Printer Friendly

MICHAEL BAKER CORP. REPORTS THIRD-QUARTER RESULTS

 PITTSBURGH, Oct. 27 /PRNewswire/ -- Michael Baker Corp. (AMEX: BKR) today reported increases in revenues and net income, and a record backlog for the third quarter.
 "We're pleased with these results, although we recognize this is just a first step toward rebounding from our disappointing second quarter," said Richard L. Shaw, Baker's chairman and chief executive officer.
 For the third quarter, Baker had net income of $1.2 million, or 15 cents per share, on record revenues of $112.1 million. A year ago, Baker had third-quarter net income of $1.1 million, or 18 cents per share, on revenues of $93.2 million. Earnings per share were lower this year due to the higher number of shares outstanding compared to last year.
 Baker's total backlog, which includes the option portion of contracts, reached a record $543.7 million at the end of the third quarter, and funded backlog was a record $360.4 million.
 Shaw said the company's Engineering Group continued to perform well and is projected to have a record year for revenues, income from operations and backlog.
 "Our civil and transportation engineering units have been very busy," he said.
 Shaw said Baker's Operations and Maintenance Group returned to profitability in the third quarter, after taking charges in the second quarter related to the completion of several military construction projects and the reorganization of a Baker subsidiary. He said the Construction Group had a loss for the third quarter, but it's expected to be profitable for the fourth quarter.
 For the first nine months of the year, Baker had a net loss of $2.3 million, or 28 cents per share, on revenues of $313.2 million. A year ago, Baker had net income of $2.8 million, or 46 cents per share, on revenues of $256.3 million. The 1993 nine-month results included charges of $5.1 million after-tax, or 62 cents per share. Excluding the charges, Baker would have had net income of $2.8 million, or 34 cents per share for the 1993 period.
 Michael Baker Corp. subsidiaries provide engineering, construction, and operations and maintenance services worldwide.
 MICHAEL BAKER CORP.
 Financial Summary
 (Unaudited; amounts in thousands, except earnings per share)
 Third Quarter 1993 1992 1991(A)
 Total contract revenues $112,110 $93,178 $48,120
 Net income $1,219 $1,093 $890
 Earnings per share $0.15 $0.18 $0.15
 Average shares outstanding 8,364 6,062 5,826
 Nine Months 1993 1992 1991(A)
 Total contract revenues $313,192 $256,266 $124,420
 Net income $(2,341) $2,798 $2,273
 Earnings per share $(0.28) $0.46 $0.39
 Average shares outstanding 8,284 6,022 5,826
 Backlog (including joint ventures) 1993 1992 1991(A)
 Funded $360,400 $324,300 $244,300
 Total $543,700 $508,300 $414,100
 (A) Earnings per share and average shares outstanding have been restated to reflect the 2-for-1 stock split effective June 10, 1992.
 -0- 10/27/93
 /CONTACT: Tim Wesley of Michael Baker Corp., 412-269-2518/
 (BKR)


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

DM-KC -- PG005 -- 7329 10/27/93 13:08 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 27, 1993
Words:520
Previous Article:STANLEY BOARD ELECTS NEW DIRECTOR
Next Article:DUPONT REPORTS EARNINGS
Topics:

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