HOUSTON--(BUSINESS WIRE)--Sterling Construction Company, Inc. (NasdaqGS:STRL) (“Sterling” or “the Company”) today announced that it was awarded $26.3 million project by the Harris County Toll Road Authority (“HCTRA”) in Houston. The project consists of work on the Hardy Toll Road, where Texas Sterling will replace conventional toll collection facilities with automated ‘toll tag’ facilities. Approximately 35% of the project will be performed by pre-qualified subcontractors covered by surety bonds, which helps to guarantee performance and completion as specified in the contract terms, and reduces construction-related risk to the project owner and to Sterling. In addition, the project scope includes enhancements to exit and entrance ramps and is expected to commence in August 2015 and be completed by October 2016 with incentives for early completion.
“We have completed several successful construction contracts with the HCTRA in the past and are pleased to have the opportunity to do so again,” commented Mark Buchanan, President of Sterling’s Texas subsidiary. “This job is representative of a growing number of toll road opportunities, which are not influenced by government budgetary constraints, but rather by roadway usage and toll revenue. We view this as a very favorable trend given the increasing population of the Houston area, and of other metropolitan areas of Texas.”
Paul Varello, Sterling’s Chief Executive Officer, added, “We are very excited about the momentum we are achieving on new awards in Texas. We are experiencing positive results in our present backlog and expect solid execution on the several sizeable projects we have recently announced, along with other projects in our backlog to yield strong year-over-year margin improvement in the second half of 2015 and into 2016.”
Sterling is a leading heavy civil construction company that specializes in building and reconstruction of transportation and water infrastructure projects in Texas, Utah, Nevada, Arizona, California, Hawaii, and other states where there are profitable construction opportunities. Its transportation infrastructure projects include highways, roads, bridges, airfields and light rail. Its water infrastructure projects include water, wastewater and storm drainage systems.
This press release includes certain statements that fall within the definition of “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Any such statements are subject to risks and uncertainties, including overall economic and market conditions, federal, state and local government funding, competitors’ and customers’ actions, and weather conditions, which could cause actual results to differ materially from those anticipated, including those risks identified in the Company’s filings with the Securities and Exchange Commission. Accordingly, such statements should be considered in light of these risks. Any prediction by the Company is only a statement of management’s belief at the time the prediction is made. There can be no assurance that any prediction once made will continue thereafter to reflect management’s belief, and the Company does not undertake to update publicly its predictions or to make voluntary additional disclosures of nonpublic information, whether as a result of new information, future events or otherwise.