This Day On The Street
Continue to site
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

Sterling Construction Company, Inc. Reports 2013 Second Quarter Results

Sterling Construction Company, Inc. (NasdaqGS: STRL) (“Sterling” or “the Company”) today announced financial results for the second quarter ended June 30, 2013.

Financial results for the second quarter of 2013 were depressed by a net pre-tax charge of $18.0 million, of which $13.9 million was the result of site-specific conditions affecting three projects, two in Texas and one in Arizona, that encountered unanticipated costs in excess of initial project estimates. The remaining $4.1 million loss was primarily related to less significant estimated losses on jobs awarded prior to 2012. On an after-tax basis, the total charge accounted for $11.6 million or $0.70 per diluted share of the net loss attributable to common stockholders.

Second Quarter 2013 Financial Results Compared to Second Quarter 2012:
  • Revenues were $133.4 million, compared to $168.7 million;
  • Gross deficit was 12.5% of revenues compared to a gross margin of 9.0%;
  • General and administrative expenses as a percentage of revenues were 7.1% compared to 5.0%;
  • Operating loss was $26.1 million compared to operating income of $8.2 million;
  • Net loss attributable to Sterling common stockholders was $17.0 million compared to net income $3.3 million; and,
  • Net loss per diluted share attributable to common stockholders was $0.93 compared to net income per diluted share of $0.15.

Second Quarter 2013 Highlights:
  • Bookings of $154 million were up 133% from the second quarter of 2012 and increased 4.0% from the first quarter of 2013, representing a book-to-bill ratio of 1.15:1;
  • Total backlog as of June 30, 2013 was $714 million, an increase of 8.8% since December 31, 2012, and up 3.0% since March 31, 2013;
  • At quarter end the backlog of projects awarded after 2011 was 78% of total backlog, or $560 million with an average gross margin of 6.3%; the backlog of projects awarded during 2013 was 37% of total backlog, or $265 million and carries an average gross margin of 8.0%; and,
  • Total backlog at June 30, 2013 excluded $107 million of projects where we were the apparent low bidder but had not yet been awarded the contract; the average gross margin of these awards is approximately 13.1%.

Business Overview

Revenues for the second quarter 2013 decreased 21.0% compared to the second quarter of 2012, primarily due to the completion of several large projects in Utah – the largest project being the $1.1 billion I-15 CORE Reconstruction Joint Venture Project, of which the Company’s Utah subsidiary had a 12.5% interest, or approximately $136 million.

1 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%
YHOO $36.60 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs