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MYR Group Inc. Announces Second-Quarter and First-Half 2015 Results

20:00 EDT 4 Aug 2015 | Globe Newswire

ROLLING MEADOWS, Ill., Aug. 5, 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 second-quarter and first-half 2015 financial results.

Highlights

  • Q2 2015 revenues of $276.5 million compared to $228.9 million for the same period last year, an increase of 20.8 percent.
  • Q2 2015 net income of $8.1 million compared to $7.7 million for the same period last year, an increase of 4.3 percent.
  • Q2 2015 diluted earnings per share of $0.38 compared to $0.36 per share for the same period last year, an increase of 5.6 percent.
  • Share repurchase program amended from $25.0 million to $42.5 million and extended through August 31, 2016.
  • First-half 2015 revenues of $520.6 million compared to $444.5 million for the same period last year, an increase of 17.1 percent.
  • First-half 2015 net income of $15.2 million compared to $14.0 million for the same period last year, an increase of 8.8 percent.
  • First-half 2015 diluted earnings per share of $0.72 compared to $0.64 per share for the same period last year, an increase of 12.5 percent.
  • Acquired substantially all of the assets of E.S. Boulos Company, an electrical contractor operating in the northeast U.S., on April 13, 2015, for approximately $11.4 million in cash.

Management Comments

Bill Koertner, MYR's President and CEO said, "The second quarter of 2015 was highlighted by higher revenues, gross profit, EBITDA, net income and diluted EPS. During the quarter we also acquired substantially all of the assets of E.S. Boulos, one of New England's largest and most experienced electrical contractors, which enhances our T&D presence in the northeast U.S while expanding our C&I presence outside of our existing markets. We also executed our first contract to perform construction services in Canada." Mr. Koertner continued, "Our balance sheet remains strong with $46.9 million of cash and borrowing capacity of $155.7 million at the end of the second quarter. We believe that our management and craft employees, investment in specialty equipment, existing customer relationships, commitment to safety, strong financial position and focused approach should enable us to achieve long-term growth, both organically and through additional acquisitions, in our T&D and C&I segments."

Second-Quarter Results                                                              

MYR reported second-quarter 2015 revenues of $276.5 million, an increase of $47.6 million, or 20.8 percent, compared to second-quarter 2014. Specifically, the Transmission and Distribution (T&D) segment reported revenues of $200.6 million, an increase of $34.2 million, or 20.6 percent, from the second quarter of 2014, primarily due to an increase in the number of jobs of all sizes. Material and subcontractor costs in our T&D segment comprised approximately 27 percent of total contract costs in the second quarter of 2015, compared to approximately 25 percent in the second quarter of 2014. The Commercial and Industrial (C&I) segment reported second-quarter 2015 revenues of $75.9 million, an increase of $13.4 million, or 21.5 percent, over second-quarter 2014, due primarily to the acquisition of E.S. Boulos Company ("ESB").

Consolidated gross profit increased to $31.7 million in the second quarter of 2015, compared to $30.5 million in the second quarter of 2014. The increase in gross profit was primarily due to the higher revenues and contract performance incentives. Gross margin decreased to 11.5 percent for the second quarter of 2015 from 13.3 percent for the second quarter of 2014, primarily due to the year-over-year change in estimates of gross profit on certain T&D projects. For the second quarter of 2015, contract performance incentives provided a gross margin benefit of approximately 1.0 percent. For the second quarter of 2014, cost efficiencies, additional work and effective contract management resulted in improved contract margins on several transmission projects, and provided a gross margin benefit of approximately 1.9 percent. The remainder of the variance was primarily due to several underperforming projects in the second quarter of 2015.

Selling, general and administrative expenses increased to $18.9 million in the second quarter of 2015 compared to $18.1 million in the second quarter of 2014. The increase in selling, general and administrative expenses in the second quarter of 2015 was due primarily to higher personnel costs to support operations and ESB acquisition costs compared to the second quarter of 2014. As a percentage of revenues, selling, general and administrative expenses decreased to 6.9 percent for the second quarter of 2015 from 7.9 percent for the second quarter of 2014.

For the second quarter of 2015, net income was $8.1 million, or $0.38 per diluted share, compared to $7.7 million, or $0.36 per diluted share, for the same period of 2014. Second-quarter 2015 EBITDA, a non-GAAP financial measure, was $22.3 million, or 8.1 percent of revenues, compared to $20.7 million, or 9.1 percent of revenues, in the second quarter of 2014.

First-Half Results

MYR reported first-half 2015 revenues of $520.6 million, an increase of $76.1 million, or 17.1 percent, compared to first-half 2014. Specifically, the T&D segment reported revenues of $389.8 million, an increase of $61.4 million, or 18.7 percent, from the first half of 2014, primarily due to an increase in the number of jobs of all sizes. Material and subcontractor costs in our T&D segment comprised approximately 25 percent of total contract costs in the first half of 2015, compared to approximately 22 percent in the first half of 2014. The C&I segment reported first-half 2015 revenues of $130.8 million, an increase of $14.7 million, or 12.7 percent, over first-half 2014, due primarily to the acquisition of ESB.

Consolidated gross profit increased to $61.1 million, in the first half of 2015, compared to $57.6 million, in the first half of 2014. The increase in gross profit was primarily due to the higher revenues. Gross margin decreased to 11.7 percent for the first half of 2015 from 13.0 percent for the first half of 2014, primarily due to the year-over-year change in estimates of gross profit on certain projects. For the first half of 2015, contract performance incentives, cost efficiencies, additional work and effective contract management resulted in improved contract margins on several projects, primarily transmission projects, and provided a gross margin benefit of 1.1 percent. For the first half of 2014, cost efficiencies, additional work and effective contract management resulted in improved contract margins on several transmission projects, and provided a gross margin benefit of 2.2 percent.

Selling, general and administrative expenses increased to $37.5 million in the first half of 2015 compared to $35.0 million in the first half of 2014. The increase in selling, general and administrative expenses in the first half of 2015 was due primarily to higher personnel costs to support operations, ESB acquisition costs and higher stock compensation costs compared to the first half of 2014. As a percentage of revenues, selling, general and administrative expenses decreased to 7.2 percent for the first half of 2015 from 7.9 percent for the first half of 2014.

For the first half of 2015, net income was $15.2 million, or $0.72 per diluted share, compared to $14.0 million, or $0.64 per diluted share, for the same period of 2014. First-half 2015 EBITDA, a non-GAAP financial measure, was $42.9 million, or 8.2 percent of revenues, compared to $39.0 million, or 8.8 percent of revenues, in the first half 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. The amendment increases the availability to purchase shares under the program to $25.0 million. MYR has spent approximately $17.5 million to purchase almost 724 thousand shares over the life of this program. In the first six months of 2015, MYR purchased 72,706 shares of its common stock, for approximately $1.8 million, under the share repurchase program.

Acquisition of E.S. Boulos Company and Canada Update

On April 13, 2015, MYR acquired substantially all of the assets of ESB, one of New England's largest and most experienced electrical contractors with over 95 years in operation, from a subsidiary of Eversource Energy. The purchase price was approximately $11.4 million, which was funded through our existing cash resources. ESB is headquartered in Westbrook, Maine, and offers construction services for the electric utility sector, including substation, transmission and distribution construction, as well as commercial and industrial electrical construction. ESB will continue to operate under its own name as part of the MYR Group family of companies. ESB's operations are included in the second-quarter 2015 consolidated T&D segment and C&I segment results.

In the second quarter of 2015, our Canadian subsidiary MYR Transmission Services Canada, Ltd. commenced work on its first contract to perform construction services in Canada. This T&D project is the Keewatinohk switchyard for Manitoba Hydro project and has a contract value of less than $40 million Canadian dollars.

Backlog

As of June 30, 2015, MYR's backlog was $410.7 million, consisting of $275.8 million in the T&D segment and $134.9 million in the C&I segment. Total backlog at June 30, 2015 was $12.3 million higher than the $398.4 million reported at March 31, 2015, due primarily to the acquisition of ESB. T&D backlog at June 30, 2015 increased $0.1 million, or 0.1 percent, from March 31, 2015, while C&I backlog increased $12.2 million, or 9.9 percent, over the same period. Total backlog at June 30, 2015 increased $12.8 million, or 3.2 percent, from the $397.9 million reported at June 30, 2014.

Balance Sheet

As of June 30, 2015, MYR had cash and cash equivalents of $46.9 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 second-quarter 2015 results on Thursday, August 6, 2015, at 9:00 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, August 12, 2015, at 11:59 p.m. Eastern time, by dialing (855) 859-2056 or (404) 537-3406, and entering conference ID 90026573. 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, August 12, 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 June 30, 2015 and December 31, 2014
 
   June 30, December 31,
(In thousands, except share and per share data)  2015 2014
  (unaudited)  
ASSETS    
Current assets:    
Cash and cash equivalents  $ 46,884  $ 77,636
Accounts receivable, net of allowances of $595 and $1,179, respectively  176,446  158,101
Costs and estimated earnings in excess of billings on uncompleted contracts   77,709  44,609
Deferred income tax assets   12,006  11,905
Receivable for insurance claims in excess of deductibles   11,472  12,311
Refundable income taxes   4,050  2,059
Other current assets   7,973  6,880
Total current assets   336,540  313,501
Property and equipment, net of accumulated depreciation of $164,092 and $147,956, respectively  165,871  148,654
Goodwill   48,918  46,599
Intangible assets, net of accumulated amortization of $3,394 and $3,227, respectively  9,698  9,865
Other assets   1,404  1,467
Total assets   $ 562,431  $ 520,086
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
Current liabilities:    
Accounts payable   $ 90,542  $ 62,247
Billings in excess of costs and estimated earnings on uncompleted contracts   36,130  38,121
Accrued self insurance   36,474  39,480
Other current liabilities   32,836  31,740
Total current liabilities   195,982  171,588
Deferred income tax liabilities   24,729  24,729
Other liabilities   1,224  1,216
Total liabilities   221,935  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 June 30, 2015 and December 31, 2014  —  —
Common stock—$0.01 par value per share; 100,000,000 authorized shares; 21,038,376 and 20,791,623 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively  208  206
Additional paid-in capital   167,752  151,124
Accumulated other comprehensive income  32  —
Retained earnings  172,504  171,223
Total stockholders' equity   340,496  322,553
Total liabilities and stockholders' equity   $ 562,431  $ 520,086
 
MYR GROUP INC.
Unaudited Consolidated Statements of Operations and Comprehensive Income (Loss)
Three and Six Months Ended June 30, 2015 and 2014
 
  Three months ended Six months ended
   June 30,   June 30, 
(In thousands, except per share data) 2015 2014 2015 2014
         
Contract revenues   $ 276,488  $ 228,877  $ 520,636  $ 444,515
Contract costs   244,752  198,349  459,526  386,907
Gross profit   31,736  30,528  61,110  57,608
Selling, general and administrative expenses   18,947  18,110  37,539  34,985
Amortization of intangible assets   84  83  167  167
Gain on sale of property and equipment   (319)  (60)  (1,217)  (71)
Income from operations   13,024  12,395  24,621  22,527
Other income (expense)        
Interest income   8  30  15  33
Interest expense   (187)  (177)  (366)  (355)
Other, net   (31)  108  (89)  162
Income before provision for income taxes   12,814  12,356  24,181  22,367
Income tax expense  4,740  4,615  8,935  8,354
Net income  $ 8,074  $ 7,741  $ 15,246  $ 14,013
Income per common share:        
—Basic   $ 0.39  $ 0.36  $ 0.73  $ 0.66
—Diluted   $ 0.38  $ 0.36  $ 0.72  $ 0.64
Weighted average number of common shares and potential common shares outstanding:        
—Basic   20,760  21,115  20,662  21,108
—Diluted   21,215  21,631  21,135  21,600
         
Net income  $ 8,074  $ 7,741  $ 15,246  $ 14,013
Other comprehensive income:        
Foreign currency translation adjustment  (8)  —  19  —
Other comprehensive income (loss)  (8)  —  19  —
Total comprehensive income  $ 8,066  $ 7,741  $ 15,265  $ 14,013
 
MYR GROUP INC.
Unaudited Consolidated Statements of Cash Flows
Six Months Ended June 30, 2015 and 2014
 
  Six months ended
   June 30, 
(In thousands)  2015   2014 
     
Cash flows from operating activities:     
Net income  $ 15,246  $ 14,013
Adjustments to reconcile net income to net cash flows provided by operating activities —    
Depreciation and amortization of property and equipment  18,152  16,103
Amortization of intangible assets   167  167
Stock-based compensation expense  2,716  2,197
Deferred income taxes   (101)  (41)
Gain on sale of property and equipment   (1,217)  (71)
Other non-cash items   89  47
Changes in operating assets and liabilities    
Accounts receivable, net   (7,683)  (3,554)
Costs and estimated earnings in excess of billings on uncompleted contracts   (30,998)  (15,717)
Receivable for insurance claims in excess of deductibles   839  (1,350)
Other assets   (3,053)  206
Accounts payable   20,688  (6,991)
Billings in excess of costs and estimated earnings on uncompleted contracts   (3,481)  448
Accrued self insurance   (2,774)  1,158
Other liabilities   439  (2,318)
Net cash flows provided by operating activities  9,029  4,297
Cash flows from investing activities:     
Proceeds from sale of property and equipment   1,326  182
Cash paid for acquired business  (11,374)  —
Purchases of property and equipment   (29,731)  (25,234)
Net cash flows used in investing activities  (39,779)  (25,052)
Cash flows from financing activities:     
Proceeds from exercise of stock options  1,519  135
Excess tax benefit from stock-based awards  1,620  230
Repurchase of common shares  (3,169)  (1,550)
Other financing activities  28  38
Net cash flows used in financing activities  (2)  (1,147)
 Net decrease in cash and cash equivalents   (30,752)  (21,902)
 Cash and cash equivalents:     
 Beginning of period   77,636  76,454
 End of period   $ 46,884  $ 54,552
   
MYR GROUP INC.  
Unaudited Consolidated Selected Data and Net Income Per Share  
Three and Six Months Ended June 30, 2015 and 2014  
   
  Three months ended Last twelve months ended  
   June 30,   June 30,   
 (in thousands, except per share data)   2015   2014   2015     2014   
             
 Summary Statement of Operations Data:             
 Contract revenues   $ 276,488  $ 228,877  $ 1,020,088    $ 931,986  
 Gross profit   $ 31,736  $ 30,528  $ 135,916    $ 123,929  
 Income from operations   $ 13,024  $ 12,395  $ 60,498    $ 51,392  
 Net income   $ 8,074  $ 7,741  $ 37,777    $ 32,350  
             
             
             
 Per Share Data:             
 Income per common share (1):             
 - Basic   $ 0.39  $ 0.36  $ 1.82 (2)  $ 1.52 (2)
 - Diluted   $ 0.38  $ 0.36  $ 1.78 (2)  $ 1.49 (2)
 Weighted average number of common shares and potential common shares outstanding :             
 - Basic   20,760  21,115  20,720 (3)  20,996 (3)
 - Diluted   21,215  21,631  21,235 (3)  21,536 (3)
             
   June 30,   December 31,   June 30,     June 30,   
 (in thousands)   2015 2014 2014   2013  
             
 Summary Balance Sheet Data:             
 Total assets   $ 562,431  $ 520,086  $ 533,460    $ 476,768  
 Total stockholders' equity (book value)   $ 340,496  $ 322,553  $ 311,114    $ 273,976  
 Goodwill and intangible assets   $ 58,616  $ 56,464  $ 56,631    $ 56,966  
 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 Six Months Ended June 30, 2015 and 2014
 
  Three months ended Last twelve months ended
   June 30,   June 30, 
 (in thousands, except per share data, ratios and percentages)   2015   2014   2015   2014 
         
 Financial Performance Measures (1):         
 EBITDA (2)   $ 22,348  $ 20,739  $ 95,881  $ 82,897
 EBITDA per Diluted Share (3)   $ 1.05  $ 0.96  $ 4.52  $ 3.85
 Free Cash Flow (4)   $ (5,710)  $ 471  $ 16,166  $ 15,348
 Book Value per Diluted Share (5)   $ 16.05  $ 14.38    
 Tangible Book Value (6)   $ 281,880  $ 254,483    
 Tangible Book Value per Diluted Share (7)   $ 13.29  $ 11.76    
 Debt to Equity Ratio (8)  0.0 0.0    
 Asset Turnover (9)      1.91 1.95
 Return on Assets (10)      7.1% 6.8%
 Return on Equity (11)      12.1% 11.8%
 Return on Invested Capital (13)      14.7% 13.7%
         
 Reconciliation of Non-GAAP measures:         
 Reconciliation of Net Income to EBITDA:         
 Net income   $ 8,074  $ 7,741  $ 37,777  $ 32,350
 Interest expense, net   $ 179  $ 147  $ 645  $ 681
 Provision for income taxes   $ 4,740  $ 4,615  $ 21,987  $ 18,513
 Depreciation and amortization   $ 9,355  $ 8,236  $ 35,472  $ 31,353
 EBITDA (2)   $ 22,348  $ 20,739  $ 95,881  $ 82,897
         
 Reconciliation of Net Income per diluted share to EBITDA per diluted share:         
 Net Income per share:   $ 0.38  $ 0.36  $ 1.78  $ 1.49
 Interest expense, net, per share   $ 0.01  $ 0.01  $ 0.03  $ 0.04
 Provision for income taxes per share   $ 0.22  $ 0.21  $ 1.04  $ 0.86
 Depreciation and amortization per share   $ 0.44  $ 0.38  $ 1.67  $ 1.46
 EBITDA per diluted share (3)   $ 1.05  $ 0.96  $ 4.52  $ 3.85
         
 Calculation of Free Cash Flow:         
 Net cash flow from operating activities   $ 7,659  $ 13,264  $ 59,708  $ 61,389
 Less: cash used in purchasing property and equipment   $ (13,369)  $ (12,793)  $ (43,542)  $ (46,041)
 Free Cash Flow (4)   $ (5,710)  $ 471  $ 16,166  $ 15,348
         
 Reconciliation of Book Value to Tangible Book Value:         
 Book value (total stockholders' equity)   $ 340,496  $ 311,114    
 Goodwill and intangible assets   $ (58,616)  $ (56,631)    
 Tangible Book Value (6)   $ 281,880  $ 254,483    
         
 Reconciliation of Book Value per diluted share to Tangible Book Value per diluted share:         
 Book value per diluted share:   $ 16.05  $ 14.38    
 Goodwill and intangible assets per diluted share  (2.76) (2.62)    
 Tangible Book Value per diluted share (7)   $ 13.29  $ 11.76    
         
         
     June 30,   June 30,   June 30, 
    2015 2014 2013
 Reconciliation of Invested Capital to Shareholders Equity:         
 Book value (total stockholders' equity)     $ 340,496  $ 311,114  $ 273,976
 Plus: Total Debt     $ —  $ —  $ —
 Less: Cash and cash equivalents     $ (46,884)  $ (54,552)  $ (37,629)
 Invested Capital (12)     $ 293,612  $ 256,562  $ 236,347
 
(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.
CONTACT: MYR Group Inc. Contact:
         Paul J. Evans, 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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