sterling construction co (STRL) Key Developments
Sterling Construction Co. Inc.(NasdaqGS:STRL) dropped from Russell 2000 Index
Jun 29 15
Sterling Construction Co. Inc. will be removed from Russell 2000 Index
Sterling Construction Co. Inc.(NasdaqGS:STRL) dropped from Russell 3000 Index
Jun 29 15
Sterling Construction Co. Inc. will be removed from Russell 3000 Index.
Sterling Construction Company, Inc. Closes New Financing
Jun 2 15
Sterling Construction Company Inc. announced that the company has closed a new financing effective May 29, 2015. The new $40 million credit facility with Nations Equipment Finance will be secured by Sterling's equipment. A summary of the agreement is as follows: Four-year agreement with Nations Equipment Finance of Norwalk, CT Total debt financing of up to $40 million, comprised of a $20 million term loan and up to a $20 million revolving credit line.
Sterling Construction Co. Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015; Provides Capital Expenditure Guidance for the Year 2015
May 11 15
Sterling Construction Co. Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported revenues of $117,682,000 against $134,538,000 a year ago. Operating loss was $16,678,000 against operating income of $441,000 a year ago. Net loss attributable to the company common stockholders was $16,992,000 against net income attributable to the company common stockholders of $205,000 a year ago. Basic and diluted net loss per share attributable to the company common stockholders were $0.90 against $0.01 a year ago. Revenues for the first quarter of 2015 were 12.5% lower than the prior year period, primarily due to downward revisions of the estimated percent-complete of certain projects in the first quarter of 2015, particularly in Texas, as well as the completion of certain large projects in Texas which were ongoing in the first quarter of 2014. For the first quarter of 2015, capital expenditures were $1.2 million, compared with $2.3 million in the first quarter of 2014. The year-over-year decrease reflects efforts to optimize utilization of the existing equipment fleet while supplementing leased equipment during seasonal peak operating time.
For the year 2015, capital expenditures are expected to be much lower than 2014 levels. The company estimates that current average gross margin of its projects in backlog is in the low 6% range.
Sterling Construction Co. Inc. Provides Update on Debt Financing
Apr 30 15
Sterling Construction Company Inc. announced that the company has selected a lender to replace its current debt financing agreement with a new credit facility by the end of May 2015. The new credit facility is expected to be secured by the company's equipment assets. The selected lender is currently conducting a visual appraisal of the company's fleet of construction equipment, which is spread across more than 120 active job sites throughout the western United States, including Hawaii.