Fourth Quarter Revenues of $985.4 million GAAP Diluted EPS of $0.21
in 4Q09 Adjusted Diluted EPS of $0.31 in 4Q09 HOUSTON, Feb. 22
/PRNewswire-FirstCall/ -- Quanta Services, Inc. (NYSE: PWR) today
announced results for the three and 12 months ended Dec. 31, 2009.
As previously announced, Quanta completed the acquisition of Price
Gregory Services, Incorporated (Price Gregory) on Oct. 1, 2009.
Therefore, these reported results of operations include the results
of Price Gregory from Oct. 1, 2009 through Dec. 31, 2009 and are
compared to the pre-acquisition historical results of Quanta for
prior fiscal periods. Revenues in the fourth quarter of 2009 were
$985.4 million compared to revenues of $921.5 million in the fourth
quarter of 2008. For the fourth quarter of 2009, net income
attributable to common stock was $43.9 million or $0.21 per diluted
share, as compared to $46.5 million or $0.24 per diluted share in
the fourth quarter of 2008. Adjusted diluted earnings per share (a
non-GAAP measure) was $0.31 for the fourth quarter of 2009 compared
to $0.27 for the fourth quarter of 2008. See the attached table for
a reconciliation of this non-GAAP measure to the reported GAAP
measure. "Our customers and demand for our services continue to be
negatively impacted by slow economic conditions. During these
difficult times, however, we have continued our strategy of not
pursuing low-margin work. The success of this strategy is reflected
in the improvement of our gross margins for the full year 2009 over
2008 even though we had a reduction in our emergency restoration
revenues of $127 million in 2009. While our strategy has adversely
affected our revenues and backlog, we are confident that it will
benefit our company and shareholders over the long term," said John
R. Colson, chairman and CEO of Quanta Services. "Although we are
forecasting a challenging first quarter of 2010, we continue to
expect meaningful recovery in the second half of 2010 with a modest
increase in spending by our customers." Revenues for the 12 months
of 2009 were $3.32 billion compared to $3.78 billion for the 12
months of 2008. For the 12 months of 2009, Quanta reported net
income attributable to common stock of $162.2 million or $0.81 per
diluted share, compared to $157.6 million or $0.87 per diluted
share for the 12 months of last year. Included in net income
attributable to common stock for the 12 months of 2009 is $22.4
million of income, or a benefit of $0.11 per diluted share, from
the release of income tax contingencies in the third quarter of
2009. Adjusted diluted earnings per share was $0.90 for the 12
months of 2009 as compared to $1.03 for the 12 months of 2008. See
the attached table for a reconciliation of this non-GAAP measure to
the reported GAAP measure. See note (a) to the Consolidated
Statements of Operations in this press release for an explanation
of 2008 amounts that have been retrospectively restated as a result
of the adoption of new accounting pronouncements effective Jan. 1,
2009. OUTLOOK Quanta and its customers continue to operate in a
challenging business environment caused partly by the economic
downturn and weak capital markets. Therefore, management cannot
predict the timing or extent of the impact that these conditions
may have on demand for Quanta's services, particularly in the near
term. The following forward-looking statements are based on current
expectations and actual results may differ materially. Quanta
expects revenues for the first quarter of 2010 to range between
$700 million and $750 million. Diluted earnings per share for the
first quarter of 2010 are estimated to be $0.07. Quanta expects
adjusted diluted earnings per share (a non-GAAP measure calculated
on the same basis as the historical adjusted diluted earnings per
share presented in this release) for the first quarter of 2010 to
be approximately $0.11. Amortization of intangibles, non-cash
interest expense and non-cash stock compensation expenses are
forecasted to be $11.6 million for the first quarter of 2010.
Quanta expects revenues for the full year 2010 to range between
$3.9 billion and $4.2 billion. Diluted earnings per share for the
full year 2010 are estimated to be between $0.90 and $1.00. Quanta
expects adjusted diluted earnings per share (a non-GAAP measure
calculated on the same basis as the historical adjusted diluted
earnings per share presented in this release) for the full year
2010 to range from $1.06 to $1.16. Amortization of intangibles,
non-cash interest expense and non-cash stock compensation expenses
are forecasted to be approximately $61.0 million for the full year
2010. Quanta Services has scheduled a conference call for Feb. 22,
2010, at 9:30 a.m. Eastern time. To participate in the call, dial
(480) 629-9820 at least ten minutes before the conference call
begins and ask for the Quanta Services conference call. Investors,
analysts and the general public will also have the opportunity to
listen to the conference call over the Internet by visiting the
company's Web site at http://www.quantaservices.com/. To listen to
the call live on the Web, please visit the Quanta Services Web site
at least fifteen minutes early to register, download and install
any necessary audio software. For those who cannot listen to the
live webcast, an archive will be available shortly after the call
on the company's Web site at http://www.quantaservices.com/. A
replay will also be available through March 1, 2010, and may be
accessed at (303) 590-3030 and using the pass code 4233173#. For
more information, please contact Karen Roan at DRG&E by calling
(713) 529-6600 or email . The non-GAAP measures in this press
release and on the company's Web site are provided to enable
investors, analysts and management to evaluate Quanta's performance
excluding the effects of certain items that management believes
impact the comparability of operating results between reporting
periods. In addition, management believes these measures are useful
in comparing Quanta's operating results with those of its
competitors. These measures should be used as an addition to, and
not in lieu of, results prepared in conformity with GAAP.
Reconciliations of other GAAP to non-GAAP measures not included in
this press release can be found on the company's Web site at
http://www.quantaservices.com/ in the "Financial News" section.
Quanta Services is a leading specialized contracting services
company, delivering infrastructure solutions for the electric
power, natural gas and pipeline and telecommunication industries.
The company's comprehensive services include designing, installing,
repairing and maintaining network infrastructure nationwide.
Additionally, Quanta licenses point-to-point fiber optic
telecommunications infrastructure in select markets and offers
related design, procurement, construction and maintenance services.
With operations throughout North America, Quanta has the manpower,
resources and expertise to complete projects that are local,
regional, national or international in scope. Forward-Looking
Statements This press release (and oral statements regarding the
subject matter of this release, including those made on the
conference call and webcast announced herein) contains
forward-looking statements intended to qualify for the "safe
harbor" from liability established by the Private Securities
Litigation Reform Act of 1995. Forward-looking statements include,
but are not limited to, projected revenues and earnings per share
and other projections of financial and operating results and
capital expenditures; growth or opportunities in particular
markets; the impact of renewable energy initiatives, the recently
enacted economic stimulus package and other existing or potential
legislative actions on future spending by customers; the potential
benefits from acquisitions, including Price Gregory; the expected
value of, and the scope, services, term and results of any related
projects awarded under, agreements for services to be provided by
Quanta; statements relating to the business plans or financial
condition of our customers; and Quanta's strategies and plans, as
well as statements reflecting expectations, intentions, assumptions
or beliefs about future events, and other statements that do not
relate strictly to historical or current facts. Although Quanta's
management believes that the expectations reflected in such
forward-looking statements are reasonable, it can give no assurance
that such expectations will prove to be correct. These statements
can be affected by inaccurate assumptions and by a variety of risks
and uncertainties that are difficult to predict or beyond our
control, including, among others, quarterly variations in operating
results; continuing declines in economic and financial conditions,
including volatility in the capital markets; trends and growth
opportunities in relevant markets; delays, reductions in scope or
cancellations of existing projects, including as a result of
capital constraints that may impact our customers; dependence on
fixed price contracts and the potential to incur losses with
respect to these contracts; estimates relating to the use of
percentage-of-completion accounting; the successful negotiation,
execution, performance and completion of pending and existing
contracts; the ability to generate internal growth; the effect of
natural gas and oil prices on Quanta's operations and growth
opportunities; the ability to effectively compete for new projects
and market share; the failure of renewable energy initiatives, the
recently enacted economic stimulus package or other existing or
potential legislative actions to result in increased demand for
Quanta's services; cancellation provisions within contracts and the
risk that contracts are not renewed or are replaced on less
favorable terms; the inability of customers to pay for services;
the failure to recover on payment claims against project owners or
to obtain adequate compensation for customer-requested change
orders; the failure to effectively integrate Price Gregory and its
operations or to realize potential synergies, such as cross-selling
opportunities, from the acquisition; the ability to attract skilled
labor and retain key personnel and qualified employees; potential
shortage of skilled employees; estimates and assumptions in
determining financial results and backlog; the ability to realize
backlog; the ability to successfully identify, complete and
integrate acquisitions; the potential adverse impact resulting from
uncertainty surrounding acquisitions, including the ability to
retain key personnel from the acquired businesses and the potential
increase in risks already existing in Quanta's operations; the
adverse impact of goodwill or other intangible asset impairments;
growth outpacing infrastructure; unexpected costs or liabilities
that may arise from lawsuits or indemnity claims related to the
services Quanta performs; liabilities for claims that are
self-insured; potential additional risk exposure resulting from any
unavailability or cancellation of third party insurance coverage;
inability to enforce our intellectual property rights or the
obsolescence of such rights; risks associated with the
implementation of an information technology solution; potential
liabilities relating to occupational health and safety matters; the
potential that participation in joint ventures exposes us to
liability and/or harm to our reputation for failures of our
partners; risks associated with operating in international markets;
risks associated with our dependence on suppliers, subcontractors
and equipment manufacturers; risks associated with Quanta's fiber
optic licensing business, including regulatory changes and the
potential inability to realize a return on capital investments;
beliefs and assumptions about the collectability of receivables;
the cost of borrowing, availability of credit, fluctuations in the
price and volume of Quanta's common stock, debt covenant
compliance, interest rate fluctuations and other factors affecting
financing and investment activities; the ability to obtain
performance bonds; the impact of a unionized workforce on
operations and the ability to complete future acquisitions; the
ability to continue to meet the requirements of the Sarbanes-Oxley
Act of 2002; potential exposure to environmental liabilities;
requirements relating to governmental regulation and changes
thereto; rapid technological and structural changes that could
reduce the demand for services; the ability to access sufficient
funding to finance desired growth and operations; the potential
conversion of Quanta's outstanding convertible subordinated notes;
provisions of our corporate governing documents could make an
acquisition of our company more difficult; and other risks detailed
in Quanta's Annual Report on Form 10-K for the year ended December
31, 2008, Quanta's Quarterly Reports on Form 10-Q for each of the
quarters in 2009, and any other documents that Quanta files with
the Securities and Exchange Commission (SEC). Should one or more of
these risks materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those expressed
or implied in any forward-looking statements. You are cautioned not
to place undue reliance on these forward-looking statements, which
are current only as of this date. Quanta does not undertake and
expressly disclaims any obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. For a discussion of these risks,
uncertainties and assumptions, investors are urged to refer to
Quanta's documents filed with the SEC that are available through
the company's Web site at http://www.quantaservices.com/ or through
the SEC's Electronic Data Gathering and Analysis Retrieval System
(EDGAR) at http://www.sec.gov/. Contacts: James Haddox, CFO Kip
Rupp / Reba Reid Ken Dennard / Quanta Services Inc. DRG&E
713-629-7600 713-529-6600 Quanta Services, Inc. and Subsidiaries
Consolidated Statements of Operations For the Three and Twelve
Months Ended December 31, 2009 and 2008 (In thousands, except per
share information) (Unaudited) Three Months Ended Twelve Months
Ended December 31, December 31, ------------------
------------------- 2009 2008 2009 2008 ---- ---- ---- ----
Restated(a) Restated(a) Revenues $985,423 $921,534 $3,318,126
$3,780,213 Cost of services (including depreciation) 794,476
754,801 2,724,638 3,145,347 ------- ------- ------- ------- Gross
profit 190,947 166,733 593,488 634,866 Selling, general &
administrative expenses 94,823 82,265 312,414 309,399 Amortization
of intangible assets 23,692 6,836 38,952 36,300 ------- -------
------- ------- Operating income 72,432 77,632 242,122 289,167
Interest expense (2,832) (2,849) (11,269) (32,002) Interest income
409 1,660 2,456 9,765 Other income (expense), net (405) (66) 421
340 ------- ------- ------- ------- Income before income taxes
69,604 76,377 233,730 267,270 Provision for income taxes 25,159
29,888 70,195 109,705 ------- ------- ------- ------- Net income
44,445 46,489 163,535 157,565 Less: Net income attributable to
noncontrolling interest 500 - 1,373 - ------- ------- -------
------- Net income attributable to common stock $43,945 $46,489
$162,162 $157,565 ======= ======= ======= ======= Earnings per
share attributable to common stock: Basic earnings per share $0.21
$0.24 $0.81 $0.89 ======= ======= ======= ======= Diluted earnings
per share $0.21 $0.24 $0.81 $0.87 ======= ======= ======= =======
Weighted average shares used in computing earnings per share: Basic
208,293 195,531 200,733 178,033 ======= ======= ======= =======
Diluted 209,987 197,525 201,311 196,975 ======= ======= =======
======= (a) Effective January 1, 2009, we adopted two new
accounting pronouncements that each required retrospective
application. One of these pronouncements was FASB Staff Position
No. APB 14-1, "Accounting for Convertible Debt Instruments That May
Be Settled in Cash upon Conversion (Including Partial Cash
Settlement)" (FSP APB 14-1) (FASB Accounting Standards Codification
(ASC) 470-20, Debt-Debt with Conversion and Other Options). FSP APB
14-1 (FASB ASC 470-20) requires us to bifurcate and separately
value the debt and equity components of our convertible
subordinated notes on our balance sheet. The recorded value of the
equity component of our convertible notes is offset by the
recognition of an adjustment to the carrying value of the
convertible subordinated notes in the form of an original issuance
discount which is amortized over the expected life of the
convertible subordinated notes as a non-cash interest charge. As a
result of the adoption of FSP APB 14-1 (FASB ASC 470-20), we
recorded non-cash interest expense of $1.1 million and $4.2 million
for the three and twelve months ended December 31, 2009 and $1.0
million and $14.5 million for the three and twelve months ended
December 31, 2008. The additional non-cash interest expense in 2008
reduced our previously reported diluted earnings per share from
$0.88 to $0.87 for the twelve months ended December 31, 2008 and
had no impact on reported diluted earnings per share for the three
months ended December 31, 2008. In addition, we adopted FASB Staff
Position No. EITF 03-6-1, "Determining Whether Instruments Granted
in Share-Based Payment Transactions are Participating Securities"
(FSP EITF 03-6-1) (FASB ASC 260, Earnings Per Share). Under FSP
EITF 03-6-1 (FASB ASC 260), we are required to treat unvested
share-based payment awards that contain non-forfeitable rights to
dividends or dividend equivalents (whether paid or unpaid) as
participating securities and to include such awards in the
computation of both basic and diluted earnings per share. The
adoption of FSP EITF 03-6-1 (FASB ASC 260) did not have a material
impact on basic and diluted earnings per share in the three or
twelve months ended December 31, 2009 or 2008. As a result of
retrospectively applying both of these FSPs, our consolidated
balance sheet as of December 31, 2008 and consolidated statements
of operations for the three and twelve months ended December 31,
2008 have been retrospectively restated herein to reflect the
impact of the adoption of these standards. Quanta Services, Inc.
and Subsidiaries Calculation of Earnings Per Share For the Three
and Twelve Months Ended December 31, 2009 and 2008 (In thousands,
except per share information) (Unaudited) Three Months Ended Twelve
Months Ended December 31, December 31, ------------------
------------------- 2009 2008 2009 2008 ---- ---- ---- ----
Restated(1) Restated(1) Income for diluted earnings per share: Net
income attributable to common stock $43,945 $46,489 $162,162
$157,565 Effect of convertible notes under the 'if-converted'
method - interest expense addback, net of taxes - 33 - 13,612
------- ------- ------- ------- Net income attributable to common
stock for diluted earnings per share $43,945 $46,522 $162,162
$171,177 ======= ======= ======= ======= Calculation of weighted
average shares for diluted earnings Weighted average shares
outstanding for basic earnings per share 208,293 195,531 200,733
178,033 Effect of dilutive stock options 162 158 192 342 Effect of
shares held in escrow 1,532 - 386 - Effect of convertible
subordinated notes under the 'if-converted' method - weighted
convertible shares issuable - 1,836 - 18,600 ------- -------
------- ------- Weighted average shares outstanding for diluted
earnings per share 209,987 197,525 201,311 196,975 ======= =======
======= ======= Diluted earnings per share: $0.21 $0.24 $0.81 $0.87
======= ======= ======= ======= (1) See Note (a) to the
Consolidated Statements of Operations Quanta Services, Inc. and
Subsidiaries Condensed Consolidated Balance Sheets (In thousands)
(Unaudited) December 31, December 31, 2009 2008 ---- ----
Restated(1) ASSETS CURRENT ASSETS: Cash and cash equivalents
$699,629 $437,901 Accounts receivable, net 688,260 795,251 Costs
and estimated earnings in excess of billings on uncompleted
contracts 61,239 54,379 Inventories 33,451 25,813 Prepaid expenses
and other current assets 100,213 72,063 --------- --------- Total
current assets 1,582,792 1,385,407 PROPERTY AND EQUIPMENT, net
854,437 635,456 OTHER ASSETS, net 45,345 33,479 OTHER INTANGIBLE
ASSETS, net 184,822 140,717 GOODWILL 1,449,558 1,363,100 ---------
--------- Total assets $4,116,954 $3,558,159 ========= =========
LIABILITIES AND EQUITY CURRENT LIABILITIES: Current maturities of
long-term debt and notes payable $3,426 $1,155 Accounts payable and
accrued expenses 422,034 400,253 Billings in excess of costs and
estimated earnings on uncompleted contracts 70,228 50,390 ---------
--------- Total current liabilities 495,688 451,798 CONVERTIBLE
SUBORDINATED NOTES, NET 126,608 122,275 DEFERRED INCOME TAXES AND
OTHER NON-CURRENT LIABILITIES 384,097 301,712 --------- ---------
Total liabilities 1,006,393 875,785 --------- --------- TOTAL
STOCKHOLDERS' EQUITY 3,109,183 2,682,374 NONCONTROLLING INTEREST
1,378 - --------- --------- TOTAL EQUITY 3,110,561 2,682,374
--------- --------- Total liabilities and equity $4,116,954
$3,558,159 ========= ========= (1) See Note (a) to the Consolidated
Statements of Operations Quanta Services, Inc. and Subsidiaries
Supplemental Data For the Three and Twelve Months Ended December
31, 2009 and 2008 (In thousands) (Unaudited) Segment Results We
report our results under four reporting segments: (1) Electric
Power Infrastructure Services, (2) Natural Gas and Pipeline
Infrastructure Services, (3) Telecommunications Infrastructure
Services and (4) Fiber Optic Licensing. Three Months Ended December
31, ------------------------------------------ 2009 2008 ---- ----
Revenues: Electric Power $516,349 52.4% $565,660 61.4% Natural Gas
and Pipeline 351,519 35.6% 229,168 24.9% Telecommunications 94,339
9.6% 107,879 11.7% Fiber Optic Licensing 23,216 2.4% 18,827 2.0%
-------- ------ -------- ------ Consolidated revenues $985,423
100.0% $921,534 100.0% ======== ====== ======== ====== Operating
income: Electric Power $47,341 9.2% $63,377 11.2% Natural Gas and
Pipeline 54,506 15.5% 24,914 10.9% Telecommunications 6,662 7.1%
9,338 8.7% Fiber Optic Licensing 12,120 52.2% 9,482 50.4% Corporate
and Non-Allocated Costs (48,197) N/A (29,479) N/A -------- --------
Consolidated operating income $72,432 7.4% $77,632 8.4% ========
======== Twelve Months Ended December 31,
------------------------------------------ 2009 2008 ---- ----
Revenues: Electric Power $2,067,845 62.3% $2,301,566 60.9% Natural
Gas and Pipeline 784,657 23.7% 879,541 23.3% Telecommunications
378,363 11.4% 536,778 14.2% Fiber Optic Licensing 87,261 2.6%
62,328 1.6% -------- ------ -------- ------ Consolidated revenues
$3,318,126 100.0% $3,780,213 100.0% ======== ====== ======== ======
Operating income: Electric Power $226,109 10.9% 247,671 10.8%
Natural Gas and Pipeline 62,663 8.0% 76,169 8.7% Telecommunications
25,346 6.7% 41,917 7.8% Fiber Optic Licensing 44,143 50.6% 32,773
52.6% Corporate and Non-Allocated Costs (116,139) N/A (109,363) N/A
-------- -------- Consolidated operating income $242,122 7.3%
$289,167 7.6% ======== ======== Backlog Backlog represents the
amount of revenue that we expect to realize from work to be
performed in the future on uncompleted contracts, including new
contractual arrangements on which work has not yet begun. The
backlog estimates include amounts under long-term maintenance
contracts in addition to construction contracts. We determine the
amount of work under long-term maintenance contracts, or master
service agreements (MSAs), to be disclosed as backlog as the
estimate of future work to be performed by using recurring
historical trends inherent in the current MSAs, factoring in
seasonal demand and projected customer needs based upon ongoing
communications with the customer. In many instances, our customers
are not contractually committed to specific volumes of services
under our MSAs, and many of our contracts may be terminated with
notice. There can be no assurance as to our customers' requirements
or that our estimates are accurate. In addition, many of our MSAs,
as well as contracts for fiber optic licensing, are subject to
renewal options. For purposes of calculating backlog, we have
included future renewal options only to the extent the renewals can
reasonably be expected to occur. We also included in backlog our
share of the work to be performed under contracts signed by joint
ventures in which we have an interest. The table below provides the
total backlog at the end of each period, with the 12 month column
indicating what portion of such backlog is expected to be realized
over the next 12 months. Backlog as of
---------------------------------------------- December 31, 2009
September 30, 2009 --------------------- ---------------------- 12
Month Total 12 Month Total ---------- ---------- ----------
---------- Electric Power $1,312,141 $3,855,320 $1,294,112
$4,093,158 Natural Gas and Pipeline 847,702 1,120,795 394,727
591,808 Telecommunications 222,999 285,295 251,835 403,963 Fiber
Optic Licensing 87,786 387,373 85,839 395,220 ---------- ----------
---------- ---------- Total $2,470,628 $5,648,783 $2,026,513
$5,484,149 ========== ========== ========== ========== Quanta
Services, Inc. and Subsidiaries Reconciliation of Non-GAAP
Financial Measures For the Three and Twelve Months Ended December
31, 2009 and 2008 (In thousands, except per share information)
(Unaudited) The non-GAAP measure of adjusted diluted earnings per
share is provided to enable investors to evaluate quarterly and
annual performance excluding the effects of items that management
believes impact the comparability of operating results between
periods. More particularly, (i) the release of tax contingencies
generally occur at the expiration of statutory periods, resulting
in variations in the timing and amounts of such releases from
period-to-period; (ii) amortization of intangible assets and
acquisition/integration costs are impacted by Quanta's acquisition
activity, which can cause these amounts to vary from
period-to-period; (iii) non-cash interest expense results from the
requirements of FSP APB 14-1 (FASB ASC 470-20) (see Note (a) to the
Consolidated Statements of Operations) and varies from
period-to-period depending on the amount of the convertible
subordinated notes outstanding during the period; and (iv) non-cash
compensation expense may vary due to acquisition activity and
factors influencing the estimated fair value of performance-based
awards. Three Months Ended Twelve Months Ended December 31,
December 31, ------------------ ------------------- Adjusted
diluted 2009 2008 2009 2008 earnings ---- ---- ---- ---- per share:
Restated(1) Restated(1) Net income attributable to common stock
(GAAP, as reported) $43,945 $46,489 $162,162 $157,565 Adjustments:
Impact of tax contingency releases (2) - - (22,446) - Acquisition /
Integration costs, net of tax 4,287 - 5,600 - ------- -------
------- ------- Adjusted net income attributable to common stock
before certain non-cash adjustments: 48,232 46,489 145,316 157,565
Non-cash stock-based compensation, net of tax 3,196 2,617 12,123
10,182 Non-cash interest expense, net of tax 725 671 2,817 9,681
Amortization of intangible assets, net of tax 14,452 4,170 23,761
22,143 ------- ------- ------- ------- Adjusted net income
attributable to common stock after certain non-cash adjustments
66,605 53,947 184,017 199,571 Effect of convertible subordinated
notes under the "if-converted" method - interest expense addback,
net of tax 949 981 3,794 10,331 ------- ------- ------- -------
Adjusted net income attributable to common stock for adjusted
diluted earnings per share $67,554 $54,928 $187,811 $209,902
======= ======= ======= ======= Calculation of weighted average
shares for adjusted diluted earnings per share: Weighted average
shares outstanding for basic earnings per share 208,293 195,531
200,733 178,033 Effect of dilutive stock options 162 158 192 342
Effect of shares held in escrow 1,532 - 386 - Effect of convertible
subordinated notes under the "if converted" method - weighted
convertible shares issuable 6,415 8,250 6,415 25,015 -------
------- ------- ------- Weighted average shares outstanding for
adjusted diluted earnings per share 216,402 203,939 207,726 203,390
======= ======= ======= ======= Adjusted diluted earnings per share
$0.31 $0.27 $0.90 $1.03 ======= ======= ======= ======= (1) See
Note (a) to the Consolidated Statements of Operations (2) Reflects
the elimination of tax benefits primarily associated with the
expiration of various federal and state tax statutes of limitations
during the third quarter of 2009. DATASOURCE: Quanta Services, Inc.
CONTACT: James Haddox, CFO, or Reba Reid, both of Quanta Services
Inc., +1-713-629-7600; or Kip Rupp, , or Ken Dennard, , both of
DRG&E, +1-713-529-6600, for Quanta Services Inc. Web Site:
http://www.quantaservices.com/
Copyright