Limbach Holdings Provides Backlog Update
Company Continues to Be Buoyed by Diversity of End Markets Served and Status as an Essential Business
Limbach Holdings, Inc. (NASDAQ:LMB) ("Limbach" or the "Company") today provided an update on project sales conversion in its Construction segment.
Limbach is pleased to announce that projects with a contract value of approximately $95 million which were previously classified by management as "promised" during the Company's reporting of second quarter results on August 14, 2020 have now been booked into backlog. These contracts, many of which are in the initial stages of execution, include a major downtown commercial development; a new healthcare facility central utility plant; the third phase of a hyper-center scale data center; and an indoor grow facility for CBD production. These projects are being executed across Limbach's geographic footprint and represent opportunities reflective of the Company's refined approach to project selection and risk management.
Limbach CEO Charlie Bacon commented, "I am pleased to announce these projects have been successfully booked into backlog. As we've noted recently, we continue to see stable demand throughout our core end-markets for our solutions-oriented design, engineering and skilled construction services. The essential nature of our work, coupled with the diversity of the end-markets we serve and our geographic footprint, should continue to support a consistent opportunity pipeline and the booking of new work available to us."
Limbach Holdings, Inc., with 2019 revenue of $553.3 million, is an integrated building systems solutions firm whose expertise is the design, installation, management, service and maintenance of HVAC, mechanical, electrical, plumbing and control systems. The Company primarily serves commercial and institutional clients in both new and existing facilities. Our principal end-markets are healthcare, higher education, data centers, research and development, state and federal government, and general commercial. Limbach and its subsidiaries employ more than 1,500 people in 22 offices, located in the Northeast, Midwest, Mid-Atlantic, and Florida regions, as well as Southern California. The Company's subsidiary, Harper Limbach, operates in the Florida market. Our design, engineering and innovation center, Limbach Engineering & Design Services, is based in Orlando, Florida. Limbach is an industry leader in safety, advanced technology, full lifecycle solutions, human development and reliable execution. These nationally renowned strengths position Limbach as a value-added and essential partner for building owners, construction managers, general contractors and energy service companies.
We make forward-looking statements in this press release within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements related to expected revenue and other benefits from new project wins. These statements may be preceded by, followed by or include the words "may," "might," "will," "will likely result," "should," "estimate," "plan," "project," "forecast," "intend," "expect," "anticipate," "believe," "seek," "continue," "target" or similar expressions. These forward-looking statements are based on information available to us as of the date they were made and involve a number of risks and uncertainties which may cause them to turn out to be wrong. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. As a result of a number of known and unknown risks and uncertainties, our actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Please refer to our most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q, which are available on the SEC's website (www.sec.gov), for a full discussion of the risks and other factors that may impact any forward-looking statements in this press release.
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