Primoris Services Corporation Announces New Construction Contracts Valued at Approximately $120 Million
15 July 2010 - 11:00PM
Primoris Services Corporation (Nasdaq:PRIM)
(Nasdaq:PRIMW) ("Primoris" or "Company") today announced that its
wholly-owned subsidiary, James Construction Group, LLC ("James"),
has been awarded new contracts that are expected to generate
aggregate revenues to Primoris of approximately $120 million over a
three-year period commencing in the third quarter of 2010.
Details of the contracts are as follows:
- The Louisiana Department of Transportation awarded James a
contract valued at $60.7 million to construct a new section of I-49
near Shreveport, LA. The scope of the project includes 2.5
million cubic yards of embankment, 3,200 linear feet of new bridge
construction, and more than 180,000 square yards of concrete
paving. Work on this project is expected to begin in August
2010.
- The U.S. Army Corps of Engineers, in conjunction with the
on-going hurricane protection work for the city of New Orleans,
awarded James a project in St. Charles Parish involving levee and
floodwall construction, as well as the construction of twin 2,500
linear foot bridges. The contract value is $38.7 million and
work is expected to begin in August 2010.
- James was awarded a Design/Build Team subcontract valued at
approximately $20 million associated with the widening of I-10 in
East Baton Rouge Parish, LA. James will perform earthwork,
base work and concrete paving required for the critical five mile
section of the interstate. The project will begin in July
2010.
About Primoris
Primoris, through various subsidiaries, is 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 and replacement
services, as well as engineering services to major public
utilities, petrochemical companies, energy companies,
municipalities and other customers. With the recent acquisition of
James Construction Group, Primoris has a significant presence in
the Gulf States region where it provides heavy civil construction
services. Primoris is also a leading water and wastewater
contractor in the state of Florida, and a specialist in designing
and constructing complex commercial and industrial concrete
structures in California. For additional information on Primoris,
please visit www.prim.com.
The Primoris Services Corporation logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5527
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
Annual Report on Form 10-K for the year ended December 31, 2009 and
other filings with the Securities and Exchange Commission,
including the Company's Form 10-Q filed on May 10,
2010. 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.
CONTACT: Primoris Services Corporation
Peter J. Moerbeek, Executive Vice President,
Chief Financial Officer
(949) 454-7121
pmoerbeek@prim.com
The Equity Group Inc.
Devin Sullivan, Senior Vice President
(212) 836-9608
dsullivan@equityny.com
Gerrard Lobo, Senior Account Executive
(212) 836-9610
globo@equityny.com
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