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) |
¬ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¬ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¬ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¬ | 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 February 26, 2013 disclosing results of operations for its fiscal 2012 fourth quarter ended December 31, 2012. |
EMCOR Group, Inc. | |||
Dated: February 26, 2013 | 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: Eric Boyriven / Matt Steinberg (212) 850-5600 | ||
Linden Alschuler & Kaplan, Inc. Media: Lisa Linden / Mollie Fullington 212-575-4545 / 917-346-6123 |
EMCOR GROUP, INC. REPORTS FOURTH QUARTER AND FULL YEAR 2012 RESULTS |
- Revenues Increase 6.2% to $1.61 Billion; Organic Growth of 4.3% - |
- Fourth Quarter Diluted Earnings Per Share from Continuing Operations of $0.68 - |
- Backlog as of December 31, 2012 of $3.37 Billion - |
- Company Announces 2013 Revenue and Diluted EPS Guidance - |
EMCOR Reports Fourth Quarter Results | Page 2 |
EMCOR Reports Fourth Quarter Results | Page 3 |
For the three months ended December 31, | For the twelve months ended December 31, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
Revenues | $ | 1,611,881 | $ | 1,517,962 | $ | 6,346,679 | $ | 5,613,459 | ||||||||
Cost of sales | 1,383,432 | 1,303,645 | 5,540,325 | 4,879,510 | ||||||||||||
Gross profit | 228,449 | 214,317 | 806,354 | 733,949 | ||||||||||||
Selling, general and administrative expenses | 149,586 | 147,957 | 556,242 | 518,121 | ||||||||||||
Restructuring expenses | — | 141 | 145 | 1,240 | ||||||||||||
Impairment loss on identifiable intangible assets | — | 3,795 | — | 3,795 | ||||||||||||
Operating income | 78,863 | 62,424 | 249,967 | 210,793 | ||||||||||||
Interest expense | (1,815 | ) | (2,887 | ) | (7,275 | ) | (11,261 | ) | ||||||||
Interest income | 391 | 377 | 1,556 | 1,820 | ||||||||||||
Income from continuing operations before income taxes | 77,439 | 59,914 | 244,248 | 201,352 | ||||||||||||
Income tax provision | 30,651 | 22,765 | 95,362 | 76,764 | ||||||||||||
Income from continuing operations | 46,788 | 37,149 | 148,886 | 124,588 | ||||||||||||
Income from discontinued operation, net of income taxes | — | 341 | — | 9,083 | ||||||||||||
Net income including noncontrolling interests | 46,788 | 37,490 | 148,886 | 133,671 | ||||||||||||
Less: Net income attributable to noncontrolling interests | (378 | ) | (825 | ) | (2,302 | ) | (2,845 | ) | ||||||||
Net income attributable to EMCOR Group, Inc. | $ | 46,410 | $ | 36,665 | $ | 146,584 | $ | 130,826 | ||||||||
Basic earnings per common share: – continuing operations | $ | 0.69 | $ | 0.54 | $ | 2.20 | $ | 1.82 | ||||||||
– discontinued operation | $ | — | $ | 0.01 | $ | — | $ | 0.14 | ||||||||
Diluted earnings per common share: – continuing operations | $ | 0.68 | $ | 0.53 | $ | 2.16 | $ | 1.78 | ||||||||
– discontinued operation | $ | — | $ | 0.01 | $ | — | $ | 0.13 | ||||||||
Weighted average shares of common stock outstanding: | ||||||||||||||||
Basic | 66,805,577 | 66,504,802 | 66,701,869 | 66,780,093 | ||||||||||||
Diluted | 67,801,701 | 67,911,536 | 67,738,418 | 68,375,502 |
December 31, 2012 (Unaudited) | December 31, 2011 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 605,303 | $ | 511,322 | ||||
Accounts receivable, net | 1,221,956 | 1,187,832 | ||||||
Costs and estimated earnings in excess of billings on uncompleted contracts | 93,061 | 114,836 | ||||||
Inventories | 50,512 | 44,914 | ||||||
Prepaid expenses and other | 73,621 | 77,749 | ||||||
Total current assets | 2,044,453 | 1,936,653 | ||||||
Investments, notes and other long-term receivables | 4,959 | 5,618 | ||||||
Property, plant & equipment, net | 116,631 | 101,663 | ||||||
Goodwill | 566,588 | 566,805 | ||||||
Identifiable intangible assets, net | 343,748 | 370,373 | ||||||
Other assets | 30,691 | 32,964 | ||||||
Total assets | $ | 3,107,070 | $ | 3,014,076 | ||||
LIABILITIES AND EQUITY | ||||||||
Current liabilities: | ||||||||
Borrowings under revolving credit facility | $ | — | $ | — | ||||
Current maturities of long-term debt and capital lease obligations | 1,787 | 1,522 | ||||||
Accounts payable | 490,621 | 477,801 | ||||||
Billings in excess of costs and estimated earnings on uncompleted contracts | 383,527 | 441,695 | ||||||
Accrued payroll and benefits | 224,555 | 204,785 | ||||||
Other accrued expenses and liabilities | 194,029 | 205,110 | ||||||
Total current liabilities | 1,294,519 | 1,330,913 | ||||||
Borrowings under revolving credit facility | 150,000 | 150,000 | ||||||
Long-term debt and capital lease obligations | 4,112 | 3,335 | ||||||
Other long-term obligations | 301,260 | 284,697 | ||||||
Total liabilities | 1,749,891 | 1,768,945 | ||||||
Equity: | ||||||||
Total EMCOR Group, Inc. stockholders’ equity | 1,346,080 | 1,234,734 | ||||||
Noncontrolling interests | 11,099 | 10,397 | ||||||
Total equity | 1,357,179 | 1,245,131 | ||||||
Total liabilities and equity | $ | 3,107,070 | $ | 3,014,076 |
2012 | 2011 | |||||||
Cash flows - operating activities: | ||||||||
Net income including noncontrolling interests | $ | 148,886 | $ | 133,671 | ||||
Depreciation and amortization | 31,204 | 27,426 | ||||||
Amortization of identifiable intangible assets | 29,762 | 26,350 | ||||||
Deferred income taxes | 6,626 | 8,826 | ||||||
Gain on sale of discontinued operation, net of income taxes | — | (9,127 | ) | |||||
Excess tax benefits from share-based compensation | (7,083 | ) | (3,619 | ) | ||||
Equity income from unconsolidated entities | (930 | ) | (1,301 | ) | ||||
Non-cash expense for impairment of identifiable intangible assets | — | 3,795 | ||||||
Other non-cash items | 3,032 | 7,917 | ||||||
Distributions from unconsolidated entities | 887 | 606 | ||||||
Changes in operating assets and liabilities, excluding the effect of businesses acquired | (27,976 | ) | (45,119 | ) | ||||
Net cash provided by operating activities | 184,408 | 149,425 | ||||||
Cash flows - investing activities: | ||||||||
Payments for acquisitions of businesses, net of cash acquired, and related contingent consideration agreement | (20,613 | ) | (301,306 | ) | ||||
Proceeds from sale of discontinued operation, net of cash sold | — | 26,627 | ||||||
Proceeds from sale of property, plant and equipment | 3,070 | 1,409 | ||||||
Purchase of property, plant and equipment | (37,875 | ) | (29,581 | ) | ||||
Investment in and advances to unconsolidated entities and joint ventures | — | (28 | ) | |||||
Purchase of short-term investments | (22,433 | ) | (17,639 | ) | ||||
Maturity of short-term investments | 35,305 | — | ||||||
Net cash used in investing activities | (42,546 | ) | (320,518 | ) | ||||
Cash flows - financing activities: | ||||||||
Net repayments of long-term debt and debt issuance costs | (40 | ) | (4,147 | ) | ||||
Repayments of capital lease obligations | (1,978 | ) | (1,095 | ) | ||||
Dividends paid to stockholders | (34,073 | ) | (3,336 | ) | ||||
Repurchase of common stock | (23,912 | ) | (27,523 | ) | ||||
Proceeds from exercise of stock options | 8,786 | 5,608 | ||||||
Payments to satisfy minimum tax withholding | (1,654 | ) | (1,256 | ) | ||||
Issuance of common stock under employee stock purchase plan | 2,549 | 2,310 | ||||||
Payments of contingent consideration arrangements | (5,748 | ) | (1,118 | ) | ||||
Distributions to noncontrolling interests | (1,600 | ) | (2,350 | ) | ||||
Excess tax benefits from share-based compensation | 7,083 | 3,619 | ||||||
Net cash used in financing activities | (50,587 | ) | (29,288 | ) | ||||
Effect of exchange rate changes on cash and cash equivalents | 2,706 | 867 | ||||||
Increase (decrease) in cash and cash equivalents | 93,981 | (199,514 | ) | |||||
Cash and cash equivalents at beginning of year | 511,322 | 710,836 | ||||||
Cash and cash equivalents at end of period | $ | 605,303 | $ | 511,322 |
For the three months ended December 31, | ||||||||
2012 | 2011 | |||||||
Revenues from unrelated entities: | ||||||||
United States electrical construction and facilities services | $ | 306,349 | $ | 289,689 | ||||
United States mechanical construction and facilities services | 578,214 | 499,796 | ||||||
United States facilities services | 593,192 | 584,456 | ||||||
Total United States operations | 1,477,755 | 1,373,941 | ||||||
United Kingdom construction and facilities services | 134,126 | 144,021 | ||||||
Total worldwide operations | $ | 1,611,881 | $ | 1,517,962 | ||||
For the twelve months ended December 31, | ||||||||
2012 | 2011 | |||||||
Revenues from unrelated entities: | ||||||||
United States electrical construction and facilities services | $ | 1,211,692 | $ | 1,155,079 | ||||
United States mechanical construction and facilities services | 2,296,380 | 1,917,433 | ||||||
United States facilities services | 2,299,839 | 2,011,981 | ||||||
Total United States operations | 5,807,911 | 5,084,493 | ||||||
United Kingdom construction and facilities services | 538,768 | 528,966 | ||||||
Total worldwide operations | $ | 6,346,679 | $ | 5,613,459 |
For the three months ended December 31, | ||||||||
2012 | 2011 | |||||||
Operating income (loss): | ||||||||
United States electrical construction and facilities services | $ | 32,615 | $ | 26,618 | ||||
United States mechanical construction and facilities services | 44,498 | 36,329 | ||||||
United States facilities services | 22,336 | 21,970 | ||||||
Total United States operations | 99,449 | 84,917 | ||||||
United Kingdom construction and facilities services | (2,038 | ) | 1,075 | |||||
Corporate administration | (18,548 | ) | (19,632 | ) | ||||
Restructuring expenses | — | (141 | ) | |||||
Impairment loss on identifiable intangible assets | — | (3,795 | ) | |||||
Total worldwide operations | 78,863 | 62,424 | ||||||
Other corporate items: | ||||||||
Interest expense | (1,815 | ) | (2,887 | ) | ||||
Interest income | 391 | 377 | ||||||
Income from continuing operations before income taxes | $ | 77,439 | $ | 59,914 | ||||
For the twelve months ended December 31, | ||||||||
2012 | 2011 | |||||||
Operating income (loss): | ||||||||
United States electrical construction and facilities services | $ | 100,736 | $ | 84,601 | ||||
United States mechanical construction and facilities services | 123,519 | 116,001 | ||||||
United States facilities services | 82,273 | 69,125 | ||||||
Total United States operations | 306,528 | 269,727 | ||||||
United Kingdom construction and facilities services | 7,052 | 9,225 | ||||||
Corporate administration | (63,468 | ) | (63,124 | ) | ||||
Restructuring expenses | (145 | ) | (1,240 | ) | ||||
Impairment loss on identifiable intangible assets | — | (3,795 | ) | |||||
Total worldwide operations | 249,967 | 210,793 | ||||||
Other corporate items: | ||||||||
Interest expense | (7,275 | ) | (11,261 | ) | ||||
Interest income | 1,556 | 1,820 | ||||||
Income from continuing operations before income taxes | $ | 244,248 | $ | 201,352 |
For the three months ended December 31, | For the twelve months ended December 31, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
GAAP operating income | $ | 78,863 | $ | 62,424 | $ | 249,967 | $ | 210,793 | ||||||||
Impairment loss on identifiable intangible assets | — | 3,795 | — | 3,795 | ||||||||||||
Transaction expenses related to the acquisition of USM Holdings, Inc. | — | 21 | — | 4,663 | ||||||||||||
Non-GAAP operating income, excluding impairment loss on identifiable intangible assets and USM transaction expenses | $ | 78,863 | $ | 66,240 | $ | 249,967 | $ | 219,251 |
For the three months ended December 31, | For the twelve months ended December 31, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
GAAP net income from continuing operations attributable to EMCOR Group, Inc. (1) | $ | 46,410 | $ | 36,324 | $ | 146,584 | $ | 121,743 | ||||||||
Impairment loss on identifiable intangible assets (2) | — | 2,277 | — | 2,277 | ||||||||||||
Transaction expenses related to the acquisition of USM Holdings, Inc. (3) | — | 21 | — | 3,785 | ||||||||||||
Non-GAAP net income from continuing operations attributable to EMCOR Group, Inc., excluding impairment loss on identifiable intangible assets and USM transaction expenses | $ | 46,410 | $ | 38,622 | $ | 146,584 | $ | 127,805 |
For the three months ended December 31, | For the twelve months ended December 31, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
GAAP diluted earnings per common share from continuing operations | $ | 0.68 | $ | 0.53 | $ | 2.16 | $ | 1.78 | ||||||||
Impairment loss on identifiable intangible assets (1) | — | 0.03 | — | 0.03 | ||||||||||||
Transaction expenses related to the acquisition of USM Holdings, Inc. (2) | — | 0.00 | — | 0.06 | ||||||||||||
Non-GAAP diluted earnings per common share from continuing operations, excluding impairment loss on identifiable intangible assets and USM transaction expenses | $ | 0.68 | $ | 0.57 | $ | 2.16 | $ | 1.87 |
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