-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, AXQ7CtGeua3LfNUC9f1z4AXIZtiHFNw6W7Seord/Zyju16ZtwadZm+O2a+/a2UXC 2I+eQmtB7wrSQ3G0GM7nSA== 0000700923-98-000008.txt : 19981102 0000700923-98-000008.hdr.sgml : 19981102 ACCESSION NUMBER: 0000700923-98-000008 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19980930 FILED AS OF DATE: 19981030 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: MYR GROUP INC CENTRAL INDEX KEY: 0000700923 STANDARD INDUSTRIAL CLASSIFICATION: WATER, SEWER, PIPELINE, COMM AND POWER LINE CONSTRUCTION [1623] IRS NUMBER: 363158643 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-08325 FILM NUMBER: 98734432 BUSINESS ADDRESS: STREET 1: THREE CONTINENTAL TOWERS STREET 2: 1701 W GOLF ROAD SUITE 1012 CITY: ROLLING MEADOWS STATE: IL ZIP: 60008-4007 BUSINESS PHONE: 8472901891 MAIL ADDRESS: STREET 1: 1701 W GOLF ROAD STREET 2: SUITE 1012 CITY: ROLLING MEADOWS STATE: IL ZIP: 60008 FORMER COMPANY: FORMER CONFORMED NAME: MYERS L E CO GROUP DATE OF NAME CHANGE: 19920703 10-Q 1 Form 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 1998 OR ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-8325 MYR GROUP INC. (Exact name of registrant as specified in its charter) Delaware 36-3158643 (State or other jurisdiction of (I.R.S.Employer Identification No.) incorporation or organization) 1701 W. Golf Road, Tower Three, Suite 1012, Rolling Meadows, Illinois 60008 (Address of principal executive offices) (Zip Code) (847) 290-1891 Registrant's telephone number, include area code Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities and Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS: Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes No Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of October 23, 1998: 5,613,216 MYR GROUP INC. I N D E X PART I. Financial Information Page No. Item 1. Financial Statements Condensed Consolidated Balance Sheets - September 30, 1998 and December 31, 1997 2 Condensed Consolidated Statements of Operations - Three and Nine Months Ended September 30, 1998 and 1997 3 Condensed Consolidated Statements of Cash Flows - 4 Nine Months Ended September 30, 1998 and 1997 Notes to Condensed Consolidated Financial Statements 5-7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 8-11 PART II. Other Information Item 1. Legal Proceedings 12 Item 4. Submission of Matters to a Vote of Security Holders 12 Item 6. Exhibits and Reports on Form 8-K 12 SIGNATURE 13 Part I, Item 1 Financial Information MYR Group Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in thousands) September 30 Dec. 31 1998 1997 (Unaudited) * ASSETS Current assets: Cash and cash equivalents $ 798 $ 3,757 Contract receivables including retainage 77,778 75,414 Costs and estimated earnings in excess 20,313 14,919 of billings on uncompleted contracts Deferred income taxes 5,322 5,322 Other current assets 851 587 Total current assets 105,062 99,999 Property and equipment 55,979 54,858 Less accumulated depreciation 39,838 37,967 16,141 16,891 Other assets 526 534 Total assets $ 121,729 $ 117,424 LIABILITIES Current liabilities: Current maturities of long-term debt $ 15,255 $ 13,462 Accounts payable 19,604 19,727 Billings in excess of costs and estimated earnings on uncompleted contracts 9,550 9,183 Accrued insurance 16,782 15,121 Other current liabilities 15,987 19,908 Total current liabilities 77,178 77,401 Deferred income taxes 746 746 Other liabilities 434 415 Long-term debt: Promissory notes and other debt 917 1,625 Industrial revenue bond 480 480 Subordinated convertible debentures 5,447 5,679 Total long-term debt 6,844 7,784 SHAREHOLDERS' EQUITY Common stock and additional paid-in capital 6,252 5,582 Retained earnings 32,085 27,238 Treasury stock (94) (522) Restricted stock awards and shareholder note receivable (1,716) (1,936) Total shareholders' equity 36,527 31,078 Total liabilities and shareholders' equity $ 121,729 $ 117,424 *Condensed from audited financial statements The Notes to Condensed Consolidated Financial Statements are an integral part of this statement.
MYR Group Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands except per share amounts) (Unaudited) Periods Ended September 30 Three Months Nine Months 1998 1997 1998 1997 Contract revenue $122,282 $119,838 $ 342,619 $ 321,152 Contract cost 110,058 108,049 310,413 292,024 Gross profit 12,224 11,789 32,206 29,128 Selling, general and administrative expenses 8,081 8,166 22,064 20,696 Income from operations 4,143 3,623 10,142 8,432 Other income (expense) Interest income 3 7 9 23 Interest expense (592) (499) (1,588) (1,149) Gain (loss) on sale of property and equipment 226 40 500 (207) Miscellaneous (21) 1 29 56 Income from continuing operations before income taxes 3,809 3,150 9,064 7,155 Income tax expense 1,524 1,260 3,626 2,862 Income from continuing operations 2,285 1,890 5,438 4,293 Income from discontinued operations - - - 602 Net income $ 2,285 $ 1,890 $ 5,438 $ 4,895 Earnings per share _ Basic: Income from continuing operations $ .40 $ .35 $ .97 $ .79 Income from discontinued operations - - - .11 Net Income .40 .35 .97 .90 Earnings per share _ Diluted: Income from continuing operations .34 .27 .82 .63 Income from discontinued operations - - - .09 Net Income .34 .27 .82 .72 Dividends per common share .035 .033 .105 .099 Weighted average common shares and common Share equivalents outstanding Basic 5,616 5,424 5,591 5,415 Diluted 6,713 7,154 6,677 7,034 The Notes to Condensed Consolidated Financial Statements are an integral part of this statement.
MYR Group Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollars in thousands) (Unaudited) Nine Months Ended September 30 1998 1997 CASH FLOWS FROM OPERATIONS Income from continuing operations $ 5,438 $ 4,293 Adjustments to reconcile income from continuing operations to cash flows from continuing operations Depreciation and amortization 3,483 4,042 Amortization of intangibles 141 179 Loss (gain) from disposition of assets (500) 207 Changes in curren assets and liabilities (10,030) (13,080) Cash flows from continuing operations (1,468) (4,359) Cash flows from discontinued operations - 2,456 Cash flows from operations (1,468) (1,903) CASH FLOWS FROM INVESTMENTS Expenditures for property and equipment (2,984) (3,324) Proceeds from disposition of assets 221 751 Cash used in acquisition, net of cash acquired - (241) Cash flows from investments (2,233) (3,344) CASH FLOWS FROM FINANCING Proceeds from long term debt 5,349 1,086 Proceeds from exercise of stock options 125 229 Increase (decrease)in deferred compensation 18 (10) Dividends paid (591) (536) Cash flows from financing 4,928 742 Decrease in cash and cash equivalents (2,959) (319) Cash and cash equivalents at beginning of year 3,757 1,011 Cash and cash equivalents at end of period $ 798 $ 692 The Notes to Condensed Consolidated Financial Statements are an integral part of this statement.
MYR Group Inc. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1 - Basis of Presentation The condensed consolidated balance sheets, statements of operations and statements of cash flows include the accounts of the Company and its subsidiaries. All material intercompany balances and transactions have been eliminated. The financial information included herein is unaudited; however, such information reflects all adjustments (consisting solely of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of results for the interim period. The results of operations for the nine month period ended September 30, 1998 are not necessarily indicative of the results to be expected for the full year. 2 - Acquisition On May 1, 1997, the Company completed the acquisition of all the stock of D.W. Close Company, Inc. (D.W. Close). D.W. Close is engaged primarily in the installation of lighting systems, electrical maintenance/construction and smart highway construction for commercial, industrial and municipal customers. All the shares of D.W. Close were exchanged for $400,000 in cash and $2,500,000 of promissory notes. The principal is due in installments of $250,000, $666,667, $666,667 and $916,666 on September 30, 1997, May 1, 1998, 1999 and 2000, with interest payable quarterly each year. The transaction has been accounted for using the purchase method of accounting. 3 - Discontinued Operations As part of the sale in 1988 of its former engineering subsidiary, the Company retained certain rights and obligations in connection with a lawsuit with National Union Fire Insurance Company of Pittsburgh, PA. In June 1997, the Company settled the lawsuit and received $4,250,000. The Company had a receivable relating to this lawsuit of $1,854,000. The remaining $2,396,000 related to reimbursement for interest and legal costs. The portion allocated to interest was $1,042,000 and was included in continuing operations as miscellaneous other income in the second quarter of 1997. The portion allocated to legal costs was $1,354,000. This amount was included in income from discontinued operations, reduced by additional expenses incurred for legal and other directly related costs totaling $350,000. The net result on discontinued operations for the nine months ended September 30, 1997 was $602,000, including the income tax expense of $402,000. 4 - Earnings Per Share On December 31, 1997, the Company adopted Statement of Financial Accounting Standards (SFAS) No. 128, Earnings Per Share, which requires the disclosure of two earnings per common share computations: basic and diluted. The basic earnings per common share is computed by dividing net income by the weighted average number of shares of common stock. The diluted earnings per share reflect the potential dilution which would result from the exercise of stock options and conversion of the convertible subordinated notes. Earnings per share computations for prior years have been restated to reflect this new standard. Basic and diluted weighted average shares outstanding and earnings per share on income from continuing operations are as follows: Period Ended September 30 Three Months Nine Months Share Data: 1998 1997 1998 1997 Basic Shares 5,616 5,424 5,591 5,415 Common equivalent shares 738 730 727 619 Shares assumed converted 359 1,000 359 1,000 Diluted shares 6,713 7,154 6,677 7,034 Three Months Ended September 30 1998 1997 Total Per Share Total Per Share Income from continuing operations: Basic 2,285 $0.40 1,890 $0.35 Interest on convertible subordinated shares 22 60 Diluted 2,307 $0.34 1,950 $0.27 Nine Months Ended September 30 1998 1997 Total Per Share Total Per Share Income from continuing operations: Basic 5,438 $0.97 4,293 $0.79 Interest on convertible subordinated shares 65 178 Diluted 5,503 $0.82 4,471 $0.63 5 - Supplemental Quarterly Financial Information (Unaudited) (Dollars in thousands, except per share amounts) 1998 Mar. 31 June 30 Sept 30 Dec 31 Year Contract revenue 110,671 109,666 122,282 342,619 Gross profit 8,929 11,053 12,224 32,206 Income from continuing operations 1,082 2,071 2,285 5,438 Net income 1,082 2,071 2,285 5,438 Earnings per share: Basic 0.20 0.37 0.40 0.97 Diluted 0.17 0.31 0.34 0.82 Dividends paid per share 0.035 0.035 0.035 0.105 Market price: High 12.81 14.25 16.88 16.88 Low 11.31 11.31 10.69 10.69 1997 Mar. 31 June 30 Sept 30 Dec 31 Year Contract revenue 89,004 112,310 119,838 110,124 431,276 Gross profit 7,385 9,954 11,789 10,532 39,660 Income from continuing operations 693 1,710 1,890 1,658 5,951 Net income 693 2,312 1,890 1,658 6,553 Earnings per share - Basic: Income from continuing operations 0.13 0.31 0.35 0.30 1.09 Net income 0.13 0.42 0.35 0.30 1.20 Earnings per share - Diluted: Income from continuing operations 0.11 0.25 0.27 0.24 0.87 Net income 0.11 0.34 0.27 0.24 0.96 Dividends paid per 0.033 0.033 0.033 0.033 0.132 share Market price: High 8.40 10.99 14.14 14.85 14.85 Low 7.20 6.98 10.50 12.44 6.98 6 _Accounting Pronouncements In 1998, the Company adopted SFAS No. 130, Reporting Comprehensive Income. SFAS No. 130 established standards for reporting and display of comprehensive income and its components in a full set of general-purpose financial statements. The adoption of SFAS No. 130 had no impact on the Company's financial statements. In 1997, the Financial Accounting Standards Board Issued SFAS No. 131, Disclosures about Segments of an Enterprise and Related Information. SFAS No. 131 establishes standards for reporting information about operating segments and related disclosures about products and services, geographic areas and major customers. This standard is effective for years beginning after December 15, 1997, and does not need to be applied to interim financial statements in the initial year of its application. It expands current disclosures and accordingly, will have no impact on the Company's reported financial position, results of operations and cash flows. The Company is assessing the impact of SFAS No. 131 on its current disclosures. Part I Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations for the Three and Nine Months Ending September 30, 1998 (Dollars in thousands) Results of Operations Continuing Operations Revenue for the three and nine month periods was $122,282 and $342,619, compared to $119,838 and $321,152 in 1997. This is an increase of 2.0% and 6.7% for the three and nine month periods. The increase in the three month period is due to significant storm related work. This increase is offset by a decrease in revenue from a major commercial electrical job for a hotel and casino in Nevada that was nearing completion in the third quarter of 1998. The nine month period increase is also due to the storm work and due to the acquisition of D.W. Close in the second quarter of 1997. Gross profit for the three and nine month periods was $12,224 and $32,206, compared to $11,789 and $29,128 in 1997. Gross profit as a percentage of revenue was 10.0% and 9.4% for the three and nine month periods, respectively, compared to 9.8% and 9.1% in 1997. Revenue and gross profit comparisons from quarter to quarter and comparable quarters of different periods may be impacted by variables beyond the control of the Company due to the nature of the Company's work as an electrical contractor. Such variables include unusual or unseasonable weather and delays in receipt of construction materials which typically results in lower revenues and lower margins in the first quarter when compared to other quarters. As a general rule, the better construction weather in the second, third and fourth quarters usually results in higher revenues and margins from those quarters. Competitive bidding pressures may cause these general trends to vary. Additionally, since the company's revenues are derived principally from providing construction labor services, insurance costs, particularly for workers compensation, are a significant factor in the Company's contract cost structure. Fluctuations in insurance reserves for claims under the retrospective rated insurance programs can have significant impact on gross margins, either upward or downward, in the period in which such insurance reserve adjustments are made. Selling, general and administrative expenses for the three and nine month periods were $8,081 and $22,064, compared to $8,166 and $20,696 in 1997. This represents 6.6% and 6.4% of consolidated revenues for the three and nine month periods of 1998, compared to 6.8% and 6.4% for 1997. The nine month period increase reflects additional compensation costs to support the higher volume of work, additional incentive compensation and profit sharing accruals as a result of higher profit levels and additional legal accruals on miscellaneous claims. Net interest expense for the three and nine month periods was $589 and $1,579, compared to $492 and $1,126 in 1997. The increase in net interest expense results from higher bank debt to support working capital needs as a result of the higher volume of work and higher retention receivable balances on the major hotel and casino project in Nevada. Gain (loss) on sale of property and equipment for the three and nine month periods was $226 and $500, compared to $40 and ($207) in 1997. The gain for the current year represents sales and disposals related to continued emphasis to modernize the equipment fleet. The 1997 gain (loss) related to normal sales and disposals and the sale and disposal of damaged and obsolete equipment. Miscellaneous other income (expense) for the three and nine month periods was $29 and $1, compared to ($21) and $56 in 1997. The current year income consists mainly of cash discounts offset by bank fees. The prior year nine month income includes $1,042 relating to the settlement of a lawsuit (See Note 3 to the Financial Statements). Offsetting the prior year income amount are bank fees, amortization of goodwill, cost accrued for the clean-up and move out of an operating unit's facility as a result of consolidating operations and the write-off of an investment in land that has never been developed. Income tax expense for the three and nine month periods was $1,524 and $3,626, compared to $1,260 and $2,862 in 1997. As a percentage of income, the effective rate for the three and nine month periods of 1998 and 1997 was 40%. The Company's backlog at September 30, 1998 was $135,100, compared to $130,600 at December 31, 1997, and $132,500 at September 30, 1997. Substantially all the current backlog will be completed within twelve months and approximately 60% is expected to be completed by December 31, 1998. On August 26, 1998, the Company announced the execution of a letter of intent to acquire The Kirk & Blum Manufacturing Company and kbd/TECHNIC, Inc. At this time no determination has been made as to whether or when this transaction will be completed. Discontinued Operations During 1988, the Company sold two subsidiaries. As part of the sale of the engineering subsidiary, the Company retained certain rights andobligations in connection with two lawsuits. In the nine month period of 1997, the Company recorded amounts received from a settlement with National Fire Insurance Company of Pittsburgh, PA, which results in a gain of $602 ($1,004 pre-tax). (See Note 3 to Financial Statements). Liquidity and Capital Resources Cash flows provided from proceeds from long term debt amounted to $1,086, proceeds from the disposition of property and equipment amounted to $751 and proceeds from the exercise of stock options amounted to $229. The cash flows were primarily used by operations for the nine months of $1,468, net capital expenditures of $2,984, and dividend payments of $591. The Company's financial condition continues to be strong at September 30, 1998 with working capital of $27,884, compared to $22,598 at December 31, 1997. The Company's current ratio was 1.36:1 at September 30, 1998, compared to 1.29:1 at December 31, 1997. The Company has a $20,000 revolving and $625 term credit facility. As of September 30, 1998, there were $13,680 and $625 outstanding under the revolving and term credit facility. The company has outstanding letters of credit with banks totaling $4,927. The company anticipates that its credit facility, cash balances and internally generated cash flows will continue to be sufficient to fund operations, capital expenditures and debt service requirements. The Company is also confident that its financial condition will allow it to meet long-term capital requirements. Capital expenditures for the nine months were $2,984, compared to $3,324 in 1997. Capital expenditures during these periods were used for normal property and equipment additions, replacements and upgrades. Proceeds from the disposal of property and equipment for the nine months were $751 compared to $221 in 1997. The Company plans to spend approximately $4,000 on capital improvements during 1998. YEAR 2000 Compliance: General The Year 2000 problem arose because many existing computer programs use only the last two digits to refer to a year. Therefore, these computer programs do not properly recognize a year that begins with 20 instead of the familiar 19. If not corrected, many computer applications could fail or create erroneous results. The extent of the potential impact of the Year 2000 problem is not yet known, and if not timely corrected, it could affect the global economy. State of Readiness In 1997, the Company established an organization wide project to identify non-compliant items, formulate corrective actions and to implement corrective actions to mitigate the year 2000 issue. The Company has identified three categories of components that require attention: 1. Information technology (IT) systems, such as mainframes, midranges, personal computers and networks 2. Non-IT systems such as equipment, machinery, climate control, security and telephone systems, which may contain microcontrollers with embedded technology 3. Third party IT and Non-IT systems The table below summarizes the estimated completion percentages of the three categories and stages that are being undertaken to mitigate the Year 2000 issue. Identification Formulation Implementation of material of corrective of corrective Planned items actions actions Completion IT systems 95% 95% 85% December,1998 Non-IT systems 80% 80% 25% September,1999 Third party systems 85% 85% 50% September,1999 Although the Company has contacted its major suppliers to determine their readiness regarding the Year 2000 issue and has been assured that they are working to mitigate its effects, the Company has no way of determining what level of compliance they will attain by the year 2000. The Company is currently in the process of contacting its major customers to state our projected level of compliance and to evaluate their planned level of compliance. Upon receiving the responses, the Company will formulate corrective actions. There is no guarantee that systems of other companies on which the Company's systems rely will be timely converted and would not have an adverse effect on the Company's systems. If all material components are not identified or all appropriate corrective actions are not taken or are not completed in a timely manner, the Year 2000 issue could have a material impact on the operations of the Company. Year 2000 Costs Costs related to the Year 2000 issue are funded through operating cash flows and are being expensed as incurred. Through the third quarter of 1998, the Company has expended approximately $15,000 in remediation efforts, which consisted of costs associated with modifying the source code of existing software. Based upon the Company's investigations to date, it estimates the total costs related to the Year 2000 issue would be immaterial and range from $50,000 to $75,000. This amount may vary substantially as the Company continues to evaluate items associated with the Year 2000 issue. Year 2000 Risks The most reasonably likely worst case scenario for the Company is the failure of a supplier to be Year 2000 compliant such that its supply of needed products or services is interrupted temporarily. This could result in the Company not being able to fulfill its obligation on a construction contract, which could cause lost sales and profits and possibly additional exposure for non-performance and damage claims. Year 2000 Contingency Plans The Company is currently evaluating business disruption scenarios, coordinating the establishment of Year 2000 contingency plans and identifying and implementing preemptive strategies. Detailed contingency plans for critical business processes will be developed by September 1999. The costs of the project and the date on which the Company believes it will complete the Year 2000 project are based on management's best estimates, which were derived utilizing numerous assumptions and future events, including the continued availability of certain resources and other factors. However, there can be no guarantee that these estimates will be achieved and actual results could differ materially from those anticipated. Specific factors that might cause such material differences include, but are not limited to, the availability and cost of personnel trained in this area, the ability to locate and correct all relevant codes, the level of compliance by key suppliers and customers, and similar uncertainties. CAUTIONARY STATEMENT_ This Form 10-Q may contain statements, which constitute forward-looking information as defined in the Private Securities Litigation Reform Act of 1995 or by the Securities and Exchange Commission. These statements are based on the Company's expectations and are subject to risks and uncertainties that may cause the actual results in the future to differ significantly from the results expressed or implied in any forward- looking statements contained in this filing. Such forward-looking statements are within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended. PART II Item 1. Legal Proceedings The Company is a defendant in lawsuits arising in the ordinary course of its business. In the opinion of the Company's management, based in part upon the advice of its counsel, these lawsuits are covered by insurance, provided for in the consolidated financial statements of the Company, or are without merit, and the Company's management is of the opinion that the ultimate disposition of any of these pending lawsuits will not have a material adverse impact on the Company in relation to the Company's consolidated financial condition. Item 4. Submission of Matters to a Vote of Security Holders No matters were submitted to a vote of security holders in the third quarter of 1998 that were not previously disclosed. Item 6 . Exhibits and Reports on Form 8-K a. Exhibits filed herewith are listed in the Exhibit Index filed as a part hereof and incorporated herein by reference. b. A Report on Form 8-K was filed by the Company on August 10, 1998 reporting a change in certifying accountant. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. MYR Group Inc. Date: October 30, 1998 By: /s/ Betty R. Johnson Betty R. Johnson Vice President and Controller (duly authorized representative of registrant and principal financial officer) MYR Group Inc. Quarterly Report on Form 10Q for the Quarter Ended September 30, 1998 Exhibit Index Number Description Page (or Reference) 27 Financial Data Schedules 15 EX-27 2
5 1,000 3-MOS DEC-31-1998 JUL-1-1998 798 0 77,953 175 0 105,062 55,979 39,838 121,729 77,178 6,844 0 0 6,252 30,275 121,729 122,282 122,282 110,058 118,139 258 0 592 3,809 1,524 2,285 0 0 0 2,285 .40 .34
EX-27 3
5 3-MOS DEC-31-1997 SEP-30-1997 692 0 78,350 536 0 102,755 58,956 37,578 127,550 81,310 8,651 0 0 2,512 31,640 127,550 119,838 119,838 108,049 116,215 21 0 499 3,150 1,260 1,890 0 0 0 1,890 .35 .27
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