Quanta Services (PWR) 8-K Results of Operations and Financial Condition

Exhibit 99.1

QUANTA SERVICES, INC. AND SUBSIDIARIES

CONSOLIDATED HISTORICAL FINANCIAL INFORMATION

RECAST FOR DISCONTINUED OPERATIONS

1

Quanta Services, Inc. and Subsidiaries 2012 Consolidated Statements of Operations Recast for Discontinued
Operations (In thousands) (Unaudited)

	Three Months Ended March 31, 2012			Three Months Ended June 30, 2012			Six Months Ended June  30, 2012			Three Months Ended September  30, 2012			Nine Months Ended September  30, 2012
Revenues	$	1,328,764		$	1,386,162		$	2,714,926		$	1,532,001		$	4,246,927
Cost of services (including depreciation)		1,142,700			1,173,258			2,315,958			1,280,001			3,595,959
Gross profit		186,064			212,904			398,968			252,000			650,968
Selling, general and administrative expenses		98,108			105,233			203,341			114,577			317,918
Amortization of intangible assets		9,165			9,326			18,491			10,290			28,781
Operating income		78,791			98,345			177,136			127,133			304,269
Interest expense		(575	)		(958	)		(1,533	)		(963	)		(2,496	)
Interest income		408			387			795			383			1,178
Equity in earnings of unconsolidated affiliates		—			—			—			1,308			1,308
Other income (expense), net		130			(326	)		(196	)		(179	)		(375	)
Income from continuing operations before income taxes		78,754			97,448			176,202			127,682			303,884
Provision for income taxes		28,669			35,271			63,940			39,596			103,536
Net income from continuing operations		50,085			62,177			112,262			88,086			200,348
Income from discontinued operations, net of taxes		(91	)		7,620			7,529			12,770			20,299
Net income		49,994			69,797			119,791			100,856			220,647
Less: Net income attributable to noncontrolling interests		4,287			4,259			8,546			4,458			13,004
Net income attributable to common stock	$	45,707		$	65,538		$	111,245		$	96,398		$	207,643
Amounts attributable to common stock:
Net income from continuing operations	$	45,798		$	57,918		$	103,716		$	83,628		$	187,344
Net income from discontinued operations		(91	)		7,620			7,529			12,770			20,299
Net income attributable to common stock	$	45,707		$	65,538		$	111,245		$	96,398		$	207,643
Earnings per share attributable to common stock - basic: (a)
Continuing operations	$	0.22		$	0.27		$	0.49		$	0.39		$	0.88
Discontinued operations		—			0.04			0.03			0.06			0.10
Net income attributable to common stock	$	0.22		$	0.31		$	0.52		$	0.45		$	0.98
Earnings per share attributable to common stock - diluted: (a)
Continuing operations	$	0.22		$	0.27		$	0.49		$	0.39		$	0.88
Discontinued operations		—			0.04			0.03			0.06			0.10
Net income attributable to common stock	$	0.22		$	0.31		$	0.52		$	0.45		$	0.98
Shares used in computing earnings per share:
Weighted average basic shares outstanding		211,481			212,987			212,244			213,150			212,564
Weighted average diluted shares outstanding		211,592			213,087			212,342			213,242			212,650

^(a)  The sum of the individual quarterly earnings per share amounts may not equal year-to-date earnings per share as each period’s computation is based on the weighted average number of shares outstanding during the period.

2

Quanta Services, Inc. and Subsidiaries 2011 Consolidated Statements of Operations Recast for Discontinued
Operations (In thousands) (Unaudited)

	Three Months Ended March 31, 2011			Three Months Ended June 30, 2011			Six Months Ended June  30, 2011			Three Months Ended September  30, 2011			Nine Months Ended September  30, 2011			Three Months Ended December 31, 2011			Twelve Months Ended December 31, 2011
Revenues	$	783,305		$	904,781		$	1,688,086		$	1,112,674		$	2,800,760		$	1,393,004		$	4,193,764
Cost of services (including depreciation)		713,730			763,986			1,477,716			940,619			2,418,335			1,213,713			3,632,048
Gross profit		69,575			140,795			210,370			172,055			382,425			179,291			561,716
Selling, general and administrative expenses		83,277			81,881			165,158			83,284			248,442			89,393			337,835
Amortization of intangible assets		6,037			6,643			12,680			8,067			20,747			8,292			29,039
Operating income (loss)		(19,739	)		52,271			32,532			80,704			113,236			81,606			194,842
Interest expense		(250	)		(246	)		(496	)		(734	)		(1,230	)		(573	)		(1,803	)
Interest income		286			249			535			226			761			305			1,066
Other income (expense), net		(85	)		167			82			(546	)		(464	)		(133	)		(597	)
Income (loss) from continuing operations before income taxes		(19,788	)		52,441			32,653			79,650			112,303			81,205			193,508
Provision (benefit) for income taxes		(7,943	)		21,255			13,312			31,788			45,100			17,996			63,096
Net income (loss) from continuing operations		(11,845	)		31,186			19,341			47,862			67,203			63,209			130,412
Income (loss) from discontinued operations, net of taxes		(4,460	)		3,127			(1,333	)		7,738			6,405			7,599			14,004
Net income (loss)		(16,305	)		34,313			18,008			55,600			73,608			70,808			144,416
Less: Net income attributable to noncontrolling interests		1,289			2,512			3,801			3,606			7,407			4,494			11,901
Net income (loss) attributable to common stock	$	(17,594	)	$	31,801		$	14,207		$	51,994		$	66,201		$	66,314		$	132,515
Amounts attributable to common stock:
Net income (loss) from continuing operations	$	(13,134	)	$	28,674		$	15,540		$	44,256		$	59,796		$	58,715		$	118,511
Net income (loss) from discontinued operations		(4,460	)		3,127			(1,333	)		7,738			6,405			7,599			14,004
Net income (loss) attributable to common stock	$	(17,594	)	$	31,801		$	14,207		$	51,994		$	66,201		$	66,314		$	132,515
Earnings (loss) per share attributable to common stock - basic:(a)
Continuing operations	$	(0.06	)	$	0.13		$	0.07		$	0.21		$	0.28		$	0.28		$	0.56
Discontinued operations		(0.02	)		0.02			—			0.04			0.03			0.04			0.06
Net income (loss) attributable to common stock	$	(0.08	)	$	0.15		$	0.07		$	0.25		$	0.31		$	0.32		$	0.62
Earnings (loss) per share attributable to common stock - diluted:(a)
Continuing operations	$	(0.06	)	$	0.13		$	0.07		$	0.21		$	0.28		$	0.28		$	0.56
Discontinued operations		(0.02	)		0.02			—			0.04			0.03			0.04			0.06
Net income (loss) attributable to common stock	$	(0.08	)	$	0.15		$	0.07		$	0.25		$	0.31		$	0.32		$	0.62
Shares used in computing earnings (loss) per share:
Weighted average basic shares outstanding		214,167			214,827			214,670			210,583			213,400			210,085			212,648
Weighted average diluted shares outstanding		214,167			215,023			215,606			210,692			214,055			210,204			213,168

^(a)  The sum of the individual quarterly earnings (loss) per share amounts may not equal year-to-date earnings per share as each period’s computation is based on the weighted average number of shares outstanding during the period.

3

Quanta Services, Inc. and Subsidiaries 2012 and 2011 Segment Data Recast for Discontinued Operations (In thousands) (Unaudited)

	Three Months Ended March 31, 2012			Three Months Ended June 30, 2012			Six Months Ended June  30, 2012			Three Months Ended September  30, 2012			Nine Months Ended September  30, 2012
Revenues:
Electric Power	$	932,213		$	1,006,073		$	1,938,286		$	1,088,586		$	3,026,872
Natural Gas and Pipeline		356,967			337,595			694,562			394,215			1,088,777
Fiber Optic Licensing and Other		39,584			42,494			82,078			49,200			131,278
Consolidated revenues	$	1,328,764		$	1,386,162		$	2,714,926		$	1,532,001		$	4,246,927
Operating income (loss):
Electric Power	$	114,214		$	110,735		$	224,949		$	137,445		$	362,394
Natural Gas and Pipeline		(10,535	)		15,055			4,520			23,429			27,949
Fiber Optic Licensing and Other		14,540			15,423			29,963			15,114			45,077
Corporate and Non-Allocated Costs		(39,428	)		(42,868	)		(82,296	)		(48,855	)		(131,151	)
Consolidated operating income	$	78,791		$	98,345		$	177,136		$	127,133		$	304,269

	Three Months Ended March 31, 2011			Three Months Ended June 30, 2011			Six Months Ended June  30, 2011			Three Months Ended September  30, 2011			Nine Months Ended September  30, 2011			Three Months Ended December 31, 2011			Twelve Months Ended December 31, 2011
Revenues:
Electric Power	$	563,970		$	662,173		$	1,226,143		$	821,719		$	2,047,862		$	974,797		$	3,022,659
Natural Gas and Pipeline		176,352			205,538			381,890			253,025			634,915			376,333			1,011,248
Fiber Optic Licensing and Other		42,983			37,070			80,053			37,930			117,983			41,874			159,857
Consolidated revenues	$	783,305		$	904,781		$	1,688,086		$	1,112,674		$	2,800,760		$	1,393,004		$	4,193,764
Operating income (loss):
Electric Power	$	32,340		$	71,144		$	103,484		$	103,087		$	206,571		$	131,155		$	337,726
Natural Gas and Pipeline		(36,653	)		(1,859	)		(38,512	)		(3,886	)		(42,398	)		(35,909	)		(78,307	)
Fiber Optic Licensing and Other		10,916			14,278			25,194			12,662			37,856			15,620			53,476
Corporate and Non-Allocated Costs		(26,342	)		(31,292	)		(57,634	)		(31,159	)		(88,793	)		(29,260	)		(118,053	)
Consolidated operating income (loss)	$	(19,739	)	$	52,271		$	32,532		$	80,704		$	113,236		$	81,606		$	194,842

4

Quanta Services, Inc. and Subsidiaries 2012 and 2011 Backlog Recast for Discontinued Operations (In millions) (Unaudited)

Backlog represents the amount of revenue that Quanta expects to realize from work to be performed in the future on uncompleted contracts, including new contractual arrangements on which work has not yet begun. Backlog estimates include amounts under long-term maintenance contracts or master service agreements (MSAs), in addition to construction contracts. Quanta estimates the amount of work to be disclosed as backlog as the estimate of future work to be performed by using recurring historical trends inherent in the current MSAs, factoring in seasonal demand and projecting customer needs based upon ongoing communications with the customer. Generally, Quanta’s customers are not contractually committed to specific volumes of services under Quanta’s MSAs, and many of the company’s contracts may be terminated with notice. There can be no assurance as to Quanta’s customers’ requirements or that Quanta’s estimates are accurate. In addition, many of Quanta’s MSAs, as well as contracts for fiber optic licensing, are subject to renewal options. For purposes of calculating backlog, Quanta has included future renewal options only to the extent that the renewals can reasonably be expected to occur.

The following table presents Quanta’s total backlog by reportable segment as of the end of the first three quarters of 2012 and as of the end of the four quarters of 2011 along with an estimate of the backlog amounts expected to be realized within 12 months of each date (in millions):

	Backlog as of
	March 31,				June 30,				September 30,
	2012				2012				2012
	12 Month		Total		12 Month		Total		12 Month		Total
Electric Power	$	2,728.5	$	4,957.0	$	2,805.1	$	4,947.3	$	2,856.6	$	4,803.3
Natural Gas and Pipeline		862.3		1,412.7		828.6		1,393.1		863.3		1,513.6
Fiber Optic Licensing and Other		140.4		491.3		130.4		467.0		127.5		469.2
Backlog from continuing operations	$	3,731.2	$	6,861.0	$	3,764.1	$	6,807.4	$	3,847.4	$	6,786.1

	Backlog as of
	March 31,				June 30,				September 30,				December 31,
	2011				2011				2011				2011
	12 Month		Total		12 Month		Total		12 Month		Total		12 Month		Total
Electric Power	$	1,881.2	$	4,342.4	$	2,200.3	$	4,752.9	$	2,318.1	$	4,853.2	$	2,352.1	$	4,946.5
Natural Gas and Pipeline		663.0		1,251.4		514.7		1,153.2		682.0		1,359.6		764.1		1,343.2
Fiber Optic Licensing and Other		111.2		444.4		112.4		435.2		115.6		439.2		148.9		464.0
Backlog from continuing operations	$	2,655.4	$	6,038.2	$	2,827.4	$	6,341.3	$	3,115.7	$	6,652.0	$	3,265.1	$	6,753.7

5