Note 18 - Quarterly Financial Information

12 Months Ended

Dec. 31, 2015

Quarterly Financial Information [Text Block]

18.	Quarterly Financial Information

The following table summarizes the unaudited quarterly results of operations for 2015 and 2014 (amounts in thousands, except per share data):

	2015 Quarters Ended (unaudited)
	March 31			June 30			September 30		December 31			Total
Revenues	$	117,682		$	177,425		$	176,000	$	152,488		$	623,595
Gross profit		(6,836	)		9,111			14,458		12,220			28,953
(Loss) income before income taxes and earnings attributable to noncontrolling interests		(16,697	)		(967	)		1,326		(841	)		(17,179	)
Net (loss) income attributable to Sterling common stockholders		(16,992	)		(2,542	)		256		(1,124	)		(20,402	)
Net (loss) income per share attributable to Sterling common stockholders:
Basic	$	(0.90	)	$	(0.13	)	$	0.01	$	(1.01	)	$	(2.02	)
Diluted		(0.90	)		(0.13	)		0.01		(1.01	)		(2.02	)

	2014 Quarters Ended (unaudited)
	March 31		June 30		September 30			December 31			Total
Revenues	$	134,538	$	194,806	$	189,275		$	153,611		$	672,230
Gross profit		7,869		12,499		8,356			3,697			32,421
Income (loss) before income taxes and earnings attributable to noncontrolling interests		480		2,473		(1,671	)		(5,875	)		(4,593	)
Net income (loss) attributable to Sterling common stockholders		205		1,200		(3,935	)		(7,251	)		(9,781	)
Net income (loss) per share attributable to Sterling common stockholders:
Basic	$	0.01	$	0.07	$	(0.21	)	$	(0.39	)	$	(0.54	)
Diluted		0.01		0.07		(0.21	)		(0.39	)		(0.54	)

The Company’s operating revenues tend to be somewhat higher in the summer months which are typically due to warmer and dryer weather conditions. Our second and third quarter revenues and results of operations typically reflect these seasonal trends. However, from time to time, the Company’s operating results are significantly affected by certain transactions or events that management believes are not indicative or representative of our results.

The Company recorded downward percent-complete revisions to certain projects in the first quarter of 2015, largely related to construction projects in Texas, and there was unseasonably more rainfall during second quarter of 2015, also in Texas, which caused declines in productivity and unanticipated delays during this quarter.

During the third and fourth quarters of 2014, the Company recorded changes in estimated revenues and gross margin which resulted in net charges of $4.5 million and $9.5 million, respectively. Gross profit was depressed by downward revisions of gross profit on problem projects, the majority of which are being constructed in Texas, primarily due to spot shortages of commodities, over-stretched sub-contractors and vendors, and intense competition for craft labor.