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 28, 2016 disclosing results of operations for its fiscal 2016 first quarter ended March 31, 2016. |
EMCOR Group, Inc. | |||
Dated: April 28, 2016 | 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: Effie Veres (212) 850-5600 | ||
LAK Public Relations, Inc. Media: Lisa Linden / Mollie Fullington (212) 575-4545 / (917) 346-6123 |
EMCOR GROUP, INC. REPORTS FIRST QUARTER RESULTS |
- Record First Quarter Revenues of $1.74 Billion - |
- Total Backlog of $3.85 Billion; 3.1% Increase Year-over-Year - |
- Increases 2016 Revenue Guidance and Low-End of Diluted EPS Guidance Range - |
EMCOR Reports First Quarter Results | Page 2 |
EMCOR Reports First Quarter Results | Page 3 |
For the three months ended March 31, | |||||||||
2016 | 2015 | ||||||||
Revenues | $ | 1,744,970 | $ | 1,589,187 | |||||
Cost of sales | 1,521,862 | 1,372,258 | |||||||
Gross profit | 223,108 | 216,929 | |||||||
Selling, general and administrative expenses | 167,402 | 161,591 | |||||||
Restructuring expenses | 91 | 8 | |||||||
Operating income | 55,615 | 55,330 | |||||||
Interest expense | (2,376 | ) | (2,216 | ) | |||||
Interest income | 165 | 176 | |||||||
Income from continuing operations before income taxes | 53,404 | 53,290 | |||||||
Income tax provision | 18,969 | 20,225 | |||||||
Income from continuing operations | 34,435 | 33,065 | |||||||
Loss from discontinued operation, net of income taxes | (81 | ) | (355 | ) | |||||
Net income including noncontrolling interests | 34,354 | 32,710 | |||||||
Less: Net (income) loss attributable to noncontrolling interests | (6 | ) | 139 | ||||||
Net income attributable to EMCOR Group, Inc. | $ | 34,348 | $ | 32,849 | |||||
Basic earnings (loss) per common share: | |||||||||
From continuing operations | $ | 0.57 | $ | 0.53 | |||||
From discontinued operation | $ | (0.00 | ) | $ | (0.01 | ) | |||
Diluted earnings (loss) per common share: | |||||||||
From continuing operations | $ | 0.56 | $ | 0.52 | |||||
From discontinued operation | $ | (0.00 | ) | $ | (0.00 | ) | |||
Weighted average shares of common stock outstanding: | |||||||||
Basic | 60,903,335 | 63,058,911 | |||||||
Diluted | 61,350,610 | 63,611,011 | |||||||
Dividends declared per common share | $ | 0.08 | $ | 0.08 |
March 31, 2016 (Unaudited) | December 31, 2015 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 392,364 | $ | 486,831 | ||||
Accounts receivable, net | 1,352,416 | 1,359,862 | ||||||
Costs and estimated earnings in excess of billings on uncompleted contracts | 134,632 | 117,734 | ||||||
Inventories | 37,003 | 37,545 | ||||||
Prepaid expenses and other | 64,512 | 64,140 | ||||||
Total current assets | 1,980,927 | 2,066,112 | ||||||
Investments, notes and other long-term receivables | 8,599 | 8,359 | ||||||
Property, plant & equipment, net | 121,825 | 122,018 | ||||||
Goodwill | 843,170 | 843,170 | ||||||
Identifiable intangible assets, net | 463,364 | 472,834 | ||||||
Other assets | 31,774 | 30,164 | ||||||
Total assets | $ | 3,449,659 | $ | 3,542,657 | ||||
LIABILITIES AND EQUITY | ||||||||
Current liabilities: | ||||||||
Borrowings under revolving credit facility | $ | — | $ | — | ||||
Current maturities of long-term debt and capital lease obligations | 17,447 | 17,541 | ||||||
Accounts payable | 439,782 | 488,251 | ||||||
Billings in excess of costs and estimated earnings on uncompleted contracts | 421,145 | 429,235 | ||||||
Accrued payroll and benefits | 235,529 | 268,033 | ||||||
Other accrued expenses and liabilities | 205,849 | 209,361 | ||||||
Total current liabilities | 1,319,752 | 1,412,421 | ||||||
Long-term debt and capital lease obligations | 293,958 | 297,559 | ||||||
Other long-term obligations | 351,499 | 352,621 | ||||||
Total liabilities | 1,965,209 | 2,062,601 | ||||||
Equity: | ||||||||
Total EMCOR Group, Inc. stockholders’ equity | 1,481,699 | 1,476,711 | ||||||
Noncontrolling interests | 2,751 | 3,345 | ||||||
Total equity | 1,484,450 | 1,480,056 | ||||||
Total liabilities and equity | $ | 3,449,659 | $ | 3,542,657 |
2016 | 2015 | |||||||
Cash flows - operating activities: | ||||||||
Net income including noncontrolling interests | $ | 34,354 | $ | 32,710 | ||||
Depreciation and amortization | 9,332 | 8,762 | ||||||
Amortization of identifiable intangible assets | 9,470 | 9,461 | ||||||
Deferred income taxes | 2,291 | 732 | ||||||
Excess tax benefits from share-based compensation | (1,217 | ) | (955 | ) | ||||
Equity income from unconsolidated entities | (228 | ) | (470 | ) | ||||
Other non-cash items | 4,611 | 3,269 | ||||||
Distributions from unconsolidated entities | 27 | 3,316 | ||||||
Changes in operating assets and liabilities, excluding the effect of businesses acquired | (95,801 | ) | (74,646 | ) | ||||
Net cash used in operating activities | (37,161 | ) | (17,821 | ) | ||||
Cash flows - investing activities: | ||||||||
Payments for acquisitions of businesses, net of cash acquired | (254 | ) | — | |||||
Proceeds from sale of property, plant and equipment | 484 | 1,571 | ||||||
Purchase of property, plant and equipment | (9,016 | ) | (6,936 | ) | ||||
Net cash used in investing activities | (8,786 | ) | (5,365 | ) | ||||
Cash flows - financing activities: | ||||||||
Repayments of long-term debt | (4,378 | ) | (4,380 | ) | ||||
Repayments of capital lease obligations | (460 | ) | (985 | ) | ||||
Dividends paid to stockholders | (4,879 | ) | (5,039 | ) | ||||
Repurchase of common stock | (34,074 | ) | (21,148 | ) | ||||
Proceeds from exercise of stock options | — | 1,368 | ||||||
Payments to satisfy minimum tax withholding | (4,097 | ) | (1,959 | ) | ||||
Issuance of common stock under employee stock purchase plan | 1,188 | 1,018 | ||||||
Payments for contingent consideration arrangements | — | (121 | ) | |||||
Distributions to noncontrolling interests | (600 | ) | (7,500 | ) | ||||
Excess tax benefits from share-based compensation | — | 955 | ||||||
Net cash used in financing activities | (47,300 | ) | (37,791 | ) | ||||
Effect of exchange rate changes on cash and cash equivalents | (1,220 | ) | (2,185 | ) | ||||
Decrease in cash and cash equivalents | (94,467 | ) | (63,162 | ) | ||||
Cash and cash equivalents at beginning of year | 486,831 | 432,056 | ||||||
Cash and cash equivalents at end of period | $ | 392,364 | $ | 368,894 |
For the three months ended March 31, | ||||||||
2016 | 2015 | |||||||
Revenues from unrelated entities: | ||||||||
United States electrical construction and facilities services | $ | 348,289 | $ | 318,994 | ||||
United States mechanical construction and facilities services | 611,890 | 511,026 | ||||||
United States building services | 439,651 | 439,492 | ||||||
United States industrial services | 257,504 | 232,725 | ||||||
Total United States operations | 1,657,334 | 1,502,237 | ||||||
United Kingdom building services | 87,636 | 86,950 | ||||||
Total worldwide operations | $ | 1,744,970 | $ | 1,589,187 | ||||
For the three months ended March 31, | ||||||||
2016 | 2015 | |||||||
Operating income (loss): | ||||||||
United States electrical construction and facilities services | $ | 16,707 | $ | 16,674 | ||||
United States mechanical construction and facilities services | 23,877 | 20,901 | ||||||
United States building services | 13,902 | 20,978 | ||||||
United States industrial services | 18,866 | 12,833 | ||||||
Total United States operations | 73,352 | 71,386 | ||||||
United Kingdom building services | 3,311 | 2,378 | ||||||
Corporate administration | (20,957 | ) | (18,426 | ) | ||||
Restructuring expenses | (91 | ) | (8 | ) | ||||
Total worldwide operations | 55,615 | 55,330 | ||||||
Other corporate items: | ||||||||
Interest expense | (2,376 | ) | (2,216 | ) | ||||
Interest income | 165 | 176 | ||||||
Income from continuing operations before income taxes | $ | 53,404 | $ | 53,290 | ||||
For the three months ended March 31, | |||||||||
2016 | 2015 | ||||||||
GAAP operating income | $ | 55,615 | $ | 55,330 | |||||
Transaction expenses related to the acquisition of Ardent | 1,081 | — | |||||||
Non-GAAP operating income, excluding Ardent transaction expenses | $ | 56,696 | $ | 55,330 |
For the three months ended March 31, | |||||||||
2016 | 2015 | ||||||||
GAAP net income from continuing operations attributable to EMCOR Group, Inc. (1) | $ | 34,429 | $ | 33,204 | |||||
Transaction expenses related to the acquisition of Ardent (2) | 656 | — | |||||||
Non-GAAP net income from continuing operations attributable to EMCOR Group, Inc., excluding Ardent transaction expenses | $ | 35,085 | $ | 33,204 |
For the three months ended March 31, | |||||||||
2016 | 2015 | ||||||||
GAAP diluted earnings per common share from continuing operations | $ | 0.56 | $ | 0.52 | |||||
Transaction expenses related to the acquisition of Ardent (1) | 0.01 | — | |||||||
Non-GAAP diluted earnings per common share from continuing operations, excluding Ardent transaction expenses | $ | 0.57 | $ | 0.52 |
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