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ABRAMS REPORTS FOURTH QUARTER AND 12 MONTH RESULTS; DECLARES QUARTERLY DIVIDEND

 ATLANTA, May 27 /PRNewswire/ -- Abrams Industries, Inc. (NASDAQ: ABRI), construction, manufacturing and real estate -- today reported that for the fourth quarter ended April 30, revenues were $20,433,969, up from the $19,035,472 for the same period last year.
 Net earnings were $1,253,640 or $.42 per share compared to last year's $69,649 or $.02 per share.
 For the 12 months ended April 30, revenues were $81,720,355 compared to $83,422,658 for the same period last year. Net earnings were $1,710,381 or $.57 per share compared to last year's $1,021,303 or $.34 per share.
 The increase in earnings in both the current fourth quarter and the fiscal year is primarily attributable to a one-time earnings credit of approximately $436,000 or $.15 per share related to the adoption of FASB 109 "Accounting for Income Taxes" which requires the asset and liability method of accounting for income taxes. Other increases in net earnings for the current fourth quarter and the fiscal year are attributable to increased activity in the Construction Segment.
 All current figures are unaudited and net earnings per share are based on 2,977,540 shares outstanding in fiscal 1993 and fiscal 1992. Backlog was approximately $38,428,000 at April 30, inclusive of intercompany backlog of $1,836,000, compared to approximately $40,248,000 at April 30, 1992, inclusive of intercompany backlog of $12,527,000.
 The board of directors today declared its regular quarterly dividend of $.02 per share (the 56th consecutive quarterly dividend), payable June 24 to shareholders of record June 10.
 Atlanta-based Abrams Industries, Inc. is in its 68th year.
 CONDENSED RESULTS OF OPERATIONS
 (Unaudited)
 4th qtr. ended 12 mos. ended
 4/30/93 4/30/92 4/30/93 4/30/92
 Revenues $20,433,969 $19,035,472 $81,720,355 $83,422,658
 Costs and expenses 18,709,329 18,923,122 79,258,974 81,809,254
 Earnings before
 income taxes 1,724,640 112,350 2,461,381 1,613,404
 Income tax expense 471,000 42,701 751,000 592,101
 Net earnings $ 1,253,640 $ 69,649 $ 1,710,381 $ 1,021,303
 Net earnings per
 share $ .42 $ .02 $ .57 $ .34
 -0- 5/27/93
 /CONTACT: Bernard W. Abrams, CEO, or Joseph H. Rubin, CFO, of Abrams Industries, 404-256-9785/
 (ABRI)


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

BR-BN -- AT007 -- 3019 05/27/93 14:18 EDT
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Publication:PR Newswire
Date:May 27, 1993
Words:413
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