Primoris Services Corporation
Primoris Services Corp (Form: 8-K, Received: 08/08/2017 08:06:13)

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

 

August 8, 2017

Date of Report (Date of earliest event reported)

 

Primoris Services Corporation

(Exact name of Registrant as specified in its charter)

 

 

Delaware

 

001-34145

 

20-4743916

(State or other jurisdiction

 

(Commission File Number)

 

(I.R.S. Employer

of incorporation)

 

 

 

Identification No.)

 

2100 McKinney Avenue, Suite 1500, Dallas, Texas 75201

(Address of principal executive offices)

(Zip Code)

 

(214) 740-5600

Registrant’s telephone number, including area code

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below):

 

              Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

              Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

              Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

              Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

 


 

 

 

Item 2.02                         Results of Operations and Financial Condition.

 

On August 8, 2017, Primoris Services Corporation, a Delaware corporation (“Primoris”, the “Company”) issued a press release announcing its financial performance for the second quarter ended June  30, 2017 and for the six months ended June 30, 2017.

 

The information contained in the press release attached hereto is being furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that Section, and shall not be deemed incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

 

Item 8.01              Other Events.

Declaration of Cash Dividend to Stockholders

On August 2, 2017, the Board of Directors declared a cash dividend of $0.055 per common share for stockholders of record as of September 29, 2017,  payable on or about October 14, 2017.

  Item 9.01.                    Financial Statements and Exhibits.

(d)   Exhibits .

 

 

 

 

 

Exhibit No.

 

Description

 

 

 

99.1

 

Press Release dated August 8, 2017

 


 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

 

 

 

 

 

 

 

PRIMORIS SERVICES CORPORATION

 

 

 

 

Dated: August 8, 2017

 

By:

/s/ Peter J. Moerbeek

 

 

 

Peter J. Moerbeek

 

 

 

Executive Vice President, Chief Financial Officer

 

3


 

 

Exhibit 99.1

PSC_PRIMORIS 300

 

 

PRIMORIS SERVICES CORPORATION ANNOUNCES 2017 SECOND QUARTER FINANCIAL RESULTS

 

 

Board of Directors Declares $0.055 Per Share Cash Dividend

 

Financial Highlights

 

·

2017  Q2 revenues of $631.2 million, a 38%  increase over 2016 Q2

·

2017 Q2 gross profit of $84.5 million, a 95% increase over 2016 Q2

·

2017 Q2 net income attributable to Primoris of $21.5 million, a 326% increase over 2016 Q2.  Earnings per share of $0.42 increased by $0.32 from 2016 Q2 

·

2017 Q2 cash flow from operations of $67.2 million, a 63% increase over 2016 Q2

·

Total backlog of $2.8 billion at June 30, 2017, a 44% increase over backlog at June 30, 2016

 

Dallas, TX – August 8, 2017– Primoris Services Corporation (NASDAQ GS: PRIM) (“Primoris” or “Company”) today announced financial results for its second quarter ended June 30,  2017.

 

The Company also announced that on August 2, 2017 its Board of Directors declared a $0.055 per share cash dividend to stockholders of record on September 29, 2017, payable on or about October 14, 2017. 

 

David King, President and Chief Executive Officer of Primoris, commented, “Primoris’ second quarter revenue was the highest quarterly revenue in the Company’s history.  The main driver behind both our top and bottom line growth was the outstanding work performed by our Pipeline & Underground segment’s Rockford division.  We also saw significant year-over-year revenue growth in our Utility & Distribution and Power,  Industrial & Engineering segments.  The new awards we announced in the quarter highlight markets where we continue to see growth, such as utility Master Service Agreements and heavy civil airport and port facility work.  Even with the significant improvement in revenue, our backlog remained at approximately $2.8 billion as we continue to see demand for our services.

 

“Our strong operating cash flow this year allowed us to invest for internal growth and invest over $66 million in acquisitions.  The primary acquisitions were a Florida-based utility contractor in the Utility & Distribution segment and a Texas-based pipeline maintenance contractor in the Pipeline & Underground segment.  We are proud that Primoris can achieve growth without sacrificing our balance sheet.”

 

Mr. King continued, “As we look forward to the remainder of this year and into 2018, we continue to see tremendous opportunity for Primoris.  The recent acquisitions give us access to new geographies and new clients, and our strong backlog provides our legacy companies with a solid base of work on which to grow.”

 

2017 SECOND QUARTER RESULTS OVERVIEW

 

Revenues in the second quarter 2017 increased by $174.4 million to $631.2 million from $456.8 million for the same period in 2016.  Gross profit for the second quarter 2017 increased by $41.2 million to $84.5 million from $43.3 million for the same period in 2016. 


 

 

Gross profit as a percentage of revenue increased to 13.4% for the second quarter 2017, compared to 9.5% for the same period in 2016.

 

 

SEGMENT RESULTS

 

Through the end of the year 2016, Primoris segregated its business into three reportable segments: the Energy segment, the East Construction Services segment, and the West Construction Services segment.  In the first quarter 2017, Primoris changed its reportable segments to match the changes in the Company’s realigned internal organization and management structure.  A Form 8-K was filed on April 7, 2017 containing historical revenue, margin, and backlog information for the new segments.

 

·

Power, Industrial, and Engineering (“Power”) - The Power division of the Power segment includes ARB Industrial, Primoris Power, ARB Structures, and Primoris Renewable Energy.  The Industrial division of this segment includes Primoris Industrial Constructors, Primoris Fabrication, Primoris Mechanical Contractors, and Primoris Coastal Field Services.  The Engineering division of this segment includes OnQuest and PD&C.

·

Pipeline and Underground (“Pipeline”) – The Pipeline segment includes Rockford, Vadnais Trenchless, Primoris Field Services, and Primoris Pipeline.

·

Utilities and Distribution (“Utilities”) – The Utilities segment includes ARB Underground, Q3C, Primoris AV, and Primoris Distribution Services.

·

Civil – The Civil segment includes Primoris Heavy Civil, Primoris I&M, and BW Primoris.

 

Segment Revenues

(in thousands, except %)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended June 30, 

 

 

 

2017

 

2016

 

 

 

 

 

 

% of

 

 

 

 

% of

 

 

 

 

 

 

Total

 

 

 

 

Total

 

Segment

    

Revenue

    

Revenue

    

Revenue

    

Revenue

 

Power

 

$

157,773

 

25.0%

 

$

126,576

 

27.7%

 

Pipeline

 

 

134,623

 

21.3%

 

 

56,804

 

12.4%

 

Utilities

 

 

212,942

 

33.8%

 

 

157,119

 

34.4%

 

Civil

 

 

125,827

 

19.9%

 

 

116,312

 

25.5%

 

Total

 

$

631,165

 

100.0%

 

$

456,811

 

100.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the six months ended June 30, 

 

 

 

2017

 

2016

 

 

 

 

 

 

% of

 

 

 

 

% of

 

 

 

 

 

 

Total

 

 

 

 

Total

 

Segment

    

Revenue

    

Revenue

    

Revenue

    

Revenue

 

Power

 

$

289,013

 

24.2%

 

$

265,214

 

29.9%

 

Pipeline

 

 

318,068

 

26.7%

 

 

111,140

 

12.5%

 

Utilities

 

 

329,922

 

27.7%

 

 

260,873

 

29.4%

 

Civil

 

 

255,664

 

21.4%

 

 

250,030

 

28.2%

 

Total

 

$

1,192,667

 

100.0%

 

$

887,257

 

100.0%

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

Segment Gross Profit

(in thousands, except %)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended June 30, 

 

 

 

2017

 

2016

 

 

    

 

 

    

% of

    

 

 

    

% of

 

 

 

 

 

 

Segment

 

 

 

 

Segment

 

Segment

 

Gross Profit

 

Revenue

 

Gross Profit

 

Revenue

 

Power

 

$

18,132

 

11.5%

 

$

14,092

 

11.1%

 

Pipeline

 

 

39,366

 

29.2%

 

 

6,469

 

11.4%

 

Utilities

 

 

32,347

 

15.2%

 

 

22,841

 

14.5%

 

Civil

 

 

(5,362)

 

(4.3%)

 

 

(117)

 

(0.1%)

 

Total

 

$

84,483

 

13.4%

 

$

43,285

 

9.5%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the six months ended June 30, 

 

 

 

2017

 

2016

 

 

    

 

 

    

% of

    

 

 

    

% of

 

 

 

 

 

 

Segment

 

 

 

 

Segment

 

Segment

 

Gross Profit

 

Revenue

 

Gross Profit

 

Revenue

 

Power

 

$

33,656

 

11.6%

 

$

25,677

 

9.7%

 

Pipeline

 

 

67,491

 

21.2%

 

 

11,468

 

10.3%

 

Utilities

 

 

40,620

 

12.3%

 

 

34,726

 

13.3%

 

Civil

 

 

(2,231)

 

(0.9%)

 

 

10,691

 

4.3%

 

Total

 

$

139,536

 

11.7%

 

$

82,562

 

9.3%

 

 

Power, Industrial, & Engineering Segment :  Revenue in the Power segment increased by $31.2 million in the second quarter 2017, compared to the same period in 2016.  The majority of the increase came from the ARB Industrial division, where revenue increased by $26.1 million as a result of the two power plant projects in Southern California.  In addition, the Primoris Power division realized an increase in revenue of $9.6 million, primarily related to their power plant project in the mid-Atlantic region.  Gross profit in the Power segment increased by $4.0 million in the second quarter 2017, compared to the same period in 2016.  The increase is primarily due to the increased revenue.  Gross profit as a percentage of revenue increased to 11.5% in the second quarter 2017, compared to 11.1% in the same period in 2016, primarily as a result of the progress on the Southern California power plants.

 

Pipeline & Underground Segment :  Revenue in the Pipeline segment increased by $77.8 million in the second quarter 2017, compared to the same period in 2016.  The increase is primarily from the Rockford division’s two large pipeline projects in Florida.  Gross profit in the Pipeline segment increased by $32.9 million in the second quarter 2017, compared to the same period in 2016 on higher revenue.  Gross profit as a percentage of revenue increased to 29.2% in the second quarter 2017, compared to 11.4% in the same period in 2016.  The increase is primarily due to the increased gross profit at the Rockford division.

 

Utilities & Distribution   Segment:    Revenue in the Utilities segment increased by $55.8 million in the second quarter 2017, compared to the same period in 2016.  Approximately $46.9 million is due to increased volumes at the ARB Underground division, and $8.1 million is due to increased volumes at the Q3C division.  Gross profit in the Utilities segment increased by $9.5 million in the second quarter 2017, compared to the same period in 2016.  The increase is primarily due to the increased revenue at the ARB Industrial and Q3C divisions.  Gross profit as a percentage of revenue increased to 15.2% in the second quarter 2017, compared to 14.5% in the same period in 2016.  The increase is primarily due to increased profitability in the ARB Underground division.


Civil Segment:    Revenue in the Civil segment increased by $9.5 million in the second quarter 2017, compared to the same period in 2016.  The majority of the increase came from the Primoris I&M division, as increased revenue at a new Louisiana methanol project more than offset declines at a large southern Louisiana petrochemical project that had been a revenue driver for several quarters.  Gross profit in the Civil segment decreased by $5.2 million in the second quarter 2017, compared to the same period in 2016.  The decrease was primarily the result of productivity issues at the Primoris Heavy Civil division in Arkansas and Louisiana.  Gross profit as a percentage of revenue decreased to (4.3%)  in the second quarter 2017, compared to (0.1%) in the same period in 2016, as a result of the Arkansas DOT and Louisiana DOT productivity issues at Primoris Heavy Civil.

 

 


 

 

 

 

 

OUTLOOK

 

Based on an expected second quarter 2018 start date for a major pipeline project in backlog, anticipated levels of customer maintenance, MSA spending, and new project awards, and given the continued uncertainty caused by the energy markets, the Company estimates that for the four quarters ending June 30, 2018, net income attributable to Primoris will be between $1.05 and $1.25 per fully diluted share.

 

BACKLOG

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expected Next Four

 

 

 

 

 

 

 

 

 

 

 

Quarters Total

 

 

Backlog at June 30, 2017 (in millions)

 

Backlog Revenue

 

Segment

Fixed Backlog

 

MSA Backlog

 

Total Backlog

 

Recognition

 

Power

$

449

 

$

42

 

$

491

 

 

82%

 

Pipeline

 

848

 

 

79

 

 

927

 

 

38%

 

Utilities

 

94

 

 

570

 

 

664

 

 

100%

 

Civil

 

665

 

 

 3

 

 

668

 

 

66%

 

Total

$

2,056

 

$

694

 

$

2,750

 

 

68%

 

 

 

At June 30, 2017, Fixed Backlog was $2.1 billion, compared to $2.1 billion at December 31, 2016.

 

At June 30, 2017, MSA Backlog was $694 million, compared to $672 million at December 31, 2016.  MSA Backlog represents estimated MSA revenues for the next four quarters.

 

Total Backlog at June 30, 2017 was $2.8 billion, compared to $2.8 billion at December 31, 2016. 

 

Backlog, including estimated MSA revenues, should not be considered a comprehensive indicator of future revenues.  There is a certain percentage of total revenues, from projects such as cost reimbursable and time-and-materials projects, that do not flow through backlog.  Any project may still be cancelled at the convenience of our customers.

 

 

 


 

 

CONFERENCE CALL

 

David King, President and Chief Executive Officer, and Peter J. Moerbeek, Executive Vice President and Chief Financial Officer will host a conference call today, Tuesday, August 8, 2016 at 10:00 am Eastern Time / 9:00 am Central Time to discuss the results. 

 

Interested parties may participate in the call by dialing:

 

·

(877) 407-8293 (Domestic)

·

(201) 689-8349 (International)

If you are unable to participate in the live call, a replay may be accessed by dialing (877) 660-6853, conference ID 13666612, and will be available for approximately two weeks. The conference call will also be broadcast live over the Internet and can be accessed and replayed through the Investor Relations section of Primoris' website at www.prim.com. Once at the Investor Relations section, please click on "Events & Presentations”.

 

ABOUT PRIMORIS

 

Founded in 1960, 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. The Company's national footprint 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 known and unknown risks, uncertainties, and other factors, including without limitation, those described in this press release and those detailed in the "Risk Factors" section and other portions of our Annual Report on Form 10-K for the period ended December 31, 2016, and other filings with the Securities and Exchange Commission.  Given these uncertainties, you should not place undue reliance on forward-looking statements.  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 securities laws.

 

 

 

 

 

Company Contact

    

 

    

Peter J. Moerbeek

 

Kate Tholking

 

Executive Vice President, Chief Financial Officer

 

Director of Investor Relations

 

(214) 740-5602

 

(214) 740-5615

 

pmoerbeek@prim.com

 

ktholking@prim.com

 

 

 

 

 


 

 

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In Thousands, Except Per Share Amounts)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

 

June 30, 

 

June 30, 

 

 

    

2017

    

2016

    

2017

    

2016

 

Revenue

 

$

631,165

 

$

456,811

 

$

1,192,667

 

$

887,257

 

Cost of revenue

 

 

546,682

 

 

413,526

 

 

1,053,131

 

 

804,695

 

Gross profit

 

 

84,483

 

 

43,285

 

 

139,536

 

 

82,562

 

Selling, general and administrative expenses

 

 

45,977

 

 

32,498

 

 

85,831

 

 

65,156

 

Operating income

 

 

38,506

 

 

10,787

 

 

53,705

 

 

17,406

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange gain

 

 

109

 

 

21

 

 

132

 

 

380

 

Other expense

 

 

(13)

 

 

 —

 

 

(13)

 

 

 —

 

Interest income

 

 

114

 

 

52

 

 

183

 

 

91

 

Interest expense

 

 

(2,145)

 

 

(2,240)

 

 

(4,407)

 

 

(4,508)

 

Income before provision for income taxes

 

 

36,571

 

 

8,620

 

 

49,600

 

 

13,369

 

Provision for income taxes

 

 

(14,175)

 

 

(3,333)

 

 

(18,692)

 

 

(5,166)

 

Net income

 

$

22,396

 

$

5,287

 

$

30,908

 

$

8,203

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less net income attributable to noncontrolling interests

 

 

(851)

 

 

(231)

 

$

(1,672)

 

$

(454)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Primoris

 

$

21,545

 

$

5,056

 

$

29,236

 

$

7,749

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.42

 

$

0.10

 

$

0.57

 

$

0.15

 

Diluted

 

$

0.42

 

$

0.10

 

$

0.56

 

$

0.15

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

51,437

 

 

51,772

 

 

51,515

 

 

51,749

 

Diluted

 

 

51,688

 

 

52,022

 

 

51,771

 

 

51,950

 

 

 

 

 

 

 

 

 


 

 

CONDENSED CONSOLIDATED BALANCE SHEETS

(In Thousands, Except Share Amounts)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

June 30, 

 

 

December 31, 

 

 

    

2017

    

2016

 

ASSETS

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

111,676

 

$

135,823

 

Customer retention deposits

 

 

906

 

 

481

 

Accounts receivable, net

 

 

355,231

 

 

388,000

 

Costs and estimated earnings in excess of billings

 

 

158,741

 

 

138,618

 

Inventory and uninstalled contract materials

 

 

42,318

 

 

49,201

 

Prepaid expenses and other current assets

 

 

16,082

 

 

19,258

 

Total current assets

 

 

684,954

 

 

731,381

 

Property and equipment, net

 

 

309,013

 

 

277,346

 

Intangible assets, net

 

 

51,228

 

 

32,841

 

Goodwill

 

 

150,672

 

 

127,226

 

Other long-term assets

 

 

1,624

 

 

2,004

 

Total assets

 

$

1,197,491

 

$

1,170,798

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Accounts payable

 

$

134,091

 

$

168,110

 

Billings in excess of costs and estimated earnings

 

 

158,698

 

 

112,606

 

Accrued expenses and other current liabilities

 

 

116,244

 

 

108,006

 

Dividends payable

 

 

2,829

 

 

2,839

 

Current portion of capital leases

 

 

186

 

 

188

 

Current portion of long-term debt

 

 

58,031

 

 

58,189

 

Current portion of contingent earnout liabilities

 

 

1,213

 

 

 —

 

Total current liabilities

 

 

471,292

 

 

449,938

 

Long-term capital leases, net of current portion

 

 

170

 

 

15

 

Long-term debt, net of current portion

 

 

183,140

 

 

203,381

 

Deferred tax liabilities

 

 

9,830

 

 

9,830

 

Other long-term liabilities

 

 

11,623

 

 

9,064

 

Total liabilities

 

 

676,055

 

 

672,228

 

Commitments and contingencies

 

 

 

 

 

 

 

Stockholders’ equity

 

 

 

 

 

 

 

Common stock

 

 

 5

 

 

 5

 

Additional paid-in capital

 

 

159,761

 

 

162,128

 

Retained earnings

 

 

358,779

 

 

335,218

 

Non-controlling interest

 

 

2,891

 

 

1,219

 

Total stockholders’ equity

 

 

521,436

 

 

498,570

 

Total liabilities and stockholders’ equity

 

$

1,197,491

 

$

1,170,798

 

 

 

 


 

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended

 

 

 

June 30, 

 

 

    

2017

    

2016

 

Cash flows from operating activities:

 

 

 

 

 

 

 

Net income

 

$

30,908

 

$

8,203

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

Depreciation

 

 

28,139

 

 

30,850

 

Amortization of intangible assets

 

 

3,611

 

 

3,239

 

Intangible asset impairment

 

 

477

 

 

 —

 

Stock-based compensation expense

 

 

690

 

 

710

 

Gain on sale of property and equipment

 

 

(3,208)

 

 

(2,293)

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

Customer retention deposits

 

 

(425)

 

 

(435)

 

Accounts receivable

 

 

43,792

 

 

2,514

 

Costs and estimated earnings in excess of billings

 

 

(19,572)

 

 

(17,151)

 

Other current assets

 

 

11,920

 

 

2,708

 

Other long-term assets

 

 

380

 

 

(747)

 

Accounts payable

 

 

(37,060)

 

 

(11,065)

 

Billings in excess of costs and estimated earnings

 

 

45,791

 

 

(17,584)

 

Accrued expenses and other current liabilities

 

 

8,154

 

 

7,337

 

Other long-term liabilities

 

 

2,692

 

 

(788)

 

Net cash provided by operating activities

 

 

116,289

 

 

5,498

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Purchase of property and equipment

 

 

(44,697)

 

 

(42,140)

 

Proceeds from sale of property and equipment

 

 

4,664

 

 

5,723

 

Cash paid for acquisitions

 

 

(66,205)

 

 

(4,108)

 

Net cash used in investing activities

 

 

(106,238)

 

 

(40,525)

 

Cash flows from financing activities:

 

 

 

 

 

 

 

Repayment of capital leases

 

 

(117)

 

 

(468)

 

Repayment of long-term debt

 

 

(24,562)

 

 

(24,262)

 

Proceeds from issuance of common stock purchased under a long-term incentive plan

 

 

1,148

 

 

1,439

 

Repurchase of common stock

 

 

(4,999)

 

 

 —

 

Dividends paid

 

 

(5,668)

 

 

(5,689)

 

Net cash used in financing activities

 

 

(34,198)

 

 

(28,980)

 

Net change in cash and cash equivalents

 

 

(24,147)

 

 

(64,007)

 

Cash and cash equivalents at beginning of the period

 

 

135,823

 

 

161,122

 

Cash and cash equivalents at end of the period

 

$

111,676

 

$

97,115