November 4, 2015

MYR Group Inc. Announces Third-Quarter and First Nine-Months 2015 Results

ROLLING MEADOWS, Ill., Nov. 04, 2015 (GLOBE NEWSWIRE) -- MYR Group Inc. ("MYR") (NASDAQ:MYRG), a leading specialty contractor serving the electrical infrastructure market in the United States and Canada, today announced its third-quarter and first nine-months 2015 financial results.

Highlights

  • Q3 2015 revenues of $269.9 million compared to $248.5 million for the same period last year, an increase of 8.6 percent.
  • Q3 2015 net income of $6.2 million compared to $8.4 million for the same period last year, a decrease of 26.5 percent.
  • Q3 2015 diluted earnings per share of $0.29 compared to $0.39 per share for the same period last year, a decrease of 25.6 percent.
  • First nine-months 2015 revenues of $790.5 million compared to $693.0 million for the same period last year, an increase of 14.1 percent.
  • First nine-months 2015 net income of $21.4 million compared to $22.4 million for the same period last year, a decrease of 4.4 percent.
  • First nine-months 2015 diluted earnings per share of $1.01 compared to $1.03 per share for the same period last year, a decrease of 1.9 percent.
  • MYR purchased 254,526 shares of its common stock in Q3 2015 under its $42.5 million share repurchase program.

Management Comments

Bill Koertner, MYR's President and CEO, said, "The third quarter was a challenging three months for MYR. While our revenue was higher, our gross margin was down due primarily to heightened competition in many of our markets and a few underperforming jobs due to various productivity issues. Also, much of our revenue this quarter resulted from small and mid-sized jobs with shorter durations which tend to lead to lower overall equipment utilization and lower labor productivity because the jobs are often finished before our crews fully reach their productive rhythm. Continuity of work remains key to our success." Mr. Koertner continued, "We are pleased that our investment to expand into some new geographic markets is beginning to show some positive results. We plan to remain disciplined with our approach both as we grow organically and consider acquisitions in order to capitalize on the strength of our team, customer relationships, specialty equipment resources, strong balance sheet, safety record and customer service reputation."

Third-Quarter Results

MYR reported third-quarter 2015 revenues of $269.9 million, an increase of $21.4 million, or 8.6 percent, compared to third-quarter 2014. Specifically, the Transmission and Distribution (T&D) segment reported revenues of $203.9 million , an increase of $23.9 million, or 13.3 percent, from the third quarter of 2014, primarily due to higher revenues from jobs of all sizes. Material and subcontractor costs in our T&D segment comprised approximately 25 percent of total contract costs in the third quarter of 2015, compared to approximately 34 percent in the third quarter of 2014. The Commercial and Industrial (C&I) segment reported third-quarter 2015 revenues of $66.0 million, a decrease of $2.5 million, or 3.7 percent, from third-quarter 2014, due primarily to lower revenue from large jobs, partially offset by the acquisition of E.S. Boulos Company ("ESB").

Consolidated gross profit decreased to $28.6 million in the third quarter of 2015, compared to $32.7 million in the third quarter of 2014. The decrease in gross profit was primarily due to lower gross margins partially offset by increased revenues. Gross margin decreased to 10.6 percent for the third quarter of 2015 from 13.2 percent for the third quarter of 2014. The year-over-year decline in gross margin was primarily due to lower bid margins caused by increased competition in many of our markets, an increase in shorter duration jobs (which affects fleet utilization, labor productivity and mobilization and demobilization costs) and certain underperforming jobs. Underperforming jobs include labor productivity below previous estimates as a result of excessive labor turnover and rework on certain jobs. Changes in estimates of gross profit on certain projects resulted in a gross margin decrease of 0.5 percent compared to an increase of 1.0 percent for the three months ended September 30, 2015 and 2014, respectively.

Selling, general and administrative expenses decreased to $19.0 million in the third quarter of 2015 compared to $19.3 million in the third quarter of 2014. The decrease in selling, general and administrative expenses in the third quarter of 2015 was due to lower bonus and profit sharing costs, partially offset by higher personnel costs to support operations compared to the third quarter of 2014. As a percentage of revenues, selling, general and administrative expenses decreased to 7.0 percent for the third quarter of 2015 from 7.8 percent for the third quarter of 2014.

For the third quarter of 2015, net income was $6.2 million, or $0.29 per diluted share, compared to $8.4 million, or $0.39 per diluted share, for the same period of 2014. Third-quarter 2015 EBITDA, a non-GAAP financial measure, was $20.1 million, or 7.4 percent of revenues, compared to $21.9 million, or 8.8 percent of revenues, in the third quarter of 2014.

First Nine-Months

MYR reported first nine-months 2015 revenues of $790.5 million, an increase of $97.5 million, or 14.1 percent, compared to the first nine months of 2014. Specifically, the T&D segment reported revenues of $593.7 million, an increase of $85.3 million, or 16.8 percent, from the first nine months of 2014, primarily due to an increase in the number of jobs of all sizes. The C&I segment reported first nine-months 2015 revenues of $196.8 million, an increase of $12.2 million, or 6.6 percent, over the first nine months of 2014, due primarily to the acquisition of ESB.

Consolidated gross profit decreased to $89.7 million, in the first nine months of 2015, compared to $90.3 million, a decrease of $0.6 million or 0.7 percent compared to the first nine months of 2014. The decrease in gross profit was primarily due to lower gross margin partially offset by higher revenues. Gross margin decreased to 11.4 percent for the first nine months of 2015 from 13.0 percent for the first nine months of 2014. The year-over-year decline in gross margin was primarily due to lower bid margins caused by increased competition in many of our markets, an increase in the number of shorter duration projects (which affects fleet utilization, labor productivity and mobilization and demobilization costs) and certain underperforming jobs. Underperforming jobs include labor productivity below previous estimates as a result of excessive labor turnover and rework on certain jobs. Changes in estimates of gross profit on certain projects resulted in gross margin increases of 0.5 percent and 1.7 percent for the nine months ended September 30, 2015 and 2014, respectively.

Selling, general and administrative expenses increased to $56.5 million in the first nine months of 2015 compared to $54.3 million in the first nine months of 2014. The increase in selling, general and administrative expenses in the first nine months of 2015 was due primarily to higher personnel costs to support operations and ESB acquisition costs, partially offset by lower bonus and profit sharing costs, compared to the first nine months of 2014. As a percentage of revenues, selling, general and administrative expenses decreased to 7.2 percent for the first nine months of 2015 from 7.8 percent for the first nine months of 2014.

For the first nine months of 2015, net income was $21.4 million, or $1.01 per diluted share, compared to $22.4 million, or $1.03 per diluted share, for the same period of 2014. First nine-months 2015 EBITDA, a non-GAAP financial measure, was $62.9 million, or 8.0 percent of revenues, compared to $60.9 million, or 8.8 percent of revenues, in the first nine months of 2014.

Share Repurchase Program

On July 30, 2015, MYR's board of directors approved an amended share repurchase program, increasing the amount of the program from $25.0 million to $42.5 million, and extending the term through August 31, 2016. MYR has spent approximately $24.4 million to purchase approximately 978 thousand shares over the life of this program. In the first nine months of 2015, MYR purchased 327,232 shares of its common stock, for approximately $8.7 million, under the share repurchase program. As of September 30, 2015 we had $18.1 million of availability to purchase shares under the program.

Backlog

As of September 30, 2015, MYR's backlog was $425.1 million, consisting of $295.6 million in the T&D segment and $129.5 million in the C&I segment. Total backlog at September 30, 2015 was $14.4 million higher than the $410.7 million reported at June 30, 2015. T&D backlog at September 30, 2015 increased $19.8 million, or 7.2 percent, from June 30, 2015, while C&I backlog decreased $5.4 million, or 4.0 percent, over the same period. Total backlog at September 30, 2015 increased $16.1 million, or 3.9 percent, from the $409.0 million reported at September 30, 2014.

Balance Sheet

As of September 30, 2015, MYR had cash and cash equivalents of $30.4 million and $155.7 million of borrowing availability under its credit facility.

Non-GAAP Financial Measures

To supplement MYR's financial statements presented in accordance with generally accepted accounting principles in the United States (GAAP), MYR uses certain non-GAAP measures. Reconciliation to the nearest GAAP measures of all non-GAAP measures included in this press release can be found at the end of this release. MYR's definitions of these non-GAAP measures may differ from similarly titled measures used by others. These non-GAAP measures should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP.

MYR believes that these non-GAAP measures are useful because they (i) provide both management and investors meaningful supplemental information regarding financial performance by excluding certain expenses and benefits that may not be indicative of recurring core business operating results, (ii) permit investors to view MYR's performance using the same tools that management uses to evaluate MYR's past performance, reportable business segments and prospects for future performance, (iii) publicly disclose results that are relevant to financial covenants included in MYR's credit facility and (iv) otherwise provide supplemental information that may be useful to investors in evaluating MYR.

Conference Call

MYR will host a conference call to discuss its third-quarter 2015 results on Thursday, November 5, 2015, at 10:00 a.m. Central time. To participate in the conference call via telephone, please dial (877) 561-2750 (domestic) or (763) 416-8565 (international) at least five minutes prior to the start of the event. A replay of the conference call will be available through Wednesday, November 11, 2015, at 11:59 p.m. Eastern time, by dialing (855) 859-2056 or (404) 537-3406, and entering conference ID 59506740. MYR will also broadcast the conference call live via the internet. Interested parties may access the webcast through the Investor Relations section of MYR's website at www.myrgroup.com. Please access the website at least 15 minutes prior to the start of the call to register, download and install any necessary audio software. The webcast will be available until Wednesday, November 11, 2015 at 11:59 P.M. Eastern time.

About MYR Group

MYR Group is a leading specialty contractor serving the electrical infrastructure market throughout the United States and Canada, and has the experience and expertise to complete electrical installations of any type and size. MYR Group's comprehensive services on electric transmission and distribution networks and substation facilities include design, engineering, procurement, construction, upgrade, maintenance and repair services. MYR Group's transmission and distribution customers include investor-owned utilities, cooperatives, private developers, government-funded utilities, independent power producers, independent transmission companies, industrial facility owners and other contractors. MYR Group also provides commercial and industrial electrical contracting services to general contractors, commercial and industrial facility owners, local governments and developers generally throughout the western and northeastern United States. For more information, visit myrgroup.com.

Forward-Looking Statements 

Various statements in this announcement, including those that express a belief, expectation, or intention, as well as those that are not statements of historical fact, are forward-looking statements. The forward-looking statements may include projections and estimates concerning the timing and success of specific projects and our future production, revenue, income, capital spending, segment improvements and investments. Forward-looking statements are generally accompanied by words such as "anticipate," "believe," "estimate," "expect," "intend," "may," "objective," "outlook," "plan," "project," "likely," "unlikely," "possible," "potential," "should" or other words that convey the uncertainty of future events or outcomes. The forward-looking statements in this announcement speak only as of the date of this announcement; we disclaim any obligation to update these statements (unless required by securities laws), and we caution you not to rely on them unduly. We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. No forward-looking statement can be guaranteed and actual results may differ materially from those projected. Forward-looking statements in this press announcement should be evaluated together with the many uncertainties that affect MYR's business, particularly those mentioned in the risk factors and cautionary statements in Item 1A of MYR's Annual Report on Form 10-K for the fiscal year ended December 31, 2014, and in any risk factors or cautionary statements contained in MYR's Quarterly Reports on Form 10-Q or Current Reports on Form 8-K.

Financial tables follow…



MYR GROUP INC.
Consolidated Balance Sheets
As of September 30, 2015 and December 31, 2014
 
 September 30, December 31,
(In thousands, except share and per share data)  2015   2014 
 (unaudited)  
ASSETS   
Current assets:   
Cash and cash equivalents$  30,429  $  77,636 
Accounts receivable, net of allowances of $386 and $1,179, respectively   193,065     158,101 
Costs and estimated earnings in excess of billings on uncompleted contracts   78,030     44,609 
Deferred income tax assets   12,091     11,905 
Receivable for insurance claims in excess of deductibles   11,391     12,311 
Refundable income taxes   4,295     2,059 
Other current assets   5,850     6,880 
Total current assets   335,151     313,501 
Property and equipment, net of accumulated depreciation of $173,276 and $147,956, respectively   164,894      148,654 
Goodwill   48,667     46,599 
Intangible assets, net of accumulated amortization of $3,478 and $3,227, respectively   9,614     9,865 
Other assets   1,380     1,467 
Total assets$  559,706  $  520,086 
    
LIABILITIES AND STOCKHOLDERS' EQUITY   
Current liabilities:   
Accounts payable$  82,486  $  62,247 
Billings in excess of costs and estimated earnings on uncompleted contracts   45,690     38,121 
Accrued self insurance   35,861     39,480 
Other current liabilities   28,627     31,740 
Total current liabilities   192,664     171,588 
Deferred income tax liabilities   24,729     24,729 
Other liabilities   1,059     1,216 
Total liabilities   218,452     197,533 
Commitments and contingencies   
Stockholders' equity:   
Preferred stock—$0.01 par value per share; 4,000,000 authorized shares;   
none issued and outstanding at September 30, 2015 and December 31, 2014     
Common stock—$0.01 par value per share; 100,000,000 authorized shares;   
20,804,768 and 20,791,623 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively   206     206 
Additional paid-in capital   167,153     151,124 
Accumulated other comprehensive income   82    
Retained earnings   173,813     171,223 
Total stockholders' equity   341,254     322,553 
Total liabilities and stockholders' equity$  559,706  $  520,086 


MYR GROUP INC.
Unaudited Consolidated Statements of Operations and Comprehensive Income
Three and Nine Months Ended September 30, 2015 and 2014
 
 Three months ended Nine months ended
 September 30,   September 30,
(In thousands, except per share data) 2015   2014   2015   2014 
        
Contract revenues$  269,861  $  248,473  $  790,497  $  692,988 
Contract costs   241,241     215,749     700,767     602,656 
Gross profit   28,620     32,724     89,730     90,332 
Selling, general and administrative expenses   18,974     19,282     56,513     54,267 
Amortization of intangible assets   84     83     251     250 
Gain on sale of property and equipment   (357)    (48)    (1,574)    (119)
Income from operations   9,919     13,407     34,540     35,934 
Other income (expense)       
Interest income   8     57     23     90 
Interest expense   (180)    (179)    (546)    (534)
Other, net   438     2     349     164 
Income before provision for income taxes   10,185     13,287     34,366     35,654 
Income tax expense   4,010     4,883     12,945     13,237 
Net income$  6,175  $  8,404  $  21,421   $  22,417 
Income per common share:       
—Basic$  0.30  $  0.40  $  1.03  $  1.06 
—Diluted$  0.29  $  0.39  $  1.01  $  1.03 
Weighted average number of common shares and potential common shares outstanding:       
—Basic   20,788     20,988     20,662     21,040 
—Diluted   21,214     21,521     21,113     21,536 
        
Net income$  6,175  $  8,404  $  21,421  $  22,417 
Other comprehensive income:       
Foreign currency translation adjustment   50    —      69   —  
Other comprehensive income   50    —      69   —  
Total comprehensive income$  6,225   $  8,404  $  21,490  $  22,417 


MYR GROUP INC.
Unaudited Consolidated Statements of Cash Flows
Nine Months Ended September 30, 2015 and 2014
 
 Nine months ended
  September 30,
(In thousands)  2015     2014  
    
Cash flows from operating activities:    
Net income$  21,421  $  22,417 
Adjustments to reconcile net income to net cash flows provided by operating activities —   
Depreciation and amortization of property and equipment   27,767     24,551 
Amortization of intangible assets   251     250 
Stock-based compensation expense   3,843     3,271 
Deferred income taxes   (186)    1,407 
Gain on sale of property and equipment   (1,574)    (119)
Other non-cash items   175     95 
Changes in operating assets and liabilities   
Accounts receivable, net   (24,301)    13,062 
Costs and estimated earnings in excess of billings on   
uncompleted contracts   (31,319)    (20,859)
Receivable for insurance claims in excess of deductibles   920     (484)
Other assets   (1,234)    2,439 
Accounts payable   17,014     (11,162)
Billings in excess of costs and estimated earnings on   
uncompleted contracts   6,079     (4,484)
Accrued self insurance   (3,387)    308 
Other liabilities    (4,774)    2,932 
Net cash flows provided by operating activities   10,695     33,624 
Cash flows from investing activities:    
Proceeds from sale of property and equipment   1,980     230 
Cash paid for acquired business   (11,374)   
Purchases of property and equipment   (42,795)    (35,992)
Net cash flows used in investing activities   (52,189)    (35,762)
Cash flows from financing activities:    
Proceeds from exercise of stock options   1,823     450 
Excess tax benefit from stock-based awards   1,676     390 
Repurchase of common shares   (9,240)    (10,585)
Other financing activities   28     38 
Net cash flows used in financing activities   (5,713)    (9,707)
Net decrease in cash and cash equivalents   (47,207)    (11,845)
Cash and cash equivalents:    
Beginning of period   77,636     76,454 
End of period$  30,429  $  64,609 


MYR GROUP INC.
Unaudited Consolidated Selected Data and Net Income Per Share
Three and Twelve Months Ended September 30, 2015 and 2014
 
       Three months ended Last twelve months ended 
        September 30,   September 30,  
 (in thousands, except per share data)    2015     2014     2015     2014   
               
 Summary Statement of Operations Data:         
 Contract revenues $  269,861  $  248,473  $  1,041,476  $  947,569  
 Gross profit  $  28,620  $  32,724  $  131,812  $  124,170  
 Income from operations $  9,919  $  13,407  $  57,010  $  51,720  
 Net income $  6,175  $  8,404  $  35,548  $  32,439  
               
               
               
 Per Share Data:          
 Income per common share (1):          
  - Basic  $  0.30  $  0.40  $  1.72  (2)$  1.53  (2)
  - Diluted $  0.29  $  0.39  $  1.68  (2)$  1.50  (2)
 Weighted average number of common shares         
 and potential common shares outstanding :         
  - Basic     20,788     20,988     20,670  (3)   21,028  (3)
  - Diluted    21,214     21,521     21,159  (3)   21,553  (3)
               
        September 30,   December 31,   September 30,   September 30,  
 (in thousands)    2015   2014   2014   2013  
               
 Summary Balance Sheet Data:          
 Total assets $  559,706  $  520,086  $  528,699  $  513,687  
 Total stockholders' equity (book value) $  341,254  $  322,553  $  311,311  $  284,165  
 Goodwill and intangible assets $  58,281   $  56,464  $  56,548  $  56,882  
 Total debt   $   $   $   $  
 
(1)  MYR calculates net income per common share in accordance with ASC 260, Earnings Per Share.
(2)  Last-twelve-months earnings per share is the sum of earnings per share reported in the last four quarters.
(3)  Last-twelve-months average basic and diluted shares were determined by adding the average shares reported for the last four quarters and dividing by four.


MYR GROUP INC.
Unaudited Performance Measures and Reconciliation of Non-GAAP Measures
Three and Twelve Months Ended September 30, 2015 and 2014
 
       Three months ended Last twelve months ended
        September 30,   September 30,
(in thousands, except per share data, ratios and percentages)   2015     2014     2015     2014  
              
Financial Performance Measures (1):         
EBITDA (2)   $  20,056  $  21,940  $  93,997   $  84,414 
EBITDA per Diluted Share (3)  $  0.95  $  1.02  $  4.44  $  3.92 
Free Cash Flow (4)  $  (11,398) $  18,569   $  (13,801) $  10,016 
Book Value per Diluted Share (5)  $   16.09  $  14.47     
Tangible Book Value (6)  $  282,973  $  254,763     
Tangible Book Value per Diluted Share (7) $  13.34  $  11.84     
Debt to Equity Ratio  (8)   0.0   0.0      
Asset Turnover (9)       1.97   1.84 
Return on Assets (10)       6.7%  6.3%
Return on Equity  (11)       11.4%  11.4%
Return on Invested Capital (13)       14.4%  14.7%
              
Reconciliation of Non-GAAP measures:          
Reconciliation of Net Income to EBITDA:        
Net income $  6,175  $  8,404  $  35,548  $  32,439 
 Interest expense, net $  172  $  122  $  695   $  628 
 Provision for income taxes $  4,010  $  4,883  $  21,114  $  18,805 
 Depreciation and amortization $  9,699  $  8,531  $  36,640  $  32,542 
EBITDA (2)  $  20,056  $  21,940  $  93,997  $  84,414 
              
Reconciliation of Net Income per diluted share        
  to EBITDA per diluted share:         
Net Income per share: $  0.29  $  0.39  $  1.68  $  1.50 
 Interest expense, net, per share $  0.01  $  0.01  $  0.03  $  0.03 
 Provision for income taxes per share $  0.19  $  0.23  $  1.00  $  0.87 
 Depreciation and amortization per share$  0.46  $  0.39  $  1.73  $  1.52 
EBITDA per diluted share (3)  $  0.95  $  1.02  $  4.44  $  3.92 
              
Calculation of Free Cash Flow:         
Net cash flow from operating activities $  1,666  $  29,327  $  32,047  $  57,193 
 Less: cash used in purchasing property and equipment$  (13,064) $  (10,758) $  (45,848) $  (47,177)
Free Cash Flow (4)  $  (11,398) $  18,569  $  (13,801) $  10,016 
              
Reconciliation of Book Value to Tangible Book Value:        
Book value (total stockholders' equity) $  341,254  $  311,311     
 Goodwill and intangible assets $  (58,281) $  (56,548)     
Tangible Book Value (6)  $  282,973  $  254,763     
              
Reconciliation of Book Value per diluted share         
  to Tangible Book Value per diluted share:        
Book value per diluted share: $  16.09  $  14.47     
 Goodwill and intangible assets per diluted share (2.75)  (2.63)    
Tangible Book Value per diluted share (7) $  13.34  $  11.84     
              
              
          September 30,
  September 30,
  September 30,
          2015   2014   2013 
Reconciliation of Invested Capital to Shareholders Equity:        
Book value (total stockholders' equity)    $  341,254  $  311,311  $  284,165 
  Plus: Total Debt    $   $   $ 
  Less: Cash and cash equivalents   $  (30,429) $  (64,609) $  (62,894)
Invested Capital (12)    $  310,825  $  246,702  $  221,271 


(1) These financial performance measures are provided as supplemental information to the financial statements. These measures are used by management to evaluate our past performance and prospects for future performance, to review measurements included in the financial covenants in our credit facility and to compare our results with those of our peers.  In addition, we believe that certain of the measures, such as book value, tangible book value, free cash flow, asset turnover, return on equity and debt leverage are measures that are monitored by sureties, lenders, lessors, suppliers and certain investors. Our calculation of each measure is described in the following notes; our calculation may not be the same as the calculations made by other companies.
(2) EBITDA is defined as earnings before interest, taxes, depreciation and amortization.  EBITDA is not recognized under GAAP and does not purport to be an alternative to net income as a measure of operating performance or to net cash flows provided by operating activities as a measure of liquidity. EBITDA is a component of the debt to EBITDA covenant that we must report to our bank on a quarterly basis. In addition, management considers EBITDA a useful measure because it eliminates differences which are caused by different capital structures as well as different tax rates and depreciation schedules when comparing our measures to our peers' measures.
(3) EBITDA per share is calculated by dividing EBITDA by the weighted average number of diluted shares outstanding for the period. EBITDA per diluted share is not recognized under GAAP and does not purport to be an alternative to income per diluted share.
(4) Free cash flow, which is defined as cash flow provided by operating activities minus cash flow used in purchasing property and equipment, is not recognized under GAAP and does not purport to be an alternative to net income, cash flow from operations or the change in cash on the balance sheet. Management views free cash flow as a measure of operational performance, liquidity and financial health.
(5) Book value per share is calculated by dividing total stockholders' equity at the end of the period by the weighted average diluted shares outstanding for the period.
(6) Tangible book value is calculated by subtracting goodwill and intangible assets outstanding at the end of the period from stockholders' equity outstanding at the end of the period. Tangible book value is not recognized under GAAP and does not purport to be an alternative to book value or stockholders' equity.
(7) Tangible book value per share is calculated by dividing tangible book value at the end of the period by the weighted average number of diluted shares outstanding for the period. Tangible book value per diluted share is not recognized under GAAP and does not purport to be an alternative to income per diluted share.
(8) The debt to equity ratio is calculated by dividing total debt at the end of the period by total stockholders' equity at the end of the period.
(9) Asset turnover is calculated by dividing the current period revenue by total assets at the beginning of the period.
(10) Return on assets is calculated by dividing net income for the period by total assets at the beginning of the period.
(11) Return on equity is calculated by dividing net income for the period by total stockholders' equity at the beginning of the period.
(12) Invested capital is calculated by adding net debt (total debt less cash and marketable securities) to total stockholders' equity.
(13) Return on invested capital is calculated by dividing net income, less any dividends, by invested capital at the beginning of the period.


MYR Group Inc. Contact:

Betty R. Johnson, Chief Financial Officer, 847-290-1891, investorinfo@myrgroup.com



Investor Contact:

Philip Kranz, Dresner Corporate Services, 312-780-7240, pkranz@dresnerco.com

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