Primoris Services Corporation Announces 2012 Fourth Quarter New Contract Work Valued at over $253 Million
Primoris Services Corporation (NASDAQ Global Select: PRIM)
("Primoris" or "Company") today announced new contract work totaling
approximately $253.3 million for the period between October 1, 2012 and
December 31, 2012. This contract work is in addition to previously
announced individual projects. The new contracts and work authorizations
secured by Primoris subsidiaries include power, pipeline, gas utility,
water/wastewater, highway infrastructure and parking infrastructure
projects throughout the continental United States.
Of the total awards, contracts valued at approximately $49 million are
cost reimbursable projects and will not be included in backlog.
In the West Construction Services Segment:
The ARB Underground Group has recently acquired approximately $25.6
million in new contract work in California, substantially all of which
will be completed by the end of 2013. This new work includes:
approximately $3.9 million for retrofit and pipeline integrity
work from major California utility companies;
and $21.7 million for underground gas and electric distribution
The ARB Industrial Group acquired approximately $15.7 million in
industrial and power maintenance related projects in California. The
majority of this work will be completed during 2013.
ARB Structures secured a new parking structure contract in California
valued at approximately $12.1 million. This project should be complete
by the end of 2013.
Rockford Corporation was awarded contracts for new natural gas
pipeline and gathering systems totaling approximately $22.6 million.
The new contracts represent additional work in the Marcellus Shale
region of Pennsylvania. All of this work should be completed by the
third quarter of 2013.
Q3 Contracting, a Primoris subsidiary acquired in November 2012 and
headquartered in Little Canada, MN, secured approximately $36.0
million for gas and utility distribution work in the Midwest region of
the United States. The new contract awards include both unit price
work and service contract renewals. The new work will commence in the
first quarter and will extend to the end of 2013.
In the East Construction Services Segment:
James Construction Group was awarded new contract work totaling
approximately $91.7 million. The Heavy Civil new work will extend
through 2014, while the Industrial and Infrastructure & Maintenance
awards should be substantially complete by the end of 2013.
The James Heavy Civil group new work encompasses over $40 million
of new highway and transportation infrastructure projects across
central and southeast Texas, and approximately $9.4 million of new
bridge and highway work in Louisiana.
The James Industrial group was awarded over $34.1 million for
construction related to chemical and industrial facilities
primarily in south Louisiana.
The James Infrastructure and Maintenance group was awarded
approximately $8.2 million for power plant and industrial related
site work in Louisiana, Florida and Texas.
Cardinal Contractors was successful in securing approximately $31.3
million of new work, with $24.9 located in Dallas, Texas and
approximately $6.4 in Florida. The new water/wastewater construction
projects and GML rehabilitation/lining work should be completed in
Sprint Pipeline Services secured $18.3 million of new work in south
Texas. This new work includes:
$15.2 million of pipeline and gas processing work in south Texas,
to be complete in 2013;
and a $3.1 million award by Sunoco Logistics Partners, L.P. for
the civil and mechanical work associated with a 26" pipeline and
meter station near Goodrich, Texas. This work is slated to
be completed by the end of the first quarter of 2013.
Founded in 1946, Primoris, through various subsidiaries, has grown to
become one of the largest construction service enterprises in the United
States. Serving diverse end markets, Primoris provides a wide range of
construction, fabrication, maintenance, replacement, water and
wastewater, and engineering services to major public utilities,
petrochemical companies, energy companies, municipalities, and other
customers. Since December 2009, Primoris has more than doubled its size,
and the Company's national footprint now extends from Florida, along the
Gulf Coast, through California, into the Pacific Northwest and Canada.
For additional information, please visit www.prim.com.
FORWARD LOOKING STATEMENTS
This press release contains certain forward-looking statements,
including with regard to the Company's future performance. Words such as
"estimated," "believes," "expects," "projects," "may," and "future" or
similar expressions are intended to identify forward-looking statements.
Forward-looking statements inherently involve risks and uncertainties,
including without limitation, those detailed in the "Risk Factors"
section and other portions of our Annual Report on Form 10-K, our Form
10-Q, and other filings with the Securities and Exchange Commission.
Primoris does not undertake any obligation to publicly update or revise
any forward-looking statements, whether as a result of new information,
future events or otherwise, except as may be required under applicable
Primoris Services Corporation
Kate Tholking, 214-740-5615
of Investor Relations
Source: Primoris Services Corporation
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