Current Report Filing (8-k)
20 November 2014 - 9:19AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): November 14, 2014
PERNIX GROUP, INC.
(Exact Name of Registrant as Specified in Charter)
Delaware |
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333-92445 |
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36-4025775 |
(State or Other Jurisdiction of Incorporation) |
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(Commission File Number) |
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(I.R.S. Employer Identification No.) |
151 E. 22nd Street Lombard, Il. |
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60148 |
(Address of Principal Executive Offices) |
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(Zip Code) |
(630) 620-4787
(Registrants telephone number, including area code)
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION
In accordance with General Instruction B.2. to Form 8-K, the following information shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.
The information regarding the results of operations and financial condition of Pernix Group, Inc. (the Company) responsive to this Item 2.02, and contained in Exhibit 99.1 filed herewith, is incorporated into this Item 2.02 by reference.
ITEM 7.01 REGULATION FD DISCLOSURE
In accordance with General Instruction B.2. to Form 8-K, the following information shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.
On November 14, 2014, the Company filed its Quarterly Report on Form 10-Q for the three months ended September 30, 2014 with the Securities and Exchange Commission. The Companys press release announcing the filing is attached as Exhibit 99.1 to this Current Report and is incorporated by reference herein.
Pernix Group, Inc. (OTCBB: PRXG) is a global company with its headquarters in Lombard, Illinois. The Company is engaged in two primary operating business segments: construction services as a Design-Build General Contractor in the Federal and Government market; and building, managing and investing in Power Generation Projects as an Independent Power Producer. Pernix has full-scale construction and management capabilities, with operations in Africa, the Middle East, and the South Pacific. Additional information is available at www.pernixgroup.com.
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ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits.
The following document is filed herewith:
Exhibit No. |
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Description |
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99.1 |
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Press Release. |
Forward-Looking Statements
Information provided and statements contained in this report that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Such forward-looking statements only speak as of the date of this report and the company assumes no obligation to update the information included in this report. Such forward-looking statements include information concerning our possible or assumed future results of operations, including descriptions of our business strategy. These statements often include words such as believe, expect, anticipate, intend, plan, estimate, or similar expressions. These statements are not guarantees of performance or results and they involve risks, uncertainties, and assumptions. Although we believe that these forward-looking statements are based on reasonable assumptions, there are many factors that could affect our actual financial results or results of operations and could cause actual results to differ materially from those in the forward-looking statements. All future written and oral forward-looking statements by us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to above. Except for our ongoing obligations to disclose material information as required by the federal securities laws, we do not have any obligations or intention to release publicly any revisions to any forward-looking statements to reflect events or circumstances in the future or to reflect the occurrence of unanticipated events.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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PERNIX GROUP, INC. |
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By: |
/s/ Nidal Z. Zayed |
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Nidal Z. Zayed |
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President and Chief Executive Officer |
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By: |
/s/ Patrick J. Gainer |
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Patrick J. Gainer |
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Chief Financial Officer |
Dated: November 19, 2014 |
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Exhibit 99.1
![GRAPHIC](g246362mmi001.jpg)
Pernix Group, Inc. Announces Third Quarter 2014 Financial Results
Results Reflect Improved Gross Margin, Cash Flow, Backlog and Revenue Diversification
LOMBARD, IL November 19, 2014 Pernix Group, Inc. (OTCQB: PRXG) today announced its financial results for the third quarter ended September 30, 2013.
Financial Highlights All figures are in U.S. dollars; comparisons of performance are made between Q3 2014 and Q3 2014 unless otherwise specified.
Revenue and Backlog
· Total revenue of $19.2 million
· Construction revenue of $17.2 million
· Power Generation revenue increased 15%
· Revenue generated from seven contracts, a 29% increase in the number of revenue generating projects
· Continued diversification of customer base and project profiles domestically and abroad
· Backlog of $53.1 million, an increase of 43% since December 31, 2013
· $61.2 million of new business in first half of year, an increase of 65% over the prior year period
Operating Results
· Gross profit increased 44%, driven by higher margins on construction projects
· Compensation expense increased $0.6 million as the Company hired key Construction and Power personnel in anticipation of continued portfolio expansion
· Continued bottom line profitability, with basic EPS of $0.04 year-to-date and $0.02 for the quarter
Liquidity and Balance Sheet
· Cash and cash equivalents decreased 17% to $16.1 million
· The Company remains debt free
Financial Review
The Company generated consolidated revenue in the third quarter of 2014 of $19.2 million, as compared to $21.4 million in the comparable period of 2013. Construction segment revenue declined from $19.7 million to $17.2 million, due primarily to achieving substantial completion of a large containerized housing (CHU) project while revenue from several new projects substantially offset the decline from the CHU project. The Company generated construction-related revenue from seven projects during the three months ended September 30, 2014, as compared to five projects during the comparable period in 2013, reflecting the ongoing success of the Companys efforts to diversify its project portfolio. Power segment revenue increased from $1.7 million to $1.9 million, due primarily to higher demand for power at our plants in Fiji, driven by a shift from hydro to diesel generation, partially offset by lower man-month fees at our operations in Vanuatu.
Gross profit increased 44% or $1.5 million to $4.8 million in the third quarter of 2014 as compared to the comparable period in 2013 fueled by lower anticipated costs related to the two international projects that were substantially complete during the third quarter of 2014. The increase in Construction margin more than offset a slight power generation margin decline resulting mainly from planned maintenance costs at both power plants in Fiji.
Pretax income attributable to Pernix shareholders was comparable at $0.4 million for the quarter ended September 30, 2014 and 2013. Consolidated net income attributable to common stockholders was $0.1 million in the third quarter of this year, or $0.02 basic and diluted earnings per share, as compared to a loss of $4.6 million in the comparable period last year, or $(0.49) per share.
The Company filed its Form 10-Q with the Securities and Exchange Commission on November 14, 2014, which incorporates its unaudited financial statements and notes thereto for the quarter and nine months ended September 30, 2014.
About Pernix Group, Inc.
Pernix Group, Inc. is a global company with its headquarters in Lombard, Illinois. The Company is engaged in two primary operating business segments: construction services as a Design-Build General Contractor primarily in the federal government and private commercial markets; and building, managing and investing in Power Generation Projects as an Independent Power Producer. Pernix has full-scale construction and management capabilities, with operations in the United States, Africa, the Middle East, and the South Pacific. Pernix Group, Inc. common stock is traded on the over-the-counter quotation board (OTCQB) under the symbol PRXG. Additional information is available at www.pernixgroup.com.
Forward-Looking Statement
Certain of the statements made in this press release are forward-looking statements within the meaning of the Securities Litigation Reform Act of 1995. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Potential risks and other factors that could cause or contribute to actual results differing materially from such forward-looking statements are discussed in greater detail in the Companys filings with the U.S. Securities and Exchange Commission.
Contact:
Patrick J. Gainer
Chief Financial Officer
Pernix Group, Inc.
Tel: (630) 620-4787
pgainer@pernixgroup.com
Casey Stegman
Director of Investor Relations
Stonegate Securities
Tel: (214) 987-4121
casey@stonegateinc.com
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