<SEC-DOCUMENT>0000874238-19-000070.txt : 20190508
<SEC-HEADER>0000874238-19-000070.hdr.sgml : 20190508
<ACCEPTANCE-DATETIME>20190507181626
ACCESSION NUMBER:		0000874238-19-000070
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20190507
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190508
DATE AS OF CHANGE:		20190507

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			STERLING CONSTRUCTION CO INC
		CENTRAL INDEX KEY:			0000874238
		STANDARD INDUSTRIAL CLASSIFICATION:	HEAVY CONSTRUCTION OTHER THAN BUILDING CONST - CONTRACTORS [1600]
		IRS NUMBER:				251655321
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31993
		FILM NUMBER:		19804524

	BUSINESS ADDRESS:	
		STREET 1:		1800 HUGHES LANDING BLVD.
		STREET 2:		SUITE 250
		CITY:			THE WOODLANDS
		STATE:			TX
		ZIP:			77380
		BUSINESS PHONE:		281-214-0800

	MAIL ADDRESS:	
		STREET 1:		1800 HUGHES LANDING BLVD.
		STREET 2:		SUITE 250
		CITY:			THE WOODLANDS
		STATE:			TX
		ZIP:			77380

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	OAKHURST CO INC
		DATE OF NAME CHANGE:	19950831

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	OAKHURST CAPITAL INC
		DATE OF NAME CHANGE:	19931130
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a20190507form8-k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<div><a name="s341ee3589b5142848dea7bbc4ea67974"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:720px;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:720px;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;padding-top:16px;text-align:center;font-size:18pt;"><font style="font-family:inherit;font-size:18pt;font-weight:bold;">UNITED STATES</font></div><div style="line-height:120%;text-align:center;font-size:18pt;"><font style="font-family:inherit;font-size:18pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Washington, D.C. 20549</font></div><div style="line-height:120%;padding-top:8px;text-align:center;font-size:18pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:229px;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:229px;"></td></tr><tr><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:center;font-size:18pt;"><font style="font-family:inherit;font-size:18pt;font-weight:bold;">FORM 8-K</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:14pt;"><font style="font-family:inherit;font-size:14pt;font-weight:bold;">CURRENT REPORT</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Date of Report (Date of earliest event reported): </font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">May&#160;7, 2019</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:22pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:684px;border-collapse:collapse;text-align:left;"><tr><td colspan="5"></td></tr><tr><td style="width:220px;"></td><td style="width:12px;"></td><td style="width:220px;"></td><td style="width:12px;"></td><td style="width:220px;"></td></tr><tr><td colspan="5" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;text-indent:24px;font-size:22pt;"><font style="font-family:inherit;font-size:22pt;font-weight:bold;">STERLING CONSTRUCTION COMPANY, INC.</font><font style="font-family:inherit;font-size:22pt;">&#160;</font></div></td></tr><tr><td colspan="5" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;text-indent:24px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(Exact name of registrant as specified in its charter)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">DELAWARE</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">001-31993</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">25-1655321</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(State or other jurisdiction of incorporation</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">or organization)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(Commission File Number)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(I.R.S. Employer</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Identification No.)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">1800 Hughes Landing Blvd.</font></div><div style="text-align:center;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">The Woodlands, Texas</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">77380</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(Address of principal executive offices)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(Zip Code)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td colspan="5" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Registrant&#8217;s telephone number, including area code:&#160;&#160;</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">(281) 214-0800</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:682px;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:261px;"></td><td style="width:160px;"></td><td style="width:261px;"></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Securities registered pursuant to Section 12(b) of the Act:</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Common Stock, $0.01 par value per share</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">STRL</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">The NASDAQ Stock Market LLC</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(Title of Class)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(Trading Symbol)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(Name of each exchange on which registered)</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:683px;border-collapse:collapse;text-align:left;"><tr><td colspan="4"></td></tr><tr><td style="width:22px;"></td><td style="width:220px;"></td><td style="width:220px;"></td><td style="width:220px;"></td></tr><tr><td colspan="4" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">see</font><font style="font-family:inherit;font-size:10pt;">&#160;General Instruction A.2 below):</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:10pt;"><font style="font-family:Wingdings;font-size:10pt;">&#168;</font></div></td><td colspan="3" style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:10pt;"><font style="font-family:Wingdings;font-size:10pt;">&#168;</font></div></td><td colspan="3" style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:10pt;"><font style="font-family:Wingdings;font-size:10pt;">&#168;</font></div></td><td colspan="3" style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:10pt;"><font style="font-family:Wingdings;font-size:10pt;">&#168;</font></div></td><td colspan="3" style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:682px;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:657px;"></td><td style="width:25px;"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR &#167;230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR &#167; 240.12b-2 of this chapter).</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Emerging growth company</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:10pt;"><font style="font-family:Wingdings;font-size:10pt;">&#168;</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:682px;border-collapse:collapse;text-align:left;"><tr><td colspan="4"></td></tr><tr><td style="width:218px;"></td><td style="width:218px;"></td><td style="width:218px;"></td><td style="width:25px;"></td></tr><tr><td colspan="3" style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">If an emerging growth company, indicate by check 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#000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><a name="sa0e4b7b20b7c4cfebf2ccc7193da0426"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Item 2.02</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Results of Operations and Financial Condition.</font></div></td></tr></table><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On May&#160;7, 2019, the Company hosted a conference call to discuss the first quarter 2019 results as well as corporate developments. The transcript of the conference call is being furnished with this Current Report on Form 8-K as Exhibit 99.1 and is hereby incorporated herein by reference.</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The information provided in this Item 2.02 shall not be deemed to be &#8220;filed&#8221; for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be incorporated by reference in any filing made by the Company pursuant to the Securities Act of 1933, as amended, other than to the extent that such filing incorporates by reference any or all of such information by express reference thereto.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><a name="s0a62487f6ca14e88a29e7c2986987c27"></a></div><table cellpadding="0" cellspacing="0" style="-sec-extract:summary;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Item 9.01</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Financial Statements and Exhibits.</font></div></td></tr></table><div style="line-height:174%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">(d)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Exhibit Index</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:379px;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:97px;"></td><td style="width:5px;"></td><td style="width:277px;"></td></tr><tr><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Exhibit Number </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Description</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">99.1</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><a style="text-decoration:underline;color:#0000FF;-sec-extract:exhibit;" href="a20190507exhibit991.htm"><font style="font-family:inherit;font-size:10pt;">May 7, 2019 conference call transcript.</font></a></div></td></tr></table></div></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><a name="s9de45eb6f9ed4293b767f9df7efed238"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">SIGNATURES</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:599px;border-collapse:collapse;text-align:left;"><tr><td colspan="4"></td></tr><tr><td style="width:37px;"></td><td style="width:241px;"></td><td style="width:28px;"></td><td style="width:293px;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">STERLING CONSTRUCTION COMPANY, INC.</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Date:</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">May 7, 2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">By:</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">/s/ Ronald A. Ballschmiede</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Ronald A. Ballschmiede</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Chief Financial Officer</font></div></td></tr></table></div></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div>	</body>
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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a20190507exhibit991.htm
<DESCRIPTION>EXHIBIT 99.1
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<div><a name="s8e923ddcc2084877b312870d83ac014a"></a></div><div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">EXHIBIT 99.1</font></div></div><div><br></div><div style="line-height:120%;padding-top:3px;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;font-weight:bold;">Q1 2019 Sterling Construction Company Inc Earnings Call</font></div><div style="line-height:120%;padding-top:0px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">Houston May 7</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;2019 (Thomson StreetEvents) </font><font style="font-family:Calibri,sans-serif;font-size:12pt;">--</font><font style="font-family:Arial;font-size:12pt;">&#32;Edited Transcript of Sterling Construction Company Inc earnings conference call or presentation Tuesday</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;May 7</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;2019 at 1:</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">00</font><font style="font-family:Arial;font-size:12pt;">:00pm GMT</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:10px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">CORPORATE PARTICIPANTS</font></div><div style="line-height:120%;padding-top:4px;text-align:left;padding-left:10px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#32;&#32;&#32;&#32;&#32;&#32;</font><font style="font-family:Arial;font-size:12pt;">Joseph A</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;Cutillo</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;Sterling Construction Company</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;Inc</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">-</font><font style="font-family:Arial;font-size:12pt;">&#32;CEO</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;President &amp; Director</font></div><div style="line-height:120%;padding-top:4px;text-align:left;padding-left:10px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#32;&#32;&#32;&#32;&#32;&#32;</font><font style="font-family:Arial;font-size:12pt;">Ronald A</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;Ballschmiede</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;Sterling Construction Company</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;Inc</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">-</font><font style="font-family:Arial;font-size:12pt;">&#32;Executive VP</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;CFO</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;CAO &amp; Treasurer</font></div><div style="line-height:120%;padding-top:4px;text-align:left;padding-left:10px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">CONFERENCE CALL PARTICIPANTS</font></div><div style="line-height:120%;padding-top:4px;text-align:left;padding-left:10px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#32;&#32;&#32;&#32;&#32;&#32;</font><font style="font-family:Arial;font-size:12pt;">Alexander David Dwyer</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;KeyBanc Capital Markets Inc</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.,</font><font style="font-family:Arial;font-size:12pt;">&#32;Research Division </font><font style="font-family:Calibri,sans-serif;font-size:12pt;">-</font><font style="font-family:Arial;font-size:12pt;">&#32;Associate</font></div><div style="line-height:120%;padding-top:4px;text-align:left;padding-left:10px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#32;&#32;&#32;&#32;&#32;&#32;</font><font style="font-family:Arial;font-size:12pt;">Brent Edward Thielman</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;D</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">A</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;Davidson &amp; Co</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.,</font><font style="font-family:Arial;font-size:12pt;">&#32;Research Division </font><font style="font-family:Calibri,sans-serif;font-size:12pt;">-</font><font style="font-family:Arial;font-size:12pt;">&#32;Senior VP &amp; Senior Research Analyst</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-top:0px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;font-weight:bold;">PRESENTATION</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;font-weight:bold;">Operator</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">Greetings</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;and welcome to Sterling Construction's First Quarter 2019 Earnings Conference Call</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;(Operator Instructions) As a reminder</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;this conference is being recorded</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font></div><div style="line-height:120%;padding-top:4px;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">Before turning the call over to Mr</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;Joe Cutillo</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;Sterling Construction's Chief Executive Officer</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;I will read the safe harbor statement. Some of the discussions today may include forward-looking statements</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;Actual results could differ materially from statements</font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">made today</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;Please refer to Sterling's most recent 10-K and 10-Q filings for a more complete description of risk factors that could</font></div><div style="line-height:120%;padding-top:0px;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">affect these projections and assumptions</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;The company assumes no obligation to update forward-looking statements as a result of new information</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;future events or otherwise</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">Now I will turn the call over to Mr</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;Joe Cutillo</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;font-weight:bold;">Joseph A</font><font style="font-family:Calibri,sans-serif;font-size:12pt;font-weight:bold;">.</font><font style="font-family:Arial;font-size:12pt;font-weight:bold;">&#32;Cutillo</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;Sterling Construction Company</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;Inc</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">-</font><font style="font-family:Arial;font-size:12pt;">&#32;CEO</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;President &amp; Director</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">Good morning</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;everyone</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;and thank you for joining today's call</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;I'd like to start off by giving a special thanks to our 2</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,00</font><font style="font-family:Arial;font-size:12pt;">0 employees for a very solid first quarter</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">Historically</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;our first quarter has been our slowest seasonal quarter</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;and this year was no exception</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;In addition to the seasonal headwinds we normally face</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;we were hit with additional headwinds associated with extreme weather in our nonseasonal geographies</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;Under these conditions</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;it would be normal for a business in our sector to lose money in the quarter</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;However</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;I'm pleased to report the combination of our strategy and the dedication of our people enabled us to continue our streak of profitability and start the year off on the right foot even in the worst circumstances</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">EXHIBIT 99.1</font></div></div><div><br></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">Versus prior year first quarter</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;our revenues were up slightly driven by a 21% increase in our residential business</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;Our net income was down $700</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,000</font><font style="font-family:Arial;font-size:12pt;">&#32;driven by over $1</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">5 million of weather-related inefficiencies and $1</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">5 million of incremental earn-out in members' interest expenses</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">In the quarter</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;we grew our combined backlog to an all-time high of $1</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">2 billion</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;We repurchased 250</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,000</font><font style="font-family:Arial;font-size:12pt;">&#32;shares</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;repaid $5.6 million of debt, had </font><font style="font-family:Calibri,sans-serif;font-size:12pt;">0</font><font style="font-family:Arial;font-size:12pt;">&#32;lost time incidents</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;increased our revenue from non-heavy highway to 48% and poured almost 5x as many slabs in Houston as we did in the first quarter of 2018</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">As we look forward</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;our markets remain very strong</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;Lettings in the first quarter grew approximately 15% versus 2018</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;We had several nice wins in the aviation space and have seen increased activities associated with future projects since the Aviation Bill passed at the end of last year</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">In addition</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;there are significant activities taking place at the federal level to push through the next Highway Bill before year-end, and we continue to see states taking proactive measures to increase funding associated with future road and bridge projects</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">On the residential front, the Dallas and Houston markets remain the #1 and #3 markets in the U</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">S</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;and have shown no signs of slowing</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;We believe this</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;coupled with the recent interest rate reductions</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;will drive continued strong demand throughout 2019</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">It doesn't take long to realize that without the impact of weather</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;our first quarter would have gone from good to great. Based on our first quarter results</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;our backlog and market strengths</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;we remain committed to our full year revenue guidance of $1</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">075 billion to $1</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">095 billion and a net income guidance between $29 million and $32 million</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">With that, I'd like to turn it over to Ron to discuss our results in more detail</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;Ron?</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;font-weight:bold;">Ronald A</font><font style="font-family:Calibri,sans-serif;font-size:12pt;font-weight:bold;">.</font><font style="font-family:Arial;font-size:12pt;font-weight:bold;">&#32;Ballschmiede</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;Sterling Construction Company</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;Inc</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">-</font><font style="font-family:Arial;font-size:12pt;">&#32;Executive VP</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;CFO</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;CAO &amp; Treasurer</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">Thanks</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;Joe</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;and good morning</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;everybody</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;I'm pleased to discuss our first quarter operating results</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">At March 31</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;2019</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;our heavy civil construction segment backlog was $809 million compared to $851 million at the end of 2018. The gross margin in our March 31</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;2019</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;backlog was 8</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">3%</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;a decrease of 13 basis points compared to the end of 2018</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;This small decrease reflects a temporary change in the mix of our backlog and the unfavorable weather impact across our geographic footprint in the first quarter of 2019</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">Unsigned Low-bid Awards totaled $402 million</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;an increase from $293 million at the end of 2018</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;The increase was driven by the award of a $94 million Utah highway project in the first quarter</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;which is now signed and included in second quarter backlog</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">We refer to the combination of our backlog and Unsigned Low-bid Awards as combined backlog</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;We finished the first quarter with an all-time high combined backlog of $1</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">2 billion</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;</font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">EXHIBIT 99.1</font></div></div><div><br></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">up $67 million from December 31</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;2018</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;Gross margin of our March 31</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;2019, backlog was 8</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">6%</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;Our first quarter 2019 combined backlog book-to-burn factor was 131%</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">Just a reminder</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;backlog figures are comprised entirely of heavy civil construction projects</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;Residential constructions </font><font style="font-family:Calibri,sans-serif;font-size:12pt;">--</font><font style="font-family:Arial;font-size:12pt;">construction</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;which accounted for approximately 19% of our first quarter revenues</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;does not report backlog</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;reflecting the short- term performance cycle of residential concrete slabs</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">Total revenue for the first quarter of 2019 was $224 million</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;up slightly from $222 million in the first quarter of 2018</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;Residential construction enjoyed its strongest revenue and income first quarter in its history</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;Revenues grew by $7.5 million or 21% to $42.8 million</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;Approximately 60% of this revenue growth related to the continuing strong housing starts in the Dallas Fort Worth market, with the balance attributable to the expansion into the Houston area market.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">Heavy civil construction revenues decreased $6.1 million to $181 million in the first quarter of 2019</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;The decrease was driven by lower revenues of $29.7 million relating to 2 large construction joint venture projects</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;which were substantially completed by the end of 2018</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;This decline was partially offset by revenue increases in aviation</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;commercial and other heavy highway projects</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">Gross profit was $90.5 million in the quarter</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;a slight decrease of $300</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,000</font><font style="font-family:Arial;font-size:12pt;">&#32;from the 2018 first quarter</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;Gross margin decreased by 19 basis points to 8</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">7%</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;The unfavorable decline resulted from lower heavy civil construction gross margins driven by negative weather impacts across our regions in the first quarter of 2019</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">G&amp;A expense for the first quarter of 2019 with $12.5 million</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;an increase of $150</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,000</font><font style="font-family:Arial;font-size:12pt;">&#32;from the prior year quarter</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;Operating expense for the 2019 first quarter was $2.3 million</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;an increase of $1.5 million for the comparable 2018 quarter</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;The increase was the result of higher members' interest expense and earn-out expense driven by increased earnings of both our 50% owned subsidiaries and residential construction</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;We continue to believe that our full year 2019 operating expense will be $13 million to $14 million</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;principally consisting of members' interest and earn-out costs</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">Our operating income for the first quarter of 2019 totaled $4.7 million</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;a decrease of $2 million over the comparable 2018 quarter. From an operating segment standpoint, residential construction accounted for $5.6 million of operating income in the 2019 quarter while heavy civil construction reported an $800</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,000</font><font style="font-family:Arial;font-size:12pt;">&#32;loss</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">Finally</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;noncontrolling owners' interest expense totaled $46 million (sic) [$46</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,000</font><font style="font-family:Arial;font-size:12pt;">] in the quarter </font><font style="font-family:Calibri,sans-serif;font-size:12pt;">--</font><font style="font-family:Arial;font-size:12pt;">&#32;in the first quarter of 2019 compared to $1.2 million in 2018</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;The decrease reflects the substantial completion of our construction joint venture projects in</font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">2018</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;We continue to expect our noncontrolling owners' interest to be $1 million to $2 million in 2019</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">The net effect of all these results in the first quarter of 2019 net income of $1.8 million and a net income per diluted share of $0</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.0</font><font style="font-family:Arial;font-size:12pt;">7 compared to the first quarter of 2018 net income of $2.5 million or $0</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.0</font><font style="font-family:Arial;font-size:12pt;">9 per share</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">EXHIBIT 99.1</font></div></div><div><br></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">With the variety of EBITDA definitions out in the investor and analyst marketplace</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;I thought I would start with the components of Sterling's computation</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;We define EBITDA as net income plus interest, tax</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;depreciation and intangible amortization</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;Note that it does not include the net debt for noncontrolling interest expense</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;Our first quarter 2019 EBITDA was $9.1 million or 4</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">7% of revenues </font><font style="font-family:Calibri,sans-serif;font-size:12pt;">--</font><font style="font-family:Arial;font-size:12pt;">&#32;4</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">1% of revenues</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;excuse me</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;compared to $9.6 million or 4</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">3% of revenues in the first quarter of 2018</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">Moving to our balance sheet. We ended the quarter with a cash balance of $56.8 million</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;As we expected</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;our consolidated cash balance declined by $37.3 million in the first quarter of 2019 compared to a decline of $28.5 million in the first quarter of 2018</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;The 2019 decrease was driven by our first quarter seasonality and cash outflows of $12.5 million for the combination of debt repayments</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;net capital expenditures and stock repurchases</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;The components of our March 31 cash balance includes generally available cash of $40.3 million</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;consolidated 50% owned subsidiaries of $13.3 million and construction joint ventures of $30.1 million</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">Consistent with our historical seasonal trends</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;we expect our consolidated cash balance to increase throughout the year and our cash flow from operating activities to approximate our full year projected operating income</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;Including the aforementioned first quarter 2019 debt repayment, our consolidated net debt was $77.3 million</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;down from $82 million at the end of 2018</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">Finally</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;during the quarter</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;we repurchased 250</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,000</font><font style="font-family:Arial;font-size:12pt;">&#32;shares of our stock at an average price of $12</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">8</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">0</font><font style="font-family:Arial;font-size:12pt;">&#32;for $3.2 million</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;Since the stock repurchase program began in the fourth quarter of 2018</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;we have repurchased 717</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,000</font><font style="font-family:Arial;font-size:12pt;">&#32;shares for $7.9 million at an average price of $11</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">07</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">Now I will turn the call back over to Joe</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;font-weight:bold;">Joseph A</font><font style="font-family:Calibri,sans-serif;font-size:12pt;font-weight:bold;">.</font><font style="font-family:Arial;font-size:12pt;font-weight:bold;">&#32;Cutillo</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;Sterling Construction Company</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;Inc</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">-</font><font style="font-family:Arial;font-size:12pt;">&#32;CEO</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;President &amp; Director</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">Thanks</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;Ron</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">Again</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;I'm very pleased with the solid performance we had in the first quarter and the continued progress we made with our strategy</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;This is the second time in 11 years that we were able to produce a profit in our slowest seasonal quarter</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;What makes it more impressive is it was done during a time of extreme weather conditions</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">Based on our first quarter results</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;along with our record backlog and current market conditions</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;we're holding our full year revenue guidance of $1</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">075 billion to $1</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">095 billion and our full year net income guidance of $29 million to $32 million</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">With that, I'd be happy to take your questions</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font></div><div style="line-height:120%;padding-top:0px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;font-weight:bold;">QUESTIONS AND ANSWERS</font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">EXHIBIT 99.1</font></div></div><div><br></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;font-weight:bold;">Answer - Operator: </font><font style="font-family:Arial;font-size:12pt;">(Operator Instructions) Our first question comes from the line of Brent Thielman with D</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">A</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;Davidson</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font></div><div style="line-height:120%;padding-top:0px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;font-weight:bold;">Analyst: </font><font style="font-family:Arial;font-size:12pt;">Brent Edward Thielman</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;D</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">A</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;Davidson &amp; Co</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.,</font><font style="font-family:Arial;font-size:12pt;">&#32;Research Division </font><font style="font-family:Calibri,sans-serif;font-size:12pt;">-</font><font style="font-family:Arial;font-size:12pt;">&#32;Senior VP &amp; Senior Research Analyst</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;font-weight:bold;">Question - Brent Edward Thielman: </font><font style="font-family:Arial;font-size:12pt;">Joe</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;are you already ramping up on this new heavy civil work</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;such that we should start to see growth again in that business in the second quarter? Is it going to be even more back-end loaded to the year than maybe you thought?</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;font-weight:bold;">Answer - Joseph A</font><font style="font-family:Calibri,sans-serif;font-size:12pt;font-weight:bold;">.</font><font style="font-family:Arial;font-size:12pt;font-weight:bold;">&#32;Cutillo: </font><font style="font-family:Arial;font-size:12pt;">We continue to plug away on that </font><font style="font-family:Calibri,sans-serif;font-size:12pt;">--</font><font style="font-family:Arial;font-size:12pt;">&#32;on the heavy civil</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;We've got what I'll call the normal seasonality of the first quarter</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;so it impacts everything</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;It's not just heavy highway that we talk about. The heavy civil projects in aviation and other stuff are impacted just as the rest. I don't think we see a huge change in momentum from what we've historically done</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;I think it's going to be very consistent with prior years and consistent with the ratios of our backlog</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font></div><div style="line-height:120%;padding-top:4px;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;font-weight:bold;">Answer - Ronald A</font><font style="font-family:Calibri,sans-serif;font-size:12pt;font-weight:bold;">.</font><font style="font-family:Arial;font-size:12pt;font-weight:bold;">&#32;Ballschmiede: </font><font style="font-family:Arial;font-size:12pt;">Yes</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;I think it's going to be</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;a</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;some growth in the second quarter</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;additional growth in the third quarter and fourth quarter</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;probably for the first time in a long time</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;equal to our third quarter</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;maybe even bigger depending on weather conditions as the year comes to a close</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;font-weight:bold;">Question - Brent Edward Thielman: </font><font style="font-family:Arial;font-size:12pt;">Got it. Okay</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;And then Ron</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;the embedded gross margin in the backlog that you report has come in a touch in recent quarters</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;Could you talk about that? Is that a shift in geographies or types of projects?</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;font-weight:bold;">Answer - Ronald A</font><font style="font-family:Calibri,sans-serif;font-size:12pt;font-weight:bold;">.</font><font style="font-family:Arial;font-size:12pt;font-weight:bold;">&#32;Ballschmiede: </font><font style="font-family:Arial;font-size:12pt;">Sure</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;So in the pure backlog</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;it's really mostly mix</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;So we finished up those nice construction JVs</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;Generally</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;they were </font><font style="font-family:Calibri,sans-serif;font-size:12pt;">--</font><font style="font-family:Arial;font-size:12pt;">&#32;both of those were alternative delivery projects</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;And as we've talked about before</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;alternative delivery projects have higher margins than hard bid work</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;So that's one factor</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">The second is this miserable weather that we had in the first quarter</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;and maybe some story only an accountant would love</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;but the weather</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;the additional costs of a project get recognized on a percentage completion basis</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;So if </font><font style="font-family:Calibri,sans-serif;font-size:12pt;">--</font><font style="font-family:Arial;font-size:12pt;">&#32;and by example</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;if our costs went up by $2 million on a project and we were 50% done</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;$800</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,000</font><font style="font-family:Arial;font-size:12pt;">&#32;would go to P&amp;L as a charge for the cumulative catch-up and $800</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,000</font><font style="font-family:Arial;font-size:12pt;">&#32;would diminish our margin in backlog</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;So that 13 basis points that the backlog rate went down</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;it's $1.5 million give or take</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;So it's not a big reduction</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;The real factor is just a shift in the backlog</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;That will come back particularly when we get some of our large projects that's embedded in our unsigned up and going</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;The $94 million one</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;I'm happy to say is booked and burning revenue as we speak</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;font-weight:bold;">Question - Brent Edward Thielman: </font><font style="font-family:Arial;font-size:12pt;">Okay</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;Great. And then one more if I could</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;Just maybe you could talk about what geographies you're seeing through the best bidding environments in today and to where the competitive </font><font style="font-family:Calibri,sans-serif;font-size:12pt;">--</font><font style="font-family:Arial;font-size:12pt;">&#32;what the competition looks like out there within those environments</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;font-weight:bold;">Answer - Joseph A</font><font style="font-family:Calibri,sans-serif;font-size:12pt;font-weight:bold;">.</font><font style="font-family:Arial;font-size:12pt;font-weight:bold;">&#32;Cutillo: </font><font style="font-family:Arial;font-size:12pt;">Yes</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;Well</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;for sure</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;we still are pretty excited and happy with what's going on in the Rocky Mountain areas</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;We've seen very nice bids</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;very nice projects in what I'll call more rational competition</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;And part of that is around</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;a lot of these are what Ron </font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">EXHIBIT 99.1</font></div></div><div><br></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">was talking about earlier</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;alternative delivery-type projects</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;So there's a whole qualification process that you have to go through</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;So 10</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">0</font><font style="font-family:Arial;font-size:12pt;">&#32;people can't show up at the table</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;You've got to make it through the first pass to get invited to the bid. So we really like that environment.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">The Texas market still remains robust, but the competition still remains high</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;It's not uncommon for us to see 8 people at a bid table on the low-bid side</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;and we're just continuing to be more and more selective in looking at what I'll call smaller and mid-range projects that we think are lower risk</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;higher margin on that.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">The Arizona market's picking up</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;but we're spending more and more time with our Arizona team focused on the aviation growth than the heavy highway side</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;So all of the markets right now</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;even Nevada</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;we've seen significant pick-up in bid activity and projects coming up in Nevada</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">California has</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;as you guys know</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;has gone from</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;I'll call it, almost silent to a tremendous amount of bid activity going down</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;So the markets are as good as they've been in a long</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;long time</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;certainly well before our time here</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;and we see no signs of slowing down right now</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;font-weight:bold;">Answer - Operator: </font><font style="font-family:Arial;font-size:12pt;">Our next question comes the line of Tahira Afzal with KeyBanc Capital Markets</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;font-weight:bold;">Answer - Alexander David Dwyer: </font><font style="font-family:Arial;font-size:12pt;">This is Alex on for Tahira</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;I just have one question on the backlog versus the unsigned contracts</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;So I guess the bookings came in a little bit lower than we were expecting</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;and the unsigneds were a little bit higher than we were expecting</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;I'm just trying to get a sense of this going forward and if there was a specific project in there or if it's just customers not willing to execute on contracts yet.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;font-weight:bold;">Answer - Ronald A</font><font style="font-family:Calibri,sans-serif;font-size:12pt;font-weight:bold;">.</font><font style="font-family:Arial;font-size:12pt;font-weight:bold;">&#32;Ballschmiede: </font><font style="font-family:Arial;font-size:12pt;">No</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;Obviously</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;the one big one that was a hard bid award in the Rocky Mountains that we </font><font style="font-family:Calibri,sans-serif;font-size:12pt;">--</font><font style="font-family:Arial;font-size:12pt;">&#32;that fit our characteristics that we were looking for</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;we won that in the second quarter</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;It's in the unsigned</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;and that's the one I mentioned in my remarks that is now in backlog and growing</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;font-weight:bold;">Answer - Joseph A</font><font style="font-family:Calibri,sans-serif;font-size:12pt;font-weight:bold;">.</font><font style="font-family:Arial;font-size:12pt;font-weight:bold;">&#32;Cutillo: </font><font style="font-family:Arial;font-size:12pt;">But in the first quarter</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;we've signed it. We're</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">...</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;font-weight:bold;">Answer - Ronald A</font><font style="font-family:Calibri,sans-serif;font-size:12pt;font-weight:bold;">.</font><font style="font-family:Arial;font-size:12pt;font-weight:bold;">&#32;Ballschmiede: </font><font style="font-family:Arial;font-size:12pt;">Unsigned in Q1</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;booked in backlog in Q2</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;And it's burning revenue right now</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;The biggest component of the other is a design build job in the Rocky Mountains that we expect to get some revenues from the back half </font><font style="font-family:Calibri,sans-serif;font-size:12pt;">-</font><font style="font-family:Arial;font-size:12pt;">- starting in the back half.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;font-weight:bold;">Answer - Joseph A</font><font style="font-family:Calibri,sans-serif;font-size:12pt;font-weight:bold;">.</font><font style="font-family:Arial;font-size:12pt;font-weight:bold;">&#32;Cutillo: </font><font style="font-family:Arial;font-size:12pt;">Yes</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;So I would look at it is that we have seen though nothing abnormal in the process procedure from bids to signatures</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;It's just purely timing</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;So the $94 million one but we won it in </font><font style="font-family:Calibri,sans-serif;font-size:12pt;">--</font><font style="font-family:Arial;font-size:12pt;">&#32;we won it early in the first quarter</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;February, March</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;it signed the first month of the second quarter</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;So a lot of the timing issues</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">And then the </font><font style="font-family:Calibri,sans-serif;font-size:12pt;">--</font><font style="font-family:Arial;font-size:12pt;">&#32;people get confused with these big design builds because there are really 2 phases</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;The first phase is the design phase</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;Once you get through the design phase</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;you get an approximation of what the cost is going to be and the value of the contract, but you don't really know until you get through that. You review the design</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;and then you ink the deal on what the final pricing is</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;then it goes into backlog</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">EXHIBIT 99.1</font></div></div><div><br></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">So nothing that concerns us</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;Still</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;we're very</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;very seldom </font><font style="font-family:Calibri,sans-serif;font-size:12pt;">--</font><font style="font-family:Arial;font-size:12pt;">&#32;as a matter fact, I can only think of one that I know of since I've been here that went from where we won the project that didn't make it from unsigned to signed</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;font-weight:bold;">Answer - Alexander David Dwyer: </font><font style="font-family:Arial;font-size:12pt;">Got it. And then I guess I just wanted to get another sense on the M&amp;A environment and maybe if you're thinking about that as you've bought a lot </font><font style="font-family:Calibri,sans-serif;font-size:12pt;">--</font><font style="font-family:Arial;font-size:12pt;">&#32;you've bought a good amount of shares back in the past couple of quarters</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;how you're thinking about that going forward</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;font-weight:bold;">Answer - Joseph A</font><font style="font-family:Calibri,sans-serif;font-size:12pt;font-weight:bold;">.</font><font style="font-family:Arial;font-size:12pt;font-weight:bold;">&#32;Cutillo: </font><font style="font-family:Arial;font-size:12pt;">Yes</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;I think 2 fronts</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;We are </font><font style="font-family:Calibri,sans-serif;font-size:12pt;">--</font><font style="font-family:Arial;font-size:12pt;">&#32;we're beating the bushes on the M&amp;A side</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;We've said it all along and it continues</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;the first use of cash we would like to do is on the acquisition side</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;We're seeing activity pick up there</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;We just </font><font style="font-family:Calibri,sans-serif;font-size:12pt;">--</font><font style="font-family:Arial;font-size:12pt;">&#32;we're very</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;very picky</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;I'll be honest, we've looked at a lot of deals</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;If it's not a right strategic fit, if it doesn't have the right people in the business</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;We saw some businesses that look really good on paper</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;but they didn't have the right cultural fit, didn't have the right strategic fit and</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;at the end of the day</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;don't make sense</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;So that's our first choice</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;If the stock stays what we believe is depressed versus the company value</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;we'll continue to buy that back and continue to buy down debt in the meantime</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;font-weight:bold;">Answer - Operator: </font><font style="font-family:Arial;font-size:12pt;">We have a follow-up question from the line of Brent Thielman with D</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">A</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;Davidson</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;font-weight:bold;">Question - Brent Edward Thielman: </font><font style="font-family:Arial;font-size:12pt;">Joe</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;I want to get your thoughts on everything that's getting embedded around in Washington</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;And I'm curious if they don't get something figured out with respect to a new sort of Highway Bill by year-end</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;do you think that could weigh on the bid environment next year within the heavy civil business? Or are these state initiatives enough to continue to push this work along?</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;font-weight:bold;">Answer - Joseph A</font><font style="font-family:Calibri,sans-serif;font-size:12pt;font-weight:bold;">.</font><font style="font-family:Arial;font-size:12pt;font-weight:bold;">&#32;Cutillo: </font><font style="font-family:Arial;font-size:12pt;">I think if something doesn't happen by year-end</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;you're right. It's probably we're going to see 1-year delay in the process with an election year next year</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;That would be my sense</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">I will tell you there's a lot of activity going on behind the scenes</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;a lot more than you're seeing in the press</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;Everybody got excited about the meeting last week with the President. Actually</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;I may be a little more concerned because there were so much activity going on behind the scenes to try to push through what I'll call a simple bill to keep the momentum going on the highway and bridge sides</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;I get more fearful when people try to combine other activities</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;whether that's some of the other infrastructure plans, and blow this from a $1 trillion to $2 trillion</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;It just gets fundamentally more complicated to get through</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;So I hope they regroup and drive that back</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">I will also tell you that both the Congress and the Senate came to ARTBA</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;There was originally a plan to make recommendations on the next Highway Bill</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;They were instrumental in the last FAST Act in September of this year</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;That got pulled up to where that will be submitted to the second week of May</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;So they're trying to fast track that activity</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">If it doesn't go through</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;the nice thing we have seen is more and more fundraising at the state </font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">EXHIBIT 99.1</font></div></div><div><br></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">level</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;I think 2021 or 2020</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;I think we will still have very good momentum going through the year with the FAST Act. If something doesn't happen in 2020</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;2021 is the vulnerable year where we would see lettings decrease towards the end of 202</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">0</font><font style="font-family:Arial;font-size:12pt;">&#32;into 2021</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;But the other thing to keep in mind is not only us</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;but most of our competitors' jobs are on average 2 years-plus</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;So you've got a little bit of momentum to carry it through there</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;When we'll really start getting worried is more in 2021 or if something is not through</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;font-weight:bold;">Question - Brent Edward Thielman: </font><font style="font-family:Arial;font-size:12pt;">Okay</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;That's helpful</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;Joe</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;And then could you come back to the sort of opportunities that have come up in the aviation market? What's driving that and kind of the longevity of that particular sector?</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;font-weight:bold;">Answer - Joseph A</font><font style="font-family:Calibri,sans-serif;font-size:12pt;font-weight:bold;">.</font><font style="font-family:Arial;font-size:12pt;font-weight:bold;">&#32;Cutillo: </font><font style="font-family:Arial;font-size:12pt;">Yes</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;So there's a couple of things</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;and I've learned some stuff in this over the last 4 to 5 months as well</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;So the Aviation Bill that was passed not only was a nice bill</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;but actually has a growth rate over the next 5 years</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;It's a 5-year bill as well</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;just like the FAST Act. But instead of a 3% growth rate like the Highway Bill</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;it's got actually an 8% growth rate</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">The other thing that I just recently found out as we're looking at some stuff related to the Highway Bill is there's actually an $8 billion to $9 billion surplus of funding related to FAA projects that has not been allocated to the projects</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;So on top of the bill</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;there's a nice amount of cash sitting out there</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;We are just consistently seeing more and more activities</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;and you'll think of it this way</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;fly around the country</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;I haven't been in an airport in a long</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;long time that doesn't have construction going on</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;whether that's runway, taxi way</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;the aprons around all of the gates is a big thing that we do and</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;frankly</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;terminal work</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;So it's a </font><font style="font-family:Calibri,sans-serif;font-size:12pt;">--</font><font style="font-family:Arial;font-size:12pt;">&#32;we see it as it's not only growing faster than highway</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;not only has better margins than highway</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;lower risk</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;it has a good momentum for a long period of time</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;font-weight:bold;">Answer - Ronald A</font><font style="font-family:Calibri,sans-serif;font-size:12pt;font-weight:bold;">.</font><font style="font-family:Arial;font-size:12pt;font-weight:bold;">&#32;Ballschmiede: </font><font style="font-family:Arial;font-size:12pt;">And I'd add that while a quarter doesn't make forever</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;the first quarter non-heavy highway work compared to highway of our construction business was 48% to 52%</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;So we're almost at a 50-5</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">0</font><font style="font-family:Arial;font-size:12pt;">&#32;mix</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;which gives us a little bit of comfort, not getting too nervous about what will happen in the infrastructure </font><font style="font-family:Calibri,sans-serif;font-size:12pt;">--</font><font style="font-family:Arial;font-size:12pt;">&#32;the highway infrastructure service side of that in the next couple of years</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;So that strategy seems to be working</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;and we're going to stay at it.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;font-weight:bold;">Answer - Joseph A</font><font style="font-family:Calibri,sans-serif;font-size:12pt;font-weight:bold;">.</font><font style="font-family:Arial;font-size:12pt;font-weight:bold;">&#32;Cutillo: </font><font style="font-family:Arial;font-size:12pt;">I think as an important point, Brent </font><font style="font-family:Calibri,sans-serif;font-size:12pt;">--</font><font style="font-family:Arial;font-size:12pt;">&#32;Ron and Brent, is part of our strategy all along is we always have some level of uncertainty with the Highway Bill</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;the way that it's currently structured</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;They've been 5-year bills historically. We're all hoping that the Feds come up with a permanent funding source</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;which makes all our lives a lot easier in long-term planning</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;significantly easier</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">But in parallel to that, a significant part of our strategy and when you look at it, we talk about 50-5</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">0</font><font style="font-family:Arial;font-size:12pt;">&#32;or less by 2021</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;just coincidently lines up with all of this in the Highway Bill that we are strategically tried </font><font style="font-family:Calibri,sans-serif;font-size:12pt;">--</font><font style="font-family:Arial;font-size:12pt;">&#32;trying to position ourselves that if highway gets soft, it is not detrimental to us</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;and we're growing in these other areas faster</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;And if highway continues to grow</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;that's a home run for us</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;font-weight:bold;">Question - Brent Edward Thielman: </font><font style="font-family:Arial;font-size:12pt;">Got it. Okay</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;And then maybe last one from me is on the residential side</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;It sounds like you continue to make really great progress in Houston</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;I guess 2 </font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">EXHIBIT 99.1</font></div></div><div><br></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">parts</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;One</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;how much is that dragging on the margin as you're working to get productivity up there? And then two</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;I don't know</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;maybe some of the concern out there just given mixed signals at the national level on the housing side and maybe that's impacting the stock to some degree</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;Could you just address to the demand environment and how you're sheltered from some of that relative to what we see at a national level?</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;font-weight:bold;">Answer - Joseph A</font><font style="font-family:Calibri,sans-serif;font-size:12pt;font-weight:bold;">.</font><font style="font-family:Arial;font-size:12pt;font-weight:bold;">&#32;Cutillo: </font><font style="font-family:Arial;font-size:12pt;">Yes</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;A couple of things</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;There is no question our margins as we start up are less than what we're getting in Dallas</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;but I'll tell you it's not as impactful as people may think because they're </font><font style="font-family:Calibri,sans-serif;font-size:12pt;">--</font><font style="font-family:Arial;font-size:12pt;">&#32;of the model of the business</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;much less impactful than if we were starting up and had to put yellow wiring and crews and everything else and a bunch of overhead</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;so</font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">much less</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;We really like the growth rates in the Houston market. We just </font><font style="font-family:Calibri,sans-serif;font-size:12pt;">--</font><font style="font-family:Arial;font-size:12pt;">&#32;we're told by D</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">R</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;Horton we're getting the first phases of their next 2 developments in the north Houston market, which is great for us</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;So we continue to see that grow</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">On the macro market look</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;again</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;remember</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;Texas </font><font style="font-family:Calibri,sans-serif;font-size:12pt;">--</font><font style="font-family:Arial;font-size:12pt;">&#32;the growth rate at Texas</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;over 1</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,000</font><font style="font-family:Arial;font-size:12pt;">&#32;people are moving here a day</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;and you get the #1</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;#3 market. But in the first quarter</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;remember that 60% of our growth in the first quarter were reported from Dallas</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;Fort Worth and 40% is starting to come from Houston</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;So even if there is a decrease of 15% or 20% in housing</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;which would be a huge decrease</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;right, in the Texas market, we feel very comfortable we can augment that with the growth rates of Houston to offset any decline in the Dallas market.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">The other thing that, that enables us to do is we can actually move some crews from Dallas to Houston if we have excess capacity up there and have them expand in the market. So it's been like a rollercoaster ride when you look at the macro numbers across the country</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;We were very happy</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;I think everybody got a little concerned in the fourth quarter when interest rates went up</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;They hit rate in the seasonal low point of the housing market.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">So I think everybody was trying to figure out was this seasonality or is it interest rates</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;I think what we're finding in the first quarter is interest rates have come down</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;activity is very high</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;We had</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;as Ron and I both said</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;a record first quarter</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;the most these guys have ever done</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;and we still feel very good about the housing market certainly through this year</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;And as we get through this year, we'll start seeing better and better data next year</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;font-weight:bold;">Answer - Operator: </font><font style="font-family:Arial;font-size:12pt;">Since there are no further questions left in the queue</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;I would like to turn the call back over to management for closing remarks</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font></div><div style="line-height:120%;padding-top:4px;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-top:4px;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;font-weight:bold;">Answer - Joseph A</font><font style="font-family:Calibri,sans-serif;font-size:12pt;font-weight:bold;">.</font><font style="font-family:Arial;font-size:12pt;font-weight:bold;">&#32;Cutillo: </font><font style="font-family:Arial;font-size:12pt;">Thanks</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;again</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;everyone for joining our call today</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;If you have any follow-up questions or wish to schedule a call</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;please refer to the contact information provided in the press release associated with our Investor Relations group at Sterling or our partners at The Equity Group</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;Have a great day</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;font-weight:bold;">Answer - Operator: </font><font style="font-family:Arial;font-size:12pt;">This concludes today's teleconference</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;You may now disconnect your lines at this time</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font><font style="font-family:Arial;font-size:12pt;">&#32;Thank you for your participation</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">,</font><font style="font-family:Arial;font-size:12pt;">&#32;and have a wonderful day</font><font style="font-family:Calibri,sans-serif;font-size:12pt;">.</font></div><div style="line-height:120%;"><hr></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">StreetEvents transcripts content provided by Thomson Reuters</font></div><div style="line-height:120%;padding-bottom:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div>	</body>
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