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Stock Market & Financial Investment News

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January 3, 2013
08:47 EDTSTRLSterling Construction acquires remaining interest in construction subsidiary
Sterling Construction made an early exercise of its option under a December 2009 Purchase Agreement on December 31, 2012 and purchased the remaining 20% membership interest in Ralph L. Wadsworth Construction Company that was previously held by RLW’s executive management. Sterling further retained the services of RLW’s CEO, President and Vice President of Business Development. Total consideration of $23.1M was funded by drawing down on Sterling’s line of credit. Sterling intends to repay the borrowed funds by liquidating some of its short-term investments.
News For STRL From The Last 14 Days
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January 27, 2015
06:39 EDTSTRLSterling Construction sees revenue, EBITDA growth in 2015
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06:38 EDTSTRLSterling Construction CEO: Timing and weather issues impacted large products
CEO Peter MacKenna said, “Results for the final quarter of 2014 were disappointing relative to our expectations back in November. Timing and weather issues impacted some large projects in our Hawaii and California operations, while spot shortages of commodities, over-stretched sub-contractors and vendors, and intense competition for craft labor continued to pressure our Texas operations. With that said, collectively we delivered strong improvement for the full year, with 2014 revenues up approximately 20% over 2013, and 2014 EBITDA of approximately $17 million compared to an EBITDA loss of approximately $50 million in 2013.”
06:37 EDTSTRLSterling Construction in breach of one of three financial covenants
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06:36 EDTSTRLSterling Construction sees FY14 revenue $660M-$674M, consensus $688.61M
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06:36 EDTSTRLSterling Construction sees Q4 revenue $150M-$155M, consensus $170M
Due primarily to weaker than anticipated revenues in its California, Utah and Hawaii operations, along with a continuation of challenging market conditions in its Texas market, the company expects to report a pre-tax loss of between $7 million and $8 million for the quarter.

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