Fourth-quarter and year-end of 2008 diluted earnings per share (EPS) of $0.37 and $1.14, respectively.

Fourth quarter of 2008 gross profit, income from operations and net income improved over fourth quarter of 2007 by 28.5%, 28.1% and 62.0% (excluding offering related charges in fourth quarter of 2007), respectively.

Fourth quarter of 2008 EBITDA (a non-GAAP measure) increased 25.8% over fourth quarter of 2007 Adjusted EBITDA (a non-GAAP measure) results.

Fourth quarter of 2008 EBITDA margin increased to 9.7% of revenues compared to fourth quarter of 2007 Adjusted EBITDA margin of 7.5% of revenues.

Year-end 2008 gross profit, income from operations and net income improved over year-end 2007 by 29.9%, 67.8% and 78.4% (excluding offering related charges in 2007), respectively.

Year-end 2008 EBITDA increased 48.3% over year-end 2007 Adjusted EBITDA results.

2008 EBITDA margin increased to 8.3% of revenues compared to 2007 Adjusted EBITDA margin of 5.6% of revenues.

The company began trading on the NASDAQ Global Market on September 9, 2008, under its symbol MYRG.

Management Comments

Bill Koertner, MYR president and chief executive officer said, Although fourth-quarter 2008 revenues were down slightly from the fourth quarter of 2007, MYR had an exceptionally strong quarter from an earnings perspective. Profits were driven by strong margins on storm related work in the Gulf Coast region and New England, as well as several large jobs nearing completion in our T&D and C&I markets. The 2008 fourth quarter caps off one of the best years in the company’s history. While 2008 was extremely gratifying, we expect that 2009 will be a challenging year for our nation and our industry in light of the current economic downturn. We remain optimistic about the long-term prospects for our markets, which could improve with passage of the American Recovery and Reinvestment Act (ARRA), assuming it stimulates additional infrastructure spending. We anticipate that there will be a delay between when clients commit to new projects and the start of any construction due to the time required for permitting, right-of-way acquisition, engineering, material procurement and the bidding process. Therefore, we cannot be sure if, and when, the ARRA would impact our business and financial results. It is more important than ever that we stay focused on our markets and cost structure, and continue executing projects to the best of our abilities. MYR is fortunate to have some of the very best people in the construction industry, and to be in a strong financial position with minimal debt and over $42 million in cash.

Fourth-Quarter Results

MYR reported revenues for the 2008 fourth quarter of $153.3 million, a decrease of $3.1 million, or 2.0%, compared with the fourth quarter of 2007. Transmission and Distribution (T&D) segment revenues was $108.1 million, an increase of 5.0% over the same period of 2007, predominantly due to an increase in storm restoration services, partially offset by the timing of large transmission projects that were in full production during fourth quarter 2007 and completed in 2008. Commercial and Industrial (C&I) segment revenues were $45.2 million, a decrease of 15.4% over the fourth quarter of 2007, predominately due to a reduction in large contract work quarter over quarter.

Consolidated gross profit improved 28.5%, from $19.2 million in the 2007 fourth quarter to $24.7 million in the 2008 period. Consolidated income from operations increased 28.1% in the 2008 fourth quarter over the same period in 2007, excluding offering related charges in the 2007 fourth quarter. Excluding non-allocated general corporate expenses, income from operations improved 34.6% in the T&D segment and 67.8% in the C&I segment. The improvements in gross profit and income from operations in the fourth quarter of 2008 compared to the fourth quarter of 2007 were largely due to storm restoration services that carried a higher margin, as well as continued improvement in job performance on several large projects that resulted in additional gross profit for the period. Several of these large projects that experienced increases in margins are now substantially complete.

For the fourth quarter of 2008, net income was $7.6 million, or $0.37 per diluted share, compared to a net loss of $11.8 million, or $(0.70) per diluted share, for the same period of 2007. Fourth-quarter 2007 results include one-time offering related charges of $26.5 million ($16.5 million after tax) from the company’s private placement of common stock in December 2007. Comparing the fourth quarter of 2008 with the same period of 2007, excluding the 2007 offering related charges, net income improved 62.0%. EBITDA in the fourth quarter of 2008 was $14.8 million, or 9.7% of revenues, compared to Adjusted EBITDA of $11.8 million, or 7.5% of revenues.

Year-End Results

Consolidated gross profit improved 29.9%, from $69.5 million in the 2007 period to $90.2 million in the 2008 period. Consolidated income from operations increased 67.8% in 2008 compared to 2007, excluding offering related charges in 2007. Excluding non-allocated general corporate expenses, income from operations improved 47.4% in the T&D segment and 66.6% in the C&I segment. The improvements in gross profit and income from operations in 2008 compared to 2007 were due to several factors including continued job performance improvements on a few large projects as they neared completion in 2008. There were also overall margin improvements as several underperforming contracts with low or negative contract margins in 2007 were replaced with higher margin contracts in 2008. In addition, MYR had increased storm restoration services related to hurricane work that normally carry higher gross margins. MYR also has experienced lower equipment fleet costs due to a reduced reliance on operating leases and short-term rentals.

The 2007 results include one-time offering related charges of $26.5 million ($16.5 million after tax). Comparing the twelve months of 2008 with the same period of 2007, excluding the 2007 offering related charges, net income improved 78.4%. 2008 EBITDA was $51.0 million, or 8.3% of revenues, compared to 2007 Adjusted EBITDA of $34.4 million, or 5.6% of revenues. The improvements in net income and earnings per diluted share were due predominantly to the items cited above, partially offset by higher selling, general and administrative expenses (SG&A). The overall increase in SG&A cost year over year relates primarily to additional support staff, increased compensation expenses and other incremental costs related to being a public company.

Backlog

As of December 31, 2008, MYR’s backlog was around $316.0 million, comprised of $243.4 million in the T&D segment and $72.6 million in the C&I segment. Year-end 2008 total backlog increased 45.9% from $216.6 million reported at December 31, 2007. T&D backlog increased $109.6 million, or 81.8%, and C&I backlog decreased $10.1 million, or 12.2%, compared to year-end 2007. The decrease in the company’s C&I backlog was due to the completion of a few major projects that have not yet been fully replaced with new contracts of equivalent value, as we have seen some market pressure and an increase in competitive bidding in this segment of our business. The majority of the increase relating to our T&D backlog was the result of a $107 million contract award with Dominion Virginia Power. The project is to construct 125 miles of 500-kilovolt (kV) transmission line in Virginia and to perform other construction services beginning in the first quarter of 2009 and projected to run through June 2011.