Baker Anticipates Lower First Quarter Earnings; Positive Outlook for Full Year 2002.Business Editors PITTSBURGH--(BUSINESS WIRE)--March 21, 2002 Michael Baker Corporation Michael Baker Corporation is an engineering and energy management corporation headquartered in the Pittsburgh suburb of Moon Township, Pennsylvania. Its headquarters is located in Airside Business Park, an office park near the Pittsburgh International Airport that the company (AMEX AMEX See: American Stock Exchange :BKR BKR Baker BKR Birkirkara (postal locality, Malta) BKR Breaker BKR Broadcast Key Rotation BKR Best-Known Recipe ) announced today that it expects net income and earnings per share for the first quarter of 2002 to be approximately one-third lower than the first quarter of 2001. The decrease is due primarily to delays in the commencement of engineering projects, weaker international results in the energy segment and higher medical benefit costs. The company anticipates earnings per share for first quarter 2002 will range from 18 to 20 cents per diluted share, compared to 30 cents per diluted share for the same period last year. Total contract revenues for the current quarter are expected to be slightly above first quarter 2001 revenues of $95 million. Baker will report its first quarter 2002 financial results before the market opens on April 25, 2002. The company will hold a conference call and webcast the following day at 10:00 a.m. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT to discuss the results. Despite the softness being experienced in the first quarter, the company maintains a positive outlook for 2002. For the full year, Baker expects earnings per share of between $1.40 and $1.45 per share, on total contract revenues of between $430 million and $440 million, compared with earnings per share of $1.33 on total contract revenues of $403 million in 2001. "While we are disappointed by our slow start, we remain optimistic about the fundamental performance of our businesses," Donald P. Fusilli fu·sil·li n. Pasta in short spirals or corkscrews. [Italian, from pl. diminutive of fuso, spindle, from Latin f  sus.] , Jr., president and chief executive officer, said. Michael Baker Corporation (www.mbakercorp.com) provides engineering and energy expertise for public and private sector clients worldwide. The firm's primary services include engineering design for the transportation and civil infrastructure markets, operation and maintenance of oil and gas production facilities, architecture, environmental services The various combinations of scientific, technical, and advisory activities (including modification processes, i.e., the influence of manmade and natural factors) required to acquire, produce, and supply information on the past, present, and future states of space, atmospheric, , and construction management for building and transportation projects. Baker has more than 3,800 employees in over 30 offices across the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and internationally. |
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