Pernix Group, Inc. Announces Annual 2014 Financial Results

LOMBARD, Ill., March 20, 2015 (GLOBE NEWSWIRE) -- Pernix Group, Inc. (OTCQB:PRXG) today announced its financial results for the years ended December 31, 2014 and 2013.

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

Revenue and Backlog
  • Total revenue of $85.3 million
  • Construction revenue of $78.6 million
  • Power Generation revenue increased 13%
  • Revenue generated from ten contracts, a 67% increase in the number of revenue generating projects
  • Continued diversification of customer base and project profiles domestically and abroad
  • Backlog of $21.5 million, a decrease of 42% since December 31, 2013
  • $62.9 million of new business in 2014, an increase of 70% over the prior year

Operating Results
  • Gross profit increased 93%, driven by higher margins on construction projects
  • Compensation expense increased $3.0 million as the Company hired key Construction and Power personnel in anticipation of continued portfolio expansion

Liquidity and Balance Sheet
  • Cash and cash equivalents decreased 43% to $11.2 million
  • The Company remains debt free

Financial Review

The Company generated consolidated revenue during 2014 of $85.3 million, as compared to $73.8 million in 2013. Construction revenues in 2014 relate to ten construction contracts for six customers while construction revenue related to six contracts for two customers in 2013. Construction revenue increased $10.8 million or 15.9% to $78.6 million in 2014, from $67.8 million in 2013. The increase was primarily attributable to $46.1 million of revenue increases associated with three new contracts awarded in 2014. Power generation revenue increased $0.8 million, or 13.3% to $6.6 million in 2014 compared to $5.8 million in the prior year. The increase primarily reflects the higher use of plant generated diesel power in Fiji due to lower water power, which is an alternate power source in Fiji.