Pernix Group, Inc. Announces Second Quarter 2014 Financial Results

LOMBARD, Ill., Aug. 18, 2014 (GLOBE NEWSWIRE) -- Pernix Group, Inc. (OTCQB:PRXG) today announced its financial results for the second quarter ended June 30, 2014.

Financial Highlights All figures are in U.S. dollars; comparisons of performance are made between Q2 2014 and Q2 2013 unless otherwise specified.

Revenue and Backlog
  • Total revenue of $16.2 million
  • Construction revenue of $14.4 million
  • Power Generation revenue increased 14%
  • Revenue generated from seven contracts, a 29% increase in the number of revenue generating projects
  • Continued diversification of customer base and project profiles domestically and abroad
  • Backlog of $66.4 million, an increase of 79% since December 31, 2013
  • $57.3 million of new business in first half of year, more than double the prior year period

Operating Results
  • Gross profit increased 7%, driven by higher margins on construction projects
  • Compensation expense increased $0.4 million as the Company hired key Construction and Power personnel in anticipation of continued portfolio expansion
  • Continued bottom line profitability, with EPS of $0.02 year-to-date and $0.01 for the quarter

Liquidity and Balance Sheet
  • Cash and cash equivalents increased 18% to $23.0 million
  • The Company remains debt free

Executive Summary

"We are pleased with our second quarter profitability and expanding project portfolio, and we are making excellent progress on our new projects which we anticipate will continue to drive revenue and cash flow during the second half of the year," commented Nidal Z. Zayed, President and CEO of Pernix Group. "We are continuing to diversify our project and client profiles, including receiving a second project award at Texas A&M University in July 2014. From an execution perspective, we have been augmenting the excellent operating teams we already have on the ground with additional industry veterans to stay ahead of our anticipated project volumes, and we remain focused on maintaining our track record of delivering our projects on time, on budget, and with no lost time incidents."