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Pernix Group, Inc. Announces Second Quarter 2013 Financial Results

Stocks in this article: PRXG

LOMBARD, Ill., Aug. 15, 2013 (GLOBE NEWSWIRE) -- Pernix Group, Inc. (OTCBB:PRXG) today announced its financial results for the second quarter ended June 30, 2013.

The Company generated consolidated revenue from continuing operations in the second quarter of 2013 of $17.7 million, as compared to $23.9 million in the comparable period of 2012. While revenue was lower, the Company experienced significant improvement in gross profit and net income, reflecting improved results in the power generation segment and the positive impact of the 2012 sale of two discontinued businesses.

The 2013 decline in revenue was primarily attributable to the completion of a large construction project in late 2012 and customer-driven delays in construction activities under the Company's current contracts with the US government. The customer-driven delay was temporary and activity levels have increased during the latter part of the second quarter and into the third quarter. The construction revenue decrease was partially offset by the $0.4 million increase in revenue generated by our power operations as compared to the second quarter of 2012, as our Fiji power operations experienced higher demand for diesel based power necessitated by lower hydro power production.

Gross profit from continuing operations increased 11% or $0.4 million to $3.7 million in the second quarter of 2013 as compared to $3.3 million in the comparable period in 2012. The increase in gross profit was due to improved revenue in our power generation business reflecting the aforementioned higher mix of diesel production in Fiji coupled with lower power plant maintenance costs which more than offset a small decline in construction segment gross profit. Operating income from continuing operations for the second quarter ended June 30, 2013 was essentially flat as compared to the comparable period last year, as the increase in gross profit was offset by increases in both salary expense and general and administrative expense as a result of investment in business development professionals and the related recruiting expenses in connection with its strategic growth objectives.

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