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BAKER REPORTS RECORD THIRD-QUARTER RESULTS, 20 PERCENT INCREASE IN EPS AND $508 MILLION BACKLOG

 BAKER REPORTS RECORD THIRD-QUARTER RESULTS,
 20 PERCENT INCREASE IN EPS AND $508 MILLION BACKLOG
 PITTSBURGH, Oct. 22 /PRNewswire/ -- Michael Baker Corp. (AMEX: BKR) today reported record third-quarter and nine-month results, including a 20 percent increase in earnings per share for the quarter and a total backlog of $508.3 million. Baker has now had 34 consecutive profitable quarters.
 "These results reflect the company's continued strong performance," said William G. Thomas, president and chief executive officer. "We're especially pleased with our backlog of more than half a billion dollars."
 For the 1992 third quarter, Baker had net income of $1.1 million, or 18 cents per share, on revenues of $93.2 million. A year ago, Baker had net income of $890,038, or 15 cents per share, on revenues of $48.1 million. Earnings per share increased 20 percent for the quarter. Third-quarter results do not reflect the company's recent stock offering, which was completed Oct. 1.
 "The offering strengthens the company's financial position by enabling us to repay existing bank debt and providing us with additional capital to grow," Thomas said.
 Net income for the first nine months of 1992 was $2.8 million, or 46 cents per share, on revenues of $256.3 million. For the first nine months of 1991, Baker had net income of $2.3 million, or 39 cents per share, on revenues of $124.4 million. Earnings per share increased 18 percent for the period.
 Excluding the Construction Group, formed in September 1991, revenues increased 24 percent for the quarter and 23 percent for the nine-month period.
 The company's total backlog, which includes the option portion of contracts, was $508.3 million at the end of the third quarter, compared to $414.1 million a year ago. Funded backlog was $324.3 million, compared to $244.3 million a year ago.
 Thomas said the company's three operating groups were profitable in the quarter and the nine-month period, with the Engineering Group performing particularly well.
 Michael Baker Corp. subsidiaries provide engineering, construction, and operations and maintenance services worldwide.
 MICHAEL BAKER CORP.
 Financial Highlights
 (Unaudited; amounts in thousands, except earnings per share)
 Third Quarter 1992 1991(A) 1990(A)
 Total contract revenues $ 93,178 $ 48,120 $ 35,855
 Net income $ 1,093 $ 890 $ 807
 Earnings per share $ 0.18 $ 0.15 $ 0.14
 Average shares outstanding 6,062 5,826 5,826
 Nine Months
 Total contract revenues $256,266 $124,420 $ 91,313
 Net income $ 2,798 $ 2,273 $ 1,850
 Earnings per share $ 0.46 $ 0.39 $ 0.33
 Average shares outstanding 6,022 5,826 5,693
 Backlog (including joint
 ventures):
 Funded $324,300 $244,300 $144,300
 Total $508,300 $414,100 $217,300
 (A) Earnings per share and average shares outstanding have been restated to reflect the 2-for-1 stock split effective June 10, 1992.
 -0- 10/22/92
 /CONTACT: Tim Wesley of Michael Baker Corp., 412-269-2518/
 (BKR) CO: Michael Baker Corp. ST: Pennsylvania IN: CST SU: ERN


CD-SB -- PG010 -- 3656 10/22/92 13:15 EDT
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Date:Oct 22, 1992
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