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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




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