Pernix Group, Inc. Announces Second Quarter 2013 Financial Results
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.
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