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Sterling Construction Company, Inc. Is The Selected Contractor For Multiple Airport Project Valued At More Than $65 Million


October 11, 2016

Sterling Construction Company, Inc. (NasdaqGS: STRL) (“Sterling” or the “Company”) today announced that its subsidiaries, Ralph L. Wadsworth Construction Company, LLC (“RLW”) and J. Banicki Construction, Inc. (“Banicki”) have been awarded $65 million in projects in Utah and Arizona.

The first project, located at Salt Lake City International Airport, is valued at nearly $34 million and consists of all concrete work associated with the Terminal, South Concourse West, Gateway Buildings and associated tunnels. Construction will begin in December of 2016 and is expected to be completed within 2 years.

The second project award, also at Salt Lake City International Airport, is valued at approximately $17 million. The project scope is part of the deep foundation package and includes more than 225,000 linear feet of concrete-filled steel pipe piles ranging in depth from 60 to 120 feet. Construction is scheduled to start in December of 2016 and is expected to be completed by the summer of 2017.

The remaining airport projects are located mainly at Phoenix Sky Harbor International Airport in Arizona and have a combined value of more than $14 million. The scope of work on these projects consists of the removal and replacement of the north side of Terminal 4, which is one of the busiest taxiways at Sky Harbor Airport. The project will overlap the current American Airlines re-gating project and is expected to take 13 months to complete. Paul J. Varello, Sterling’s Chief Executive Officer, commented, “We are very pleased to have been selected for these important airport projects in Utah and Arizona. These new awards exemplify our strategic focus and help us increase our backlog and track record in the aviation infrastructure market. We plan to aggressively pursue similar projects in the coming years as air travel continues to grow across the country.”

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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