Pernix Group Inc. announced unaudited consolidated earnings results for the third quarter ended September 30, 2013. For the quarter, the company reported revenue from continuing operations in the third quarter of 2013 of $21.4 million, as compared to $34.7 million in the comparable period of 2012. The reduction was primarily attributable to the completion of a large construction project in late 2012, coupled with lower activity on another project nearing substantial completion.

Operating income from continuing operations for the third quarter ended September 30, 2013 was $1.5 million compared to $3.7 million in the comparable period last year, reflecting both lower gross profit and higher salary and general and administrative expense incurred to build business development and project infrastructures and support strategic growth objectives. Income from continuing operations was $0.4 million for the third quarter of 2013 before income taxes and after minority interest, compared to $1.4 million in last year's third quarter. The reduction was driven by lower gross profit, coupled with higher operating expenses, and partially offset by the decrease in income attributable to non-controlling interest.

The company recorded a net loss of $4.6 million, or $0.49 per share, for the third quarter, as compared to net income of $1.2 million last year, or $0.12 per share, due to management's decision to increase the valuation allowance on its deferred tax assets by $4.9 million.