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ABRAMS INDUSTRIES REPORTS SECOND QUARTER AND SIX MONTH RESULTS; DECLARES QUARTERLY DIVIDEND

 ATLANTA, Nov. 23 /PRNewswire/ -- Abrams Industries, Inc. (NASDAQ: ABRI) -- construction, manufacturing and real estate -- today reported that for the second quarter ended Oct. 31, revenues were $34,671,984 compared to $25,487,396 for the same period last year.
 Net earnings were $400,215 or $.13 per share, compared to last year's $281,445 or $.09 per share.
 For the current six months ended Oct. 31, revenues were $63,618,073 compared to $45,116,425 for the same period in the prior year. Net earnings were $1,005,090 or $.34 per share, compared to last year's $869,194 or $.29 per share. Last year's six months earnings have been restated to include the $.15 per share increase caused by the change in method of accounting for income taxes (FASB-109). The increase in revenues is attributable to the Construction and Real Estate Segments.
 All current figures are unaudited and net earnings per share are based on weighted average shares outstanding of 2,977,540 in fiscal 1994 and fiscal 1993. Backlog was approximately $47,348,000 at Oct. 31, compared to approximately $26,615,000 at Oct. 31, 1992. The increase in backlog stems for the Construction and Manufacturing Segments.
 The board of directors today declared its regular quarterly dividend of $.03 per share (the 58th consecutive quarterly dividend), payable Jan. 4, 1994, to shareholders of record Dec. 10, 1993.
 Atlanta-based Abrams Industries, Inc. is in its 69th year.
 CONDENSED RESULTS OF OPERATIONS
 (UNAUDITED)
 Second quarter ended 10/31/93 10/31/92
 Revenues $34,671,984 $25,487,396
 Costs and expenses 33,984,769 25,033,451
 Earnings before income taxes 687,215 453,945
 Income tax expense 287,000 172,500
 Net earnings 400,215 281,445
 Effect of FASB 109 --- ---
 Net earnings $ 400,215 $ 281,445
 Net earnings per share $ .13 $ .09
 6 mos. ended 10/31/93 10/31/92
 Revenues $63,618,073 $45,116,425
 Costs and expenses 61,953,983 44,418,219
 Earnings before income taxes 1,664,090 698,206
 Income tax expense 659,000 265,300
 Net earnings 1,005,090 432,906
 Effect of FASB 109 --- 436,288
 Net earnings $ 1,005,090 $ 869,194
 Net earnings per share $ .34 $ .29
 -0- 11/23/93
 /CONTACT: Bernard W. Abrams, CEO, or Joseph H. Rubin, CFO, Abrams Industries, 404-256-9785/
 (ABRI)


CO: Abrams Industries, Inc. ST: Georgia IN: SU: ERN DIV

BR-BN -- AT009 -- 7380 11/23/93 15:49 EST
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Publication:PR Newswire
Date:Nov 23, 1993
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