M	USD	Point-in-time
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`	$120.31M	USD	Point-in-time
Cash and cash equivalents at beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$157.55M	USD	Point-in-time
Cash and cash equivalents at end of the period	`CashAndCashEquivalentsAtCarryingValue`	$141.53M	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`	$120.31M	USD	Point-in-time
Cash and cash equivalents at end of the period	`CashAndCashEquivalentsAtCarryingValue`	$157.55M	USD	Point-in-time
Interest	`InterestPaid`	$951.00K	USD	1 Quarter
Interest	`InterestPaid`	$1.26M	USD	1 Quarter
Income taxes, net of refunds received	`IncomeTaxesPaid`	$802.00K	USD	1 Quarter
Income taxes, net of refunds received	`IncomeTaxesPaid`	$955.00K	USD	1 Quarter
Fair value of assets acquired	`BusinessAcquisitionPurchasePriceAllocationAssetsAcquired`	$28.52M	USD	Point-in-time
Fair value of assets acquired	`BusinessAcquisitionPurchasePriceAllocationAssetsAcquired`	$2.51M	USD	Point-in-time
Estimated cash payments due sellers	`BusinessAcquisitionPurchaseAdditionalCashDue`	$-650.00K	USD	Point-in-time
Estimated cash payments due sellers	`BusinessAcquisitionPurchaseAdditionalCashDue`	$-2.12M	USD	Point-in-time
Contingent liabilities	`BusinessCombinationLiabilitiesArisingFromContingenciesAmountRecognized`	$-6.20M	USD	Point-in-time
Contingent liabilities	`BusinessCombinationLiabilitiesArisingFromContingenciesAmountRecognized`	$-838.00K	USD	Point-in-time
Common stock issued for acquisition	`BusinessAcquisitionEquityInterestIssuedOrIssuableValueAssigned`	$-980.00K	USD	Point-in-time
Cash paid for acquisition	`BusinessAcquisitionCostOfAcquiredEntityCashPaid`	$1.02M	USD	Point-in-time
Cash paid for acquisition	`BusinessAcquisitionCostOfAcquiredEntityCashPaid`	$19.23M	USD	Point-in-time
Dividends declared and not yet paid	`DividendsPayableCurrentAndNoncurrent`	$1.54M	USD	Point-in-time
Dividends declared and not yet paid	`DividendsPayableCurrentAndNoncurrent`	$1.55M	USD	Point-in-time

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