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Sterling Construction Co Inc (STRL) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

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STRL Quarterly Reports

Sterling Construction Co Inc

CIK: 874238 Ticker: STRL

Exhibit 99.1

sterling_logoa04.jpg
NEWS RELEASE
For Immediate Release:
May 4, 2020

Sterling Reports First Quarter 2020 Results
Record EBITDA (1) 
Record Backlog of $1.2 billion and Backlog Gross Margin of 12.7%

THE WOODLANDS, TXMay 4, 2020 – Sterling Construction Company, Inc. (NasdaqGS: STRL) (“Sterling” or “the Company”) today announced financial results for the three months ended March 31, 2020.

Consolidated First Quarter 2020 Financial Results Compared to First Quarter 2019:
Revenues were $296.7 million compared to $223.9 million;
Gross margin was 11.9% of revenues compared to 8.7%;
Plateau acquisition related costs totaled $0.5 million or $0.02 per diluted share;
Net income attributable to Sterling common stockholders was $3.1 million or $3.5 million on an adjusted basis(1) compared to $1.8 million or $2.0 million on an adjusted basis(1);
Net income per diluted share attributable to Sterling common stockholders was $0.11 or $0.12 on an adjusted basis(1) compared to $0.07;
Cash flows from operations was $10.8 million, an improvement of $30.0 million; and,
Adjusted EBITDA(1) was $20.8 million compared to $9.0 million.
Consolidated Financial Position and Liquidity at March 31, 2020:
Cash and Cash Equivalents were $73.9 million;
Debt, net of cash totaled $385.1 million; and,
Remaining availability of $25 million under our $75 million Revolving Credit Facility.
Heavy Civil and Specialty Services Backlog Highlights
Combined Backlog at March 31, 2020 was $1.43 billion, up from $1.34 billion at December 31, 2019. Combined Backlog consists of $1.19 billion of Backlog and $241 million of Unsigned Low-bid Awards as of March 31, 2020 compared to $1.07 billion and $273 million at December 31, 2019, respectively. No residential contracts are included in Backlog.
Total margin in Backlog has increased approximately 120 basis points, from 11.5% at December 31, 2019 to 12.7% at March 31, 2020. Combined Backlog gross margin improved from 11.0% at December 31, 2019 to 12.1% at March 31, 2020.
Due to the uncertain future COVID-19 financial impacts over the balance of the year, we have withdrawn our previously articulated guidance until we have greater visibility.

(1) 
See the “Reconciliation of Non-GAAP Supplemental Adjusted Financial Data” section below for more information.

The following information was filed by Sterling Construction Co Inc (STRL) on Tuesday, May 5, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Sterling Construction Co Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Changes In Stockholders' Equity
Condensed Consolidated Statements Of Comprehensive Income (Loss)
Condensed Consolidated Statements Of Operations
Basis Of Presentation And Significant Accounting Policies
Basis Of Presentation And Significant Accounting Policies (Details)
Basis Of Presentation And Significant Accounting Policies (Policies)
Commitments And Contingencies
Consolidated 50% Owned Subsidiaries
Consolidated 50% Owned Subsidiaries (Tables)
Consolidated 50% Owned Subsidiaries - Components Of Noncontrolling Interest (Details)
Consolidated 50% Owned Subsidiaries - Narrative (Details)
Consolidated 50% Owned Subsidiaries Consolidated 50% Owned Subsidiaries - Statement Of Operations (Details)
Construction Joint Ventures
Construction Joint Ventures (Tables)
Construction Joint Ventures - Change In Non-Controlling Interest (Details)
Construction Joint Ventures - Construction Joint Ventures, Partner Share (Details)
Construction Joint Ventures - Income Statement Information (Details)
Construction Joint Ventures - Sema Financials (Details)
Debt
Debt (Tables)
Debt - Long-Term Debt (Details)
Debt - Narrative (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Financial Instruments
Financial Instruments (Tables)
Financial Instruments - Fair Value Of The Interest Rate Derivative (Details)
Financial Instruments - Narrative (Details)
Financial Instruments - Schedule Of Total Value Recognized In Other Comprehensive Income (Details)
Income Taxes
Income Taxes (Details)
Income Taxes Income Taxes (Tables)
Lease Obligations
Lease Obligations (Details)
Lease Obligations (Tables)
Nature Of Operations
Other Intangible Assets
Other Intangible Assets (Details)
Other Intangible Assets (Tables)
Plateau Acquisition
Plateau Acquisition (Tables)
Plateau Acquisition - Consideration Transferred And Purchase Price Allocation (Details)
Plateau Acquisition - Narrative (Details)
Plateau Acquisition - Schedule Of Identifiable Intangible Assets (Details)
Plateau Acquisition - Supplemental Pro Forma Information (Details)
Property And Equipment
Property And Equipment (Details)
Property And Equipment (Tables)
Revenue From Contracts With Customers
Revenue From Contracts With Customers (Tables)
Revenue From Contracts With Customers - Additional Information (Details)
Revenue From Contracts With Customers - Backlog By Segment (Details)
Revenue From Contracts With Customers - Disaggregation Of Revenue (Details)
Revenue From Contracts With Customers - Narrative (Details)
Segment Information
Segment Information (Details)
Segment Information (Tables)
Stock Incentive Plan And Other Equity Activity
Stock Incentive Plan And Other Equity Activity (Details)
Stock Incentive Plan And Other Equity Activity (Tables)
Stock Incentive Plan And Other Equity Activity - Schedule Of Aoci (Details)
Stock Incentive Plan And Other Equity Activity - Share Grants (Details)
Stock Incentive Plan And Other Equity Activity - Share Issuances (Details)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (Details)
Supplemental Cash Flow Information (Tables)

Material Contracts, Statements, Certifications & more

Sterling Construction Co Inc provided additional information to their SEC Filing as exhibits

Ticker: STRL
CIK: 874238
Form Type: 10-Q Quarterly Report
Accession Number: 0000874238-20-000056
Submitted to the SEC: Tue May 05 2020 9:04:24 AM EST
Accepted by the SEC: Tue May 05 2020
Period: Tuesday, March 31, 2020
Industry: Heavy Construction Other Than Bldg Const Contractors

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