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Last $4.56 USD
Change Today 0.00 / 0.00%
Volume 0.0
STRL On Other Exchanges
Symbol
Exchange
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Frankfurt
As of 8:10 PM 03/27/15 All times are local (Market data is delayed by at least 15 minutes).

sterling construction co (STRL) Snapshot

Open
$4.53
Previous Close
$4.50
Day High
$4.57
Day Low
$4.44
52 Week High
07/2/14 - $10.01
52 Week Low
03/6/15 - $2.23
Market Cap
86.2M
Average Volume 10 Days
420.0K
EPS TTM
$-0.52
Shares Outstanding
18.9M
EX-Date
--
P/E TM
--
Dividend
--
Dividend Yield
--
Current Stock Chart for STERLING CONSTRUCTION CO (STRL)

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sterling construction co (STRL) Details

Sterling Construction Company, Inc. operates as a heavy civil construction company in Texas, Utah, Nevada, Arizona, California, Hawaii, and other states of the United States. The company builds, repairs, and reconstructs transportation infrastructure projects that comprise highways, roads, bridges, and light rail; and water infrastructure projects, which include water, wastewater, and storm drainage systems. It primarily serves county and municipal public works departments, regional transit and water authorities, port authorities, school districts, municipal utility districts, and airport authorities. The company was formerly known as Oakhurst Company, Inc. and changed its name to Sterling Construction Company, Inc. in November 2001. Sterling Construction Company, Inc. was founded in 1955 and is headquartered in The Woodlands, Texas.

1,799 Employees
Last Reported Date: 03/16/15
Founded in 1955

sterling construction co (STRL) Top Compensated Officers

Chief Financial Officer, Principal Accounting...
Total Annual Compensation: $350.0K
Senior Vice President
Total Annual Compensation: $547.5K
Senior Vice President, General Counsel and Se...
Total Annual Compensation: $220.0K
Senior Vice President of Corporate Finance
Total Annual Compensation: $281.7K
Compensation as of Fiscal Year 2014.

sterling construction co (STRL) Key Developments

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.

Sterling Construction Co. Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Capital Expenditures Guidance for the Year 2015

Sterling Construction Co. Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported revenue of $153,612,000 compared to $125,916,000 a year ago, 22% higher than the prior year period. The increase was primarily due to the reduction of revenues in the fourth quarter of 2013 stemming from the charge taken as a result of the write-down of three large projects in Texas. Loss before income taxes and earnings attributable to noncontrolling interests was $5,875,000 compared to $37,333,000 a year ago. Net loss was $5,934,000 compared to $51,482,000 a year ago. Net loss attributable to Sterling common stockholders was 7,252,000 or $0.39 per basic and diluted share compared to $52,135,000 or $3.52 per basic and diluted share a year ago. For the fourth quarter capital expenditures were $2.3 million compared with $3.6 million a year ago. The operating loss for 2014's fourth quarter was $5.6 million compared to an operating loss of $37 million in the fourth quarter of 2013. The operating loss in 2014 was affected by $9.5 million of write-downs attributable to the previously mentioned issues. Capital expenditures for the 2014 fourth quarter were $2.3 million compared to $3.6 million in the fourth quarter of 2013. For the year, the company reported revenue of $672,230,000 compared to $556,236,000 a year ago. Loss before income taxes and earnings attributable to noncontrolling interests was $4,593,000 compared to $68,804,000 a year ago. Net loss was $5,225,000 compared to $70,026,000 a year ago. Net loss attributable to Sterling common stockholders was $9,781,000 or $0.54 per basic and diluted share compared to $73,929,000 or $4.91 per basic and diluted share a year ago. For the full year of 2014, capital expenditures were $16.7 million compared with $14.9 million a year ago. Capital expenditures for 2015 are expected to be lower than 2014 levels. The company anticipates continued year-over-year revenue growth in 2015, stemming from robust backlog and the pipeline of project opportunities are pursuing throughout primary geographies.

Sterling Construction Company, Inc. Announces Executive Changes

Sterling Construction Company Inc. announced that Paul J. Varello, who was elected acting CEO in February, has entered into a multi-year employment agreement with the company effective March 9, 2015. In connection with the change in his status, Mr. Varello has resigned as chairman, and the board has elected Milton L. Scott, who is chair of the board's audit committee, chairman of the board of directors. Milton Scott is one of the audit committee's two financial experts, and has been a director of the company since 2005. He was a partner of Arthur Andersen, LLP from 1977 to 1999, and since then has had extensive experience as an executive, a director and chairman of various companies. In addition to his new role, Mr. Scott will remain chair of the audit committee.

 

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