Note 11 - Variable Interest Entities

6 Months Ended

Jun. 30, 2013

Variable Interest Entities [Abstract]

11.	Variable Interest Entities

The Company owns a 50% interest in Myers of which it is the primary beneficiary and has consolidated Myers into the Company’s 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 the Company’s condensed consolidated balance sheets and statements of operations is as follows (amounts in thousands):

	June 30, 2013		December 31, 2012
Assets:
Current assets:
Cash and cash equivalents	$	5,994	$	7,164
Contracts receivable, including retainage		10,756		2,866
Other current assets		223		1,214
Total current assets		16,973		11,244
Property and equipment, net		5,124		3,041
Other assets, net		5		--
Goodwill		1,501		1,501
Total assets	$	23,603	$	15,786
Liabilities:
Current liabilities:
Accounts payable	$	9,776	$	4,627
Other current liabilities		8,427		6,283
Total current liabilities		18,203		10,910
Long-term liabilities:
Other long-term liabilities		--		--
Total long-term liabilities		--		--
Total liabilities	$	18,203	$	10,910

	Three Months Ended June 30,				Six Months Ended June 30,
	2013		2012		2013		2012
Revenues	$	25,348	$	19,056	$	36,137	$	23,570
Operating income		985		633		1,358		602
Net income attributable to Sterling common stockholders		320		204		441		192