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DRAVO CORPORATION REPORTS EARNINGS

 DRAVO CORPORATION REPORTS EARNINGS
 PITTSBURGH, July 23 /PRNewswire/ -- Dravo Corporation (NYSE: DRV)


today reported second quarter earnings of $4.4 million, or 25 cents per share, on revenue of $70.6 million.
 During last year's second quarter, a $29.8 million expense provision for discontinued operations resulted in a net loss of $24.9 million, or $1.72 per share, on revenue of $76.4 million.
 Dravo's second quarter earnings include an extraordinary gain of 6 cents per share resulting from the use of tax loss carryforwards which reduce tax liabilities. For the first six months of 1992, earnings totaled $5.3 million, or 27 cents per share, on revenue of $132 million. Because of the discontinued operations write-off, Dravo reported a loss for the same period a year ago of $25.6 million, or $1.82 per share, on revenue of $139.3 million. Earnings for the first six months of 1992 include an extraordinary gain of 7 cents from the use of tax loss carryforwards.
 Earnings for the second quarter from continuing operations totaled $3.5 million, or 19 cents per share, compared to $4.9 million, or 29 cents per share, in 1991. For the first six months of 1992, continuing operations earned $4.2 million, or 20 cents per share, compared to $4.2 million, or 19 cents per share, in 1991.
 Commenting on results for the first half of 1992, Carl A. Torbert Jr., president and chief executive officer of Dravo, said, "Highway construction funding is substantially below the levels authorized under the new federal surface transportation assistance act. This has delayed the improvement we expected to see in the construction aggregates segment of our business when this important program was enacted late last yeevenue and income totals all trailing last year's results.
 "While load factors at several utility lime customer locations and demand for metallurgical lime continue to show the effects of the recession, several merchant lime markets have begun to show signs of recovery," Torbert continued. "Particularly encouraging is the strength we've seen during the first half in the merchant lime markets in the southeastern U.S. supplied from our Longview plant. The success of our No. 4 kiln expansion at Longview has helped our lime operations register an improvement in tonnage, revenue and income over last year's results.
 "We continue to aggressively pursue several promising utility lime supply opportunities tied to Clean Air Act compliance scrubbers being developed in the Ohio Valley. To date, however, no lime supply commitments have been made by the utilities which are developing these systems," Torbert reported, adding that final decisions on these lime supply agreements are expected by year's end.
 Turning to his expectations for business conditions through the end of this year, Torbert said, "Barring an unexpectedly strong upward turn in our markets, we don't expect results from continuing operations this year to show an improvement over those we reported for 1991."
 Torbert identified as the quarter's only significant development related to Dravo's discontinued operations a series of preliminary meetings held recently with the City of Long Beach, Calif., regarding the waste-to-energy plant built by Dravo for the Southeastern Regional Resource Recovery Facility (SERRF) in Long Beach. "We are attempting to reach agreement on a process for mediating our dispute with the city regarding this facility," Torbert said, adding, "To the extent that mediation can move us closer to a mutually acceptable out-of-court settlement of this lawsuit, the process will enjoy our full support and participation."
 DRAVO CORPORATION AND SUBSIDIARIES
 Consolidated Statements of Operations
 (Unaudited; $ in 000's, except per share data)
 Period Ended Quarters Periods
 June 30 1992 1991 1992 1991
 Revenue $70,620 $76,394 $132,070 $139,312
 Earnings before taxes from
 continuing operations 4,770 6,290 5,814 5,572
 Provision for income taxes 1,288 1,406 1,570 1,406
 Earns. from cont. opers. 3,482 4,884 4,244 4,166
 Loss on discont. opers.,
 net of benefit for inc.
 taxes of $1,313 0 (29,792) 0 (29,792)
 Earnings (loss) before
 extraordinary item 3,482 (24,908) 4,244 (25,626)
 Extraordinary item 880 0 1,072 0
 Net earnings (loss) 4,362 (24,908) 5,316 (25,626)
 Shares used in the computation
 of earnings per share 14,827 14,802 14,825 14,803
 Earnings (loss) per share:
 Continuing operations $0.19 $0.29 $0.20 $0.19
 Discontinued operations 0.00 $(2.01) 0.00 $(2.01)
 Extraordinary item $0.06 0.00 $0.07 0.00
 Total $0.25 $(1.72) $0.27 $(1.82)
 -0- 7/23/92
 /CONTACT: Ron Sommer of Dravo, 412-566-5597/
 (DRV) CO: Dravo Corporation ST: Pennsylvania IN: CST SU: ERN


DM-DC -- PG015 -- 2622 07/23/92 14:20 EDT
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Date:Jul 23, 1992
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