Printer Friendly

BAKER REPORTS RECORD SECOND-QUARTER RESULTS

 BAKER REPORTS RECORD SECOND-QUARTER RESULTS
 BEAVER, Pa., July 16 /PRNewswire/ -- Michael Baker Corporation


(AMEX: BKR) today reported record second-quarter and six-month results for total contract revenues, net income and backlog.
 "We're pleased with Baker's continued strong performance," said William G. Thomas, president and chief executive officer. "We're also pleased with the growth and strength of our backlog."
 For the second quarter, Baker had net income of $1.1 million, or 18 cents per share, on revenues of $80.5 million. A year ago, second-quarter net income was $850,288, or 15 cents per share, on revenues of $38.1 million.
 Net income for the first six months of 1992 was $1.7 million, or 28 cents per share, on revenues of $163.1 million. For the first six months of 1991, net income was $1.4 million, or 24 cents per share, on revenues of $76.3 million.
 Excluding the Construction Group, which was formed in September 1991, revenues increased 21 percent for the second quarter and 23 percent for the first six months.
 Funded backlog was $296.3 million at the end of the second quarter, compared to $130.3 million a year ago. Total backlog, which includes the option portion of contracts, was $490.5 million, compared to $322.4 million a year ago.
 Thomas said the company's three operating groups were profitable in the second quarter and for the first six months of the year.
 "The Engineering Group, in particular, had a strong second quarter and continues to have an outstanding year," he said. "The Construction Group showed improved results thanks to its strong performance on existing contracts, and the Operations and Maintenance Group continues to perform well."
 Thomas said the company expects to report further growth the rest of the year.
 Michael Baker Corporation subsidiaries provide engineering, construction, and operations and maintenance services worldwide.
 MICHAEL BAKER CORPORATION
 FINANCIAL HIGHLIGHTS
 (Unaudited; amounts in thousands, except earnings per share)
 Second Quarter 1992 1991(A) 1990(A)
 Total Contract Revenues $80,488 $38,124 $28,844
 Net Income $1,066 $850 $674
 Earnings Per Share $0.18 $0.15 $0.12
 Average Shares Outstanding 6,025 5,826 5,626
 Six Months
 Total Contract Revenues $163,088 $76,300 $55,458
 Net Income $1,705 $1,383 $1,042
 Earnings Per Share $0.28 $0.24 $0.19
 Average Shares Outstanding 6,002 5,826 5,626
 Backlog (including joint ventures):
 Funded $296,300 $130,300 $88,200
 Total $490,500 $322,400 $168,100
 (A) Earnings per share and average shares outstanding have been restated to reflect the 2-for-1 stock split effective June 10, 1992.
 -0- 7/16/92
 /CONTACT: Tim Wesley of Michael Baker Corporation, 412-495-4258/
 (BKR) CO: Michael Baker Corporation ST: Pennsylvania IN: CST SU: ERN


MP-MK -- PG002 -- 9675 07/16/92 11:39 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 16, 1992
Words:469
Previous Article:SPRINT DELIVERS EXPERT MEDICAL OPINIONS TO RURAL NEW YORK HOSPITALS
Next Article:WICAT TO PROVIDE DELIVERY SYSTEM FOR NAVAL RESERVE A-6E CARRIER BASED ATTACK AIRCRAFT TRAINING
Topics:


Related Articles
BAKER REPORTS RECORD THIRD-QUARTER RESULTS, 20 PERCENT INCREASE IN EPS AND $508 MILLION BACKLOG
BAKER REPORTS ANNUAL AND FOURTH-QUARTER 1992 RESULTS
BAKER REPORTS RECORDS FOR FIRST-QUARTER REVENUES, TOTAL BACKLOG
BAKER REPORTS SECOND-QUARTER RESULTS
MICHAEL BAKER CORP. REPORTS THIRD-QUARTER RESULTS
BAKER ADDS TO RESERVES FOR MILITARY CONSTRUCTION CONTRACTS, TAKES STEPS TO IMPROVE FUTURE RESULTS
BAKER REPORTS FOURTH QUARTER AND 1993 RESULTS; BACKLOG OF WORK AT RECORD HIGH
BAKER REPORTS FIRST-QUARTER RESULTS
BAKER'S THIRD-QUARTER AND ANNUAL RESULTS TO BE BELOW ANALYSTS' EXPECTATIONS
BAKER REPORTS SECOND-QUARTER FINANCIAL RESULTS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters