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Sterling Construction Company, Inc. Reports 2012 Third Quarter Results

In the Outlook section, second paragraph, first sentence should read: According to current estimates, the gross margin in our backlog at September 30, 2012 is comparable to the gross margin reported for 2012 year-to-date results... (sted ... is comparable to the gross margin reported for 2011 year-to-date results...).

The corrected release reads:

STERLING CONSTRUCTION COMPANY, INC. REPORTS 2012 THIRD QUARTER RESULTS

Sterling Construction Company, Inc. (NasdaqGS: STRL) (“Sterling” or “the Company”) today announced financial results for the third quarter and nine months ended September 30, 2012.

                           
$ in millions   3 Months Ended      

9 Months Ended

 

(except per share data)

 

9/30/12

 

9/30/11

  % Change*    

9/30/12

 

9/30/11

  % Change*
Revenues $ 205.3   $ 159.4 28.8 % $ 472.4   $ 387.2 22.0 %
Gross profit $ 14.2 $ 14.8 (4.0 )% $ 31.2 $ 35.9 (13.2 )%
Gross margin 6.9 % 9.3 % (25.8 )% 6.6 % 9.3 % (29.0 )%
Operating income $ 4.2 $ 7.8 (46.3 )% $ 7.9 $ 16.7 (53.1 )%
Net income (loss) attributable to common stockholders $ 1.0 $ 3.5 (71.4 )% $ (3.2 ) $ 7.7 NM

Diluted net income (loss) per share attributable to common stockholders**

  $ 0.01     $ 0.21     (95.2 )%     $ (0.27 )   $ 0.47     NM  

* The percentages and amounts shown for changes between periods in the table above and in the discussions below are based on the amounts reported in the Form 10-Q and may differ from the amounts which would have been calculated from the table above as a result of rounding.

** Based on 16.5 million and 16.4 million weighted-average diluted shares outstanding for the three months ended September 30, 2012 and 2011, respectively and 16.4 million and 16.6 million weighted-average diluted shares outstanding for the nine months ended September 30, 2012 and 2011, respectively. Diluted net income (loss) per share attributable to common stockholders includes for the three and nine months ended September 30, 2012 the $0.05 and $0.07 impact from a charge to retained earnings related to the revaluation of noncontrolling interest liabilities.

NM – Not meaningful

 

2012 Third Quarter Compared to 2011

Revenues for the third quarter increased 28.8% over the 2011 comparable quarter primarily as a result of $48.8 million of revenues from operations in Arizona and California acquired in August 2011 and higher revenues from our Nevada operations reflecting the impact of the $25.0 million of contracts assumed from Aggregate Industries, Inc. in January 2012, as well as improvements in estimated profitability in certain projects and the benefit of stronger activity levels in Utah. The improvements were somewhat offset by lower revenues in Texas.

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