10-Q Filing

STERLING INFRASTRUCTURE, INC. CIK: 874238 Q1 2015

Filing Information

Form Type	10-Q
Accession Number	`0001171843-15-002705`
Period End Date	20150331
Filing Date	20150511
Fiscal Year	2015
Fiscal Period	Q1
XBRL Instance	strl-20150331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 71 Income Statement 33 Cash Flow Statement 62 Stockholders Equity 8 Comprehensive Income 10

Balance Sheet 71 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	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`Cash`	$22.84M	USD	Point-in-time
Cash and cash equivalents	`Cash`	$17.20M	USD	Point-in-time
Contracts receivable, including retainage	`ReceivablesLongTermContractsOrPrograms`	$94.61M	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
Contracts receivable, including retainage	`ReceivablesLongTermContractsOrPrograms`	$78.90M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	28.00M	shares	Point-in-time
Costs and estimated earnings in excess of billings on uncompleted contracts	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$25.83M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	28.00M	shares	Point-in-time
Costs and estimated earnings in excess of billings on uncompleted contracts	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$33.40M	USD	Point-in-time
Inventories	`InventoryNet`	$5.51M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	18.89M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	18.80M	shares	Point-in-time
Inventories	`InventoryNet`	$7.40M	USD	Point-in-time
Receivables from and equity in construction joint ventures	`ReceivablesFromAndEquityInConstructionJointVenture`	$9.15M	USD	Point-in-time
Receivables from and equity in construction joint ventures	`ReceivablesFromAndEquityInConstructionJointVenture`	$9.70M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$5.28M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$4.45M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$157.29M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$156.97M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$82.54M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$87.10M	USD	Point-in-time
Goodwill	`Goodwill`	$54.82M	USD	Point-in-time
Goodwill	`Goodwill`	$54.82M	USD	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$7.56M	USD	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$6.34M	USD	Point-in-time
Total assets	`Assets`	$306.45M	USD	Point-in-time
Total assets	`Assets`	$301.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$71.46M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$66.79M	USD	Point-in-time
Billings in excess of costs and estimated earnings on uncompleted contracts	`BillingsInExcessOfCostCurrent`	$34.36M	USD	Point-in-time
Billings in excess of costs and estimated earnings on uncompleted contracts	`BillingsInExcessOfCostCurrent`	$25.65M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$966.00K	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$965.00K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$1.87M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$5.17M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$8.73M	USD	Point-in-time
Other current liabilities	`AccruedLiabilitiesCurrent`	$4.21M	USD	Point-in-time
Other current liabilities	`AccruedLiabilitiesCurrent`	$4.73M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$104.65M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$120.24M	USD	Point-in-time
Long-term debt, net of current maturities	`LongTermDebtNoncurrent`	$33.48M	USD	Point-in-time
Long-term debt, net of current maturities	`LongTermDebtNoncurrent`	$37.02M	USD	Point-in-time
Members interest subject to mandatory redemption and undistributed earnings	`MembersInterestSubjectToMandatoryRedemptionAndUndistributedEarnings`	$22.20M	USD	Point-in-time
Members interest subject to mandatory redemption and undistributed earnings	`MembersInterestSubjectToMandatoryRedemptionAndUndistributedEarnings`	$22.88M	USD	Point-in-time
Other long-term liabilities	`LiabilitiesOtherThanLongtermDebtNoncurrent`	$753.00K	USD	Point-in-time
Other long-term liabilities	`LiabilitiesOtherThanLongtermDebtNoncurrent`	$616.00K	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$56.29M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$60.65M	USD	Point-in-time
Common stock, par value $0.01 per share; 28,000,000 shares authorized, 18,894,183 and 18,802,679 shares issued	`CommonStockValue`	$188.00K	USD	Point-in-time
Common stock, par value $0.01 per share; 28,000,000 shares authorized, 18,894,183 and 18,802,679 shares issued	`CommonStockValue`	$189.00K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$205.70M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$205.67M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-72.10M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-89.09M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-101.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-59.00K	USD	Point-in-time
Total Sterling common stockholders equity	`StockholdersEquity`	$116.71M	USD	Point-in-time
Total Sterling common stockholders equity	`StockholdersEquity`	$133.69M	USD	Point-in-time
Noncontrolling interests	`MinorityInterest`	$7.46M	USD	Point-in-time
Noncontrolling interests	`MinorityInterest`	$7.75M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$141.15M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$124.47M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$306.45M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$301.00M	USD	Point-in-time

Income Statement 33 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$117.68M	USD	1 Quarter
Revenues	`Revenues`	$134.54M	USD	1 Quarter
Cost of revenues	`CostOfGoodsSold`	$124.52M	USD	1 Quarter
Cost of revenues	`CostOfGoodsSold`	$126.67M	USD	1 Quarter
Gross (loss) profit	`GrossProfit`	$7.87M	USD	1 Quarter
Gross (loss) profit	`GrossProfit`	$-6.84M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$11.60M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$8.48M	USD	1 Quarter
Other operating income, net	`OtherOperatingIncomeExpenseNet`	$1.76M	USD	1 Quarter
Other operating income, net	`OtherOperatingIncomeExpenseNet`	$1.06M	USD	1 Quarter
Operating (loss) income	`OperatingIncomeLoss`	$441.00K	USD	1 Quarter
Operating (loss) income	`OperatingIncomeLoss`	$-16.68M	USD	1 Quarter
Interest income	`InterestIncomeOther`	$363.00K	USD	1 Quarter
Interest income	`InterestIncomeOther`	$358.00K	USD	1 Quarter
Interest expense	`InterestExpenseAndAccretedInterest`	$319.00K	USD	1 Quarter
Interest expense	`InterestExpenseAndAccretedInterest`	$382.00K	USD	1 Quarter
(Loss) income before income taxes and earnings attributable to noncontrolling owners interests	`IncomeBeforeIncomeTaxesAndEarningsAttributableToNoncontrollingInterests`	$-16.70M	USD	1 Quarter
(Loss) income before income taxes and earnings attributable to noncontrolling owners interests	`IncomeBeforeIncomeTaxesAndEarningsAttributableToNoncontrollingInterests`	$480.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$3.00K	USD	1 Quarter
Net (loss) income	`ProfitLoss`	$480.00K	USD	1 Quarter
Net (loss) income	`ProfitLoss`	$-16.70M	USD	1 Quarter
Noncontrolling owners interests in earnings of subsidiaries	`NoncontrollingInterestInNetIncomeLossOtherNoncontrollingInterestsRedeemable`	$292.00K	USD	1 Quarter
Noncontrolling owners interests in earnings of subsidiaries	`NoncontrollingInterestInNetIncomeLossOtherNoncontrollingInterestsRedeemable`	$275.00K	USD	1 Quarter
Net (loss) income attributable to Sterling common stockholders	`NetIncomeLoss`	$-16.99M	USD	1 Quarter
Net (loss) income attributable to Sterling common stockholders	`NetIncomeLoss`	$205.00K	USD	1 Quarter
Basic (in Dollars per share)	`EarningsPerShareBasic`	$0.01	USD	1 Quarter
Basic (in Dollars per share)	`EarningsPerShareBasic`	$-0.90	USD	1 Quarter
Diluted (in Dollars per share)	`EarningsPerShareDiluted`	$-0.90	USD	1 Quarter
Diluted (in Dollars per share)	`EarningsPerShareDiluted`	$0.01	USD	1 Quarter
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	18.90M	shares	1 Quarter
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	16.67M	shares	1 Quarter
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	18.90M	shares	1 Quarter
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	16.86M	shares	1 Quarter

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income attributable to Sterling common stockholders	`NetIncomeLoss`	$-16.99M	USD	1 Quarter
Net (loss) income attributable to Sterling common stockholders	`NetIncomeLoss`	$205.00K	USD	1 Quarter
Plus: Noncontrolling owners interests in earnings of subsidiaries	`NetIncomeLossAttributableToNoncontrollingInterest`	$292.00K	USD	1 Quarter
Plus: Noncontrolling owners interests in earnings of subsidiaries	`NetIncomeLossAttributableToNoncontrollingInterest`	$275.00K	USD	1 Quarter
Net (loss) income	`IncomeLossIncludingPortionAttributableToNoncontrollingInterest`	$480.00K	USD	1 Quarter
Net (loss) income	`IncomeLossIncludingPortionAttributableToNoncontrollingInterest`	$-16.70M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$4.27M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$4.63M	USD	1 Quarter
Gain on disposal of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$283.00K	USD	1 Quarter
Gain on disposal of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$759.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$158.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$234.00K	USD	1 Quarter
Contracts receivable	`IncreaseDecreaseInContractReceivablesNet`	$15.71M	USD	1 Quarter
Contracts receivable	`IncreaseDecreaseInContractReceivablesNet`	$1.10M	USD	1 Quarter
Costs and estimated earnings in excess of billings on uncompleted contracts	`IncreaseDecreaseInUnbilledReceivables`	$7.07M	USD	1 Quarter
Costs and estimated earnings in excess of billings on uncompleted contracts	`IncreaseDecreaseInUnbilledReceivables`	$-7.58M	USD	1 Quarter
Receivables from and equity in construction joint ventures	`IncreaseDecreaseInReceivablesFromAndEquityInConstructionJointVentures`	$545.00K	USD	1 Quarter
Receivables from and equity in construction joint ventures	`IncreaseDecreaseInReceivablesFromAndEquityInConstructionJointVentures`	$5.08M	USD	1 Quarter
Income tax receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$87.00K	USD	1 Quarter
Income tax receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$-1.45M	USD	1 Quarter
Other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-727.00K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-2.50M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$407.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$4.67M	USD	1 Quarter
Billings in excess of costs and estimated earnings on uncompleted contracts	`IncreaseDecreaseInBillingInExcessOfCostOfEarnings`	$8.71M	USD	1 Quarter
Billings in excess of costs and estimated earnings on uncompleted contracts	`IncreaseDecreaseInBillingInExcessOfCostOfEarnings`	$-4.13M	USD	1 Quarter
Accrued compensation and other liabilities	`IncreaseDecreaseInAccruedLiabilities`	$2.11M	USD	1 Quarter
Accrued compensation and other liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-1.10M	USD	1 Quarter
Members interest subject to mandatory redemption and undistributed earnings	`IncreaseDecreaseInMembersInterestSubjectToMandatoryRedemptionAndUndistributedEarnings`	$-679.00K	USD	1 Quarter
Members interest subject to mandatory redemption and undistributed earnings	`IncreaseDecreaseInMembersInterestSubjectToMandatoryRedemptionAndUndistributedEarnings`	$180.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.94M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-12.18M	USD	1 Quarter
Additions to property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.28M	USD	1 Quarter
Additions to property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.16M	USD	1 Quarter
Proceeds from sale of property and equipment	`ProceedsFromSaleOfAvailableForSaleSecurities`	$2.86M	USD	1 Quarter
Proceeds from sale of property and equipment	`ProceedsFromSaleOfAvailableForSaleSecurities`	$2.26M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-23.00K	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$1.70M	USD	1 Quarter
Cumulative daily drawdowns Credit Facility	`ProceedsFromLinesOfCredit`	$66.28M	USD	1 Quarter
Cumulative daily drawdowns Credit Facility	`ProceedsFromLinesOfCredit`	$65.84M	USD	1 Quarter
Cumulative daily repayments Credit Facility	`RepaymentsOfLinesOfCredit`	$53.42M	USD	1 Quarter
Cumulative daily repayments Credit Facility	`RepaymentsOfLinesOfCredit`	$69.67M	USD	1 Quarter
Distributions to noncontrolling interest owners	`PaymentsToMinorityShareholders`	-	USD	1 Quarter
Distributions to noncontrolling interest owners	`PaymentsToMinorityShareholders`	$994.00K	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$-248.00K	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$-575.00K	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$11.62M	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-4.41M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-585.00K	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-5.65M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.29M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$17.20M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$22.84M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.87M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.29M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$17.20M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$22.84M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.87M	USD	Point-in-time
Cash paid during the period for interest	`InterestPaid`	$376.00K	USD	1 Quarter
Cash paid during the period for interest	`InterestPaid`	$265.00K	USD	1 Quarter
Cash paid during the period for income taxes	`IncomeTaxesPaid`	$437.00K	USD	1 Quarter
Transportation and construction equipment acquired through financing arrangements	`NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1`	$588.00K	USD	1 Quarter

Stockholders Equity 8 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$141.15M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$124.47M	USD	Point-in-time
Net (loss) income	`NetIncomeLossIncludingPortionAttributableToNoncontrollingInterest1`	$-16.70M	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$42.00K	USD	1 Quarter
Issuance and amortization of restricted stock	`StockIssuedDuringPeriodValueShareBasedCompensationGross`	$159.00K	USD	1 Quarter
Other	`AdjustmentsToAdditionalPaidInCapitalOther`	$-183.00K	USD	1 Quarter
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$141.15M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$124.47M	USD	Point-in-time

Comprehensive Income 10 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income attributable to Sterling common stockholders	`NetIncomeLoss`	$-16.99M	USD	1 Quarter
Net (loss) income attributable to Sterling common stockholders	`NetIncomeLoss`	$205.00K	USD	1 Quarter
Net income attributable to noncontrolling interests included in equity	`NetIncomeAttributableToNoncontrollingInterestIncludedInEquity`	$275.00K	USD	1 Quarter
Net income attributable to noncontrolling interests included in equity	`NetIncomeAttributableToNoncontrollingInterestIncludedInEquity`	$292.00K	USD	1 Quarter
Realized loss (gain) from settlement of derivatives	`GainLossOnSaleOfDerivatives`	$50.00K	USD	1 Quarter
Realized loss (gain) from settlement of derivatives	`GainLossOnSaleOfDerivatives`	$-14.00K	USD	1 Quarter
Change in the effective portion of unrealized loss in fair market value of derivatives	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$-76.00K	USD	1 Quarter
Change in the effective portion of unrealized loss in fair market value of derivatives	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$-8.00K	USD	1 Quarter
Comprehensive (loss) income	`ComprehensiveIncomeNetOfTax`	$-16.66M	USD	1 Quarter
Comprehensive (loss) income	`ComprehensiveIncomeNetOfTax`	$390.00K	USD	1 Quarter

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