ABRAMS REPORTS FIRST QUARTER RESULTS
ABRAMS REPORTS FIRST QUARTER RESULTS ATLANTA, Aug. 26 /PRNewswire/ -- Abrams Industries, Inc.
(NASDAQ: ABRI) -- construction, manufacturing, real estate -- announced today at its annual meeting of shareholders that for the first quarter ended July 31 the company had net earnings of $151,461, or $.05 per share, compared to net earnings of $253,721 or $.09 per share, for the same quarter last year.
Revenues for the current quarter were $19,629,029, down from last year's $23,138,744, and backlog of business at July 31 was $31,172,000 compared to last year's $32,999,000. All current figures are unaudited and all per-share amounts are based on weighted average outstanding shares of 2,977,540. Both the Construction and Manufacturing Segments were profitable. The Real Estate Segment sustained a loss primarily attributed to depreciation (a non-cash expense), and a one-time charge to earnings associated with the refinancing of a real estate loan. On Aug. 26, the board of directors declared a quarterly dividend of $.02 per share (the 53rd consecutive quarterly dividend), payable Sept. 25 to shareholders of record Sept. 10. The dividend reduction from $.05 in the previous quarter was prompted by the desire to conserve cash. The company announced the re-election of six directors and the election of the following four new directors: Paula Lawton Bevington, Felker W. Ward Jr., Alan R. Abrams, and J. Andrew Abrams. Atlanta-based Abrams Industries, Inc. is in its 68th year. CONDENSED RESULTS OF OPERATIONS (Unaudited) 1st quarter ended 7/31/92 7/31/91 Revenues $19,629,029 $23,138,744 Costs and expenses 19,384,768 22,729,523 Earnings before income taxes 244,261 409,221 Income tax expense 92,800 155,500 Net earnings $ 151,461 $ 253,721 Net earnings per share $ .05 $ .09 -0- 8/26/92 /CONTACT: Bernard W. Abrams, CEO, or Joseph H. Rubin, CFO, of Abrams Industries, 404-256-9785, or FAX, 404-252-7481/ (ABRI) CO: Abrams Industries, Inc. ST: Georgia IN: CST SU: ERN DIV PER
BN-BR -- AT019 -- 3680 08/26/92 17:29 EDT
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|Date:||Aug 26, 1992|
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