MYERS REPORTS FOURTH QUARTER RESULTS
MYERS REPORTS FOURTH QUARTER RESULTS ROLLING MEADOWS, Ill., Feb. 18 /PRNewswire/ -- The L.E. Myers Co.
Group (NYSE: MYR) today reported its results for the quarter and year ended Dec. 31, 1991. Income from continuing operations for the quarter was $1,264,000 or $.49 per share and for the year $4,399,000 or $1.70 per share. This compares with $955,000 or $.37 per share and $3,451,000 or $1.35 per share for the comparable periods of 1990.
Revenues for the quarter were $27,026,000 and for the year were $96,097,000 compared with $17,639,000 and $65,846,000 for the comparable periods of 1990. Losses from discontinued operations for the quarter and year were $156,000 or $.06 per share. These losses are related to additional provisions for legal expenses associated with the two previously disclosed lawsuits retained by the company when it sold its engineering subsidiary in 1988. Net income for the quarter was $1,108,000 or $.43 per share and for the year was $4,243,000 or $1.64 per share. This compares to net income of $955,000 or $.37 per share and $3,451,000 or $1.35 per share for the comparable periods of 1990. The company's backlog at Dec. 31, 1991, was $28.8 million compared to $23.0 million last year. The backlog at Dec. 31, 1991, excludes both of the previously announced major contracts awarded in January 1992 -- the $20.5 million distribution/substation work for the city of Cleveland and the $5.0 million transmission line for Iowa Public Service. Commenting on the company's results, Charles M. Brennan, chairman and chief executive officer, said, "Revenues were about 20 percent more than anticipated in the fourth quarter due to subcontractor and material charges passed through to customers and accelerated release of work under the TVA contract. Over all we were very pleased with the results for the quarter and the year. Our year end backlog was up 25 percent over prior year which, when combined with the $28.9 million we booked in January, provides a very solid base for 1992. Based on our current outlook, we anticipate that 1992 will be another good year for the company." The 1992 annual meeting of the company's stockholders will be held April 23, 1992. Myers specializes in overhead and underground outdoor electrical construction. This includes construction and maintenance of transmission lines, distribution systems, substations, outdoor lighting and signal control systems for public investor owned electrical utilities, heavy industry and government facilities. THE L.E. MYERS CO. GROUP AND SUBSIDIARIES SUMMARY OF OPERATIONS (Unaudited) Periods ended Year Three months Dec. 31 1991 1990 1991 1990 Contract revenue $96,097,000 $65,846,000 $27,026,000 $17,639,000 Income-continuing operations 4,399,000 3,451,000 1,264,000 955,000 Net income 4,243,000 3,451,000 1,108,000 955,000 Primary and fully diluted earnings per share: Continuing operations $1.70 $1.35 $.49 $.37 Fully diluted $1.64 $1.35 $.43 $.37 Weighted average shares outstanding: Primary 2,582,000 2,552,000 2,581,000 2,566,000 Fully diluted 2,588,000 2,565,000 2,601,000 2,571,000 -0- 2/18/92 /CONTACT: Charles Brennan of L.E. Myers, 708-990-4666/ (MYR) CO: L.E. Myers Co. Group ST: Illinois IN: CST SU: ERN
KD -- NY071 -- 0047 02/18/92 14:59 EST
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|Date:||Feb 18, 1992|
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