Primoris Services Corporation Announces New Contracts Valued at Approximately $101 Million
December 01 2010 - 8:00AM
Primoris Services Corporation (Nasdaq:PRIM)
("Primoris"), one of the largest specialty contractors and
infrastructure companies in the United States, today announced that
its wholly-owned subsidiary, James Construction Group, LLC, has
been awarded three highway construction contracts by the Louisiana
Department of Transportation. These contracts are expected to
generate aggregate revenues to Primoris of approximately $101
million over a three-year period that commenced November 2010.
The first project, valued at approximately $26 million, involves
reconstruction work on a stretch of Interstate 12 in Slidell,
Louisiana. The project includes widening four existing bridges and
installing approximately 76,000 tons of new asphalt pavement.
Interstate 12 bypasses the New Orleans metropolitan area and Lake
Ponchartrain to the north, facilitating east-west through traffic
across southern Louisiana.
The two other projects are for approximately 9 miles of new
interstate construction of Interstate 49, north of Shreveport,
Louisiana. These projects are valued at approximately $39 million
and $36 million. They entail the placement of approximately 412,000
cubic yards of excavation, the installation of approximately
1,865,000 cubic yards of embankment, and the construction of 23 new
bridges.
ABOUT PRIMORIS
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.
With its acquisitions of James Construction Group in December 2009
and Rockford Corporation in November 2010, 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.
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, our Form 10-Q for
the three month period ended September 30, 2010, 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.
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
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