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BAKER REPORTS RECORD FIRST-QUARTER RESULTS

 BAKER REPORTS RECORD FIRST-QUARTER RESULTS
 BEAVER, Pa., April 22 /PRNewswire/ -- Michael Baker Corporation


(AMEX: BKR) reported record first-quarter results for total contract revenues, net income and backlog, at the company's annual meeting today.
 "Baker continues to perform well, even though the economy remains sluggish," said Richard L. Shaw, chairman. "This performance reflects the fundamental strength and diversity of the company, and the quality of the services we provide."
 Net income for the 1992 first quarter was $638,323, or 21 cents per share, on total contract revenues of $82.6 million. In the 1991 first quarter, net income was $532,385 or 18 cents per share, on total contract revenues of $38.2 million.
 Funded backlog was $267.4 million, compared to $121.6 million a year ago. Total backlog, which includes the option portion of contracts, was $478.9 million, compared to $303.4 million a year ago.
 Shaw said Baker's Engineering Group had a strong first quarter, with increasing revenues and profitability, and the Operations and Maintenance Group reported solid increases in revenues and backlog. He said the Construction Group, formed in September 1991, made a substantial contribution to revenues and backlog.
 Excluding the Construction Group, Baker's revenues increased 25 percent, and funded backlog increased 12 percent. Shaw said Baker expects to report further growth the rest of the year.
 "We're seeing an increase in infrastructure projects as funding from the federal government becomes more widely available," he said. "This is good news for both the Engineering and Construction groups, which have developed a strong market presence in transportation- related work."
 Michael Baker Corporation subsidiaries provide engineering, construction, and operations and maintenance services worldwide.
 MICHAEL BAKER CORPORATION
 Financial Highlights
 (Unaudited; amounts in thousands, except per share data)
 First Quarter 1992 1991 1990
 Total contract revenues $82,601 $38,176 $26,614
 Net income 638 532 369
 Earnings per share $0.21 $0.18 $0.13
 Average shares outstanding 2,989 2,913 2,813
 Backlog:
 Funded (including joint ventures) $267,400 $121,600 $99,100
 Total (including joint ventures) 478,900 303,400 178,900
 -0- 4/22/92
 /CONTACT: Tim Wesley of Michael Baker Corporation, 412-495-4258/
 (BKR) CO: Michael Baker Corporation ST: Pennsylvania IN: CST SU: ERN


DM-PT -- PG003 -- 1159 04/22/92 10:28 EDT
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Date:Apr 22, 1992
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