May have to wait until the end of March for the 10k; but six weeks later you get the Q1 results. Yeeeeeee-Haaaaaa....
I for one am not surprised by todays action. Classic sell on the news crowd(profit taking) having their way. I believe it will slowly churn up from here.
We're probably foolish for holding on, who knows? I believe sooner or later they will have a "clean" Quarter.
Yes a smaller loss with the TX projects points to a break even Q2 overall. I agree, the second half of the year could get the sock price moving back towards the 3 dollar area.
2014 was a year of both significant accomplishments—and disappointments. On the positive side:
· Our acquisition of C and C Power Line, Inc. (C&C) in January 2014 made a positive contribution to the year’s results—representing approximately 24% of our electrical construction revenues.
· Our revenue increased 10.3% to $98.4 million from $89.2 million in the prior year—attributable to both C&C and growth in construction under master service agreements (MSAs).
· Our estimated construction backlog at year end almost quadrupled to $275.0 million from $74.5 million in the prior year—largely through growth in our MSAs. About $85.3 million of our MSA and project-specific backlog at year end is expected to be recognized in 2015—compared to about $38.2 million at prior year end.
On the negative side, our pretax income from continuing operations declined 90.0% to $778,000 from $7.8 million in the prior year. This decline largely resulted from losses aggregating $5.0 million on projects for two Texas utilities recognized in the fourth quarter—attributable to a combination of factors, including start-up delays in material procurement and adverse weather conditions which negatively impacted allocation of labor and equipment resources. As a result, we incurred a net loss for the year of $(319,000), or $(0.01) loss per share, compared to net income of $3.8 million, or $0.15 per share, in the prior year.
The platform for our electrical construction operations remains stronger than ever, notwithstanding the problems experienced on certain of our Texas projects. Our challenge going forward is to reduce—to the extent possible—the risk of adverse operational surprises of the nature encountered on these projects. We believe that management and operational changes we have made should permit us to achieve this objective.