Sterling Awarded Two Projects Totaling $35.1 Million By The Nevada Department Of Transportation
THE WOODLANDS, TX
November 10, 2020
Sterling Construction Company, Inc. (NasdaqGS: STRL) (“Sterling” or “the Company”) today announced that its subsidiary, Road and Highway Builders, LLC (“RHB”) was selected by the Nevada Department of Transportation to perform asphalt reconstruction on two separate portions of U.S. Route 95 in Nevada.
The first project, worth $17.1 million, involves the re-construction of 22 miles of asphalt on U.S Route 95 North near Beatty, Nevada. The second project, worth approximately $18.0 million involves the re-construction of 25 miles of asphalt on Route 95 from Fallon, Nevada to Schurz, Nevada. The projects are scheduled to begin mid-October and are scheduled to be completed by the second quarter of 2021.
“U.S. Route 95 in Western Nevada is an important link between the population and tourism centers of Reno and Las Vegas,” stated Joe Cutillo, Sterling’s CEO. “Stretches of this highway sustained damage during recent earthquakes in the area making reconstruction work all the more important to restoring safe road conditions for motorists. We are pleased to once again be working with the Nevada Department of Transportation on another important highway project. These are two great projects for keeping our RHB operation’s utilization high during the winter months and fit well with our core competencies and equipment strengths.”
Sterling Construction Company, Inc., a Delaware corporation, is a construction company that has been involved in the construction industry since its founding in 1955. The Company operates through a variety of subsidiaries within three segments specializing in Heavy Civil, Specialty Services, and Residential projects in the United States (the “U.S.”), primarily across the southern U.S., the Rocky Mountain States, California and Hawaii, as well as other areas with strategic construction 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 construction site excavation and drainage, drilling and blasting for excavation, foundations for multi-family homes, parking structures and other commercial concrete projects. Residential 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.
Ron Ballschmiede, Chief Financial Officer
Investor Relations Counsel:
The Equity Group Inc.
Fred Buonocore, CFA 212-836-9607
Mike Gaudreau 212-836-9620