Pernix Group, Inc. Announces 2012 Financial Results
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."
The company filed its Form 10-K with the Securities and Exchange Commission on April 1, 2013, which incorporates its audited financial statements and notes thereto for the year ended December 31, 2012.
About Pernix Group, Inc.Pernix Group, Inc. is a global company with its headquarters in Lombard, Illinois. The company is engaged in two primary operating business segments: construction services as a Design-Build General Contractor in the Federal and Government market; and building, managing and investing in Power Generation Projects as an Independent Power Producer. Pernix has full-scale construction and management capabilities, with operations in Africa, the Middle East, and the South Pacific. Pernix Group, Inc. common stock is traded on the over-the-counter bulletin board (OTCBB) under the symbol PRXG. Additional information is available at www.pernixgroup.com . Forward-Looking Statement Certain of the statements made in this press release are forward-looking statements within the meaning of the Securities Litigation Reform Act of 1995. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Potential risks and other factors that could cause or contribute to actual results differing materially from such forward-looking statements are discussed in greater detail in the Company's filings with the U.S. Securities and Exchange Commission.
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
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