Acquisitions, projects boost Pernix Group 2Q revenues more than $60 million

LOMBARD - New acquisitions and projects helped drive up Pernix Group's second quarter revenues by more than $60 million over the previous year.

The global construction company reported a second quarter revenue of $71.8 million, up from $11.1 million for the same period in 2015. Construction revenue increased $60.2 million primarily attributable to recent acquisitions, while power services revenue increased $200,000. New awards and related change orders with contract value in excess of $280.2 million were granted to the company during the first six months of 2016 and backlog is $627.2 million as of June 30.

"In the last quarter we've mobilized teams to our major projects in Mozambique and Germany, we have significantly increased our backlog in the U.S. market and abroad, and our corporate structure and risk mitigation strategy allows us to continue to aggressively bid new work while not over extending," said Pernix Group CEO & President Nidal Zayed.

"We've streamlined and improved processes and our teams are becoming more aligned each day for maximum efficiency," he added. "We continue to grow strategic partnerships and enhance our supply chain relationships for maximum results and project execution."

During the quarter, the company completed projects for Boeing, Gulfstream Aerospace, Fujifilm Diosynth Biotechnologies USA, SYNNEX Corp. and Ferguson Enterprises. BE&K BG was awarded two projects by the Texas A&M University System to construct a $29.2 million Multi-Purpose Academic Facility in McAllen, Texas; and a $41.2 million Nursing and Health Sciences Building to be constructed in Commerce, Texas.