Gross profit for the 2012 fourth quarter was $16.3 million compared with $3.9 million in the same period last year, and gross margin increased to 10.3% from 3.4%. The improvement was related primarily to projects in Utah and Texas. Of note, fourth quarter gross profit and gross margin benefitted from upward revisions of estimated revenues and gross profit on projects in Utah. While projects in Texas continued to reflect the impact of some downward revisions, the impact was substantially less in the 2012 fourth quarter than in the 2011 fourth quarter.General and administrative expenses increased $3.3 million between the comparable fourth quarters as a result of higher revenues, as well as higher compensation expense related to recent executive appointments and higher professional fees. General and administrative expenses for the 2012 fourth quarter were lower, however, than the $10.3 million reported for the 2012 third quarter. We had operating income of $7.1 million in the fourth quarter of 2012 and an operating margin of 4.5%; this compares to an operating loss of $69.0 million in the fourth quarter of 2011, which included a $67.0 million goodwill impairment charge.
Sterling Construction Company, Inc. Reports 2012 Fourth Quarter And Year-End Results
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