Sterling Awarded $20.3 Million Project By CalTrans
THE WOODLANDS, TX
March 31, 2020
Sterling Construction Company, Inc. (NasdaqGS: STRL) (“Sterling” or “the Company”) today announced that its subsidiary, Myers & Sons Construction, LLC (“Myers”) was selected by the California Department of Transportation (“CalTrans”) for a bridge project in San Francisco. The $20.3 million project entails replacing bridge decks, concrete barriers, and railings, along with installation of carbon fiber wrap around the existing bridge columns at the Alemany Circle Undercrossing. The job is expected to be completed by the end of 2020.
Joe Cutillo, Sterling’s CEO, commented, “The Alemany Circle Undercrossing is a bridge along a busy stretch of California State Highway SR 101 that is beginning to show significant signs of deterioration. Our Myers operation specializes in bridge restoration and, once completed, their work on this project will greatly improve the safety, quality, and comfort of the ride for motorists in the Bernal Heights area of San Francisco. We are pleased to once again be working with CalTrans on the improvement of California’s highway infrastructure.”
Sterling, a Delaware corporation, operates through three operating groups specializing in heavy civil, specialty services and residential projects in the United States, primarily across the southern U.S., the Rocky Mountain States, California and Hawaii, as well as other areas with strategic opportunities. Heavy civil includes infrastructure and rehabilitation projects for highways, roads, bridges, airfields, ports, light rail, water, wastewater and storm drainage systems. Specialty services projects include site excavation and improvement, foundations for multi-family homes, parking structures and other commercial concrete projects. Site excavation and improvement entails construction site preparation primarily in the Southeast region of the United States for blue-chip customers in the distribution center, warehousing, e-commerce, data center, big box retail and energy sectors, as well as other growing end markets. Residential projects include concrete foundations for single-family homes in Texas.
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.
Ron Ballschmiede, Chief Financial Officer
Investor Relations Counsel:
The Equity Group Inc.
Fred Buonocore, CFA 212-836-9607
Mike Gaudreau 212-836-9620