Primoris Services Corporation (NASDAQ Global Select: PRIM) (“Primoris” or “Company”) today announced new contract awards totaling approximately $181.4 million for industrial, wastewater, and infrastructure projects in Florida, Louisiana, and Texas.
Primoris subsidiary James Construction Group (JCG) has been awarded nine new contracts with a total value of approximately $162.5 million. JCG secured three new contracts involving heavy civil infrastructure construction in the state of Texas with a combined total value of approximately $128.2 million. The largest of these projects added another $120.7 million to the Company’s growing backlog for TXDOT work along I-35 in central Texas. Work on this project, which is located in McLennan County, should commence during the first quarter of 2012 and is slated for completion by the end of 2014. The other two Texas contracts were awarded to the JCG Houston Region for infrastructure work in the Houston area. Work on these projects has already begun and is slated for completion during 2012.
The JCG Louisiana-based Heavy Civil Group was awarded three new projects by the Louisiana Department of Transportation and Development that total $13.8 million. These projects, consisting primarily of bridge construction and concrete paving, should begin in the fourth quarter of 2011 and extend to the second quarter of 2013.
The JCG Industrial and I&M groups were awarded three separate contracts totaling $20.5 million. These projects include the development of a major material handling facility along the Mississippi River south of New Orleans, as well as industrial process plant work in south Louisiana and south Texas. All three of these projects should begin in the fourth quarter of 2011 and be completed by the third quarter of 2012.
Cardinal Contractors, another Primoris subsidiary headquartered near Sarasota, Florida, recently secured four contracts totaling $18.9 million. The largest of the contracts is a Design/Build award involving wastewater system improvements for Palm Beach County, Florida. The contract is valued at approximately $10 million and will be completed over a period of approximately 18 months. The other three projects also involve wastewater work in South Florida and should be completed by the end of 2012.
Founded in 1946, Primoris, through various subsidiaries, has grown to become one of the largest specialty contractors and infrastructure companies in the United States. Serving diverse end markets, Primoris provides a wide range of construction, fabrication, maintenance, replacement, water and wastewater, and engineering services to major public utilities, petrochemical companies, energy companies, municipalities, and other customers. Since December 2009, Primoris has doubled its size and the Company’s national footprint now extends from Florida, along the Gulf Coast, through California, into the Pacific Northwest and Canada. For additional information, please visit www.prim.com
FORWARD LOOKING STATEMENTS
This press release contains certain forward-looking statements, including with regard to the Company’s future performance. Words such as "estimated," "believes," "expects," "projects," “may,” and "future" or similar expressions are intended to identify forward-looking statements. Forward-looking statements inherently involve risks and uncertainties, including without limitation, those described in this press release and those detailed in the "Risk Factors" section and other portions of our Quarterly Report on Form 10-Q for the period ended September 30, 2011, and other filings with the Securities and Exchange Commission. Primoris does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.