Acquisitions fuel Pernix 1Q revenue growth

LOMBARD - Global construction firm Pernix Group said recent acquisitions and a diversification of its projects helped to boost the company's first quarter 2016 revenues.

Company revenues for the quarter were $76.4 million, up from $10.6 million for the same period in 2015. Construction revenue increased $65.8 million, which was primarily attributed to the acquisitions, while power services revenue increased $100,000. Excluding acquisitions, new awards and related change orders with contract value in excess of $179.7 million were granted to the company during the three months of 2016 and backlog is $484.8 million.

"It's a new era for Pernix," said Nidal Zayed, Pernix's CEO and president, "This last year has been transformative for us. Our team is stronger, and our capabilities and technical capacity have greatly increased. We're improving efficiencies and developing stronger relationships. Our backlog is the highest it's ever been, and we continue setting the stage for larger growth."

Pernix recently completed projects for the Boeing Co., Fujifilm Diosynth Biotechnologies USA, and Ferguson

Management continues to focus on bidding and winning new contracts on a stand-alone basis as well as with our strategic partners, pursuing both existing as well as new customers. In addition management continues to integrate its acquisitions to capture synergies among its operations.

The company has $86.3 million of net operating and capital loss carryforwards that may be used to offset future U.S. federal and state taxable earnings. The benefits are potentially advantageous to existing business and could be enhanced by plans to grow through acquisitions that are accretive to earnings, the company said.