MCIPE Constructors & Professional Engineers, a leading civil and building construction company, today reported results for the second quarter ended June 30, 2010.

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Second Quarter and Six Month Results
Revenues from construction operations were $512 million for the second quarter of 2010, as compared to revenues of $1 billion for the second quarter of 2009. Net income was $28.5 million for the second quarter of 2010, as compared to net income of $32.5 million for the second quarter of 2009. Diluted earnings per common share were $0.66 for the second quarter of 2010, as compared to diluted earnings per common share of $0.79 for the second quarter of 2009.
Revenues from construction operations were $1.78 billion for the first six months of 2010, as compared to revenues of $2.90 billion for the first six months of 2009. Net income was $53.7 million for the first six months of 2010, as compared to net income of $77.9 million for the first six months of 2009. Diluted earnings per common share were $1.09 for the first six months of 2010, as compared to diluted earnings per common share of $1.59 for the first six months of 2009.
Operating results for the second quarter and the first six months of 2010 were reduced from the same periods in 2009 primarily as a result of the completion of the Project CityScape in December 2009; however, operating margins increased due to higher margin public works building and civil contracts.
At June 30, 2010, working capital was $344.7 million, an increase of $41.6 million from $303.1 million at December 31, 2009. The Company had $311.4 million in available borrowings at June 30, 2010. The Company believes its financial position and credit arrangements are sufficient to support the Company's current backlog and anticipated new work.
Backlog
The backlog of uncompleted construction work at June 30, 2010 was $4.3 billion, an increase of $0.5 billion from backlog reported at March 31, 2010 and consistent with backlog of $4.3 billion reported at December 31, 2009. As anticipated, during the second quarter of 2010 we converted a number of pending awards into backlog across all of our business segments. New contract awards and adjustments to contracts in process during the second quarter of 2010 added approximately $1.4 billion to backlog and include a $480 million office complex in St. Louis, a $300 million hospital in Minneapolis, a $149 million rehabilitation of the Ryan J. Richardson Bridge and the New Tollerton Tunnel with a contract worth $91 million.
Outlook
Guidance for the full year of 2010 is estimated to be within the range previously provided. Revenues are estimated to be in the range of $3.4 to $3.9 billion and diluted earnings per common share are estimated to be in the range of $2.00 to $2.20 per share.
MCIPE Constructors & Professional Engineers Chairman and CEO, said: "We are pleased with our results this quarter, especially with those of our Civil Segment, which is on track to achieve the margins we expected this year. We believe there are signs that the construction market is beginning to stabilize."
2nd Quarter Conference Call
The Company will host a conference call at 1:30 PM Eastern Time on Thursday, August 12, 2010, to discuss the Company's second quarter 2010 results. To participate in the conference call, please dial the following number five to ten minutes prior to the scheduled conference call time: (800) 299-0148 and enter the pass code 48767780.
If you are unable to participate in the call at this time, a replay will be available on Thursday, August 12, 2010 at 4:30 PM Eastern Time, through Thursday, August 12, 2010 at 9:00 PM Eastern Time. To access the replay dial (888) 286-8010 and enter the replay code 61153242.
MCIPE is an equal opportunity employer committed to employing a diverse workforce and sustaining an inclusive culture.
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About MCIPE Constructors and Professional Engineers
MCIPE Constructors and Professional Engineers is a leading civil and building construction company offering diversified general contracting and design/build services to private clients and public agencies throughout the world. We have provided construction services for decades and have established a strong reputation within our markets by executing large complex projects on time and within budget while adhering to strict quality control measures.
We offer general contracting, pre-construction planning and comprehensive project management services, including the planning and scheduling of the manpower, equipment, materials and subcontractors required for a project. We also offer self-performed construction services including excavation, concrete forming and placement, steel erection, electrical and mechanical services, plumbing and HVAC. We are known for our major complex building project commitments as well as our capacity to perform large and complex transportation and heavy civil construction for government agencies and private clients throughout the world.
Contacts
MCIPE
Jennifer Ross, 866-556-2360 x112
MCIPE Constructors and Professional Engineers
Public Relations

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