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BAKER REPORTS ANNUAL AND FOURTH-QUARTER 1992 RESULTS

 PITTSBURGH, Feb. 25 /PRNewswire/ -- Michael Baker Corp. (AMEX: BKR) today reported annual and fourth-quarter results for 1992, following a regular meeting of its board of directors.
 The unaudited results reflect an increase in net income of 24 percent to $4.4 million, or 67 cents per share, on total contract revenues of $355.8 million. Total backlog at year-end was $469.6 million. In 1991, the company had net income of $3.5 million, or 61 cents per share, on revenues of $204.2 million.
 For the fourth quarter, Baker had unaudited net income of $1.6 million, or 20 cents per share, on revenues of $99.6 million, as compared to net income of $1.3 million, or 22 cents per share, on revenues of $79.8 million a year ago. Net income increased 27 percent for the quarter, although per-share earnings were lower due to the sale of an additional 2 million shares of common stock in October 1992.
 The unaudited 1992 figures include a full-year's results from the Construction Group, formed in September 1991. Excluding that group, Baker's revenues increased 22 percent for the year.
 William G. Thomas, president and chief executive officer, said he expected the company's audit to be completed in mid-March following further evaluation of a past-due receivable.
 "We have worked out a payment plan with the client to bring this receivable current," he said. "Should the client continue to adhere to this payment schedule, the audit will be completed without adjustment to our reported results."
 Thomas said the unaudited figures represent record annual and fourth-quarter results for the seventh year in a row.
 "We're pleased with the company's continued growth and strong performance, especially with the U.S. economy showing only slight improvement during the year," he said.
 Based on preliminary results, Thomas said the company's three operating groups -- Engineering, Construction, and Operations and Maintenance -- were profitable for the year and the fourth quarter.
 "The Engineering Group had an outstanding year, led by its work in environmental management, civil and water resources engineering, and transportation engineering," he said. "The O&M Group had a good year, as it showed growth in several new markets. The Construction Group had a difficult year due to market conditions."
 Michael Baker Corp. subsidiaries provide engineering, construction, and operations and maintenance services worldwide.
 MICHAEL BAKER CORPORATION FINANCIAL HIGHLIGHTS
 (Unaudited; amounts in thousands, except earnings per share)
 Fourth Quarter 1992 1991(A) 1990(A)
 Total Contract Revenues $ 99,554 $ 79,777 $ 36,028
 Operating Income 2,811 2,691 1,617
 Net Income 1,605 1,264 1,176
 Earning per share $ .20 $ .22 $ .20
 Average Shares Outstanding 8,063 5,906 5,826
 Twelve Months
 Total Contract Revenues 355,820 204,197 127,341
 Operating Income 8,543 6,899 4,766
 Net Income 4,403 3,537 3,026
 Earnings Per Share $ .67 $ .61 $ .53
 Average Shares Outstanding 6,561 5,846 5,726
 Backlog (including joint ventures)
 Funded 296,800 313,800 132,700
 Total 469,600 473,200 208,800
 (A) Earnings per share and average shares outstanding have been restated to reflect the 2-for-1 stock split effective June 10, 1992.
 -0- 2/25/93
 /CONTACT: Tim Wesley of Michael Baker Corp., 412-269-2518/
 (BKR)


CO: Michael Baker Corporation ST: Pennsylvania IN: CST SU: ERN

KC-DM -- PG003 -- 0496 02/25/93 15:22 EST
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Publication:PR Newswire
Date:Feb 25, 1993
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