HENDERSON, Colo., May 04, 2022 (GLOBE NEWSWIRE) —
MYR Group Inc.
(“MYR Group” or the “Company”) (NASDAQ: MYRG), a holding company of leading specialty contractors serving
the electric utility infrastructure, commercial and industrial
construction markets in
the United States
and
Canada,
announced today its new share repurchase program (“Repurchase
Program”). The Repurchase Program authorizes the Company to
repurchase, in the aggregate, up to
$75.0 million of its outstanding shares of
common stock from time to time on the open market or in
privately negotiated transactions in accordance with
applicable federal securities laws. The Repurchase Program
will expire on November 7, 2022, or when the
authorized funds are exhausted, whichever is earlier. The
Company intends to fund the Repurchase Program with cash on
hand and through borrowings under its credit facility. The
Repurchase Program was authorized by the Board of Directors
(the “Board”) on May 3, 2022, and will be
effective May 5, 2022.
Management Comments
Rick Swartz, MYR Group’s President and CEO, said, “We are committed to
driving value for all
MYR Group
shareholders and directing capital to investments that
generate strong returns. Today’s announcement reflects the
Board’s confidence in the Company’s long-term strategy and our
belief that our stock represents an attractive long-term
investment opportunity.”
Mr. Swartz continued, “MYR Group has a strong
balance sheet that enables us to capitalize on future growth
opportunities while continuing to expand the Company through
organic and acquisitive expansion. We will remain disciplined
with respect to the allocation of capital, and are confident
we are taking strategic steps to grow the Company and create
greater shareholder value.”
About
MYR Group Inc.
MYR Group is
a holding company of leading, specialty electrical contractors
providing services throughout
the United States
and
Canada
through two business segments: Transmission & Distribution
(T&D) and Commercial & Industrial (C&I).
MYR Group
subsidiaries have the experience and expertise to complete
electrical installations of any type and size. Their
comprehensive T&D services on electric transmission,
distribution networks, substation facilities and clean energy
projects include design, engineering, procurement,
construction, upgrade, maintenance and repair services.
T&D customers include investor-owned utilities,
cooperatives, private developers, government-funded utilities,
independent power producers, independent transmission
companies, industrial facility owners and other contractors.
Through their C&I segment, they provide a broad range of
services which include the design, installation, maintenance
and repair of commercial and industrial wiring generally for
airports, hospitals, data centers, hotels, stadiums,
convention centers, clean energy projects, manufacturing
plants, processing facilities, water/waste-water treatment
facilities, mining facilities, intelligent transportation
systems and roadway lighting. C&I customers include
general contractors, commercial and industrial facility
owners, government agencies and developers. For more
information, visit
myrgroup.com.
Forward-Looking Statements
Various statements in this announcement, including those
that express a belief, expectation, or intention, as well as
those that are not statements of historical fact, are
forward-looking statements. The forward-looking statements
may include projections and estimates concerning the timing
and success of specific projects and our future production,
revenue, income, capital spending, segment improvements and
investments. Forward-looking statements are generally
accompanied by words such as “anticipate,” “believe,”
“estimate,” “expect,” “intend,” “likely,” “may,”
“objective,” “outlook,” “plan,” “project,” “possible,”
“potential,” “should,” “unlikely,” or other words that
convey the uncertainty of future events or outcomes. The
forward-looking statements in this announcement speak only
as of the date of this announcement. We disclaim any
obligation to update these statements (unless required by
securities laws), and we caution you not to rely on them
unduly. We have based these forward-looking statements on
our current expectations and assumptions about future
events. While our management considers these expectations
and assumptions to be reasonable, they are inherently
subject to significant business, economic, competitive,
regulatory and other risks, contingencies and uncertainties,
most of which are difficult to predict and many of which are
beyond our control. No forward-looking statement can be
guaranteed and actual results may differ materially from
those projected. Forward-looking statements in this
announcement should be evaluated together with the many
uncertainties that affect
MYR Group’s
business, particularly those mentioned in the risk factors
and cautionary statements in Item 1A. of
MYR Group’s
Annual Report on Form 10-K for the fiscal year ended
December 31, 2021, and in any risk factors or
cautionary statements contained in
MYR Group’s
subsequent Quarterly Reports on Form 10-Q or Current Reports
on Form 8-K.
MYR Group Inc.
Contact:
Betty R. Johnson, Chief Financial
Officer, 847-290-1891,
investorinfo@myrgroup.com
Investor Contact:
David Gutierrez, Dresner Corporate Services, 312-780-7204,
dgutierrez@dresnerco.com
Source: MYR Group, Inc.
