Pernix Group, Inc. Announces Second Quarter 2016 Financial Results

LOMBARD, Ill., Aug. 09, 2016 (GLOBE NEWSWIRE) -- Pernix Group, Inc. (OTCQB:PRXG) today announced its financial results for the quarter ended June 30, 2016.

Financial Review The Company is very excited about its transformation and diversification in conjunction with our recent acquisitions. These acquisitions have diversified our customer base, strengthened our DOS and commercial businesses including our work in the Pacific Rim region, and continue to position us for growth.

We have successfully completed projects for The Boeing Company, Gulfstream Aerospace, FUJIFILM Diosynth Biotechnologies USA, SYNNEX Corporation and Ferguson Enterprises during the six months ended June 30, 2016. BE&K BG was awarded two projects in the second quarter of 2016 by the Texas A&M University System, one of the largest higher education systems in the nation to construct a $29.2 million Multi-Purpose Academic Facility in McAllen, Texas; and a $41.2 million Nursing and Health Sciences Building to be constructed in Commerce, Texas.

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 the second half of 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 $85.5 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 June 30, 2016 and 2015, the Company generated revenues of $71.8 million and $11.1 million, respectively. Construction revenue increased $60.2 million primarily attributable to our recent acquisitions, while power services revenue increased $0.2 million. New awards and related change orders with contract value in excess of $280.2 million were granted to the Company during the six months ended June 30, 2016 and our backlog is $627.2 million as of June 30, 2016.