Printer Friendly

CMI CORPORATION REPORTS FINANCIAL RESULTS

 CMI CORPORATION REPORTS FINANCIAL RESULTS
 OKLAHOMA CITY, July 30 /PRNewswire/ -- CMI Corporation (AMEX: CMX)


today announced results for the second quarter and six months ended June 30, 1992.
 Net earnings for the second quarter were $3,147,000 ($.15 per share) on revenues of $32,393,000 compared to earnings of $1,686,000 ($.11 per share) on revenues of $24,917,000 for the second quarter of 1991.
 Net earnings for the six months ended June 30, 1992 were $3,525,000 ($.16 per share) on revenues of $49,936,000 compared to net earnings of $793,000 ($.04 per share) on revenues of $42,651,000 for the same period in 1991.
 For the first half of 1992, the company has enjoyed increased revenues by expanding its market base with newly introduced product line additions of asphalt plant processing equipment, concrete paving machines, road reclaimers, soil stabilizers, pavement profilers and automated systems. Revenues increased 30 percent for the quarter and 17 percent for the six months as compared to the same period for 1991.
 Net earnings almost doubled for the quarter and were more than four times greater for the six months as compared to the same periods for 1991. The company has benefited from its restructuring and cost control programs initiated over the last several years.
 Upon enactment of the new multi-year federal highway transportation funding bill, signed into law by President Bush in December 1991, the highway construction industry anticipated a substantial increase in contract awards during 1992. To date, this increase has not materialized. States have been slow in awarding highway construction contracts for the new program; consequently, the transportation construction market has not improved through the first seven months of this calendar year.
 With the combination of delays of contract awards during fiscal year 1992 and the fact that the 1993 fiscal year begins on Oct. 1, 1992, it is expected that the 1993 fiscal year will provide for substantial increases in construction contract awards with continuing increased growth in fiscal years 1994 through 1997. If this increase does occur as expected, CMI's market opportunity should become more favorable for its expanding product lines.
 -0- 7/30/92 R
 /CONTACT: Jim D. Holland, vice president and treasurer of CMI, 405-787-6020/
 (CMX) CO: CMI Corporation ST: Oklahoma IN: SU: ERN


KD -- NY102 -- 5364 07/30/92 18:10 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 30, 1992
Words:394
Previous Article:HERBALIFE INTERNATIONAL INC. CONTINUES TO REPORT RECORD QUARTERLY SALES AND EARNINGS
Next Article:CORRECTION TO COGENERATION FACILITIES RECEIVE COUNTY APPROVAL
Topics:


Related Articles
CMI CORPORATION REPORTS FINANCIAL RESULTS
CMI CORPORATION REPORTS FINANCIAL RESULTS
CMI REPORTS SHARPLY HIGHER FIRST QUARTER EARNINGS AND REVENUES
CMI REPORTS RECORD EARNINGS, HIGHER REVENUE FOR 1994 ON STRONGER FOURTH QUARTER
CMI REPORTS INCREASED EARNINGS AND REVENUES FOR FIRST QUARTER
CMI CORPORATION REPORTS SECOND QUARTER RESULTS; WEATHER CONDITIONS DISRUPT UPWARD TREND
CMI Reports Preliminary Record Revenues for 4th Quarter and Year-End.
CMI Reports Increase in Third Quarter and Nine Months Revenues and Earnings.
CMI Reports Second Quarter Revenues and Earnings to be Lower than Expected; Makes Moves to Improve Future Results.
CMI Reports Fourth-Quarter, Year-End Results.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters