Sterling Construction Company, Inc. Announces Results of Operations for Its First Quarter.Business Editors WILMINGTON, Del.--(BUSINESS WIRE)--May 15, 2003 Sterling Construction Company, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :STCS STCS SVM (Service Module) Thermal Control Subsystem STCS Signalling and Train Control System (railways) STCS Self-Tuning Control System STCS Senior Chief Sonar Technician (Naval Rating) ), ("Sterling" or the "Company"), today announced results of operations for the first quarter ended March 31, 2003. Sterling operates through two majority-owned subsidiaries majority-owned subsidiary A firm in which more than 50% of outstanding voting stock is owned by the parent company. , 80.1%-owned Sterling Houston Holdings, Inc. ("Construction"), a heavy civil construction company that specializes in municipal and state highway contracts for paving, bridge, water and sewer and light rail projects, and 90%-owned Steel City Products, Inc. ("Distribution"), one of the largest distributors of automotive accessories, pet supplies and lawn and garden products in the Northeastern United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The Company reported total revenues of $41.7 million and pre-tax income (before minority interest) of $2.1 million for the first quarter of fiscal 2003, representing 20 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. on a diluted basis. The results reflected a significant improvement over the prior year, when revenues were $29.7 million, with pre-tax income of $0.8 million (6 cents per share on a diluted basis). Consolidated Earnings before Interest, Taxes, Depreciation and Amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
Commenting on the results, Joseph Harper Joseph Harper or Joe Harper may refer to:
Mr. Hemsley, the Company's Chief Financial Officer, noted that although the results reflect a full income tax charge, almost all federal taxes are sheltered by the Company's substantial tax loss carryforwards tax loss carryforward See carryforward. . He also noted that this year's first quarter pre-tax earnings per share were 30 cents on a diluted basis. The Company also reported that in April 2003 it had prepaid pre·pay tr.v. pre·paid, pre·pay·ing, pre·pays To pay or pay for beforehand. pre·pay  ment n. to KTI KTI Kiinteistötalouden Instituutti (Finnish: Institute for Real Estate Economics)KTI Key Technical Issue KTI Kaney Transportation, Inc. KTI KG-84 Trunk Interface , Inc. ("KTI") the full amount outstanding under its $1.0 million zero coupon note, together with accrued interest Accrued Interest The interest that has accumulated on a bond since the last interest payment up to but not including the settlement date. There are two methods for calculating accrued interest: 1) 360-day year method, used for corporate and municipal bonds. of approximately $0.2 million, in exchange for the cancellation of warrants held by KTI for 394,000 shares of Sterling common stock, which would have been exercisable by KTI after January 2006 at a price of $1.50 per share. STERLING CONSTRUCTION COMPANY, INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. RESULTS OF OPERATIONS (unaudited)
Three Three
months months
Ended Ended
March 31, March 31,
2003 2002
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Contract revenues $35,679 $23,134
Sales 6,019 6,548
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41,698 29,682
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Cost of contract revenues earned 31,822 20,874
Cost of goods sold, including occupancy and
buying expenses 5,160 5,501
Operating, selling and administrative expenses 1,995 1,920
Interest expense, net of interest income 600 591
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39,577 28,886
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Income before minority interest and income
taxes 2,121 796
Minority interest in net earnings of subsidiary 324 156
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Income before taxes 1,797 640
Income tax expense 601 270
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Net income $1,196 $370
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Basic and diluted net income per share:
Basic $0.24 $0.07
Diluted $0.20 $0.06
Weighted average number of shares outstanding
used in computing basic and diluted per share
amounts:
Basic 5,069,016 5,055,516
Diluted 5,993,090 5,801,816
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