Note 11 - Variable Interest Entities

3 Months Ended

Mar. 31, 2013

11.	Variable Interest Entities

We own a 50% interest in Myers of which we are the primary beneficiary and have consolidated Myers into our financial statements. Because the Company exercises primary control over activities of the partnership and it is exposed to the majority of potential losses of the partnership, the Company has consolidated Myers within the Company’s financial statements since August 1, 2011, the date of acquisition. See Note 3 of the Notes to Consolidated Financial Statements included in the 2012 Form 10-K for additional information on the acquisition of this limited partnership.

The condensed financial information of Myers which is reflected in our condensed consolidated balance sheets and statements of operations is as follows (amounts in thousands):

	March 31, 2013		December 31, 2012
Assets:
Current assets:
Cash and cash equivalents	$	3,153	$	7,164
Contracts receivable, including retainage		2,490		2,866
Other current assets		4,102		1,214
Total current assets		9,745		11,244
Property and equipment, net		4,933		3,041
Goodwill		1,501		1,501
Total assets	$	16,179	$	15,786
Liabilities:
Current liabilities:
Accounts payable	$	6,521	$	4,627
Other current liabilities		4,414		6,283
Total current liabilities		10,935		10,910
Long-term liabilities:
Other long-term liabilities		--		--
Total long-term liabilities		--		--
Total liabilities	$	10,935	$	10,910

	Three Months Ended March 31,
	2013		2012
Revenues	$	10,789		4,514
Operating income (loss)		372		(31	)
Net income (loss) attributable to Sterling common stockholders		121		(12	)