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BAKER REPORTS SECOND-QUARTER RESULTS

 PITTSBURGH, July 29 /PRNewswire/ -- Michael Baker Corp. (AMEX: BKR) today reported a second-quarter net loss of $4.1 million, or 49 cents per share, on total contract revenues of $109.2 million.
 For the first six months of 1993, Baker had a net loss of $3.6 million, or 43 cents per share, on revenues of $202.2 million.
 The results included extraordinary charges of $5.1 million after-tax, or 62 cents per share, related to the completion of several military construction projects and the reorganization of a subsidiary.
 Last year, Baker had second-quarter net income of $1.1 million, or 18 cents per share, on revenues of $80.5 million. Net income for the first six months of 1992 was $1.7 million, or 28 cents per share, on revenues of $163.1 million.
 William G. Thomas, Baker's president and chief executive officer, said the extraordinary charges, as previously announced, were taken to account for the completion of several military construction projects by Intelcom Support Services, Inc., a Baker subsidiary. In addition, Baker has restructured Intelcom and transferred Intelcom's military construction and cable engineering divisions to Baker's Construction Group.
 "We have reviewed the projects and have recognized at this time both current and expected future losses," Thomas said. "With the installation of improved systems and project management, we have committed the resources to put this problem behind us."
 Excluding the extraordinary charges, he said Baker would have earned 19 cents per share in the first half, in line with analysts' estimates.
 "Although we're very disappointed with the impact the charges have had on our 1993 results to date, we remain confident about the company's long-term prospects and financial strength," Thomas said. "Our backlog, for example, remained at a near-record high during the second quarter."
 At the end of the second quarter, Baker's total backlog, which includes the option portion of contracts, was $509 million, 4 percent higher than a year ago.
 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)
 Second Quarter 1993 1992 1991(A)
 Total contract revenues $109,186 $80,488 $38,124
 Net income (loss) (4,059) 1,066 850
 Earnings (loss) per share $(0.49) $0.18 $0.15
 Average shares outstanding 8,294 6,025 5,826
 Six Months
 Total contract revenues $202,199 $163,088 $76,300
 Net income (loss) (3,561) 1,705 1,383
 Earnings (loss) per share $(0.43) $0.28 $0.24
 Average shares outstanding 8,244 6,002 5,826
 Backlog (including joint ventures):
 Funded $316,000 $296,300 $130,300
 Total 509,000 490,500 322,400
 (A) Earnings per share and average shares outstanding have been restated to reflect the 2-for-1 stock split effective June 10, 1992.
 /delval/
 -0- 7/29/93
 /CONTACT: Tim Wesley of Michael Baker Corp., 412-269-2518/
 (BKR)


CO: Michael Baker Corp. ST: Pennsylvania IN: CST SU: ERN

CD-KC -- PG006 -- 7284 07/29/93 14:11 EDT
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Publication:PR Newswire
Date:Jul 29, 1993
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