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Note 18 - Quarterly Financial Information
 12 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Quarterly Financial Information [Text Block]
18.
 Quarterly Financial Information
 
The following table summarizes the unaudited quarterly results of operations for
2016
and
2015
(amounts in thousands, except per share data):
 
    2016 Quarters Ended (unaudited)    
    March 31   June 30   September 30   December 31   Total
Revenues   $
126,567
     $
189,582
     $
205,629
     $
168,345
     $
690,123
  
Gross profit    
3,830
      
16,089
      
17,032
      
6,903
      
43,854
  
Income (loss) before income taxes and earnings attributable to noncontrolling interests    
(7,336
 )    
2,570
      
3,196
      
(5,754
 )    
(7,324
 )
Net income (loss) attributable to Sterling common stockholders    
(7,328
 )    
2,023
      
2,415
      
(6,348
 )    
(9,238
 )
Net income (loss) per share attributable to Sterling common stockholders:                                        
Basic and diluted   $
(0.37
 )   $
0.09
     $
0.10
     $
(0.25
 )   $
(0.40
 )
 
    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 (loss)    
(6,836
 )    
9,111
      
14,458
      
12,220
      
28,953
  
Income (loss) before income taxes and earnings attributable to noncontrolling interests    
(16,697
 )    
(967
 )    
1,326
      
(841
 )    
(17,179
 )
Net income (loss) attributable to Sterling common stockholders    
(16,992
 )    
(2,542
 )    
256
      
(19,898
 )    
(39,176
 )
Net income (loss) per share attributable to Sterling common stockholders:                                        
Basic and diluted   $
(0.90
 )   $
(0.13
 )   $
0.01
     $
(1.01
 )   $
(2.02
 )
 
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.
 
During the
first
quarter of
2016,
the Company was challenged with unusually poor weather conditions, including rain in Texas and snow at our Nevada jobs. In addition, in the
fourth
quarter, there was a
$2.5
million charge on a negotiated global settlement with several entities which allowed the close-out of a Texas project, thus avoiding further negotiation and litigation expense, along with charges on Texas projects and to under-recovered equipment costs.
 
In
2015,
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. The
fourth
quarter loss was largely due to a revaluation of noncontrolling interest due to a new agreement with the noncontrolling interest owners.