This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Pernix Group, Inc. Announces 2012 Financial Results

Stocks in this article: PRXG

LOMBARD, Ill., April 1, 2013 (GLOBE NEWSWIRE) -- Pernix Group, Inc. (OTCBB:PRXG) announced its financial results today for the fiscal year ended December 31, 2012.

Pernix Group more than doubled its consolidated revenue from continuing operations, generating $120.0 million of consolidated revenue in 2012, as compared to $58.0 million in 2011. The substantial increase in revenue was attributable to construction activities under the company's various contracts with the US government. The increase in construction-related revenues was partially offset by a $1.1 million decline in power generating revenue.

Gross profit from continuing operations also more than doubled, increasing by $8.7 million to $14.8 million in 2012, driven by the aforementioned success of our construction segment. Operating expenses increased by $1.0 million, reflecting investments in human capital to support the growth in our construction programs.

Pernix Group's consolidated net income from continuing operations increased by $4.9 million, or 97%, to $10.0 million; after deducting net income attributable to minority interest and preferred dividends, consolidated net income from continuing operations attributable to common shareholders was $4.1 million, or $0.43 basic earnings per share.

"I am very pleased with the performance of the company during 2012, as well as the financial strength of Pernix today," noted Nidal Zayed, President and CEO of Pernix Group, Inc. "The significant growth in revenue, profitability and cash generated from operations validates our strategy and reflects the strength of our management team, joint venture partners and customer relationships."

The improved results also reflect the divestiture of two underperforming discontinued operations, TransRadio Sendersysteme, Berlin, A.G. and Telesource CNMI, Inc. The divestitures were driven by a strategic re-orientation at the company intended to re-focus financial and management resources on businesses expected to generate higher growth and return on investment.

Pernix Group's balance sheet reflects the elective implementation of a quasi-reorganization ("QR"), effective as of September 30, 2012, that resulted in the elimination of the accumulated deficit against additional paid in capital. Management implemented the QR based on the belief that the company had reached a turning point in its operations, in consideration of its enhanced earnings profile, strengthened financial position, improved liquidity, and the divestiture of underperforming operations.

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

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