Note 11 - Variable Interest Entities

9 Months Ended

Sep. 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):

	September 30, 2013		December 31, 2012
Assets:
Current assets:
Cash and cash equivalents	$	-	$	7,164
Contracts receivable, including retainage		10,943		2,866
Other current assets		8,185		1,214
Total current assets		19,128		11,244
Property and equipment, net		5,898		3,041
Other assets, net		5		-
Goodwill		1,501		1,501
Total assets	$	26,532	$	15,786
Liabilities:
Current liabilities:
Accounts payable	$	8,080	$	4,627
Other current liabilities		11,283		6,283
Total liabilities	$	19,363	$	10,910

	Three Months Ended September 30,				Nine Months Ended September 30,
	2013		2012		2013		2012
Revenues	$	23,240	$	39,972	$	59,377	$	63,542
Operating income		1,772		1,917		3,130		2,519
Net income attributable to Sterling common stockholders		575		621		1,016		813