BURNUP & SIMS REPORTS THIRD QUARTER RESULTS
BURNUP & SIMS REPORTS THIRD QUARTER RESULTS FORT LAUDERDALE, Fla. March 3 /PRNewswire/ -- Burnup & Sims Inc.
(NASDAQ: BSIM) today reported earnings for the nine months ended Jan. 31, 1992 of $255,000, or $.03 per share, on revenues of $116.1 million, as compared to a loss of $1.3 million, or $.13 per share, on revenues of $136.1 million for the same period last year.
The 15 percent reduction of volume was attributed to reduced spending by large utility customers and the loss of several contracts due to competitive pressures from smaller firms. The cost reduction measures instituted by the company are reflected in the reduced loss from the prior year. "The third quarter is always our toughest due to inclement weather and slower progress due to delays," stated the company spokesperson. For the three months, the company reported a loss of $527,000, or $.06 per share, on revenues of $34.6 million, as compared to a loss of $5.3 million, or $.55 per share, on revenues of $40.0 million. Prior year results include losses related to a subsidiary sold effective Jan. 31, 1991 of $4.5 million ($.47 per share). As previously announced, the company has agreed to purchase approximately 9.9 percent of the outstanding common shares of Dycom Industries, Inc. (NYSE: DY) from certain shareholders and operating executives and wishes to merge or affect a transaction which would have the same result as a merger with Dycom. A company spokesperson indicated that, "We believe that combining the companies would greatly benefit all shareholders, and would create a powerful force in the telecommunications industry. Additionally, the combined entity would have cost saving efficiencies that would enhance earnings substantially." Opening the lines of communications(TM) across the United States, Burnup & Sims is a leading telecommunications service company with diversified interests in movie theatres, commercial printing and real estate. BURNUP & SIMS INC. CONSOLIDATED RESULTS FOR THE PERIODS ENDED JAN. 31, 1992 AND 1991 (In thousands, except per share amounts) Three Months Ended Nine Months Ended Jan. 31, Jan. 31, 1992 1991 1992 1991 Revenues $34,600 $40,007 $116,141 $136,123 Income (Loss) Before Equity in Net Income (Loss) of Affiliate $ (527) $(4,367)(A) $ 255 $(2,214)(A) Equity in Net Income (Loss) of Affiliate -- (904) -- 956 Net Income (Loss) $ (527) $(5,271)(A) $ 255 $(1,258)(A) Average Shares Outstanding 8,768 9,666 8,768 9,664 Earnings (Loss) Per Share $ (.06) $ (.55)(A) $ .03 $ (.13)(A) (A) -- Includes losses related to a subsidiary sold effective Jan. 31, 1991 of $4.5 million (net of tax benefit of $2.9 million) or $.47 per share. -0- 3/3/92 /CONTACT: George Bracken or Aimee Zbiegien of Burnup & Sims, 305-587-4512/ (BSIM DY) CO: Burnup & Sims Inc. ST: Florida IN: TLS SU: ERN
JJ-SS -- FL016 -- 4665 03/03/92 17:01 EST
|Printer friendly Cite/link Email Feedback|
|Date:||Mar 3, 1992|
|Previous Article:||WEBSTER FINANCIAL CORPORATION ANNOUNCES DATE FOR ANNUAL MEETING|
|Next Article:||GOV. CARLSON AND POLARIS INDUSTRIES TO CELEBRATE PRODUCTION OF NEW PERSONAL WATERCRAFT|