Sterling Plans Stock Offering While Pursuing Acquisitions
The medium-size Houston-based road, paving and pipe contractor has turned in a solid performance since debuting as a publicly traded company whose shares are traded on a major exchange earlier this year (ENR 1/3-10 p. 14). Since then, Sterling has posted record revenue and earnings (AMEX: STV). When 2005 is in the books, revenue should stand at $220 million and pretax income should hit $10 million, the company has told investors.
All the while Sterling has stuck to Texas for construction work, including numerous contracts of between $5 million and $10 million. But if the planned stock sale succeeds there will be even more funds available for acquisitions, possibly out of state.