Pernix Group Inc. announced audited consolidated earnings results for the year ended December 31, 2013. The company's consolidated revenue from continuing operations was $73.8 million in 2013, as compared to $120.0 million in 2012. The decrease in revenue was primarily attributable to the successful completion or wind down of two large construction projects for the U.S. government.

The decrease in construction-related Revenue was partially offset by a $0.7 million increase in power generating revenue, which reflects higher usage of diesel power at the company's power plants in Fiji, as opposed to hydro-electric power, due to climatic conditions and maintenance of hydro facilities in Fiji. Operating income (before minority interest) declined to $2.0 million in 2013 from $8.7 million in 2012; after taking into consideration minority interest, operating income was $0.4 million this year, as compared to $2.9 million last year. Net income from continuing operations attributable to common shareholders decreased to ($4.7 million) from $0.4 million.

The net loss in 2013 was due primarily to management's decision at the end of the third quarter to increase the valuation allowance on its deferred tax assets by $4.9 million.