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10-Q Filing

STERLING INFRASTRUCTURE, INC. CIK: 874238 Q1 2013
Filing Information
Form Type 10-Q
Accession Number 0001171843-13-001961
Period End Date 20130331
Filing Date 20130510
Fiscal Year 2013
Fiscal Period Q1
XBRL Instance strl-20130331.xml
Balance Sheet 78 line items
Line Item Tag Value Unit Period
Preferred stock par value (in Dollars per share) PreferredStockParOrStatedValuePerShare $0.01 USD Point-in-time
Preferred stock par value (in Dollars per share) PreferredStockParOrStatedValuePerShare $0.01 USD Point-in-time
Preferred stock, shares authorized (in Shares) PreferredStockSharesAuthorized 1.00M shares Point-in-time
Preferred stock, shares authorized (in Shares) PreferredStockSharesAuthorized 1.00M shares Point-in-time
Cash and cash equivalents Cash $3.14M USD Point-in-time
Preferred stock, shares issued (in Shares) PreferredStockSharesIssued 0.00 shares Point-in-time
Cash and cash equivalents Cash $4.15M USD Point-in-time
Preferred stock, shares issued (in Shares) PreferredStockSharesIssued 0.00 shares Point-in-time
Short-term investments ShortTermInvestments $21.56M USD Point-in-time
Common stock par value (in Dollars per share) CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Common stock par value (in Dollars per share) CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Short-term investments ShortTermInvestments $49.21M USD Point-in-time
Contracts receivable, including retainage ReceivablesLongTermContractsOrPrograms $70.81M USD Point-in-time
Common stock, shares authorized (in Shares) CommonStockSharesAuthorized 19.00M shares Point-in-time
Contracts receivable, including retainage ReceivablesLongTermContractsOrPrograms $64.39M USD Point-in-time
Common stock, shares authorized (in Shares) CommonStockSharesAuthorized 19.00M shares Point-in-time
Costs and estimated earnings in excess of billings on uncompleted contracts CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear $20.59M USD Point-in-time
Common stock, shares issued (in Shares) CommonStockSharesIssued 16.50M shares Point-in-time
Costs and estimated earnings in excess of billings on uncompleted contracts CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear $34.33M USD Point-in-time
Common stock, shares issued (in Shares) CommonStockSharesIssued 16.61M shares Point-in-time
Inventories InventoryNet $3.73M USD Point-in-time
Inventories InventoryNet $5.38M USD Point-in-time
Deferred tax asset, net DeferredTaxAssetsNetCurrent $1.80M USD Point-in-time
Deferred tax asset, net DeferredTaxAssetsNetCurrent $1.79M USD Point-in-time
Receivables from and equity in construction joint ventures ReceivablesFromAndEquityInConstructionJointVenture $11.01M USD Point-in-time
Receivables from and equity in construction joint ventures ReceivablesFromAndEquityInConstructionJointVenture $9.45M USD Point-in-time
Other current assets OtherAssetsCurrent $4.46M USD Point-in-time
Other current assets OtherAssetsCurrent $8.19M USD Point-in-time
Total current assets AssetsCurrent $164.76M USD Point-in-time
Total current assets AssetsCurrent $149.24M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $102.31M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $101.90M USD Point-in-time
Goodwill Goodwill $54.82M USD Point-in-time
Goodwill Goodwill $54.82M USD Point-in-time
Long-term deferred tax asset, net DeferredTaxAssetsNetNoncurrent $2.97M USD Point-in-time
Long-term deferred tax asset, net DeferredTaxAssetsNetNoncurrent $4.36M USD Point-in-time
Other assets, net OtherAssetsNoncurrent $5.83M USD Point-in-time
Other assets, net OtherAssetsNoncurrent $6.65M USD Point-in-time
Total assets Assets $316.15M USD Point-in-time
Total assets Assets $331.51M USD Point-in-time
Accounts payable AccountsPayableCurrent $47.80M USD Point-in-time
Accounts payable AccountsPayableCurrent $54.05M USD Point-in-time
Billings in excess of costs and estimated earnings on uncompleted contracts BillingsInExcessOfCost $18.92M USD Point-in-time
Billings in excess of costs and estimated earnings on uncompleted contracts BillingsInExcessOfCost $12.87M USD Point-in-time
Current maturities of long-term debt LongTermDebtCurrent $207.00K USD Point-in-time
Current maturities of long-term debt LongTermDebtCurrent $73.00K USD Point-in-time
Accrued compensation EmployeeRelatedLiabilitiesCurrent $4.91M USD Point-in-time
Accrued compensation EmployeeRelatedLiabilitiesCurrent $4.95M USD Point-in-time
Current obligation for noncontrolling owners interest in subsidiaries and joint ventures OtherMinorityInterests $2.89M USD Point-in-time
Current obligation for noncontrolling owners interest in subsidiaries and joint ventures OtherMinorityInterests $3.35M USD Point-in-time
Other current liabilities AccruedLiabilitiesCurrent $2.70M USD Point-in-time
Other current liabilities AccruedLiabilitiesCurrent $2.69M USD Point-in-time
Total current liabilities LiabilitiesCurrent $77.27M USD Point-in-time
Total current liabilities LiabilitiesCurrent $78.12M USD Point-in-time
Long-term debt, net of current maturities LongTermDebtNoncurrent $11.89M USD Point-in-time
Long-term debt, net of current maturities LongTermDebtNoncurrent $24.20M USD Point-in-time
Other long-term liabilities LiabilitiesOtherThanLongtermDebtNoncurrent $2.62M USD Point-in-time
Other long-term liabilities LiabilitiesOtherThanLongtermDebtNoncurrent $2.73M USD Point-in-time
Total long-term liabilities LiabilitiesNoncurrent $26.93M USD Point-in-time
Total long-term liabilities LiabilitiesNoncurrent $14.52M USD Point-in-time
Obligations for noncontrolling owners interests in subsidiaries and joint ventures ObligationForNoncontrollingOwnersInterestInSubsidiariesAndJointVentures $14.72M USD Point-in-time
Obligations for noncontrolling owners interests in subsidiaries and joint ventures ObligationForNoncontrollingOwnersInterestInSubsidiariesAndJointVentures $17.16M USD Point-in-time
Common stock, par value $0.01 per share; 19,000,000 shares authorized, 16,612,254 and 16,495,216 shares issued CommonStockValue $166.00K USD Point-in-time
Common stock, par value $0.01 per share; 19,000,000 shares authorized, 16,612,254 and 16,495,216 shares issued CommonStockValue $165.00K USD Point-in-time
Additional paid in capital AdditionalPaidInCapital $197.35M USD Point-in-time
Additional paid in capital AdditionalPaidInCapital $197.07M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $5.79M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $12.22M USD Point-in-time
Accumulated other comprehensive income AccumulatedOtherComprehensiveIncomeLossNetOfTax $696.00K USD Point-in-time
Accumulated other comprehensive income AccumulatedOtherComprehensiveIncomeLossNetOfTax $417.00K USD Point-in-time
Total Sterling common stockholders equity StockholdersEquity $203.72M USD Point-in-time
Total Sterling common stockholders equity StockholdersEquity $210.15M USD Point-in-time
Noncontrolling interests MinorityInterest $2.44M USD Point-in-time
Noncontrolling interests MinorityInterest $2.62M USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $212.59M USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $206.35M USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $331.51M USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $316.15M USD Point-in-time
Income Statement 36 line items
Line Item Tag Value Unit Period
Revenues Revenues $98.42M USD 1 Quarter
Revenues Revenues $111.03M USD 1 Quarter
Cost of revenues CostOfGoodsSold $96.55M USD 1 Quarter
Cost of revenues CostOfGoodsSold $109.65M USD 1 Quarter
Gross profit GrossProfit $1.87M USD 1 Quarter
Gross profit GrossProfit $1.39M USD 1 Quarter
General and administrative expenses GeneralAndAdministrativeExpense $7.67M USD 1 Quarter
General and administrative expenses GeneralAndAdministrativeExpense $9.61M USD 1 Quarter
Other operating income, net OtherOperatingIncomeExpenseNet $252.00K USD 1 Quarter
Other operating income, net OtherOperatingIncomeExpenseNet $1.23M USD 1 Quarter
Operating loss OperatingIncomeLoss $-7.97M USD 1 Quarter
Operating loss OperatingIncomeLoss $-4.56M USD 1 Quarter
Gain on sale of securities and other OtherNonoperatingIncomeExpense $750.00K USD 1 Quarter
Gain on sale of securities and other OtherNonoperatingIncomeExpense $573.00K USD 1 Quarter
Interest income InterestIncomeOther $416.00K USD 1 Quarter
Interest income InterestIncomeOther $281.00K USD 1 Quarter
Interest expense InterestExpenseAndAccretedInterest $385.00K USD 1 Quarter
Interest expense InterestExpenseAndAccretedInterest $99.00K USD 1 Quarter
Loss before income taxes and earnings attributable to noncontrolling owners interests IncomeBeforeIncomeTaxesAndEarningsAttributableToNoncontrollingInterests $-3.78M USD 1 Quarter
Loss before income taxes and earnings attributable to noncontrolling owners interests IncomeBeforeIncomeTaxesAndEarningsAttributableToNoncontrollingInterests $-7.22M USD 1 Quarter
Income tax benefit IncomeTaxExpenseBenefit $-3.98M USD 1 Quarter
Income tax benefit IncomeTaxExpenseBenefit $-2.80M USD 1 Quarter
Net income (loss) ProfitLoss $-4.42M USD 1 Quarter
Net income (loss) ProfitLoss $195.00K USD 1 Quarter
Noncontrolling owners interests in earnings of subsidiaries and joint ventures MinorityInterestInNetIncomeLossOtherMinorityInterests $161.00K USD 1 Quarter
Noncontrolling owners interests in earnings of subsidiaries and joint ventures MinorityInterestInNetIncomeLossOtherMinorityInterests $7.70M USD 1 Quarter
Net loss attributable to Sterling common stockholders NetIncomeLoss $-7.50M USD 1 Quarter
Net loss attributable to Sterling common stockholders NetIncomeLoss $-4.58M USD 1 Quarter
Basic (in Dollars per share) EarningsPerShareBasic $-0.44 USD 1 Quarter
Basic (in Dollars per share) EarningsPerShareBasic $-0.39 USD 1 Quarter
Diluted (in Dollars per share) EarningsPerShareDiluted $-0.44 USD 1 Quarter
Diluted (in Dollars per share) EarningsPerShareDiluted $-0.39 USD 1 Quarter
Basic (in Shares) WeightedAverageNumberOfSharesOutstandingBasic 16.32M shares 1 Quarter
Basic (in Shares) WeightedAverageNumberOfSharesOutstandingBasic 16.60M shares 1 Quarter
Diluted (in Shares) WeightedAverageNumberOfDilutedSharesOutstanding 16.32M shares 1 Quarter
Diluted (in Shares) WeightedAverageNumberOfDilutedSharesOutstanding 16.60M shares 1 Quarter
Cash Flow Statement 72 line items
Line Item Tag Value Unit Period
Net loss attributable to Sterling common stockholders NetIncomeLoss $-7.50M USD 1 Quarter
Net loss attributable to Sterling common stockholders NetIncomeLoss $-4.58M USD 1 Quarter
Plus: Noncontrolling owners interests in earnings of subsidiaries and joint ventures NetIncomeLossAttributableToNoncontrollingInterest $-7.70M USD 1 Quarter
Plus: Noncontrolling owners interests in earnings of subsidiaries and joint ventures NetIncomeLossAttributableToNoncontrollingInterest $-161.00K USD 1 Quarter
Net income (loss) ProfitLoss $-4.42M USD 1 Quarter
Net income (loss) ProfitLoss $195.00K USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $4.53M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $4.62M USD 1 Quarter
Gain on disposal of property and equipment GainLossOnSaleOfPropertyPlantEquipment $1.20M USD 1 Quarter
Gain on disposal of property and equipment GainLossOnSaleOfPropertyPlantEquipment $100.00K USD 1 Quarter
Deferred tax benefit IncreaseDecreaseInDeferredIncomeTaxes $2.95M USD 1 Quarter
Deferred tax benefit IncreaseDecreaseInDeferredIncomeTaxes $139.00K USD 1 Quarter
Interest expense accreted on discounted liabilities InterestExpenseAccretedOnNoncontrollingInterest $248.00K USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $278.00K USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $105.00K USD 1 Quarter
Gain on sale of securities and other GainLossOnSaleOfOtherInvestments $471.00K USD 1 Quarter
Gain on sale of securities and other GainLossOnSaleOfOtherInvestments $649.00K USD 1 Quarter
Tax impact from exercise of stock options TaxBenefitFromStockOptionsExercised1 $15.00K USD 1 Quarter
Other OtherNoncashIncomeExpense $18.00K USD 1 Quarter
Decrease in contracts receivable IncreaseDecreaseInContractReceivablesNet $-6.42M USD 1 Quarter
Decrease in contracts receivable IncreaseDecreaseInContractReceivablesNet $-1.98M USD 1 Quarter
Increase in costs and estimated earnings in excess of billings on uncompleted contracts IncreaseDecreaseInUnbilledReceivables $13.74M USD 1 Quarter
Increase in costs and estimated earnings in excess of billings on uncompleted contracts IncreaseDecreaseInUnbilledReceivables $1.31M USD 1 Quarter
(Increase) decrease in receivables from and equity in construction joint ventures IncreaseDecreaseInEquityInvestmentInUnconsolidatedJointVentures $-1.55M USD 1 Quarter
(Increase) decrease in receivables from and equity in construction joint ventures IncreaseDecreaseInEquityInvestmentInUnconsolidatedJointVentures $1.49M USD 1 Quarter
Increase in income tax receivable IncreaseDecreaseInIncomeTaxesReceivable $2.67M USD 1 Quarter
Increase in income tax receivable IncreaseDecreaseInIncomeTaxesReceivable $1.08M USD 1 Quarter
Increase in inventories, deposits and other current assets IncreaseDecreaseInOtherOperatingAssets $1.91M USD 1 Quarter
Increase in inventories, deposits and other current assets IncreaseDecreaseInOtherOperatingAssets $1.88M USD 1 Quarter
Increase in accounts payable IncreaseDecreaseInAccountsPayable $4.76M USD 1 Quarter
Increase in accounts payable IncreaseDecreaseInAccountsPayable $6.25M USD 1 Quarter
Increase (decrease) in billings in excess of costs and estimated earnings on uncompleted contracts IncreaseDecreaseInBillingInExcessOfCostOfEarnings $2.43M USD 1 Quarter
Increase (decrease) in billings in excess of costs and estimated earnings on uncompleted contracts IncreaseDecreaseInBillingInExcessOfCostOfEarnings $-6.05M USD 1 Quarter
Increase (decrease) in accrued compensation and other liabilities IncreaseDecreaseInAccruedLiabilities $81.00K USD 1 Quarter
Increase (decrease) in accrued compensation and other liabilities IncreaseDecreaseInAccruedLiabilities $-2.30M USD 1 Quarter
Net cash provided by (used in) operating activities NetCashProvidedByUsedInOperatingActivities $-10.25M USD 1 Quarter
Net cash provided by (used in) operating activities NetCashProvidedByUsedInOperatingActivities $1.38M USD 1 Quarter
Additions to property and equipment PaymentsToAcquirePropertyPlantAndEquipment $5.91M USD 1 Quarter
Additions to property and equipment PaymentsToAcquirePropertyPlantAndEquipment $4.90M USD 1 Quarter
Proceeds from sales of property and equipment ProceedsFromSaleOfPropertyPlantAndEquipment $3.31M USD 1 Quarter
Proceeds from sales of property and equipment ProceedsFromSaleOfPropertyPlantAndEquipment $813.00K USD 1 Quarter
Purchases of short-term securities, available for sale PaymentsToAcquireAvailableForSaleSecurities $9.78M USD 1 Quarter
Purchases of short-term securities, available for sale PaymentsToAcquireAvailableForSaleSecurities $505.00K USD 1 Quarter
Sales of short-term securities, available for sale ProceedsFromSaleOfAvailableForSaleSecurities $11.32M USD 1 Quarter
Sales of short-term securities, available for sale ProceedsFromSaleOfAvailableForSaleSecurities $28.15M USD 1 Quarter
Net cash provided by (used in) investing activities NetCashProvidedByUsedInInvestingActivities $23.56M USD 1 Quarter
Net cash provided by (used in) investing activities NetCashProvidedByUsedInInvestingActivities $-1.06M USD 1 Quarter
Cumulative daily drawdowns Credit Facility ProceedsFromLinesOfCredit $35.89M USD 1 Quarter
Cumulative daily drawdowns Credit Facility ProceedsFromLinesOfCredit $1.00M USD 1 Quarter
Cumulative daily repayments Credit Facility RepaymentsOfLinesOfCredit $48.18M USD 1 Quarter
Cumulative daily repayments Credit Facility RepaymentsOfLinesOfCredit $1.00M USD 1 Quarter
Tax impact from exercise of stock options ExcessTaxBenefitFromShareBasedCompensationFinancingActivities $-15.00K USD 1 Quarter
Other ProceedsFromPaymentsForOtherFinancingActivities $-81.00K USD 1 Quarter
Other ProceedsFromPaymentsForOtherFinancingActivities $5.00K USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-81.00K USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-12.30M USD 1 Quarter
Net increase in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $1.01M USD 1 Quarter
Net increase in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $239.00K USD 1 Quarter
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $4.15M USD Point-in-time
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $3.14M USD Point-in-time
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $16.61M USD Point-in-time
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $16.37M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $4.15M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $3.14M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $16.61M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $16.37M USD Point-in-time
Cash paid during the period for interest InterestPaid $120.00K USD 1 Quarter
Cash paid during the period for interest InterestPaid $182.00K USD 1 Quarter
Cash paid during the period for income taxes IncomeTaxesPaid $21.00K USD 1 Quarter
Cash paid during the period for income taxes IncomeTaxesPaid $2.00M USD 1 Quarter
Revaluation of noncontrolling interest obligations, net of tax RevaluationOfNoncontrollingInterestObligationsNetOfTax $301.00K USD 1 Quarter
Revaluation of noncontrolling interest obligations, net of tax RevaluationOfNoncontrollingInterestObligationsNetOfTax $-1.85M USD 1 Quarter
Stockholders Equity 10 line items
Line Item Tag Value Unit Period
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $212.59M USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $206.35M USD Point-in-time
Net income (loss) NetIncomeLossIncludingPortionAttributableToNoncontrollingInterest1 $4.39M USD 1 Quarter
Other comprehensive loss OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-279.00K USD 1 Quarter
Stock issued upon option exercises StockIssuedDuringPeriodValueStockOptionsExercised $9.00K USD 1 Quarter
Tax impact from exercise of stock options TaxBenefitFromStockOptionsExercised1 $15.00K USD 1 Quarter
Issuance and amortization of restricted stock StockIssuedDuringPeriodValueShareBasedCompensationGross $293.00K USD 1 Quarter
Revaluation of noncontrolling interest, net of tax RevaluationOfNoncontrollingInterestPutCallLiability $1.85M USD 1 Quarter
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $212.59M USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $206.35M USD Point-in-time
Comprehensive Income 15 line items
Line Item Tag Value Unit Period
Net loss attributable to Sterling common stockholders NetIncomeLoss $-7.50M USD 1 Quarter
Net loss attributable to Sterling common stockholders NetIncomeLoss $-4.58M USD 1 Quarter
Net income (loss) attributable to noncontrolling owners interests included in equity NetIncomeAttributableToNoncontrollingInterestIncludedInEquity $186.00K USD 1 Quarter
Net income (loss) attributable to noncontrolling owners interests included in equity NetIncomeAttributableToNoncontrollingInterestIncludedInEquity $-18.00K USD 1 Quarter
Net income (loss) attributable to noncontrolling owners interests included in liabilities NetIncomeAttributableToNoncontrollingInterestIncludedInLiabilities $7.71M USD 1 Quarter
Net income (loss) attributable to noncontrolling owners interests included in liabilities NetIncomeAttributableToNoncontrollingInterestIncludedInLiabilities $-25.00K USD 1 Quarter
Realized gain from sale of available-for-sale securities AvailableForSaleSecuritiesGrossRealizedGainLossNet $-307.00K USD 1 Quarter
Realized gain from sale of available-for-sale securities AvailableForSaleSecuritiesGrossRealizedGainLossNet $-299.00K USD 1 Quarter
Change in unrealized holding gain on available-for-sale securities OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax $180.00K USD 1 Quarter
Realized (gain) loss from settlement of derivatives GainLossOnSaleOfDerivatives $2.00K USD 1 Quarter
Realized (gain) loss from settlement of derivatives GainLossOnSaleOfDerivatives $-17.00K USD 1 Quarter
Change in the effective portion of unrealized gain in fair market value of derivatives OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax $159.00K USD 1 Quarter
Change in the effective portion of unrealized gain in fair market value of derivatives OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax $45.00K USD 1 Quarter
Comprehensive income (loss) ComprehensiveIncomeNetOfTax $-4.70M USD 1 Quarter
Comprehensive income (loss) ComprehensiveIncomeNetOfTax $237.00K USD 1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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