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 July 25, 2013 disclosing results of operations for its fiscal 2013 second quarter ended June 30, 2013. |
EMCOR Group, Inc. | |||
Dated: July 25, 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: Nathan Elwell / Matt Steinberg (212) 850-5600 | ||
Linden Alschuler & Kaplan, Inc. Media: Lisa Linden / Mollie Fullington 212-575-4545 / 917-346-6123 |
EMCOR GROUP, INC. REPORTS SECOND QUARTER 2013 RESULTS |
- Exiting the UK Construction Market - |
- Domestic Backlog as of June 30, 2013 Increases 9.4% to $3.32 Billion - |
- Company Updates 2013 Guidance - |
EMCOR Reports Second Quarter Results | Page 2 |
EMCOR Reports Second Quarter Results | Page 3 |
EMCOR Reports Second Quarter Results | Page 4 |
For the three months ended June 30, | For the six months ended June 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenues | $ | 1,556,753 | $ | 1,590,035 | $ | 3,125,154 | $ | 3,128,556 | ||||||||
Cost of sales | 1,375,218 | 1,396,071 | 2,752,481 | 2,753,899 | ||||||||||||
Gross profit | 181,535 | 193,964 | 372,673 | 374,657 | ||||||||||||
Selling, general and administrative expenses | 139,623 | 137,675 | 278,133 | 272,179 | ||||||||||||
Restructuring expenses | 5,813 | — | 7,176 | — | ||||||||||||
Operating income | 36,099 | 56,289 | 87,364 | 102,478 | ||||||||||||
Interest expense | (1,764 | ) | (1,878 | ) | (3,626 | ) | (3,653 | ) | ||||||||
Interest income | 270 | 368 | 627 | 784 | ||||||||||||
Income before income taxes | 34,605 | 54,779 | 84,365 | 99,609 | ||||||||||||
Income tax provision | 13,131 | 20,799 | 32,173 | 37,821 | ||||||||||||
Net income including noncontrolling interests | 21,474 | 33,980 | 52,192 | 61,788 | ||||||||||||
Less: Net income attributable to noncontrolling interests | (460 | ) | (532 | ) | (1,011 | ) | (1,195 | ) | ||||||||
Net income attributable to EMCOR Group, Inc. | $ | 21,014 | $ | 33,448 | $ | 51,181 | $ | 60,593 | ||||||||
Basic earnings per common share | $ | 0.31 | $ | 0.50 | $ | 0.76 | $ | 0.91 | ||||||||
Diluted earnings per common share | $ | 0.31 | $ | 0.49 | $ | 0.75 | $ | 0.89 | ||||||||
Weighted average shares of common stock outstanding: | ||||||||||||||||
Basic | 67,095,447 | 66,749,115 | 67,102,530 | 66,717,873 | ||||||||||||
Diluted | 68,095,577 | 67,695,536 | 68,096,989 | 67,821,214 | ||||||||||||
Dividends declared per common share | $ | 0.06 | $ | 0.10 | $ | 0.06 | $ | 0.15 |
June 30, 2013 (Unaudited) | December 31, 2012 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 530,385 | $ | 605,303 | ||||
Accounts receivable, net | 1,293,160 | 1,221,956 | ||||||
Costs and estimated earnings in excess of billings on uncompleted contracts | 109,820 | 93,061 | ||||||
Inventories | 44,994 | 50,512 | ||||||
Prepaid expenses and other | 80,338 | 73,621 | ||||||
Total current assets | 2,058,697 | 2,044,453 | ||||||
Investments, notes and other long-term receivables | 4,239 | 4,959 | ||||||
Property, plant & equipment, net | 113,562 | 116,631 | ||||||
Goodwill | 566,709 | 566,588 | ||||||
Identifiable intangible assets, net | 332,046 | 343,748 | ||||||
Other assets | 30,083 | 30,691 | ||||||
Total assets | $ | 3,105,336 | $ | 3,107,070 | ||||
LIABILITIES AND EQUITY | ||||||||
Current liabilities: | ||||||||
Borrowings under revolving credit facility | $ | — | $ | — | ||||
Current maturities of long-term debt and capital lease obligations | 1,812 | 1,787 | ||||||
Accounts payable | 488,414 | 490,621 | ||||||
Billings in excess of costs and estimated earnings on uncompleted contracts | 399,454 | 383,527 | ||||||
Accrued payroll and benefits | 205,324 | 224,555 | ||||||
Other accrued expenses and liabilities | 156,621 | 194,029 | ||||||
Total current liabilities | 1,251,625 | 1,294,519 | ||||||
Borrowings under revolving credit facility | 150,000 | 150,000 | ||||||
Long-term debt and capital lease obligations | 3,369 | 4,112 | ||||||
Other long-term obligations | 292,882 | 301,260 | ||||||
Total liabilities | 1,697,876 | 1,749,891 | ||||||
Equity: | ||||||||
Total EMCOR Group, Inc. stockholders’ equity | 1,396,400 | 1,346,080 | ||||||
Noncontrolling interests | 11,060 | 11,099 | ||||||
Total equity | 1,407,460 | 1,357,179 | ||||||
Total liabilities and equity | $ | 3,105,336 | $ | 3,107,070 |
2013 | 2012 | |||||||
Cash flows - operating activities: | ||||||||
Net income including noncontrolling interests | $ | 52,192 | $ | 61,788 | ||||
Depreciation and amortization | 16,895 | 14,768 | ||||||
Amortization of identifiable intangible assets | 12,687 | 14,930 | ||||||
Deferred income taxes | (436 | ) | 1,479 | |||||
Excess tax benefits from share-based compensation | (994 | ) | (5,282 | ) | ||||
Equity income from unconsolidated entities | (240 | ) | (414 | ) | ||||
Other non-cash items | 2,062 | 4,478 | ||||||
Distributions from unconsolidated entities | 634 | 866 | ||||||
Changes in operating assets and liabilities, excluding the effect of businesses acquired | (135,011 | ) | (103,175 | ) | ||||
Net cash used in operating activities | (52,211 | ) | (10,562 | ) | ||||
Cash flows - investing activities: | ||||||||
Payments for acquisitions of businesses, net of cash acquired, and related contingent consideration agreement | (1,050 | ) | (20,613 | ) | ||||
Proceeds from sale of property, plant and equipment | 861 | 719 | ||||||
Purchase of property, plant and equipment | (14,820 | ) | (19,012 | ) | ||||
Purchase of short-term investments | — | (17,782 | ) | |||||
Maturity of short-term investments | 4,616 | 17,693 | ||||||
Net cash used in investing activities | (10,393 | ) | (38,995 | ) | ||||
Cash flows - financing activities: | ||||||||
Repayments of long-term debt | (4 | ) | (37 | ) | ||||
Repayments of capital lease obligations | (786 | ) | (1,310 | ) | ||||
Dividends paid to stockholders | (4,027 | ) | (6,660 | ) | ||||
Repurchase of common stock | (4,998 | ) | (21,189 | ) | ||||
Proceeds from exercise of stock options | 1,933 | 1,909 | ||||||
Payments to satisfy minimum tax withholding | (927 | ) | (733 | ) | ||||
Issuance of common stock under employee stock purchase plan | 1,344 | 1,263 | ||||||
Payments for contingent consideration arrangements | (537 | ) | (5,748 | ) | ||||
Distributions to noncontrolling interests | (1,050 | ) | (1,000 | ) | ||||
Excess tax benefits from share-based compensation | 994 | 5,282 | ||||||
Net cash used in financing activities | (8,058 | ) | (28,223 | ) | ||||
Effect of exchange rate changes on cash and cash equivalents | (4,256 | ) | 730 | |||||
Decrease in cash and cash equivalents | (74,918 | ) | (77,050 | ) | ||||
Cash and cash equivalents at beginning of year | 605,303 | 511,322 | ||||||
Cash and cash equivalents at end of period | $ | 530,385 | $ | 434,272 |
For the three months ended June 30, | ||||||||
2013 | 2012 | |||||||
Revenues from unrelated entities: | ||||||||
United States electrical construction and facilities services | $ | 336,330 | $ | 295,846 | ||||
United States mechanical construction and facilities services | 583,963 | 626,617 | ||||||
United States facilities services | 527,394 | 527,733 | ||||||
Total United States operations | 1,447,687 | 1,450,196 | ||||||
United Kingdom construction and facilities services | 109,066 | 139,839 | ||||||
Total worldwide operations | $ | 1,556,753 | $ | 1,590,035 | ||||
For the six months ended June 30, | ||||||||
2013 | 2012 | |||||||
Revenues from unrelated entities: | ||||||||
United States electrical construction and facilities services | $ | 643,914 | $ | 586,383 | ||||
United States mechanical construction and facilities services | 1,125,080 | 1,200,820 | ||||||
United States facilities services | 1,128,094 | 1,060,623 | ||||||
Total United States operations | 2,897,088 | 2,847,826 | ||||||
United Kingdom construction and facilities services | 228,066 | 280,730 | ||||||
Total worldwide operations | $ | 3,125,154 | $ | 3,128,556 |
For the three months ended June 30, | ||||||||
2013 | 2012 | |||||||
Operating income (loss): | ||||||||
United States electrical construction and facilities services | $ | 25,236 | $ | 22,409 | ||||
United States mechanical construction and facilities services | 18,248 | 29,506 | ||||||
United States facilities services | 20,028 | 16,022 | ||||||
Total United States operations | 63,512 | 67,937 | ||||||
United Kingdom construction and facilities services | (4,537 | ) | 3,962 | |||||
Corporate administration | (17,063 | ) | (15,610 | ) | ||||
Restructuring expenses | (5,813 | ) | — | |||||
Total worldwide operations | 36,099 | 56,289 | ||||||
Other corporate items: | ||||||||
Interest expense | (1,764 | ) | (1,878 | ) | ||||
Interest income | 270 | 368 | ||||||
Income before income taxes | $ | 34,605 | $ | 54,779 | ||||
For the six months ended June 30, | ||||||||
2013 | 2012 | |||||||
Operating income (loss): | ||||||||
United States electrical construction and facilities services | $ | 44,176 | $ | 45,975 | ||||
United States mechanical construction and facilities services | 29,388 | 52,329 | ||||||
United States facilities services | 55,655 | 27,451 | ||||||
Total United States operations | 129,219 | 125,755 | ||||||
United Kingdom construction and facilities services | (3,258 | ) | 7,444 | |||||
Corporate administration | (31,421 | ) | (30,721 | ) | ||||
Restructuring expenses | (7,176 | ) | — | |||||
Total worldwide operations | 87,364 | 102,478 | ||||||
Other corporate items: | ||||||||
Interest expense | (3,626 | ) | (3,653 | ) | ||||
Interest income | 627 | 784 | ||||||
Income before income taxes | $ | 84,365 | $ | 99,609 |
For the three months ended June 30, | For the six months ended June 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
GAAP operating income | $ | 36,099 | $ | 56,289 | $ | 87,364 | $ | 102,478 | ||||||||
Transaction expenses related to the pending acquisition of RepconStrickland, Inc. | 1,361 | — | 1,361 | — | ||||||||||||
EMCOR UK construction operating losses | 8,023 | 765 | 11,910 | 1,946 | ||||||||||||
EMCOR UK restructuring expenses | 5,801 | — | 7,126 | — | ||||||||||||
Non-GAAP operating income, excluding RepconStrickland acquisition expenses, UK losses and UK restructuring expenses | $ | 51,284 | $ | 57,054 | $ | 107,761 | $ | 104,424 |
For the three months ended June 30, | For the six months ended June 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
GAAP net income attributable to EMCOR Group, Inc. | $ | 21,014 | $ | 33,448 | $ | 51,181 | $ | 60,593 | ||||||||
Transaction expenses related to the pending acquisition of RepconStrickland, Inc. (1) | 1,301 | — | 1,301 | — | ||||||||||||
EMCOR UK construction losses (2) | 6,158 | 577 | 9,141 | 1,469 | ||||||||||||
EMCOR UK restructuring expenses (3) | 4,452 | — | 5,469 | — | ||||||||||||
Non-GAAP net income attributable to EMCOR Group, Inc., excluding RepconStrickland transaction expenses, UK losses and UK restructuring expenses | $ | 32,925 | $ | 34,025 | $ | 67,092 | $ | 62,062 |
For the three months ended June 30, | For the six months ended June 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
GAAP diluted earnings per common share | $ | 0.31 | $ | 0.49 | $ | 0.75 | $ | 0.89 | ||||||||
Transaction expenses related to the pending acquisition of RepconStrickland, Inc. (1) | 0.02 | — | 0.02 | — | ||||||||||||
EMCOR UK construction losses (2) | 0.09 | 0.01 | 0.13 | 0.02 | ||||||||||||
EMCOR UK restructuring expenses (3) | 0.07 | — | 0.08 | — | ||||||||||||
Non-GAAP diluted earnings per common share, excluding RepconStrickland transaction expenses, UK losses and UK restructuring expenses | $ | 0.48 | $ | 0.50 | $ | 0.99 | $ | 0.92 |
W/*;O:1W#;EN2&ACM0'53_2F)6(4.
M&".[*<%*]4W;V_X4[]KUE35?Z./BKU[MVCNJT1WMV#N3>53I62+7-5+@L+L2
M(F>)7M&A_:9U]<@0ZQI![76@`^INY&/GI15_PEO]7IU!.X?>ZWEW/[JV:UB3
MR\6:24_:="0\ _=>Z][]U[K<8_FP?*FOZ4_E,_$#HW:]<]%NKY.=+]2X#*SPG3-!
MU;LKK+8V5WO%%*CB2&;.97+8?'."I2:@J:Q+W]PUREM*WW-UY?RBL5K/(1_I
MV=@O[`&/R('6=/O1SE)L'LML?+MFVF\W>PMD8CB+>*WA:6GH79HD/D49QUIS
M^YEZP6Z][]U[J]+^4E_*`S/S?JD[N[IFR^T/C%@ ,L4_M8QDU#JH
MU2=:NGN4^L/^O>_=>ZW`_P#A/_\`S)UW1AJ#X)=T9XG H^AJC:N*W_GLK)N
MS?E574>P^O=E;1W=V3V5O6HQE.*G)MMKK[8&$W'NS(T&*A=&K*T4BT%$)$^X
MFBUK_=>Z][]U[KWOW7NO>_=>ZM#_EN?S0NXO@#OR"EBJ,COWH'<==2Q[]ZER.
M2J&I*.&2L5ZO=O7_`)Y6IMN;SI89)"VE5I,FI$56I98)Z8+O_/E>VO_`$7&\?\`ZS>Y$_>%A_O^'_>U
M_P`_6,O]6N8_^C?>_P#."7_H'KW^@+O7_GRO;7_HN-X__6;W[]X6'^_X?][7
M_/U[^K7,?_1OO?\`G!+_`-`]&V^!N/[V^.GS(^.'
_=>Z][]U[KWOW7NO>_=>Z][]U[I9]>=>
M;W[9WOMCK;K;;&6WGOK>>6IL'MG;.#IC5Y/+9.K)\<,,=UCBBBC5I9II62"G
M@1Y972-'<,W-S!:0/_=>Z^C%_)H57_ED_%-'4,K;1W@K*P#*RMV
M?OD%6!N""#R/>-_.G_*T7?\`IU_XXO74KV(`/M)LP/#P)?\`M(FZU+/YTWP(
M_P!DQ^3E3N?8N&^RZ%[XERV\NO%HXM..VGN%*F.7>W7*A51:6'!UU='5XZ/2
M(QBJZ")&=Z:?3+O)/,'[ZVL17#5W"WHK^K#\+_F!1OZ0)\QUA5[^>VW]0^;C
M>;='IY;W(M+!3X8WK^K!\@A(9!P\-U4$E&I3A[&?4%=/^U=T[CV/N;;^\]H9
MK([