10-Q Filing

STERLING INFRASTRUCTURE, INC. CIK: 874238 Q1 2016

Filing Information

Form Type	10-Q
Accession Number	`0001171843-16-009576`
Period End Date	20160331
Filing Date	20160502
Fiscal Year	2016
Fiscal Period	Q1
XBRL Instance	strl-20160331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 72 Income Statement 30 Cash Flow Statement 68 Stockholders Equity 7 Comprehensive Income 10

Balance Sheet 72 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
Cash and cash equivalents	`Cash`	$14.92M	USD	Point-in-time
Cash and cash equivalents	`Cash`	$4.43M	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Contracts receivable, including retainage	`ReceivablesLongTermContractsOrPrograms`	$82.11M	USD	Point-in-time
Contracts receivable, including retainage	`ReceivablesLongTermContractsOrPrograms`	$94.76M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Costs and estimated earnings in excess of billings on uncompleted contracts	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$26.91M	USD	Point-in-time
Costs and estimated earnings in excess of billings on uncompleted contracts	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$28.19M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Inventories	`InventoryNet`	$2.93M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	28.00M	shares	Point-in-time
Inventories	`InventoryNet`	$2.54M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	28.00M	shares	Point-in-time
Sterlings receivables from and equity in construction joint ventures	`ReceivablesFromAndEquityInConstructionJointVenture`	$8.32M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	19.75M	shares	Point-in-time
Sterlings receivables from and equity in construction joint ventures	`ReceivablesFromAndEquityInConstructionJointVenture`	$12.93M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	19.77M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$6.01M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$4.63M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$134.92M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$153.74M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$72.48M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$73.47M	USD	Point-in-time
Goodwill	`Goodwill`	$54.82M	USD	Point-in-time
Goodwill	`Goodwill`	$54.82M	USD	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$2.97M	USD	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$2.95M	USD	Point-in-time
Total assets	`Assets`	$266.17M	USD	Point-in-time
Total assets	`Assets`	$284.01M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$58.96M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$63.39M	USD	Point-in-time
Billings in excess of costs and estimated earnings on uncompleted contracts	`BillingsInExcessOfCostCurrent`	$39.08M	USD	Point-in-time
Billings in excess of costs and estimated earnings on uncompleted contracts	`BillingsInExcessOfCostCurrent`	$30.56M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$4.86M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$4.86M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$67.00K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$67.00K	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$5.98M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$9.39M	USD	Point-in-time
Other current liabilities	`AccruedLiabilitiesCurrent`	$4.57M	USD	Point-in-time
Other current liabilities	`AccruedLiabilitiesCurrent`	$3.90M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$121.36M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$104.31M	USD	Point-in-time
Long-term debt, net of current maturities	`LongTermDebtNoncurrent`	$27.27M	USD	Point-in-time
Long-term debt, net of current maturities	`LongTermDebtNoncurrent`	$15.32M	USD	Point-in-time
Members interest subject to mandatory redemption and undistributed earnings	`MembersInterestSubjectToMandatoryRedemptionAndUndistributedEarnings`	$46.21M	USD	Point-in-time
Members interest subject to mandatory redemption and undistributed earnings	`MembersInterestSubjectToMandatoryRedemptionAndUndistributedEarnings`	$50.44M	USD	Point-in-time
Other long-term liabilities	`LiabilitiesOtherThanLongtermDebtNoncurrent`	$338.00K	USD	Point-in-time
Other long-term liabilities	`LiabilitiesOtherThanLongtermDebtNoncurrent`	$355.00K	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$66.10M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$73.84M	USD	Point-in-time
Preferred stock, par value $0.01 per share; 1,000,000 shares authorized, none issued	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, par value $0.01 per share; 1,000,000 shares authorized, none issued	`PreferredStockValue`	-	USD	Point-in-time
Common stock, par value $0.01 per share; 28,000,000 shares authorized, 19,768,724 and 19,753,170 shares issued	`CommonStockValue`	$198.00K	USD	Point-in-time
Common stock, par value $0.01 per share; 28,000,000 shares authorized, 19,768,724 and 19,753,170 shares issued	`CommonStockValue`	$198.00K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$188.15M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$188.53M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-99.83M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-92.50M	USD	Point-in-time
Total Sterling common stockholders equity	`StockholdersEquity`	$88.90M	USD	Point-in-time
Total Sterling common stockholders equity	`StockholdersEquity`	$95.84M	USD	Point-in-time
Noncontrolling interests	`MinorityInterest`	$-99.00K	USD	Point-in-time
Noncontrolling interests	`MinorityInterest`	$-91.00K	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$95.75M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$88.81M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$266.17M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$284.01M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$126.57M	USD	1 Quarter
Revenues	`Revenues`	$117.68M	USD	1 Quarter
Cost of revenues	`CostOfGoodsSold`	$124.52M	USD	1 Quarter
Cost of revenues	`CostOfGoodsSold`	$122.74M	USD	1 Quarter
Gross profit (loss)	`GrossProfit`	$-6.84M	USD	1 Quarter
Gross profit (loss)	`GrossProfit`	$3.83M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$10.54M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$11.60M	USD	1 Quarter
Other operating income, net	`OtherOperatingIncomeExpenseNet`	$246.00K	USD	1 Quarter
Other operating income, net	`OtherOperatingIncomeExpenseNet`	$1.76M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-6.47M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-16.68M	USD	1 Quarter
Interest income	`InterestIncomeOther`	$3.00K	USD	1 Quarter
Interest income	`InterestIncomeOther`	$363.00K	USD	1 Quarter
Interest expense	`InterestExpenseAndAccretedInterest`	$873.00K	USD	1 Quarter
Interest expense	`InterestExpenseAndAccretedInterest`	$382.00K	USD	1 Quarter
Loss before income taxes and earnings attributable to noncontrolling interests	`IncomeBeforeIncomeTaxesAndEarningsAttributableToNoncontrollingInterests`	$-16.70M	USD	1 Quarter
Loss before income taxes and earnings attributable to noncontrolling interests	`IncomeBeforeIncomeTaxesAndEarningsAttributableToNoncontrollingInterests`	$-7.34M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$3.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net loss	`ProfitLoss`	$-16.70M	USD	1 Quarter
Net loss	`ProfitLoss`	$-7.34M	USD	1 Quarter
Noncontrolling owners interests in earnings of subsidiaries and joint ventures	`NoncontrollingInterestInNetIncomeLossOtherNoncontrollingInterestsRedeemable`	$292.00K	USD	1 Quarter
Noncontrolling owners interests in earnings of subsidiaries and joint ventures	`NoncontrollingInterestInNetIncomeLossOtherNoncontrollingInterestsRedeemable`	$-8.00K	USD	1 Quarter
Net loss attributable to Sterling common stockholders	`NetIncomeLoss`	$-16.99M	USD	1 Quarter
Net loss attributable to Sterling common stockholders	`NetIncomeLoss`	$-7.33M	USD	1 Quarter
Basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.90	USD	1 Quarter
Basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.37	USD	1 Quarter
Basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	18.90M	shares	1 Quarter
Basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	19.76M	shares	1 Quarter

Cash Flow Statement 68 line items

Line Item	Tag	Value	Unit	Period
Net loss attributable to Sterling common stockholders	`NetIncomeLoss`	$-16.99M	USD	1 Quarter
Net loss attributable to Sterling common stockholders	`NetIncomeLoss`	$-7.33M	USD	1 Quarter
Plus: Noncontrolling owners interests in earnings of subsidiaries and joint ventures	`NetIncomeLossAttributableToNoncontrollingInterest`	$292.00K	USD	1 Quarter
Plus: Noncontrolling owners interests in earnings of subsidiaries and joint ventures	`NetIncomeLossAttributableToNoncontrollingInterest`	$-8.00K	USD	1 Quarter
Net loss	`IncomeLossIncludingPortionAttributableToNoncontrollingInterest`	$-16.70M	USD	1 Quarter
Net loss	`IncomeLossIncludingPortionAttributableToNoncontrollingInterest`	$-7.34M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$4.27M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$4.16M	USD	1 Quarter
Loss (gain) on disposal of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-175.00K	USD	1 Quarter
Loss (gain) on disposal of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$759.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$400.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$158.00K	USD	1 Quarter
Contracts receivable	`IncreaseDecreaseInContractReceivablesNet`	$12.65M	USD	1 Quarter
Contracts receivable	`IncreaseDecreaseInContractReceivablesNet`	$15.71M	USD	1 Quarter
Costs and estimated earnings in excess of billings on uncompleted contracts	`IncreaseDecreaseInUnbilledReceivables`	$-7.58M	USD	1 Quarter
Costs and estimated earnings in excess of billings on uncompleted contracts	`IncreaseDecreaseInUnbilledReceivables`	$1.28M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$395.00K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-1.89M	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`	$-4.61M	USD	1 Quarter
Other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-297.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-2.07M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$4.67M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$4.43M	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`	$8.53M	USD	1 Quarter
Accrued compensation and other liabilities	`IncreaseDecreaseInAccruedLiabilities`	$2.11M	USD	1 Quarter
Accrued compensation and other liabilities	`IncreaseDecreaseInAccruedLiabilities`	$4.12M	USD	1 Quarter
Members interest subject to mandatory redemption and undistributed earnings	`IncreaseDecreaseInMembersInterestSubjectToMandatoryRedemptionAndUndistributedEarnings`	$-4.23M	USD	1 Quarter
Members interest subject to mandatory redemption and undistributed earnings	`IncreaseDecreaseInMembersInterestSubjectToMandatoryRedemptionAndUndistributedEarnings`	$-679.00K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.94M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$840.00K	USD	1 Quarter
Additions to property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.82M	USD	1 Quarter
Additions to property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.16M	USD	1 Quarter
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$2.86M	USD	1 Quarter
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$715.00K	USD	1 Quarter
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$1.70M	USD	1 Quarter
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.10M	USD	1 Quarter
Cumulative daily drawdowns Credit Facility	`ProceedsFromLinesOfCredit`	$65.84M	USD	1 Quarter
Cumulative daily drawdowns Credit Facility	`ProceedsFromLinesOfCredit`	-	USD	1 Quarter
Cumulative daily repayments Credit Facility	`RepaymentsOfLinesOfCredit`	$69.67M	USD	1 Quarter
Cumulative daily repayments Credit Facility	`RepaymentsOfLinesOfCredit`	-	USD	1 Quarter
Cumulative repayments equipment-based term loan and other	`RepaymentsOfLongTermDebt`	-	USD	1 Quarter
Cumulative repayments equipment-based term loan and other	`RepaymentsOfLongTermDebt`	$1.30M	USD	1 Quarter
Cumulative drawdowns equipment-based revolver	`ProceedsFromSecuredLinesOfCredit`	-	USD	1 Quarter
Cumulative drawdowns equipment-based revolver	`ProceedsFromSecuredLinesOfCredit`	$14.00M	USD	1 Quarter
Cumulative repayments equipment-based revolver	`RepaymentsOfSecuredDebt`	$900.00K	USD	1 Quarter
Cumulative repayments equipment-based revolver	`RepaymentsOfSecuredDebt`	-	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$-46.00K	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$-575.00K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$11.76M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-4.41M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$10.49M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-5.65M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$22.84M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$14.92M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$4.43M	USD	Point-in-time
Cash and cash equivalents at beginning 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`	$14.92M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$4.43M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$17.20M	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`	$820.00K	USD	1 Quarter
Cash paid during the period for income taxes	`IncomeTaxesPaid`	-	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`	$81.00K	USD	1 Quarter
Transportation and construction equipment acquired through financing arrangements	`NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1`	$588.00K	USD	1 Quarter

Stockholders Equity 7 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$95.75M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$88.81M	USD	Point-in-time
Net loss	`NetIncomeLossIncludingPortionAttributableToNoncontrollingInterest1`	$-7.34M	USD	1 Quarter
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensationGross`	$400.00K	USD	1 Quarter
Other	`AdjustmentsToAdditionalPaidInCapitalOther`	$-13.00K	USD	1 Quarter
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$95.75M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$88.81M	USD	Point-in-time

Comprehensive Income 10 line items

Line Item	Tag	Value	Unit	Period
Net loss attributable to Sterling common stockholders	`NetIncomeLoss`	$-16.99M	USD	1 Quarter
Net loss attributable to Sterling common stockholders	`NetIncomeLoss`	$-7.33M	USD	1 Quarter
Net (loss) income attributable to noncontrolling interests included in equity	`NetincomeAttributableToNoncontrollingInterestIncludedInequity`	$292.00K	USD	1 Quarter
Net (loss) income attributable to noncontrolling interests included in equity	`NetincomeAttributableToNoncontrollingInterestIncludedInequity`	$-8.00K	USD	1 Quarter
Realized loss from settlement of derivatives	`GainLossOnSaleOfDerivatives`	-	USD	1 Quarter
Realized loss from settlement of derivatives	`GainLossOnSaleOfDerivatives`	$50.00K	USD	1 Quarter
Change in the effective portion of unrealized loss in fair market value of derivatives	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	-	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	`ComprehensiveIncomeNetOfTax`	$-7.34M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-16.66M	USD	1 Quarter

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