Sterling Awarded A Hawaii Department Of Transportation Airport Project Valued At Approximately $21 Million
THE WOODLANDS, TX
April 10, 2019
Sterling Construction Company, Inc. (NasdaqGS: STRL) (“Sterling” or “the Company”) today announced that its subsidiary, Road and Highway Builders, LLC (“RHB”) was awarded a $21 million project from the Airports Division of the Hawaii Department of Transportation to perform 40,000 tons of asphalt paving work on the runway at the Lanai Airport on the Hawaiian island of Lanai. In addition, RHB will also construct four concrete helicopter aprons. The project is expected to commence during the fourth quarter of 2019 with a construction duration of approximately six months. Lanai Airport is located three miles southwest of Lanai City on the island of Lanai. The airport has a single runway and primarily serves scheduled interisland and commuter air traffic. As the only airport serving the island of Lanai, the majority of RHB’s work will be done at night in order for the runway to remain open for travelers. Joe Cutillo, Sterling’s CEO commented, “The selection of RHB for this airport project is consistent with our corporate strategy to pursue adjacent market opportunities where we can utilize Sterling’s specialized capabilities for higher margin project work. While RHB has developed a strong reputation through traditional heavy highway work, their local market knowledge combined with other Sterling subsidiary expertise in airfield construction is indicative of our overall growth plan. The Lanai Airport project is unique in nature as there are no asphalt or aggregate plants on the island, requiring a portable asphalt plant to be relocated there. Our experience operating in Hawaii will allow for ample aggregate supply to ensure a timely upgrade of the main runway for this important tourist destination.” Sterling, 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 singlefamily 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.