Even when financial information is provided, it may be for only one accounting period with no way to compare it to prior periods. Unless the statements are fully audited by a qualified CPA, there may be no assurance that they have been prepared in accordance with generally accepted accounting principals. These are just some of the items you would need to know to effectively evaluate the financial condition of a contractor. While most contractors are honest and diligent, that alone may not qualify them to perform your work. This amount, while seemingly sizable, is of little value unless you relate it to the contractor's uncompleted backlog and consider the type of work the contractor performs.
Past performance is certainly a key factor in assessing the qualifications of any business.
The construction business is dynamic and generally a high-risk enterprise. Success is often tied to the skills of the business owner and key members of the staff. When there is turnover among key people, it may have a direct affect on future performance. To presume that because the firm performed well in the past, it will do so in the future, may be a leap of faith especially if you've not done business with the contractor for some time. Past performance deserves full recognition, but don't ignore the other forces or events that can rapidly change a contractor's fortunes.