$STRL
STERLING INFRASTRUCTURE, INC.

2016 Q1 Form 10-Q Financial Statement

#000117184316009576 Filed on May 02, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $126.6M $117.7M
YoY Change 7.55% -12.53%
Cost Of Revenue $123.0M $124.5M
YoY Change -1.2% -1.72%
Gross Profit $3.548M -$6.836M
YoY Change -151.9% -186.87%
Gross Profit Margin 2.8% -5.81%
Selling, General & Admin $10.50M $11.60M
YoY Change -9.48% 36.47%
% of Gross Profit 295.94%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.162M $4.274M
YoY Change -2.62% -7.09%
% of Gross Profit 117.31%
Operating Expenses $10.30M $9.900M
YoY Change 4.04% 33.78%
Operating Profit -$6.466M -$16.68M
YoY Change -61.23% -3656.08%
Interest Expense -$900.0K $0.00
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$7.336M -$16.70M
YoY Change -56.06% -3578.54%
Income Tax $3.000K
% Of Pretax Income
Net Earnings -$7.328M -$16.99M
YoY Change -56.87% -8388.78%
Net Earnings / Revenue -5.79% -14.44%
Basic Earnings Per Share
Diluted Earnings Per Share -$368.7K -$899.5K
COMMON SHARES
Basic Shares Outstanding 19.76M 18.90M
Diluted Shares Outstanding 19.76M

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $14.90M $17.20M
YoY Change -13.37% 1223.08%
Cash & Equivalents $14.92M $17.20M
Short-Term Investments
Other Short-Term Assets $4.627M $4.500M
YoY Change 2.82% -60.87%
Inventory $2.930M $31.30M
Prepaid Expenses
Receivables $94.80M $94.60M
Other Receivables $8.300M $9.700M
Total Short-Term Assets $153.7M $157.3M
YoY Change -2.26% 23.76%
LONG-TERM ASSETS
Property, Plant & Equipment $72.48M $82.50M
YoY Change -12.14% -7.72%
Goodwill $54.82M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.968M $6.300M
YoY Change -52.89% -33.68%
Total Long-Term Assets $130.3M $143.7M
YoY Change -9.35% -6.51%
TOTAL ASSETS
Total Short-Term Assets $153.7M $157.3M
Total Long-Term Assets $130.3M $143.7M
Total Assets $284.0M $301.0M
YoY Change -5.65% 7.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $63.39M $71.50M
YoY Change -11.34% 15.32%
Accrued Expenses $4.572M $8.700M
YoY Change -47.45% 27.94%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $4.857M $1.000M
YoY Change 385.7% 400.0%
Total Short-Term Liabilities $121.4M $120.2M
YoY Change 0.97% 17.84%
LONG-TERM LIABILITIES
Long-Term Debt $27.27M $33.50M
YoY Change -18.59% 58.77%
Other Long-Term Liabilities $46.60M $22.80M
YoY Change 104.39% -9.88%
Total Long-Term Liabilities $73.84M $56.30M
YoY Change 31.15% 21.34%
TOTAL LIABILITIES
Total Short-Term Liabilities $121.4M $120.2M
Total Long-Term Liabilities $73.84M $56.30M
Total Liabilities $195.2M $184.3M
YoY Change 5.92% 21.57%
SHAREHOLDERS EQUITY
Retained Earnings -$99.83M
YoY Change
Common Stock $198.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $88.90M $116.7M
YoY Change
Total Liabilities & Shareholders Equity $284.0M $301.0M
YoY Change -5.65% 7.19%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income -$7.328M -$16.99M
YoY Change -56.87% -8388.78%
Depreciation, Depletion And Amortization $4.162M $4.274M
YoY Change -2.62% -7.09%
Cash From Operating Activities $840.0K -$2.943M
YoY Change -128.54% -75.88%
INVESTING ACTIVITIES
Capital Expenditures $2.818M $1.161M
YoY Change 142.72% -150.48%
Acquisitions
YoY Change
Other Investing Activities $700.0K $2.900M
YoY Change -75.86% 26.09%
Cash From Investing Activities -$2.103M $1.703M
YoY Change -223.49%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $1.298M
YoY Change
Cash From Financing Activities 11.76M -4.407M
YoY Change -366.76% -137.99%
NET CHANGE
Cash From Operating Activities 840.0K -2.943M
Cash From Investing Activities -2.103M 1.703M
Cash From Financing Activities 11.76M -4.407M
Net Change In Cash 10.49M -5.647M
YoY Change -285.82% 841.17%
FREE CASH FLOW
Cash From Operating Activities $840.0K -$2.943M
Capital Expenditures $2.818M $1.161M
Free Cash Flow -$1.978M -$4.104M
YoY Change -51.8% -58.55%

Facts In Submission

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CY2016Q1 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="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="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0.05in 0pt 0"><div style="display: inline; font-style: italic;">Reclassification</div></div><div style=" font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0.05in 0pt 0">&nbsp;</div><div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 0pt 0.05in 0pt 0">Reclassifications have been made to historical financial data on our condensed consolidated financial statements to conform to our current year presentation.</div></div></div></div></div></div></div></div>
CY2016Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
CY2015Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
65840000
CY2016Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-46000
CY2015Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-575000
CY2016Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
715000
CY2015Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
2864000
CY2016Q1 us-gaap Proceeds From Secured Lines Of Credit
ProceedsFromSecuredLinesOfCredit
14000000
CY2015Q1 us-gaap Proceeds From Secured Lines Of Credit
ProceedsFromSecuredLinesOfCredit
CY2016Q1 us-gaap Profit Loss
ProfitLoss
-7336000
CY2015Q1 us-gaap Profit Loss
ProfitLoss
-16700000
CY2015Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
153787000
CY2016Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
72481000
CY2016Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
158536000
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
73475000
CY2016Q1 us-gaap Receivables Long Term Contracts Or Programs
ReceivablesLongTermContractsOrPrograms
94758000
CY2015Q4 us-gaap Receivables Long Term Contracts Or Programs
ReceivablesLongTermContractsOrPrograms
82112000
CY2016Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
CY2015Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
69672000
CY2016Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1298000
CY2015Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
CY2016Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
900000
CY2015Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
CY2016Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-99828000
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-92500000
CY2016Q1 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="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="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0.05in 0pt 0"><div style="display: inline; font-style: italic;">Revenue Recognition</div></div><div style=" font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0.05in 0pt 0">&nbsp;</div><div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 0pt 0">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 mechanics 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: 0pt 0">&nbsp;</div><div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 0pt 0">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: 0pt 0">&nbsp;</div><div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 0pt 0">Changes in estimated revenues and gross margin resulted in a net charge of $1.2 million and 12.0 million during the three months ended March 31, 2016, and 15, respectively, in operating loss<div style="display: inline; color: red">.</div></div><div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 0pt 0">&nbsp;</div><div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 0pt 0">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></div></div></div></div>
CY2016Q1 us-gaap Revenues
Revenues
126567000
CY2015Q1 us-gaap Revenues
Revenues
117682000
CY2016Q1 us-gaap Share Based Compensation
ShareBasedCompensation
400000
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
158000
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
800000
CY2016Q1 us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
400000
CY2016Q1 us-gaap Stockholders Equity
StockholdersEquity
88904000
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
95845000
CY2016Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
88805000
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
95754000
CY2016Q1 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="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="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0.05in 0pt 0"><div style="display: inline; font-style: italic;">Use of Estimates</div></div><div style=" font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0.05in 0pt 0">&nbsp;</div><div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 0pt 0">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></div></div></div></div>
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
CY2016Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
19760221
CY2015Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
18901739
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19760000
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18902000

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