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Sterling Construction Company, Inc. Awarded $66M Airport Project In Salt Lake City, UT


December 19, 2016

Sterling Construction Company, Inc. (NasdaqGS: STRL) (“Sterling” or the “Company”) today announced that its subsidiary, Ralph L. Wadsworth Construction Company, LLC (“RLW”), was the selected bidder on the terminal concrete package for the Salt Lake City International Airport – Terminal Redevelopment Program (“TRP”). The job consists of all civil and bridge work associated with the elevated roadway leading up to the terminal, as well as the concourse, parking structure and gateway buildings. The bridge will be over 2,000 feet long and entails in excess of 100,000 linear feet of steel piling, 40,000 square feet of retaining wall, and 125,000 cubic yards of excavation. The project, valued at $66 million, is scheduled to start in March of 2017 and is expected to be completed in late 2019.

Paul Varello, Sterling’s CEO, commented, “We are very pleased to have been selected for this project, which supplements our current Salt Lake City International Airport work and adds to our growing aviation infrastructure backlog. This award is consistent with our strategy to pursue adjacent market opportunities, in addition to our continued focus on our core heavy highway business, in order to enhance Sterling’s overall profitability and growth trajectory.”

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, Colorado, Arizona, California, Hawaii, and other states in which there are construction opportunities. Its transportation infrastructure projects include highways, roads, bridges, airfields, ports and light rail. 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.

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