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BAKER REPORTS RECORDS FOR FIRST-QUARTER REVENUES, TOTAL BACKLOG

 HOUSTON, April 29 /PRNewswire/ -- Michael Baker Corp. (AMEX: BKR) reported records for first-quarter total contract revenues and total backlog, at the company's annual meeting in Houston today.
 Baker has now been profitable for 36 consecutive quarters.
 "We're proud of that track record, especially in light of the sluggish economy and depressed construction market," said William G. Thomas, president and chief executive officer.
 In the first quarter, Baker had net income of $498,320, or 6 cents per share, on record total contract revenues of $93 million. The company's total backlog, which includes the option portion of contracts, reached an all-time high of $512.8 million, 7 percent higher than the year-ago quarter. Funded backlog was a record $345.1 million, 29 percent higher than a year ago.
 In the 1992 first quarter, Baker had net income of $638,323, or 11 cents per share, on total contract revenues of $82.6 million.
 Thomas said first-quarter earnings were affected by the continued slump in the construction market, which led to a loss for the quarter for the company's Construction Group.
 "Although we expect the first half to be difficult for the Construction Group, we continue to believe the group will break even for the year," he said.
 Also during the quarter, the company incurred a $444,000 after-tax charge associated with the completion of two related contracts by its Operations and Maintenance Group. As a result, the group had lower income from operations than the year-ago quarter, despite higher revenues.
 Thomas said Baker's Engineering Group had a strong first quarter, however, as revenues increased 20 percent and income from operations increased 92 percent over last year.
 During the quarter, the company adopted Financial Accounting Standards Board Statement No. 109, "Accounting for Income Taxes," which had a favorable impact of $154,000 on net income.
 Thomas said the quarter's results include revenues and operating income from a client that currently has a past-due receivable balance with the company.
 "We're continuing to provide services to this client, and the client has been making payments, although not in the full scheduled amounts. Consequently, the receivable balance is higher than at year-end 1992," Thomas said. "Should the client adhere to the agreed-upon payment schedule, there will be no adjustment to our first-quarter results."
 Michael Baker Corp. subsidiaries provide engineering, construction and operations and maintenance services worldwide.
 MICHAEL BAKER CORP.
 FINANCIAL HIGHLIGHTS
 (Unaudited; amounts in thousands, expect per share data)
 First Quarter 1993 1992 1991
 Total Contract
 Revenues $93,013 $82,601 $38,176
 Net income 498 638 532
 Earnings per share $0.06 $0.11 $0.09
 Average shares
 outstanding 8,194 5,978 5,826
 Backlog (including
 joint ventures):
 Funded $345,100 $267,400 $121,600
 Total 512,800 478,900 303,400
 -0- 4/29/93
 /CONTACT: Tim Wesley of Michael Baker Corporation, 412-269-6300/
 (BKR)


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

MP-MJ -- PG003 -- 2626 04/29/93 11:40 EDT
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Publication:PR Newswire
Date:Apr 29, 1993
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