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sterling construction co (STRL) Key Developments

Sterling Construction Co. Inc. - Special Call

To discuss recent corporate developments

Sterling Construction Company, Inc. Announces Management Changes

Sterling Construction Company Inc. announced that Peter MacKenna, formerly President & Chief Executive Officer and a director, left the Company effective January 31, 2015. Paul J. Varello, Chairman of the Board of Directors, has been named the Company's acting Chief Executive Officer effective February 1, 2015. Mr. Varello has assumed leadership responsibilities for Sterling on a full-time basis while the Company, with the assistance of an executive search firm, seeks out a long-term Chief Executive Officer. Mr. Varello has many years of leadership experience in the construction industry. As a teenager, he worked in his family's road building business. In his early professional career, Mr. Varello worked on a wide range of heavy civil construction projects including tunnels, dams, airports and bridges. He spent 18 years with Fluor Corporation. Mr. Varello started with Fluor as a project construction manager and rose to President of the Process Sector. Mr. Varello was Chairman and CEO of American Ref-Fuel Company. He founded Commonwealth Engineering & Construction, LLC, a Houston, Texas based engineering and construction management company specializing in the design and construction of major capital projects.

Brian R. Manning Leaves as Executive Vice President & Chief Business Development Officer of Sterling Construction Company, Inc

Brian R. Manning, Executive Vice President & Chief Business Development Officer of Sterling Construction Company Inc. left the company's employment on January 27, 2015.

Sterling Construction Company, Inc. Announces Earnings Results for 2014; Provides Earnings Guidance for the Fourth Quarter and Full Year of 2014 and 2015

Sterling Construction Company Inc. announced earnings results for 2014. For 2014, company's revenues were up approximately 20% over 2013, and EBITDA was approximately $17 million compared to an EBITDA loss of approximately $50 million in 2013. The company expects to report revenues for the three months ended December 31, 2014 in the range of $150 million to $155 million. Due primarily to weaker than anticipated revenues in its California, Utah and Hawaii operations, along with a continuation of challenging market conditions in its Texas market, the company expects to report a pre-tax loss of between $7 million and $8 million for the quarter. Full year 2014 revenues are forecast to be between $669 million and $674 million, resulting in a pre-tax loss of between $9 million and $10 million. The company also reported that due to the fourth quarter loss, Sterling is in breach of one of the three financial covenants contained in its credit facility and is addressing the matter with its lenders. The company expects continued growth in revenues and EBITDA in 2015.

Sterling Construction Company, Inc. Appoints Paul J. Varello as Chairman of Board of Directors

Sterling Construction Company Inc. announced the appointment of Paul J. Varello as Chairman of the company's Board of Directors, effective December 13, 2014. Mr. Varello succeeds Maarten Hemsley, who assumed the role when former Chairman, Patrick T. Manning retired in May 2014. Mr. Hemsley previously served as Sterling's President and Chief Operating Officer from 1988 to 2001, and Chief Financial Officer from 1998 to 2007.

 

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