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 First Quarter 2013 Financial Results

Stocks in this article: PRXG

LOMBARD, Ill., May 17, 2013 (GLOBE NEWSWIRE) -- Pernix Group, Inc. (OTCBB:PRXG) today announced its financial results for the first quarter ended March 31, 2013.

The Company generated consolidated revenue from continuing operations in the first quarter of 2013 of $17.2 million, as compared to $36.6 million in the comparable period of 2012. The decline in revenue was attributable to temporary slowdowns in construction activities under the Company's various contracts with the US government; revenue generated from power operations was stable as compared to the first quarter of 2012.

Although revenue decreased, gross profit from continuing operations increased 29% or $0.5 million to $2.2 million in the first quarter of 2013 as compared to $1.7 million in the comparable period in 2012. The increase in gross profit was due to improved results in our power generation business reflecting the 2013 operation of a power plant engine that was offline for repair in 2012, coupled with a small decline in construction segment gross profit.

The temporary slowdown behind the decline in construction segment revenue drove a net loss for the quarter of approximately $0.5 million after minority interest, as compared to consolidated net income from continuing operations after minority interest of $1.1 million in the first quarter of 2012. After preferred dividends, consolidated net income from continuing operations attributable to common shareholders was ($516,000) this year, or ($0.05) basic earnings per share, as compared to basic earnings of $0.12 per share last year.

"While the first quarter performance is below our expectations, we believe that these results are a short-term aberration caused by project-specific delays which are being proactively addressed." commented Nidal Z. Zayed, President and CEO of Pernix Group. "We have already seen an improvement in activity levels at our mission-critical projects for the US government, and we remain very positive about both the near term and long term prospects for our business. We have invested heavily in high caliber business development professionals in both segments of our business, and we expect that we will be able to grow and diversify our business profitably."

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 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

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