$STRL
STERLING INFRASTRUCTURE, INC.

2015 Q3 Form 10-Q Financial Statement

#000117184315006116 Filed on November 09, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2014 Q3
Revenue $176.0M $189.3M
YoY Change -7.01% 1.82%
Cost Of Revenue $161.5M $180.9M
YoY Change -10.71% 1.87%
Gross Profit $14.46M $8.356M
YoY Change 73.03% -0.52%
Gross Profit Margin 8.21% 4.41%
Selling, General & Admin $11.10M $9.300M
YoY Change 19.35% 13.41%
% of Gross Profit 76.77% 111.3%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.100M $4.600M
YoY Change -10.87% 2.22%
% of Gross Profit 28.36% 55.05%
Operating Expenses $12.10M $9.900M
YoY Change 22.22% 45.59%
Operating Profit $2.381M -$1.573M
YoY Change -251.37% -198.31%
Interest Expense -$1.100M -$100.0K
YoY Change 1000.0% -150.0%
% of Operating Profit -46.2%
Other Income/Expense, Net
YoY Change
Pretax Income $1.326M -$1.671M
YoY Change -179.35% -198.29%
Income Tax -$39.00K $546.0K
% Of Pretax Income -2.94%
Net Earnings $256.0K -$3.935M
YoY Change -106.51% 1867.5%
Net Earnings / Revenue 0.15% -2.08%
Basic Earnings Per Share $0.01 -$0.21
Diluted Earnings Per Share $0.01 -$0.21
COMMON SHARES
Basic Shares Outstanding 19.63M 18.81M
Diluted Shares Outstanding 19.63M 18.81M

Balance Sheet

Concept 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.50M $17.00M
YoY Change -32.35% -34.62%
Cash & Equivalents $11.49M $17.00M
Short-Term Investments
Other Short-Term Assets $9.044M $10.20M
YoY Change -11.33% -7.27%
Inventory $2.580M $38.40M
Prepaid Expenses
Receivables $99.70M $105.3M
Other Receivables $11.10M $10.60M
Total Short-Term Assets $157.2M $181.4M
YoY Change -13.37% 2.6%
LONG-TERM ASSETS
Property, Plant & Equipment $74.55M $90.50M
YoY Change -17.62% -5.63%
Goodwill $54.82M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.150M $8.400M
YoY Change -50.6% -68.42%
Total Long-Term Assets $133.5M $153.7M
YoY Change -13.13% -13.31%
TOTAL ASSETS
Total Short-Term Assets $157.2M $181.4M
Total Long-Term Assets $133.5M $153.7M
Total Assets $290.7M $335.1M
YoY Change -13.26% -5.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $59.50M $81.10M
YoY Change -26.63% 2.53%
Accrued Expenses $5.222M $11.00M
YoY Change -52.53% 41.03%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $5.171M $1.000M
YoY Change 417.1% 400.0%
Total Short-Term Liabilities $115.6M $127.7M
YoY Change -9.48% 4.07%
LONG-TERM LIABILITIES
Long-Term Debt $30.51M $36.80M
YoY Change -17.1% 78.64%
Other Long-Term Liabilities $22.10M $23.60M
YoY Change -6.36% 972.73%
Total Long-Term Liabilities $52.62M $60.40M
YoY Change -12.89% 164.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $115.6M $127.7M
Total Long-Term Liabilities $52.62M $60.40M
Total Liabilities $168.2M $194.3M
YoY Change -13.43% 16.42%
SHAREHOLDERS EQUITY
Retained Earnings -$91.38M
YoY Change
Common Stock $196.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $115.5M $140.8M
YoY Change
Total Liabilities & Shareholders Equity $290.7M $335.1M
YoY Change -13.26% -5.37%

Cashflow Statement

Concept 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income $256.0K -$3.935M
YoY Change -106.51% 1867.5%
Depreciation, Depletion And Amortization $4.100M $4.600M
YoY Change -10.87% 2.22%
Cash From Operating Activities $7.100M -$8.800M
YoY Change -180.68% -158.28%
INVESTING ACTIVITIES
Capital Expenditures -$3.800M -$4.500M
YoY Change -15.56% -2.17%
Acquisitions
YoY Change
Other Investing Activities $600.0K $600.0K
YoY Change 0.0% -73.91%
Cash From Investing Activities -$3.300M -$4.000M
YoY Change -17.5% 73.91%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -6.800M 15.50M
YoY Change -143.87% -276.14%
NET CHANGE
Cash From Operating Activities 7.100M -8.800M
Cash From Investing Activities -3.300M -4.000M
Cash From Financing Activities -6.800M 15.50M
Net Change In Cash -3.000M 2.700M
YoY Change -211.11% -32.5%
FREE CASH FLOW
Cash From Operating Activities $7.100M -$8.800M
Capital Expenditures -$3.800M -$4.500M
Free Cash Flow $10.90M -$4.300M
YoY Change -353.49% -121.83%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2014Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
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NetIncomeLoss
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NetIncomeLoss
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NetIncomeLossAttributableToNoncontrollingInterest
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
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CY2014Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
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CY2015Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
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CY2014Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
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us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
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us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
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CY2015Q3 us-gaap Noncontrolling Interest In Net Income Loss Other Noncontrolling Interests Redeemable
NoncontrollingInterestInNetIncomeLossOtherNoncontrollingInterestsRedeemable
1109000
CY2014Q3 us-gaap Noncontrolling Interest In Net Income Loss Other Noncontrolling Interests Redeemable
NoncontrollingInterestInNetIncomeLossOtherNoncontrollingInterestsRedeemable
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us-gaap Noncontrolling Interest In Net Income Loss Other Noncontrolling Interests Redeemable
NoncontrollingInterestInNetIncomeLossOtherNoncontrollingInterestsRedeemable
2948000
us-gaap Noncontrolling Interest In Net Income Loss Other Noncontrolling Interests Redeemable
NoncontrollingInterestInNetIncomeLossOtherNoncontrollingInterestsRedeemable
3238000
CY2015Q3 us-gaap Operating Income Loss
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OperatingIncomeLoss
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us-gaap Operating Income Loss
OperatingIncomeLoss
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us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2015Q3 us-gaap Other Assets Current
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CY2014Q4 us-gaap Other Assets Current
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CY2015Q3 us-gaap Other Assets Noncurrent
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CY2014Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
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CY2015Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
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CY2015Q3 us-gaap Other Operating Income Expense Net
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OtherOperatingIncomeExpenseNet
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us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
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us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
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us-gaap Payments Of Loan Costs
PaymentsOfLoanCosts
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us-gaap Payments Of Loan Costs
PaymentsOfLoanCosts
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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CY2014Q3 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
0
CY2015Q3 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
1000000
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
3402000
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
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CY2015Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2014Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
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CY2015Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
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CY2014Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
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CY2015Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2014Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2015Q3 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2014Q4 us-gaap Preferred Stock Value
PreferredStockValue
0
us-gaap Price Risk Cash Flow Hedge Gain Or Loss Reclassified To Earnings Net
PriceRiskCashFlowHedgeGainOrLossReclassifiedToEarningsNet
107000
us-gaap Price Risk Cash Flow Hedge Gain Or Loss Reclassified To Earnings Net
PriceRiskCashFlowHedgeGainOrLossReclassifiedToEarningsNet
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us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; text-indent: 0in; margin: 6pt 0.05in 6pt 0"><div style="display: inline; font-style: italic;">Reclassification</div></div><div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 2pt 0.05in 2pt 0">A reclassification has been made to historical financial data on our condensed consolidated statement of cash flows to conform to our current year presentation.</div></div></div></div>
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
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us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
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us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
us-gaap Proceeds From Lines Of Credit
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us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
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us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
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us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
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us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
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CY2015Q3 us-gaap Proceeds From Sale Of Land Held For Use
ProceedsFromSaleOfLandHeldForUse
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us-gaap Proceeds From Secured Lines Of Credit
ProceedsFromSecuredLinesOfCredit
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us-gaap Proceeds From Secured Lines Of Credit
ProceedsFromSecuredLinesOfCredit
CY2015Q3 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0
CY2015Q3 us-gaap Profit Loss
ProfitLoss
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ProfitLoss
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us-gaap Profit Loss
ProfitLoss
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us-gaap Profit Loss
ProfitLoss
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PropertyPlantAndEquipmentGross
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PropertyPlantAndEquipmentGross
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PropertyPlantAndEquipmentNet
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PropertyPlantAndEquipmentNet
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CY2014Q4 us-gaap Receivables Long Term Contracts Or Programs
ReceivablesLongTermContractsOrPrograms
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us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
147450000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
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CY2015Q2 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
100000
CY2015Q1 us-gaap Reporting Unit Percentage Of Fair Value In Excess Of Carrying Amount
ReportingUnitPercentageOfFairValueInExcessOfCarryingAmount
0.08
CY2015Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-91376000
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-72098000
us-gaap Revenue Recognition Percentage Of Completion Method
RevenueRecognitionPercentageOfCompletionMethod
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; text-indent: 0in; margin: 6pt 0.05in 6pt 0"><div style="display: inline; font-style: italic;">Revenue Recognition</div></div><div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 5pt 0 2pt">The Company is a general contractor which engages in various types of heavy civil construction projects principally for public (government) owners. Credit risk is minimal with public owners since the Company ascertains that funds have been appropriated by the governmental project owner prior to commencing work on such projects. While most public contracts are subject to termination at the election of the government entity, in the event of termination the Company is entitled to receive the contract price for completed work and reimbursement of termination-related costs. Credit risk with private owners is minimized because of statutory mechanic&#x2019;s liens, which give the Company high priority in the event of lien foreclosures following financial difficulties of private owners.</div><div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 5pt 0 2pt">Revenues are recognized on the percentage-of-completion method, measured by the ratio of costs incurred up to a given date to estimated total costs for each contract. This cost to cost measure is used because management considers it to be the best available measure of progress on these contracts. Contract costs include all direct material, labor, subcontract and other costs and those indirect costs related to contract performance, such as indirect salaries and wages, equipment repairs and depreciation, insurance and payroll taxes. Administrative and general expenses are charged to expense as incurred. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined. Changes in job performance, job conditions and estimated profitability, including those changes arising from contract penalty provisions and final contract settlements may result in revisions to costs and income and are recognized in the period in which the revisions are determined.</div><div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 5pt 0 2pt">Changes in estimated revenues and gross margin resulted in a net charge of $1.1 million and $12.3 million during the three months and nine months ended September 30, 2015, respectively, included in Operating income (loss), or $(0.06) and $(0.64) per diluted share attributable to Sterling common stockholders, respectively, included in Net income (loss) attributable to Sterling common stockholders. Changes in estimated revenues and gross margin resulted in a net loss of $4.5 million and a net gain of $0.4 million during the three months and nine months ended September 30, 2014, respectively, included in Operating income (loss), or $(0.24) and $0.02 per diluted share attributable to Sterling common stockholders, respectively, included in Net income (loss) attributable to Sterling common stockholders.</div><div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 5pt 0 2pt">Our contracts generally take 12 to 36 months to complete. The Company generally provides a one to two-year warranty for workmanship under its contracts when completed. Warranty claims historically have been insignificant.</div></div></div></div>
CY2015Q3 us-gaap Revenues
Revenues
176000000
CY2014Q3 us-gaap Revenues
Revenues
189275000
us-gaap Revenues
Revenues
471107000
us-gaap Revenues
Revenues
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us-gaap Share Based Compensation
ShareBasedCompensation
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us-gaap Share Based Compensation
ShareBasedCompensation
592000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
CY2015Q1 us-gaap Share Price
SharePrice
6.41
CY2015Q1 us-gaap Share Price
SharePrice
4.52
CY2015Q3 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Amount Noncurrent
SharesSubjectToMandatoryRedemptionSettlementTermsAmountNoncurrent
21778000
CY2014Q4 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Amount Noncurrent
SharesSubjectToMandatoryRedemptionSettlementTermsAmountNoncurrent
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us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
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CY2015Q3 us-gaap Stockholders Equity
StockholdersEquity
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CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2015Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
141148000
CY2015Q3 us-gaap Undistributed Earnings Of Domestic Subsidiaries
UndistributedEarningsOfDomesticSubsidiaries
6892000
CY2014Q4 us-gaap Undistributed Earnings Of Domestic Subsidiaries
UndistributedEarningsOfDomesticSubsidiaries
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us-gaap Use Of Estimates
UseOfEstimates
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; text-indent: 0in; margin: 6pt 0.05in 6pt 0"><div style="display: inline; font-style: italic;">Use of Estimates</div></div><div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 5pt 0 2pt">The preparation of the accompanying condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Certain of the Company&#x2019;s accounting policies require higher degrees of judgment than others in their application. These include the recognition of revenue and earnings from construction contracts under the percentage-of-completion method, the valuation of long-term assets (including goodwill), and income taxes. Management continually evaluates all of its estimates and judgments based on available information and experience; however, actual results could differ from these estimates.</div></div></div></div>
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19627674
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18809401
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19269123
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
17814332
CY2015Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
19628000
CY2014Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
18809000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
19269000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
17814000
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19627674
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18809401
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19269123
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
17814332

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