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Last $3.71 USD
Change Today 0.00 / 0.00%
Volume 99.6K
STRL On Other Exchanges
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As of 8:10 PM 05/27/15 All times are local (Market data is delayed by at least 15 minutes).

sterling construction co (STRL) Key Developments

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

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

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.

Sterling Construction Co. Inc. to Report Q1, 2015 Results on May 11, 2015

Sterling Construction Co. Inc. announced that they will report Q1, 2015 results at 11:00 AM, US Eastern Standard Time on May 11, 2015

Sterling Construction Co. Inc., Q1 2015 Earnings Call, May 11, 2015

Sterling Construction Co. Inc., Q1 2015 Earnings Call, May 11, 2015

Sterling Construction Company, Inc. Announces Credit Facility Amendment

Sterling Construction Company Inc. announced that it has entered into an amended credit agreement with its primary lender, Comerica Bank and is actively considering several debt financing proposals to replace the credit facility. The amended agreement waives the breach of the tangible net worth covenant which occurred in the fourth quarter of 2014. The amendment reduces the total capacity of the revolving line of credit from $40 million to $35 million. The first covenant test subsequent to the amendment will be in May based on Sterling's results for April 2015. This amendment allows the company to complete the filing of its full year 2014 results with the agreement in place and provides it with adequate liquidity to fund its ongoing operations. Additional conditions of the amendment include: A reduction in the total capacity of the line of credit to $25 million on June 1, 2015 and a reduction to $15 million on September 1, 2015; An increase in cost from Prime + 150 basis points to Prime + 350 basis points; An amendment fee of $400,000 spread over four equal payments due at closing, June 30th, September 30th, and December 30, 2015; Remaining unpaid fees are waived if at any point during the year the company liquidates and terminates the line of credit a month before a payment becomes due; and, The Tangible Net Worth covenant will be reset to $75 million and the Debt and Asset Coverage covenants remain the same. The company has been evaluating several debt financing proposals with new lenders and expects to replace the current revolving credit line with a new credit facility by the end of April.

 

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