Note 11 - Variable Interest Entities

3 Months Ended

Mar. 31, 2014

Variable Interest Entities [Abstract]

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 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. Refer to Note 3 of the Notes to Consolidated Financial Statements included in the 2013 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, 2014		December 31, 2013
Assets:
Current assets:
Cash and cash equivalents	$	495	$	566
Contracts receivable, including retainage		9,486		6,475
Other current assets		4,568		7,964
Total current assets		14,549		15,005
Property and equipment, net		6,442		6,869
Other assets, net		5		5
Goodwill		1,501		1,501
Total assets	$	22,497	$	23,380
Liabilities:
Current liabilities:
Accounts payable	$	6,090	$	8,361
Other current liabilities		9,988		7,080
Total current liabilities		16,078		15,441
Long-term liabilities:
Other long-term liabilities		56		137
Total liabilities	$	16,134	$	15,578

	Three Months Ended March 31,
	2014		2013
Revenues	$	16,861	$	10,789
Operating income		550		372
Net income attributable to Sterling common stockholders		275		121