THE TURNER CORPORATION ANNOUNCES 1991 THIRD-QUARTER EARNINGS
NEW YORK, Nov. 14 /PRNewswire/ -- The Turner Corporation (AMEX: TUR), the nation's leading general builder, today announced a net loss of $1.7 million or 40 cents per share for the third quarter of 1991. This compares with a net loss of $1.6 million or 37 cents per share for the second quarter of 1991, and net income of $2 million or 36 cents per share for the comparable period in 1990.
Net income for the first nine months of 1991 was $12.4 million or $2.33 per share which includes a one-time gain in the first quarter resulting from the curtailment of the company's defined benefit pension plan. This compares with $1.06 for the same period in 1990. Total construction completed for the year to date has decreased from $2.47 billion in 1990 to $1.98 billion in 1991. This decrease approximates the overall decline in the total building market over the period.
Alfred T. McNeill, chairman and chief executive officer of The Turner Corporation, remarked, "It is encouraging to report that despite the severe recession in our business, new sales for the quarter jumped to $911 million and, at $2 billion, the total new sales for the year to date are nearly at the 1990 level for the same period. This is a significant sign that our company has been able to effectively shift to other active segments of the construction market in the face of a virtual elimination of the commercial building sector, one of our traditional markets. Although the value of construction completed for both the quarter and the year to date have decreased over prior periods, our construction operation remains profitable. Unfortunately, the income from the reduced level of our construction activity was insufficient to cover the ongoing carrying costs from our real estate holdings, thus resulting in the quarterly loss."
Based in New York City, The Turner Corporation, through Turner Construction Company and other construction subsidiaries, is one of the nation's leading general builders of commercial, industrial, hospital and healthcare, institutional, government building and multi-unit housing projects. Operating through more than 34 offices, Turner has construction projects underway throughout the United States and abroad.
THE TURNER CORPORATION AND ITS SUBSIDIARIES
Consolidated Financial Highlights
(Unaudited; in thousands, except for share data)
Periods ended Nine Months Three Months
Sept. 30 1991 1990 1991 1990
Value of construction
completed $1,977,087 $2,473,175 $647,726 $816,701
Gross earnings 43,522 56,007 14,023 19,679
Income (loss) before taxes 20,663 10,147 (2,861) 3,442
Net income (loss) 12,398 6,045 (1,716) 2,034
Preferred dividends ESOP,
net of taxes (822) (822) (274) (274)
Earnings (loss) available
to common shareholders 11,576 5,223 (1,990) 1,760
Earnings (loss) per com. shr. $2.33 $1.06 ($0.40) $0.36
Wtd. avg. no. of shares 4,973,540 4,915,807 4,984,796 4,954,636
Note: Value of construction completed represents the cost of the work put in place and materials fabricated during the year and related earnings pursuant to Turner's construction and management contracts, together with fees and reimbursed expense from consulting contracts. It is essentially a measure of construction activity during the year rather than "sales" or "revenues" in the sense that the term is used in a typical manufacturing company.
/CONTACT: Douglas M. Bennett of Turner, 212-229-6159/
(TUR) CO: Turner Corporation ST: New York IN: CST SU: ERN FC-CK -- NY067 -- 1146 11/14/91 14:16 EST