$STRL
STERLING INFRASTRUCTURE, INC.

2017 Q1 Form 10-Q Financial Statement

#000117184317002553 Filed on May 03, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q1
Revenue $153.4M $126.6M
YoY Change 21.21% 7.55%
Cost Of Revenue $144.1M $123.0M
YoY Change 17.16% -1.2%
Gross Profit $9.287M $3.548M
YoY Change 161.75% -151.9%
Gross Profit Margin 6.05% 2.8%
Selling, General & Admin $10.60M $10.50M
YoY Change 0.95% -9.48%
% of Gross Profit 114.14% 295.94%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.070M $4.162M
YoY Change -2.21% -2.62%
% of Gross Profit 43.82% 117.31%
Operating Expenses $11.10M $10.30M
YoY Change 7.77% 4.04%
Operating Profit -$1.788M -$6.466M
YoY Change -72.35% -61.23%
Interest Expense -$100.0K -$900.0K
YoY Change -88.89%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$1.859M -$7.336M
YoY Change -74.66% -56.06%
Income Tax $27.00K
% Of Pretax Income
Net Earnings -$1.886M -$7.328M
YoY Change -74.26% -56.87%
Net Earnings / Revenue -1.23% -5.79%
Basic Earnings Per Share -$0.09
Diluted Earnings Per Share -$0.09 -$368.7K
COMMON SHARES
Basic Shares Outstanding 25.02M shares 19.76M
Diluted Shares Outstanding 25.02M shares 19.76M

Balance Sheet

Concept 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $37.10M $14.90M
YoY Change 148.99% -13.37%
Cash & Equivalents $37.15M $14.92M
Short-Term Investments
Other Short-Term Assets $6.609M $4.627M
YoY Change 42.84% 2.82%
Inventory $3.757M $2.930M
Prepaid Expenses
Receivables $91.10M $94.80M
Other Receivables $7.900M $8.300M
Total Short-Term Assets $181.0M $153.7M
YoY Change 17.71% -2.26%
LONG-TERM ASSETS
Property, Plant & Equipment $65.82M $72.48M
YoY Change -9.19% -12.14%
Goodwill $54.82M $54.82M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.968M $2.968M
YoY Change 0.0% -52.89%
Total Long-Term Assets $123.6M $130.3M
YoY Change -5.11% -9.35%
TOTAL ASSETS
Total Short-Term Assets $181.0M $153.7M
Total Long-Term Assets $123.6M $130.3M
Total Assets $304.6M $284.0M
YoY Change 7.24% -5.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $71.45M $63.39M
YoY Change 12.71% -11.34%
Accrued Expenses $6.745M $4.572M
YoY Change 47.53% -47.45%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.939M $4.857M
YoY Change -39.49% 385.7%
Total Short-Term Liabilities $151.8M $121.4M
YoY Change 25.06% 0.97%
LONG-TERM LIABILITIES
Long-Term Debt $1.358M $27.27M
YoY Change -95.02% -18.59%
Other Long-Term Liabilities $44.60M $46.60M
YoY Change -4.29% 104.39%
Total Long-Term Liabilities $45.96M $73.84M
YoY Change -37.76% 31.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $151.8M $121.4M
Total Long-Term Liabilities $45.96M $73.84M
Total Liabilities $197.7M $195.2M
YoY Change 1.3% 5.92%
SHAREHOLDERS EQUITY
Retained Earnings -$104.0M -$99.83M
YoY Change 4.17%
Common Stock $251.0K $198.0K
YoY Change 26.77%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $105.8M $88.90M
YoY Change
Total Liabilities & Shareholders Equity $304.6M $284.0M
YoY Change 7.24% -5.65%

Cashflow Statement

Concept 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income -$1.886M -$7.328M
YoY Change -74.26% -56.87%
Depreciation, Depletion And Amortization $4.070M $4.162M
YoY Change -2.21% -2.62%
Cash From Operating Activities -$3.062M $840.0K
YoY Change -464.52% -128.54%
INVESTING ACTIVITIES
Capital Expenditures $1.825M $2.818M
YoY Change -35.24% 142.72%
Acquisitions
YoY Change
Other Investing Activities $600.0K $700.0K
YoY Change -14.29% -75.86%
Cash From Investing Activities -$1.237M -$2.103M
YoY Change -41.18% -223.49%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $1.333M $1.298M
YoY Change 2.7%
Cash From Financing Activities -$1.339M 11.76M
YoY Change -111.39% -366.76%
NET CHANGE
Cash From Operating Activities -$3.062M 840.0K
Cash From Investing Activities -$1.237M -2.103M
Cash From Financing Activities -$1.339M 11.76M
Net Change In Cash -$5.638M 10.49M
YoY Change -153.73% -285.82%
FREE CASH FLOW
Cash From Operating Activities -$3.062M $840.0K
Capital Expenditures $1.825M $2.818M
Free Cash Flow -$4.887M -$1.978M
YoY Change 147.07% -51.8%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2017Q1 strl Construction Backlog Attributable To Project Performed By Joint Ventures
ConstructionBacklogAttributableToProjectPerformedByJointVentures
47000000
CY2016Q1 strl Construction Backlog Attributable To Project Performed By Joint Ventures
ConstructionBacklogAttributableToProjectPerformedByJointVentures
53000000
CY2017Q1 strl Income Before Income Taxes And Earnings Attributable To Noncontrolling Interests
IncomeBeforeIncomeTaxesAndEarningsAttributableToNoncontrollingInterests
-1859000
CY2016Q1 strl Income Before Income Taxes And Earnings Attributable To Noncontrolling Interests
IncomeBeforeIncomeTaxesAndEarningsAttributableToNoncontrollingInterests
-7336000
CY2017Q1 strl Increase Decrease In Members Interest Subject To Mandatory Redemption And Undistributed Earnings
IncreaseDecreaseInMembersInterestSubjectToMandatoryRedemptionAndUndistributedEarnings
-1047000
CY2016Q1 strl Increase Decrease In Members Interest Subject To Mandatory Redemption And Undistributed Earnings
IncreaseDecreaseInMembersInterestSubjectToMandatoryRedemptionAndUndistributedEarnings
-4227000
CY2017Q1 strl Increase Decrease In Receivables From And Equity In Construction Joint Ventures
IncreaseDecreaseInReceivablesFromAndEquityInConstructionJointVentures
760000
CY2016Q1 strl Increase Decrease In Receivables From And Equity In Construction Joint Ventures
IncreaseDecreaseInReceivablesFromAndEquityInConstructionJointVentures
-4614000
CY2017Q1 strl Interest Expense And Accreted Interest
InterestExpenseAndAccretedInterest
112000
CY2016Q1 strl Interest Expense And Accreted Interest
InterestExpenseAndAccretedInterest
873000
CY2017Q1 strl Longterm Debt Current Maturities And Deferred Loan Costs
LongtermDebtCurrentMaturitiesAndDeferredLoanCosts
3541000
CY2016Q4 strl Longterm Debt Current Maturities And Deferred Loan Costs
LongtermDebtCurrentMaturitiesAndDeferredLoanCosts
4648000
CY2017Q1 strl Members Interest Subject To Mandatory Redemption
MembersInterestSubjectToMandatoryRedemption
40000000
CY2016Q4 strl Members Interest Subject To Mandatory Redemption
MembersInterestSubjectToMandatoryRedemption
40000000
CY2017Q1 strl Members Interest Subject To Mandatory Redemption And Undistributed Earnings
MembersInterestSubjectToMandatoryRedemptionAndUndistributedEarnings
44183000
CY2016Q4 strl Members Interest Subject To Mandatory Redemption And Undistributed Earnings
MembersInterestSubjectToMandatoryRedemptionAndUndistributedEarnings
45230000
CY2017Q1 strl Net Income Loss Including Portion Attributable To Noncontrolling Interest1
NetIncomeLossIncludingPortionAttributableToNoncontrollingInterest1
-1886000
CY2017Q1 strl Ownership Interest In Joint Venture
OwnershipInterestInJointVenture
0.5
CY2017Q1 strl Receivables From And Equity In Construction Joint Venture
ReceivablesFromAndEquityInConstructionJointVenture
7890000
CY2016Q4 strl Receivables From And Equity In Construction Joint Venture
ReceivablesFromAndEquityInConstructionJointVenture
7130000
CY2017Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-5638000
CY2016Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
10493000
CY2017Q1 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2016Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2017Q1 strl Undistributed Earnings Of Domestic Subsidiaries Net
UndistributedEarningsOfDomesticSubsidiariesNet
4183000
CY2016Q4 strl Undistributed Earnings Of Domestic Subsidiaries Net
UndistributedEarningsOfDomesticSubsidiariesNet
5230000
CY2017Q1 us-gaap Accounts Payable Current
AccountsPayableCurrent
71448000
CY2016Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
67097000
CY2017Q1 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
105000
CY2016Q4 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
78000
CY2017Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
6745000
CY2016Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
6150000
CY2017Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
95054000
CY2016Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
93146000
CY2017Q1 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
209555000
CY2016Q4 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
208922000
CY2017Q1 us-gaap Adjustments To Additional Paid In Capital Other
AdjustmentsToAdditionalPaidInCapitalOther
-6000
CY2017Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
600000
CY2016Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
400000
CY2017Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
500000
CY2016Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
300000
CY2017Q1 us-gaap Assets
Assets
304576000
CY2016Q4 us-gaap Assets
Assets
301823000
CY2017Q1 us-gaap Assets Current
AssetsCurrent
180967000
CY2016Q4 us-gaap Assets Current
AssetsCurrent
175908000
CY2017Q1 us-gaap Billings In Excess Of Cost Current
BillingsInExcessOfCostCurrent
62656000
CY2016Q4 us-gaap Billings In Excess Of Cost Current
BillingsInExcessOfCostCurrent
64100000
CY2016Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
42785000
CY2015Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
4426000
CY2017Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
37147000
CY2016Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
14919000
CY2017Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2016Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2017Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
28000000
CY2016Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
28000000
CY2017Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
25050501
CY2016Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
24987306
CY2017Q1 us-gaap Common Stock Value
CommonStockValue
251000
CY2016Q4 us-gaap Common Stock Value
CommonStockValue
250000
CY2017Q1 us-gaap Cost Of Goods Sold
CostOfGoodsSold
144129000
CY2016Q1 us-gaap Cost Of Goods Sold
CostOfGoodsSold
123019000
CY2017Q1 us-gaap Costs In Excess Of Billings On Uncompleted Contracts Or Programs Expected To Be Collected Within One Year
CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear
34475000
CY2016Q4 us-gaap Costs In Excess Of Billings On Uncompleted Contracts Or Programs Expected To Be Collected Within One Year
CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear
32705000
CY2017Q1 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
0
CY2016Q1 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
0
CY2017Q1 us-gaap Deferred Finance Costs Current Net
DeferredFinanceCostsCurrentNet
602000
CY2016Q4 us-gaap Deferred Finance Costs Current Net
DeferredFinanceCostsCurrentNet
803000
CY2017Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
4070000
CY2016Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
4162000
CY2017Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.09
CY2016Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.37
CY2017Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
7885000
CY2016Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
5322000
CY2017Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
1700000
CY2017Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y146D
CY2017Q1 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
358000
CY2016Q1 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
175000
CY2017Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
10604000
CY2016Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
10085000
CY2017Q1 us-gaap Goodwill
Goodwill
54820000
CY2016Q4 us-gaap Goodwill
Goodwill
54820000
CY2017Q1 us-gaap Gross Profit
GrossProfit
9287000
CY2016Q1 us-gaap Gross Profit
GrossProfit
3548000
CY2017Q1 us-gaap Income Loss Including Portion Attributable To Noncontrolling Interest
IncomeLossIncludingPortionAttributableToNoncontrollingInterest
-1886000
CY2016Q1 us-gaap Income Loss Including Portion Attributable To Noncontrolling Interest
IncomeLossIncludingPortionAttributableToNoncontrollingInterest
-7336000
CY2017Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
27000
CY2016Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
CY2017Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
CY2016Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
CY2017Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
4351000
CY2016Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
4429000
CY2017Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
3207000
CY2016Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
4123000
CY2017Q1 us-gaap Increase Decrease In Billing In Excess Of Cost Of Earnings
IncreaseDecreaseInBillingInExcessOfCostOfEarnings
-1444000
CY2016Q1 us-gaap Increase Decrease In Billing In Excess Of Cost Of Earnings
IncreaseDecreaseInBillingInExcessOfCostOfEarnings
8527000
CY2017Q1 us-gaap Increase Decrease In Contract Receivables Net
IncreaseDecreaseInContractReceivablesNet
6957000
CY2016Q1 us-gaap Increase Decrease In Contract Receivables Net
IncreaseDecreaseInContractReceivablesNet
12646000
CY2017Q1 us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
0
CY2017Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
49000
CY2016Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
395000
CY2017Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1059000
CY2016Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-297000
CY2017Q1 us-gaap Increase Decrease In Unbilled Receivables
IncreaseDecreaseInUnbilledReceivables
1770000
CY2016Q1 us-gaap Increase Decrease In Unbilled Receivables
IncreaseDecreaseInUnbilledReceivables
1283000
CY2017Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
100000
CY2016Q1 us-gaap Interest Paid
InterestPaid
820000
CY2017Q1 us-gaap Inventory Net
InventoryNet
3757000
CY2016Q4 us-gaap Inventory Net
InventoryNet
3708000
CY2016Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
900000
CY2017Q1 us-gaap Interest Income Other
InterestIncomeOther
41000
CY2016Q1 us-gaap Interest Income Other
InterestIncomeOther
3000
CY2017Q1 us-gaap Interest Paid
InterestPaid
113000
CY2017Q1 us-gaap Liabilities Current
LiabilitiesCurrent
151778000
CY2016Q4 us-gaap Liabilities Current
LiabilitiesCurrent
146592000
CY2017Q1 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
45960000
CY2017Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
304576000
CY2016Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
301823000
CY2016Q4 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
47141000
CY2017Q1 us-gaap Liabilities Other Than Longterm Debt Noncurrent
LiabilitiesOtherThanLongtermDebtNoncurrent
419000
CY2016Q4 us-gaap Liabilities Other Than Longterm Debt Noncurrent
LiabilitiesOtherThanLongtermDebtNoncurrent
362000
CY2017Q1 us-gaap Long Term Debt
LongTermDebt
4297000
CY2016Q4 us-gaap Long Term Debt
LongTermDebt
5394000
CY2017Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
2939000
CY2016Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
3845000
CY2017Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1358000
CY2016Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1549000
CY2017Q1 us-gaap Minority Interest
MinorityInterest
1027000
CY2016Q4 us-gaap Minority Interest
MinorityInterest
656000
CY2017Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-1339000
CY2016Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
11756000
CY2017Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-1237000
CY2016Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-1753000
CY2017Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-3062000
CY2016Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
490000
CY2017Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
371000
CY2016Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-8000
CY2017Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-2257000
CY2016Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-7328000
CY2017Q1 us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
70000
CY2016Q1 us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
81000
CY2017Q1 us-gaap Noncontrolling Interest In Net Income Loss Other Noncontrolling Interests Redeemable
NoncontrollingInterestInNetIncomeLossOtherNoncontrollingInterestsRedeemable
371000
CY2016Q1 us-gaap Noncontrolling Interest In Net Income Loss Other Noncontrolling Interests Redeemable
NoncontrollingInterestInNetIncomeLossOtherNoncontrollingInterestsRedeemable
-8000
CY2017Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-1788000
CY2016Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-6466000
CY2017Q1 us-gaap Other Assets Current
OtherAssetsCurrent
6609000
CY2016Q4 us-gaap Other Assets Current
OtherAssetsCurrent
5448000
CY2017Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
2968000
CY2016Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
2968000
CY2017Q1 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-471000
CY2016Q1 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
71000
CY2017Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1825000
CY2016Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2818000
CY2017Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2016Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2017Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2016Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2017Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2016Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2017Q1 us-gaap Preferred Stock Value
PreferredStockValue
CY2016Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2017Q1 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: 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 in our condensed consolidated financial statements to conform to our current year presentation.</div></div></div></div>
CY2017Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-6000
CY2016Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-46000
CY2017Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
588000
CY2016Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
1065000
CY2017Q1 us-gaap Proceeds From Secured Lines Of Credit
ProceedsFromSecuredLinesOfCredit
CY2016Q1 us-gaap Proceeds From Secured Lines Of Credit
ProceedsFromSecuredLinesOfCredit
14000000
CY2017Q1 us-gaap Profit Loss
ProfitLoss
-1886000
CY2016Q1 us-gaap Profit Loss
ProfitLoss
-7336000
CY2017Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
160875000
CY2016Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
161273000
CY2017Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
65821000
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
68127000
CY2017Q1 us-gaap Receivables Long Term Contracts Or Programs
ReceivablesLongTermContractsOrPrograms
91089000
CY2016Q4 us-gaap Receivables Long Term Contracts Or Programs
ReceivablesLongTermContractsOrPrograms
84132000
CY2017Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1333000
CY2016Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1298000
CY2017Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
CY2016Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
900000
CY2017Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-103995000
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-101738000
CY2017Q1 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: 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"></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 0pt 0">Our heavy civil construction contracts generally take <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">36</div> months to complete. The Company generally provides a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div>-year warranty for workmanship under its contracts when completed. Warranty claims historically have been insignificant.</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 0pt 0"></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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may</div> 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"></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 gain of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.8</div> million and a net charge of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.2</div> million during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> respectively, included in &#x201c;operating 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: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 0pt 0">Change orders are modifications of an original contract that effectively change the existing provisions of the contract without adding new provisions or terms. Change orders <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may</div> include changes in specifications or designs, manner of performance, facilities, equipment, materials, sites and period of completion of the work. Either we or our customers <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may</div> initiate change orders.</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"></div> <!-- Field: Page; Sequence: 8; Value: 1 --> <!-- Field: /Page --> <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">The Company considers unapproved change orders to be contract variations for which we have customer approval for a change of scope but a price change associated with the scope change has not yet been agreed upon. Costs associated with unapproved change orders are included in the estimated costs to complete the contracts and are treated as project costs as incurred. The Company recognizes revenue equal to costs incurred on unapproved change orders when realization of price approval is probable. Unapproved change orders involve the use of estimates, and it is reasonably possible that revisions to the estimated costs and recoverable amounts <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may</div> be required in future reporting periods to reflect changes in estimates or final agreements with customers. Change orders that are unapproved as to both price and scope are evaluated as claims.</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">The Company considers claims to be amounts in excess of agreed contract prices that we seek to collect from our customers or others for customer-caused delays, errors in specifications and designs, contract terminations, change orders that are either in dispute or are unapproved as to both scope and price, or other causes of unanticipated additional contract costs. Claims are included in the calculation of revenue when realization is probable and amounts can be reliably determined to the extent costs are incurred. To support these requirements, the existence of the following items must be satisfied: <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.</div> The contract or other evidence provides a legal basis for the claim; or a legal opinion has been obtained, stating that under the circumstances there is a reasonable basis to support the claim; <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.</div> Additional costs are caused by circumstances that were unforeseen at the contract date and are not the result of deficiencies in the contractor&#x2019;s performance; <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.</div> Costs associated with the claim are identifiable or otherwise determinable and are reasonable in view of the work performed; and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.</div> The evidence supporting the claim is objective and verifiable, not based on management&#x2019;s feel for the situation or on unsupported representations. 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, which in some instances <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may</div> not occur until after completion of work under the contract. Costs associated with claims are included in the estimated costs to complete the contracts and are treated as project costs when incurred.&nbsp;</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 has projects where we are in the process of negotiating, or awaiting final approval of, unapproved change orders and claims with our customers. The Company is proceeding with its contractual rights to recoup additional costs incurred from its customers based on completing work associated with change orders with pending change order pricing or claims related to significant changes in scope which resulted in substantial delays and additional costs in completing the work. Unapproved change order and claim information has been provided to our customers and negotiations with the customers are ongoing. If additional progress with an acceptable resolution is not reached, legal action will be taken.</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">Based upon our review of the provisions of our contracts, specific costs incurred and other related evidence supporting the unapproved change orders, claims and our entitled unpaid project price, together with the views of the Company&#x2019;s outside claim consultants, we concluded that including the unapproved change order, claim and entitled unpaid project price amounts of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.4</div> million, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$10.3</div></div> million and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3.9</div> million, respectively, at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.2</div> million, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$9.2</div></div> million and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3.9</div> million, respectively, at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> in &#x201c;Costs and estimated earnings in excess of billings on uncompleted contracts&#x201d; on our condensed consolidated balance sheets was in accordance with GAAP. We expect these matters will be resolved without a material adverse effect on our financial statements. However, unapproved change order and claim amounts are subject to negotiations which <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may</div> 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: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 0pt 0">&nbsp;</div></div></div></div></div>
CY2017Q1 us-gaap Revenues
Revenues
153416000
CY2016Q1 us-gaap Revenues
Revenues
126567000
CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
640000
CY2016Q1 us-gaap Share Based Compensation
ShareBasedCompensation
400000
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
500000
CY2017Q1 us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
640000
CY2017Q1 us-gaap Stockholders Equity
StockholdersEquity
105811000
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
107434000
CY2017Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
106838000
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
108090000
CY2017Q1 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: 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>
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
25022000
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19760000
CY2017Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
25022000
CY2016Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
19760000
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
25022000
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19760000

Files In Submission

Name View Source Status
0001171843-17-002553-index-headers.html Edgar Link pending
0001171843-17-002553-index.html Edgar Link pending
0001171843-17-002553.txt Edgar Link pending
0001171843-17-002553-xbrl.zip Edgar Link pending
exh_10.htm Edgar Link pending
exh_311.htm Edgar Link pending
exh_312.htm Edgar Link pending
exh_32.htm Edgar Link pending
exh_41.htm Edgar Link pending
f10q_050317p.htm Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xlsx Edgar Link pending
R1.htm Edgar Link pending
R10.htm Edgar Link pending
R11.htm Edgar Link pending
R12.htm Edgar Link pending
R13.htm Edgar Link pending
R14.htm Edgar Link pending
R15.htm Edgar Link pending
R16.htm Edgar Link pending
R17.htm Edgar Link pending
R18.htm Edgar Link pending
R19.htm Edgar Link pending
R2.htm Edgar Link pending
R20.htm Edgar Link pending
R21.htm Edgar Link pending
R22.htm Edgar Link pending
R23.htm Edgar Link pending
R24.htm Edgar Link pending
R25.htm Edgar Link pending
R26.htm Edgar Link pending
R27.htm Edgar Link pending
R28.htm Edgar Link pending
R29.htm Edgar Link pending
R3.htm Edgar Link pending
R30.htm Edgar Link pending
R31.htm Edgar Link pending
R32.htm Edgar Link pending
R33.htm Edgar Link pending
R34.htm Edgar Link pending
R35.htm Edgar Link pending
R36.htm Edgar Link pending
R37.htm Edgar Link pending
R38.htm Edgar Link pending
R39.htm Edgar Link pending
R4.htm Edgar Link pending
R40.htm Edgar Link pending
R41.htm Edgar Link pending
R42.htm Edgar Link pending
R43.htm Edgar Link pending
R44.htm Edgar Link pending
R45.htm Edgar Link pending
R46.htm Edgar Link pending
R47.htm Edgar Link pending
R5.htm Edgar Link pending
R6.htm Edgar Link pending
R7.htm Edgar Link pending
R8.htm Edgar Link pending
R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending
strl-20170331.xml Edgar Link completed
strl-20170331.xsd Edgar Link pending
strl-20170331_cal.xml Edgar Link unprocessable
strl-20170331_def.xml Edgar Link unprocessable
strl-20170331_lab.xml Edgar Link unprocessable
strl-20170331_pre.xml Edgar Link unprocessable