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Business Combinations (Tables)
12 Months Ended
Dec. 31, 2013
Business Combinations  
Summary of the cash paid for acquisitions

 

 

 

 

Year ended December 31,

 

 

 

2013

 

2012

 

 

 

 

 

 

 

Sprint — purchased March 12, 2012

 

$

 

$

21,197

 

Silva — purchased May 30, 2012

 

 

13,915

 

Saxon — purchased September 28, 2012

 

 

2,979

 

Q3C — purchased November 17, 2012 (additional cash paid August 2013)

 

598

 

48,116

 

FSSI — purchased March 11, 2013

 

1,675

 

 

 

 

$

2,273

 

$

86,207

 

Summary of the fair value of assets acquired and the liabilities assumed

 

 

 

 

2013

 

2012

 

 

 

FSSI

 

Sprint

 

Silva

 

Saxon

 

Q3C

 

 

 

Acquisition

 

Acquisition

 

Acquisition

 

Acquisition

 

Acquisition

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

 

$

 

$

 

$

 

$

 

Accounts receivable

 

 

7,614

 

903

 

2,161

 

17,947

 

Cost and earnings in excess of billings

 

 

601

 

23

 

279

 

4,358

 

Inventory and other assets

 

302

 

252

 

353

 

564

 

131

 

Investment in non-consolidated entities

 

 

 

 

 

1,298

 

Deferred tax assets

 

 

 

 

 

 

Prepaid expenses

 

 

 

 

 

174

 

Property, plant and equipment

 

448

 

12,078

 

14,675

 

2,948

 

20,526

 

Other assets

 

 

 

 

 

 

Intangible assets

 

1,600

 

3,600

 

 

1,350

 

21,550

 

Goodwill

 

1,087

 

9,389

 

 

810

 

12,562

(*)

Accounts payable

 

(1,060

)

(1,458

)

(1,450

)

(2,952

)

(4,448

)

Billing in excess of costs and earnings

 

 

 

(414

)

(110

)

 

Accrued expenses

 

 

(716

)

 

(121

)

(7,851

)

Notes payable

 

 

 

 

 

(10,253

)

Capital lease liabilities

 

 

(2,983

)

 

 

 

Deferred tax liability

 

 

 

 

 

 

Total

 

$

2,377

 

$

28,377

 

$

14,090

 

$

4,929

 

$

55,994

 

 

 

(*)  In August 2013, additional cash of $598 was paid to the Q3C sellers and goodwill was increased to $13,160 in 2013.

Schedule of the acquired intangible assets categories, fair value and average amortization periods

 

 

 

 

 

 

2013
Fair Value

 

2012
Fair Value

 

 

 

Amortization

 

FSSI

 

Sprint

 

Saxon

 

Q3C

 

 

 

Period

 

Acquisition

 

Acquisition

 

Acquisition

 

Acquisition

 

Tradename

 

3 to 10 years

 

$

550

 

$

700

 

$

 

$

6,650

 

Non-compete agreements

 

2 to 5 years

 

100

 

450

 

100

 

450

 

Customer relationships

 

5 to 15 years

 

950

(*)

2,450

 

1,150

 

14,450

 

Backlog

 

0.75 years

 

 

 

100

 

 

Total

 

 

 

$

1,600

 

$

3,600

 

$

1,350

 

$

21,550

 

 

 

(*)  At December 31, 2013, the Company determined the value attributed to the customer relationships was impaired and the net book value of the intangible of $850 was expensed to “Selling, general and administrative expenses” at December 31, 2013.

Schedule of pro forma results

 

 

 

 

2013

 

2012

 

 

 

(unaudited)

 

(unaudited)

 

Revenues

 

$

1,947,019

 

$

1,698,784

 

Income before provision for income taxes

 

$

119,461

 

$

96,122

 

Net income attributable to Primoris

 

$

69,590

 

$

59,207

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

Basic

 

51,540

 

51,433

 

Diluted

 

51,609

 

51,447

 

 

 

 

 

 

 

Earnings per share attributable to Primoris:

 

 

 

 

 

Basic

 

$

1.35

 

$

1.15

 

Diluted

 

$

1.35

 

$

1.15