Originally published at www.seclive.com
Filing in Focus: Pernix Group 10-Q, May 15, 2014
Pernix Group Inc. (OTCPK:PRXG) announced its financial results for the first fiscal quarter of 2014, posting a rise in earnings while revenue dipped. The Illinois-based company, which operates in construction services as well as the building, managing, and investing of power-related projects, posted a dip in revenue from $17.2M to $15.0M, with the construction segment leading the decline from $16.1M to $13.6M in revenue. Thanks to lower costs of its Sather project in Baghdad, Iraq, gross profits jumped 78% from $2.2M to $3.9M. Pernix earnings swung from a net loss of $0.5M and $0.05 per share to a profit of $0.1M and $0.01 per share. President and CEO Nidal Zayed remarked that the company is excited not only with its financial results but with its upcoming diverse business operations this year.
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