THE WOODLANDS, TX – November 13, 2018 – Sterling Construction Company, Inc. (NasdaqGS: STRL) ("Sterling" or "the Company") today announced that its subsidiary, J. Banicki Construction Inc. ("Banicki") was awarded a contract by the Burlington Northern Santa Fe Railway Company ("BNSF"). The $18.6 million project at the Glendale Intermodal Facility Terminal in Glendale, AZ involves rebuilding the infrastructure and expanding the capacity of the container storage yard. In addition, Banicki will construct upgraded storm drain piping systems along with a new wash and maintenance facility. Construction will start this month and is expected to be completed in December of 2019.
Joe Cutillo, Sterling’s Chief Executive Officer, commented, "This award is consistent with our strategy to pursue value-driven projects where we leverage our expertise to perform more customer centric work in end-markets that diversify our overall backlog and expand our margin. As exports across multiple product lines continue to grow, BNSF has made significant investment in intermodal container yard space to support this growth as they are the only western railroad with access to all major western gateways. As we break ground on our second project at the Glendale Intermodal Facility Terminal, we look forward to constructing a state-of-the-art facility at this critical terminal that will allow for BNSF to meet increased customer demand."
Sterling Construction Company, Inc. ("Sterling" or "the Company"), a Delaware corporation, is a construction company that specializes in heavy civil infrastructure construction and infrastructure rehabilitation as well as residential construction projects, primarily in Arizona, California, Colorado, Hawaii, Nevada, Texas, Utah and other states in which there are feasible construction opportunities. Heavy civil construction projects include highways, roads, bridges, airfields, ports, light rail, water, wastewater and storm drainage systems, foundations for multi-family homes, commercial concrete projects and parking structures. Residential construction projects include concrete foundations for single-family homes.
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.
Sterling Construction Company, Inc.
Jennifer Maxwell, Director of Investor Relations
Investor Relations Counsel:
The Equity Group Inc.
Fred Buonocore, CFA 212-836-9607
Kevin Towle 212-836-9620