Sterling Construction Company, Inc. Reports 2012 Fourth Quarter And Year-End Results

Sterling Construction Company, Inc. (NasdaqGS: STRL) (“Sterling” or “the Company”) today announced financial results for the fourth quarter and full year ended December 31, 2012.
 

$ in millions
 

3 Months Ended
 

 
 

12 Months Ended
 

 

(except per share data)
 

12/31/12*
 

12/31/11**
 

% Change*
 

12/31/12*
 

12/31/11**
 

% Change*
Revenues $ 158.1   $ 114.0 38.7 % $ 630.5   $ 501.2 25.8 %
Gross profit $ 16.3 $ 3.9 318.0 % $ 47.5 $ 39.8 19.2 %
Gross margin 10.3 % 3.4 % 202.9 % 7.5 % 8.0 % (6.3 )%
Operating income (loss) $ 7.1 $ (69.0 ) NM $ 15.0 $ (52.2 ) NM
Net income (loss) attributable to common stockholders $ 2.9 $ (43.6 ) NM $ (0.3 ) $ (35.9 ) NM
Diluted net income (loss) per share attributable to

common stockholders***
  $ 0.01     $ (2.72 )   NM     $ (0.26 )   $ (2.24 )   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-K and may differ from the amounts which would have been calculated from the table above as a result of rounding.

** The consolidated results for 2011 include a pre-tax charge of $67.0 million ($41.8 million after income taxes and noncontrolling interest or $2.55 per diluted share) related to the impairment of goodwill.

***For the 2012 periods, diluted net income (loss) per share attributable to common stockholders includes $(0.17) for the quarter and $(0.24) for the year, respectively, for the impact from credits (charges) to retained earnings related to revaluations of noncontrolling interest liabilities. For the 2011 periods, the impact from these revaluations was $(0.05) for both the quarter and the year.

NM – Not meaningful

2012 Fourth Quarter Compared to 2011

Revenues for the fourth quarter increased 38.7% over the 2011 comparable quarter primarily as a result of higher activity levels in most of our geographic markets, especially California and Texas.

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