Primoris Services Corporation reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, the company reported net income of $7,947,000 or $0.23 per diluted share on revenue of $111,491,000 compared to net income of $10,086,000 or $0.32 per diluted share on revenue of $146,737,000 in the previous year period. Income before income taxes was $12,614,000 compared to $11,820,000 in the previous year period. Income from operations was $11,653,000 compared to $10,389,000 in the previous year period. Consolidated revenues for the third quarter of 2009 decreased 24.0%, due primarily to decreased revenues for projects in the refining sector and water and wastewater sector, and the performance of an unusually large engineering project during 2008. For the nine months. The company reported net income of $22,167,000 or $0.67 per diluted share on revenue of $367,129,000 compared to net income of $28,637,000 or $1.10 per diluted share on revenue of $458,572,000 in the previous year period. Income before income taxes was $35,775,000 compared to $30,825,000 in the previous year period. Income from operations was $31,302,000 compared to $26,613,000 in the previous year period. The company continues to expect that revenues for the remainder of 2009 will be lower than the record levels achieved in 2008.

Primoris Services Corporation on November 12, 2009 announced financial results for its third quarter ended September 30, 2009. The Company also announced that its Board of Directors has declared a $0.025 per share cash dividend to stockholders of record as of December 31, 2009, payable on or about January 15, 2010. Brian Pratt, Chairman, President and Chief Executive Officer of Primoris said, “Strategically, during the quarter we expanded our efforts in the alternative energy industry as we formed Primoris Renewables, a subsidiary which will concentrate on exploiting the growing, worldwide opportunities in developing, funding, acquiring and operating renewable energy projects. We also closed the acquisition of Cravens Partners. We continue to look to add strategic acquisitions to our Company to expand our geographic footprint and strengthen and broaden our operating capabilities.”

Primoris Services Corporation, Q3 2009 Earnings Call, Nov 12 2009