This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
TheStreet Open House

Sterling Construction Company, Inc. Reports 2012 Fourth Quarter And Year-End Results

This press release includes certain statements that fall within the definition of “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Any such statements are subject to risks and uncertainties, including overall economic and market conditions, federal, state and local government funding, competitors’ and customers’ actions, and weather conditions, which could cause actual results to differ materially from those anticipated, including those risks identified in the Company’s filings with the Securities and Exchange Commission. Accordingly, such statements should be considered in light of these risks. Any prediction by the Company is only a statement of management’s belief at the time the prediction is made. There can be no assurance that any prediction once made will continue thereafter to reflect management’s belief, and the Company does not undertake to update publicly its predictions or to make voluntary additional disclosures of nonpublic information, whether as a result of new information, future events or otherwise.

     
 

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

 

Three Months Ended December 31,

Years Ended December 31,

2012   2011 2012   2011
(Unaudited)    
Revenues $ 158,089 $ 113,989 $ 630,507 $ 501,156
Cost of revenues   (141,819 )   (110,089 )   (583,035 )   (461,319 )
Gross profit 16,270 3,900 47,472 39,837
General and administrative expenses (9,149 ) (5,358 ) (35,187 ) (24,785 )
Direct costs of acquisitions (27 ) (456 ) (202 ) (456 )
Provision for loss on lawsuit (153 ) (220 ) (309 ) (220 )
Goodwill impairment -- (67,000 ) -- (67,000 )
Other operating income (expense), net   188   164   3,205   390
Operating income (loss) 7,129 (68,970 ) 14,979 (52,234 )
Gain on sale of securities and other 97 127 1,797 94
Interest income (expense), net   121   117   357   424
Income (loss) before income taxes and earnings attributable to noncontrolling interests 7,347 ) (68,726 ) 17,133 (51,716 )
Income tax benefit (expense)   (1,567 )   20,307   579   17,012
Net income (loss) 5,780 (48,419 ) 17,712 (34,704 )
Noncontrolling owners’ interests in earnings of subsidiaries and joint ventures   (2,854 )   4,803   (18,009 )   (1,196 )
Net income (loss) attributable to Sterling common stockholders $ 2,926 $ (43,616 ) $ (297 ) $ (35,900 )
 
Net income (loss) per share attributable to Sterling common stockholders:
Basic $ 0.01 $ (2.72 ) $ (0.26 ) $ (2.24 )
Diluted $ 0.01 $ (2.72 ) $ (0.26 ) $ (2.24 )
 
Weighted average number of common shares outstanding used in computing per share amounts:
Basic 16,495,216 16,321,116 16,420,886 16,395,739
Diluted 16,535,748 16,321,116 16,420,886 16,395,739
   
 

STERLING CONSTRUCTION COMPANY, INC. & SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except share and per share data)

 

December 31, 2012

December 31, 2011

ASSETS  
Current assets:
Cash and cash equivalents $ 3,142 $ 16,371
Short-term investments 49,211 44,855
Contracts receivable, including retainage 70,815 74,875
Costs and estimated earnings in excess of billings on uncompleted contracts 20,592 16,509
Inventories 3,731 1,922
Deferred tax asset, net 1,803 1,302
Receivables from and equity in construction joint ventures 11,005 6,057
Other current assets   4,459   2,132
Total current assets 164,758 164,023
Property and equipment, net 102,308 83,429
Goodwill 54,820 54,050
Long-term deferred tax, asset, net 2,973 828
Other assets, net   6,651   1,501
Total assets $ 331,510 $ 303,831
 
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable $ 47,796 $ 34,428
Billings in excess of costs and estimated earnings on uncompleted contracts 18,918 18,583
Current maturities of long-term debt 73 573
Income taxes payable -- 2,013
Accrued compensation 4,909 9 5,329
Current obligation for noncontrolling owners’ interest in subsidiaries and joint ventures 2,887 --
Other current liabilities   2,691   8,359
Total current liabilities 77,274 69,285
Long-term liabilities:
Long-term debt, net of current maturities 24,201 263
Deferred tax liability, net -- --
Other long-term liabilities   2,728   2,597
Total long-term liabilities 26,929 2,860
 
Commitments and contingencies (Note 12)
Obligations for noncontrolling owners’ interests in subsidiaries and joint ventures 14,721 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 197,067 196,143
Retained earnings 12,220 16,509
Accumulated other comprehensive income   696   496
Total Sterling common stockholders’ equity 210,148 213,311
Noncontrolling interests   2,438   1,527
Total equity   212,586   214,838
Total liabilities and equity $ 331,510 $ 303,831




5 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
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

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
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,976.31 +263.65 1.49%
S&P 500 2,086.24 +25.22 1.22%
NASDAQ 4,947.4410 +56.2220 1.15%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs