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Sterling Construction Company, Inc. Reports 2012 Third Quarter Results

(See Accompanying Tables)

 
STERLING CONSTRUCTION COMPANY, INC. & SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except share and per share data)

(Unaudited)
 
Three Months Ended

September 30,
Nine Months Ended

September 30,
2012   2011 2012   2011
Revenues $ 205,283 $ 159,427 $ 472,418 $ 387,167
Cost of revenues   (191,114 )   (144,671 )   (441,216 )   (351,230 )
Gross profit 14,169 14,756 31,202 35,937
General and administrative expenses (10,259 ) (7,071 ) (26,369 ) (19,427 )
Other operating income (expense), net   261   76   3,017   226
Operating income 4,171 7,761 7,850 16,736
Gain (loss) on sale of securities and other 617 212 1,700 (33 )
Interest income 287 309 1,214 1,252
Interest expense   (159 )   (357 )   (978 )   (945 )
Income before income taxes and earnings attributable to noncontrolling interests 4,916 ) 7,925 9,786 17,010
Income tax benefit (expense)   (847 )   (1,984 )   2,146   (3,295 )
Net income 4,069 5,941 11,932 13,715
Noncontrolling owners’ interests in earnings of subsidiaries and joint ventures   (3,079 )   (2,480 )   (15,155 )   (5,999 )
Net income (loss) attributable to Sterling common stockholders $ 990 $ 3,461 $ (3,223 ) $ 7,716
 
Net income (loss) per share attributable to Sterling common stockholders:
Basic $ 0.01 $ 0.21 $ (0.27 ) $ 0.47
Diluted $ 0.01 $ 0.21 $ (0.27 ) $ 0.47
 
Weighted average number of common shares outstanding used in computing per share amounts:
Basic 16,404,749 16,385,729 16,362,429 16,444,302
Diluted 16,504,033 16,440,835 16,362,429 16,558,074
 
   
STERLING CONSTRUCTION COMPANY, INC. & SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share and per share data)
 

September 30, 2012

December 31, 2011
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 1,034 $ 16,371
Short-term investments 53,454 44,855
Contracts receivable, including retainage 120,478 74,875
Costs and estimated earnings in excess of billings on uncompleted contracts 17,876 16,509
Inventories 3,945 1,922
Deferred tax asset, net 793 1,302
Receivables from and equity in construction joint ventures 10,767 6,057
Other current assets   5,406   2,132
Total current assets 213,753 164,023
Property and equipment, net 102,326 83,429
Goodwill 54,460 54,050
Other assets, net   4,742   2,329
Total assets $ 375,281 $ 303,831
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable $ 65,781 $ 40,064
Billings in excess of costs and estimated earnings on uncompleted contracts 27,031 18,583
Current maturities of long-term debt 73 573
Income taxes payable 214 2,013
Accrued compensation 9,701 5,329
Current obligation for noncontrolling owners’ interests in subsidiaries and joint ventures 23,323 --
Other current liabilities   5,006   2,723
Total current liabilities 131,129 69,285
Long-term liabilities:
Long-term debt, net of current maturities 10,208 263
Deferred tax liability, net 368 --
Other long-term liabilities   2,498   2,597
Total long-term liabilities 13,074 2,860
Commitments and contingencies
Obligation for noncontrolling owners’ interests in subsidiaries and joint ventures 18,686 16,848
Equity:
Sterling stockholders’ equity:
Preferred stock, par value $0.01 per share; 1,000,000 shares authorized, none issued -- --
Common stock, par value $0.01 per share; 19,000,000 shares authorized, 16,495,216 and 16,321,116 shares issued 165 163
Additional paid in capital 196,495 196,143
Retained earnings 12,047 16,509
Accumulated other comprehensive income   946   496
Total Sterling common stockholders’ equity 209,653 213,311
Noncontrolling interests   2,739   1,527
Total equity   212,392   214,838
Total liabilities and equity $ 375,281 $ 303,831

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