Primoris Services Corporation announced that Michael D. Killgore was recently named Executive Vice President, Director of Construction Services for Primoris. In his new role, Mr. Killgore will be responsible for overall management related to the operations of Primoris's recently formed "Construction Services -- East" and "Construction Services.

Primoris Services Corporation reported consolidated earnings results for the fourth quarter and full year ended December 31, 2009. For the quarter, the company reported consolidated revenues decreased by $25.0 million, or 17.6% to $117.2 million from the fourth quarter of 2008. This decrease was due primarily to reductions in its California industrial business of $30.0 million, a decrease in Florida water and sewer construction of $9.0 million, a $7.8 million decrease in underground and a decrease of $4.1 million in its engineering segment, partially offset by increased revenues of $9.4 million from its cable and conduit business and $16.8 million from its two new acquisitions. Operating income decreased to $7.8 million, or 6.7% of total revenues, compared to $8.3 million, or 5.8% of total revenues, for the same period last year. Net other income was $3.2 million compared to $2.2 million for the fourth quarter of 2008. Income from continuing operations before provision for income taxes increased to $11.1 million, or 9.4% of revenues, from $10.4 million, or 7.3% of revenues, in the fourth quarter of 2008. Net income was $3.7 million, or $0.10 per share (reflecting a tax rate of 38.6%), compared to net income of $7.8 million, or $0.23 per share (reflecting a tax rate of 25.1%), in the same period in 2008. On a pro forma basis net income would have been $6.3 million, or $0.19 per diluted share (reflecting a pro forma tax rate of 39.8%). Fully diluted shares outstanding for the fourth quarter 2009 were approximately 38.1 million compared to 33.3 million for the prior year fourth quarter, an increase of 14.3%. For the full year, the company reported revenue of $467,010,000, operating income of $40,404,000, income from continuing operations before provision for income taxes of $48,111,000, income from continuing operations of $29,761,000 or $0.86 diluted per share, net income of $25,912,000 or $0.75 diluted per share as compared to revenue of $597,822,000, operating income of $35,848,000, income from continuing operations before provision for income taxes of $42,228,000, income from continuing operations of $37,302,000 or $1.32 diluted per share, net income of $36,433,000 or $1.29 diluted per share for the same period last year. The company also announced that its board of directors has declared a $0.025 per share cash dividend to stockholders of record as of March 31, 2010, payable on or about April 15, 2010.

Primoris Services Corporation reported consolidated earnings results for the fourth quarter ended December 31, 2009. For the quarter, the company reported income from continuing operations of $6.79 million or $0.18 diluted per share compared to income from continuing operations of $7.82 million or $0.23 diluted per share for the same period last year.

Primoris Services Corporation Announces 2009 Fourth Quarter and Year End Financial Results

CORRECTING and REPLACING -- Primoris Services Corporation Announces 2009 Fourth Quarter and Year End Financial Results

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