FORM 8-K |
Delaware | 1-8267 | 11-2125338 | ||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
301 Merritt Seven, Norwalk, CT | 06851-1092 | |
(Address of Principal Executive Offices) | (Zip Code) |
(203) 849-7800 |
(Registrant’s Telephone Number, Including Area Code) |
N/A |
(Former Name or Former Address, if Changed Since Last Report) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
(d) Exhibits | |
Exhibit Number | Description |
99.1 | Press Release issued by EMCOR Group, Inc. on April 30, 2015 disclosing results of operations for its fiscal 2015 first quarter ended March 31, 2015. |
EMCOR Group, Inc. | |||
Dated: April 30, 2015 | By: | /s/ ANTHONY J. GUZZI | |
Anthony J. Guzzi | |||
President and | |||
Chief Executive Officer |
EXHIBIT 99.1 |
FOR: | EMCOR GROUP, INC. | |
News Release | ||
CONTACT: | R. Kevin Matz Executive Vice President Shared Services (203) 849-7938 | |
FTI Consulting, Inc. Investors: Nathan Elwell / Daniel Haykin (212) 850-5600 | ||
LAK Public Relations, Inc. Media: Lisa Linden / Mollie Fullington 212-575-4545 / 917-346-6123 |
EMCOR GROUP, INC. REPORTS FIRST QUARTER 2015 RESULTS |
- Backlog Increased 11.0% Year-Over-Year to $3.74 Billion - |
- First Quarter Diluted EPS from Continuing Operations of $0.52 - |
- Company Reiterates 2015 Guidance - |
EMCOR Reports First Quarter Results | Page 2 |
EMCOR Reports First Quarter Results | Page 3 |
For the three months ended March 31, | |||||||||
2015 | 2014 | ||||||||
Revenues | $ | 1,589,187 | $ | 1,590,539 | |||||
Cost of sales | 1,372,258 | 1,374,336 | |||||||
Gross profit | 216,929 | 216,203 | |||||||
Selling, general and administrative expenses | 161,591 | 143,854 | |||||||
Restructuring expenses | 8 | 225 | |||||||
Operating income | 55,330 | 72,124 | |||||||
Interest expense | (2,216 | ) | (2,248 | ) | |||||
Interest income | 176 | 234 | |||||||
Income from continuing operations before income taxes | 53,290 | 70,110 | |||||||
Income tax provision | 20,225 | 26,227 | |||||||
Income from continuing operations | 33,065 | 43,883 | |||||||
Loss from discontinued operation, net of income taxes | (355 | ) | (2,041 | ) | |||||
Net income including noncontrolling interests | 32,710 | 41,842 | |||||||
Less: Net loss (income) attributable to noncontrolling interests | 139 | (581 | ) | ||||||
Net income attributable to EMCOR Group, Inc. | $ | 32,849 | $ | 41,261 | |||||
Basic earnings (loss) per common share: | |||||||||
From continuing operations | $ | 0.53 | $ | 0.64 | |||||
From discontinued operation | $ | (0.01 | ) | $ | (0.03 | ) | |||
Diluted earnings (loss) per common share: | |||||||||
From continuing operations | $ | 0.52 | $ | 0.64 | |||||
From discontinued operation | $ | (0.00 | ) | $ | (0.03 | ) | |||
Amounts attributable to EMCOR Group, Inc. common stockholders: | |||||||||
Net income from continuing operations attributable to EMCOR Group, Inc. | $ | 33,204 | $ | 43,302 | |||||
Loss from discontinued operation, net of income taxes | (355 | ) | (2,041 | ) | |||||
Net income attributable to EMCOR Group, Inc. | $ | 32,849 | $ | 41,261 | |||||
Weighted average shares of common stock outstanding: | |||||||||
Basic | 63,058,911 | 67,188,577 | |||||||
Diluted | 63,611,011 | 68,001,205 | |||||||
Dividends declared per common share | $ | 0.08 | $ | 0.08 |
March 31, 2015 (Unaudited) | December 31, 2014 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 368,894 | $ | 432,056 | ||||
Accounts receivable, net | 1,230,581 | 1,234,187 | ||||||
Costs and estimated earnings in excess of billings on uncompleted contracts | 119,139 | 103,201 | ||||||
Inventories | 46,346 | 46,854 | ||||||
Prepaid expenses and other | 62,333 | 70,305 | ||||||
Total current assets | 1,827,293 | 1,886,603 | ||||||
Investments, notes and other long-term receivables | 6,029 | 9,122 | ||||||
Property, plant & equipment, net | 118,274 | 122,178 | ||||||
Goodwill | 834,102 | 834,102 | ||||||
Identifiable intangible assets, net | 492,599 | 502,060 | ||||||
Other assets | 37,285 | 34,902 | ||||||
Total assets | $ | 3,315,582 | $ | 3,388,967 | ||||
LIABILITIES AND EQUITY | ||||||||
Current liabilities: | ||||||||
Borrowings under revolving credit facility | $ | — | $ | — | ||||
Current maturities of long-term debt and capital lease obligations | 18,680 | 19,041 | ||||||
Accounts payable | 410,566 | 460,478 | ||||||
Billings in excess of costs and estimated earnings on uncompleted contracts | 368,766 | 368,555 | ||||||
Accrued payroll and benefits | 217,454 | 245,854 | ||||||
Other accrued expenses and liabilities | 197,412 | 189,489 | ||||||
Total current liabilities | 1,212,878 | 1,283,417 | ||||||
Long-term debt and capital lease obligations | 311,302 | 316,399 | ||||||
Other long-term obligations | 357,928 | 359,764 | ||||||
Total liabilities | 1,882,108 | 1,959,580 | ||||||
Equity: | ||||||||
Total EMCOR Group, Inc. stockholders’ equity | 1,427,739 | 1,416,013 | ||||||
Noncontrolling interests | 5,735 | 13,374 | ||||||
Total equity | 1,433,474 | 1,429,387 | ||||||
Total liabilities and equity | $ | 3,315,582 | $ | 3,388,967 |
2015 | 2014 | |||||||
Cash flows - operating activities: | ||||||||
Net income including noncontrolling interests | $ | 32,710 | $ | 41,842 | ||||
Depreciation and amortization | 8,762 | 8,867 | ||||||
Amortization of identifiable intangible assets | 9,461 | 9,504 | ||||||
Deferred income taxes | 732 | 4,513 | ||||||
Loss on sale of subsidiary | — | 596 | ||||||
Excess tax benefits from share-based compensation | (955 | ) | (4,869 | ) | ||||
Equity (income) loss from unconsolidated entities | (470 | ) | 460 | |||||
Other non-cash items | 3,259 | 1,038 | ||||||
Distributions from unconsolidated entities | 3,316 | 72 | ||||||
Changes in operating assets and liabilities | (74,636 | ) | (86,339 | ) | ||||
Net cash used in operating activities | (17,821 | ) | (24,316 | ) | ||||
Cash flows - investing activities: | ||||||||
Proceeds from sale of subsidiary | — | 1,121 | ||||||
Proceeds from sale of property, plant and equipment | 1,571 | 931 | ||||||
Purchase of property, plant and equipment | (6,936 | ) | (8,073 | ) | ||||
Investments in and advances to unconsolidated entities and joint ventures | — | (300 | ) | |||||
Net cash used in investing activities | (5,365 | ) | (6,321 | ) | ||||
Cash flows - financing activities: | ||||||||
Repayments of long-term debt | (4,380 | ) | (4,377 | ) | ||||
Repayments of capital lease obligations | (985 | ) | (491 | ) | ||||
Dividends paid to stockholders | (5,039 | ) | (5,353 | ) | ||||
Repurchase of common stock | (21,148 | ) | — | |||||
Proceeds from exercise of stock options | 1,368 | 3,974 | ||||||
Payments to satisfy minimum tax withholding | (1,959 | ) | (1,481 | ) | ||||
Issuance of common stock under employee stock purchase plan | 1,018 | 866 | ||||||
Payments for contingent consideration arrangements | (121 | ) | — | |||||
Distributions to noncontrolling interests | (7,500 | ) | (900 | ) | ||||
Excess tax benefits from share-based compensation | 955 | 4,869 | ||||||
Net cash used in financing activities | (37,791 | ) | (2,893 | ) | ||||
Effect of exchange rate changes on cash and cash equivalents | (2,185 | ) | 385 | |||||
Decrease in cash and cash equivalents | (63,162 | ) | (33,145 | ) | ||||
Cash and cash equivalents at beginning of year | 432,056 | 439,813 | ||||||
Cash and cash equivalents at end of period | $ | 368,894 | $ | 406,668 |
For the three months ended March 31, | ||||||||
2015 | 2014 | |||||||
Revenues from unrelated entities: | ||||||||
United States electrical construction and facilities services | $ | 318,994 | $ | 308,136 | ||||
United States mechanical construction and facilities services | 511,026 | 513,011 | ||||||
United States building services | 439,492 | 448,044 | ||||||
United States industrial services | 232,725 | 231,958 | ||||||
Total United States operations | 1,502,237 | 1,501,149 | ||||||
United Kingdom building services | 86,950 | 89,390 | ||||||
Total worldwide operations | $ | 1,589,187 | $ | 1,590,539 | ||||
For the three months ended March 31, | ||||||||
2015 | 2014 | |||||||
Operating income (loss): | ||||||||
United States electrical construction and facilities services | $ | 16,674 | $ | 21,655 | ||||
United States mechanical construction and facilities services | 20,901 | 19,106 | ||||||
United States building services | 20,978 | 20,298 | ||||||
United States industrial services | 12,833 | 23,394 | ||||||
Total United States operations | 71,386 | 84,453 | ||||||
United Kingdom building services | 2,378 | 3,363 | ||||||
Corporate administration | (18,426 | ) | (15,467 | ) | ||||
Restructuring expenses | (8 | ) | (225 | ) | ||||
Total worldwide operations | 55,330 | 72,124 | ||||||
Other corporate items: | ||||||||
Interest expense | (2,216 | ) | (2,248 | ) | ||||
Interest income | 176 | 234 | ||||||
Income from continuing operations before income taxes | $ | 53,290 | $ | 70,110 | ||||
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