Baker Posts 39% Growth in Earnings; Sets Another New Backlog Record in Third Quarter.PITTSBURGH--(BUSINESS WIRE)--Oct. 19, 1998--Michael Baker Corporation (AMEX AMEX See: American Stock Exchange :BKR BKR Baker BKR Birkirkara (postal locality, Malta) BKR Breaker BKR Broadcast Key Rotation BKR Best-Known Recipe ) posted its fifteenth consecutive quarter of quarter-over-quarter earnings growth in the third quarter of 1998, achieving a 39 percent increase in diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of over the same 1997 period. Also, operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the quarter grew 40 percent, and the records set at the end of the second quarter for both total and funded backlog were exceeded, President and Chief Executive Officer Charles I Charles I, duke of Lower Lorraine Charles I, 953–992?, duke of Lower Lorraine (977–91); younger son of King Louis IV of France. He claimed the French throne when his nephew, Louis V of France, died (987) without issue, but he was set aside in . Homan reported today. For the quarter, net income was $2.1 million, or 25 cents per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, on total contract revenues of $136 million, compared to net income of $1.5 million, or 18 cents per diluted share, on total contract revenues of $117 million in third-quarter 1997. For the first nine months of 1998, Baker's net income was up 29 percent to $4.5 million, or 54 cents per diluted share, on total contract revenues of $374 million. This compares with net income of $3.5 million, or 42 cents per diluted share, on total contract revenues of $316 million for the first three quarters of 1997. Commenting on the results, Homan said, "By most any measure, this was an outstanding quarter for the company. We continue to see significant growth in our infrastructure engineering and construction markets. The outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. of oil and gas operations to our Energy unit remains strong, as evidenced by the five-year contract we received from Mobil to operate its Main Pass facilities in the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east . And, our record backlog indicates the potential for continued growth for the remainder of 1998 and throughout 1999." 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 provides engineering, construction, and operations and technical services through its five global business units: Buildings, Civil, Energy, Environmental, and Transportation. -0-
Financial Summary
(Unaudited, amounts in thousands except earnings per share)
Third Quarter 1998 1997
------------- ---- ----
Total Contract Revenues $135,803 $116,627
Income from Operations $ 3,866 $ 2,757
Net Income $ 2,093 $ 1,530
Earnings Per Share
Basic $ 0.26 $ 0.19
Diluted $ 0.25 $ 0.18
Nine Months 1998 1997
----------- ---- ----
Total Contract Revenues $374,018 $316,196
Income from Operations $ 7,836 $ 5,664
Net Income $ 4,478 $ 3,476
Earnings Per Share
Basic $ 0.55 $ 0.42
Diluted $ 0.54 $ 0.42
Backlog at 9/30/98 at 12/31/97
------- ---------- -----------
Funded $497,900 $393,200
Total $754,100 $648,700
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