Sterling Construction Is Apparent Low Bidder On Two TxDOT Projects Totaling More Than $80M
THE WOODLANDS, TX
May 9, 2014
Sterling Construction Company, Inc. (NasdaqGS: STRL) (“Sterling” or “the Company”) today announced that it was the apparent low bidder on a $65.4 million Texas Department of Transportation (“TxDOT”) project entailing work on State Highway 199 in Tarrant County. The project, which consists of the construction of three cast-in-place post-tensioned box girder bridges, retaining walls, street reconstruction and landscaping, is expected to begin in August 2014 and be completed by mid-2018.
Additionally, Sterling was the apparent low bidder on a $19 million TxDOT project for work on US 377, also in Tarrant County. The project consists of urban street widening from five to six lanes including storm drain improvements, sound walls and retaining walls, and is expected to start in June 2014 and be completed by mid- 2017.
Peter MacKenna, Sterling’s President & Chief Executive Officer, commented, “We are pleased to have won these two importantTxDOTprojects. State Highway 199 will have distinctive signature bridges near downtown Fort Worth, and is a part of the larger Trinity River Vision Project. US 377 is a critical artery in the Fort Worth roadway system that will relieve heavy traffic in the area. These are great opportunities for our management team to demonstrate the rigorous processes and controls we will use to manage them. We look forward to providing updates on the progress of these jobs in the coming quarters and years.”
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, Arizona, California, Hawaii, and other states where there are construction opportunities. Its transportation infrastructure projects include highways, roads, bridges and light rail and 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.