Sterling Construction Awarded A $26.4 Million Project By CalTrans
THE WOODLANDS, TX
January 6, 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 California bridge project totaling $26.4 million.
This project consists of retrofitting three different bridges. The Mokelumne River Bridge retrofit includes constructing four new bent caps, repairing two hinges and applying composite strengthening to all columns. This work spans the Mokelumne River off of Interstate 5. The second location is at North Sacramento Undercrossing where work involves repairing hinges and adding stability at three columns by installing isolation casings. This structure spans the existing railroad for Sacramento Regional Transit. The third and final location is Paintersville Bridge over the Sacramento River. At this location, Sterling will be adding four bent caps, including 96” CIDH Piles, and extending each abutment, while replacing the approach slabs. This work is scheduled to start in May 2020 and finish in September 2021.
Joe Cutillo, Sterling’s CEO, commented, “We are very enthused about the continued ability of our Myers operation to win work in California that coincides with our specialties in concrete work and bridge construction. Some of these bridges are more than seventy-five years old and while they have been deemed safe, upgrading their features helps to abate issues surrounding general wear and tear. The upgrades will also make the bridges more resistant to ground motion, seismic activity, and other earthquake related matters that can be prevalent in this part of the country. Undertaking projects such as these allow us to demonstrate Sterling’s commitment to efficiency, but above all safety, for motorists.”
Sterling, a Delaware corporation, is a construction company that specializes in heavy civil infrastructure construction and rehabilitation, construction site excavation and improvement, and residential construction projects, primarily across the southern United States, the Rocky Mountain states, California and Hawaii. 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. 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 construction 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