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MYERS REPORTS SECOND QUARTER RESULTS

 ROLLING MEADOWS, Ill., Aug. 2 /PRNewswire/ -- The L.E. Myers Co. Group (NYSE: MYR) today reported net income of $250,000 or $.10 per share for the three month period ended June 30, 1993. This compares with net income of $1,147,000 or $.44 per share for the comparable period of 1992. Net loss for the six months ended June 30, 1993 was $208,000 or $.08 per share versus net income of $1,255,000 or $.48 per share last year.
 Revenues for the quarter were $24,569,000 compared with $30,115,000 for 1992. Revenues for the six months were $50,453,000 compared to $52,921,000 for the prior year.
 The company's backlog at June 30, 1993 is $37.7 million compared to $38.8 million at June 30, 1992. Substantially all of the current backlog will be completed within 12 months.
 Commenting on operations, Charles M. Brennan, chairman and CEO of the company, said "results for the second quarter and first six months of 1993 are the worst in five years. We estimate that rain related impacts on our operations throughout the USA in the first half cost us the better part of $1.4 million in gross profit erosions on 18 jobs. Heightened competitive pressures have reduced contract margins by at least two percentage points which lowered gross profits by over $1.0 million. In addition two clients continued to be plagued by adverse regulatory actions, one client is mired down in a contested merger battle and another client is caught up in a factious labor dispute. The intense competitive environment has also made us wearier in our bidding strategies which is reflected in our lower backlog levels. We are intentionally trying to avoid building a low margin backlog. On the brighter side, manhours worked have started to climb and are now just below prior year levels. We have also been able to employ an interest rate hedging strategy which utilizes our capital gain tax loss to reduce our effective tax rate. If the positive trends which have recently evidenced themselves continue, we believe the second half could recover to around last year's level."
 Brennan also reported that the board of directors had declared a 10 percent increase in the quarterly dividend to $.055 per share payable on Sept. 15, 1993 to stockholders of record on Aug. 31, 1993.
 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 and investor owned electrical utilities, heavy industry and government facilities.
 THE L.E. MYERS CO. GROUP SUMMARY OF OPERATIONS
 (In thousands, except per share amounts - Unaudited)
 Periods ended Three Months Six Months
 June 30 1993 1992 1993 1992
 Contract revenue $ 24,569 $ 30,115 $ 50,453 $ 52,921
 Net income 250 1,147 (208) 1,255
 Primary and fully diluted
 earnings per share $.10 $.44 $(.08) $.48
 Average number of
 shares outstanding
 Primary 2,522 2,619 2,554 2,625
 Fully diluted 2,522 2,619 2,554 2,625
 -0- 8/2/93
 /CONTACT: Charles M. Brennan of L.E. Myers Co., 708-290-1891/
 (MYR)


CO: L.E. Myers Co. Group ST: Illinois IN: SU: ERN

SM -- NY120 -- 8569 08/02/93 17:27 EDT
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Publication:PR Newswire
Date:Aug 2, 1993
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