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Pernix Group, Inc. Announces Third Quarter 2013 Financial Results

Stock quotes in this article: PRXG

LOMBARD, Ill., Nov. 22, 2013 (GLOBE NEWSWIRE) -- Pernix Group, Inc. (OTCBB:PRXG) today announced its financial results for the third quarter ended September 30, 2013.

The Company generated consolidated revenue from continuing operations in the third quarter of 2013 of $21.4 million, as compared to $34.7 million in the comparable period of 2012. The reduction was primarily attributable to the completion of a large construction project in late 2012, coupled with lower activity on another project nearing substantial completion. These decreases were partially offset by the increase in activity on two embassy rehabilitation projects, one of which was recently commenced. Activity is expected to commence during the fourth quarter of 2013 on a rainwater recapture embassy upgrade project awarded to Pernix Serka Joint Venture (PS JV) during the third quarter of 2013. The construction revenue decrease was partially offset by the $0.2 million increase in revenue generated by our power operations as compared to the third quarter of 2012, as our Fiji power operations continued to experience higher demand for diesel-based power necessitated by lower hydro power production.

Gross profit from continuing operations was $3.3 million in the third quarter of 2013, as compared to $5.3 million in the comparable period in 2012. The lower gross profit reflects the aforementioned decline in construction revenue, slightly offset by higher gross profit in our power generation segment due to higher power production in Fiji. Operating income from continuing operations for the third quarter ended September 30, 2013 was $1.5 million compared to $3.7 million in the comparable period last year, reflecting both lower gross profit and higher salary and general and administrative expense incurred to build our business development and project infrastructures and support our strategic growth objectives. Management does not anticipate significant new hiring activity prior to any new contract awards as the requisite organizational framework is largely in place at this time.

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