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 Second Quarter 2013 Financial Results

Stocks in this article: PRXG

Net income from continuing operations after minority interest declined by $0.2 million to $0.7 million ($0.07 basic earnings per share) in the second quarter of this year due to small increases in other expense and income tax expense, as compared to consolidated net income from continuing operations after minority interest of $0.9 million ($0.09 basic earnings per share) in the second quarter of 2012.

"We are pleased with our performance in the second quarter, and we believe that both of our business segments are operating efficiently at this time," commented Nidal Z. Zayed, President and CEO of Pernix Group. "We have seen improvement in activity levels at our mission-critical projects for the US government, and we have recently begun work on new projects in both segments of our business. We are continuing to invest in high caliber business development and operations professionals to accelerate and execute our growth strategy."

The Company's consolidated balance sheet at June 30, 2013 reflected cash of $19.8 million, as compared to $18.2 million at March 31, 2013, as cash generated from operations more than offset the distribution of our partner's share of fourth quarter 2012 Pernix-Serka L.P. earnings. Total debt decreased from $2.9 million to $2.7 million, reflecting scheduled amortization of the debt incurred in connection with the purchase of our corporate headquarters property in March of this year. Total stockholders' equity increased to $15.0 million at June 30, 2013 from $13.3 million at March 31, 2013, reflecting the current quarter's net earnings, partially offset by the aforementioned distribution of our partner's share of earnings in the joint venture. Construction backlog declined slightly to $59.6 million, as compared to $67.3 million at the end of the first quarter, reflecting significant progress on our existing construction contracts, net of additional contractual commitments in both our construction and power segments. The Company began performance on two new contracts late in the second quarter which should create opportunities to penetrate new geographic areas, diversify our customer base, and broaden strategic relationships.

2 of 3

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 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

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