Sterling Construction Company, Inc. Reports 2012 Second Quarter Results

Sterling Construction Company, Inc. (NasdaqGS: STRL) (“Sterling” or “the Company”) today announced results for the second quarter and six months ended June 30, 2012.
       

 
                             

$ in millions

3 Months Ended

%Change *

6 Months Ended

%Change*

(except per share data)
        6/30/12       6/30/11            

6/30/12
     

6/30/11
     
Revenues         $ 168.7         $ 128.5         31.3 %       $ 267.1         $ 227.7         17.3 %
Gross profit         $ 15.2         $ 13.6         11.8 %       $ 17.0         $ 21.2         (19.8 )%
Gross margin           9.0 %         10.6 %       (15.1 )%         6.4 %         9.3 %       (31.2 )%
Operating income         $ 8.2         $ 7.3         12.3 %       $ 3.7         $ 9.0         (58.9 )%

Net income (loss) attributableto common stockholders
        $ 3.3         $ 4.2         (21.4 )%       $ (4.2 )       $ 4.3         NM

Diluted net income (loss) pershare attributable tocommon stockholders **
        $ 0.15         $ 0.25         (40.0 )%       $ (0.29 )       $ 0.26         NM

* The percentages and amounts shown for changes between periods in the table above and in the discussions below are based on the amounts reported in the Form 10-Q and may differ from the amounts which would have been calculated from the table above as a result of rounding.

** Based on 16.4 million and 16.6 million weighted-average diluted shares outstanding for the three months ended June 30, 2012 and 2011, respectively and 16.3 million and 16.6 million weighted-average diluted shares outstanding for the six months ended June 30, 2012 and 2011.
NM – Not meaningful

2012 Second Quarter Compared to 2011

Revenues for the quarter increased 31.3% over the 2011 comparable quarter primarily as a result of $35.6 million of revenues from recently acquired operations in Arizona and California and higher revenues from our Nevada operations reflecting the impact of the $25 million of contracts assumed from Aggregate Industries, Inc. in January 2012. The improvements were somewhat offset by lower revenues in Texas.

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