10-Q Filing

MYR GROUP INC. CIK: 700923 Q1 2014

Filing Information

Form Type	10-Q
Accession Number	`0001104659-14-035783`
Period End Date	20140331
Filing Date	20140507
Fiscal Year	2014
Fiscal Period	Q1
XBRL Instance	myrg-20140331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 80 Income Statement 34 Cash Flow Statement 52

Balance Sheet 80 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowances (in dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.13M	USD	Point-in-time
Accounts receivable, allowances (in dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.14M	USD	Point-in-time
Property and equipment, accumulated depreciation (in dollars)	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$115.68M	USD	Point-in-time
Property and equipment, accumulated depreciation (in dollars)	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$123.54M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$76.45M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$54.38M	USD	Point-in-time
Intangible assets, accumulated amortization (in dollars)	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$2.89M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$19.82M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$21.28M	USD	Point-in-time
Intangible assets, accumulated amortization (in dollars)	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$2.98M	USD	Point-in-time
Accounts receivable, net of allowances of $1,144 and $1,132, respectively	`AccountsReceivableNetCurrent`	$173.47M	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 $1,144 and $1,132, respectively	`AccountsReceivableNetCurrent`	$173.34M	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
Costs and estimated earnings in excess of billings on uncompleted contracts	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$40.52M	USD	Point-in-time
Costs and estimated earnings in excess of billings on uncompleted contracts	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$47.64M	USD	Point-in-time
Preferred stock, authorized shares	`PreferredStockSharesAuthorized`	4.00M	shares	Point-in-time
Deferred income tax assets	`DeferredTaxAssetsNetCurrent`	$14.55M	USD	Point-in-time
Deferred income tax assets	`DeferredTaxAssetsNetCurrent`	$14.55M	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
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`	$12.08M	USD	Point-in-time
Receivable for insurance claims in excess of deductibles	`InsuranceSettlementsReceivable`	$11.39M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Refundable income taxes	`IncomeTaxesReceivable`	$1.29M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$6.50M	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`	$6.28M	USD	Point-in-time
Common stock, issued shares	`CommonStockSharesIssued`	21.30M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$308.49M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$323.95M	USD	Point-in-time
Common stock, issued shares	`CommonStockSharesIssued`	21.22M	shares	Point-in-time
Property and equipment, net of accumulated depreciation of $123,537 and $115,679, respectively	`PropertyPlantAndEquipmentNet`	$149.88M	USD	Point-in-time
Common stock, outstanding shares	`CommonStockSharesOutstanding`	21.30M	shares	Point-in-time
Common stock, outstanding shares	`CommonStockSharesOutstanding`	21.22M	shares	Point-in-time
Property and equipment, net of accumulated depreciation of $123,537 and $115,679, respectively	`PropertyPlantAndEquipmentNet`	$142.93M	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 $2,977 and $2,893, respectively	`IntangibleAssetsNetExcludingGoodwill`	$10.20M	USD	Point-in-time
Intangible assets, net of accumulated amortization of $2,977 and $2,893, respectively	`IntangibleAssetsNetExcludingGoodwill`	$10.12M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.71M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.74M	USD	Point-in-time
Total assets	`Assets`	$525.42M	USD	Point-in-time
Total assets	`Assets`	$516.78M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$79.61M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$67.90M	USD	Point-in-time
Billings in excess of costs and estimated earnings on uncompleted contracts	`BillingsInExcessOfCostCurrent`	$52.95M	USD	Point-in-time
Billings in excess of costs and estimated earnings on uncompleted contracts	`BillingsInExcessOfCostCurrent`	$48.75M	USD	Point-in-time
Accrued self insurance	`SelfInsuranceReserveCurrent`	$39.11M	USD	Point-in-time
Accrued self insurance	`SelfInsuranceReserveCurrent`	$39.73M	USD	Point-in-time
Accrued income taxes	`AccruedIncomeTaxesCurrent`	$1.82M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$31.15M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$32.71M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$189.34M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$204.38M	USD	Point-in-time
Deferred income tax liabilities	`DeferredTaxLiabilitiesNoncurrent`	$23.72M	USD	Point-in-time
Deferred income tax liabilities	`DeferredTaxLiabilitiesNoncurrent`	$23.72M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$1.24M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$1.23M	USD	Point-in-time
Total liabilities	`Liabilities`	$229.33M	USD	Point-in-time
Total liabilities	`Liabilities`	$214.31M	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, 2014 and December 31, 2013	`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, 2014 and December 31, 2013	`PreferredStockValueOutstanding`	-	USD	Point-in-time
Common stock-$0.01 par value per share; 100,000,000 authorized shares; 21,298,836 and 21,223,076 shares issued and outstanding at March 31, 2014 and December 31, 2013, respectively	`CommonStockValueOutstanding`	$211.00K	USD	Point-in-time
Common stock-$0.01 par value per share; 100,000,000 authorized shares; 21,298,836 and 21,223,076 shares issued and outstanding at March 31, 2014 and December 31, 2013, respectively	`CommonStockValueOutstanding`	$210.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$161.20M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$161.31M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$140.95M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$134.68M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$296.09M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$302.48M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$516.78M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$525.42M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Contract revenues	`SalesRevenueServicesNet`	$215.64M	USD	1 Quarter
Contract revenues	`SalesRevenueServicesNet`	$201.34M	USD	1 Quarter
Contract costs	`CostOfServices`	$174.04M	USD	1 Quarter
Contract costs	`CostOfServices`	$188.56M	USD	1 Quarter
Gross profit	`GrossProfit`	$27.08M	USD	1 Quarter
Gross profit	`GrossProfit`	$27.30M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$16.88M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$16.01M	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`	$11.00K	USD	1 Quarter
Gain on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$178.00K	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$11.39M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$10.13M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$3.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$3.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$178.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$183.00K	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$5.00K	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$54.00K	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$11.21M	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$10.01M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$3.74M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$4.25M	USD	1 Quarter
Net income	`NetIncomeLoss`	$6.96M	USD	1 Quarter
Net income	`NetIncomeLoss`	$6.27M	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`	21.04M	shares	1 Quarter
-Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	20.66M	shares	1 Quarter
-Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	21.51M	shares	1 Quarter
-Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	21.31M	shares	1 Quarter

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$6.96M	USD	1 Quarter
Net income	`NetIncomeLoss`	$6.27M	USD	1 Quarter
Depreciation and amortization of property and equipment	`Depreciation`	$6.88M	USD	1 Quarter
Depreciation and amortization of property and equipment	`Depreciation`	$7.95M	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`	$833.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$751.00K	USD	1 Quarter
Gain on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$11.00K	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`	$35.00K	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-7.89M	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-124.00K	USD	1 Quarter
Costs and estimated earnings in excess of billings on uncompleted contracts	`IncreaseDecreaseInUnbilledReceivables`	$7.12M	USD	1 Quarter
Costs and estimated earnings in excess of billings on uncompleted contracts	`IncreaseDecreaseInUnbilledReceivables`	$-18.50M	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`	$695.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-1.08M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-339.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-23.65M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-14.20M	USD	1 Quarter
Billings in excess of costs and estimated earnings on uncompleted contracts	`IncreaseDecreaseInBillingInExcessOfCostOfEarnings`	$-4.20M	USD	1 Quarter
Billings in excess of costs and estimated earnings on uncompleted contracts	`IncreaseDecreaseInBillingInExcessOfCostOfEarnings`	$-349.00K	USD	1 Quarter
Accrued self insurance	`IncreaseDecreaseInSelfInsuranceReserve`	$-38.00K	USD	1 Quarter
Accrued self insurance	`IncreaseDecreaseInSelfInsuranceReserve`	$623.00K	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$255.00K	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`	$-8.97M	USD	1 Quarter
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$178.00K	USD	1 Quarter
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$42.00K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$12.44M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$12.46M	USD	1 Quarter
Net cash flows used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-12.28M	USD	1 Quarter
Net cash flows used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-12.40M	USD	1 Quarter
Employee stock option and restricted stock transactions	`ProceedsFromIssuanceOfSharesAndPaymentsRelatedToTaxWithholdingForShareBasedCompensationUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions`	$-824.00K	USD	1 Quarter
Employee stock option and restricted stock transactions	`ProceedsFromIssuanceOfSharesAndPaymentsRelatedToTaxWithholdingForShareBasedCompensationUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions`	$679.00K	USD	1 Quarter
Excess tax benefit from stock-based awards	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$563.00K	USD	1 Quarter
Excess tax benefit from stock-based awards	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$111.00K	USD	1 Quarter
Net cash flows provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-713.00K	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`	$-22.08M	USD	1 Quarter
Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$76.45M	USD	Point-in-time
Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$54.38M	USD	Point-in-time
Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$19.82M	USD	Point-in-time
Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$21.28M	USD	Point-in-time
End of period	`CashAndCashEquivalentsAtCarryingValue`	$76.45M	USD	Point-in-time
End of period	`CashAndCashEquivalentsAtCarryingValue`	$54.38M	USD	Point-in-time
End of period	`CashAndCashEquivalentsAtCarryingValue`	$19.82M	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.