Pernix Group, Inc. Announces First Quarter 2016 Financial Results

LOMBARD, Ill., May 13, 2016 (GLOBE NEWSWIRE) -- Pernix Group, Inc. (OTCQB:PRXG) today announced its financial results for the quarter ended March 31, 2016.

Financial Review The Company is very excited about its transformation and diversification in conjunction with our recent acquisitions. These diversify our customer base, strengthen our DOS and commercial businesses including our work in the Pacific Rim region, which positions us for continued growth. 

We have successfully completed projects for The Boeing Company, FUJIFILM Diosynth Biotechnologies USA, and Ferguson Enterprises during the three months ended March 31, 2016. In March 2016, the DOS awarded the Company a contract valued at $181.2 million ($169.2 million net of Value Added Tax) for the new U.S. Embassy Compound in Maputo, Mozambique. We are actively pursuing additional DOS projects, as well as large commercial and advanced manufacturing opportunities in North America along with other large projects in Guam with potential award expectations in mid-2016.

Management continues to focus on bidding and winning new contracts on a stand-alone basis as well as with our strategic partners, pursuing both existing as well as new customers. In addition management continues to integrate its acquisitions to capture synergies amongst its operations.  The Company maintains the benefit of having $86.3 million of net operating and capital loss carryforwards that may be used to offset future U.S. federal and state taxable earnings. These benefits are potentially advantageous to our existing business and could be enhanced by our plan to grow through acquisitions that are accretive to earnings. 

During the three months ended March 31, 2016 and 2015, the Company generated revenues of $76.4 million and $10.6 million, respectively. Construction revenue increased $65.8 million primarily attributable to our recent acquisitions, while power services revenue increased $0.1 million. Excluding our recent acquisitions, new awards and related change orders with contract value in excess of $179.7 million were granted to the Company during the three months ended March 31, 2016 and our backlog is $484.8 million as of March 31, 2016.