Note 11 - Variable Interest Entities

6 Months Ended

Jun. 30, 2014

Variable Interest Entity Disclosure [Text Block]

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. 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 the Company’s condensed consolidated balance sheets and statements of operations is as follows (amounts in thousands):

	June 30, 2014		December 31, 2013
Assets:
Current assets:
Cash and cash equivalents	$	498	$	566
Contracts receivable, including retainage		21,859		6,475
Other current assets		11,572		7,964
Total current assets		33,929		15,005
Property and equipment, net		7,896		6,869
Other assets, net		5		5
Goodwill		1,501		1,501
Total assets	$	43,331	$	23,380
Liabilities:
Current liabilities:
Accounts payable	$	21,946	$	8,361
Other current liabilities		12,235		7,080
Total current liabilities		34,181		15,441
Long-term liabilities:
Other long-term liabilities		41		137
Total liabilities	$	34,222	$	15,578

	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
Revenues	$	44,933	$	25,348	$	61,794	$	36,137
Operating income		2,749		985		3,299		1,358
Net income attributable to Sterling common stockholders		1,373		320		1,648		441