$STRL
STERLING INFRASTRUCTURE, INC.

2016 Q2 Form 10-Q Financial Statement

#000117184316011379 Filed on August 01, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $189.6M $177.4M
YoY Change 6.85% -8.92%
Cost Of Revenue $174.0M $168.3M
YoY Change 3.4% -7.67%
Gross Profit $15.54M $9.111M
YoY Change 70.6% -27.11%
Gross Profit Margin 8.2% 5.14%
Selling, General & Admin $8.700M $9.600M
YoY Change -9.38% 1.05%
% of Gross Profit 55.97% 105.37%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.900M $4.100M
YoY Change -4.88% -10.87%
% of Gross Profit 25.09% 45.0%
Operating Expenses $12.20M $9.300M
YoY Change 31.18% -7.0%
Operating Profit $3.381M -$162.0K
YoY Change -2187.04% -106.48%
Interest Expense -$800.0K -$600.0K
YoY Change 33.33% 500.0%
% of Operating Profit -23.66%
Other Income/Expense, Net
YoY Change
Pretax Income $2.570M -$967.0K
YoY Change -365.77% -139.1%
Income Tax $27.00K $28.00K
% Of Pretax Income 1.05%
Net Earnings $2.023M -$2.542M
YoY Change -179.58% -311.83%
Net Earnings / Revenue 1.07% -1.43%
Basic Earnings Per Share $0.09
Diluted Earnings Per Share $0.09 -$129.5K
COMMON SHARES
Basic Shares Outstanding 22.76M 19.27M
Diluted Shares Outstanding 22.96M 19.27M

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $42.60M $14.30M
YoY Change 197.9% 0.0%
Cash & Equivalents $42.64M $14.34M
Short-Term Investments
Other Short-Term Assets $5.428M $5.700M
YoY Change -4.77% -51.69%
Inventory $3.725M $31.30M
Prepaid Expenses
Receivables $106.6M $100.6M
Other Receivables $7.400M $10.80M
Total Short-Term Assets $201.1M $162.7M
YoY Change 23.63% -8.08%
LONG-TERM ASSETS
Property, Plant & Equipment $72.04M $80.80M
YoY Change -10.85% -9.11%
Goodwill $54.82M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.968M $9.000M
YoY Change -67.02% 1.12%
Total Long-Term Assets $129.8M $144.6M
YoY Change -10.22% -5.3%
TOTAL ASSETS
Total Short-Term Assets $201.1M $162.7M
Total Long-Term Assets $129.8M $144.6M
Total Assets $331.0M $307.3M
YoY Change 7.7% -6.79%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $79.85M $75.80M
YoY Change 5.35% -15.96%
Accrued Expenses $4.869M $10.30M
YoY Change -52.73% 15.73%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $4.854M $5.000M
YoY Change -2.92% 900.0%
Total Short-Term Liabilities $157.4M $131.5M
YoY Change 19.67% -3.24%
LONG-TERM LIABILITIES
Long-Term Debt $13.04M $33.30M
YoY Change -60.83% 69.9%
Other Long-Term Liabilities $49.60M $21.10M
YoY Change 135.07% -15.94%
Total Long-Term Liabilities $62.69M $54.40M
YoY Change 15.24% 21.7%
TOTAL LIABILITIES
Total Short-Term Liabilities $157.4M $131.5M
Total Long-Term Liabilities $62.69M $54.40M
Total Liabilities $220.1M $192.8M
YoY Change 14.14% 4.22%
SHAREHOLDERS EQUITY
Retained Earnings -$97.81M
YoY Change
Common Stock $250.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $110.5M $114.5M
YoY Change
Total Liabilities & Shareholders Equity $331.0M $307.3M
YoY Change 7.7% -6.79%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income $2.023M -$2.542M
YoY Change -179.58% -311.83%
Depreciation, Depletion And Amortization $3.900M $4.100M
YoY Change -4.88% -10.87%
Cash From Operating Activities $25.90M -$700.0K
YoY Change -3800.0% -118.92%
INVESTING ACTIVITIES
Capital Expenditures -$3.300M -$2.100M
YoY Change 57.14% -52.27%
Acquisitions
YoY Change
Other Investing Activities $700.0K -$2.600M
YoY Change -126.92% -230.0%
Cash From Investing Activities -$2.600M -$4.600M
YoY Change -43.48% 91.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.400M 2.500M
YoY Change 76.0% -78.63%
NET CHANGE
Cash From Operating Activities 25.90M -700.0K
Cash From Investing Activities -2.600M -4.600M
Cash From Financing Activities 4.400M 2.500M
Net Change In Cash 27.70M -2.800M
YoY Change -1089.29% -121.54%
FREE CASH FLOW
Cash From Operating Activities $25.90M -$700.0K
Capital Expenditures -$3.300M -$2.100M
Free Cash Flow $29.20M $1.400M
YoY Change 1985.71% -82.72%

Facts In Submission

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CY2016Q2 us-gaap Notes Payable
NotesPayable
3303000
CY2015Q4 us-gaap Notes Payable
NotesPayable
3342000
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
3381000
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-162000
us-gaap Operating Income Loss
OperatingIncomeLoss
-3085000
us-gaap Operating Income Loss
OperatingIncomeLoss
-16840000
CY2016Q2 us-gaap Other Assets Current
OtherAssetsCurrent
5428000
CY2015Q4 us-gaap Other Assets Current
OtherAssetsCurrent
6013000
CY2016Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
2968000
CY2015Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
2949000
CY2016Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
CY2015Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
8000
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
CY2016Q2 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-3604000
CY2015Q2 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
325000
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-3358000
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
2086000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
6070000
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
2451000
CY2016Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2015Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2016Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2015Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2016Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2015Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2016Q2 us-gaap Preferred Stock Value
PreferredStockValue
CY2015Q4 us-gaap Preferred Stock Value
PreferredStockValue
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="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-top: 0pt; margin-bottom: 0pt; margin-left: 0"><div style="display: inline; font-style: italic;">Reclassification</div></div><div style=" font-size: 10pt; text-align: justify; text-indent: 0in; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</div><div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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></div></div></div>
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
19144000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
20000000
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
110378000
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-46000
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
558000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
1394000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
3278000
us-gaap Proceeds From Secured Lines Of Credit
ProceedsFromSecuredLinesOfCredit
19000000
us-gaap Proceeds From Secured Lines Of Credit
ProceedsFromSecuredLinesOfCredit
14550000
CY2016Q2 us-gaap Profit Loss
ProfitLoss
2543000
CY2015Q2 us-gaap Profit Loss
ProfitLoss
-995000
us-gaap Profit Loss
ProfitLoss
-4793000
us-gaap Profit Loss
ProfitLoss
-17695000
CY2016Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
160999000
CY2015Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
153787000
CY2016Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
72035000
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
73475000
CY2016Q2 us-gaap Receivables Long Term Contracts Or Programs
ReceivablesLongTermContractsOrPrograms
106595000
CY2015Q4 us-gaap Receivables Long Term Contracts Or Programs
ReceivablesLongTermContractsOrPrograms
82112000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
144979000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
2948000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
19000000
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
CY2016Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-97805000
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-92500000
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="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-top: 0pt; margin-bottom: 0pt; margin-left: 0"><div style="display: inline; font-style: italic;">Revenue Recognition</div></div><div style=" font-size: 10pt; text-align: justify; text-indent: 0in; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</div><div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</div><div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</div><div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Changes in estimated revenues and gross margin resulted in a net gain of $0.7 million and a net charge of $0.5 million during the three months and six months ended June 30, 2016, respectively, included in &#x201c;operating income (loss)&#x201d; on the condensed consolidated statements of operations<div style="display: inline; color: red">.</div> Changes in estimated revenues and gross margin resulted in a net gain of $0.9 million and a net charge of $11.2 million during the three months and six months ended June 30, 2015, respectively, included in &#x201c;operating income (loss)&#x201d; on the condensed consolidated statements of operations<div style="display: inline; color: red">.</div></div><div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</div><div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Claims are included in the calculation of revenue when realization is probable and amounts can be reliably determined to the extent costs are incurred. Revenue in excess of contract costs incurred on claims is recognized when an agreement is reached with customers as to the value of the claims. We have a Texas project where we are in the process of negotiating a claim. If negotiations are not successful, we intend to pursue legal avenues to resolve this claim. The claim is primarily related to a change in project timeline due to customer caused delays. The project began late in 2011 and was substantially completed in 2015. We believe it will be resolved without a material adverse effect on our financial statements. However, claim amounts are subject to negotiations which may cause actual results to differ materially from estimated and recorded amounts.</div><div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</div><div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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></div></div></div>
CY2016Q2 us-gaap Revenues
Revenues
189582000
CY2015Q2 us-gaap Revenues
Revenues
177425000
us-gaap Revenues
Revenues
316149000
us-gaap Revenues
Revenues
295107000
us-gaap Share Based Compensation
ShareBasedCompensation
805000
us-gaap Share Based Compensation
ShareBasedCompensation
489000
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
800000
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
19144000
us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
805000
CY2016Q2 us-gaap Stockholders Equity
StockholdersEquity
110476000
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
95845000
CY2016Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
110897000
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
95754000
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="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-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</div><div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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></div></div></div>
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
22958551
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19269977
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21260946
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19040870
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22761671
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19269977
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
21260946
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19040870

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