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."