This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Sterling Construction Company, Inc. Reports 2012 Third Quarter Results

Gross profit for the 2012 third quarter decreased 4.0% from the same period last year and gross margin decreased to 6.9% from 9.3%. As was the case in the first half of the year, the 2012 third quarter was impacted by downward revisions of estimated revenues and gross profit on a number of construction projects, primarily in Texas. These revisions were substantially offset by upward revisions on projects in Utah.

Operating income for the third quarter decreased 46.3% from the 2011 comparable quarter. General and administrative expenses increased $3.2 million between the quarters. This reflected general and administrative expenses from operations in Arizona and California acquired in August 2011, compensation expenses attributable to the change in CEO as well as higher professional fees.

Other Highlights

Backlog at September 30, 2012 was $704.0 million and excluded approximately $79 million of expected revenues for which contracts had not yet been officially awarded. This compares to backlog of $754 million at June 30, 2012. During the current third quarter, we were awarded contracts totaling $158 million, compared to $240 million in the same period last year bringing 2012 awards through September 30, 2012 to $512 million compared to $476 million in the same period last year. Please note that we have changed our policy with respect to projects where we are the apparent low bidder but where we have not yet been awarded a contract as of the end of the period. These awards are now excluded from our reported backlog and awards. Awards for 2012 now include $125 million of awards previously reported in 2011 which we were the apparent low bidder on in 2011 but which were officially awarded in 2012. Previously reported amounts for backlog have been restated to conform with the new policy.

For the nine months of 2012, capital expenditures were $27.8 million compared with $19.6 million in the first nine months of 2011 with the increase relating to investments to support our higher level of operations and to replace older equipment. As was the case in the first half, we continued to dispose of underutilized and aging equipment, and in the first nine months of 2012, we generated proceeds of $11.9 million from the sale of property and equipment resulting in a pre-tax gain of $3.0 million.

2 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.64 -0.11%
FB $118.57 0.84%
GOOG $698.21 0.75%
TSLA $241.80 0.43%
YHOO $36.53 -0.19%


Chart of I:DJI
DOW 17,891.16 +117.52 0.66%
S&P 500 2,081.43 +16.13 0.78%
NASDAQ 4,817.5940 +42.2360 0.88%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs