The company's consolidated balance sheet at December 31, 2012 showed a significant increase in cash to $21.4 million at December 31, 2012, as compared to $2.9 million at the end of the previous year, primarily reflecting the positive developments in our construction operations. Total debt decreased from $3.2 million to $2.4 million. Total stockholders' equity increased to $16.0 million at December 31, 2012 from $11.5 million at the end of 2011, generally reflecting the improved profitability of our business. Construction backlog was relatively stable at $67.9 million, as compared to $71.0 million at the end of 2011."While a portion of our cash build-up is related to short-term working capital dynamics, we nonetheless have significant improvement in available liquidity with minimal debt outstanding. Our strong balance sheet should enable us to continue to make substantial investments in our business development and operations teams, building upon recent investments that have paid off in the form of new contract awards and improved profitability. We will continue to invest in a targeted manner to take advantage of opportunities to grow organically and through acquisition in both operating segments of our business. Significant investments in the past nine months include adding 30-year power industry veteran Michael Frye to lead our power group, establishing a regional development office in Dubai, and the addition of Don Gunther, former Vice Chairman of Bechtel, to our board of directors."
CONTACT: Gregg Pollack Chief Financial Officer & Vice President - Administration Pernix Group, Inc. Tel: (630) 620-4787 firstname.lastname@example.org Carol Groeber Corporate Controller and Principal Accounting Officer Pernix Group, Inc. Tel: (630) 620-4787 email@example.com Casey Stegman Director of Investor Relations Stonegate Securities Tel: (214) 987-4121 firstname.lastname@example.org