Sterling Construction Company, Inc. RLW – I-215
THE WOODLANDS, TX
April 7, 2016
Sterling Construction Company, Inc. (NasdaqGS: STRL) (“Sterling” or “the Company”) today announced that its subsidiary, Ralph L. Wadsworth Construction Company, LLC (“RLW”) was selected, as part of a joint venture with Staker Parson Companies, by the Utah Department of Transportation (“UDOT”) to reconstruct and rehabilitate approximately nine miles of I-215 from highway 300 East to State Road 201 in Salt Lake City, UT. Sterling’s portion of the $71 million contract is approximately $43 million.
The joint venture team will be responsible for replacing the I-215 bridges at State Road 201, and widening two additional existing bridges on I-215. The project includes removing the existing pavement and replacing with long-lasting concrete roadways. Additional aspects of the project include construction of auxiliary lanes, upgrading all signage and lighting, the installation of ramp meters and repaving of the westbound I215 lanes between 300 East and Redwood Road. Construction is scheduled to begin in May 2016 and scheduled for completion by the summer of 2017.
Paul J. Varello, Sterling’s CEO commented, “We are excited to add this project to our existing joint venture relationship with Staker Parson. In addition, the scope of this project aligns with RLW’s sweet spot based on their extensive experience in bridge construction. We are also pleased that we will be able to start our construction efforts next month and complete this important project in just over one year. While our working capital needs will increase with this quick-starting project and our record backlog, we believe that it will make a meaningful contribution to our earnings in the second half of this year. ”
Sterling is a leading heavy civil construction company that specializes in the building and reconstruction of transportation and water infrastructure projects in Texas, Utah, Nevada, Colorado, Arizona, California, Hawaii, and other states in which there are profitable construction opportunities. Its transportation infrastructure projects include highways, roads, bridges, airfields, ports 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.