Exhibit 99.2
PRIMORIS CORPORATION SELECTED INCOME STATEMENT DATA
($ in millions)
(unaudited)
FISCAL YEAR ENDED DECEMBER 31, | ||||||||||
2007 | 2006 | 2005 | ||||||||
Revenue | $ | 547.7 | $ | 438.8 | $ | 362.5 | ||||
Cost of revenue | 487.7 | 398.0 | 333.9 | |||||||
Provision for estimated Losses on Uncompleted Contracts | 0.6 | 1.2 | 3.6 | |||||||
Gross profit | 59.4 | 39.6 | 25.0 | |||||||
Selling, General & Administrative Expenses | 29.2 | 26.0 | 21.5 | |||||||
Operating Income | 30.2 | 13.6 | 3.5 | |||||||
Other Income ( Expenses) | ||||||||||
Equity Gain from Non-Consolidated Joint Ventures | (1.4 | ) | 1.8 | 0.8 | ||||||
Gain on Sale of Property and Equipment | 0.2 | 0.4 | 1.2 | |||||||
Interest Income | 1.8 | 0.6 | 0.2 | |||||||
Interest Expense | (1.7 | ) | (1.2 | ) | (0.8 | ) | ||||
Other | (1.1 | ) | (0.7 | ) | (0.9 | ) | ||||
Income before Provision for Income taxes | 28.0 | 14.5 | 4.0 | |||||||
Provision for income Taxes | (0.9 | ) | (1.2 | ) | - | |||||
Income from Continuing Operations | 27.1 | 13.3 | 4.0 | |||||||
Profit ( Loss) from Discontinued Operations | - | - | 1.5 | |||||||
Net Income | $ | 27.1 | $ | 13.3 | $ | 5.5 | ||||
Add back: | ||||||||||
Interest Expense | 1.7 | 1.2 | 0.8 | |||||||
Depreciation and amortization expenses: | ||||||||||
Cost of revenue | 4.6 | 4.7 | 5.3 | |||||||
Selling, General & Administrative Expenses | 0.1 | 0.2 | 0.1 | |||||||
Other Income ( Expenses) | 0.1 | 0.1 | 0 | |||||||
Provision for income Taxes | 0.9 | 1.2 | - | |||||||
Deduct: | ||||||||||
Interest Income | 1.8 | 0.6 | 0.2 | |||||||
Profit ( Loss) from Discontinued Operations | - | - | 1.5 | |||||||
EBITDA ( non-GAAP measure) | 32.7 | 20.1 | 10.0 |
PRIMORIS CORPORATION BALANCE SHEET
($ in millions)
(unaudited)
FISCAL YEAR ENDED DECEMBER 31, | ||||||||||
2007 | 2006 | 2005 | ||||||||
ASSETS | ||||||||||
Current Assets | ||||||||||
Cash and Cash Equivalents | $ | 63.0 | $ | 13.1 | $ | 16.9 | ||||
Cash - Restricted | 10.0 | 7.2 | 7.7 | |||||||
Accounts Receivable, Net | 113.3 | 105.9 | 59.1 | |||||||
Cost and Estimated earnings in Excess of Billings | 11.1 | 14.5 | 18.4 | |||||||
Inventory | 2.4 | 2.4 | 2.6 | |||||||
Prepaid Expenses & Other Current Assets | 1.8 | 0.9 | 0.9 | |||||||
Assets of Discontinued Operations | - | - | 0.6 | |||||||
Total Current Assets | 201.6 | 144.0 | 106.2 | |||||||
Property & Equipment, Net | 14.0 | 12.2 | 15.8 | |||||||
Other Non Current Assets | 0.8 | 0.5 | 0.7 | |||||||
Investments in Non-Consolidated Entities | - | 3.6 | 1.8 | |||||||
Intangibles, Net | 3.2 | 2.9 | 1.3 | |||||||
Total Assets | 219.6 | 163.2 | 125.8 | |||||||
LIABILITIES & SHAREHOLDER'S EQUITY | ||||||||||
Current Liabilities | ||||||||||
Accounts Payable | 58.9 | 48.1 | 43.6 | |||||||
Billings In Excess of Cost and Estimated Earnings | 54.1 | 27.6 | 11.8 | |||||||
Accrued Expenses and other Current Liabilities | 25.7 | 19.3 | 15.0 | |||||||
Liabilities of Discontinued operations | - | - | 0.3 | |||||||
Distributions Payable | 6.1 | - | - | |||||||
Current Portion of Long Term Debt | 4.0 | 2.9 | 3.0 | |||||||
Total Current Liabilities | 148.8 | 97.9 | 73.7 | |||||||
Long term Debt, net of Current Portion | 21.4 | 21.4 | 18.6 | |||||||
Other Long Term Liabilities | 1.3 | 0.9 | 0.7 | |||||||
Total Liabilities | 171.5 | 120.2 | 93.0 | |||||||
Total Shareholders' Equity | 48.1 | 43.0 | 32.8 | |||||||
Total Liabilities & Shareholder's Equity | $ | 219.6 | $ | 163.2 | $ | 125.8 |