Schuff International, Inc. (OTCPink: SHFK.PK) reported revenues for its year ended January 1, 2012 rose 36.4% to 392.2 million compared to $287.6 million in the prior year. As of January 1, 2012, the Company’s backlog stood at $258.8 million compared to only $173.4 million on January 2, 2011.
The Company reported a net loss for the year of $5.02 million, or $(0.52) per share versus net income of $1.28 million or $0.13 per share in the prior year. Net income in the most recent year was negatively impacted by a goodwill impairment charge of $7.06 million compared to no impairment charges in the prior year.
As of January 2, 2012, the balance sheet reflected current assets of $166.54 million, total assets of $258.02 million, current liabilities of $128.3 million and total liabilities of $165.02 million. During the year ended January 2, 2012, shareholders’ equity decreased 44.7% to $93 million. The primary reason for the decrease was a reduction in cash and an increase in debt from the repurchase of 5.6 million shares of its own stock at $13.25 per share.
Schuff International, Inc. ffers integrated steel construction services from a single source including design-build, design-assist, engineering, BIM participation, 3D steel modeling/detailing, fabrication, advanced field erection, joist and joist girder manufacturing, project management, and single-source steel management systems.
Source: Schuff International, Inc.